MIRA INFORM REPORT

Report Date :

30.03.2011

IDENTIFICATION DETAILS

Name :	JEEL DIAM LTD
Registered Office :	Room 515, 5/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon
Country :	Hong Kong
Date of Incorporation :	13.01.2010
Com. Reg. No.:	51675185
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, etc.

RATING & COMMENTS

MIRA’s Rating :

Ba

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)
Hong Kong	a2	a2

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

Company name

JEEL DIAM LTD.

Company ADDRESS

Room 515, 5/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

PHONE: 3114 7994

FAX: 3114 7995

MANAGEMENT

Managing Director: Mr. Umesh Vallabhbhai Bhadiyadra

SUMMARY

Incorporated on: 13th January, 2010.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$1.00

Business Category: Diamond Trader.

Employees: 3. (Including affiliate)

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Room 515, 5/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.

Associated Companies:-

Hind Gems B.V.B.A., Belgium.

Pankaj Diamond, India.

SRB Diam (H.K.), Hong Kong.

SRB Diam Inc., USA.

BUSINESS REGISTRATION NUMBER

51675185

COMPANY FILE NUMBER

1410843

MANAGEMENT

Managing Director: Mr. Umesh Vallabhbhai Bhadiyadra

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$1.00

SHAREHOLDER

(As per registry dated 13-01-2011)

Name	No. of share
Umesh Vallabhbhai BHADIYADRA	1 =

DIRECTOR

(As per registry dated 13-01-2011)

Name (Nationality)	Address
Umesh Vallabhbhai BHADIYADRA	7 Maheshwar Soc, Nr. Baroda Pristage, Varachha Road, Surat, India.

SECRETARY

(As per registry dated 13-01-2011)

Name	Address	Co. No.
Alto Profitto Secretarial Ltd.	Room C, 16/F., Skyline Tower, 18 Tong Mi Road, Mongkok, Kowloon, Hong Kong.	0741913

HISTORY

The subject was incorporated on 13th January, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

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

Employees: 3. (Including affiliate)

Commodities Imported: India, USA, etc.

Markets: Hong Kong, other Asian countries, Europe, USA, etc.

Terms/Sales: L/C, T/T, etc.

Terms/Buying: L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$1.00

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

Jeel Diam Ltd. was wholly-owned by Mr. Pankaj Himatbhai Bhadiyadra who is an Indian. On 8th March, 2010, P. H. Bhadiyadra transferred his share to Mr. Umesh Vallabhbhai Bhadiyadra. Belong to the same family, Mr. U. V. Bhadiyadra is the only director of the subject. Being an India passport holder, Mr. U. V. Bhadiyadra does not have the right to reside in Hong Kong permanently.

The subject commenced business in January 2010. It is a diamond trader. The subject has had an affiliated company SRB Diam (H.K.) which is also a diamond trader. SRB Diam (H.K.) is a member of SRB Diam Group [SRB Diam]. The subject is engaged in the same lines of business as SRB Diam, more or less.

SRB Diam has got its factory in India while its prime market is the United States. Its products include: bracelets, brooches, earrings, necklaces, rings, pendants, etc. SRB Diam is one of the leading diamond manufacturing and marketing companies with sales offices in the United Sates and a plant in India. SRB Diam is the marketing arm of Pankaj Diamond which was established by Mr. Naran Bhadiyadra. Pankaj Diamond is one of the top ten diamond exporters in the non-sightholder category in India.

The subject is also operated by the Bhadiyadra family.

Currently, SRB Diam has had associated companies in India and Belgium, besides in the United States. SRB Diam is specialized in round brilliant diamonds, WS to I2, from 0.01 to 0.5 cts with ideal cut and white in colour.

The subject’s products are provided by SRB Diam in India. Products are marketed in Asia, Europe and the United States. Business is still under development.

The subject is fully supported by SRB Diam and Pankaj Diamond in India.

On the whole, since the history of the subject is just over a year and two months, consider it good for normal business engagements on secured basis for the time being.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.67
UK Pound	1	Rs.71.63
Euro	1	Rs.63.09

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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