MIRA INFORM REPORT

Report Date :

14.04.2011

IDENTIFICATION DETAILS

Name :	KAARSI DIAMONDS LLC

Registered Office :	Metro Building, 1^st Floor, Office No. 105, Gold Souk, P O Box 87418, Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2010

Date of Incorporation :	05.07.2007

Com. Reg. No.:	1012857, Dubai

Legal Form :	Limited Liability Company

Line of Business :	Traders of jewellery, pearls and precious stones

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

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United Arab Emirates

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : KAARSI DIAMONDS LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 5^th July 2007

Commercial Registration Number : 1012857, Dubai

Trade Licence Number : 597708

Chamber Membership Number : 121227

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 3

Activities : Traders of jewellery, pearls and precious stones

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Nick Parish Komar Shah, Managing Director

COMPANY NAME

KAARSI DIAMONDS LLC

company address

Registered & Physical Address

Building : Metro Building, 1^st Floor, Office No. 105

Area : Gold Souk

PO Box : 87418

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2351670

Facsimile : (971-4) 2351680

Mobile : (971-50) 4791416

Email : kaarsidiamond@yahoo.com / nick_786@yahoo.com

Premises

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

KEY PRINCIPALS

Name Nationality Position

· Nick Parish Komar Shah Indian Managing Director

· Hamda Fardan Abdullah Emirati Director

LEGAL FORM & OWNERS

Date of Establishment : 5^th July 2007

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 1012857, Dubai

Trade Licence No. : 597708 (Expires 05/07/2011)

Chamber Member No. : 121227

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Hamda Fardan Abdullah 51%

· Nick Parish Komar Shah 49%

OPERATIONS

Activities: Engaged as traders of jewellery, pearls and precious stones.

Operating Trend: Steady

Subject has a workforce of 3 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/09: Year Ending 31/12/10:

Total Sales UAE Dh 9,120,000 UAE Dh 10,000,000

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

The above figures were provided by Mr Nick Parish Komar Shah, Managing Director

BANKERS

· Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

Fax: (971-4) 2233784

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.48
UK Pound	1	Rs.72.37
Euro	1	Rs.64.42

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	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

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.