MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	AMIRI JEWELLERY
Registered Office :	Barwa Building, Al Sadd Street, 376, Doha
Country :	Qatar
Financials (as on) :	31.12.2013
Date of Incorporation :	11.10.1998
Com. Reg. No.:	20900, Doha
Legal Form :	With Limited Liability - WLL
Line of Business :	Engaged in the retail of jewellery, gems, watches and luxury products.
No of Employees :	15

RATING & COMMENTS

MIRA’s Rating :

Ba

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Qatar	A2	A2

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

QATAR - ECONOMIC OVERVIEW

Qatar has prospered in the last several years with continued high real GDP growth. Throughout the financial crisis Qatari authorities sought to protect the local banking sector, with direct investments into domestic banks. GDP is driven largely by changes in oil prices and by investment in the energy sector. Economic policy is focused on developing Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 50% of government revenues. Oil and gas have made Qatar the world's highest per-capita income country and the country with the lowest unemployment. Proved oil reserves in excess of 25 billion barrels should enable continued output at current levels for about 57 years. Qatar's proved reserves of natural gas exceed 25 trillion cubic meters, about 13% of the world total and third largest in the world. Qatar's successful 2022 World Cup bid is accelerating large-scale infrastructure projects such as Qatar's metro system, light rail system, the construction of a new port, roads, stadiums and related sporting infrastructure. The new Hamad International Airport is expected to open in mid-2014 with an annual passenger capacity of 24 million on initial opening and 50 million when complete.

Source : CIA

SUMMARY

Company Name : AMIRI JEWELLERY

Also Known As : AMIRI GEMS

Country of Origin : Qatar

Legal Form : With Limited Liability - WLL

Registration Date : 11^th October 1998

Commercial Registration Number : 20900, Doha

Chamber Membership Number : 4352/1

Issued Capital : QR 2,000,000

Paid up Capital : QR 2,000,000

Total Workforce : 15

Activities : Retail of jewellery, gems, watches and luxury products.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Vintheet Gob Shahani, Financial Controller

COMPANY NAME

AMIRI JEWELLERY

ALSO KNOWN AS: AMIRI GEMS

ADDRESS

Registered & Physical Address

Building : Barwa Building

Street : Al Sadd Street

PO Box : 376

Town : Doha

Country : Qatar

Telephone : (974) 44425972 / 44931428 / 44520000

Facsimile : (974) 44443607

Email : info@amirigems.com

Premises

Subject operates from a suite of offices and a showroom covering an area of 300 square metres that are rented and located in the Central Business Area of Doha.

Branch Office (s)

Location Description

· City Centre Rented showroom premises

Doha

Tel: (974) 44425975 / 44931429

KEY PRINCIPALS

Name Position

· Sheikh Nawaf Bin Nasser Al Thani Managing Director

· Nasser Nawaf Bin Nasser Al Thani Director

· Gob Shahani General Manager

· Tawfiq Mayala Commercial Manager

· Vintheet Gob Shahani Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 11^th October 1998

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 20900, Doha

Chamber Member No. : 4352/1

Issued Capital : QR 2,000,000

Paid up Capital : QR 2,000,000

Name of Shareholder (s)

· Sheikh Nawaf Bin Nasser Al Thani

· Nasser Nawaf Bin Nasser Al Thani

AFFILIATED COMPANIES

· Nassir Bin Khalid Al Thani & Sons Holding Co WLL

Nassir Bin Khalid Building

Abdullah Al Thani Road

PO Box: 6002 & 82

Doha

Tel: (974) 44443939 / 44443838

Fax: (974) 44425181 / 44433652

· Nasser Bin Khaled Trading

Doha Industrial Area, Street No.2, Gate No. 82

PO Box: 20195

Doha

Tel: (974) 44883007 / 44883008

Fax: (974) 44872159 / 44883009

Email: nbktcs@qatar.net.qa

· Qatar Automobiles Co WLL

PO Box: 1290

Doha

Tel: (974) 44426473 / 44424858

Fax: (974) 44425181

· Nassir Bin Khalid & Sons Real Estate Co WLL

PO Box: 6823

Doha

Tel: (974) 44443903

· Nassir Bin Khalid & Sons Tendering & Projects Promotion Co WLL

PO Box: 318

Doha

Tel: (974) 44324531

· National Industrial Company WLL

PO Box: 235

Doha

Tel: (974) 44324531

· National Industrial Contracting Company WLL

PO Box: 3713

Doha

Tel: (974) 44883985

Fax: (974) 44425181

· Qatar Petroleum & Services Co WLL

PO Box: 1290 & 3338

Doha

Tel: (974) 44426473 / 44423914

Fax: (974) 44425181

· Arabian Insurance Co WLL

OPERATIONS

Activities: Engaged in the retail of jewellery, gems, watches and luxury products.

Import Countries: Germany

International Suppliers:

· Hanart Germany

· Concord Switzerland

· Palmero Italy

Operating Trend: Steady

Subject has a workforce of 15 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Qatari Riyals (QR)

Year Ending 31/12/12: Year Ending 31/12/13:

Total Sales QR 81,600,000 QR 83,415,000

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

BANKERS

· Commercial Bank of Qatar Ltd (QSC)

Salwa Road

PO Box: 3232

Doha

Tel: (974) 44428686

Fax: (974) 44428734

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.

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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.97.53
Euro	1	Rs.76.48

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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.