MIRA INFORM REPORT

Report Date :

28.04.2011

IDENTIFICATION DETAILS

Name :	BOSS DIAMOND SRL

Registered Office :	Contra' Canove , 9 Vicenza 36100

Country :	Italy

Financials (as on) :	31.12.2009

Date of Incorporation :	07.11.1988

Legal Form :	Limited Liability Company

Line of Business :	Wholesale of Watches and Jewelry

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Italy

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

Company Summary

Company Name	BOSS DIAMOND SRL
Company Type	LIMITED LIABILITY COMPANY
Address	CONTRA' CANOVE , 9
Town	VICENZA
Post Code	36100
Telephone Number	0444962725
Province	VICENZA
Fiscal Code	02029930241
VAT Number	02029930241
Activity Start Date	15-12-1989
Incorporation Date	7-11-1988
Closure Date	31-12-2030
REA Inscription	201219 on the date of 3-1-1989
CCIAA province and number	VI 201219
Company Status	Active
Currency	EURO (€)

Capital Information

Paid up share capital	100.000
Authorised share capital	100.000
Subscribed share capital	100.000

Activity

SIC Code	5094
Business Activity	Activity 'Work At The Unit' Local

Financial Data

Date of Latest Accounts	31-12-2009
Turnover	2.324.338
Profit & Loss	13.028
Number of Employees	3

Subsidaries

Address	Type of Premesis
VIA MICHELANGELO 1 - VALENZA (AL)	OFFICE
VIA PIAVE PRIMO PIANO 16 - ALTAVILLA VICENTINA (VI)	OFFICE
CONTRA' CANOVE 9 - VICENZA (VI)

Business Activity and Financial Ratios

SIC Code	5094
Business Activity	Activity 'Work At The Unit' Local
Company Purpose
Ateco Code	46.48
Ateco Description	WHOLESALE WATCHES AND JEWELRY
SAE Code	430
RAE Code	619
Number of Employees	3
Paid up share capital	100.000 (EURO)
Date of Latest Accounts	31-12-2009

Key Financial Items
Turnover	2.324.338
Profit & Loss	13.028
Shareholders Equity	160.033
Fixed Assets	103.680

Balance Sheet (Assets)

Date	31-12-2009	31-12-2008	31-12-2007
DUE FROM SHAREHOLDERS FOR SUBSCRIBED SHARE CAPITAL UNPAID	0	0	0
Total Fixed Assets	103.680	94.591	70.837
- Intangible assets	2.703	0	318
- Tangible assets	100.977	94.591	70.519
- - Land and Buildings	64.350
- Financial assets	0	0	0
- - Amounts owed by assoc./affiliated co.s	0	0	0
- - Holdings	0	0	0
- - Treasury stocks	0	0	0

Total Current Assets	1.415.181	789.500	776.990
- Stocks	109.339	127.035	121.950
- - Semi-finished products & Raw materials	121.950
- - Work-in-progress
- Credits	1.143.175	661.292	654.769
- - Short-term debtors	1.099.091	661.292	604.218
- - Trade debtors	1.057.704	629.480	650.109
- - Short-term trade debtors	1.013.620	629.480	599.825
- Financial assets	0	0	0
- - Treasury stocks	0	0	0
- Cash and bank	162.667	1.173	271
Prepayments & Accrued Income	1.468	2.656	21
Total Assets	1.520.329	886.747	847.848

Liabilities

SHAREHOLDERS' EQUITY	160.033	57.507	52.074
- Share capital	100.000	10.500	10.500
- Share premium reserve	0	0	0
- Revaluation reserve	0	0	0
PROVISIONS FOR RISKS & CHARGES	0	0	0
- Provisions for taxation	0	0	0
PROVISION FOR SEVERANCE INDEMNITY	0	5.414	786
CREDITORS	1.360.237	823.826	791.790
- Short-term creditors	1.059.222	732.548	696.621
- Trade creditors	892.347	429.568	533.197
- Amounts due to banks - short term	40.015	51.278	48.114
- Amounts due to banks - medium/long-term	8.534	230.580	85.709
- Accrued expenses and deferred income
PREPAYMENTS & ACCRUED INCOME	59	0	3.198
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	1.520.329	886.747	847.848
MEMORANDUM ACCOUNTS	0	0	0
ACCUMULATED DEPRECIATION OF TANGIBLE ASSETS	26.129	18.869	14.767

Profit & Loss

PRODUCTION VALUE	2.324.762	1.498.094	1.081.065
- Revenues	2.324.338	1.493.004	966.647
- TOTAL CHANGES	-	5.085	114.416
- Change in stocks of finished goods & work in progress
- Change in stocks of finished goods & work in progress	-	5.085	114.416
- Other revenues	424	5	2
PRODUCTION COSTS	2.200.982	1.428.992	1.025.160
- Purchase of raw materials & goods	1.952.833	1.255.935	889.525
- Change in materials	17.696	-	-
CONSUMPTION OF MATERIALS	1.970.529	1.255.935	889.525
OVERHEADS	74.714	70.148	27.578
- Provisions for risks & other	-	-	-
VALUE ADDED	279.519	172.011	163.962
STAFF COST	141.823	93.438	43.285
- Provision for severance indemnity	546	4.466	949
G.O.M.	137.272	78.568	120.675
AMORT./DEPREC/WRITED. OF FIXED ASSETS	7.259	7.347	1.614
- Amortisation / depreciation / writedowns	7.259	4.420	1.614
- Amortisation of intangible assets	-	318	-
- Depreciation of tangible assets	7.259	4.102	1.614
PROFIT / (LOSS) FROM ORDINARY OPERATING ACTIVITIES	130.013	71.221	119.061
OTHER INCOME / CHARGES	-80.034	-24.196	-63.156
- Interest receivable & similar income	1	1	-
OPERATING PROFIT / (LOSS)	49.979	47.025	55.905
FINANCIAL CHARGES	12.810	24.311	7.813
PROFIT / (LOSS) BEFORE EXTRAORDINARY OP.S	37.169	22.714	48.092
ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS (+-)	-	-	-
EXTRAORDINARY INCOME/CHARGES (+-)	-404	8.222	21.174
PROFIT / (LOSS) BEFORE TAXATION	36.765	30.936	69.266
TAXATION	23.737	25.503	29.517
PROFIT (LOSS) FOR THE PERIOD	13.028	5.433	39.749
CASH FLOW	20.287	12.780	41.363
EMPLOYEES

Ratios

Date	2009	2008	2007
Returns Ratios
R.O.E. (Return On Equity)	8.14	9.45	76.33
R.O.I. (Return On Investment)	8.55	8.03	14.04
R.O.S. (Return On Sales)	5.33	4.63	5.78
R.O.A. (Return On Assests)	8.14	7.79	6.59
G.O.M on Returns	5.91	5.26	12.48
Turnover Ratio
Invested Capital Turnover	152.88	168.37	114.01
Current Assets Turnover	164.24	189.11	124.41
Warehouse Turnover	2125.81	1175.27	792.66
Equity and Financial Ratios
Fixed Assets Cover	154.35	60.8	73.51
Banks on Current Assets	3.43	35.7	17.22
Short-term Banks on Current Assets	0.6	29.21	11.03
Gearing	89.47	93.52	93.86
Shareholders' Equity / Invested Capital	10.53	6.49	6.14
Financial Charges on Turnover	0.55	1.63	0.81
Financial Charges on G.O.M.	9.33	30.94	6.47
Productivity Ratios
Turnover per Employee	0	0	0
Operating Value Added per Employee	0	0	0
Labour Cost per Employee	0	0	0
Labour Cost on Turnover	6.1	6.26	4.48
Value Added on Turnover	12.03	11.52	16.96
Liquidity Ratios
Current Ratio	129.57	108.14	103.81
Acid-Test Ratio	119.25	90.8	86.38
Days of Credit to Customers or Duration of Amounts owed by Customers	163.82	151.78	242.11
Days of Credit from Suppliers or Duration of Amounts owed to Suppliers	158.44	116.62	209.3
Days of Stocks or Duration of Stocks	16.93	30.63	45.42
Rate of intensity of Current Assets	59.05	53.06	75.15
Incidence Ratios for Cost
Consumption of Materials on Costs	89.53	87.89	86.77
External Costs on Costs	92.92	92.8	89.46
Labour Costs on Costs	6.44	6.54	4.22
Depreciation and Devaluation on Costs	0.33	0.51	0.16

Directors Information

Power of Statute (board)	ONLY THE ADMINISTRATOR OR THE BOARD OF DIRECTORS HAVE ALL THE POWERS OF THE ORDINARY AND EXTRAORDINARY SERVICE, EXCEPT THAT THE LAW EXPRESSLY RESERVE MEMBERS. COMMITTEE ESE ... Listen Read phonetically Dictionary
Type	Executive
Forename	DOMENICO
Surname	PIANO
Date of Birth	25-9-1958
Gender	Male
Place of Birth	CASTELSARACENO (PZ)
Resident Address	VIA RIMINI , 27 36077 - ALTAVILLA VICENTINA (VI)
Director Fiscal Code	PNIDNC58P25C271J
BOARD OF DIRECTORS PRESIDENT since	26-2-2009
MANAGING DIRECTOR since	26-2-2009
COUNCILLOR since	26-2-2009

Type	Executive
Forename	MORENO WALTER
Surname	LOTTO
Date of Birth	23-1-1970
Gender	Male
Place of Birth	VICENZA (VI)
Resident Address	STR MAROSTICANA , 299/Z 36100 - VICENZA (VI)
Director Fiscal Code	LTTMNW70A23L840X
COUNCILLOR since	26-2-2009
MANAGING DIRECTOR since	26-2-2009

Type	Executive
Forename	MAURIZIO
Surname	PIANO
Date of Birth	5-11-1959
Gender	Male
Place of Birth	CONTRADA (AV)
Resident Address	VIA L. DA VINCI , 23 36051 - CREAZZO (VI)
Director Fiscal Code	PNIMRZ59S05C971B
COUNCILLOR since	26-2-2009
MANAGING DIRECTOR since	26-2-2009

Type	Executive
Forename	ALESSANDRO
Surname	RIZZETTO
Date of Birth	22-9-1967
Gender	Male
Place of Birth	VICENZA (VI)
Resident Address	STR DELLA PORCIGLIA , 182/C 36100 - VICENZA (VI)
Director Fiscal Code	RZZLSN67P22L840D
COUNCILLOR since	26-2-2009
MANAGING DIRECTOR since	26-2-2009

Type	Executive
Forename	PAOLO LORENZO
Surname	MARTINETTI
Date of Birth	25-7-1948
Gender	Male
Place of Birth	MONTEMAGNO (AT)
Resident Address	VLE DEL VIVAIO , 4 15048 - VALENZA (AL)
Director Fiscal Code	MRTPLR48L25F556D
COUNCILLOR since	24-9-2009
MANAGING DIRECTOR since	24-9-2009

Type	Executive
Forename	FRANCESCO
Surname	ROBERTO
Date of Birth	11-4-1929
Gender	Male
Place of Birth	MONTEMAGNO (AT)
Resident Address	VIA GIAMBELLINO , 39 20100 - MILANO (MI)
Director Fiscal Code	RBRFNC29D11F556A
COUNCILLOR since	24-9-2009
MANAGING DIRECTOR since	24-9-2009

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.40
UK Pound	1	Rs.73.26
Euro	1	Rs.65.17

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.