MIRA INFORM REPORT

Report Date :

16.10.2007

IDENTIFICATION DETAILS

Name :	DEEDS CORPORATION

Registered Office :	CS Bldg 501, 3-7-6 Motoasakusa Taitoku Tokyo 111-0041

Country :	Japan

Date of Incorporation :	Oct 2002

Legal Form :	Private Limited Company (Yugen Kaisha)

Line of Business :	Import, wholesale of diamonds, jewelry

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.	Small

Status :	Moderate

Payment Behaviour :	Regular

name

DEEDS CORPORATION

REGD NAME

YK Deeds Corporation

MAIN OFFICE

CS Bldg 501, 3-7-6 Motoasakusa Taitoku Tokyo 111-0041 JAPAN

Tel : 03-5828-9006

Fax : 03-5828-0906

URL : N/A

ACTIVITIES

Import, wholesale of diamonds, jewelry

BRANCHES

Nil

OFFICERS

DHARMESH JHAVERI, PRES (Indian resident)

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES UNDETD A/SALES Yen 100 M*

PAYMENTS REGULAR CAPITAL Yen 3 M

TREND UNDETD WORTH Yen 13 M

STARTED 2002 EMPLOYES 1

*.. Estimated only.

COMMENT

IMPORTER AND WHOLESALER SPECIALIZING IN POLISHED DIAMONDS & JEWELRY. FINANCIAL SITUATION UNDETERMINED DUE TO THE LACK OF FINANCIALS (OWNER REFUSED TO DISCLOSE), BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: UNABLE TO BE ASSESSED DUE TO THE LACK OF PROVEN BUSINESS. ALL CREDITS ARE RECOMMENDED ON FULLY GUARANTEED TERMS.

HIGHLIGHTS

The subject company was established by Dharmesh Jhaveri, an Indian businessman residing in Japan, in order to make most of his experience in the subject line of business. This is a one-man company, operated from his home, specializing in import and wholesale of polished diamonds & jewelry. Goods are imported from India centrally. The firm declined to disclose any of its management and financials, except the contents given in this report. We had only brief talk over the phone with the owner. No other databases have any further information.

FINANCIAL INFORMATION

The sales volume for Sept/2006 fiscal term is believed (only estimated) amounted to Yen 100 million, a doubled amount from Yen 50 million in the previous term. Due to financials undisclosed, we checked with fellow traders in the similar business line, who say sales could be somewhere between around Yen 100 million. The net profit is believed posted at Yen 10 million.

For the term just ended Sept 2007 the net profit was projected at Yen 10 million, on a 5% rise in turnover, to Yen 105 million.

Both the financial situation and business trends are not determined due to the absence of proven business records but should be good for MODERATE business engagements. Max credit limit is unable to be assessed due to the same reason. Any credits are recommended on fully secured terms for new transactions.

REGISTRATION

Date Registered: Oct 2002

Legal Status: Private Limited Company (Yugen Kaisha)

Regd Capital: Yen 3 million

Major shareholders (%): Dharmesh Jhaveri (100)

Nothing detrimental is known as to his commercial morality.

OPERATION

Activities: Imports and wholesales polished diamonds and jewelry (--100%).

Goods are imported centrally from India.

Clients: Local jewelry processors, jewelry wholesalers, jewelry stores, other

No. of accounts: 50

Domestic areas of activities: Centered in greater-Tokyo

Suppliers: [Mfrs, wholesalers] Imports from India centrally.

Payment record: Regular

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

Bank References

Asahi Shinkin Bank (Asakusa)

Relations: Money deposits & transfers only.

FINANCES

(In Million Yen)

NOT DISCLOSED.

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