MIRA INFORM REPORT

Report Date :

04.05.2012

IDENTIFICATION DETAILS

Name :	TACHÉ COMPANY NV
Registered Office :	Hoveniersstraat 53 -B 108antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	18.12.1957
Com. Reg. No.:	404991430
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	35

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Belgium	A1	A1

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

Top of Form

Company name and address

Business number		404991430	Company name	TACHÉ COMPANY NV
Telephone number	032341818
Address		HOVENIERSSTRAAT 53 -B 108ANTWERPEN	Fax number	032318792
Post code		2018	Number of staff	35
Date of establishment		18/12/1957

Ultimate holding company

Company name	Company Number
Taché Company NV	404991430

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	188,991,399	305,889	4,529,634
31/12/2009	129,816,215	432,277	3,991,921
31/12/2008	234,701,780	467,702	3,928,322

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	169,754,186	7,566	1,406,506	180,094	35
31/12/2009	153,369,505	6,685	1,304,645	277,941	36
31/12/2008	173,835,444	7,549	1,350,313	6,613,383	38

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	18.91
Industry average payment expectation days	192.03	Industry average day sales outstanding	145.35
Day sales outstanding	91.81

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	404991430	Company name	TACHÉ COMPANY NV
Fax number	032318792	Date founded	18/12/1957
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0404.991.430
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 20 TO 49 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	15/12/2011
Event Description
Event Details	De 1000 aandelen aan toonder worden omgezet in aandelen op naam. De aandelen een toonder worden vernietigd.

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	188,991,399	45.58	129,816,215	-44.69	234,701,780	46,617,247	305
Total operating expenses	178,229,501	48.46	120,055,251	-46.40	223,984,897	46,014,303	287
Operating result	10,761,898	10.25	9,760,964	-8.92	10,716,883	211,117	4997
Total financial income	18,369	-55.57	41,343	-68.29	130,396	157,613	-88.35
Total financial expenses	10,474,378	11.79	9,370,030	-9.73	10,379,577	310,947	3268
Results on ordinary operations before taxation	305,889	-29.24	432,277	-7.57	467,702	41,415	638
Taxation	124,994	54.39	80,959	-53.78	175,168	15,202	722
Results on ordinary operations after taxation	180,895	-48.51	351,318	20.09	292,534	31,085	481
Extraordinary items	45,147	29.15	-154,862	-3030	-4,947	2,685	1581
Other appropriations	0	-100	1	-	0	-	-
Net result	226,042	15.06	196,457	-31.69	287,587	33,767	569
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	383,523	24.97	306,893	22.06	251,431	113,424	238
Employee costs	1,352,347	11.79	1,209,746	-23.58	1,582,972	144,880	833
Wages and salary	884,954	10.00	804,488	-27.34	1,107,145	127,451	594
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	381,450	13.55	335,946	-23.51	439,182	30,985	1131
Other employee costs	85,943	23.99	69,313	89.15	36,645	3,153	2625
Amortization and depreciation	246,807	23.11	200,473	2.72	195,171	21,826	1030

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,700	-100
Tangible fixed assets	2,359,243	23.37	1,912,386	-8.10	2,080,906	194,121	1115
Land & building	1,390,508	3.86	1,338,849	-6.80	1,436,474	358,991	287
Plant & machinery	819,095	97.11	415,545	-16.86	499,791	27,328	2897
Other tangible assets	149,640	-5.29	157,992	9.23	144,641	27,425	445
Financial fixed assets	7,566	13.18	6,685	-11.45	7,549	314,139	-97.59
Total fixed assets	2,366,810	23.33	1,919,071	-8.11	2,088,455	407,881	480
Inventories	116,167,649	9.06	106,520,800	-1.37	107,995,214	3,153,850	3583
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,066	-100
Finished goods	116,167,649	9.06	106,520,800	-1.37	107,995,214	2,086,685	5467
Other stocks	0	-	0	-	0	522,181	-100
Trade debtors	47,540,059	15.59	41,127,285	-23.00	53,409,044	3,859,608	1131
Cash	180,094	-35.20	277,941	-95.80	6,613,383	265,753	-32.23
other amounts receivable	2,898,684	-5.07	3,053,463	-11.90	3,466,009	369,610	684
Miscellaneous current assets	600,890	27.59	470,945	78.84	263,339	42,769	1304
Total current assets	167,387,376	10.52	151,450,434	-11.82	171,746,989	7,165,907	2235
current liabilities
Trade creditors	9,232,464	49.58	6,172,069	-68.78	19,772,274	2,709,127	240
Short term group loans	-	-	-	-	-	-	-
Other short term loans	25,196,574	15.69	21,779,015	-7.07	23,436,162	1,928,928	1206
Miscellaneous current liabilities	974,350	20.64	807,640	-33.14	1,208,009	1155	- -
Total current liabilities	35,403,388	23.10	28,758,724	-35.25	44,416,445	4,446,977	696
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	8,580	-39.01	14,068	-	- -
Other long term liabilities	129,821,164	7.64	120,610,280	-3.88	125,476,609	719,526	17942
Total long term debts	129,821,164	7.63	120,618,860	-3.88	125,490,677	1,352,272	9500
shareholders equity
Issued share capital	1,406,506	7.81	1,304,645	-3.38	1,350,313	1,029,396	36.63
Share premium account	1,293,165	7.81	1,199,512	-3.38	1,241,500	183,372	605
Reserves	1,829,963	23.00	1,487,764	11.32	1,336,509	683,048	167
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	4,529,634	13.47	3,991,921	1.62	3,928,322	1,730,250	161
Working capital	131,983,988	7.57	122,691,710	-3.64	127,330,544	2,718,930	4754
Net worth	4,529,634	13.47	3,991,921	1.62	3,928,322	1,728,551	162

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.16	-51.52	0.33	65.00	0.20	-2,00	8.00
Return on capital employed	0.23	-34.29	0.35	-2.78	0.36	18,00	-98.72
Return on total assets employed	0.18	-35.71	0.28	3.70	0.27	-78,00	0.23
Return on net assets employed	6.75	-37.67	10.83	-9.07	11.91	19,00	-64.47
Sales / net working capital	1.43	34.91	1.06	-42.39	1.84	35,00	-99
Stock turnover ratio	61.47	-25.09	82.06	78.35	46.01	67,00	-8.25
Debtor days	91.81	-20.61	115.64	39.22	83.06	168,00	-45.35
Creditor days	18.91	0.80	18.76	-41.78	32.22	174,00	-89.13
short term stability
Current ratio	4.73	-10.25	5.27	36.18	3.87	8,00	-40.88
Liquidity ratio / acid ratio	1.45	-7.05	1.56	8.33	1.44	5,00	-71.00
Current debt ratio	7.82	8.61	7.20	-36.34	11.31	8,00	-2.25
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	556.26	1.92	545.79	-8.57	596.95	122,00	355
Equity in percentage	2.67	2.69	2.60	15.04	2.26	-1.500,00	0.18
Total debt ratio	36.48	-2.51	37.42	-13.48	43.25	9,00	305

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment expectations

Payment expectation days	18.91
Day sales outstanding	91.81

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	192.03
Industry average day sales outstanding	145.35

Industry quartile analysis

Company result	18.91
Lower	135.47
Median	90.04
Upper	47.22
Company result	91.81
Lower	118.09
Median	62.37
Upper	27.78

Summary

Group - Number of Companies	2
Linkages - Number of Companies	2
Number of Countries	1

Group Structure

Company name	Number
- TACHÉ COMPANY NV	404991430
- - TACHE & COMPANY ITALIA S.R.L.

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	%	Date of accounts
434165664	In vereffening BVBA	49	31/12/2009
448601046	Smolensk Diamonds NV	0.02	31/12/2010

Companies that match this address

no Companies Match this address

Linked Companies

Name	number	Latest Key financials	Turnover
IN VEREFFENING BVBA	434165664	31.12.2009	€1.182.223
SMOLENSK DIAMONDS NV	448601046	31.12.2010	€117.852.267

NSSO details

Business number	404991430
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name		JEAN-JACQUES TACHE
Position		Director
Street		72 ACACIALAAN ANTWERPEN
Post code		2610
Country		Belgium
Name	LOUIS STELMAN
Position	Director
Street	32 HENRILEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	ANNE TACHÉ
Position	Director
Street	32 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name		ISAAC TACHE
Position		Director
Date of birth		06/08/1940
Street		85 FRILINGLEI BRASSCHAAT
Post code		2930
Country		Belgium

Name	JACQUES TACHÉ
Position	Director
Street	34 PETER BENOITSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	JACQUES TACHÉ
Position	Managing Director
Street	34 PETER BENOITSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name		JOSEPH TACHÉ
Position		Director
Street		50 BAILLET-LATOURLEI BRASSCHAAT
Post code		2930
Country		Belgium
Name	ROBERT TACHÉ
Position	Director
Street
Post code
Country

Name	JEAN TACHÉ
Position	Director

Former director details

Name	JOSEPH TACHÉ
Position	Managing Director
Street	50 BAILLET-LATOURLEI BRASSCHAAT
Post code	2930
Country	Belgium

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.53.23
UK Pound	1	Rs.86.14
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.