MIRA INFORM REPORT

Report Date :

28.05.2007

IDENTIFICATION DETAILS

Name :	NAITO SHOKAI

Registered Office :	3371-576 Yamamiyacho Kofu Yamanashi-Pref 400-0075

Country :	Japan

Date of Incorporation :	April 2002

Legal Form :	Sole Proprietorship

Line of Business :	Import, wholesale of jewelry (colored stones)

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 :	Small Concern

Payment Behaviour :	Regular

Litigation :	--

name

NAITO SHOKAI (SOLE PROPRIETORSHIP)

REGD NAME

Naito Shokai (Sole Proprietorship and not registered)

MAIN OFFICE

3371-576 Yamamiyacho Kofu Yamanashi-Pref 400-0075 JAPAN

Tel : 055-251-5788

Fax : 055-251-5318

URL : N/A

ACTIVITIES

Import, wholesale of jewelry (colored stones)

BRANCHES

Nil

FACTORY(IES)

(subcontracted)

OFFICERS

YUKIHIRO NAITO, PRES

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 100 M*

PAYMENTS REGULAR CAPITAL - - -

TREND STEADY WORTH Yen 50 M

STARTED 2002 EMPLOYES 1

*.. Estimated only from conversation with the owner.

COMMENT

IMPORTER AND WHOLESALER SPECIALIZING IN JEWELRY. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

HIGHLIGHTS

The subject firm was started by Yukihiro Naito in order to make most of his experience in the jewelry business. A family-based company, operating from home residence, specializing in import and wholesale of jewelry centering in colored stones. Stones are imported from Thailand, India, other. Partially processes them into jewelry products at subcontracted factories.

FINANCIAL INFORMATION

A family-based company and financials are not openly disclosed. The following figures have been estimated from the phone conversation with the owner, Y Naito.

The sales volume for Dec/2006 fiscal term amounted to Yen 100 million, a similar amount in the previous term. The net profit is believed posted at Yen 5 million.

For the current term ending Dec 2007 the net profit is projected at Yen 5 million, on a 5% rise in turnover, to Yen 105 million.

The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Secured terms are recommended on new transactions.

REGISTRATION

Date Registered: Not registered

(Founded Apr/2002)

Legal Status: Sole Proprietorship

Net Worth: Yen 50 million

The subject firm is wholly owned and operated by Yukihiro Naito. The net worth is estimated at Yen 50 million, which is derived from his past savings.

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

OPERATION

Activities: Imports and wholesales ruby, sapphire, other precious colored stones, jewelry products (--100%).

Goods are imported from Thailand centrally, India, etc. Partially processes them into jewelry products on consignment.

Clients: Jewelry processors, jewelry stores, consumers, other.

No. of accounts: 100

Domestic areas of activities: Centered in Kofu and greater-Tokyo

Suppliers: [Mfrs, wholesalers] Imports from Thailand, India, etc.

Payment record: Regular

Location: Business area in Kofu. Office premises at the caption address are owned by Y Naito as his private residence and maintained satisfactorily.

Bank References

Kofu Shinkin Bank (Komura)

Relations: Satisfactory

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