MIRA INFORM REPORT

Report Date :

24.05.2011

IDENTIFICATION DETAILS

Name :	CLASSIC JEWELLERY BVBA
Registered Office :	2, Hoveniersstraat, Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	24.04.2006
Com. Reg. No.:	881088216
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale of watches and jewellery

RATING & COMMENTS

MIRA’s Rating :

B

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	a1	a1

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

Bottom of Form

Company Summary

company details
Company Number	881088216
Name	CLASSIC JEWELLERY BVBA
Address	2, HOVENIERSSTRAAT, ANTWERPEN
Post Code
Telephone Number
Fax Number	--
Establishment Date	24-04-2006
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	0
Activity Description	Wholesale of watches and jewellery
Activity Code	46480
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	169117
Event Description	Change of representative of legal person
Limit
Credit Information
Credit Limit (€)
Purchase Limit (€)
Industry Comparison
Industry Average Credit Limit (€)	9,529
Payment Expectations
Payment Expectations
Payment Expectation Days
Day Sales Outstanding
Industry Comparison
Activity Code	4648
Activity Description	Wholesale of watches and jewellery
Industry Average Day Sales Outstanding	100.78
Industry Average Payment Expectation Days	115.62
Industry Quartile Analysis
Payment Expectations - Lower	19.31
Payment Expectations - Median	60.50
Payment Expectations - Upper	148.12
Day Sales Outstanding - Lower	20.55
Day Sales Outstanding - Median	58.89
Day Sales Outstanding - Upper	141.37
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	-71,179	10,596	6,220
Total Financial Income	494,918	4,037	4
Total Financial Expenses	403,290	4,498	1,817
Results on Ordinary Operations Before Tax	20,449	10,136	4,408
Taxation	6,898	3,140	1,050
Results on Ordinary Operations After Tax	13,551	6,996	3,358
Extraordinary Items	0	0	0
Net Result	13,551	6,996	3,358
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	0	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	-	-	-
Amortization & Depreciation	13	-	-
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	1,805	0	0
- Land And Buildings	0	0	0
- Plant And Machinery	1,805	0	0
- Other Tangible Assets	0	0	0
Financial Fixed Assets	20,134	15,621	0
Total Fixed Assets	21,939	15,621	0
Inventories	1,705,070	1,752,170	753,123
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	1,705,070	1,752,170	753,123
Trade Debtors	1,419,004	744,374	271,372
Cash	389,805	241,974	235,323
- Miscellaneous Current Assets	1	0	-1
Total Current Assets	3,534,821	2,763,586	1,278,627
Current Liabilities
- Trade Creditors	3,471,614	2,719,770	1,235,070
- Short Term Group Loans	0	0	0
- Other Short Term Loans	0	0	0
- Miscellaneous Current Liabilities	43,259	29,168	22,218
Total Current Liabilities	3,514,873	2,748,938	1,257,288
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	0	0	0
- Other Long Term Liabilities	0	1,934	0
Total Long Term Debts	0	1,934	0
Shareholders Equity
- Issued Share Capital	18,600	18,600	18,600
- Share Premium Account	0	0	0
- Reserves	23,286	9,735	2,739
- Revaluation Reserve	0	0	0
Total Shareholders Equity	41,886	28,335	21,339
Working Capital	19,948	14,648	21,339
Net Worth	41,886	28,335	21,339
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	48.82	33.49	20.66
Return On Total Assets Employed	0.57	0.36	0.34
Return On Net Assets Employed	102.51	69.20	20.66
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.01	1.01	1.02
Liquidity Ratio / Acid Ratio	0.52	0.37	0.42
Current Debt Ratio	83.92	97.02	58.92
Long Term Stability
Gearing	0	0	0
Equity In Percentage	0.01	0.01	0.02
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	CLASSIC DIAM BVBA
Birth Date
Position Description	Manager
Address	2 HOVENIERSSTRAAT ANTWERPEN
Country	--
Postal Code	2018
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.28
UK Pound	1	Rs.73.30
Euro	1	Rs.63.61

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.