MIRA INFORM REPORT

Report Date :

28.06.2011

IDENTIFICATION DETAILS

Name :	Nipur BVBA

Registered Office :	Hoveniersstraat 53 Antwerpen, 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	30.01.1975

Com. Reg. No.:	414852667

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesale of Diamonds and other Precious Stones.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – 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	NIPUR BVBA
Business Number	414852667
Address	HOVENIERSSTRAAT 53 ANTWERPEN
Post Code	2018
Telephone	032332201
Fax Number	032971481
Date of Establishment	30/01/1975
Number of Employees	0

Credit Information Summary
Purchase Limit (€)	1,200,000
Date of Deposit at Registry	28/10/2010
Date of Last Accounts	31/12/2009
Turnover	4,911,828
Results of Ordinary Operations Before Tax	-
Networth	1,630,771

Past Payments
Payment Expectation Days	90.80
Days Sales Outstanding	122.36
Industry Average Payment Expectation Days	136.56
Industry Average Day Sales Outstanding	125.37

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	4,911,828	53.7%	3,196,740	-45.5%	5,863,879
Total Operating Expenses	4,811,159	54.3%	3,117,707	-46.3%	5,805,905
Operating Result	100,669	27.4%	79,033	36.3%	57,974
Total Financial Income	27	-69.7%	89	-	-
Total Financial Expenses	88,851	11.0%	80,016	57.7%	50,755
Results on Ordinary Operations Before Tax	11,844	1,423.4%	-895	-112.4%	7,220
Taxation	-	-	-	-	6,217
Results on Ordinary Operations After Tax	11,844	1,423.4%	-895	-189.2%	1,003
Extraordinary Items	0	-	0	-	0
Net Result	11,844	1,423.4%	-895	-189.2%	1,003
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	60	-99.5%	12,344	4.2%	11,845
- Wages & Salaries	-	-	10,038	10.7%	9,068
- Social Security Contributions	-	-	2,186	103.0%	1,077
- Other Employee Costs	60	-50.0%	120	-92.9%	1,700
Amortization & Depreciation	43,653	14.9%	37,994	-3.9%	39,556

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	599,287	-2.9%	617,356	-4.9%	649,452
- Land And Buildings	482,854	-0.2%	484,007	-0.2%	485,160
- Plant And Machinery	960	-73.4%	3,614	-22.6%	4,669
- Other Tangible Assets	115,473	-11.0%	129,735	-18.7%	159,623
Financial Fixed Assets	7,705	-5.8%	8,183	0.0%	8,183
Total Fixed Assets	606,992	-3.0%	625,539	-4.9%	657,635
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	1,651,756	1.2%	1,632,123	-30.9%	2,362,075
Trade Debtors	1,646,666	84.5%	892,424	-47.4%	1,696,541
Cash	239,433	158.0%	92,813	240.3%	27,277
- Miscellaneous Current Assets	-1	-	0	-100.0%	70
Total Current Assets	3,843,490	32.3%	2,905,262	-29.4%	4,114,618

- Trade Creditors	1,196,909	627.3%	164,580	-89.9%	1,623,179
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	1,019,481	-1.2%	1,031,709	31.1%	787,209
- Miscellaneous Current Liabilities	0	-100.0%	7,569	-72.2%	27,243
Total Current Liabilities	2,216,390	84.1%	1,203,858	-50.6%	2,437,631

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	603,321	-14.8%	708,016	0.0%	708,016
- Other Long Term Liabilities	0	-	0	-100.0%	6,783
Total Long Term Debts	603,321	-14.8%	708,016	-0.9%	714,799

- Issued Share Capital	297,472	0.0%	297,472	0.0%	297,472
- Share Premium Account	0	-	0	-	0
- Reserves	1,333,299	0.9%	1,321,455	-0.1%	1,322,349
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	1,630,771	0.7%	1,618,927	-0.1%	1,619,821

Working Capital	1,627,100	-4.4%	1,701,404	1.5%	1,676,987
Net Worth	1,630,771	0.7%	1,618,927	-0.1%	1,619,821

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	0.24	900.0%	-0.03	-125.0%	0.12
Return On Capital Employed	0.53	1,425.0%	-0.04	-112.9%	0.31
Return On Total Assets Employed	0.27	1,000.0%	-0.03	-120.0%	0.15
Return On Net Assets Employed	0.73	1,560.0%	-0.05	-111.6%	0.43
Sales / Net Working Capital	3.02	60.6%	1.88	-46.3%	3.50
Operating Efficiency
Stock Turnover Ratio	33.63	-34.1%	51.06	26.8%	40.28
Debtor Days	122.36	20.1%	101.90	-3.5%	105.60
Creditor Days	90.80	371.2%	19.27	-81.1%	102.04
Short Term Stability
Current Ratio	1.73	-28.2%	2.41	42.6%	1.69
Liquidity Ratio / Acid Ratio	0.99	-6.6%	1.06	47.2%	0.72
Current Debt Ratio	1.36	83.8%	0.74	-50.7%	1.50
Long Term Stability
Gearing	99.51	-7.4%	107.46	16.4%	92.31
Equity In Percentage	0.37	-19.6%	0.46	35.3%	0.34
Total Debt Ratio	1.00	-6.5%	1.07	16.3%	0.92

Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Limit (€)	153,328

Payment Expectations

Payment Expectations
Payment Expectation Days	90.80
Day Sales Outstanding	122.36

Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	125.37
Industry Average Payment Expectation Days	136.56

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	41.24
Payment Expectations - Median	90.61
Payment Expectations - Upper	162.11
Day Sales Outstanding
Day Sales Outstanding - Lower	31.71
Day Sales Outstanding - Median	74.91
Day Sales Outstanding - Upper	158.58

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	DEEPAK KUMAR MODI
Position	Manager
Address	44 EEKHOORNLAAN WILRIJK (ANTW.)
Postal Code	2610
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.10
UK Pound	1	Rs.71.88
Euro	1	Rs.63.75

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 Company	----

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	50256
Event Description	Transfer of registered office

company details
Business Number	414852667
Name	NIPUR BVBA
Fax Number	032971481
Establishment Date	30/01/1975
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 (€)