MIRA INFORM REPORT

Report Date :

02.06.2011

IDENTIFICATION DETAILS

Name :	Primil NV

Registered Office :	Belegielei 130, Antwerpen, 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	09.02.2001

Com. Reg. No.:	474115907

Legal Form :	Limited Company

Line of Business :	Wholesale 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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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	PRIMIL NV
Business Number	474115907
Address	BELGIELEI 130 ANTWERPEN
Post Code	2018
Telephone	032813288
Fax Number	--
Date of Establishment	09/02/2001
Number of Employees	0

Credit Information Summary
Company Status	ACTIVE
Date of Deposit at Registry	31/08/2010
Date of Last Accounts	31/12/2009
Turnover	4,010,836
Results of Ordinary Operations Before Tax	49,527
Networth	1,099,207

Past Payments
Payment Expectation Days	246.69
Days Sales Outstanding	214.53
Industry Average Payment Expectation Days	134.05
Industry Average Day Sales Outstanding	123.77

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	4,010,836	-55.8%	9,064,971	-	-
Total Operating Expenses	3,891,312	-56.4%	8,932,279	-	-
Operating Result	119,524	-9.9%	132,692	140.1%	55,263
Total Financial Income	3,999	-99.5%	821,864	2,679.0%	29,574
Total Financial Expenses	73,091	-91.7%	878,126	5,929.0%	14,565
Results on Ordinary Operations Before Tax	50,432	-34.0%	76,430	8.8%	70,272
Taxation	905	-89.3%	8,424	-29.3%	11,922
Results on Ordinary Operations After Tax	49,527	-27.2%	68,006	16.5%	58,350
Extraordinary Items	0	-	0	-	0
Net Result	49,527	-27.2%	68,006	16.5%	58,350
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	0	-	0	-	0
- Wages & Salaries	-	-	-	-	-
- Social Security Contributions	-	-	-	-	-
- Other Employee Costs	-	-	-	-	-
Amortization & Depreciation	3,715	436.1%	693	-11.2%	780

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	19,810	1,386.1%	1,333	-34.2%	2,026
- Land And Buildings	0	-	0	-	0
- Plant And Machinery	780	-41.5%	1,333	-34.2%	2,026
- Other Tangible Assets	19,030	-	0	-	0
Financial Fixed Assets	740	0.0%	740	0.0%	740
Total Fixed Assets	20,550	891.3%	2,073	-25.1%	2,766
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	981,108	-21.2%	1,245,330	7.1%	1,163,016
Trade Debtors	2,357,384	-48.5%	4,578,256	56.0%	2,934,610
Cash	1,129,451	70,314.7%	1,604	-99.6%	418,682
- Miscellaneous Current Assets	0	100.0%	-1	-	0
Total Current Assets	4,470,129	-23.3%	5,826,574	28.9%	4,518,971

- Trade Creditors	2,630,023	-4.2%	2,745,285	-18.6%	3,373,936
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	0	-100.0%	1,277,145	966.3%	119,775
- Miscellaneous Current Liabilities	37,097	10.0%	33,716	-27.3%	46,352
Total Current Liabilities	2,667,120	-34.2%	4,056,146	14.6%	3,540,063

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	724,352	0.3%	722,225	-	0
- Other Long Term Liabilities	0	-100.0%	595	-	0
Total Long Term Debts	724,352	0.2%	722,820	-	0

- Issued Share Capital	905,000	0.0%	905,000	20.3%	752,000
- Share Premium Account	0	-	0	-	0
- Reserves	194,207	34.2%	144,680	-37.0%	229,674
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	1,099,207	4.7%	1,049,680	6.9%	981,674

Working Capital	1,803,009	1.8%	1,770,428	80.9%	978,908
Net Worth	1,099,207	4.7%	1,049,680	6.9%	981,674

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	1.26	50.0%	0.84	-	-
Return On Capital Employed	2.77	-35.7%	4.31	-39.8%	7.16
Return On Total Assets Employed	1.12	-14.5%	1.31	-15.5%	1.55
Return On Net Assets Employed	2.80	-35.2%	4.32	-39.8%	7.18
Sales / Net Working Capital	2.22	-56.6%	5.12	-	-
Operating Efficiency
Stock Turnover Ratio	24.46	78.0%	13.74	-	-
Debtor Days	214.53	16.4%	184.34	-	-
Creditor Days	246.69	119.9%	112.18	-	-
Short Term Stability
Current Ratio	1.68	16.7%	1.44	12.5%	1.28
Liquidity Ratio / Acid Ratio	1.31	15.9%	1.13	18.9%	0.95
Current Debt Ratio	2.43	-37.0%	3.86	6.9%	3.61
Long Term Stability
Gearing	65.90	-65.4%	190.47	1,461.2%	12.20
Equity In Percentage	0.24	33.3%	0.18	-18.2%	0.22
Total Debt Ratio	0.66	-65.3%	1.90	1,483.3%	0.12

Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Rating	61.75
Industry Average Credit Limit (€)	125,316

Payment Expectations

Payment Expectations
Payment Expectation Days	246.69
Day Sales Outstanding	214.53

Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	123.77
Industry Average Payment Expectation Days	134.05

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	40.44
Payment Expectations - Median	88.67
Payment Expectations - Upper	161.36
Day Sales Outstanding
Day Sales Outstanding - Lower	31.05
Day Sales Outstanding - Median	73.85
Day Sales Outstanding - Upper	156.45

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	VIMESH HASMUKH RUPANI
Position	Managing director
Address	130 BELGIELEI ANTWERPEN
Postal Code	2018
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.89
UK Pound	1	Rs.73.85
Euro	1	Rs.64.76

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

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	--
House Number
City	--
Postal Code
Trade Registered Number
Trade Registered Entry Date	//

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

Latest Event
Serial Number	14006
Event Description	Reappointment commissioner

COMPANY DETAILS
Business Number	474115907
Name	PRIMIL NV
Fax Number	--
Establishment Date	09/02/2001
Company Status	ACTIVE
Company Type	Limited company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)