MIRA INFORM REPORT

Report Date :

30.03.2011

IDENTIFICATION DETAILS

Name :	SAPPHIRE MINMETALS CORPORATION LTD.
Registered Office :	C/o Success Corporate Services Ltd. 11/F., AXA Centre, 151 Gloucester Road, Wanchai
Country :	Hong Kong
Date of Incorporation :	01.02.2008
Com. Reg. No.:	38919269
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all kinds of gemstones, diamonds, etc.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Small Company
Payment Behaviour :	Usually Correct
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

Name and address

SAPPHIRE MINMETALS CORPORATION LTD.

ADDRESS:

c/o Success Corporate Services Ltd.

11/F., AXA Centre, 151 Gloucester Road, Wanchai, Hong Kong.

PHONE: 2801 9696, 2801 9748

FAX: 2801 9672, 3019 1961

E-MAIL: info@sacvinam.com

MANAGEMENT

Managing Director: Mr. Nahar Pinkesh

SUMMARY

Incorporated on: 1st February, 2008.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Sapphire Trader.

Employees: Nil.

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

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

c/o Success Corporate Services Ltd.

11/F., AXA Centre, 151 Gloucester Road, Wanchai, Hong Kong.

Sister & Associated Companies:-

Radiant Group of Companies

Crest Merchandise Pvt. Ltd., India.

Deep Cutlery, India.

Infrastil Global Impex Pvt. Ltd., India.

Nahar Green Conwoods Ltd., India.

Nahar Textile Pvt. Ltd., India.

Raft Shipping Ltd., India.

Rhythem Logistics Ltd., India.

Sacvinam Global Ltd., India.

Starline Logistics Ltd., India.

etc.

BUSINESS REGISTRATION NUMBER

38919269

COMPANY FILE NUMBER

1209372

MANAGEMENT

Managing Director: Mr. Nahar Pinkesh

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

SHAREHOLDERS

(As per registry dated 01-02-2011)

Name		No. of shares
Nahar PINKESH		9,000
Bafna Rekha RATANLALJI		1,000
		––––––
	Total:	10,000 =====

DIRECTORS

(As per registry dated 01-02-2011)

Name (Nationality)	Address
Bafna Rekha RATANLALJI	Milon, Opp. Bhabanipur P.S. Haldia, West Bengal, India. [Postal Code: 721657]
Nahar PINKESH	Milon, Opp. Bhabanipur P.S. Haldia, West Bengal, India. [Postal Code: 721657]

SECRETARY

(As per registry dated 01-02-2011)

Name	Address	Co. No.
Success Corporate Services Ltd.	Room 2208, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong.	0618863

HISTORY

The subject was incorporated on 1st February, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of gemstones, diamonds, etc.

Employees: Nil.

Commodities Imported: India, other Asian countries, Europe, etc.

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

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

Profit or Loss: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

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

Having issued 10,000 ordinary shares of HK$1.00 each, Sapphire Minmetals Corporation Ltd. is jointly owned by Mr. Nahar Pinkesh, holding 90% interests; and Mr. Bafna Rekha Ratanlalji, holding 10%. They are also directors of the subject. Being India passport holders, they do not have the right to reside in Hong Kong permanently. Currently, they are residing in India.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at 11/F., AXA Centre, 151 Gloucester Road, Hong Kong known as Success Corporate Services Ltd. [SCS] which is handling its correspondences and documents. SCS, having several branch offices in Hong Kong, is also the corporate secretary of the subject. The subject has no employees in Hong Kong.

The subject is a gemstone trader. It is carrying the following semi-precious stones: aquamarine, pink amethyst, rubylite, green amethyst, blue topaz, lemon topaz, citrine, smokey topaz, kunzite, peridot, morganite, pink tourmalines, amethyst, pink topaz, garnet, rose quartz, etc. Commodities are imported from India, Sri Lanka, Africa, etc. Prime markets are Hong Kong, Japan, China, etc.

The subject in fact is a member of the Radiant Group of Companies [Radiant] which are based in India.

Radiant is a well established and rapidly growing business group based in India with significant business exposure. It has established a track record and has taken dynamic efforts for diversification into the allied segments like Exports, Mining, Benefication of Iron Ore and Mill Scale, Real Estate Lifestyle, Textile, Garments and Steel cutlery. The followings are the highlights of Radiant:-

Radiant owns 5 barges having capacity of 2700 DWT each at Haldia Port. It is on the process to add another two barges DWT 8000 and 5000 MT in its fleet. It has priority berthing for its barges at Haldia Port. It also has its own five grabs and two Tata Hitachi ZX 650 excavator to load the barges.

Radiant has its extensive business exposure into mining of the iron ore. It is one of the largest producer and exporter of iron ore. Radiant is fast expanding in the Indian Mining sector.

Key business focus of Radiant is trading in two commodities Iron Ore Fines and Mill Scale.

It is likely that Radiant deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Radiant also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not very active.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.67
UK Pound	1	Rs.71.63
Euro	1	Rs.63.09

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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