MIRA INFORM REPORT

Report Date :

26.02.2007

IDENTIFICATION DETAILS

Name :	PARIKH DIAM LTD.

Registered Office :	Rm 708, 7/F, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hung Hom, Kowloon

Country :	Hong Kong

Date of Incorporation :	29-1-2001

Com. Reg. No.:	745382

Legal Form :	Private Limited Company

Line of Business :	Trading of fine 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

name & address

PARIKH DIAM LTD.

RM 708, 7/F, FU HANG INDUSTRIAL BUILDING,

1 HOK YUEN STREET EAST, HUNG HOM, KOWLOON,, HONG KONG.

TEL: 852 28051028

FAX: 852 28510498

EXECUTIVE SUMMARY

INCORPORATION DATE : 29-1-2001

REGISTRATION NO. : 745382

REGISTERED LEGAL FORM : PRIVATE LIMITED CO.

CHIEF EXECUTIVE : PARIKH MUKESH MANSUKHLAL (DIRECTOR)

STAFF STRENGTH : 3

AUTHORIZED CAPITAL : HKD 6M = 6M SHARES @ HKD1.-

PAID-UP CAPITAL : HKD 6M

BUSINESS LINE : TRADING OF FINE JEWELLERY

TURNOVER : N/A (AS OF DEC. 31, 2005)

EQUITIES : N/A (AS OF DEC. 31, 2005)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : MODERATE AMOUNT

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : STABLE

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.81294 = USD1 AS OF 2007-02-14

Adopted abbreviations:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

HKD – Hong Kong Dollars

The correct address of SC is the heading one instead of `Room 908, Hang Seng Bank, Tsimshatsui Building, 18 Carrarvon Road, Tsimshatsui, Kowloon, Hong Kong.' given by you.

SC is a private limited company registered under incorporation file no. 745382 on 29-1-2001.

SC's shareholders & directors are shown to be as follows:

Shareholders (as at 29-1-2007) Number of shares held

Parikh Mukesh Mansukhlal 3,000,000

Shah Rakesh Lalitkumar 3,000,000

------------

6,000,000

=======

Directors (as at 29-1-2007)

Parikh Mukesh Mansukhlal / K337297(9)

Shah Rakesh Lalitkumar / P184302(1)

The above registration information is based on SC's annual return filed at Companies Registry within the last 2 years.

No material change or amendment regarding SC has been traced & noted within last 2 years.

This section will contain the civil litigations & winding-up petitions filed against SC for the last 6 years (as stored in our database), and the mortgage/charge filed by SC for the last 2 years. In Hong Kong, creation of such mortgages/charges by an unlimited co is not required to be registered in the public records.

Civil litigation/winding-up petitions : None in our database.

Mortgage/charge record(s) : (X) see below ( ) see per attached

Creation date : 18-7-2006

Charger(s) : SC

Chargee(s) : Dah Sing Bank Ltd.

Secured amount : ANS

Charge particulars : Mortgage (Property at the heading business address)

Mortgage Index:

Year(s) in which mortgage registration(s) are filed: 2006

Year(s) in which mortgage satisfaction record(s) are filed: Nil

Parikh Mukesh Mansukhlal, director:

- In his late 30's

- He is by Indian nationality

- He has 10 years of experience in present field

Currently active in SC's day-to-day operations & is responsible for its management.

Registered residential address: Flat C, 15/F, Emperor Height, 5 Cox's Road, Tsimshatsui, Kowloon, Hong Kong.

Property ownership: Current land search indicates the said premises ownership as follows:

- Owner(s) : Glory International Enterprise Ltd.

- Date of purchase & consideration : 28-9-2006 / HKD21.68M

- Date of mortgage & secured amount : 28-9-2006 / ANS

- Mortgagee : Dah Sing Bank Ltd.

Credit history check : This refers to a check of our database whether the said person has been involved in any of the following records stored by us within the last 6 years:

Civil litigation as defendants : None in our database

Bankruptcy/winding-up petitions : None in our database

Delinquent payment records : None in our database

Debt collection records : No overdue amount owed by the said person was placed to us for collection

Shah Rakesh Lalitkumar, director:

- He is by Indian nationality

Currently active in SC's day-to-day operations & is responsible for its management.

Registered residential address: Flat B, 9/F, Union Mansion, 33-35 Chatham Road S., Tsimshatsui, Kowloon, Hong Kong.

Property ownership: Current land search indicates the said premises ownership as follows:

- Owner(s) : Shah Kosha Rakesh

- Date of purchase & consideration : 11-8-2005 / HKD2.99M

- Date of mortgage & secured amount : NA

- Mortgagee : NA

Credit history check : This refers to a check of our database whether the said person has been involved in any of the following records stored by us within the last 6 years:

Civil litigation as defendants : None in our database

Bankruptcy/winding-up petitions : None in our database

Delinquent payment records : None in our database

Debt collection records : No overdue amount owed by the said person was placed to us for collection

Ownership background appraisal:

Rating : 3 Obtained scores : 59 (see explanatory notes below)

Keys : 1 : scores 81-100 : Excellent

2 : scores 61-80 : Good

3 : scores 46-60 : Average

4 : scores 21-45 : Fair

5 : scores 01-20 : Poor

The rating indicates the personal financial & operational strength of SC's major principals. It is calculated from a composite of scores obtained from the following 5 factors which carry equal weight in our analysis:

Personal financial strength, credit history & trade reputation, business experience & track record, market connection and management skill.

Business categories :

SC is engaged in trading of fine jewellery.

Items available include diamond jewellery, pearl jewellery, diamond rings, bracelets, necklaces & other jewellery products.

Principal purchases :

Major types of sourcing : Merchandise (jewellery items)

Local--type of suppliers : Nil

Buying terms : Nil

Overseas--supplying countries : India, Thailand & SE Asia

Buying terms : L/C & T/T

Principal market :

Local--type of customers : Manufacturers & exporters

Selling terms : COD & credit of 30 days

Overseas--buying countries : PR China

Selling terms : L/C & T/T

Total number of employees : 3.

Location : Maintaining its office & warehouse at the heading business address which occupies a gross area of 1,500 square feet at a commercial building in a commercial district.

Condition inside the premises during our visit : Normal.

Office/factory layout : Standard.

Property ownership : Current land search indicates the ownership details of the captioned premises as follows:

- Owner(s) : SC

- Date of purchase & consideration : 18-7-2006 / HKD2,238,800

- Date of mortgage & secured amount : 18-7-2006 / ANS

- Mortgagee : Dah Sing Bank Ltd.

SC is not known to have any subsidiary at present.

Overall payment appraisal :

( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment records and our debt collection record concerning SC.

Trade payment experience : Owing to the nature of its business, SC is not an active seeker of local commercial credit since merchandise/materials are imported. Its expenses in the form of accruals and servicing are reportedly met in prompt manner.

Delinquent payment record : None in our database.

Debt collection record : No overdue amount owed by SC was placed to us for collection within the last 6 years.

Banking relations are maintained principally with: Dah Sing Bank Ltd.

During our report preparation, the principals could not be contacted while the staff members hesitated to release financial information without the principals' consent.

As per current co. search, total amount of indebtedness of SC in respect of all mortgages and charges which are required to be registered with Companies Registry as at 29-1-2007 was HKD1,501,152.02.

SC is considered small-sized in its line locally with acceptable base to meet its normal dealings. Credit up to moderate amount may be considered.

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

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