MIRA INFORM REPORT

Report Date :

25.09.2012

IDENTIFICATION DETAILS

Name :	NIRSAN TRADING LTD.
Registered Office :	Flat B, 11/F., Star Mansion, 3 Middle Road, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	13.06.2009
Legal Form :	private limited liability
Line of Business :	subject is a diamond trader
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 :	---
Litigation :	---

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Hong Kong	A2	A2

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

HONG KONG - ECONOMIC OVERVIEW

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983

Source : CIA

Company name

NIRSAN TRADING LTD.

Company ADDRESS

Registered Office:-

Flat B, 11/F., Star Mansion, 3 Middle Road, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

50905317

COMPANY FILE NUMBER

1352441

DATE OF INCORPORATION

13th July, 2009.

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

SHAREHOLDER

(As per registry dated 13-07-2011)

Name	No. of shares
Mrs. Sandhya Kunal BHANSALI	10,000 =====

DIRECTOR

(As per registry dated 13-07-2011)

Name (Nationality)	Address
Mrs. Sandhya Kunal BHANSALI	Zaveri No Madh, Mani Nagar, Palanpur, Banaskantha, India.

SECRETARY

(As per registry dated 13-07-2011)

Name	Address	Co. No.
Dhun’s Management Services Ltd.	7/F., Man On Commercial Building, 12-13 Jubilee Street, Central, Hong Kong.	0027006

GENERAL

Nirsan Trading Ltd. was incorporated on 13th July, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.

According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares of HK$1.00 each which are wholly-owned by Mrs. Sandhya Kunal Bhansali who is an Indian businesswoman. She is also the only director of the subject. Bhansali is an India passport holder and does not have the right to reside in Hong Kong permanently.

The subject does not have its own operating office. Its registered office is located at Flat B, 11/F., Star Mansion, 3 Middle Road, Tsimshatsui, Kowloon, Hong Kong where Star Mansion is a private building. It is likely that Bhansali resides at the above-mentioned address when she is in Hong Kong.

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

Formerly, the subject’s registered address was in a commercial service firm located at 7/F., Man On Commercial Building, 12-13 Jubilee Street, Central, Hong Kong known as Dhun’s Management Services Ltd. which is handling its correspondences and documents. Dhun’s Management Services Ltd. is also the corporate secretary of the subject. The subject moved to the present address with effect from 2nd December, 2009. However, Dhun’s Management Services remains to be its corporate secretary.

The subject has no employees in Hong Kong. Its business in Hong Kong is not active.

It is likely that the subject has got an associated company in India operated by Bhansali.

The subject is a diamond trader. Most of the commodities are imported from India. Polished and cut diamonds are marketed in Hong Kong and exported to the other Asian countries.

The history of the subject in Hong Kong is just over three years

On the whole, 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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.29
UK Pound	1	Rs.86.43
Euro	1	Rs.68.95

INFORMATION DETAILS

Report Prepared by :

PDT

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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