MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	AL SULAIMAN JEWELLERY & WATCHES
Registered Office :	Bank Street 4687 Doha
Country :	Qatar
Date of Incorporation :	06.06.1993
Reg. No.:	29673
Legal Form :	With Limited Liability
Line of Business :	Wholesale and retail of jewellery, watches and luxury accessories.
No. of Employees :	75

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Qatar	A2	A2

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

Qatar - ECONOMIC OVERVIEW

Qatar has prospered in the last several years with continued high real GDP growth in 2011. Qatari authorities throughout the financial crisis sought to protect the local banking sector with direct investments into domestic banks. GDP rebounded in 2010 largely due to the increase in oil prices and 2011's growth was supported by Qatar's investment in expanding its gas sector. Economic policy is focused on developing Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas likely have made Qatar the second highest per-capita income country - behind Liechtenstein - and the country with the lowest unemployment. Proved oil reserves in excess of 25 billion barrels should enable continued output at current levels for 57 years. Qatar's proved reserves of natural gas exceed 25 trillion cubic meters, more than 13% of the world total and third largest in the world. Qatar's successful 2022 world cup bid will likely accelerate large-scale infrastructure projects such as Qatar's metro system and the Qatar-Bahrain causeway.

Source : CIA

SUMMARY

Company Name : AL SULAIMAN JEWELLERY & WATCHES

Country of Origin : Qatar

Legal Form : With Limited Liability - WLL

Registration Date : 6^th June 1993

Commercial Registration Number : 29673

Chamber Membership Number : 9390

Issued Capital : QR 200,000

Paid up Capital : QR 200,000

Total Workforce : 75

Activities : Wholesale and retail of jewellery, watches and luxury accessories.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

AL SULAIMAN JEWELLERY & WATCHES

ADDRESS

Registered & Physical Address

Location : Bank Street

PO Box : 4687

Town : Doha

Country : Qatar

Telephone : (974) 44442556 / 44426826 / 44930077

Facsimile : (974) 44442557 / 44442357

Email : info@alsulaimanjewellery.com

Premises

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Doha.

Branch Office (s)

Location Description

Hayat Palaza Rented showroom premises

Conference Center Street, Al Dafna Rented showroom premises

Al Majid Mall Rented showroom premises

Lulul Al Gharafa Centre Rented showroom premises

Gold Souq Rented showroom premises

Tel: (974) 44442556

Gold Souq (Br) Rented showroom premises

Tel: (974) 44361122

City Center Rented showroom premises

Tel: (974) 44930077

The Center Rented showroom premises

Tel: (974) 44415893

Hyatt Plaza Rented showroom premises

Tel: (974) 44601430

KEY PRINCIPALS

Name Position

Nassar Haider Al Sulaiman Managing Director

Azim Abbass General Manager

Shiraz Abbass Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 6^th June 1993

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 29673

Chamber Member No. : 9390

Issued Capital : QR 200,000

Paid up Capital : QR 200,000

Name of Shareholder (s)

Nassar Haider Al Sulaiman

Al Sulaiman Holding

Doha

AFFILIATED COMPANIES

Qatar Energy Co

Doha

Al Sulaiman Travel Agency

Doha

OPERATIONS

Activities: Engaged in the wholesale and retail of jewellery, watches and luxury accessories.

Import Countries: Italy, France and India

Brand Names: GERMANI & EROS

Subject has a workforce of 75 employees.

FINANCIAL DATA

Companies registered in Qatar are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

Doha Bank Ltd

Al Jasrah Street

PO Box: 3818

Doha

Tel: (974) 44435444

Fax: (974) 44416631 / 44410625

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

SDA

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.