MIRA INFORM REPORT

Report Date :

03.09.2007

IDENTIFICATION DETAILS

Name :	BRILLIANT DIAMOND LLC

Registered Office :	Gold Centre Building, 3^rd Floor, Suite No. 64, Al Khor Street, Al Ras, Deira, P O Box 42475 & 35468, Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2006

Date of Incorporation :	8^th August 1998

Com. Reg. No.:	51549, Dubai

Legal Form :	Limited Liability Company – LLC

Line of Business :	Engaged in the retail of jewellery items and loose diamonds, precious stones, gold and silver jewellery pieces.

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

SUMMARY

Company Name : BRILLIANT DIAMOND LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 8^th August 1998

Commercial Registration Number : 51549, Dubai

Trade Licence Number : 507047

Membership Number : 50689

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 8

Line of Business : Retailers of jewellery items.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

BRILLIANT DIAMOND LLC

ADDRESS

Registered & Physical Address

Building : Gold Centre Building, 3^rd Floor, Suite No. 64

Street : Al Khor Street

Area : Al Ras, Deira

PO Box : 42475 & 35468

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2262690

Facsimile : (971-4) 2251313

Email : brildiam@emirates.net.ae

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

Name Nationality Position

· Shah Paresh Trikamilal Indian Managing Director

· Jassim Mohamed Ibrahim Abdullah Al Hasawi Emirati Director

· Sanjay Jaim - Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 8^th August 1998

Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

Commercial Reg. No. : 51549, Dubai

Trade Licence No. : 507047 (Expires 7^th August 2008)

Membership No. : 50689

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Jassim Mohamed Ibrahim Abdullah Al Hasawi 51%

· Shah Paresh Trikamilal 49%

Note to the Legal Form

A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.

The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.

This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.

Non UAE Participation

The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.

It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.

Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.

AFFILIATED COMPANIES

· Alukkas Jewellery LLC

Gold Centre

Al Khor Street

Al Ras

PO Box: 12928

Dubai

Tel: (971-4) 2264103 / 2253221

Fax: (971-4) 2264932

Email: alukkas@emirates.net.ae

Mr Jassim Mohamed Ibrahim Abdullah Al Hasawi has an interest in the above concern.

LINE OF BUSINESS

Operations : Engaged in the retail of jewellery items and loose diamonds, precious stones, gold and silver jewellery pieces.

Import Countries : Europe, Korea and South Africa.

Operating Trend : Steady

Subject has a workforce of 8 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/05: Year Ending 31/12/06:

Total Revenue UAE Dh 5,500,000 UAE Dh 6,080,000

Local sources consider subject’s financial condition to be Fair.

BANKERS

· Abu Dhabi Commercial Bank

Al Rigga Road

PO Box : 5550

Dubai

Tel : (971-4) 2958888 / 3228141

Fax : (971-4) 2959310 / 3279632

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Established in 1998, subject is owned and managed by Mr Shah Paresh Trikamilal, an Indian national who operates in Dubai under the local sponsorship of Mr Jassim Mohamed Ibrahim Abdullah Al Hasawi.

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

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