MIRA INFORM REPORT

Report Date :

28.03.2012

IDENTIFICATION DETAILS

Name :	EMHA DIAMOND PTE LTD

Registered Office :	101 Cecil Street, #19-04/05 Tong Eng Building Singapore 069533

Country :	Singapore

Date of Incorporation :	27.07.1988

Com. Reg. No.:	198802507H

Legal Form :	Limited Exempt Private Company

Line of Business :	Wholesale of Jewellery

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, 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:	Emha Diamond Pte Ltd
Supplied Name:	Emha Diamond Pte Ltd.
Trading Address:	101 Cecil Street, #19-04/05 Tong Eng Building Singapore 069533
Supplied Address:	101 Cecil Street #19-04/05, Tong Eng Building Singapore 069533
Telephone Number:	+65-62242766
Fax Number:	+65-62224005

Company Identification Details

Registered Name:	Emha Diamond Pte Ltd
Registered Address:	101 Cecil Street, #19-04/05 Tong Eng Building Singapore 069533
Date of Registration::	1988-7-27
Registered Number:	198802507H
Country of Incorporation:	Singapore
Registered Capital:	SGD 1,000,000.00 (USD 780,300.00) (As of 2012.03, 1 SGD = 0.7803 USD)
Paid-up Capital:	SGD 1,000,000.00 (USD 780,300.00) = 1,000,000 Shares@1 SGD
Legal Form:	Limited Exempt Private Company
Principal Activities:	46421 Wholesale Of Jewellery 46900 General Wholesale Trade (Including General Importers And Exporters)
Staff:	N/A
Status:	Live Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-1-28

Notes:

Subject declined to introduce its staff number.

History

Subject was incorporated on 1988-7-27 with registered number 198802507H as Limited Exempt Private Company in Singapore.

Shareholders

Unit: SGD

Name	Subscription Amount	Proportion of Investment (%)
Kothari Hemant Hiralal	999,999	99.99%
Madhvi Hemant Kothari, Mrs	1	0.01%
Total	1,000,000	1005

Major Shareholder Information:

1
Name:	KOTHARI HEMANT HIRALAL
ID Number:	S2621335E
Address:	99 Meyer Road #19-02 Sovereign, The Singapore 437920
Nationality:	Singapore P.R.
2
Name:	MADHVI HEMANT KOTHARI, MRS
ID Number:	S2621336C
Address:	99 Meyer Road #19-02 Sovereign, The Singapore 437920
Nationality:	Singapore P.R.

Management Information

Core Management

Detailed Information of Management:

1
Name:	Kothari Hemant Hiralal
Position:	Director
ID Number:	S2621335E
Address:	99 Meyer Road #19-02 Sovereign, The Singapore 437920
Nationality:	Singapore P.R.
Date of Appointment:	1988-7-27
2
Name:	Kothari Hemant Hiralal
Position:	Secretary
ID Number:	S2621335E
Address:	99 Meyer Road #19-02 Sovereign, The Singapore 437920
Nationality:	Singapore P.R.
Date of Appointment:	1988-7-27
3
Name:	Madhvi Hemant Kothari, Mrs
Position:	Director
ID Number:	S2621336C
Address:	99 Meyer Road #19-02 Sovereign, The Singapore 437920
Nationality:	Singapore P.R.
Date of Appointment:	1988-7-27

Operation Information

Offices & Factories

	Office
Address:	101 Cecil Street, #19-04/05 Tong Eng Building Singapore 069533

Purchase

l Subject purchases jewelry, etc.

l Subject imports from India, etc.

Sales Information

l Subject is mainly engaged in sales of jewelry, etc.

l Subject sells demand jewelry, gold jewelry, Clocks, etc.

l Subject also processes the jewelry.

l The relevant staff introduced that they only sells in the domestic markets.

Settlements

Purchase

Domestic Markets

Note: Subject seldom purchases from domestic markets.

Overseas Markets

Products	Payment Terms	Proportion
Jewelry, etc.	CBD, etc.	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Jewelry, etc.	CBD, etc.	100%

Overseas Markets

Note: Subject seldom exports.

Financial Information

In Singapore, Limited Exempt Private Companies are not obligated to submit their financial statements to the local registry, and the only source from which we can obtain the information is the subject itself.

The subject also declined to disclose such information due to the confidentiality reason. Financial information is not available.

Auditors

Name:

B SHARMA & CO

Public

Charges

Charge 1
Charge Number:	199803675
Date of Registration:	1998-7-16
Name:	Banque Nationale De Paris
Amount Secured:	All Monies
Charge 2
Charge Number:	9604387
Date of Registration:	1996-7-29
Name:	Banque Nationale De Paris
Amount Secured:	All Monies
Charge 3
Charge Number:	C200700132
Date of Registration:	2007-1-8
Name:	Standard Chartered Bank
Amount Secured:	All Monies
Charge 4
Charge Number:	C200700156
Date of Registration:	2007-1-9
Name:	Standard Chartered Bank
Amount Secured:	All Monies
Charge 5
Charge Number:	C200700289
Date of Registration:	2007-1-12
Name:	Standard Chartered Bank
Amount Secured:	All Monies
Charge 6
Charge Number:	C200703021
Date of Registration:	2007-4-21
Name:	Standard Chartered Bank
Amount Secured:	All Monies
Charge 7
Charge Number:	C200703022
Date of Registration:	2007-4-21
Name:	Standard Chartered Bank
Amount Secured:	All Monies
Charge 8
Charge Number:	C200705762
Date of Registration:	2007-7-21
Name:	Standard Chartered Bank
Amount Secured:	All Monies
Charge 9
Charge Number:	C200705763
Date of Registration:	2007-7-21
Name:	Standard Chartered Bank
Amount Secured:	All Monies
Charge 10
Charge Number:	C200804291
Date of Registration:	2008-5-9
Name:	Ing Asia Private Bank Ltd
Amount Secured:	All Monies
Charge 11
Charge Number:	C201001048
Date of Registration:	2010-2-2
Name:	Bank Julius Baer & Co. Ltd.
Amount Secured:	All Monies
Charge 12
Charge Number:	C201111776
Date of Registration:	2011-9-20
Name:	Bank Of Singapore Limited
Amount Secured:	All Monies

Interview Details

Name:	Mr. H Kothari
E-mail:	emha@pacific.net.sg

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.50.90
UK Pound	1	Rs.81.27
Euro	1	Rs.67.98

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.