MIRA INFORM REPORT

Report Date :

29.03.2011

IDENTIFICATION DETAILS

Name :	SIMEX

Registered Office :	Suite No. C3-32/07, Saif Zone, P O Box 8788, Sharjah

Country :	United Arab Emirates

Date of Incorporation :	14.09.2003

Legal Form :	Branch of a Foreign Registered Corporation

Line of Business :	Distributors of jewellery, diamonds and other precious stones.

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United Arab Emirates

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

SUMMARY

Company Name : SIMEX

Country of Origin : British Virgin Islands

Legal Form : Branch of a Foreign Registered Corporation

Registration Date : 14^th September 2003

Trade Licence Number : 01923

Total Workforce : 1

Activities : Distributors of jewellery, diamonds and other precious stones.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

SIMEX

company ADDRESS

Registered & Physical Address

Location : Suite No. C3-32/07, Saif Zone

PO Box : 8788

Town : Sharjah

Country : United Arab Emirates

Telephone : (971-6) 2356002

Facsimile : (971-6) 2356001

Mobile : (971-50) 16355951

Email : rupen54@gmail.com

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Saif Zone Area of Sharjah.

KEY PRINCIPALS

Name Position

· Rupen Rasiklal Bandari Managing Director

LEGAL FORM & OWNERS

Date of Establishment : 14^th September 2003

Legal Form : Subject is the United Arab Emirates registered branch of Simex, a Limited Liability

Company incorporated in the British Virgin Islands.

Simex in the United Arab Emirates, operates as a Branch of a Foreign Registered

Corporation.

A Branch of a Foreign Registered Corporation is not a legal entity in its own

right. Responsibility for payments lays in the hands of the company where it is

originally registered.

Under these circumstances, we strongly advise that any international trade

credit should only be written under the name of the main company where the

subject holds its registered office, in this case the British Virgin Islands.

Trade Licence No. : 01923 (Expires 13/09/2011)

OPERATIONS

Activities: Engaged in the import and distribution of jewellery, diamonds and other precious stones.

Import Countries: Europe and the Far East.

Subject has a workforce of 1 employee.

FINANCIAL DATA

Companies registered in Sharjah, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· National Bank of Sharjah

Al Boorj Avenue

PO Box: 4

Sharjah

Tel: (971-6) 5547747

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.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.