MIRA INFORM REPORT

Report Date :

07.11.2007

IDENTIFICATION DETAILS

Name :	JEWEL SOURCE INC
Registered Office :	45 W 45^th St FL 11, New York, NY 10036 – 4602
Country :	United States
Date of Incorporation :	09.24.1997
Legal Form :	Institutions
Line of Business :	Jewelry and Precious Stones

RATING & COMMENTS

MIRA’s Rating :

B

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.	Small

Status :	Moderate
Payment Behaviour :	1 days beyond term
Litigation :	Clear

Company Information

name and address

JEWEL SOURCE INC
45 W 45TH ST FL 11
NEW YORK, NY 10036-4602
(212) 391-0312

Business Identification Number:

700391641

File Established:

01/2004

Date of Incorporation:

09/24/1997

SIC code:

JEWELRY & PRECIOUS STONES WHLSNG - 5094

Executive Summary

  Intelliscore for JEWEL SOURCE INC

25.55

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

0

100

High risk

Low risk

HIGH RISK
14% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

	NUMBER OF RECENT COLLECTION ACCOUNTS
	PRESENCE OF RECENTLY REPORTED DEROGATORY PUBLIC
	RATIO OF BALANCE ON SLOW PAYING ACCOUNTS TO ALL BALANCES
	PRESENCE OF AN INCONSISTENT PAYMENT TREND

  Current DBT range compared to all industries*

1 DBT
($12,000 Balance)

0-15

16-50

51+

80%

11%

9%

% of US businesses falling within DBT range

DBT Norms:
All industries: 6 DBT        Same industry: 4 DBT

Legal Filings and Collections

Bankruptcy filings:

0

Tax lien filings:

0

Judgment filings: details (FILED 12/06)

1

Total collections: details (PLACED 09/06)

1

Sum of legal filings:

$112

UCC filings: details (FILED 11/03)

1

Cautionary UCC filings present?

Yes**

Trade Information

Monthly average DBT:

3

Highest DBT previous 6 months:

7

Highest DBT previous 5 quarters:

7

Total continuous trades:

4

Current continuous trade balance:

$12,000

Trade balance of all trades (5):

$12,000

Average balance previous 5 quarters:

$7,820

Highest credit amount extended: details

$16,200

6 month balance range:

$4,900 - $12,100

* Days Beyond Terms (DBT) is a dollar weighted calculation of the average number of days that payment was made beyond the invoice due date based on trades on file that have been updated in the previous 3 months.

** Cautionary UCC Filings include one or more of the following collateral: Accounts, Accounts Receivable, Contracts, Hereafter Acquired Inventory, Leases, Notes Receivable or Proceeds.

  7 month DBT trends

90+

60

30

5

7

0

3

2

1

1

0

Apr07

May07

Jun07

Jul07

Aug07

Sep07

Current

  Quarterly DBT trends (previous 5 quarters)

90+

60

30

0

4

2

5

1

0

3Q06

4Q06

1Q07

2Q07

3Q07

Performance Analysis

Predicted DBT for 01/02/2008: 1 DBT

Payment Trend Indication:
Are Stable

Industry payment comparison:
Has paid sooner than 50% of similar firms

Most Frequent Industry Purchasing Terms:
NET 30, CONTRCT, and CREDIT

Legal Filings and Collections

Collections
Date Placed	Status	Original Balance	Outstanding Balance	Date Closed	Agency	Agency Phone
09/2006	Open Account	$310,128	$310,128		RECEIVABLE MANAGEMENT SERVICES	(000) 000-0000

Judgments
File Date	Filing Type	Status	Amount	Plaintiff	Filing Number	Jurisdiction
12/28/2006	Judgment	Filed	$112	NYC DEPARTMENT OF FINANCE	2213080	NEW YORK COUNTY REG

Trade Payment Information

Trade Payment Experiences (Trade Lines With an (*) after date are newly reported)						Account Status Days Beyond Terms
Business Category	Date Reported	Last Sale	Payment Terms	Recent High Credit	Balance	Cur	1-30	31-60	61-90	91+	Comments
+AIR TRANS	09/2007	09/2007		$16,200	$12,000	94%	6%				CUST 10 YR
BUS SERVCS	10/2007		NET 30	$200	$0
OFFC SUPPL	10/2007	07/2007	NET 30	$100	$0
PACKAGING	10/2007		NET 30	$500	$0						CUST 1 YR

Trade Payment Totals

Trade Payment Experiences				Account Status Days Beyond Terms
Type	Lines Reported	Recent High Credit	Balance	Cur	1-30	31-60	61-90	91+	Comments
Continuously Reported	4	$17,000	$12,000	94%	6%				DBT: 1
Newly Reported	0								DBT:
Trade Lines Totals	4	$17,000	$12,000	94%	6%				DBT: 1

Additional Payment Experiences

Trade Payment Experiences (Trade Lines With an (*) after date are newly reported)						Account Status Days Beyond Terms
Business Category	Date Reported	Last Sale	Payment Terms	Recent High Credit	Balance	Cur	1-30	31-60	61-90	91+	Comments
AIR TRANS	11/2006		NET 30		$0						CUST 1 YR

Monthly Payment Trends

Payment Trends Analysis
JEWELRY & PRECIOUS STONES WHLSNG INDUSTRY SIC: 5094

Account Status
Days Beyond Terms

Date Reported

Industry

Cur

DBT

Business
DBT

Balance

Cur

1-30

31-60

61-90

91+

CURRENT

N/A

N/A

1

$12,000

94%

6%

SEP07

87%

4

1

$12,100

94%

6%

AUG07

88%

4

2

$10,900

85%

15%

JUL07

88%

4

3

$5,500

80%

20%

JUN07

88%

4

0

$4,900

100%

MAY07

87%

4

7

$10,600

53%

47%

APR07

90%

3

5

$10,100

67%

32%

1%

Quarterly Payment Trends

Payment History - Quarterly Averages				Account Status Days Beyond Terms
Quarter	Months	DBT	Balance	Cur	1-30	31-60	61-90	91+
Q3 - 07	JUL-SEP	1	$8,700	91%	9%
Q2 - 07	APR-JUN	5	$8,200	67%	33%
Q1 - 07	JAN-MAR	2	$6,200	90%	10%
Q4 - 06	OCT-DEC	4	$10,200	77%	22%	1%
Q3 - 06	JUL-SEP	0	$5,800	100%

UCC Profile

The UCC Filings are summarized and listed below.

UCC Summary		Filings
Date Range	Year	Cautionary UCCs^**	Total Filed	Released/ Term'd	Cont	Amended/ Assigned
JUL - PRESENT	2007
JAN - JUN	2007
JUL - DEC	2006
JAN - JUN	2006
JUL - DEC	2005
PRIOR TO JUL	2005	1	1
Total		1	1

**Cautionary UCC Filings include one or more of the following collateral: Accounts, Accounts Receivable, Contracts, Hereafter Acquired Inventory, Leases, Notes Receivable or Proceeds.

 UCC Filings

UCC FILED Date: 11/20/2003

Filing Number: 200311201876984

Jurisdiction: SEC OF STATE NEW YOR

Secured Party: FLEET PRECIOUS METALS INC. RI PROVIDENCE 02903 111 WESTMINST

Collateral: FURN & FIX, INVENTORY, HEREAFTER AQUIRED PROP, UNDEFINED

Company Background Information

  Corporate Registration

THE FOLLOWING INFORMATION WAS PROVIDED BY THE STATE OF NEW YORK

State of Origin: NY

Date of Incorporation: 09/24/1997

Business Type: Institutions - Non-Profit

Charter Number: 2183542

Agent: C/O SARJU SHAH

Agent Address: 42 W 48TH ST STE 1101 NEW YORK, NY

 Additional Company Background Information

Key Personnel

Principal(s):	ANTALA ASHOK, VICE PRESI
	SARJA SHAH, PRESIDENT

Operating Information

Business Type: Institutions

Primary SIC Code: JEWELRY & PRECIOUS STONES WHLSNG - 5094

Number of Employees: 14

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.	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