MIRA INFORM REPORT

Report Date :

31.07.2007

IDENTIFICATION DETAILS

Name :	WORLD SHINER KK

Registered Office :	Kiriya Bldg 2F, 1-25-9 Higashiueno Taitoku Tokyo 110-0015

Country :	Japan

Date of Incorporation :	Jan 2006

Legal Form :	Limited Company (Kabushiki Kaisha)

Line of Business :	Import, wholesale of polished diamonds

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	New Company

Payment Behaviour :	Regular

Litigation :	--

name

WORLD SHINER KK

REGD NAME

World Shiner KK

MAIN OFFICE

Kiriya Bldg 2F, 1-25-9 Higashiueno Taitoku Tokyo 110-0015 JAPAN

Tel : 03-5807-1441

Fax : 03-5818-2031

URL : http://www.worldshiner.com/

E-Mail address: japan@worldshiner.com

ACTIVITIES

Import, wholesale of polished diamonds

BRANCHES

Australia (4), Canada, India, Spain, UK, Taiwan, Germany, Belgium

OFFICERS

SHIRISH VANMALI, PRES (Indian resident)

Koichiro Umekawa, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES UNDETD A/SALES Yen 100 M*

PAYMENTS REGULAR CAPITAL Yen 21 M

TREND UNDETD WORTH Yen 21 M

STARTED 2006 EMPLOYES 2

*.. Sales targets only

COMMENT

IMPORTER AND WHOLESALER SPECIALIZING IN POLISHED DIAMONDS. FINANCIAL SITUATION UNDETERMINED DUE TO THE RECENT INCEPTION BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

HIGHLIGHTS

The subject company was established as a marketing office by World Shiner, Australia for importing polished diamonds from India centrally. Established in Jan 2006, the actual operations started in August 2006. The group’s networks extend to UK, Taiwan, Spain, India, Germany, Belgium and Australia, where the firm operates 9 offices.

FINANCIAL INFORMATION

The sales volume for the initial term ending Jan 2007 is reportedly at Yen 100 million, as initially targeted, with profits at breakeven. We have no data to verify these figures.

The financial situation is undetermined due to the recent inception but should be good for MODERATE business engagements. We recommend any credits to be on fully guaranteed terms on new transactions.

REGISTRATION

Date Registered: Jan 2006

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 420 shares

Issued: 420 shares

Sum: Yen 21 million

Major shareholders (%): Shirish Vanmali (100)

Nothing detrimental is known as to his commercial morality of executives.

OPERATION

Activities: Imports and wholesales polished diamonds, rings, earrings, pendants, bracelets, other from India, Taiwan, UK, Australia, Belgium, Canada, other (100%)

Clients: Jewelry processors, jewelry stores, other

No. of accounts: Unavailable

Domestic areas of activities: Centered in greater-Tokyo

Suppliers: [Mfrs] Imports from India, Belgium, UK, Germany, Australia, other.

Payment record: Regular

Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.

Bank References

SMBC (Ueno)

Relations: Money deposits & transfer only

FINANCES

(In Million Yen)

Not made available

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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