MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	DIASTAR PTE LIMITED

Registered Office :	101 Cecil Street, # 15-06, Tong Eng Bldg, Singapore 069533

Country :	Singapore

Date of Incorporation :	22.01.1982

Com. Reg. No.:	198200309G

Legal Form :	Private Limited Liability Company

Line of Business :	Retail sale of Jewellery, Watches and Clocks

No. of Employees :	Not Available

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Singapore

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

Contact Points

Company Name:	Diastar Pte Limited
Supplied Name:	Diastar Pte Ltd.
Trading Address:	101 Cecil Street, # 15-06, Tong Eng Bldg, Singapore 069533, Singapore.
Supplied Address:	101 Cecil Street, 15-06, Tong Eng Bldg., Singapore 069533.
Telephone Number:	+65-6224-0011
Fax Number:	+65- 6221-0483

Notes:

The complete name and address are shown as above.

Credit Summary

Credit Rating:	Maximum credit USD 20,000
Credit Opinion:	Business connections are permissible.

Special notes

According to the telephone number ‘+65-6224-0011’, we called the subject, a lady answered the phone, we only confirmed the name and the address of the subject, then she told us that called the subject half an hour. When we called the second time, she answered the phone, we told her we called the subject half an hour before, then she hang up the phone, we tried the third time, and nobody answered the phone.

The registration files show that subject is engaged in retailing and selling of Jewellery, watches and clocks. Since the subject refused to answer the phone, we cannot confirm the information.

We found subject’s registration information as follows for reference.

Company Identification Details

Registered Name:	Diastar Pte Limited
Registered Address:	101 Cecil Street, # 15-06, Tong Eng Bldg, Singapore 069533, Singapore.
Date of Registration::	1982-01-22
Registered Number:	198200309G
Country of Incorporation:	Singapore
Registered Capital:	SGD 1,300,000 (USD 1,013,840 ) (As of 2011.12, 1 SGD = 0.77988 USD)
Paid-up Capital:	SGD 1,300,000 (USD 1,013,840) = 1,300,000 Shares@1 SGD
Legal Form:	Private Limited Liability Company
Principal Activities:	Retail sale of Jewellery, Watches and Clocks.
Staff:	N/A
Status:	Live Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-10-25

Notes:

Since the subject refused to answer the phone, information about the staff number is not available. From other source we cannot obtain the relevant information, either.

History

Subject was incorporated on 1982-01-22 with registered number 198200309G as Private Limited Liability Company in Singapore.

Shareholders

Unit: SGD

Name	Subscription Amount	Proportion of Investment (%)
BHAVIK DHIRAJLAL MEHTA	1,100,000	85%
MEETA BHAVIK MEHTA	200,000	15%
Total	1,300,000	100%

Major Shareholder Information:

1
Name:	BHAVIK DHIRAJLAL MEHTA
UEN Number:	S2221146C
Address:	187 TANJONG RHU ROAD #11-15 SANCTUARY GREEN Singapore 436925.
2
Name:	MEETA BHAVIK MEHTA
UEN Number:	S2221473Z
Address:	187 TANJONG RHU ROAD #11-15 SANCTUARY GREEN Singapore 436925.

Management Information

Core Management

Detailed Information of Management:

1
Name:	Loh Chow Sim
Position:	Secretary
ID Number:	S0444561i
Address:	899a Woodlands Drive 50, #02-248, Singapore 730899.
Nationality:	Singapore Citizen
Date of Appointment:	1997-01-10
2
Name:	Bhavik Dhirajlal Mehta
Position:	Director
ID Number:	S2221146c
Address:	187 Tanjong Rhu Road, #11-15, Sanctuary Green, Singapore 436925.
Nationality:	Singapore P.R.
Date of Appointment:	1982-01-22
3
Name:	Meeta Bhavik Mehta
Position:	Director
ID Number:	S2221473Z
Address:	Singapore P.R., 187 Tanjong Rhu Road, #11-15, Sanctuary Green, Singapore 436925.
Nationality:	Singapore P.R.
Date of Appointment:	1986-10-31
4
Name:	Saahil Bhavik Mehta
Position:	Director
ID Number:	S8570003J
Address:	187 Tanjong Rhu Road, #11-15, Sanctuary Green, Singapore 436925.
Nationality:	Singapore Citizen
Date of Appointment:	2008-03-20
5
Name:	Mehta Saagar Bhavik
Position:	Director
ID Number:	S8839100D
Address:	187 Tanjong Rhu Road, #11-15, Sanctuary Green, Singapore 436925.
Nationality:	Singapore Citizen
Date of Appointment:	2011-05-18

Operation Information

Offices & Factories

	Office
Address:	101 Cecil Street, # 15-06, Tong Eng Bldg, Singapore 069533, Singapore.

Operation Information

Since the subject refused to answer the phone; we only know the registration information about the subject that the subject is engaged in retailing and selling of Jewellery, watches and clocks. But the subject did not confirm the information.

Financial Information

Since the subject refused to answer the phone; the information about the financial figures cannot obtain from other source and the relevant sources, either.

Bankers

Open Account Bank

Since the subject refused to answer the phone; the information about the bank details cannot obtain from other source and the relevant sources, either.

Auditors

Name:

R NITHIANANTHAM & CO

Public

Charges

Charge 1
Charge Number:	199903658
Date of Registration:	1999-09-07
Name:	Singapore Island Bank Limited
Amount Secured:	All Monies
Charge 2
Charge Number:	200201525
Date of Registration:	2002-04-02
Name:	Standard Chartered Bank
Amount Secured:	All Monies
Charge 3
Charge Number:	200204801
Date of Registration:	2002-10-03
Name:	Australia And New Zealand Banking Group Limited
Amount Secured:	All Monies
Charge 4
Charge Number:	9404539
Date of Registration:	1994-08-12
Name:	Singapore Island Bank Limited
Amount Secured:	All Monies
Charge 5
Charge Number:	C200602749
Date of Registration:	2006-04-28
Name:	DBS Bank Ltd.
Amount Secured:	All Monies
Charge 6
Charge Number:	C200710702
Date of Registration:	2007-12-04
Name:	Oversea-Chinese Banking Corporation Limited
Amount Secured:	All Monies
Charge 7
Charge Number:	C200905485
Date of Registration:	2009-09-01
Name:	United Overseas Bank Limited
Amount Secured:	All Monies

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds. It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C. India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.45
UK Pound	1	Rs.80.38
Euro	1	Rs.69.12

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
----	NB	New Business	----

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.