MIRA INFORM REPORT

Report Date :

19.01.2007

IDENTIFICATION DETAILS

Name :	FINE DIAMOND PTE LTD
Registered Office :	^101 CECIL STREET, #25-11^, TONG ENG BUILDING, SINGAPORE^069533
Country :	Singapore
Date of Incorporation :	^01/06/1981
Com. Reg. No.:	^198102429R
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 :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

FINE DIAMOND PTE LTD

Line Of Business 

WHOLESALE OF JEWELLERY

Parent Company

--

Financial Elements

Sales : -

Networth : -

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

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Rating : Sing $ 1000001 to Sing $ 5000000

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

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

^{Legal Form : Exempt Pte Ltd}

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

^{Previous Legal Form : -}

^{Summary year : -}

^{Sales : -}

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

^{Net Worth : -}

^{Employees : 4}

^{Net Result : -}

^{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 15/01/2007}

^{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 : 19/01/2007}

^{Tax rate : 10%}

^{Site Address : 101 CECIL STREET}

^{25-11 TONG ENG BUILDING}

^{Town : SINGAPORE}

^{Postcode : 069533}

^{Country : Singapore}

^{Annual Value : SGD 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 15/01/2007, 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}

^{NO OTHER UPDATED TRADE INFORMATION WAS MADE AVAILABLE ON 19/01/2007. THERE ARE STILL 4 EMPLOYEES IN THE COMPANY.}

^{FROM THE PRIOR 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'S 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 TRADE SECTOR

PAST PERFORMANCE

WITH THE GROWTH IN NON-OIL RE-EXPORTS AND THE RISE IN RETAIL SALES, THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY A ROBUST 15% IN 1Q2006, UP FROM THE

12% GAIN IN 4Q2005.

DOMESTIC WHOLESALE TRADE INDEX

FOLLOWING SEVEN QUARTERS OF DOUBLE-DIGIT GROWTH, THE OVERALL DOMESTIC WHOLESALE TRADE INDEX MODERATED TO 7.5% IN 1Q2006. EXCLUDING PETROLEUM, THE INDEX ROSE BY 14.2% OVER THE SAME PERIOD LAST YEAR.

DOMESTIC SALES OF GENERAL WHOLESALE TRADE ROSE SUBSTANTIALLY BY 61.6%.

AT CONSTANT PRICES, THE OVERALL INDEX DECLINED BY 4.4% IN 1Q2006 OVER 1Q2005, MAINLY DUE TO LOWER ACTIVITY IN CHEMICAL AND PETROLEUM SECTORS. EXCLUDING PETROLEUM, IT WAS 7.9% HIGHER THAN A YEAR AGO.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 16.5% COMPARED TO 4Q2005. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.9%.

MOST OF THE MAJOR SECTORS REGISTERED SLOWER BUSINESS IN 1Q2006 WITH THE EXCEPTION OF TELECOMMUNICATIONS & COMPUTERS AND GENERAL WHOLESALE TRADE.

FOREIGN WHOLESALE TRADE INDEX

AS COMPARED TO 1Q2005, THE OVERALL FOREIGN WHOLESALE TRADE IN 1Q2006 ROSE BY 15.4%. EXCLUDING PETROLUEM, THE INDEX EXPANDED BY 11.5%.

ON A YEAR-ON-YEAR BASIS, ELECTRONIC COMPONENTS GREW BY 22.8%, PETROLEUM & PETROLEUM PRODUCTS ROSE BY 20.3%, AND GENERAL WHOLESALE TRADE GREW BY 18.7% IN 1Q2006.

AT CONSTANT PRICES, THE OVERALL INDEX ROSE MARGINALLY BY 0.9% IN 1Q2006 OVER A YEAR AGO. EXCLUDING PETROLEUM, IT WAS UP BY 7.6%.

ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A DECLINE OF 9.4% FOLLOWING GROWTH FOR THREE CONSECUTIVE QUARTERS. EXCLUDING PETROLEUM, THE INDEX WERE LOWER BY 8.6%.

AHEAD

WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE PERIOD ENDING DECEMBER 2006. THOSE DEALING IN FURNITURE & FURNISHINGS, COSMETICS & TOILETRIES, JEWELLERY & WATCHES, HOUSEHOLD ELECTRICAL APPLIANCES & EQUIPMENT, ELECTRONIC COMPONENTS, SCIENITIFIC & PRECISION EQUIPMENT, ARE AMONG THOSE WHO ARE OPTIMISTIC ABOUT THE BUSINESS OUTLOOK AHEAD.

EXTRACTED FROM : MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

TODAY

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

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