MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	HARRY WINSTON DIAMOND INTERNATIONAL
Registered Office :	Pelikaanstraat 62, Antwerpen, 2018
Country :	Belgium
Financials (as on) :	31.01.2012
Date of Incorporation :	1998
Com. Reg. No.:	464577540
Legal Form :	Private Subsidiary
Line of Business :	Wholesale of other intermediate products
No. of Employees :	2

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 :	Small company
Payment Behaviour :	Slow
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 (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances

Source : CIA

Company name and address

Harry Winston Diamond International

Pelikaanstraat 62
Antwerpen, 2018
Belgium
Tel:	03 225 53 15
Fax:	03 233 21 65

Employees:	2
Company Type:	Private Subsidiary
Corporate Family:	54 Companies
Ultimate Parent:	Orascom Development Holding AG
Incorporation Date:	1998

Fiscal Year End:	31-Jan-2012
Reporting Currency:	Euro
Annual Sales:	249.3 ^1
Total Assets:	8.6

Business Description

Wholesale of other intermediate products

Industry

Industry	Retail (Department and Discount)
ANZSIC 2006:	373 - Furniture, Floor Covering and Other Goods Wholesaling
NACE 2002:	5156 - Wholesale of other intermediate products
NAICS 2002:	4239 - Miscellaneous Durable Goods Merchant Wholesalers
UK SIC 2003:	5156 - Wholesale of other intermediate products
UK SIC 2007:	4676 - Wholesale of other intermediate products
US SIC 1987:	509 - Miscellaneous Durable Goods

Key Executives

Name	Title
Harsh Bharat Dalal	Administrator, Everyday management responsible
James Pounds	Managing Director
Hendrik Van Doninck	Representative/Auditor
Robert A Gannicott	Chairman of the Board of Directors

Registered No.(VAT)

464577540

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7214681

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7624164

Corporate Overview

Location
Pelikaanstraat 62
Antwerpen, 2018
Belgium

Tel:	03 225 53 15
Fax:	03 233 21 65

Suggest Company URL

Sales EUR(mil):	179.9
Assets EUR(mil):	6.6
Employees:	2
Fiscal Year End:	31-Jan-2012

Industry:	Retail (Department and Discount)

Incorporation Date:	1998
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(VAT):	464577540

Chairman of the Board of Directors:	Robert A Gannicott

Industry Codes

ANZSIC 2006 Codes:
373	-	Furniture, Floor Covering and Other Goods Wholesaling

NACE 2002 Codes:
5156	-	Wholesale of other intermediate products

NAICS 2002 Codes:
4239	-	Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:
509	-	Miscellaneous Durable Goods

UK SIC 2003:
5156	-	Wholesale of other intermediate products

UK SIC 2007:
4676	-	Wholesale of other intermediate products

Business Description

Wholesale of other intermediate products

Financial Data

Financials in:	EUR(mil)
Revenue:	179.9
Assets:	6.6
Current Assets:	6.5
Fixed Assets:	0.1
Total Liabilities:	6.6
Issued Capital:	0.7
Net Worth:	0.7
Date of Financial Data:	31-Jan-2012

1 Year Growth

NA

NA

Harry Winston Diamond International
Total Corporate Family Members: 54

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Orascom Development Holding AG	Parent	Altdorf	Switzerland	Hotels and Motels	288.7	17,119
Orascom Group	Subsidiary	Cairo	Egypt	Miscellaneous Financial Services		20,000
Orascom Construction Industries SAE	Subsidiary	Cairo	Egypt	Construction Services	5,504.9	80,000
Acquisition of The Weitz Company proposed/announced.See corporate structure news on Orascom Development Holding AG for details
Cementech Limited	Subsidiary	Dubai	United Arab Emirates	Engineering Consultants		8,000
Egyptian Fertilizers Company	Subsidiary	Cairo	Egypt	Chemical Manufacturing		650
Orascom Construction Industries Algérie SPA	Subsidiary	Algiers	Algeria	Construction Services		500
United Paints & Chemicals Ltd.	Subsidiary	Cairo	Egypt	Construction Services		98
Egyptian Gypsum Company Ltd.	Subsidiary	Alexandria	Egypt	Engineering Consultants
A-Build Egypt Ltd.	Subsidiary	Giza	Egypt	Office Supplies
Contrack International, Inc.	Subsidiary	Arlington, VA	United States	Engineering Consultants		40
Besix Group	Subsidiary	Bruxelles	Belgium	Construction Services	13.2	19
N.V Besix S.A	Subsidiary	Bruxelles	Belgium	Construction Services	814.7	579
West Construct	Subsidiary	Oostkamp	Belgium	Construction Services	13.9	51
Kwadraat	Subsidiary	Opvelp	Belgium	Real Estate Operations	24.7	8
Centre De Coordination Des Betons - Coordinatie Centrum Beton	Subsidiary	Bruxelles	Belgium	Commercial Banks	0.4
Cocefi	Subsidiary	Bruxelles	Belgium	Construction Services	0.0
Etablissements Jean Wust	Subsidiary	Malmedy	Belgium	Construction Services	135.6	495
Six Construct Limited	Subsidiary	Dubai	United Arab Emirates	Construction Services		350
Socogetra	Subsidiary	Awenne	Belgium	Construction Services	62.3	312
G.N.B. Beton	Subsidiary	Bastogne	Belgium	Construction - Raw Materials	9.5	15
Franki Foundations Belgium	Subsidiary	Saintes	Belgium	Construction Services	65.9	209
Engeo	Subsidiary	Saintes	Belgium	Construction Services	0.0	2
Vanhout	Subsidiary	Geel	Belgium	Construction Services	110.5	208
Herenthoutse Bouw En Schrijnwerkerij H.B.S.	Subsidiary	Geel	Belgium	Construction Services	12.5	32
Vanhout Projects	Subsidiary	Geel	Belgium	Construction Services	0.8	14
Garage Croonen	Subsidiary	Lommel	Belgium	Retail (Specialty)	0.0	8
Harry Winston Diamond International	Subsidiary	Antwerpen	Belgium	Retail (Department and Discount)	249.3	2
Entreprises Jacques Delens	Subsidiary	Bruxelles	Belgium	Construction Services	132.0	182
Sud - Construct	Subsidiary	Bruxelles	Belgium	Construction Services	21.3
Compagnie Belge De Batiment	Subsidiary	Naninne	Belgium	Construction Services	38.7	138
Besix Park - Parkeerbeheer	Subsidiary	Antwerpen	Belgium	Miscellaneous Transportation	6.2	50
Parkeerbeheer Lier	Subsidiary	Lier	Belgium	Miscellaneous Transportation	2.5	2
Besix Real Estate Development	Subsidiary	Bruxelles	Belgium	Real Estate Operations	35.7	18
Besix Sanotec	Subsidiary	Bruxelles	Belgium	Construction Services	21.6	18
Moors Varkenshouderij	Subsidiary	Lommel	Belgium	Fish and Livestock	5.1
Materdak	Subsidiary	Machelen (Bt.)	Belgium	Miscellaneous Capital Goods	0.7
Thon Belgium	Subsidiary	Bruxelles	Belgium	Hotels and Motels	0.5
Transports Fernand Michel	Subsidiary	Mignault	Belgium	Trucking	14.7	115
Gdp Intertransport	Subsidiary	Brugge	Belgium	Trucking	0.0	53
Maison Amoroso	Subsidiary	Bruxelles	Belgium	Food Processing	28.1	32
Tanghe	Subsidiary	Steenokkerzeel	Belgium	Retail (Specialty)	36.4	28
United Holding Company SAE	Subsidiary	Cairo	Egypt	Investment Services		9
Alico Egypt	Subsidiary	Cairo	Egypt	Furniture and Fixtures	22.0
Suez Industrial Development Company	Subsidiary	Cairo	Egypt	Real Estate Operations
National Bag Company Ltd.	Subsidiary	Giza	Egypt	Engineering Consultants
Egyptian Container Handling Company Ltd.	Subsidiary	Cairo	Egypt	Engineering Consultants
National Steel Fabrication Ltd.	Subsidiary	Cairo	Egypt	Construction Services
OCI International Cyprus	Subsidiary	Limassol	Cyprus	Chemical Manufacturing
Orascom Hotels & Development	Subsidiary	Cairo	Egypt	Hotels and Motels	240.6	3,000
Orascom Hotel Holdings SAE	Subsidiary	Cairo	Egypt	Hotels and Motels
Orascom Technology Systems	Subsidiary	Giza	Egypt	Construction Services		230
Tamweel Mortgage Finance Company S.A.E.	Subsidiary	Cairo	Egypt	Consumer Financial Services		60
Orascom Housing Communities (OHC)	Subsidiary	Cairo	Egypt	Personal Services
Andermatt Swiss Alps	Subsidiary	Andermatt	Switzerland	Mobile Homes and RVs

Executives Report

Board of Directors

Name	Title	Function
Robert A Gannicott	Chairman of the Board of Directors	Chairman

Executives

Name	Title	Function
Harsh Bharat Dalal	Administrator, Everyday management responsible	Managing Director
James Pounds	Managing Director	Managing Director
Hendrik Van Doninck	Representative/Auditor	Accounting Executive

Harry Winston Diamond International Antwerpen, Belgium, Tel: 03 225 53 15

Annual Profit & Loss

	31-Jan-2012	31-Jan-2011	31-Jan-2010
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.721468	0.759051	0.714938
Consolidated	No	No	No
Turnover	249.3	239.3	161.2
Other Operating Income	0.1	0.1	0.1
Operating Income	249.4	239.4	161.3
Purchases	246.8	235.2	139.4
Increase or Decrease in Stocks	-1.8	0.5	18.8
Raw Materials, Consumables, and Goods for Release	245.0	235.6	158.2
Services and Sundry Goods	2.7	2.0	1.9
Remuneration, Social Security Charges, and Pensions	0.3	0.2	0.2
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	0.0	0.0	0.0
Other Operating Charges	0.0	0.1	0.0
Operating Charges	248.1	237.9	160.4
Income From Current Assets	0.0	0.0	0.0
Other Financial Income	-	0.0	0.0
Financial Income	0.0	0.0	0.0
Interest and Other Debt Charges	0.8	0.5	0.3
Other Financial Charges	0.3	0.3	0.3
Financial Charges	1.0	0.8	0.6
Income Taxes	0.1	0.2	0.1
Income Taxes	0.1	0.2	0.1
To the Legal Reserve	0.0	0.0	0.0
Transfers to Capital and Reserves	0.0	0.0	0.0
Administrators or Managers	-	0.1	-
Profit to be Distributed	-	0.1	-
Employees	2	2	2

Annual Balance Sheet

Financials in: USD (mil)

	31-Jan-2012	31-Jan-2011	31-Jan-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.762416	0.729395	0.71945
Consolidated	No	No	No
Plant, Machinery, and Equipment	0.1	0.0	0.0
Furniture and Vehicles	0.0	0.0	0.0
Tangible Assets	0.1	0.1	0.0
Amounts Receivable and Cash Guarantees	0.0	0.0	0.0
Other Capital Assets	0.0	0.0	0.0
Capital Assets	0.0	0.0	0.0
Fixed Assets	0.1	0.1	0.1
Goods Purchased for Resale	2.8	1.1	1.6
Stocks	2.8	1.1	1.6
Inventory and Orders in Progress	2.8	1.1	1.6
Trade Debtors	5.3	0.2	-
Other Amounts Receivable	0.1	0.0	0.1
Amounts Receivable Within One Year	5.3	0.3	0.1
Liquid Assets	0.3	15.7	9.9
Adjustment Accounts	0.0	0.0	0.0
Current Assets	8.5	17.1	11.6
Total Assets	8.6	17.1	11.6
Issued Capital	1.0	1.0	1.0
Capital	1.0	1.0	1.0
Legal Reserve	0.1	0.1	0.1
Reserves	0.1	0.1	0.1
Capital and Reserves	3.1	2.9	2.4
Non-Subordinated Bond Debentures	-	4.3	4.2
Financial Debts	-	4.3	4.2
Amounts Due After More Than One Year	-	4.3	4.2
Current Portion of Amounts Payable After More Than One Year	4.2	-	-
Credit Institutions	0.1	-	-
Financial Debts	0.1	-	-
Suppliers	0.2	8.3	3.7
Trade Debts	0.2	8.3	3.7
Taxes	0.1	0.1	0.0
Remuneration and Social Security	0.2	0.1	0.0
Taxes, Wages, and Social Security	0.3	0.3	0.0
Other Amounts Payable	0.6	0.6	0.5
Amounts Payable Within One Year	5.4	9.1	4.2
Adjustment Accounts	0.2	0.9	0.7
Creditors	5.5	14.3	9.2
Total Liabilities + Shareholders' Equity	8.6	17.1	11.6

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.66
UK Pound	1	Rs.86.36
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

PDT

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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