MIRA INFORM REPORT

Report Date :

20.04.2011

IDENTIFICATION DETAILS

Name :	RELIANCE BVBA

Registered Office :	30, Hoveniersstraat, Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	01.06.1986

Com. Reg. No.:	428939542

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesale of diamonds and other precious stones

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 :	Good
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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Belgium

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

Company Accounts

Period
Accounts End Date	31-12-2009	31-12-2008	31-12-2007
Currency	EUR	EUR	EUR
Weeks	52	52	52
Profit & Loss
Turnover	-	-	-
Total Operating Expenses	-	-	-
Operating Result	1,657	9,934	34,867
Total Financial Income	120	3,115	9,809
Total Financial Expenses	7,140	24,841	44,776
Results on Ordinary Operations Before Tax	-5,363	-11,792	-99
Taxation	1,588	4,707	14,192
Results on Ordinary Operations After Tax	-6,951	-16,499	-14,291
Extraordinary Items	0	1,353	56,921
Net Result	-6,951	-15,146	42,630
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	28,969	30,767	31,162
- Wages & Salaries	20,177	23,594	25,133
- Employee Pension Costs	-	-	-
- Social Security Contributions	7,004	5,629	4,531
- Other Employee Costs	1,788	1,544	1,498
Amortization & Depreciation	9,407	10,085	9,577
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	64,720	74,127	78,830
- Land And Buildings	53,756	56,313	58,869
- Plant And Machinery	4,541	5,802	2,358
- Other Tangible Assets	6,423	12,012	17,603
Financial Fixed Assets	545	545	545
Total Fixed Assets	65,265	74,672	79,375
Inventories	834,023	1,002,618	878,806
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	834,023	1,002,618	878,806
Trade Debtors	3,009,701	3,721,059	1,056,645
Cash	100,731	90,930	288,636
- Miscellaneous Current Assets	811	-1	2,163
Total Current Assets	3,967,313	4,822,639	2,238,580
Current Liabilities
- Trade Creditors	3,236,830	4,044,660	1,278,905
- Short Term Group Loans	0	0	0
- Other Short Term Loans	1,153	54,700	199,868
- Miscellaneous Current Liabilities	61,250	56,503	69,453
Total Current Liabilities	3,299,233	4,155,863	1,548,226
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	21,691	22,843	35,893
- Other Long Term Liabilities	0	0	84
Total Long Term Debts	21,691	22,843	35,977
Shareholders Equity
- Issued Share Capital	18,600	18,600	18,600
- Share Premium Account	0	0	0
- Reserves	693,055	700,006	715,152
- Revaluation Reserve	0	0	0
Total Shareholders Equity	711,655	718,606	733,752

Working Capital	668,080	666,776	690,354
Net Worth	711,655	718,606	733,752
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	-0.73	-1.59	-0.01
Return On Total Assets Employed	-0.13	-0.24	0
Return On Net Assets Employed	-0.80	-1.77	-0.01
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.20	1.16	1.45
Liquidity Ratio / Acid Ratio	0.95	0.92	0.88
Current Debt Ratio	4.64	5.78	2.11
Long Term Stability
Gearing	3.21	10.79	32.13
Equity In Percentage	0.18	0.15	0.32
Total Debt Ratio	0.03	0.11	0.32

Company Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--
NSSO Details
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--
Directors
Company Director
Full Name	RAJESH SHANTICHAND TASWALA
Birth Date	1952-12-25
Position Description	Manager
Address	34 QUINTEN MATSIJSLEI ANTWERPEN
Country	--
Postal Code	2018
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.68
UK Pound	1	Rs.72.56
Euro	1	Rs.63.53

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

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.

Company Summary
company details
Company Number	428939542
Name	RELIANCE BVBA
Address	30, HOVENIERSSTRAAT, ANTWERPEN
Post Code	2018
Telephone Number	032252343
Fax Number	032263380
Establishment Date	01-06-1986
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	1
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)
Latest Branch Details
Street	KORTE HERENTALSESTRAAT
House Number	10
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	251458
Trade Registered Entry Date	01-07-1986
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	89244
Event Description	Conversion of share capital in EUR
Limit
Credit Information
Purchase Limit (€)
Industry Comparison
Industry Average Credit Limit (€)	160,573
Payment Expectations
Payment Expectations
Payment Expectation Days
Day Sales Outstanding
Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	124.66
Industry Average Payment Expectation Days	137
Industry Quartile Analysis
Payment Expectations - Lower	41.25
Payment Expectations - Median	90.32
Payment Expectations - Upper	162.53

Day Sales Outstanding - Lower	31.52
Day Sales Outstanding - Median	75.21
Day Sales Outstanding - Upper	158.58
Company Shareholder Holding

Company Information

Company Accounts

Company Court Data

Unit