MIRA INFORM REPORT

Report Date :

20.03.2007

IDENTIFICATION DETAILS

Name :	EMHA DIAMOND PTE LTD

Registered Office :	^{1 Shenton Way, #16-02, Robina House, Singapore - 068803}

Country :	Singapore

Date of Incorporation :	^27/07/1988

Com. Reg. No.:	^198802507H

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	International Diamond Wholesalers, Importers and Exporters

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 :	Usually correct

Litigation :	Clear

Subject Company

EMHA DIAMOND PTE LTD

Line Of Business

INTERNATIONAL DIAMOND WHOLESALERS IMPORTERS AND EXPORTERS

Parent Company

Financial Elements

Sales : -

Networth : -

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

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

Rating

Credit Rating : Sing $ 600001 to Sing $ 1000000

COMPANY IDENTIFICATION

^{Subject Company : EMHA DIAMOND PTE LTD}

^{Former Name :
-}

^{Business Address : 1 SHENTON WAY}

^#16-02

^{ROBINA HOUSE}

^{Town :
SINGAPORE}

^{Postcode : 068803}

^{County :
-}

^{Country :
Singapore}

^{Telephone : 6224 2766}

^{Fax :
6222 4005}

^{ROC Number :
198802507H}

^{Reg. Town : -}

SUMMARY

^{All amounts in
this report are in :
SGD unless otherwise stated}

^{Legal Form :
Exempt Pte Ltd}

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

^{Previous Legal
Form :
-}

^{Summary year :
-}

^{Sales :
-}

^{Capital :
-}

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

^{Employees :
5}

^{Net result :
-}

^{Share value :
-}

^{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 14/03/2007}

^{1. WHOLESALE OF
JEWELLERY}

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

CHARGES

^{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: 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}

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 : UNKNOWN

Trend : UNKNOWN

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 27/07/1988 AS A LIMITED EXEMPT
PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "EMHA
DIAMOND PTE LTD".}

^{AS AT 14/03/2007,
THE COMPANY HAS 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)}

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

^{SUBJECT ENGAGES IN
THE FOLLOWING ACTIVITIES:}

^{* INTERNATIONAL
DIAMOND WHOLESALERS IMPORTERS AND EXPORTERS}

^{FROM THE
TELE-INTERVIEW CONDUCTED ON 20/03/2007, THE FOLLOWING WAS GATHERED:}

^{IMPORT COUNTRIES:}

^{* UNITED STATES OF
AMERICA}

^{* BELGIUM}

^{* ISRAEL}

^{* ASIAN COUNTRIES}

^{EXPORT COUNTRIES:}

^{* UNITED STATES OF
AMERICA}

^{* BELGIUM}

^{* ISRAEL}

^{* ASIAN COUNTRIES}

^{NUMBER OF
EMPLOYEES:}

^{* COMPANY - 2007:
5}

^{NO OTHER TRADE
INFORMATION IS AVAILABLE ON 20/03/2007.}

^{REGISTERED AND
BUSINESS ADDRESS:}

^{1 SHENTON WAY}

^{#16-02 ROBINA
HOUSE}

^{SINGAPORE 068803}

^{- RENTED PREMISE}

^{- OWNED BY CDL
LAND PTE LTD}

^{- DATE OF CHANGE
OF ADDRESS: -}

^{YOUR PROVIDED
ADDRESS:}

^{1 SHENTON WAY}

^{#16-62 REBINA
HOUSE}

^{SINGAPORE 10106}

^{- INCORRECT}

^WEBSITE:

^EMAIL:

^{emha@pacific.net.sg}

MANAGEMENT

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

^{1) KELIAS JANE
MATILDA, A SINGAPOREAN}

^{- HOLDS NO OTHER
DIRECTORSHIP IN OUR DATABASE.}

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

^{- HOLDS NO OTHER
DIRECTORSHIP IN OUR DATABASE.}

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

^{- HOLDS NO OTHER
DIRECTORSHIP IN OUR DATABASE.}

ADVERSE ON DIRECTORS

DIRECTOR'S NAME: KELIAS JANE MATILDA

^{ADVERSE REPORT
AGAISNT DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL VALUE:
S$6,600}

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

^{DIRECTOR'S NAME:
KOTHARI HEMANT HIRALAL}

^{ADVERSE REPORT
AGAINST DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP: OWNS 1}

^{ANNUAL VALUE:
S$49,200}

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

^{DIRECTOR'S NAME: MADHVI
HEMANT KOTHARI}

^{ADVERSE REPORT
AGAINST DIRECTOR: NIL}

^{PROPERTY
OWNERSHIP: OWNS 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 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

DOMESTIC WHOLESALE TRADE INDEX

DOMESTIC WHOLESALE TRADE IN 4Q 2006 HAS DECLINED BY 6.9%. EXCLUDING PETROLEUM, DOMESTIC SALES REMAINED AT SIMILAR LEVEL COMPARED TO THE PREVIOUS QUARTER.

GENERAL WHOLESALE TRADE POSTED THE LARGEST SALES DECREASE OF 16.6%, FOLLOWED BY THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS OF 15.7% AND HOUSEHOLD EQUIPMENT AND FURNITURE OF 13.2%.

FOREIGN WHOLESALE TRADE INDEX

ON A QUARTER-TO-QUARTER BASIS, OVERALL FOREIGN WHOLESALE TRADE CONTRACTED BY 7.9% IN 4Q 2006 AFTER TWO QUARTERS OF POSITIVE GROWTH. FOREIGN SALES WENT DOWN BY 1.6%, EXCLUDING PETROLEUM.

THE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS AND ELECTRONIC COMPONENTS MARKED LOWER OVERSEAS SALE OF 14.2% AND 11.6% RESPECTIVELY IN 4Q 2006 OVER 3Q 2006.

OUTLOOK

FOR WHOLESALE TRADE, A NET WEIGHTED BALANCE OF 11% OF FIRMS ANTICIPATES BUSINESS TO BE LESS BRISK FOR COMING MONTHS. THOSE DEALING IN JEWELLERY AND WATCHES, INDUSTRIAL MACHINERY AND EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT AND ELECTRONIC COMPONENTS ARE AMONG THOSE WHO FORESEE SLOWER BUSINESS IN THE COMING MONTHS.

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

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