MIRA INFORM REPORT

Report Date :

18.03.2008

IDENTIFICATION DETAILS

Name :	APEX GEMS INC

Registered Office :	576 5th Ave New York, NY 10036-4807

Country :	United States

Date of Incorporation :	02.02.1994

Com. Reg. No.:	710014573

Legal Form :	Private Limited Company

Line of Business :	Jewelry and Precious 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.	Small

Status :	Moderate

Payment Behaviour :	Regular

Litigation :	Clear

Executive Summary

Intelliscore for APEX GEMS INC

8.68

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

100

High risk

Low risk

HIGH RISK
6% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

NUMBER OF RECENT COLLECTION ACCOUNTS

PRESENCE OF DELINQUENT ACCOUNTS

NUMBER OF TRADES WITH A HIGH BALANCE TO HIGH CREDIT RATIO

BALANCE ON HIGH CREDIT

Current DBT range compared to all industries*

0 DBT
($100,900 Balance)

0-15

16-50

51+

80%

11%

% of US businesses falling within DBT range

DBT Norms:
All industries: 8 DBT Same industry: 5 DBT

Legal Filings and Collections

Bankruptcy filings:

Tax lien filings:

Judgment filings:

Total collections: details (PLACED 03/07-05/07)

Sum of legal filings:

UCC filings:

Cautionary UCC filings present?

Trade Information

Monthly average DBT:

Highest DBT previous 6 months:

Highest DBT previous 5 quarters:

Total continuous trades:

Current continuous trade balance:

$100,900

Trade balance of all trades (7):

$104,600

Average balance previous 5 quarters:

$34,000

Highest credit amount extended: details

$100,000

6 month balance range:

$400 - $100,900

* 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.

7 month DBT trends

90+

Aug07

Sep07

Oct07

Nov07

Dec07

Jan08

Current

Quarterly DBT trends (previous 5 quarters)

90+

4Q06

1Q07

2Q07

3Q07

4Q07

Performance Analysis

Predicted DBT for 04/16/2008: 1 DBT

Payment Trend Indication:
Show No Identifiable Trend

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

Most Frequent Industry Purchasing Terms:
NET 30, CREDIT, and 0000000

Legal Filings and Collections

Collections

Date
Placed

Status

Original
Balance

Outstanding
Balance

Date
Closed

Agency

Agency
Phone

05/2007

Open Account

$532

RECEIVABLE MANAGEMENT SERVICES

(484) 242-4000

03/2007

Open Account

$532

RECEIVABLE MANAGEMENT SERVICES

(000) 000-0000

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

12/2007

10/2007

$1,000

$900

61%

32%

CUST 14 YR

AIR TRANS

01/2008

NET 30

CUST 2 YR

+BANK

01/2008

CONTRCT

+$100,000

100%

CUST 11 YR

COMPUTERS

02/2008

03/2007

CREDIT

$400

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

+$101,400

+$100,900

100%

DBT: 0

Newly Reported

DBT:

Trade Lines Totals

+$101,400

+$100,900

100%

DBT: 0

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

GENERAL

02/2005

07/2004

NET 30

CUST 10 YR

+LEASING

02/2008

CONTRCT

$3,600

$3,400

94%

CUST 1 YR

-OFFC SUPPL

10/2006

08/2006

NET 30

$300

100%

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

+$100,900

100%

JAN08

88%

+$100,900

100%

DEC07

89%

$900

61%

32%

NOV07

89%

$400

79%

21%

OCT07

90%

+$100,100

100%

SEP07

90%

$400

100%

AUG07

90%

$400

100%

Quarterly Payment Trends

Payment History - Quarterly Averages

Account Status
Days Beyond Terms

Quarter

Months

DBT

Balance

Cur

1-30

31-60

61-90

91+

Q4 - 07

OCT-DEC

+$33,800

100%

Q3 - 07

JUL-SEP

+$33,800

100%

Q2 - 07

APR-JUN

+$100,400

100%

Q1 - 07

JAN-MAR

$900

21%

46%

33%

Q4 - 06

OCT-DEC

$1,100

58%

30%

12%

Company Background Information

Additional Company Background Information

Key Personnel

Principal(s):	TRAVIN SHAH, OWNER
	SHAH TRAVIN

Operating Information

Business Type: Institutions

Primary SIC Code: JEWELRY & PRECIOUS STONES WHLSNG - 5094

Secondary SIC Code: JEWELRY STORES - 5944

Number of Employees: 7

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

MIRA INFORM REPORT

Company Information

Executive Summary

Performance Analysis

Legal Filings and Collections

Trade Payment Information

Trade Payment Totals

Additional Payment Experiences

Monthly Payment Trends

Quarterly Payment Trends

Company Background Information