MIRA INFORM REPORT

Report Date :

30.04.2011

IDENTIFICATION DETAILS

Name :	BEAUTY GEMS BVBA

Registered Office :	62, Pelikaanstraat, Antwerpen 2018

Country :	Belgium

Financials (as on) :	30.09.2010

Date of Incorporation :	09.07.1999

Com. Reg. No.:	466572572

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 :	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 – 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	30-09-2010	30-09-2009	30-09-2008
Currency	EUR	EUR	EUR
Weeks	52	52	52
Profit & Loss
Turnover	8,524,940	4,838,480	7,717,271
Total Operating Expenses	8,495,037	4,818,098	7,686,670
Operating Result	29,903	20,382	30,601
Total Financial Income	2,135	2,867	34
Total Financial Expenses	19,107	12,887	12,610
Results on Ordinary Operations Before Tax	12,931	10,362	18,025
Taxation	2,907	2,130	4,300
Results on Ordinary Operations After Tax	10,024	8,232	13,725
Extraordinary Items	0	0	0
Net Result	10,024	8,232	13,725
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	0	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	-	-	-
Amortization & Depreciation	7,315	5,827	5,827
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	12,603	11,654	17,481
- Land And Buildings	0	0	0
- Plant And Machinery	0	0	0
- Other Tangible Assets	12,603	11,654	17,481
Financial Fixed Assets	1,228	1,228	1,228
Total Fixed Assets	13,831	12,882	18,709
Inventories	1,043,430	256,799	373,806
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	1,043,430	256,799	373,806
Trade Debtors	1,469,664	1,189,178	2,464,683
Cash	401,587	183,320	85,439
- Miscellaneous Current Assets	-1	0	-1
Total Current Assets	2,914,680	1,630,748	2,925,620
Current Liabilities
- Trade Creditors	1,828,497	522,576	1,801,847
- Short Term Group Loans	0	0	0
- Other Short Term Loans	313,524	359,097	358,491
- Miscellaneous Current Liabilities	262,857	248,347	278,614
Total Current Liabilities	2,404,878	1,130,020	2,438,952
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	0	0	0
- Other Long Term Liabilities	0	0	0
Total Long Term Debts	0	0	0
Shareholders Equity
- Issued Share Capital	20,000	20,000	20,000
- Share Premium Account	0	0	0
- Reserves	503,633	493,609	485,377
- Revaluation Reserve	0	0	0
Total Shareholders Equity	523,633	513,609	505,377

Working Capital	509,802	500,728	486,668
Net Worth	523,633	513,609	505,377
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	0.15	0.21	0.23
Return On Capital Employed	2.47	2.02	3.57
Return On Total Assets Employed	0.44	0.63	0.61
Return On Net Assets Employed	2.54	2.07	3.70
Sales / Net Working Capital	16.72	9.66	15.86
Operating Efficiency
Stock Turnover Ratio	12.24	5.31	4.84
Debtor Days	62.92	89.71	116.57
Creditor Days	78.56	39.59	85.56
Short Term Stability
Current Ratio	1.21	1.44	1.20
Liquidity Ratio / Acid Ratio	0.78	1.22	1.05
Current Debt Ratio	4.59	2.20	4.83
Long Term Stability
Gearing	59.87	69.92	70.94
Equity In Percentage	0.18	0.31	0.17
Total Debt Ratio	0.60	0.70	0.71

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	NIRAV SHAILESH SHAH
Birth Date
Position Description	Manager
Address	209 MECHELSESTEENWEG ANTWERPEN
Country	--
Postal Code	2018
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.73.88
Euro	1	Rs.65.83

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.

Company Summary
company details
Company Number	466572572
Name	BEAUTY GEMS BVBA
Address	62, PELIKAANSTRAAT, ANTWERPEN
Post Code	2018
Telephone Number	032185883
Fax Number	032341134
Establishment Date	09-07-1999
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	0
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)
Latest Branch Details
Street	MECHELSESTEENWEG
House Number	209
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	336037
Trade Registered Entry Date	01-10-1999
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	178272
Event Description	Transfer of registered office
Limit
Credit Information
Purchase Limit (€)	850,000
Industry Comparison
Industry Average Credit Limit (€)	160,643
Payment Expectations
Payment Expectations
Payment Expectation Days	78.56
Day Sales Outstanding	62.92
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