MIRA INFORM REPORT

Report No. :	356246
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	EUROCHOICE TRADERS LIMITED

Registered Office :	5 Windus Roadlondonn16 6ut

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	21.12.1992

Com. Reg. No.:	02775689

Legal Form :	Private limited with Share Capital

Line of Business :	· Wholesale of household goods (other than musical instruments) n.e.c. · Diamond trading.

No. of Employee :	Not Available

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 :	Slow but correct

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Kingdom

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK has been a net importer of energy since 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output.

In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company Name and Address

EUROCHOICE TRADERS LIMITED

5 WINDUS ROADLONDONN16 6UT

Company No

02775689

Company Status

Active - Accounts Filed

Company Summary

Registered Address 5 WINDUS ROAD
LONDON
N16 6UT

Trading Address 5 Windus Road
London
N16 6UT

Website Address -

Telephone Number -

Fax Number

TPS -

FPS Yes

Incorporation Date 21/12/1992

Previous Name

Type Private limited with Share Capital

FTSE Index -

Date of Change -

Filing Date of Accounts 15/09/2014

Currency GBP

Share Capital £4

SIC07 46499

Charity Number -

SIC07 Description WHOLESALE OF HOUSEHOLD GOODS (OTHER THAN MUSICAL INSTRUMENTS) N.E.C.

Principal Activity Diamond trading.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/12/2013 - - £840,062 -

31/12/2012 - - £831,548 -

31/12/2011 - - £830,012 -

Mortgage Summary

Total Mortgage 3

Outstanding 3

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Small company in respect of the rating/limit generated.

The latest Balance Sheet indicates a positive net working capital position.

The latest cash balances are considered to be low in terms of the overall outstanding creditor obligations.

There has been an increase in shareholders funds compared with the previous balance sheet.

This company trades in an industry with a moderate level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Total Current Directors	1
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	2

Current Directors

Title	Mr	Function	Director
Name	Benjamin Issacharoff	Nationality	British
Date of Birth	07/1964	Present Appointments	5
Latest Address	42 Queen Elizabeths Walk, London	Appointment Date	02/04/1993
Post Code	N16 0HH

Current Company Secretary

Title	Mr	Function	Company Secretary
Name	Asher Weinberg	Nationality	Israeli
Date of Birth	08/1963	Present Appointments	8
Latest Address	134 Stamford Hill, London	Appointment Date	02/04/1993
Post Code	N16 6QT

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
CHAYA ISSACHAROFF	GBP	1	ORDINARY	1	25
GITTEL TOVA WEINBERG	GBP	1	ORDINARY	1	25
B. ASSACHAROFF	GBP	1	ORDINARY	1	25
A. WEINBERG	GBP	1	ORDINARY	1	25

Profit & Loss

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Turnover	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Export	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Cost of Sales	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Gross Profit	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Wages & Salaries	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Directors Emoluments	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Operating Profit	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Depreciation	£592	-25.1%	£790	-24.8%	£1,051	-25.1%	£1,404	-24.9%	£1,870
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Audit Fees	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Interest Payments	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Pre Tax Profit	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Taxation	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Profit After Tax	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Dividends Payable	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Tangible Assets	£257,957	13.9%	£226,425	18.8%	£190,553	11.3%	£171,204	10.5%	£154,963
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Intangible Assets	0	-	0	-	0	-	0	-	0
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Total Fixed Assets	£257,957	13.9%	£226,425	18.8%	£190,553	11.3%	£171,204	10.5%	£154,963
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Stock	£41,250	6.5%	£38,750	19.2%	£32,500	17.1%	£27,750	13.3%	£24,500
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Trade Debtors	£1,777,779	-10.7%	£1,990,729	-10.4%	£2,221,885	14.5%	£1,940,502	-15.9%	£2,306,606
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Cash	£3,146	-97.3%	£114,802	-73.1%	£426,069	-7.5%	£460,433	185.1%	£161,512
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Other Debtors	0	-	0	-	0	-	0	-	0
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Total Current Assets	£1,822,175	-15%	£2,144,281	-20%	£2,680,454	10.4%	£2,428,685	-2.6%	£2,492,618
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Trade Creditors	£1,240,070	-19.4%	£1,539,158	-24.6%	£2,040,995	15.2%	£1,771,029	48.2%	£1,194,979
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Other Short Term Finance	0	-	0	-	0	-	0	-	0
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-100%	£645,454
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Total Current Liabilities	£1,240,070	-19.4%	£1,539,158	-24.6%	£2,040,995	15.2%	£1,771,029	-3.8%	£1,840,433
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Other Long Term Finance	0	-	0	-	0	-	0	-	0
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Called Up Share Capital	£4	-	£4	-	£4	-	£4	-	£4
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	P & L Account Reserve	£840,058	1%	£831,544	0.2%	£830,008	0.1%	£828,856	2.7%	£807,144
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Revaluation Reserve	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Sundry Reserves	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Shareholder Funds	£840,062	1%	£831,548	0.2%	£830,012	0.1%	£828,860	2.7%	£807,148

Other Financial Items

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Net Worth	£840,062	1%	£831,548	0.2%	£830,012	0.1%	£828,860	2.7%	£807,148
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Working Capital	£582,105	-3.8%	£605,123	-5.4%	£639,459	-2.8%	£657,656	0.8%	£652,185
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Total Assets	£2,080,132	-12.3%	£2,370,706	-17.4%	£2,871,007	10.4%	£2,599,889	-1.8%	£2,647,581
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Total Liabilities	£1,240,070	-19.4%	£1,539,158	-24.6%	£2,040,995	15.2%	£1,771,029	-3.8%	£1,840,433
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Net Assets	£840,062	1%	£831,548	0.2%	£830,012	0.1%	£828,860	2.7%	£807,148

Cash Flow

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Capital Employed	£840,062	1%	£831,548	0.2%	£830,012	0.1%	£828,860	2.7%	£807,148
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Number of Employees	-	-	-	-	-	-	-	-	-
	Accountants
	Auditors
	Auditor Comments	The company is exempt from audit
	Bankers	LLOYDS TSB BANK PLC
	Bank Branch Code

Ratios

	Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Pre-tax profit margin %	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Current ratio	1.47	1.39	1.31	1.37	1.35
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Sales/Net Working Capital	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Gearing %	0	0	0	0	0
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Equity in %	40.40	35.10	28.90	31.90	30.50
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Creditor Days	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Debtor Days	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Liquidity/Acid Test	1.43	1.36	1.29	1.35	1.34
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Return On Capital Employed %	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Return On Total Assets Employed %	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Current Debt Ratio	1.47	1.85	2.45	2.13	2.28
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Total Debt Ratio	1.47	1.85	2.45	2.13	2.28
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Stock Turnover Ratio %	-	-	-	-	-
$Description: \\shraddha\Online Foreign Reports\EUROCHOICE TRADERS LIMITED_files\barchart-grey.png$	Return on Net Assets Employed %	-	-	-	-	-

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
30/12/2014	Annual Returns
18/09/2014	New Accounts Filed
31/12/2013	Annual Returns
31/10/2013	New Accounts Filed
07/01/2013	Annual Returns
10/12/2012	New Accounts Filed
10/02/2012	Annual Returns
14/11/2011	Change in Reg.Office
14/11/2011	Change of Company Postcode
01/10/2011	New Accounts Filed
01/10/2011	New Accounts Filed
01/01/2011	Annual Returns
01/11/2010	New Accounts Filed
30/12/2009	Annual Returns
30/11/2009	New Accounts Filed

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group Structure Full

No Group Structure

Mortgage Details

Mortgage Type:	RENT DEPOSIT DEED
Date Charge Created:	04/08/98
Date Charge Registered:	13/08/98
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HATTON CROSS LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE LEASE DATED4TH AUGUST 1998
Details:	THE SUM DEPOSITED BY THE COMPANY WITH THE CHARGEE (OR THE BALANCE FROM TIME TO TIME STANDING TO THEACCOUNT) AS SECURITY FOR ITS OBLIGATIONS UNDER A LEASE DATED 4TH AUGUST 1998 AND MADE BETWEEN THE CHARGEE (1) AND THE COMPANY (2) IN RESPECT OF PREMISES BEING PART SECOND FLOOR (REAR SOUTH) 63/66 HATTON GARDEN LONDON EC1.
Mortgage Type:	LEGAL CHARGE
Date Charge Created:	08/04/98
Date Charge Registered:	20/04/98
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	102 MARVELS LANE GROVE PARK L/B OF LEWISHAM T/NO: SGL295779

Mortgage Type:	DEBENTURE
Date Charge Created:	17/06/94
Date Charge Registered:	24/06/94
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
M & K NOMINEE SECRETARIES LIMITED	39	2972
M & K NOMINEE SECRETARIES LIMITED	39	2972
Average Invoice Value		£52.76
Invoices available		1
Paid		1
Outstanding		0

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	1	0	0	0	0
Outstanding	0	0	0	0	0

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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13
GBP	1	Rs.98.64

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	TRU

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.