MIRA INFORM REPORT

Report Date :

02.05.2011

IDENTIFICATION DETAILS

Name :	PRIME INTERNATIONAL BVBA
Registered Office :	12, Hoveniersstraat, Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	27.07.2006
Com. Reg. No.:	882990109
Legal Form :	Private Limited Liability Company.
Line of Business :	Wholesale 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 :	No complaints
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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 Number	882990109
Name	PRIME INTERNATIONAL BVBA
Address	12, HOVENIERSSTRAAT, ANTWERPEN
Post Code	2018
Telephone Number	032399205
Fax Number	--
Establishment Date	27-07-2006
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	0
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)
Latest Branch Details
Street	BELGIELEI
House Number	143
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	0
Trade Registered Entry Date	01-08-2006
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	161730
Event Description	Appointment
Rating and Limit
Industry Comparison
Industry Average Credit Rating	66.71
Industry Average Credit Limit (€)	160,643
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	124.66
Industry Average Payment Expectation Days	137
Industry Quartile Analysis
Payment Expectations - Lower	41.25
Payment Expectations - Median	90.32
Payment Expectations - Upper	162.53
Day Sales Outstanding - Lower	31.52
Day Sales Outstanding - Median	75.21
Day Sales Outstanding - Upper	158.58
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	8,289	14,279	11,249
Total Financial Income	8	70	1
Total Financial Expenses	4,748	10,024	6,216
Results on Ordinary Operations Before Tax	3,549	4,325	5,034
Taxation	2,610	3,119	980
Results on Ordinary Operations After Tax	939	1,206	4,054
Extraordinary Items	0	2,230	0
Net Result	939	3,435	4,054
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	51	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	51	-	-
Amortization & Depreciation	4,189	3,205	-
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	13,552	17,741	0
- Land And Buildings	0	0	0
- Plant And Machinery	0	0	0
- Other Tangible Assets	13,552	17,741	0
Financial Fixed Assets	0	0	0
Total Fixed Assets	13,552	17,741	0
Inventories	574,084	113,066	334,796
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	574,084	113,066	334,796
Trade Debtors	183,791	494,817	445,592
Cash	38,876	46,923	28,310
- Miscellaneous Current Assets	613	2,295	1,935
Total Current Assets	810,181	664,829	813,101
Current Liabilities
- Trade Creditors	781,848	652,239	788,187
- Short Term Group Loans	0	0	0
- Other Short Term Loans	0	0	0
- Miscellaneous Current Liabilities	14,857	4,243	2,091
Total Current Liabilities	796,705	656,482	790,278
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	0	0	0
- Other Long Term Liabilities	0	0	168
Total Long Term Debts	0	0	168
Shareholders Equity
- Issued Share Capital	18,600	18,600	18,600
- Share Premium Account	0	0	0
- Reserves	8,427	7,489	4,054
- Revaluation Reserve	0	0	0
Total Shareholders Equity	27,027	26,089	22,654
Working Capital	13,476	8,347	22,823
Net Worth	27,027	26,089	22,654
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	13.13	16.58	22.06
Return On Total Assets Employed	0.43	0.63	0.62
Return On Net Assets Employed	26.34	51.82	22.06
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.02	1.01	1.03
Liquidity Ratio / Acid Ratio	0.30	0.84	0.61
Current Debt Ratio	29.48	25.16	34.88
Long Term Stability
Gearing	0	0	0
Equity In Percentage	0.03	0.04	0.03
Total Debt Ratio	0	0	0

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	MITESH RAMESH DOSHI
Birth Date
Position Description	Manager
Address	143 BELGIELEI ANTWERPEN
Country	--
Postal Code	2018
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.73.88
Euro	1	Rs.65.83

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.