MIRA INFORM REPORT

Report Date :

24.03.2011

IDENTIFICATION DETAILS

Name :	mit diam
Registered Office :	Flat C, 9/F., South Sea Apartments, 81 Chatham Road South, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	04.10.2007
Com. Reg. No.:	38462246-000-10
Legal Form :	Sole Proprietorship
Line of Business :	Importer, Exporter and Wholesaler of all kinds of diamonds.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Hong Kong	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

MIT DIAM

ADDRESS

Flat C, 9/F., South Sea Apartments, 81 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

PHONE: Not available

FAX: Not available

MANAGEMENT

Manager: Mr. Purav Prakashkumar Parikh

SUMMARY

Establishment: 4th October, 2007

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Diamond Trader.

Employees: Nil.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Head Office:-

Flat C, 9/F., South Sea Apartments, 81 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

38462246-000-10

MANAGEMENT

Manager: Mr. Purav Prakashkumar Parikh

SOLE PROPRIETOR

Name: Mr. Purav Prakashkumar PARIKH

Residential Address: Room 18, Prabhu Krupa, Tilak Road, Ghatkopar East, Mumbai-400077 M.S., India.

HISTORY

The subject was established on 4th October, 200 as a sole proprietorship concern owned by Mr. Purav Prakashkumar Parikh under the Hong Kong Business Registration Regulations.

Initially the subject was located at Room 1206, 12/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong where is the operating office of an accountant firm known as Accountant Ltd., moved to the present address in November 2007.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of diamonds.

Employees: Nil.

Commodities Imported: India, Belgium other European countries, etc.

Markets: Hong Kong, other Asian countries, Europe, etc.

Terms/Sales: L/C, T/T, etc.

Terms/Buying: L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Keeping a balance account.

Condition: Business is fairly active.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Small.

GENERAL

MIT Diam is a sole proprietorship set up and owned by Mr. Purav Prakashkumar Parikh who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Parikh is the manager of the subject.

Business commenced in October 2007, the subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds.

The subject’s registered address is located at Flat C, 9/F., South Sea Apartments, 81 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. This office is not in a commercial building but a residential building. It is likely that Parikh has moved to this new address but does not make any amendments on the subject’s registration materials. It seems that the subject’s operating address is also Parikh’s residential address when he is in Hong Kong. The residential building is not trespassed by outsiders.

The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.

The subject has no employees in Hong Kong.

Most of the loose, polished and cut diamonds are imported from India, other Asian countries and Europe. However, India is its main supplying country. Prime markets are Hong Kong, Japan, India and the other Asian countries. The subject is also a commission agent.

Being an one-man company, the subject is chiefly administered by Parikh himself. The history of the subject in Hong Kong is just over three years and five months.

Since the registered office of the subject is in a residential building, consider it good for normal business engagements on L/C basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.96
UK Pound	1	Rs.73.56
Euro	1	Rs.63.68

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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