MIRA INFORM REPORT

Report Date :

01.12.2007

IDENTIFICATION DETAILS

Name :	EMHA DIAMOND PTE LTD

Registered Office :	^{101 Cecil Street, #19-04/05, Tong Eng Building, Singapore – 069533}

Country :	^Singapore

Date of Incorporation :	^27/07/1988

Com. Reg. No.:	^198802507H

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Wholesale of Jewellery

RATING & COMMENTS

MIRA’s Rating :

Ba

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

EMHA DIAMOND PTE LTD

Line Of Business

WHOLESALE OF JEWELLERY

Parent Company

-

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$ 1,000,000

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company : EMHA DIAMOND PTE LTD}

^{Former Name :
-}

^{Business Address : 101 CECIL STREET}

^#19-04/05

^{TONG ENG BUILDING}

^{Town :
SINGAPORE}

^{Postcode :
069533}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6224 2766}

^{Fax :
6222 4005}

^{ROC Number :
198802507H}

^{Reg. Town
: -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
27/07/1988}

^{Previous Legal Form : -}

^{Summary year :
-}

^{Sales :
-}

^{Networth :
-}

^{Capital :
-}

^{Paid-Up Capital :
1,000,000}

^{Employees :
5}

^{Net result :
-}

^{Share value :
1}

^{Auditor :
B SHARMA & CO}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started
:
27/07/1988}

PRINCIPAL(S)

^{KELIAS JANE MATILDA S0008085C Director}

DIRECTOR(S)

^{KOTHARI HEMANT HIRALAL S2621335E Director}

^{Appointed on :
27/07/1988}

^{Street :
99 MEYER ROAD}

^#19-02

^{THE SOVEREIGN}

^{Town :
SINGAPORE}

^{Postcode :
437920}

^{Country :
Singapore}

^{KOTHARI HEMANT HIRALAL S2621335E Company Secretary}

^{Appointed on :
27/07/1988}

^{Street :
99 MEYER ROAD}

^#19-02

^{THE SOVEREIGN}

^{Town :
SINGAPORE}

^{Postcode :
437920}

^{Country :
Singapore}

^{KELIAS JANE MATILDA S0008085C
Director}

^{Appointed on :
27/07/1988}

^{Street :
350 ANG MO KIO STREET 32}

^#27-111

^{Town :
SINGAPORE}

^{Postcode :
560350}

^{Country :
Singapore}

^{MADHVI HEMANT KOTHARI, MRS S2621336C Director}

^{Appointed on :
27/07/1988}

^{Street :
99 MEYER ROAD}

^#19-02

^{THE SOVEREIGN}

^{Town :
SINGAPORE}

^{Postcode :
437920}

^{Country :
Singapore}

ACTIVITY(IES)

^{JEWELLERY - IMITATION, COSTUME And
FASHION Code:12300}

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S RECORD AS AT 26/11/2007}

^{1. WHOLESALE OF JEWELLERY}

^{2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS AND EXPORTERS)}

CHARGES

^{Date :
09/01/2007}

^{Comments :
CHARGE NO :
C200700156}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) :
STANDARD CHARTERED BANK}

^{Date :
12/01/2007}

^{Comments :
CHARGE NO :
C200700289}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) :
STANDARD CHARTERED BANK}

^{Date :
08/01/2007}

^{Comments :
CHARGE NO :
C200700133, C200700132}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) :
STANDARD CHARTERED BANK}

^{Date :
21/07/2007}

^{Comments :
CHARGE NO :
C200705763, C200705762}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) :
STANDARD CHARTERED BANK}

^{Date : 16/07/1998}

^{Comments : CHARGE NO :
199803675}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) :
BANQUE NATIONAL DE PARIS}

^{Date :
29/07/1996}

^{Comments :
CHARGE NO :
9604387}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) :
BANQUE NATIONAL DE PARIS}

^{Date :
21/04/2007}

^{Comments :
CHARGE NO :
C200703022, C200703021}

^{AMOUNT SECURED : 0.00 AND ALL MONIES OWING}

^{CHARGEE(S) :
STANDARD CHARTERED BANK}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{BNP PARIBAS}

^{STANDARD CHARTERED BANK}

SHAREHOLDERS(S)

^{KOTHARI HEMANT HIRALAL 999,998 Private Person}

^{Street :
99 MEYER ROAD}

^#19-02

^{THE SOVEREIGN}

^{Town :
SINGAPORE}

^{Postcode :
437920}

^{Country :
Singapore}

^{KELIAS JANE MATILDA 1 Private Person}

^{Street :
350 ANG MO KIO STREET 32}

^#27-111

^{Town :
SINGAPORE}

^{Postcode :
560350}

^{Country :
Singapore}

^{MADHVI HEMANT KOTHARI, MRS 1 Private
Person}

^{Street :
99 MEYER ROAD}

^#19-02

^{THE SOVEREIGN}

^{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

FINANCIAL COMMENTS

^{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 TO MAINTAIN PROPER ACCOUNTING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON 27/07/1988 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING
UNDER ITS PRESENT NAMESTYLE AS "EMHA DIAMOND PTE LTD".}

^{AS AT 26/11/2007, THE COMPANY HAS AN ISSUED
AND PAID-UP CAPITAL OF 1,000,000 SHARES OF A VALUE OF S$1,000,000.}

^{PRINCIPAL ACTIVITIES:}

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

^{(1) WHOLESALE OF JEWELLERY}

^{(2) GENERAL WHOLESALE TRADE (INCLUDING
GENERAL IMPORTERS AND EXPORTERS)}

^{THE COMPANY IS LISTED IN THE SINGAPORE LOCAL
DIRECTORIES UNDER THE CLASSIFICATION OF: DIAMONDS-WHOLESALING.}

^{FROM THE RESEARCH DONE, THE FOLLOWING
INFORMATION WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* INTERNATIONAL DIAMOND WHOLESALERS IMPORTERS
AND EXPORTERS}

^{PRODUCTS AND SERVICES:}

^{* DIAMOND TOOLS - WHOLESALERS &
MANUFACTURERS}

^{* JEWELLERS: DIAMOND}

^{* TOOLS: DIAMOND}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
30/11/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* WHOLESALING IN DIAMONDS}

^{IMPORT COUNTRIES:}

^{* UNITED STATES OF AMERICA}

^{* BELGIUM}

^{* EUROPE}

^{EXPORT COUNTRIES:}

^{* UNITED STATES OF AMERICA}

^{* HONG KONG}

^{* MALAYSIA}

^{* BANGKOK}

^{NUMBER OF EMPLOYEES:}

^{* 2007: 5}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE ON
30/11/2007.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{101 CECIL STREET}

^{#19-04/05 TONG SENG BUILDING}

^{SINGAPORE 069533}

^{DATE OF CHANGE OF ADDRESS: 05/06/2007}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: JENHOW HOLDINGS PTE LTD}

^WEBSITE:

^-

^EMAIL:

^{emha@pacific.net.sg}

MANAGEMENT

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

^{1) KELIAS JANE MATILDA, A SINGAPOREAN}

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

^{2) KOTHARI HEMANT HIRALAL, A SINGAPORE
PERMANENT RESIDENT}

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

^{3) MADHVI HEMANT KOTHARI, A SINGAPORE
PERMANENT RESIDENT}

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

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME :
KELIAS JANE MATILDA}

^{ADVERSE REPORT AGAISNT DIRECTOR : NOT AVAILABLE FROM OUR
DATABASE}

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE :
S$6,600}

^{CO-OWNER(S) :
K MUKUNTHAN}

^{DIRECTOR'S NAME :
KOTHARI HEMANT HIRALAL}

^{ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR
DATABASE}

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE :
S$49,200}

^{CO-OWNER(S) :
MADHVI HEMANT KOTHARI}

^{DIRECTOR'S NAME :
MADHVI HEMANT KOTHARI}

^{ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR
DATABASE}

^{PROPERTY OWNERSHIP : 1}

^{ANNUAL VALUE :
S$49,200}

^{CO-OWNER(S) :
KOTHARI HEMANT HIRALAL}

^{* 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’s Country Rating 2007

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
HIGH QUALITY COMPETITIVENESS IN ASIA
EXCELLENT BUSINESS CLIMATE
POLITICAL STABILITY.

WEAKNESSES

SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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