MIRA INFORM REPORT

Report Date :

25.08.2011

IDENTIFICATION DETAILS

Name :	PALMS INTERNATIONAL FZC

Registered Office :	Ajman Free Zone, EOC No. 431, Town Ajman

Country :	United Arab Emirates

Date of Incorporation :	06.09.2010

Legal Form :	Free Zone Company

Line of Business :	Traders of jewellery, diamonds and precious stones

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Maximum Credit Limit :	US$ 40,000

Status :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

United Arab Emirates

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

Bottom of Form

SUMMARY

Company Name : PALMS INTERNATIONAL FZC

Country of Origin : Ajman, United Arab Emirates

Legal Form : Free Zone Company - FZCO

Registration Date : 6^th September 2010

Trade Licence Number : 02165

Issued Capital : UAE Dh 50,000

Paid up Capital : UAE Dh 50,000

Total Workforce : 2

Activities : Traders of jewellery, diamonds and precious stones

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 40,000

Person Interviewed : Vishal A. Shah, Managing Director

COMPANY NAME

PALMS INTERNATIONAL FZC

company ADDRESS

Registered Address

Location : Ajman Free Zone, EOC No. 431

Town : Ajman

Country : United Arab Emirates

Physical Address

Building : RAK Bank Building

Area : Gold Souq, Deira

PO Box : 65366

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2369469

Facsimile : (971-4) 2369469

Mobile : (971-50) 8426138

Email : vishalac@msn.com

Premises

Subject operates from a small of offices that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

Name Nationality Position

· Vishal A. Shah Indian Managing Director

· Vashnu Kant Gupta Indian Director

LEGAL FORM & OWNERS

Date of Establishment : 6^th September 2010

Legal Form : Free Zone Company - FZCO

Trade Licence No. : 02165, Ajman Free Zone (Expires 05/09/2011)

Issued Capital : UAE Dh 50,000

Paid up Capital : UAE Dh 50,000

Name of Shareholder (s)

· Vishal A. Shah

· Vashnu Kant Gupta

OPERATIONS

Activities: Engaged as traders of jewellery, diamonds and precious stones.

Import Countries: India and Thailand

Subject has a workforce of 2 employees.

FINANCIAL DATA

Subject is a newly formed business and as a result financial information is not currently available.

BANKERS

· Emirates Bank International Ltd

Beniyas Road

Deira

PO Box: 2923

Dubai

Tel: (971-4) 2256256 / 2256900

Fax: (971-4) 2268005 / 2267718

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.77
UK Pound	1	Rs.75.58
Euro	1	Rs.65.97

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
----	NB	New Business	----

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.