MIRA INFORM REPORT

Report Date :

16.04.2011

IDENTIFICATION DETAILS

Name :	GLOWING STAR DIAMONDS LLC

Registered Office :	Royal Diamond Building, Suite M-4, Gold Souq, P O Box 123354, Dubai

Country :	United Arab Emirates

Date of Incorporation :	04.12.2007

Com. Reg. No.:	1019968, Dubai

Legal Form :	Limited Liability Company

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

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

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 : GLOWING STAR DIAMONDS LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 4^th December 2007

Commercial Registration Number : 1019968, Dubai

Trade Licence Number : 603641

Chamber Membership Number : 126660

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 3

Activities : Traders of diamonds, jewellery, pearls and precious stones

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

GLOWING STAR DIAMONDS LLC

company ADDRESS

Registered & Physical Address

Building : Royal Diamond Building, Suite M-4

Area : Gold Souq

PO Box : 123354

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2354119

Facsimile : (971-4) 2354119

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

· Kutari Shahbas Pranbel Behai Indian Managing Director

· Hamad Hussain Ali Al Salman Emirati Director

LEGAL FORM & OWNERS

Date of Establishment : 4^th December 2007

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 1019968, Dubai

Trade Licence No. : 603641 (Expires 27/11/2011)

Chamber Member No. : 126660

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Hamad Hussain Ali Al Salman 51%

· Kutari Shahbas Pranbel Behai 49%

OPERATIONS

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

Subject has a workforce of 3 employees.

FINANCIAL DATA

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Emirates Bank International Ltd

Beniyas Road

Deira

PO Box: 2923

Dubai

Tel: (971-4) 2256256 / 2256900

Fax: (971-4) 2268005 / 2267718

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources were unable to make direct contact with the subject and the above information is from registered data.

According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding 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.44.52
UK Pound	1	Rs.72.72
Euro	1	Rs.64.41

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%)

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

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