MIRA INFORM REPORT

Report Date :

06.05.2011

IDENTIFICATION DETAILS

Name :	GEM WAVE INC.

Registered Office :	2 W 46th St, New York, 10036-4502

Country :	United States

Date of Incorporation :	25.08.1995

Legal Form :	Corporation for Profit

Line of Business :	Wholesaler of Diamonds.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow

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 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:	Gemwave Inc
Address in the order:	36 West, 44th Street, Suite #1103, New York, NY 10036
Legal Name:	GEM WAVE INC.
Legal Address	2 W 46TH ST, NEW YORK, 10036-4502, USA (Registered agent)
Operative Address	36 West 44th Street, Suite 1103 New York, 10036; USA
Telephone:	+1 (212)-768-32 00	Document Number :	1951206
Fax:	+1 (212)-768-33 22	Legal Form:	Corporation for Profit
Email:	info@gemwave.com	Registered in:	New York
Website:	www.gemwave.com/	Date Created:	1995
Manager:	Paresh Jain, President	Date Incorporated:	August 25th,1995
Staff:	06 employees	Stock:	200
		Value:	No par value
Activity:	Wholesaler of Diamonds.

BUSINESS

HISTORY
	GEM WAVE INC was created in 1995 and incorporated in New York.
PRINCIPAL ACTIVITY
	It is a company is working as a wholesaler of diamonds. They work closely with many manufacturers, retailers and designers in the United States.
Products/Services description:
	The products offered by the company are: - Bracelets - Earings - Rings - Pendants
Sales are:
	Wholesale
Operations area:
	National, International
The company imports from Mumbai
The company does not export
Trade References:
	Despite our searches we were not able to find any company's trade references.
The subject employs 06 employee(s)
PAYMENTS
	To be monitored.
LOCATION
Headquarters
	The company is headquartered at 36 West 44th Street, Suite 1103 New York, 10036, USA
Branches:
	There is an associate office in Mumbai where their goods are sorted and graded.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company and the main shareholder is PARESH JAIN.
Management:
	PARESH JAIN, President.

Financials - COMMERCIAL TRENDS AND FORECAST

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

We have contacted PARESH JAIN who refused to provide us any financial on grounds of confidentiality.

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

Currency	DATE
USD	2009
Turnover	670,000
The cash flow is	Medium

Currency	DATE
USD	2008
Turnover	720,000
The cash flow is	Normal

Legal Fillings

There are no UCC files listed with the Secretary of State of New York.

There are no legal filings listed with the District Court.

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 low credit rate.

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

Final Opinion

The company has 15 year of experience in the business.

It's a small size company with 06 employees.

The company's profitability and cash flow are medium and the length of payment needs to be monitored.

Indeed, looking at the company's financials, we can see that between 2008 and 2009, the company's turnover has been decreased.

At this time, we believe that the business has not the ability to bear any credit line without Guarantees.

We suggest dealing with Guarantees.

A required review needs to be scheduled within 8 months to fully assess the 2010 company’s financial.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	MEDIUM	Public Records	NO
Indebtedness	CONTROLLED	Payments	TO BE MONITORED
Cash	MEDIUM

APPENDIX

Person Interviewed
	PARESH JAIN
Position
	President
Comments
	He was able to confirm us the information in the report, but refused to provide any financial information on grounds of confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.57
UK Pound	1	Rs.73.58
Euro	1	Rs.66.23

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.