MIRA INFORM REPORT

Report Date :

26.06.2012

IDENTIFICATION DETAILS

Name :	SWIFT TRADING LTD.
Registered Office :	C/o Hmgc Corporate Practice Ltd. Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon
Country :	Hong Kong
Date of Incorporation :	22.06.2010
Com. Reg. No.:	52483298
Legal Form :	Private Limited Liability Company
Line of Business :	Not Available
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	No Operating Office in Hong Kong
Payment Behaviour :	Unknown
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 and address

SWIFT TRADING LTD.

ADDRESS:

Registered Office:-

c/o Hmgc Corporate Practice Ltd.

Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

[Tel: 3749 9221; Fax: 3747 5784]

Associated Companies:-

Irony (Hong Kong) Ltd., Hong Kong.

Nisha International Network Ltd., Hong Kong.

BUSINESS REGISTRATION NUMBER

52483298

COMPANY FILE NUMBER

1471377

DATE OF INCORPORATION

22nd June, 2010.

CAPITAL

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

Issued Share Capital: HK$100,000.00

SHAREHOLDER

(As per registry dated 22-06-2010)

Name	No. of share
Ramjee Prasad PAUDEL	100,000 ======

DIRECTOR

(As per registry dated 22-06-2010)

Name (Nationality)	Address
Ramjee Prasad PAUDEL	2/F., 1-3 Swatow Street, Wanchai, Hong Kong.

SECRETARY

(As per registry dated 22-06-2010)

Name	Address	Co. No.
Gurung & Shum Business Solutions Ltd.	Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.	1348317

GENERAL

Swift Trading Ltd. was incorporated on 22nd June, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Himalayan Finance Ltd., name changed to the present style on 31st May, 2011.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong known as Hmgc Corporate Practice Ltd. [Hmgc] which is handling its correspondences and documents.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued 100,000 ordinary share of HK$1.00 which are wholly owned by Mr. Ramjee Prasad Paudel who is residing in Hong Kong. He is also the director of the subject. Paudel is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. To our knowledge, Paudel is also the director of Irony (Hong Kong) Ltd. which is a Hong Kong-registered company. Irony (Hong Kong) Ltd. is also located at the above-mentioned address.

The subject’s operating address seems to be at the residence of Paudel.

The subject’s lines of business are unknown since the secretarial firm declined to divulge any information about it. Paudel cannot be reached although he is residing in Hong Kong. However, from indirect sources, we have learnt that the subject is engaged in the following business scope:-

· Jewellery and diamond trading;

· Commission agent;

· Mobile phones and electronic products trading; &

· Trading in other products as entrusted by customers.

Besides operating the subject, Mr. Ramjee Prasad Paudel is also operating another firm known as Nisha International Network Ltd. [Nisha] which is located at the same operating address.

Nisha and the subject are engaged in the same lines of business, more or less.

The history of the subject in Hong Kong is over two years.

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

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.53
UK Pound	1	Rs.88.09
Euro	1	Rs.70.83

INFORMATION DETAILS

Report Prepared by :

PRL

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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