MIRA INFORM REPORT

Report Date :

07.09.2007

IDENTIFICATION DETAILS

Name :	MAUBOUSSIN JAPAN KK

Registered Office :	Hanzomon Duplex 8F, 2-2-22 Kojimachi Chiyodaku Tokyo 102-0083

Country :	Japan

Date of Incorporation :	Apr 2007

Legal Form :	Limited Company (Kabushiki Kaisha)

Line of Business :	Import, wholesale, retail of jewelry, watches

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Regular

name

MAUBOUSSIN JAPAN KK

REGD NAME

Mauboussin Japan KK

MAIN OFFICE

Hanzomon Duplex 8F, 2-2-22 Kojimachi Chiyodaku Tokyo 102-0083 JAPAN

Tel: 03-3575-9117

URL :http://www.mauboussin.com

E-Mail address: service@elady.co.jp (Auction division)

*.. Registered at: 4-3-13 Toranomon Minatoku Tokyo;

The given phone number is of its Ginza store

ACTIVITIES

Import, wholesale, retail of jewelry, watches

STORES

Tokyo (5), Osaka, Nagoya, Kyoto

OFFICERS

ALAN NEMERQ, REP DIR

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 2,700 M*

PAYMENTS REGULAR CAPITAL Yen 100 M

TREND STEADY WORTH Yen 100 M

STARTED 2007 EMPLOYES 15-50

*.. Only estimated, as previous figures are not disclosed.

COMMENT

IMPORTER, RETAILER AND WHOLESALER OF JEWELRY, OWNED BY PATRICK MAUBOUSSIN, FRANCE. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

ANY CREDITS, IF DOUBTFUL, SHOULD BE TIED WITH GUARANTEED TERMS.

HIGHLIGHTS

The subject company was established by Patrick Mauboussin, France, as its marketing office in Japan. The first store was opened in Sept 2000 in Ginza, Tokyo, followed by 7 stores in Tokyo, Osaka, Kyoto, Nagoya, other. Retails & wholesales jewelry. Newly opened a store in Ikebukuro, Tokyo, and Business is seen expanding. The firm also operates jewelry auctioning over the internet.

FINANCIAL INFORMATION

The sales volume for Mar/2007 fiscal term for 8 stores are believed (or estimated) amounted to Yen 2,700 million, exact results are not disclosed.

For the current term ending Mar 2008 the turnover is projected at Yen 3,000 million. The newly opened store in Ikebukuro will contribute.

The financial situation is considered FAIR and good for ORDINARY business engagements. Any doubts on the financial status should be tied with secured terms, as the proven business are not released.

REGISTRATION

Date Registered: Apr 2007

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 2,000 shares

Issued: 2,000 shares

Sum: Yen 100 million

Major shareholders (%): Patrick Mauboussin, France (100)

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

OPERATION

Activities: Imports, wholesales and retails jewelry products, watches, operating a total of 9 stores centrally in Tokyo (--10%).

Clients: Consumers, business firms, auctioneers, other

No. of accounts: Not available

Domestic areas of activities: Nationwide

Suppliers: [Mfrs,] Imports from Patrick Mauboussin, France and group firms.

Payment record: Regular

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

Bank References

Local Bank (Not disclosed)

Relations: Satisfactory.

FINANCES

(In Million Yen)

NOT YET AVAILBLE.

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