MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Name :	EURO DISTRIBUTORS DIAMONDS BVBA

Registered Office :	Pelikaanstraat 62 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	15.03.2002

Com. Reg. No.:	477230496

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesaler of diamonds and other precious stones

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

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, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Belgium

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

Company Summary

Company Summary
Business Name	EURO DISTRIBUTORS DIAMONDS BVBA
Business Number	477230496
Address	PELIKAANSTRAAT 62 ANTWERPEN
Post Code	2018
Telephone	032817341
Fax Number	--
Date of Establishment	15/03/2002
Number of Employees	0

Credit Information Summary
Company Status	ACTIVE
Credit Limit (€)
Purchase Limit (€)
Date of Deposit at Registry	20/07/2010
Date of Last Accounts	31/12/2009
Turnover	20,086,460
Results of Ordinary Operations Before Tax	30,510
Networth	756,201

Past Payments
Payment Expectation Days	78.42
Days Sales Outstanding	111.01
Industry Average Payment Expectation Days	135.58
Industry Average Day Sales Outstanding	124.71

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//

Accounts & Ratio

Period
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	20,086,460	-	-	-	-
Total Operating Expenses	20,042,000	-	-	-	-
Operating Result	44,460	9.0%	40,798	441.8%	7,530
Total Financial Income	305	-54.1%	665	-52.2%	1,391
Total Financial Expenses	12,879	-28.4%	17,998	754.2%	2,107
Results on Ordinary Operations Before Tax	31,885	35.9%	23,465	244.4%	6,814
Taxation	1,375	42.9%	962	-47.6%	1,837
Results on Ordinary Operations After Tax	30,510	35.6%	22,503	352.1%	4,977
Extraordinary Items	0	-100.0%	423	-	0
Net Result	30,510	33.1%	22,926	360.5%	4,978
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	52	-91.0%	578	85.3%	312
- Wages & Salaries	-	-	-	-	-
- Social Security Contributions	-	-	-	-	-
- Other Employee Costs	52	-91.0%	578	85.3%	312
Amortization & Depreciation	7,872	8.2%	7,277	2,799.2%	251

Balance Sheet
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	25,274	-18.9%	31,171	2,153.9%	1,383
- Land And Buildings	0	-	0	-	0
- Plant And Machinery	2,896	98.2%	1,461	40.3%	1,041
- Other Tangible Assets	22,378	-24.7%	29,710	8,587.1%	342
Financial Fixed Assets	258	0.0%	258	0.0%	258
Total Fixed Assets	25,532	-18.8%	31,429	1,815.2%	1,641
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	0	-	0	-100.0%	1,853,376
Trade Debtors	6,109,007	99.6%	3,060,245	392.9%	620,889
Cash	72,721	-23.9%	95,520	-3.6%	99,128
- Miscellaneous Current Assets	50	-76.4%	212	-	0
Total Current Assets	6,198,854	96.3%	3,158,573	22.7%	2,574,846

- Trade Creditors	4,305,869	108.5%	2,065,141	40.5%	1,469,456
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	12,724	155.7%	4,976	-	0
- Miscellaneous Current Liabilities	326,136	-13.8%	378,175	-20.1%	473,215
Total Current Liabilities	4,644,729	89.7%	2,448,292	26.0%	1,942,671

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	822,759	5,072.6%	15,906	-97.4%	610,909
- Other Long Term Liabilities	697	516.8%	113	-	0
Total Long Term Debts	823,456	5,040.5%	16,019	-97.4%	610,909

- Issued Share Capital	698,858	0.0%	698,858	3,578.2%	19,000
- Share Premium Account	0	-	0	-	0
- Reserves	57,343	113.7%	26,833	586.8%	3,907
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	756,201	4.2%	725,691	3,068.0%	22,907

Working Capital	1,554,125	118.8%	710,281	12.4%	632,175
Net Worth	756,201	4.2%	725,691	3,068.0%	22,907

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	0.16	-	-	-	-
Return On Capital Employed	2.02	-36.1%	3.16	192.6%	1.08
Return On Total Assets Employed	0.51	-31.1%	0.74	184.6%	0.26
Return On Net Assets Employed	2.05	-37.9%	3.30	205.6%	1.08
Sales / Net Working Capital	12.92	-	-	-	-
Operating Efficiency
Stock Turnover Ratio	0	-	-	-	-
Debtor Days	111.01	-	-	-	-
Creditor Days	78.42	-	-	-	-
Short Term Stability
Current Ratio	1.33	3.1%	1.29	-3.0%	1.33
Liquidity Ratio / Acid Ratio	1.33	3.1%	1.29	248.6%	0.37
Current Debt Ratio	6.14	82.2%	3.37	-96.0%	84.81
Long Term Stability
Gearing	110.48	3,736.1%	2.88	-99.9%	2,666.91
Equity In Percentage	0.12	-47.8%	0.23	2,200.0%	0.01
Total Debt Ratio	1.10	3,566.7%	0.03	-99.9%	26.67

Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Limit (€)	136,735

Payment Expectations

Payment Expectations
Payment Expectation Days	78.42
Day Sales Outstanding	111.01

Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	124.71
Industry Average Payment Expectation Days	135.58

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	41.24
Payment Expectations - Median	89.78
Payment Expectations - Upper	161.90
Day Sales Outstanding
Day Sales Outstanding - Lower	31.74
Day Sales Outstanding - Median	74.99
Day Sales Outstanding - Upper	157.96

Shareholders

No holding companies for this company.

No subsidiaries for this company.

Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--

NSSO Details
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
Full Name	GIRISH KUMAR KADEL
Position	Manager
Address	30 VAN EYCKLEI ANTWERPEN
Postal Code	2018
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

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.

Latest Branch Details
Street	PLANTIN EN MORETUSLEI
House Number	115
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	349252
Trade Registered Entry Date	01/05/2002

Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	//

Latest Event
Serial Number	61988
Event Description	Dismissal

company details
Business Number	477230496
Name	EURO DISTRIBUTORS DIAMONDS BVBA
Fax Number	--
Establishment Date	15/03/2002
Company Status	ACTIVE
Company Type	Private limited liability company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)