MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Correct Name :	GMTR DIAMONDS COMA

Registered Office :	Hoveniersstraat 2 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	11.01.1989

Com. Reg. No.:	436360834

Legal Form :	Partnership limited by shares

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	GMTR DIAMONDS COMA
Business Number	436360834
Address	HOVENIERSSTRAAT 2 ANTWERPEN
Post Code	2018
Telephone	032023030
Fax Number	032023039
Date of Establishment	11/01/1989
Number of Employees	1

Credit Information Summary
Company Status	ACTIVE
Credit Limit (€)
Purchase Limit (€)
Date of Deposit at Registry	24/11/2010
Date of Last Accounts	31/12/2009
Turnover	-
Results of Ordinary Operations Before Tax	16,327
Networth	364,616

Past Payments
Payment Expectation Days
Days Sales Outstanding
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	28/09/2009

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	-	-	-	-	-
Total Operating Expenses	-	-	-	-	-
Operating Result	41,747	79.9%	23,201	338.0%	-9,750
Total Financial Income	157,224	173.7%	57,440	3.5%	55,497
Total Financial Expenses	179,617	115.4%	83,401	88.6%	44,212
Results on Ordinary Operations Before Tax	19,354	801.2%	-2,760	-279.8%	1,535
Taxation	3,027	388.2%	620	-18.0%	756
Results on Ordinary Operations After Tax	16,327	583.0%	-3,380	-533.9%	779
Extraordinary Items	-16,174	-1,685.2%	-906	-	0
Net Result	153	103.6%	-4,286	-650.2%	779
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	108,700	9.1%	99,673	12.3%	88,781
- Wages & Salaries	84,549	6.7%	79,218	19.1%	66,527
- Social Security Contributions	21,819	13.9%	19,163	34.3%	14,268
- Other Employee Costs	2,332	80.5%	1,292	-83.8%	7,986
Amortization & Depreciation	187	-54.8%	414	-94.7%	7,799

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	563	-24.9%	750	-99.0%	77,633
- Land And Buildings	0	-	0	-	0
- Plant And Machinery	0	-	0	-100.0%	11,265
- Other Tangible Assets	563	-24.9%	750	-98.9%	66,368
Financial Fixed Assets	9,246	0.0%	9,246	6.9%	8,646
Total Fixed Assets	9,809	-1.9%	9,996	-88.4%	86,279
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	5,334,799	43.1%	3,728,722	118.7%	1,704,876
Trade Debtors	0	-	0	-100.0%	663,729
Cash	222,884	-7.1%	239,917	63.5%	146,736
- Miscellaneous Current Assets	0	-	0	-	0
Total Current Assets	5,852,809	37.8%	4,246,303	50.7%	2,818,102

- Trade Creditors	2,050,559	0.2%	2,045,717	96.3%	1,041,964
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	1,108,282	12.7%	983,446	142.7%	405,174
- Miscellaneous Current Liabilities	2,238,610	159.5%	862,656	0.4%	859,172
Total Current Liabilities	5,397,451	38.7%	3,891,819	68.7%	2,306,310

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	0	-	0	-	0
- Other Long Term Liabilities	100,551	591,376.5%	17	-100.0%	229,322
Total Long Term Debts	100,551	591,376.5%	17	-100.0%	229,322

- Issued Share Capital	350,000	0.0%	350,000	0.0%	350,000
- Share Premium Account	0	-	0	-	0
- Reserves	14,616	1.1%	14,463	-22.9%	18,749
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	364,616	0.0%	364,463	-1.2%	368,749

Working Capital	455,358	28.5%	354,484	-30.7%	511,792
Net Worth	364,616	0.0%	364,463	-1.2%	368,749

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	-	-	-	-	-
Return On Capital Employed	4.16	647.4%	-0.76	-392.3%	0.26
Return On Total Assets Employed	0.33	650.0%	-0.06	-220.0%	0.05
Return On Net Assets Employed	4.25	644.9%	-0.78	-360.0%	0.30
Sales / Net Working Capital	-	-	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-	-	-
Debtor Days	-	-	-	-	-
Creditor Days	-	-	-	-	-
Short Term Stability
Current Ratio	1.08	-0.9%	1.09	-10.7%	1.22
Liquidity Ratio / Acid Ratio	0.10	-23.1%	0.13	-72.9%	0.48
Current Debt Ratio	14.80	38.6%	10.68	70.9%	6.25
Long Term Stability
Gearing	303.96	12.6%	269.83	145.6%	109.88
Equity In Percentage	0.06	-33.3%	0.09	-30.8%	0.13
Total Debt Ratio	3.04	12.6%	2.70	145.5%	1.10

Payment Expectations

Payment Expectations
Payment Expectation Days
Day Sales Outstanding

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

Holding Company
Company Name	DANIEL WEINSTOCK DIAMONDS LTD.
Business Number	1082836
Share Percentage
Annual Accounts Date	//

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	STAR GEM DIAMONDS CVA
Legal Form of Defendant	Partnership limited by shares
Date of Summons	2009-09-28
Labour Court	ANTWERPEN

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
Full Name	STAR GEM WORLD DIAMONDS BVBA
Position	Manager
Address	2 HOVENIERSSTRAAT 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	HOVENIERSSTRAAT
House Number	42
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	267587
Trade Registered Entry Date	01/02/1989

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

Latest Event
Serial Number	154910
Event Description	Change of name

company details
Business Number	436360834
Name	GMTR DIAMONDS COMA
Fax Number	032023039
Establishment Date	11/01/1989
Company Status	ACTIVE
Company Type	Partnership limited by shares
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)