MIRA INFORM REPORT

Report Date :

18.02.2011

IDENTIFICATION DETAILS

Name :	SHIVANI GEMCO DMCC
Registered Office :	10F, Al Mas Tower, Suite No. LT-2, Jumeirah Lakes Tower, P O Box 116984, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2010
Date of Incorporation :	22.05.2004
Legal Form :	Sole Proprietorship
Line of Business :	Distributors of jewellery and precious stones and metals

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
United Arab Emirates	A2	A2

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

SUMMARY

Company Name : SHIVANI GEMCO DMCC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Sole Proprietorship

Registration Date : 22^nd May 2004

Trade Licence Number : 30058

Invested Capital : UAE Dh 1,000,000

Total Workforce : 4

Activities : Distributors of jewellery and precious stones and metals.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Ghassan Gebara, Assistant General Manager

COMPANY NAME

SHIVANI GEMCO DMCC

company ADDRESS

Registered & Physical Address

Location : 10F, Al Mas Tower, Suite No. LT-2, Jumeirah Lakes Tower

PO Box : 116984

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2354462 / 2952628

Facsimile : (971-4) 2354462 / 2952628

Mobile : (971-50) 6754875

Email :bhansaliankit@hotmail.com / nirav.jewelmark@gmail.com / ghassan.gebara@gmail.com

Premises

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

KEY PRINCIPALS

Name Nationality Position

· Kumar Pal Shah Indian Proprietor & General Manager

· Ghassan Gebara - Assistant General Manager

LEGAL FORM & OWNERS

Date of Establishment : 22^nd May 2004

Legal Form : Sole Proprietorship

Trade Licence No. : 30058 (Expires 22/05/2011)

Invested Capital : UAE Dh 1,000,000

Mr Kumar Pal Shah is the sole proprietor of the business.

OPERATIONS

Activities: Engaged in the import and distribution of jewellery and precious stones and metals.

Import Countries: Europe and the Far East.

Operating Trend: Steady

Subject has a workforce of 4 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/09: Year Ending 31/12/10:

Total Sales UAE Dh 12,875,000 UAE Dh 15,000,000

Local sources consider subject’s financial condition to be Fair.

The above figures were provided by Mr Ghassan Gebara, Assistant General Manager

BANKERS

· HSBC Bank Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 2535000

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 business is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.38
UK Pound	1	Rs.73.08
Euro	1	Rs.61.60

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%)

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