MIRA INFORM REPORT

Report Date :

16.05.2011

IDENTIFICATION DETAILS

Correct Name :	KOEX JEWEL’S
Registered Office :	Flat A, 17/F., Tower 15A, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon
Country :	Hong Kong
Date of Incorporation :	09.10.1999
Com. Reg. No.:	30417112-000-10
Legal Form :	Sole Proprietorship
Line of Business :	Importer and Exporter of all kinds diamonds and jewellery

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

KOEX JEWEL’S

Company ADDRESS

Flat A, 17/F., Tower 15A, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.

PHONE: Not available

FAX: Not available

MANAGEMENT

Manager: Mr. Mayur Narendrakumar Patel

SUMMARY

Establishment: 9th October, 1999.

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.

Company ADDRESS

Head Office:-

Flat A, 17/F., Tower 15A, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

30417112-000-10

MANAGEMENT

Manager: Mr. Mayur Narendrakumar Patel

SOLE PROPRIETOR

Name: Mr. Mayur Narendrakumar PATEL

Residential Address: 69 Tejkiran Apt. Behind Shreyas Hall, Dadi Sheth X Lane No. 2, Babulnath, Mumbai-7,

India.

HISTORY

The subject was established on 9th October, 1999 as a sole proprietorship concern owned by Mr. Lee Sung Woo under the Hong Kong Business Registration Regulations.

The subject became a partnership when Mr. Mayur Narendrakumar Patel, who is an Indian, joined in as a partner on 1st December, 2001.

The subject became a sole proprietorship again as Mr. Lee Sung Woo retired on 1st April, 2002.

Initially the subject was located at Flat A, 6/F., Bo Yip Building, 6 Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in November 2005.

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

OPERATIONS

Activities: Importer and Exporter.

Lines: All kinds diamonds and jewellery.

Employees: Nil.

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

Markets: South Korea, other Asian countries, Middle East, Thailand, etc.

Terms/Sales: L/C or as per contracted.

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

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Just making a very small profit every year.

Condition: Business is normal.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

Koex Jewel’s is a sole proprietorship operated and owned by Mr. Mayur Narendrakumar Patel. Patel is an Indian holding an India passport. However, he is considered to be a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

The former owner of the subject Mr. Lee Sung Woo is a South Korean. He is a South Korea passport holder who retired on 1st April, 2002. Now, the subject is solely owned by Patel.

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

The subject’s registered address is located at Flat A, 17/F., Tower 15A, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. This office is not in a commercial building but a residential building. Costa Del Sol has been claimed to be a luxury building which is not trespassed by outsiders. The registered address is likely in the residence of the sole proprietor in Hong Kong. Business is just fairly active.

The subject is trading in loose, polished and cut diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, etc. Raw materials, polished and cut diamonds are imported from India, Belgium and other European countries, etc. Finished products and polished diamonds are exported or re-exported to South Korea, Taiwan, the other Asian countries, Europe, the Middle East, etc. The subject is also a commission agent.

Business handled by Mr. Mayur Narendrakumar Patel himself, the subject is just a one-man company. Keeping a balance account or making a very small profit in most of the past years. To our knowledge, Patel has had good business ties with some of the diamond suppliers and manufacturers in Mumbai, India.

The subject also has had some customers in South Korea. Overall business is fairly active.

On the whole, since the history of the subject in Hong Kong is over eleven years and three months, consider it good for normal business engagements in small credit amounts.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.91
UK Pound	1	Rs.73.06
Euro	1	Rs.64.03

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

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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