MIRA INFORM REPORT

Report Date :

29.03.2011

IDENTIFICATION DETAILS

Name :	COMBINE INTERNATIONAL INC

Registered Office :	354 Indusco Ct, Troy, Mi 48083

Country :	United States

Date of Incorporation :	11.02.1977

Legal Form :	Corporation for Profit

Line of Business :	Manufactures and wholesales diamonds and precious stone Jewellery.

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 :	300 000 USD.

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

Ordered as:	Combine International
Address in the order:	354 Indsuco Court, Tory, Michigan 48083
Legal Name:	COMBINE INTERNATIONAL INC
Legal Address	354 INDUSCO CT, TROY, MI 48083, USA
Telephone:	+1 (248) 585 - 99 00	Document Number :	006345
Fax:	+1 (248) 585 - 86 41	Legal Form:	Corporation for Profit
Email:	info@combine.com	Registered in:	Michigan
Website:	www.combine.com	Date Created:	1970
Manager:	Shrikant Mehta, President	Date Incorporated:	February 11th, 1977
Staff:	225 employees	Stock:	50,000
		Value:	No Par Value
Activity:	Manufactures and wholesales diamonds and precious stone Jewellery.

BANKS

Name of the Bank	CITY NATIONAL BANK
Name of the Bank	COMERICA BANK

BUSINESS

HISTORY
	The company was founded in 1970 and is based in Troy, Michigan.
PRINCIPAL ACTIVITY
	The company engages in manufacturing, merchandising, distribution, and marketing fine jewelry products to retailers.
Products/Services description:
	The company offers a range of products, including diamond and gemstone jewelry, silver and platinum rings, pearl and bead jewelry, and gold jewelry. It also provides distribution and marketing services as well as promotional merchandising products.
Sales are:
	Wholesale
Brands:
	The company has several brands: - NSM CORP - I. L. MFG. CO - SHAN CORPORATION - KAY STERLING - UNIVERSAL CHARITY NETWORK - ARTISTIC CORPORATION
The company imports from Asia and India mainly
Trade References:
	Despite our searches we were not able to find any company's trade references.
The subject employs 225 employee(s)
PAYMENTS
	made on a 65 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered in:354 INDUSCO CT. TROY, MI 48083, USA

Shareholders - Manager - Related Companies

Shareholders Parent Company(ies):
	This is a private company; Mr. Shrikant Mehta is the owner and major shareholder of the company.
Management:
	SHRIKANT MEHTA, PRESIDENT ROGER PARSONS, MANAGER

Financials - COMMERCIAL TRENDS AND FORECAST

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

We have contacted the company's president who was able to provide us the estimation below, of the company's turnover 2010.

Currency	DATE
USD	2010
Turnover	21,500,000
The cash flow is	Normal

Currency	DATE
USD	2009
Turnover	20,000,000
The cash flow is	Normal

Currency	DATE
USD	2007
Turnover	17,300,000
The cash flow is	Normal

Legal Fillings

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

There are no legal filings listed with the District Court.

The last annual report was filed on 5/11/2010.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** 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 medium size company with several years of experiences.

Looking at the company's turnover, we can see that it is increasing year after year.

Moreover, the profitability is correct and the debt level is controlled.

At this time, we believe that the company can bear a credit line in the range of 300 000 USD.

SUMMARY

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

APPENDIX

Position
	President
Comments
	He was able to confirm us the information in the report.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.78
UK Pound	1	Rs.71.64
Euro	1	Rs.62.96

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.