MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	EC JEWELS HK LTD.
Registered Office :	Flat B2, 11/F., Prat Mansions, 26-36 Prat Avenue, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	05.11.2012
Com. Reg. No.:	60569597
Legal Form :	Private Limited Company
LINE OF BUSINESS :	DIAMOND & GEMSTONE TRADER OF ALL KINDS OF DIAMONDS AND GEMSTONES.
No. of Employees :	1

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 :	Business Under Development
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Hong Kong	A1	A1

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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

Source : CIA

Company name and address

EC JEWELS HK LTD.

ADDRESS: Flat B2, 11/F., Prat Mansions, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE: Not available

MANAGEMENT

Managing Director: Mr. Nitin Dusad

SUMMARY

Incorporated on: 5th November, 2012.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Diamond & Gemstone Trader.

Employee: 1.

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

Banking Relation: Satisfactory.

Company name and address

EC JEWELS HK LTD.

ADDRESS:

Registered Head Office:-

Flat B2, 11/F., Prat Mansions, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

60569597

COMPANY FILE NUMBER

1821071

MANAGEMENT

Managing Director: Mr. Nitin Dusad

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 05-11-2013)

Name	No. of shares
Nitin DUSAD	10,000 =====

DIRECTOR

(As per registry dated 05-11-2013)

Name (Nationality)	Address
Nitin DUSAD	Flat B, 5/F., Union Mansion, 33-35 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 05-11-2013)

Name	Address
Sonu DUSAD	Flat B, 5/F., Union Mansion, 33-35 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.

HISTORY

The subject was incorporated on 5th November, 2012 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: Diamond & Gemstone Trader.

Lines: All kinds of diamonds and gemstones.

Employee: 1.

Commodities Imported: India, other Asian countries, etc.

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

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

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

Mortgage or Charge: (See attachment)

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:

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

China Construction Bank (Asia) Corporation Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, EC Jewels HK Ltd. is wholly owned by Mr. Nitin Dusad who is an India merchant.

He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject. Dusad has been in Hong Kong for a very long as he has got the Hong Kong ID before setting up the subject.

The subject commenced business in November 2012.

The subject’s registered address is in a private building located at Flat B2, 11/F., Prat Mansions, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong. It seems that this is the latest residence of Dudad.

The subject is trading in diamonds and gemstones. It is significant for ruby set, ruby necklace and emerald set.

The subject 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.

Prime markets are Hong Kong, China, other Asian countries, Europe, etc.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2015” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 2nd to 6th March, 2015.

Business chiefly handled by Dudad himself, the subject has just one employee in Hong Kong.

Since the history of the subject is just about a year and ten years in Hong Kong, consider it good for normal business engagements on L/C basis.

MORTGAGE OR CHARGE

Date	Description of Instrument	Mortgagee
28-02-2013	Assignment of Receivables – General with notice of Assignment	The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
15-03-2013	Assignment of Life Insurance	The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
20-06-2014	Assignment of Life Insurance	The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
25-08-2014	Mortgage	China Construction Bank (Asia) Corporation Ltd., Hong Kong.
25-08-2014	Assignment of Rentals	China Construction Bank (Asia) Corporation Ltd., Hong Kong.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.01

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	DPT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.