MIRA INFORM REPORT

Report Date :

17.05.2011

IDENTIFICATION DETAILS

Name :	SACHDIAM BVBA

Registered Office :	1, Schupstraat, Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	23.07.1990

Com. Reg. No.:	441543208

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
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 – 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 details
Company Number	441543208
Name	SACHDIAM BVBA
Address	1, SCHUPSTRAAT, ANTWERPEN
Post Code
Telephone Number	032268126
Fax Number	032268126
Establishment Date	23-07-1990
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	--
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	385
Event Description	Transfer of registered office
Limit
Credit Information
Industry Comparison
Industry Average Credit Limit (€)	123,166
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	124.36
Industry Average Payment Expectation Days	134.41
Industry Quartile Analysis
Payment Expectations - Lower	40.62
Payment Expectations - Median	87.39
Payment Expectations - Upper	161.05

Day Sales Outstanding - Lower	30.95
Day Sales Outstanding - Median	73.85
Day Sales Outstanding - Upper	156.45
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	129,129	203,126	116,637
Total Financial Income	879	920	388
Total Financial Expenses	111,150	167,795	69,382
Results on Ordinary Operations Before Tax	18,858	36,251	47,643
Taxation	-47	9,875	10,000
Results on Ordinary Operations After Tax	18,905	26,376	37,643
Extraordinary Items	0	0	0
Net Result	18,905	26,376	37,643
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	0	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	-	-	-
Amortization & Depreciation	1,391	1,871	2,573

Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	1,634	2,150	3,634
- Land And Buildings	0	0	0
- Plant And Machinery	1,634	2,150	3,634
- Other Tangible Assets	0	0	0
Financial Fixed Assets	6,000	6,000	6,000
Total Fixed Assets	7,634	8,150	9,634
Inventories	474,856	503,272	439,940
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	474,856	503,272	439,940
Trade Debtors	1,922,466	3,175,683	4,299,898
Cash	29,964	17,053	4,593
- Miscellaneous Current Assets	5,671	28	0
Total Current Assets	2,571,671	3,833,801	4,770,774
Current Liabilities
- Trade Creditors	1,284,203	2,013,788	1,786,657
- Short Term Group Loans	0	0	0
- Other Short Term Loans	10,153	531,859	1,980,680
- Miscellaneous Current Liabilities	257,089	234,289	392,273
Total Current Liabilities	1,551,445	2,779,936	4,159,610
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	361,781	414,841	0
- Other Long Term Liabilities	0	0	0
Total Long Term Debts	361,781	414,841	0
Shareholders Equity
- Issued Share Capital	550,000	550,000	550,000
- Share Premium Account	0	0	0
- Reserves	116,079	97,174	70,798
- Revaluation Reserve	0	0	0
Total Shareholders Equity	666,079	647,174	620,798

Working Capital	1,020,226	1,053,865	611,164
Net Worth	666,079	647,174	620,798

Ratio Analysis

Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	1.83	3.41	7.67
Return On Total Assets Employed	0.73	0.94	1
Return On Net Assets Employed	1.85	3.44	7.80
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.66	1.38	1.15
Liquidity Ratio / Acid Ratio	1.35	1.20	1.04
Current Debt Ratio	2.33	4.30	6.70
Long Term Stability
Gearing	55.84	146.28	319.05
Equity In Percentage	0.26	0.17	0.13
Total Debt Ratio	0.56	1.46	3.19

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	SACHIV PRAVINCHANDRA BHANSALI
Birth Date	1961-06-05
Position Description	Manager
Address	1 KAREL OOMSSTRAAT ANTWERPEN
Country	--
Postal Code	2018

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.07
UK Pound	1	Rs.72.97
Euro	1	Rs.63.57

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