MIRA INFORM REPORT

Report Date :

15.03.2011

IDENTIFICATION DETAILS

Name :	PARAS DIAMOND CORP

Registered Office :	592 Fifth Avenue, New York, New York, 10036

Country :	United States

Date of Incorporation :	07.05.1975

Com. Reg. No.:	369336

Legal Form :	Corporation for Profit

Line of Business :	Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 50,000.

Status :	Satisfactory

Payment Behaviour :	Regular

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United States

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation:Stable

IDENTIFICATION

Important Note :	Amikam is a trade name for the company PARAS DIAMOND CORP.
Legal Name:	PARAS DIAMOND CORP
Trade Name:	AMIKAM
Legal Address	592 FIFTH AVENUE NEW YORK, NEW YORK, 10036
Operative Address	70W 36th Street, Suite 5A, New York, Ny 10018-8007
Telephone:	+1 212-869-1857 (disconnected) / 800-648-0606	Registration Number :	369336
Fax:	+1 212-764-7593	Legal Form:	Corporation for Profit
Email:	info@amikam-paras.com	Registered in:	New York
Website:	http://www.amikam-paras.com	Date Created:	1975
Manager:	Samir Mehta, President	Date Incorporated:	MAY 07, 1975
Staff:	30	Stock:	3,000,400shares
		Value:	-
Activity:	Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers

BANKS

Name of the Bank	HSBC BANK USA
Location	ONE HSBC CENTER, BUFFALO, NY 14203, USA
Name of the Bank	REPUBLIC NATIONAL BANK OF NEW YORK
Location	452 FIFTH AVENUE, NEW YORK, NY 10018-0000, USA
Name of the Bank	ALGEMENE BANK NEDERLAND N.V. NEW YORK BRANCH
Name of the Bank	FLEET BANK
Location	10 EXCHANGE PLACE, JERSEY CITY, NY 07302-3999, USA

BUSINESS

HISTORY
	The company was created in 1975. It has its roots in India and in Belgium.
PRINCIPAL ACTIVITY
	Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers.
Products/Services description:
	Products include: Engagement/Wedding Rings Cocktail/Fashion Rings Solitare(Rings) Solitare(Earings) Solitare(Pendants) Earings Pendants Bracelets Platinum Collection Mens(Rings)
Sales are:
	Wholesale
Operations area:
	National
The subject employs 30 employee(s)
PAYMENTS
	made on a 55 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company recently moved to: 70W 36th Street, Suite 5A, New York, Ny 10018-8007 The old address was: 592 FIFTH AVENUE, 3RD FLOOR, NEW YORK, NEW YORK, 10036, USA. However, please note that the address has not been updated in the Secretary of State of New York, and the former address still appears as the legal one, as well as on the website.
Branches:
	The subject does not have any branches

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Capital:
	3,000,000 shares at par value USD 0.01. 400 shares with no par value.
Shareholders Parent Company(ies):
	The subject is privately held by Samir Mehta. It is part of the JAYAM PARAS GROUP.
Management:
	Samir Mehta - President

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data (estimates):

Currency	DATE
USD	2008
Turnover	7,000,000
Net Income	280,000
The cash flow is	normal

Comments on the financial data: No more updated financial data are available.

Legal Fillings

There are several UCC files listed with the Secretary of State of New York.

There are no legal filings listed with the District Court.

For information:

The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a correct credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a small US company, with 30 employees and 35 years of experience.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Comments

We tried to contact the company but no one answered the phone.

The data were obtained via outside sources.

Update 03/14/2011: We could speak to the receptionist of the company who only confirmed the address. She refused to tell us her name.

Please note that at this time we could contact the company at the number 800-648-0606 because the other number: 212-869-1857, is disconnected.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.15
UK Pound	1	Rs.72.59
Euro	1	Rs.62.95

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.