MIRA INFORM REPORT

Report No. :	322407
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	SOLITAIRE (H.K.) LTD.

Registered Office :	Room 1506, 15/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon

Country :	Hong Kong

Date of Incorporation :	10.09.2007

Com. Reg. No.:	38388377

Legal Form :	Private Limited Company

LINE OF BUSINESS :	IMPORTER, EXPORTER AND WHOLESALER OF DIAMONDS.

No. of Employee :	4.

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No complaints

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, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Hong Kong

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 internationalTRADE 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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.

Source : CIA

Company name and address

SOLITAIRE (H.K.) LTD.

ADDRESS: Room 1506, 15/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.

PHONE: 852-2723 6606-7

FAX: 852-2723 6605

MANAGEMENT:

Managing Director: Mr. Jawahar Lal Parson

SUMMARY

Incorporated on: 10th September, 2007.

Organization: Private Limited Company.

Issued Share Capital: HK$10,000.00

Business Category: Diamond Trader.

Employees: 4.

Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong..

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:

Room 1506, 15/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.

Associated Company:-

Excel Success Ltd., Hong Kong.

BUSINESS REGISTRATION NUMBER

38388377

COMPANY FILE NUMBER

1165930

MANAGEMENT

Managing Director: Mr. Jawahar Lal Parson

ISSUED SHARE CAPITAL

HK$10,000.00

SHAREHOLDER

(As per registry dated 10-09-2014)

Name

No. of shares

Jawahar Lal PARSON

10,000

=====

DIRECTOR

(As per registry dated 10-09-2014)

Name

(Nationality)

Address

Jawahar Lal PARSON

Flat H, 19/F., Tower 7, Laguna Verda, Hunghom, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 10-09-2014)

Name	Address	Co. No.
Lodestar Secretaries Ltd.	13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong.	0113023

HISTORY

The subject was incorporated on 10th September, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Unit 2, 10/F., Workingport Commercial Building, 3 Hau Fook Street, Tsim Sha Tsui, Kowloon, Hong Kong, moved to the present address in September 2011.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Diamonds

Employees: 4.

Commodities Imported: Imported from India, Europe

Markets: Japan, other Asian countries, North America

Terms/Sales: L/C, T/T

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

FINANCIAL INFORMATION

Issued Share Capital: HK$10,000.00

Profit or Loss: Made small profits in past years.

Condition: Business is normal.

Facilities: Making rather active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: Hang Seng Bank Ltd., Hong Kong.

Standing: Small.

GENERAL

Solitaire (H.K.) Ltd. is wholly-owned by Mr. Jawahar Lal Parson who is an India merchant. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Mr. Parson is also the only director of the subject.

Having issued 10,000 ordinary shares of HK$1.00 each, the subject commenced business in September 2007.

The subject is a diamond importer, exporter and wholesaler. It is trading in jewellery, gemset and loose diamonds. Most of the commodities are imported from India and Europe. Prime markets are Japan, the other Asian countries, North America, South America, the Middle East, etc. Business is normal.

Jawahar Lal Parson is also the managing director of another company known as Excel Success Ltd. [Excel Success]. Having issued 1,550,000 ordinary shares of HK$1.00 each, Excel Success is equally owned by Mr. Pratish Parvin Mehta and Mr. Akarsh Pratish Mehta. Both of whom are Indian. Excel Success is also a diamond trader but located at a different address. Excel Success was incorporated on 23rd December, 2011.

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 2016” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 1st to 5th March, 2016. Its booth No. is AWE 2-C27.

Parson has had business ties with a number of diamond suppliers in India.

The business of the subject is chiefly handled by Parson himself. History in Hong Kong is over seven years and eight months.

On the whole, consider it good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ANK

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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