MIRA INFORM REPORT

Report Date :

18.05.2011

IDENTIFICATION DETAILS

Name :	NIRU DIAMONDS (H.K.) LTD.
Registered Office :	Unit E & F, 16/F., 8 Hart Avenue, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	07.02.2001
Com. Reg. No.:	31651260
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of all kinds of polished diamond

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

NIRU DIAMONDS (H.K.) LTD.

Company ADDRESS

Unit E & F, 16/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2368 2475

FAX: 2368 2459

E-MAIL: kalpesh@niru.co.il

MANAGEMENT

Managing Director: Mr. Kalpesh Mahendra Shah (Mobile: 9247 7916)

SUMMARY

Incorporated on: 7th February, 2001.

Organization: Private Limited Company.

Capital: Nominal: HK$24,180,010.00

Issued: HK$24,180,010.00

Business Category: Jewellery Trader.

Employees: 10.

Main Dealing Banker: The Royal Bank of Scotland N.V., Hong Kong Branch.

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Unit E & F, 16/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

Holding Company:-

New Century Marketing Ltd., Hong Kong.

Associated Companies:-

Niru Group of Companies

Niru (New York) Ltd., USA.

Niru Diamonds (M.E.) LLC, UAE.

Niru Diamonds Israel (1987) Ltd., Israel.

Niru Diamonds Ltd., Israel.

etc.

BUSINESS REGISTRATION NUMBER

31651260

COMPANY FILE NUMBER

0746330

MANAGEMENT

Managing Director: Mr. Kalpesh Mahendra Shah

CAPITAL

Nominal Share Capital: HK$24,180,010.00 (Divided into 2,418,001 shares of HK$10.00 each)

Issued Share Capital: HK$24,180,010.00

SHAREHOLDERS

(As per registry dated 07-02-2011)

Name		No. of shares
New Century Marketing Ltd., Hong Kong.		2,418,000
Kalpesh Mahendra SHAH		1
		––––––––
	Total:	2,418,001 =======

DIRECTORS

(As per registry dated 07-02-2011)

Name (Nationality)	Address
Kalpesh Mahendra SHAH	Flat L, 4/F., Block 2, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong.
Bhavini Kalpesh SHAH	Flat L, 4/F., Block 2, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 07-02-2011)

Name	Address	Co. No.
Dhun’s Management Services Ltd.	7/F., Man On Commercial Building, 12-13 Jubilee Street, Central, Hong Kong.	0027006

HISTORY

The subject was incorporated on 7th February, 2001 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 polished diamonds.

Employees: 10.

Commodities Imported: Israel, India, other Asian countries, etc.

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

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$24,180,010.00 (Divided into 2,418,001 shares of HK$10.00 each)

Issued Share Capital: HK$24,180,010.00

Mortgage or Charge:-

Date of Debenture: 23-09-2008

Amount: General banking facilities

Property: All the Company’s undertaking and property and assets whatsoever and wheresoever

both present and future including all book and other debts revenues and claims

Mortgagee: ABN AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.]

Profit or Loss: Making a small profit every year.

Condition: Keeping in an active manner.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: The Royal Bank of Scotland N.V., Hong Kong Branch.

Standing: Good.

GENERAL

Niru Diamonds (H.K.) Ltd. is a wholly owned subsidiary of New Century Marketing Ltd. which is a Hong Kong-based firm.

The subject in fact is a member of Niru Group of Companies [Niru] which were founded in 1979 in Israel. The subject is trading in polished diamonds which are manufactured by the Group.

Established in 1979 by Ranjeet Barmecha, Niru is a global leader in manufacturing and marketing long and square diamonds. It also provides Swiss watch market with precision cutting and setting services. The production facilities of Niru are in China, Sri Lanka and Israel. The technologies of these factories came from Israel chiefly as well as from China. In 2010, the export value of Niru amounted to US$68 million. Niru now has set up associated companies in Switzerland, New York of the United States, Dubai of the United Arab Emirates, Bangkok of Thailand besides the subject and the one in Tel Aviv of Israel.

In Hong Kong, the subject re-exports the polished diamonds to Asian countries and Europe. The subject’s business is chiefly handled by Mr. Kalpesh Mahendra Shah who is supposed to be an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

As the history of the subject is over ten years and three months in Hong Kong, on the whole, consider it good for normal business engagements.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.07
UK Pound	1	Rs.63.57
Euro	1	Rs.72.97

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.