MIRA INFORM REPORT

Report Date :

10^th May 2006

IDENTIFICATION DETAILS

Name :	FINE DIAMOND PTE LTD

Registered Office :	^{101 Cecil Street} #25-11, Tong Eng Building ^{069533, Singapore}

Date of Incorporation :	^01/06/1981

Com. Reg. No.:	^198102429R

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Wholesale trading of jewellery

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 :	Regular

Litigation :	Clear

Subject Company

FINE DIAMOND PTE LTD

Line Of Business

WHOLESALE TRADING OF JEWELLERIES

Parent Company

Financial Elements

Sales : -

Net worth : -

Paid-Up Capital : S$2,500,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

BUSINESS INFORMATION REPORT

COMPANY IDENTIFICATION

^{Subject
Company: FINE DIAMOND PTE LTD}

^{Former
Name: -}

^{Business
Address: 101 CECIL STREET}

^#25-11

^{TONG
ENG BUILDING}

^{Town: SINGAPORE}

^{Postcode: 069533}

^{County: -}

^{Country: Singapore}

^{Telephone: 6225
7444}

^{Fax: 6225 6667}

^{ROC
Number: 198102429R}

^{Reg.
Town: -}

SUMMARY

^{Legal
Form: Exempt Pte Ltd}

^{Date
Inc.: 01/06/1981}

^{Previous
Legal Form: -}

^{Summary
year : -}

^{All amounts
in this report are in: SGD}

^{Sales: -}

^{Net
worth: -}

^{Capital: -}

^{Paid-Up
Capital: 2,500,000}

^{Employees: 4}

^{Net result
: -}

^{Share
value: -}

^{Auditor: MGI
MENON & ASSOCIATES}

REFERENCES

^{Litigation: No}

^{Company
status: TRADING}

^{Started: 01/06/1981}

PRINCIPAL(S)

^{BAKUL
RAMNIKLAL PARIKH
S2223347E Director}

DIRECTOR(S)

^{SWARAN
SINGH
S1157721J Company Secretary}

^{Appointed
on: 31/03/1990}

^{Street: 402 SIN MING
AVENUE}

^#15-319

^{Town: SINGAPORE}

^{Postcode: 570402}

^{Country: Singapore}

^{BALASUBRAMANIAM
BARU S2707545B Company Secretary}

^{Appointed
on: 15/01/2004}

^{Street: 668C
JURONG WEST STREET 64}

^#08-144

^{Town: SINGAPORE}

^{Postcode: 643668}

^{Country: Singapore}

^{SWATI BAKUL
PARIKH S2553487E Director}

^{Appointed
on: 01/06/1981}

^{Street: 99
MEYER ROAD}

^#07-02

^{SOVEREIGN,
THE}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

^{BAKUL
RAMNIKLAL PARIKH
S2223347E Director}

^{Appointed
on: 17/03/1995}

^{Street: 99
MEYER ROAD}

^#07-02

^{SOVEREIGN,
THE}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

ACTIVITY(IES)

^{JEWELLERS -
WHSLE}^Code:12280

^{BASED ON
ACRA'S RECORD AS AT 04/05/2006}

^{1)
WHOLESALE OF JEWELLERY}

CHARGES

^{Date: 25/03/2003}

^{Comments: CHARGE
NO : C200301327}

^{SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE
: STANDARD CHARTERED BANK}

^{Date: 11/05/1990}

^{Comments: CHARGE
NO: 9002072 (DISCHARGED)}

^{AMOUNT
SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S):
BNP PARIBAS}

PREMISES/PROPERTY INFORMATIONS

^{Date: 09/05/2006}

^{Site
Address: 101 CECIL STREET}

^{Tax
rate: 10}

^{#25-11
TONG ENG BUILDING}

^{Town: SINGAPORE}

^County:

^{Postcode: 069533}

^{Country: Singapore}

^{Annual
Value: 11,900}

*TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.

*TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR FULLY

RENTED OUT BY THE OWNER/OWNED BY COMPANY.

*FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT, THE TAX RATE IS 10% (I.E INDUSTRIAL AND COMMERCIAL PROPERTY).

*ANNUAL VALUE IS THE ESTIMATED ANNUAL RENT THE PROPERTY CAN FETCH IF IT WERE RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN THE SAME MANNER REGARDLESS OF WHETHER THE PROPERTY IS LET-OUT, OWNER-OCCUPIED OR VACANT.

BANKERS

^{STANDARD
CHARTERED BANK}

SHAREHOLDERS(S)

^{BAKUL
RAMNIKLAL PARIKH}^{2,460,000 Private Person}

^{Street: 99
MEYER ROAD}

^#07-02

^{SOVEREIGN,
THE}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

^{SWATI BAKUL
PARIKH}^{40,000 Private Person}

^{Street: 99
MEYER ROAD}

^#07-02

^{SOVEREIGN,
THE}

^{Town: SINGAPORE}

^{Postcode: 437920}

^{Country: Singapore}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade
Morality: AVERAGE}

^{Liquidity: UNKNOWN}

^{Payments: REGULAR}

^{Trend: LEVEL}

^{Financial
Situation:UNKNOWN}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL COMMENTS

^{LIMITED
EXEMPT PRIVATE COMPANY:}

^{WHERE THE
SHARES OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE} ^{BODY AND
THERE ARE NO MORE THAN 20 MEMBERS, THE PRIVATE COMPANY} ^{IS KNOWN AS
AN EXEMPT PRIVATE COMPANY.} ^{AN EXEMPT PRIVATE COMPANY ENJOYS A
GREATER AMOUNT OF PRIVACY THAN A} ^{PRIVATE COMPANY. IT IS NOT REQUIRED
TO FILE ACCOUNTS WITH THE} ^{REGISTRAR IF IT CAN PRODUCE A
CERTIFICATE SIGNED BY ONE OF ITS} ^{DIRECTORS, SECRETARY AND AUDITOR
CONFIRMING THE FOLLOWING POINTS:}

^{1. THE
COMPANY IS AN EXEMPT PRIVATE COMPANY.}

^{2. THE
AUDITED ACCOUNTS HAVE BEEN TABLED BEFORE THE SHAREHOLDERS AT THE ANNUAL GENERAL
MEETING.}

^{3. THE
COMPANY IS ABLE TO MEET ITS LIABILITIES.}

^{THERE IS
THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS} ^{OF THE
COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE AUDITED} ^{EVERY YEAR
AND APPROVED AT AN ANNUAL GENERAL MEETING OF THE} ^COMPANY.

^{A PRIVATE
COMPANY THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY} ^{BECOME AN
EXEMPT PRIVATE COMPANY IF THE MINISTER FOR FINANCE, IN THE} ^{NATIONAL
INTEREST, DECLARES IT TO BE SUCH BY A GAZETTE NOTIFICATION.}

EXEMPT FROM AUDIT

AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS FINANCIAL YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND ITS TURNOVER FOR THAT FINANCIAL YEAR DOES NOT EXCEED $2.5 MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004, THE AMOUNT OF THE TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE STILL REQUIRED TO MAINTAIN PROPER ACCOUNTING.

BACKGROUND/OPERATION

^{THE COMPANY
WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON} ^{01/06/1981
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER} ^{ITS PRESENT
NAMESTYLE OF "FINE DIAMOND PTE LTD".}

^{AS AT
04/05/2006, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF} ^{2,500,000
SHARES OF A VALUE OF S$2,500,000.}

^{PRINCIPAL
ACTIVITIES:}

^{SUBJECT IS
REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY} ^{AUTHORITY
(ACRA) AND BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1)
WHOLESALE OF JEWELLERY}

^{FROM THE
RESEARCH DONE, SUBJECT IS LISTED ON THE LOCAL DIRECTORIES} ^{UNDER THE
CATEGORY OF "JEWELLERS-WHOLESALE" AND THE FOLLOWING} ^{INFORMATION
WAS GATHERED:}

^{SUBJECT IS
A MEMEBR OF THE FOLLOWING ENTITY:}

^{* WORLD
FEDERATION OF DIAMOND BOURSES}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 09/05/2006, THE FOLLOWING} ^{INFORMATION
WAS OBTAINED:}

^{SUBJECT
ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* WHOLESALE
TRADING OF JEWELLERIES}

^{NUMBER OF
EMPLOYEES:}

^{* 4}

^{NO OTHER
TRADE INFORMATION WAS REVEALED BY THE SUBJECT'S PERSONNEL.}

^{REGISTERED
AND BUSINESS ADDRESS:}

^{101 CECIL
STREET}

^#25-11

^{TONG ENG
BUILDING}

^{SINGAPORE
069533}

^{DATE OF
CHANGE OF ADDRESS: 15/01/1990}

^{-OWNED
PREMISE}

^WEBSITE:

^NIL

^EMAIL:

^{bakul@pacific.net.sg}

MANAGEMENT

^{THE
DIRECTORS AT THE TIME OF THIS REPORT ARE:}

^{1) BAKUL
RAMNIKLAL PARIKH, A SINGAPORE PERMANENT RESIDENT}

^{- HOLDS NO
OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.}

^{2) SWATI
BAKUL PARIKH, A SINGAPOREAN}

^-^{HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN
OUR DATABASE.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S
NAME: BAKUL RAMNIKLAL PARIKH}

^{ADVERSE
REPORT AGAINST DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL
VALUE: S$43,800}

^{CO-OWNER
(S): SWATI BAKUL PARIKH}

^{DIRECTOR'S
NAME: SWATI BAKUL PARIKH}

^{ADVERSE
REPORT AGAINST DIRECTOR:}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL
VALUE: S$43,800}

^{CO-OWNER
(S): BAKUL RAMNIKLAL PARIKH}

* ANNUAL VALUE IS THE ESTIMATED ANNUAL RENT THE PROPERTY CAN FETCH IF IT WERE RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN THE SAME MANNER REGARDLESS OF WHETHER THE PROPERTY IS LET-OUT, OWNER-OCCUPIED OR VACANT.

SINGAPORE COUNTRY RATING 2006

INVESTMENT GRADE

IN SINGAPORE, THE POLITICAL SITUATION APPEARS TO BE VERY STABLE.

ECONOMIC GROWTH IS BECOMING MORE MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.

ECONOMIC PERFORMANCE HAS REMAINED STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS, LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED TO SINGAPORE'S STRONG FINANCIAL CONDITION.

AS THE ELECTRONICS SECTOR FACES COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995. ELECTRONICS SECTOR SECTOR'S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.

ASSETS

· ONE OF THE MOST OPEN ECONOMIES IN THE WORLD WITH EXPORTS PLAYING A MAJOR ROLE IN ITS PERFORMANCE.

· ONE OF ASIA'S MOST ADVANCED COUNTRIES IN QUALITY COMPETITIVENESS TERMS.

· WORKFORCE'S EDUCATION AND SKILL LEVEL IS VERY HIGH.

· A MAJOR EXPORT OF CAPITAL IN ASIA, PARTICULARLY THE STATE-OWNED HOLDING COMPANY, TEMASEK.

· THE BUSINESS ENVIRONMENT HAS BEEN VERY FAVOURABLE.

· GREAT POLITICAL STABILITY.

WEAKNESSES

· ECONOMY REMAINED OVERSPECIALISED IN THE ELECTRONICS SECTOR.

· MUST ACCELERATE DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES

· REFORMS ARE STILL NEEDED TO FOSTER INNOVATION AND EDUCATION-SYSTEM MODERNIZATION.

· AGING POPULATION COULD ULTIMATELY AFFECT ECONOMIC PERFORMANCE.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

WITH THE BOOST FROM THE STRONG GROWTH PERFORMANCE OF NON-OIL RE-EXPORTS AND RETAIL SALES, THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY A HEALTHY 8.0% IN 3Q2005, EASING SLIGHTLY FROM THE 8.7% GROWTH REGISTERED IN 2Q2005.

WHOLESALE TRADE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE INDEX ROSE BY 20.5% OVER THE SAME PERIOD A YEAR AGO. EXCLUDING PETROLEUM, THE INDEX ROSE BY 8.9%.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE SLIGHTLY BY 1.9% IN 3Q2005 OVER 3Q2004. EXCLUDING PETROLEUM, IT WAS 3.6% HIGHER THAN A YEAR AGO.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A RISE OF 10.7% IN 3Q2005.

EXCLUDING PETROLEUM, THE INDEX ROSE MODERATELY BY 4.1%.

FOREIGN WHOLESALE TRADE INDEX

AS COMPARED TO 3Q2004, THE OVERALL FOREIGN WHOLESALE TRADE FOR 3Q2005 ROSE BY 22%. EXCLUDING PETROLUEM, THE INDEX ROSE BY 10.2%.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE BY 7.6% IN 3Q2005 OVER 3Q2004. EXCLUDING PETROLEUM, IT WAS UP BY 10.8%.

IN COMPARISON TO 2Q2005, THE OVERALL INDEX FOR 3Q2005 REGISTERED A RISE OF 9.9%.

EXCLUDING PETROLEUM, THE GROWTH WAS LOWER AT 5.7%.

AHEAD

AN OVERALL NET BALANCE OF 22% OF FIRMS IN THE SERVICES SECTOR IS OPTIMISTIC ABOUT THE BUSINESS OUTLOOK FOR THE NEXT 3 MOTNHS ENDING MARCH 2006. THE MAGNITUDE IS SLIGHTLY LOWER COMPARED TO THAT REGISTERED IN THE PERIOD OF JULY-DECEMBER 2005 (26%), AND ALSO LOWER THAN THE 30% NET BALANCE RECORDED FOR OCTOBER 2004 – MARCH 2005.

AN OVERALL NET BALANCE OF 8% OF WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE COMING MONTHS.

RETAILERS ALSO EXPRESS UPBEAT BUSINESS SENTIMENTS FOR THE COMING MONTHS, WITH A POSITIVE NET BALANCE OF 38%, ESPECIALLY DEPARTMENT STORES AND RETAILERS OF WEARING APPAREL AND FURNITURE & FURNISHINGS FORESEE BETTER BUSINESS OUTLOOK FROM THE YEAR-END FESTIVE SEASON.

EXTRACTED FROM : MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

BLOOMBERG

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions