MIRA INFORM REPORT

Report Date :

26.10.2012

IDENTIFICATION DETAILS

Name :	NRM HOLDINGS INC.
Registered Office :	1430 Broadway, 4^th floor, New York, NY 10018

Country :	United States

Date of Incorporation :	05.01.1998

Legal Form :	Corporation – Profit

Line of Business :	Subject is a specialty trade finance company looking to assist businesses dealing in international trade.

No. of Employees :	7

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

United States

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

UNITED STATES - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families.

Source : CIA

Company name

NRM HOLDINGS INC.

Address

1430 Broadway, 4^th floor, New York, NY 10018 - USA

Telephone: +1 212-239-8120

Fax: +1 917-591-7237

Website: www.nrmholdings.com

Corporate ID#: 2214325

State: New York State

Judicial form: Corporation – Profit

Date incorporated: January 5, 1998

Stock: 200 shares common

Value: No par value

Name of manager: Roger MENDA

ACTIVITIES & OPERATIONS

IST

Business:

NRM Holdings Inc. is a specialty trade finance company looking to assist businesses dealing in international trade.

The Company provides:

- Trade Finance Consulting
- Letter of Credits
- Venture Capital

EIN: -

Staff: 7

Operations & branches:

At the headquarters, we find the corporate office, on lease.

SHAREHOLDERS & MANAGERS

Shareholders:

This is a private Company.

Management:

Roger MENDA is the President, Director and CEO

Punit MENDA is Vice President.

As far as we know, they are not involved in other local corporations.

Subsidiaries

And partnership: None

FINANCIALS

In United States, privately held corporations are not required to publish any financials.

On a direct call, the manager controlled the present report but deferred any financials.

Outside sources (bank) gave revenue for year 2011 up to USD 8,907,475=

The business is said to be profitable.

Banks: Bank Leumi

564 5th Avenue, New York, NY 10036

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary (UCC):

Debtor Names:

NRM HOLDINGS, INC

1359 BROADWAY, NEW YORK, NY 10018, USA

Secured Party Names:

BANK LEUMI USA

420 LEXINGTON AVENUE, NEW YORK, NY 10170, USA

File no.

File Date

Lapse Date

Filing Type

200307095170698

07/09/2003

07/09/2008

Financing Statement

200805145535839

05/14/2008

07/09/2013

Continuation

Debtor Names:

NRM HOLDINGS INC.

1430 BROADWAY, 4TH FLOOR, NEW YORK, NY 10018, USA

Secured Party Names:

STERLING NATIONAL BANK

500 SEVENTH AVENUE, NEW YORK, NY 10018, USA

STERLING FACTORS CORPORATION

500 7TH AVENUE, NEW NYYORK, NY 10018, USA

File no.

File Date

Lapse Date

Filing Type

200904130208081

04/13/2009

04/13/2014

Financing Statement

201110106105269

10/10/2011

04/13/2014

Assignment

Debtor Names:

NRM HOLDINGS INC.

1430 BROADWAY, NEW YORK, NY 10018, USA

Secured Party Names:

ISRAEL DISCOUNT BANK OF NEW YORK

511 FIFTH AVENUE, NEW YORK, NY 10017, USA

File no.

File Date

Lapse Date

Filing Type

201109135992347

09/13/2011

09/13/2016

Financing Statement

Haut du formulaire

COMPANY CREDIT HISTORY

Trade references:

Date reported: September 2012

High credit: USD 12,000

Now owing: 0

Past due: 0

Last purchase: August 2012

Line of business: Office supply

Paying status: On terms

Date reported: October 2012

High credit: USD 12,000+

Now owing: 0

Past due: 0

Last purchase: September 2012

Line of business: Payroll

Paying status: As agreed

Date reported: October 2012

High credit: USD 1,200

Now owing: 0

Past due: 0

Last purchase: September 2012

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

Domestic credit history appears as follow:

Monthly Payment Trends - Recent Activity

Date	Balance	Current	Up to 30 DBT	31-60 DBT	61-90 DBT	>90 DBT
04/12	$3,700	100%	0%	0%	0%	0%
05/12	$3,500	100%	0%	0%	0%	0%
06/12	$3,400	100%	0%	0%	0%	0%
07/12	$3,100	100%	0%	0%	0%	0%
08/12	$3,400	100%	0%	0%	0%	0%
09/12	$3,300	100%	0%	0%	0%	0%

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, during the last 6 months, payments are currently made on terms.

International credit history:

Payments of imports are currently made on terms.

Other comments:

The Company maintains a regular business.

The bank confirmed an account on 5 figures high.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

The risk is low.

Our opinion:

A business connection may be conducted.

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds. It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C. India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.5363
UK Pound	1	Rs.86.17
Euro	1	Rs.69.74

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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.