MIRA INFORM REPORT

Report Date :

12.07.2011

IDENTIFICATION DETAILS

Name :	J. R. DIAM LTD

Registered Office :	Unit B, 17/F., Chatham Square, 8 Hart Avenue, Tsimshatsui, Kowloon

Country :	Hong Kong

Date of Incorporation :	08.11.2007

Com. Reg. No.:	38601961

Legal Form :	Private Limited Company

Line of Business :	Importer and Exporter of all kinds of diamonds and jewellery products, emerald, precious stones, etc.

RATING & COMMENTS

MIRA’s Rating :

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	----

Maximum Credit Limit :
Status :
Payment Behaviour :
Litigation :

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Hong Kong

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

Company name

J. R. DIAM LTD.

Company ADDRESS

Unit B, 17/F., Chatham Square, 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2367 8211, 3109 0012

FAX: 3109 0014

E-MAIL: jrdiamltd@gmail.com

MANAGEMENT

Managing Director: Mr. Gautam Babubhai Bhayani

SUMMARY

Incorporated on: 8th November, 2007.

Organization: Private Limited Company.

Capital: Nominal: HK$1,000,000.00

Issued: HK$1,000,000.00

Business Category: Diamond Trader.

Employees: 3.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Too early to comment.

Company ADDRESS

Head Office:-

Unit B, 17/F., Chatham Square, 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

Business Name:-

J. R. Diam, Hong Kong. (Same address)

Associated Companies:-

J. R. Diam (Thai) Co. Ltd., Thailand.

J. R. Diam B.V.B.A., Belgium.

Sahil Star, India.

BUSINESS REGISTRATION NUMBER

38601961

COMPANY FILE NUMBER

1183192

MANAGEMENT

Managing Director: Mr. Gautam Babubhai Bhayani

CAPITAL

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$1,000,000.00

SHAREHOLDER

(As per registry dated 08-11-2010)

Name		No. of shares
Gautam Babubhai BHAYANI		1,000,000 =======

Name

No. of shares

Gautam Babubhai BHAYANI

1,000,000

=======

DIRECTORS

(As per registry dated 08-11-2010)

Name (Nationality)	Address
Gautam Babubhai BHAYANI	Flat C, 5/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
Sangitaben Gautambhai BHAYANI	Flat C, 5/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
Ashvinkumar Vitthalbhai MAVANI	104, Shiv Shakti Society-1, Nr-Kargil Chowk, Punagam Road, Surat-394210, India.

SECRETARY

(As per registry dated 08-11-2010)

Name	Address
Bayani Divino Bautista PONCE	13/F., 5 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

HISTORY

The subject was incorporated on 8th November, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Mili Gems Ltd., name changed to the present style on 20th March, 2008.

Formerly the subject was located at Room 602, 6/F., Hart Avenue Plaza, 5‑9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in early 2008.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer and Exporter.

Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.

Employees: 3.

Materials/Commodities: India, etc.

Markets: Hong Kong and some other Asian countries, etc.

Terms/Sales: L/C.

Terms/Buying: L/C.

FINANCIAL INFORMATION

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$1,000,000.00

Indebtedness: HK$2,338,722.60 (Total amount outstanding on all mortgages and charges as per last

Annual Return dated 08-11-2010)

Mortgage or Charge: (See attachment)

Profit or Loss: Too early to offer an opinion.

Condition: Business is still under development.

Facilities: Trying to make use of general banking facilities.

Payment: Maybe meet as required.

Commercial Morality: Too early to comment.

Bankers:-

· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

· Hang Seng Bank Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued 1 million ordinary shares of HK$1.00 each, J. R. Diam Ltd. is wholly owned by Mr. Gautam Babubhai Bhayani who is an Indian residing in Surat, Gujarat, India. The subject’s business is chiefly handled by Bhayani.

The subject’s business name is J. R. Diam which is also located at the same operating address. The subject and J. R. Diam are engaged in the same lines of business.

The subject is a diamond trader. It is an affiliated company of Sahil Star, a significant diamond manufacturer and trader in India.

Sahil Star has been a leading diamond manufacturer, importer and exporter of cut and polished diamonds since last two and a half decades. It has been conferred the title of “Government Recognized Export House” by Ministry of Commerce & Individual, Government of India. Sahil Star also has been the member of Export Promotion Council, Gem & Jewellery since 1999.

Sahil Star is one of the largest manufacturer of diamond and biggest worldwide supplier of beads and briolettes which is incorporated by Late Shri Jivanbhai Sanspara. Now it is managed by Mr. Manhar Sanspara, Mr. Dinesh Sanspara, Mr. Jayanti Sanspara and Mr. Mahesh Mavani.

Sahil Star imports rough diamonds from Antwerp of Belgium and Israel. It is specialized in diamond briolettes, beads, rose cut, mutual cut (old cut), Taviz cut, SS cut, NSS cut and black diamonds. It also manufactures all shape and fancy cut diamonds jewellery. Its SS cut and NSS cut have captured a rather large share of the global market. Sahil Star is a principal supplier of the subject.

Since the history of the subject is just over three years and eight months, consider it good for normal business engagements in small credit amounts.

REMARKS:

Court Cases: None per our records.

Property information of the company:-

1. Property Location: Office B on 17/F., 8 Hart Avenue, Kowloon, Hong Kong.

Owner: J. R. Diam Ltd.

Date of Purchase: n.a.

Purchased Price: n.a.

Incumbrances:-

Date of Mortgage	Amount Consideration	Mortgagee	Nature
31-01-2008	-	The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	Mortgage to secure general banking facilities

2. Property Location: Flat A on 10/F., Golden Mansion, Kowloon, Hong Kong.

Owner: J. R. Diam Ltd.

Date of Purchase: n.a.

Purchased Price: n.a.

Incumbrances:-

Date of Mortgage	Amount Consideration	Mortgagee	Nature
19-11-2010	-	Hang Seng Bank Ltd., Hong Kong.	Mortgage to secure general banking facilities

MORTGAGE OR CHARGE

Date	Particulars	Amount
15-01-2008	Instrument: Assignment of Receivables – General with Notice of Assignment Property: In consideration of the Banking Facilities, the Customer, as beneficial owner and by way of security for the payment of the Secured Monies, hereby assigns, and agrees to assign, to the bank the Receivables until all the Secured Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	To secure all monies in respect of banking facilities
31-01-2008	Instrument: Mortgage Property: 554/100,000th parts or shares of and in Kowloon Inland Lot No. 8544 (Office B on 17/F. of 8 Hart Avenue, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	To secure all sums in respect of general banking facilities
19-11-2010	Instrument: Mortgage Property: 1/57th part or share of and in Kowloon Inland Lot No. 10510 (Flat A on 10/F. of Golden Mansion, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong.	To secure all the general banking facilities
19-11-2010	Instrument: Rental Assignment Property: 1/57th part or share of and in Kowloon Inland Lot No. 10510 (Flat A on 10/F. of Golden Mansion, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong.	To secure all moneys in respect of general banking facilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.37
UK Pound	1	Rs.70.84
Euro	1	Rs.62.96

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%)

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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.