MIRA INFORM REPORT

Report Date :

18.05.2011

IDENTIFICATION DETAILS

Name :	SPECIALITY MERCHANDISING GLOBAL SERVICES, INC.

Registered Office :	230 Fifth Ave Ste 615, New York, New York, 10001

Country :	United States

Date of Incorporation :	24.07.2003

Com. Reg. No.:	2934210

Legal Form :	Corporation for Profit

Line of Business :	Merchandise-Sourcing

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Undetermined

Payment Behaviour :	---

Litigation :	---

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

Bottom of Form

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Unknown

IDENTIFICATION

Ordered as:	Speciality Merchandsing Global Services
Address in the order:	22 Mulberry Street Society Hill, Jersey City
Comments on data supplied:	The address provided is that of a Church that is not related to the subject. The correct address can be found in this report.
Legal Name:	SPECIALITY MERCHANDISING GLOBAL SERVICES, INC.

Legal Address	230 FIFTH AVE STE 615 NEW YORK, NEW YORK, 10001
Operative Address	230 FIFTH AVE STE 615 NEW YORK, NEW YORK, 10001
Telephone:	(212) 921-1444	Registration Number :	2934210
Fax:	N.A.	Legal Form:	Corporation for Profit
Email:	N.A.	Registered in:	New York
Website:	N.A.	Date Created:	N.A.
Manager:	VISHAL DHINGRA – Chairman	Date Incorporated:	July 24, 2003
Staff:	N.A.	Stock:	200 shares
		Value:	No par value
Activity:	Merchandise-sourcing

BUSINESS

PRINCIPAL ACTIVITY
	The subject operates as the US office of the Indian based merchandise-sourcing company SPECIALITY MERCHANDISING SERVICES PVT, LTD.
Products/Services description:
	Services include: Product sourcing Product Development & Sampling Merchandising Shipping Products include: Home Textiles and Made-ups Decorative Gifts and Accessories Lamps and Shades Furniture Accessories & Furniture Floor Coverings and Bath Rugs Fashion Accessories & Bags Terry Towels
Sales are:
	Wholesale
Operations area:
	National
The company imports from India
LOCATION
Headquarters
	230 FIFTH AVE STE 615 NEW YORK, NEW YORK, 10001
Branches:
	As far as we know, the subject does not have any branches.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The subject's parent company is SPECIALITY MERCHANDISING SERVICES PVT LTD located at 18/17, First Floor, W.E.A. Karol Bagh, New Delhi- 110 005, India. The owner is Mr. Vishal Dhingra.
Management:
	Mr. Vishal Dhingra - Chairman Mr. Vikas Dhingra - Manager
Related Companies:
	SPECIALITY MERCHANDISING SERVICES PVT LTD has offices in Shanghai, Pakistan, Dubai and Thailand

Financials - COMMERCIAL TRENDS AND FORECAST

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

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

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

Final Opinion

The subject is a small size company that is operating as foreign office for an Indian group.

It is not very well known on the US market.

We have been trying to contact the company several times, but the call never goes through.

It seems that the line is currently nor working.

For this reason we could not verify that the company is indeed still operating.

We therefore suggest caution and monitoring its evolution.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.07
UK Pound	1	Rs.63.57
Euro	1	Rs.72.97

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
----	NB	New Business	----

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.