MIRA INFORM REPORT

Report Date :

07.06.2011

IDENTIFICATION DETAILS

Name :	SAGAR BVBA
Registered Office :	30, Hoveniersstraat, Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	26.10.1989
Com. Reg. No.:	438725654
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesaler of diamonds and other precious stones

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

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	a1	a1

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

Company Summary

company details
Company Number	438725654
Name	SAGAR BVBA
Address	30, HOVENIERSSTRAAT, ANTWERPEN
Post Code	2018
Telephone Number	032268029
Fax Number	032332813
Establishment Date	26-10-1989
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	2
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)
Latest Branch Details
Street	VAN EYCKLEI
House Number	28
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	273234
Trade Registered Entry Date	01-12-1989
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	130631
Event Description	Dismissal
Limit
Credit Information
Purchase Limit (€)
Industry Comparison
Industry Average Credit Limit (€)	156,078
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	125.58
Industry Average Payment Expectation Days	136.64
Industry Quartile Analysis
Payment Expectations - Lower	41.25
Payment Expectations - Median	91.12
Payment Expectations - Upper	162.38
Day Sales Outstanding - Lower	31.71
Day Sales Outstanding - Median	74.91
Day Sales Outstanding - Upper	158.89
Company Shareholder Holding

Company Accounts

Period
Accounts End Date	31-12-2009	31-12-2008	31-12-2007
Currency	EUR	EUR	EUR
Weeks	52	52	52
Profit & Loss
Turnover	-	-	-
Total Operating Expenses	-	-	-
Operating Result	12,581	36,990	33,330
Total Financial Income	513	183	180
Total Financial Expenses	28,678	60,676	33,519
Results on Ordinary Operations Before Tax	-15,584	-23,503	-10
Taxation	2,565	-	1,773
Results on Ordinary Operations After Tax	-18,149	-23,503	-1,783
Extraordinary Items	0	0	0
Net Result	-18,149	-23,503	-1,783
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	49,224	53,536	33,022
- Wages & Salaries	40,840	44,874	28,657
- Employee Pension Costs	-	-	-
- Social Security Contributions	7,426	7,654	3,754
- Other Employee Costs	958	1,008	611
Amortization & Depreciation	18,540	18,841	18,590
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	108,223	125,965	143,408
- Land And Buildings	99,934	105,509	111,083
- Plant And Machinery	1,365	2,235	4,340
- Other Tangible Assets	6,924	18,221	27,985
Financial Fixed Assets	744	744	744
Total Fixed Assets	108,967	126,709	144,152
Inventories	935,513	741,693	926,510
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	935,513	741,693	926,510
Trade Debtors	648,587	915,068	965,065
Cash	66,633	360,804	256,324
- Miscellaneous Current Assets	6,289	15,633	6,344
Total Current Assets	1,709,719	2,042,712	2,156,864
Current Liabilities
- Trade Creditors	1,106,436	1,179,338	1,073,463
- Short Term Group Loans	0	0	0
- Other Short Term Loans	39,555	241,139	287,824
- Miscellaneous Current Liabilities	30,735	67,418	51,198
Total Current Liabilities	1,176,726	1,487,895	1,412,485
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	191,468	197,810	197,532
- Other Long Term Liabilities	1,144	16,220	200,000
Total Long Term Debts	192,612	214,030	397,532
Shareholders Equity
- Issued Share Capital	18,600	18,600	18,600
- Share Premium Account	0	0	0
- Reserves	430,747	448,896	472,400
- Revaluation Reserve	0	0	0
Total Shareholders Equity	449,347	467,496	491,000
Working Capital	532,993	554,817	744,379
Net Worth	449,347	467,496	491,000
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	-2.43	-3.45	0
Return On Total Assets Employed	-0.86	-1.08	0
Return On Net Assets Employed	-2.92	-4.24	0
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.45	1.37	1.53
Liquidity Ratio / Acid Ratio	0.66	0.87	0.87
Current Debt Ratio	2.62	3.18	2.88
Long Term Stability
Gearing	51.41	93.89	98.85
Equity In Percentage	0.25	0.22	0.21
Total Debt Ratio	0.51	0.94	0.99

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
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--
Directors
Company Director
Full Name	ABHAY SURESCHCHANDRA SHAH
Birth Date
Position Description	Manager
Address	28 VAN EYCKLEI ANTWERPEN
Country	--
Postal Code	2018
Birth Date
Company Director
Full Name	SAMIR RAMESH MANIYAR
Birth Date
Position Description	Manager
Address	62 BELGIELEI ANTWERPEN
Country	--
Postal Code	2018
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.72
UK Pound	1	Rs.73.46
Euro	1	Rs.65.47

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.