MIRA INFORM REPORT

Report Date :

09.04.2011

IDENTIFICATION DETAILS

Name :	AMI IMPEXCO LTD

Registered Office :	Masuda Bldg 5F, 4-5-7 Taito Taitoku Tokyo 110-0016

Country :	Japan

Financials (as on) :	31.07.2010

Date of Incorporation :	April 1993

Com. Reg. No.:	(Tokyo-Taitoku) 022046

Legal Form :	Limited Company

Line of Business :	Import, wholesale of polished diamonds, precious metals, jewelry products

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	Yen 52.5 Million
Status :	Moderate
Payment Behaviour :	Regular
Litigation :	---

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Japan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

AMI IMPEXCO LTD

REGD NAME

Ami Impex KK

MAIN OFFICE

Masuda Bldg 5F, 4-5-7 Taito Taitoku Tokyo 110-0016 JAPAN

Tel: 03-3832-3006 Fax: 03-3832-3002

* Registered at 1-12-6 Misuji Taitoku Tokyo

URL: http://www.seekandsource.com/rajgems/

E-Mail address: kunthuraj@yahoo.com

ACTIVITIES

Import, wholesale of polished diamonds, precious metals, jewelry products

BRANCHES

Kofu, Kobe, Osaka

STORES

Ueno

OVERSEAS

India (Raj Gems – Headquarters), Bangkok, Hong Kong, Belgium, USA

FACTORIES

(subcontracted)

OFFICERS

RAKESH J SHAH, PRES

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 3,700 M

PAYMENTS REGULAR CAPITAL Yen 40 M

TREND SLOW WORTH Yen 110 M

STARTED 1993 EMPLOYES 8

COMMENT

IMPORTER AND WHOLESALER SPECIALIZING IN POLISHED DIAMONDS & JEWELRY, OWNED BY RAJ GEMS, INDIA.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: YEN 52.5 MILLION, 30 DAYS NORMAL TERMS

HIGHLIGHTS

The subject company was established by Raj Gems, India as its marketing office in Japan. Rakesh J Shah was appointed as its representative. He is elder son of J B Shah, founder and owner of Raj Gems, India. This is a trading firm specializing in importing & wholesaling polished diamonds from India, and from Israel, Belgium, Hong Kong, etc. About 60% of the goods are supplied from Raj Gems. Goods are shipped to jewelry processors, jewelers centrally in greater-Tokyo area, extending into Kofu, Yamanashi-Pref, a hub of jewelry factories and workshops, where the firm operates a branch office. Also covers greater-Osaka region by its Osaka and Kobe Branch Offices. Has two subsidiary firms. Diamonds are partially subcontracted mfg into jewelry products to local jewelry processors. Operates a retail store in Ueno, Tokyo.

FINANCIAL INFORMATION

Financials are only partially disclosed.

The sales volume for Jul/2010 fiscal term is estimated amounted to Yen 3,700 million, a 4% up from Yen 3,571 million in the previous term. Demand revived for women’s clothing, jewelry and accessories, says the firm. Consumer spending was seen recovering. The net profit was posted at Yen 8 million, compared with Yen 7 million a year ago.

For the current term ending Jul 2011 the net profit is projected at Yen 5 million, on a 3% fall in turnover, to Yen 3,600 million. The negative impact of the Great East Japan Earthquake on sales is spreading. The disaster has derailed the recovery in luxury goods sales, says department operator Takashimaya.

The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 52.5 million, on 30 days normal terms.

REGISTRATION

Date Registered: Apr 1993

Regd No.: (Tokyo-Taitoku) 022046

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 　 1,600 shares

Issued: 　 800 shares

Sum: 　 Yen 40 million

Major shareholders (%): Rakesh J Shah (100)

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

OPERATION

Activities: Imports, wholesales and retails polished diamonds, tanzanite gems, ruby, sap-phire, opal, other gem stones & precious metals, engagement rings, jewelry products (--100%).

60% of the goods are supplied from Raj Gems, India, other from Israel, Belgium, Hong Kong, Thailand, etc.

Diamonds and precious metals are partially subcontracted mfg to local processors into jewelry products.

Clients: [Jewelers, jewelry processors, consumers] Lucky Co, Kashikey, Gem Trading, Taniguchi Hoshoku, Taniguchi Jewelry, other.

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Raj Gems, Mohit Diamonds (--India), Kay Diamonds NV (Belgium), ESPEKA, other.

Payment record: Regular

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

Bank References:

Bank of India (Tokyo)

Resona Bank (Ueno)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:	31/07/2011	31/07/2010	31/07/2009	31/07/2008
Annual Sales	3,600	3,700	3,571	3,500
Recur. Profit
Net Profit	5	8	7	7
Total Assets		N/A	N/A	N/A
Net Worth		110	104	99
Capital, Paid-Up		40	40	40
Div.P.Share(¥)		0.00	0.00	0.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	-2.70	3.61	2.03	13.01
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	0.14	0.22	0.20	0.20

Notes: Financials are only partially disclosed. The 31/07/2010 figures are estimated only as the firm does not give precise figures, except the rounded-off numbers.

Forecast (or estimated) figures for the 31/07/2011 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.04
UK Pound	1	Rs.72.20
Euro	1	Rs.63.40

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	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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.