MIRA INFORM REPORT

Report Date :

18.05.2012

IDENTIFICATION DETAILS

Name :	GEMBEL EUROPEAN SALES

Registered Office :	Vestingstraat 74, Antwerpen, 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Year of Establishment :	1997

Com. Reg. No.:	460253815

Legal Form :	Private Subsidiary Company

Line of Business :	Jewelry and Silverware Manufacturing

No. of Employees :	10

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Belgium

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

Company name & address

Gembel European Sales

Vestingstraat 74

Antwerpen, 2018

Belgium

Tel: 03 231 48 15

Fax: 03 234 05 39

Web: www.geskay.com

Synthesis

Employees: 10

Company Type: Private Subsidiary

Corporate Family: 146 Companies

Ultimate Parent: Orkla ASA

Incorporation Date: 1997

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 83.1 1

Total Assets: 97.5

Business Description

Jewelry and Silverware Manufacturing

Industry

Industry Jewelry and Silverware

ANZSIC 2006: 2591 - Jewellery and Silverware Manufacturing

NACE 2002: 362 - Manufacture of jewellery and related articles

NAICS 2002: 33991 - Jewelry and Silverware Manufacturing

UK SIC 2003: 362 - Manufacture of jewellery and related articles

US SIC 1987: 3479 - Coating, Engraving, and Allied Services, Not Elsewhere Classified

Key Executives

Name	Title
Prabodh Mehta	President
Lucas Alfons Ida Toelen	Representative/Auditor
Bhavin Mehta	Managing Director

Registered No.(VAT) 460253815

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
Vestingstraat 74
Antwerpen, 2018
Belgium

Tel:	03 231 48 15
Fax:	03 234 05 39

www.geskay.com

Sales EUR(mil):	62.7
Assets EUR(mil):	72.7
Employees:	10
Fiscal Year End:	31-Dec-2010



Industry:	Jewelry and Silverware

Incorporation Date:	1997
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(VAT):	460253815


Managing Director:	Bhavin Mehta

Contents

Industry Codes

Business Description

Financial Data

Industry Codes

ANZSIC 2006 Codes:
2591	-	Jewellery and Silverware Manufacturing

NACE 2002 Codes:
362	-	Manufacture of jewellery and related articles

NAICS 2002 Codes:
33991	-	Jewelry and Silverware Manufacturing

US SIC 1987:
3479	-	Coating, Engraving, and Allied Services, Not Elsewhere Classified

UK SIC 2003:
362	-	Manufacture of jewellery and related articles

Business Description

Wholesale of other intermediate products

More Business Descriptions

Jewelry and Silverware Manufacturing

Financial Data

Financials in:	EUR(mil)

Revenue:	62.7
Assets:	72.7
Current Assets:	71.9
Fixed Assets:	0.8
Total Liabilities:	72.7
Issued Capital:	1.0
Net Worth:	1.0

Date of Financial Data:	31-Dec-2010

1 Year Growth

Corporate Family	Corporate Structure News:
	Orkla ASA Gembel European Sales
Gembel European Sales Total Corporate Family Members: 146

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Orkla ASA	Parent	Oslo	Norway	Construction - Supplies and Fixtures	10,881.2	29,785
Orkla Brands Russia	Subsidiary	Ekaterinburg	Russian Federation	Food Processing	143.7	3,500
Elkem AS	Subsidiary	Oslo	Norway	Iron and Steel	1,182.1	2,400
Sapa AB	Subsidiary	Stockholm	Sweden	Miscellaneous Fabricated Products	4,578.5	14,800
Sapa Extrusions - Cressona Operation	Facility	Cressona, PA	United States	Miscellaneous Fabricated Products	379.2	1,200
SAPA Profiles TermelÃµ Es Kereskedelmi Kft	Subsidiary	SzEkesfehErvÃ¡r	Hungary	Miscellaneous Fabricated Products	353.3	845
Sapa Profiles NL BV	Subsidiary	Harderwijk	Netherlands	Chemical Manufacturing		700
Sapa Profiles Puget SAS	Subsidiary	Puget sur Argens	France	Miscellaneous Fabricated Products	98.1	408
Sapa Heat Transfer AB	Subsidiary	FinspÃ¥ng	Sweden	Miscellaneous Fabricated Products	198.7	399
Sapa II Perfis SA	Subsidiary	Cacem	Portugal	Construction Services	55.4	295
Sapa Extruder Inc.	Subsidiary	Gainesville, GA	United States	Miscellaneous Fabricated Products		272
Sapa Extruder Inc.	Subsidiary	Mountain Top, PA	United States	Miscellaneous Fabricated Products		250
SAPA Building System SAS	Subsidiary	Puget sur Argens	France	Miscellaneous Capital Goods	77.2	224
Compex Sas	Subsidiary	Pegomas	France	Construction - Supplies and Fixtures	11.0	74
Remi Claeys Aluminium	Subsidiary	Lichtervelde	Belgium	Miscellaneous Fabricated Products	90.2	200
Gembel European Sales	Subsidiary	Antwerpen	Belgium	Jewelry and Silverware	83.1	10
Sapa Portugal ExtrusÃ£o e DistribuiÃ§Ã£o de AlumÃnio SA	Subsidiary	Sintra	Portugal	Miscellaneous Fabricated Products	39.0	200
SC Sapa Profiles Srl	Subsidiary	Arad	Romania	Metal Mining		200
Sapa Components UK Ltd.	Subsidiary	Gloucester	United Kingdom	Miscellaneous Fabricated Products	28.1	146
Sapa Komponenter AB	Subsidiary	Vetlanda, JÃ¶nkÃ¶ping	Sweden	Miscellaneous Fabricated Products	21.6	141
Sapa Extrusions Inc.	Subsidiary	Harderwijk	Netherlands	Miscellaneous Fabricated Products		100
Sapa Profiles Perfialsa S.L	Subsidiary	Arteixo, La CoruÃ±a	Spain	Chemical Manufacturing	42.4	76
Sapa Canada Inc.	Subsidiary	North York, ON	Canada	Metal Mining	18.7	75
Sapa Profilbearbetning AB	Subsidiary	FinspÃ¥ng, Ã–stergÃ¶tland	Sweden	Miscellaneous Fabricated Products	7.7	66
Sapa H E Tubing Louisville Operation LLC	Subsidiary	Louisville, KY	United States	Tires	57.0	50
Sapa Profiles Inc Tda	Division	Portland, OR	United States	Miscellaneous Fabricated Products	11.1	35
Sapa Profiles Holding AB	Subsidiary	Stockholm, Stockholm	Sweden	Business Services	34.0	16
Sapa Holdings SL	Subsidiary	Barcelona	Spain	Miscellaneous Fabricated Products		12
Sapa Profiilid AS	Subsidiary	Harjumaa	Estonia	Metal Mining		11
Sapa Profiilit Oy	Subsidiary	Espoo	Finland	Construction - Supplies and Fixtures	16.7	10
Sapa Building Systems BV	Subsidiary	Breda	Netherlands	Miscellaneous Fabricated Products		9
Sapa AB	Subsidiary	Stockholm	Sweden	Miscellaneous Fabricated Products	1,750.0
Sapa Profiler AB	Subsidiary	Vetlanda	Sweden	Miscellaneous Fabricated Products	275.1	975
Sapa Rc Profiles	Subsidiary	Lichtervelde	Belgium	Miscellaneous Fabricated Products	151.7	323
Sapa Profiles Snc	Subsidiary	Le Garric	France	Metal Mining	123.2	140
SAPA Profiler A/S	Subsidiary	GrenÃ¥	Denmark	Miscellaneous Fabricated Products	26.1	100
Sapa Profilbockning AB	Subsidiary	Vetlanda, JÃ¶nkÃ¶ping	Sweden	Miscellaneous Fabricated Products	7.6	74
Sapa Heat Transfer AB	Subsidiary	FinspÃ¥ng, Ã–stergÃ¶tland	Sweden	Miscellaneous Capital Goods	303.3	448
Sapa Building System AB	Subsidiary	Vetlanda, JÃ¶nkÃ¶ping	Sweden	Business Services	49.3	75
Sapa Lackering AB	Subsidiary	Vetlanda, JÃ¶nkÃ¶ping	Sweden	Fabricated Plastic and Rubber	8.8	56
Sapa Building System GmbH	Subsidiary	Ratingen, Nordrhein-Westfalen	Germany	Construction - Raw Materials		20
Sapa Fabricated Products	Subsidiary	Magnolia, AR	United States	Miscellaneous Fabricated Products	2.5
Alumax Bath Enclosures	Subsidiary	Magnolia, AR	United States	Miscellaneous Fabricated Products	257.4	715
Alumax Bath Enclosures	Branch	Tucker, GA	United States	Retail (Home Improvement)	3.9	15
Alumax Bath Enclosures	Branch	Kansas City, MO	United States	Retail (Home Improvement)	2.3	9
Alumax Bath Enclosures	Branch	Dallas, TX	United States	Retail (Specialty)	1.7	9
Alumax Bath Enclosures	Branch	Ontario, CA	United States	Retail (Home Improvement)	1.5	6
Alumax Bath Enclosures	Branch	Bensalem, PA	United States	Retail (Home Improvement)	1.3	5
Sapa Extrusions Inc	Subsidiary	Rosemont, IL	United States	Miscellaneous Fabricated Products
Sapa Extrusions Inc	Branch	Gainesville, GA	United States	Miscellaneous Capital Goods	416.1	365
Sapa Extrusions Inc	Branch	Delhi, LA	United States	Miscellaneous Fabricated Products	95.1	301
Sapa Extrusions Inc	Branch	Yankton, SD	United States	Miscellaneous Fabricated Products	94.8	300
Sapa Extrusions Inc	Branch	Mountain Top, PA	United States	Miscellaneous Fabricated Products	79.0	250
Sapa Extrusions Inc	Branch	Burlington, NC	United States	Miscellaneous Fabricated Products	79.0	250
Sapa Extrusions Inc	Branch	City Of Industry, CA	United States	Miscellaneous Fabricated Products	47.4	150
Sapa Extrusions Inc	Branch	Elkhart, IN	United States	Miscellaneous Fabricated Products	51.4	120
Sapa Extrusions Inc	Branch	Kokomo, IN	United States	Miscellaneous Fabricated Products	31.6	100
Sapa Extrusions Inc	Branch	Connersville, IN	United States	Miscellaneous Fabricated Products	23.4	74
Sapa Extrusions Inc	Branch	Spanish Fork, UT	United States	Miscellaneous Fabricated Products	4.7	15
Sapa Extrusions Inc	Branch	Portland, OR	United States	Miscellaneous Capital Goods	8.0	7
Sapa Extrusions Inc	Branch	High Point, NC	United States	Miscellaneous Fabricated Products	1.3	4
Sapa Aluminium BV	Subsidiary	Hoogezand	Netherlands	Metal Mining	57.9
Sapa Profiles Banbury Ltd.	Subsidiary	Alfreton	United Kingdom	Construction - Supplies and Fixtures	0.0
Sapa Aluminium Profile AG	Subsidiary	Zurich	Switzerland	Miscellaneous Capital Goods
Sapa H E Tubing Monterrey Operation SA de CV	Subsidiary	Cienega de Flores	Mexico	Construction - Supplies and Fixtures
Sapa Building System Vertriebs GmbH	Subsidiary	Gleisdorf	Austria	Miscellaneous Capital Goods
Sapa Profiles Kft	Subsidiary	Szekesfehervar	Hungary	Miscellaneous Fabricated Products
Sapa Profili S.r.l.	Subsidiary	Latina	Italy	Miscellaneous Fabricated Products
Sapa Profiles Inc.	Subsidiary	Portland, OR	United States	Miscellaneous Capital Goods
Sapa Aluminium Sp.z o.o.	Subsidiary	Lodz	Poland	Metal Mining
Elkem ASA-Carbon Division	Division	Kristiansand	Norway	Electronic Instruments and Controls		400
Carboderivados S.A.	Subsidiary	Serra, ES	Brazil	Chemical Manufacturing		34
SAPA Aluminium Profile GmbH	Subsidiary	Offenburg, Baden-WÃ¼rttemberg	Germany	Miscellaneous Fabricated Products	88.3	190
Elkem BjÃ¸lvefossen ASA	Division	Ã…lvik	Norway	Iron and Steel	53.1	150
Elkem ASA - Silicon Division	Division	Oslo	Norway	Miscellaneous Fabricated Products		120
Elkem Ãsland ehf	Subsidiary	Akranes	Iceland	Iron and Steel	204.5	213
Elkem Thamshavn AS	Division	Orkanger	Norway	Construction - Supplies and Fixtures	92.4	184
Elkem Tana	Division	Tana	Norway	Construction - Raw Materials	14.8	18
Elkem Silicon Materials-Pittsburgh	Division	Moon Township, PA	United States	Miscellaneous Fabricated Products		16
Elkem Solar Research	Division	Kristiansand	Norway	Business Services
Elkem Marnes Kvartsittbrudd	Division	Sandhorney	Norway	Miscellaneous Fabricated Products
Deepsea Elkem Chartering AS	Division	Oslo	Norway	Business Services	2.9	100
Elkem Matilios Salf America Ltda	Subsidiary	Diadema , SÃ£o Paulo	Brazil	Chemical Manufacturing		100
Elkem Metal Canada Inc.	Subsidiary	Chicoutimi, QC	Canada	Iron and Steel		80
Elkem Metals Canada Inc.-Hamilton	Division	Hamilton, ON	Canada	Commercial Banks	118.5	4
Elkem ASA - Materials Division	Division	Kristiansand	Norway	Construction - Raw Materials		80
Elkem Japan K.K.	Division	Tokyo	Japan	Construction - Supplies and Fixtures	610.8	12
Euro Nordic Logistics B.V.	Subsidiary	Ridderkerk	Netherlands	Business Services		25
Euro Nordic Netherlands B.V.	Subsidiary	Ridderkerk, Zuid-Holland	Netherlands	Engineering Consultants
Elkem Meraker As	Subsidiary	KOPPERÃ…	Norway	Water Transportation	160.2	15
Elkem Ltd.	Subsidiary	Sheffield	United Kingdom	Miscellaneous Capital Goods	2.2	15
Mill Street Ltd.	Subsidiary	Sheffield	United Kingdom	Miscellaneous Capital Goods	4.1	2
Gimtrade Ltd.	Subsidiary	Sheffield	United Kingdom	Nonclassifiable Industries
Elkem Materials Ltd.	Subsidiary	Sheffield	United Kingdom	Nonclassifiable Industries
Elkem Alloys Ltd	Subsidiary	Sheffield	United Kingdom	Nonclassifiable Industries
Elkem Energi As	Subsidiary	Oslo	Norway	Electronic Instruments and Controls	11.4	13
Elkem Energi Sauda As	Subsidiary	Oslo	Norway	Electronic Instruments and Controls
Aktieselskabet Saudefaldene	Subsidiary	Sauda, Rogaland	Norway	Public Sector and Government	59.2	38
Elkem Energi Kraft As	Subsidiary	Oslo	Norway	Electric Utilities
Svelgen Kraft AS	Subsidiary	Svelgen, Sogn og Fjordane	Norway	Electronic Instruments and Controls	30.9	13
Elkem Energi Lakshola As	Subsidiary	Straumgjerde	Norway	Electronic Instruments and Controls	18.1
Energi Handel AS	Subsidiary	Oslo, Oslo	Norway	Electric Utilities	317.8	2
Siso Energi AS	Subsidiary	Straumen, Nordland	Norway	Electronic Instruments and Controls	82.4	7
Elkem International As	Subsidiary	Oslo	Norway	Oil and Gas Operations	78.7
Bjolvefossen AS	Subsidiary	Alvik	Norway	Iron and Steel	75.0
Elkem Mangan Management As	Subsidiary	Oslo	Norway	Iron and Steel
Elkem Silicon	Subsidiary	Oslo	Norway	Chemical Manufacturing
Procordia Food AB	Subsidiary	Eslov	Sweden	Food Processing	453.3	1,010
Felix Austria Gesellschaft mbH	Subsidiary	Mattersburg	Austria	Food Processing	54.7	205
Bakers AS	Subsidiary	Oslo	Norway	Food Processing	222.2	893
Borregaard Industries Ltd	Subsidiary	Sarpsborg	Norway	Chemical Manufacturing	419.7	873
Nidar AS	Subsidiary	Trondheim	Norway	Food Processing	197.8	581
Lilleborg AS	Subsidiary	Oslo	Norway	Food Processing	309.3	553
GÃ¶teborgs Kex AB	Subsidiary	KungÃ¤lv	Sweden	Food Processing	104.1	418
Oy Panda Ab	Subsidiary	Vaajakoski	Finland	Food Processing	76.5	272
Axellus A/S	Subsidiary	IshÃ¸j	Denmark	Biotechnology and Drugs	75.1	197
Pharma-Vinci A/S	Subsidiary	FrederiksvÃ¦rk	Denmark	Biotechnology and Drugs	0.0	40
Felix Abba Oy Ab	Subsidiary	Turku	Finland	Food Processing	116.6	190
AS Kalev Chocolate Factory	Subsidiary	Lehmja, Harjumaa	Estonia	Food Processing		350
Oy Panda AB	Subsidiary	Vaajakoski	Finland	Food Processing	76.8	275
Orkla Foods A/S	Subsidiary	Kolbotn	Norway	Food Processing	658.7	180
Abba Seafood AB	Subsidiary	GÃ¶teborg	Sweden	Food Processing	171.8	374
Aktieselskabet Beauvais	Subsidiary	Taastrup	Denmark	Food Processing	126.3	257
Stabburet AS	Subsidiary	TrollÃ¥sen	Norway	Food Processing	521.9	180
SÃ¦tre AS	Subsidiary	Oslo	Norway	Food Processing	57.9	163
Odense Marcipan A/S	Subsidiary	Odense C	Denmark	Food Processing	69.6	158
BÃ¦chs Conditori A/S	Subsidiary	Hobro	Denmark	Food Processing	0.0	80
Idun Industri AS	Subsidiary	Skjetten	Norway	Food Processing	94.3	142
KÃ¥KÃ¥ AB	Subsidiary	Lomma	Sweden	Food Processing	123.5	116
JÃ¤stbolaget AB	Subsidiary	Sollentuna, Stockholm	Sweden		26.2	56
Tredo AB	Subsidiary	SÃ¶dertÃ¤lje, Stockholm	Sweden	Retail (Grocery)	1.6	16
Denomega Nutritional Oils As	Subsidiary	GAMLE FREDRIKSTAD	Norway	Food Processing	71.1	40
Borregaard Skoger AS	Subsidiary	Elverum, Hedmark	Norway	Forestry and Wood Products	9.3	6
Borregaard Vafos As	Subsidiary	Elverum	Norway	Construction - Supplies and Fixtures	1.4	6
BORREGAARD TRÃ†LANDSFOS AS	Subsidiary	Kyrks?ter?ra	Norway	Electronic Instruments and Controls	12.0	2
Orkla Brands	Subsidiary	Oslo	Norway	Food Processing	1,664.0
Chips AB	Subsidiary	Mariehamn	Finland	Food Processing	86.5	145
KiMs A/S	Subsidiary	SÃ¸ndersÃ¸	Denmark	Food Processing	109.3	227
OLW Sverige AB	Subsidiary	Filipstad	Sweden	Food Processing	106.2	192
Borregaard	Subsidiary	Sarpsborg	Norway	Chemical Manufacturing	625.0
Borregaard - Shanghai Representative Office	Subsidiary	Shanghai, Shanghai	China	Chemical Manufacturing		100
Borregaard LignoTech USA Inc	Subsidiary	Rothschild, WI	United States	Chemical Manufacturing	40.0	50
Borregaard Deutschland GmbH	Subsidiary	Karlsruhe, Baden-WÃ¼rttemberg	Germany	Chemical Manufacturing	22.1	50
Borregaard Schweiz AG	Subsidiary	Riedholz, Solothurn	Switzerland	Paper and Paper Products	364.6	5
Orkla Media A/S	Subsidiary	Oslo	Norway	Printing and Publishing	350.0
Reach Media As	Subsidiary	Oslo	Norway	Food Processing

Executive report

Executives

Name

Title

Function

Prabodh Mehta

PrEsident

President

Bhavin Mehta

Managing Director

Rashmi Mehta

Managing Director

Chetan Mehta

Managing Director

Lucas Alfons Ida Toelen

Representative/Auditor

Accounting Executive

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No

Turnover	83.1	71.9	99.4
Other Operating Income	0.1	0.1	0.2
Operating Income	83.2	72.0	99.6
Purchases	71.7	50.6	109.9
Increase or Decrease in Stocks	5.8	16.9	-19.1
Raw Materials, Consumables, and Goods for Release	77.6	67.5	90.8
Services and Sundry Goods	1.6	1.5	1.9
Remuneration, Social Security Charges, and Pensions	0.8	0.8	0.8
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	0.1	0.1	0.1
Other Operating Charges	0.0	0.0	0.0
Operating Charges	80.1	69.9	93.5
Income From Current Assets	0.0	0.0	0.0
Other Financial Income	0.1	0.0	0.5
Financial Income	0.1	0.1	0.5
Interest and Other Debt Charges	1.6	1.5	2.3
Other Financial Charges	1.4	0.5	4.1
Financial Charges	2.9	2.0	6.4
Other Extraordinary Income	-	-	0.0
Extraordinary Income	-	-	0.0
Income Taxes	0.1	0.1	0.2
Income Taxes	0.1	0.1	0.2
Employees	10	10	9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Formation Expenses	-	0.0	0.0
Plant, Machinery, and Equipment	0.0	0.1	0.1
Furniture and Vehicles	0.1	0.1	0.2
Other Tangible Assets	0.0	0.0	0.0
Tangible Assets	0.1	0.2	0.3
Participating Interests	1.0	-	-
Affiliated Enterprises	1.0	-	-
Capital Assets	1.0	-	-
Fixed Assets	1.1	0.2	0.3
Other Amounts Receivable	0.9	1.0	1.0
Amounts Receivable After More Than One Year	0.9	1.0	1.0
Goods Purchased for Resale	36.8	45.7	61.1
Stocks	36.8	45.7	61.1
Inventory and Orders in Progress	36.8	45.7	61.1
Trade Debtors	54.6	77.5	61.0
Other Amounts Receivable	0.0	0.3	0.3
Amounts Receivable Within One Year	54.7	77.8	61.3
Liquid Assets	3.9	1.0	2.2
Adjustment Accounts	0.1	-	-
Current Assets	96.4	125.6	125.6
Total Assets	97.5	125.8	125.9
Issued Capital	1.3	1.4	1.3
Capital	1.3	1.4	1.3
Legal Reserve	0.0	0.0	0.0
Untaxed Reserves	26.7	28.6	27.7
Reserves	26.7	28.6	27.7
Capital and Reserves	27.8	29.5	28.5
Subordinated Loans	1.0	-	-
Financial Debts	1.0	-	-
Suppliers	8.0	8.0	8.0
Trade Debts	8.0	8.0	8.0
Amounts Due After More Than One Year	9.0	8.0	8.0
Credit Institutions	25.7	38.2	38.7
Financial Debts	25.7	38.2	38.7
Suppliers	34.5	49.7	50.4
Trade Debts	34.5	49.7	50.4
Advances Received on Orders in Progress	0.1	0.1	0.1
Taxes	0.1	-	-
Remuneration and Social Security	0.1	0.1	0.1
Taxes, Wages, and Social Security	0.1	0.1	0.1
Other Amounts Payable	0.1	0.1	0.0
Amounts Payable Within One Year	60.5	88.2	89.2
Adjustment Accounts	0.2	0.0	0.2
Creditors	69.8	96.2	97.4
Total Liabilities + Shareholders' Equity	97.5	125.8	125.9

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.54.29
UK Pound	1	Rs.86.61
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

MNL

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.

MIRA INFORM REPORT

Company name & address

Synthesis

Business Description

Key Executives

Corporate Overview

Executive report

Annual Profit & Loss

Unit