MIRA INFORM REPORT

Report Date :

28^th February, 2007

IDENTIFICATION DETAILS

Name :	ARHAMS JEWELLERS FZCO
Registered Office :	Gold & Diamond Park, Unit 2238, Sheikh Zayed Road, Jebel Ali Free Zone, PO Box: 87675, Dubai, United Arab Emirates.
Country :	United Arab Emirates
Date of Incorporation :	13.05.2001
Legal Form :	Free Zone Company - FZCO
Line of Business :	Engaged in the wholesale and retail of jewellery items, precious stones and watches.

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

Maximum Credit Limit :	US$ 125,000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name	ARHAMS JEWELLERS FZCO
Country of Origin	Dubai, United Arab Emirates
Legal Form	Free Zone Company - FZCO
Registration Date	13^th May 2001
Trade Licence Number	9572
Membership Number	63912
Issued Capital	UAE Dh 1,000,000
Paid up Capital	UAE Dh 1,000,000
Total Workforce	10
Line of Business	Wholesalers and retailers of jewellery items, precious stones and watches.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

ARHAMS JEWELLERS FZCO

ADDRESS

Registered & Physical Address

Location : Gold & Diamond Park, Unit 2238

Street : Sheikh Zayed Road

Area : Jebel Ali Free Zone

PO Box : 87675

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 3478121

Facsimile : (971-4) 3478421

Email : arhamdxb@emirates.net.ae

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Jebel Ali Free Zone.

KEY PRINCIPALS

Name Nationality Position

· Umar Hizam Indian Managing Director

· Mohamed Ismaq Zaro Indian Director

LEGAL FORM & OWNERS

Date of Establishment : 13^th May 2001

Legal Form : Free Zone Company - FZCO

Trade Licence No. : 9572 (Expires 12^th May 2007)

Membership No. : 63912

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Name of Shareholder (s) Percentage

· Umar Hizam 50%

· Mohamed Ismaq Zaro 50%

Note to the Legal Form

A Free Zone Company (FZCO) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.

This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.

LINE OF BUSINESS

Operations : Engaged in the wholesale and retail of jewellery items, precious stones and watches.

Import Countries : Europe and the Far East.

Operating Trend : Steady

Subject has a workforce of 10 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/05: Year Ending 31/12/06:

Total Revenue UAE Dh 3,750,000 UAE Dh 4,110,000

Local sources consider subject’s financial condition to be Fair.

BANKERS

· HSBC Bank Middle East

Deira Souk Branch

PO Box : 66

Dubai

Tel : (971-4) 2535000

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Established in 2001, subject is involved in the wholesale and retail of jewellery items, precious stones and watches.

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

Maximum suggested credit figure: US$ 125,000

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