MIRA INFORM REPORT

Report Date :

24.01.2007

IDENTIFICATION DETAILS

Name :	VENDOME JEWELLERY LIMITED
Registered Office :	Ls 1, Caudan Waterfront, Port Louis
Country :	Mauritius
Date of Incorporation :	30.09.2003
Com. Reg. No.:	47848
Legal Form :	Private
Line of Business :	Jewellers engaged in the manufacture of gold and silverwares.

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 :	Regular
Litigation :	Clear

NAME OF COMPANY

VENDOME JEWELLERY LIMITED

ADDRESS

LS 1, CAUDAN WATERFRONT,

PORT LOUIS

TEL : (230) 211-9287 / 211-3863 / 211-9287

FAX : (230) 211-8351

EMAIL : vendomejewellery@intnet.mu

INCORPORATED

30.09.2003

STATUS

Private

CO NO

47848

DIRECTORS

Mr. Sanjay AUDAVDJEE

Mrs. Vandna Sanjay AUDAVDJEE

SHAREHOLDERS SHARES

Mr. Sanjay AUDAVDJEE 9,000

Mrs. Vandna Sanjay AUDAVDJEE 1,000

ISSUED CAPITAL

RS 10,000

SIZE

Buyer has its registered office at 401, Orchard Tower, Brown Sequard Street, Quatre Bornes. Subject has its shop at LS 1, Caudan Water Front – Port Louis.

ACTIVITIES

Jewellers engaged in the manufacture of gold and silverwares.

RELATED CONCERN

Vendome Prestige Ltd, a sister company of the above engaged in the importation of Gold & Silver products for supply to its manufacturing concern.

OBSERVATION

The above are the appointed agents and distributors of :

- Cartier – France

- Bretling – Swiss

- Rado - Swiss

FINANCE

Not available, however few financial indications are as follows:

Sales RS 70 million

Co’s Net Worth RS 150 million

DEVELOPMENT

Subject has recently joined the regional market in Reunion and Madagascar through its subsidiary “Vendome Joaillerie”. This company made substantial investment lately and is expected to generate good profits as sales recorded over the past 2 – 3 trading exercises have been on an upward trend, exceeding RS 70 million.

CREDITWORTHINESS

Buyer is considered good for the applicable credit figure of US $ 100,000.

BANKERS

The Mauritius Commercial Bank Ltd

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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