MIRA INFORM REPORT

Report Date :

26.08.2011

IDENTIFICATION DETAILS

Name :	RIKHAV BVBA
Registered Office :	Hoveniersstraat 53 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	14.05.2002
Com. Reg. No.:	477618694
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones

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 :	Moderate
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, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Belgium	a1	a1

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

Company summary

Bottom of Form

Business number	477618694	Company name	RIKHAV BVBA
Address	HOVENIERSSTRAAT 53 ANTWERPEN	Telephone number	032274742
Post code	2018	Fax number	-
Date of establishment	14/05/2002	Number of staff	0

Holding company

Safe Number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2009	18,766,575	36,744	3,042,537
31/12/2008	33,004,243	75,236	3,016,433
31/12/2007	54,372,985	104,821	2,962,198

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	34.36
Industry average payment expectation days	218.56	Industry average day sales outstanding	161.22
Day sales outstanding	2.56

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Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	477618694	Company name	RIKHAV BVBA
Fax number	-	Date founded	14/05/2002
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2009
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0477.618.694
Belgian Bullettin of Acts Publications	moniteur belge

Latest branch details

Street	HOVENIERSSTRAAT	Entry date	01/06/2002
House or po box number	53	Trade register number	349699
City	ANTWERPEN
Post code	2018

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

---

Profit & loss

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	18,766,575	-43.14	33,004,243	-39.30	54,372,985	27,567,864	-31.93
Total operating expenses	18,676,914	-43.07	32,806,588	-39.38	54,119,024	27,359,813	-31.74
Operating result	89,661	-54.64	197,655	-22.17	253,961	67,970	31.91
Total financial income	729	81.80	401	753	47	167,192	-99
Total financial expenses	53,645	-56.32	122,820	-17.67	149,187	235,869	-77.26
Results on ordinary operations before taxation	36,744	-51.16	75,236	-28.22	104,821	-21,109	174
Taxation	10,873	-48.22	21,000	-30.05	30,021	13,336	-18.47
Results on ordinary operations after taxation	25,871	-52.30	54,236	-27.49	74,800	-30,265	85.48
Extraordinary items	233	-	0	-	0	5,266	-95.58
Other appropriations	-1	-	0	-	0	-	-
Net result	26,103	-51.87	54,236	-27.49	74,800	-25,117	103
OTHER INFORMATION
Dividends	-	-	-	-	-	587,587	-
Director remuneration	-	-	-	-	-	116,934	-
Employee costs	-	-	-	-	-	130,830	-
Wages and salary	-	-	-	-	-	112,228	-
Employee pension costs	-	-	-	-	-	231,467	-
Social security contributions	-	-	-	-	-	28,446	-
Other employee costs	0	-	0	-	0	2,296	-100
Amortization and depreciation	605	-57.66	1,429	-46.70	2,681	22,994	-97.37

balance sheet

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	8,191	-100
Tangible fixed assets	1,163	-16.75	1,397	-50.57	2,826	167,803	-99
Land & building	-	-	-	-	-	334,396	-
Plant & machinery	716	-33.33	1,074	-38.13	1,736	25,125	-97.15
Other tangible assets	447	38.39	323	-70.37	1,090	20,660	-97.84
Financial fixed assets	-	-	14	0	14	267,198	-
Total fixed assets	1,163	-17.58	1,411	-50.32	2,840	348,637	-99
Inventories	1,581,516	-21.64	2,018,309	43.88	1,402,763	2,710,327	-41.65
Raw materials & consumables	-	-	-	-	-	3,074,534	-
Work in progress	0	-	0	-	0	4,485	-100
Finished goods	1,581,516	-21.64	2,018,309	43.88	1,402,763	1,729,633	-8.56
Other stocks	0	-	0	-	0	505,517	-100
Trade debtors	131,813	-88.03	1,100,834	-86.91	8,410,440	2,965,297	-95.55
Cash	3,949,721	325	927,247	420	178,217	213,648	1748
other amounts receivable	547,152	-2.74	562,540	18337	3,051	279,998	95.41
Miscellaneous current assets	9,029	92.15	4,699	393	953	18,846	-52.09
Total current assets	6,219,231	34.80	4,613,629	-53.84	9,995,424	5,748,791	8.18
CURRENT LIABILITIES
Trade creditors	1,757,944	1348	121,327	-97.81	5,551,678	2,367,987	-25.76
Short term group loans	-	-	-	-	-	-	-
Other short term loans	719,180	-3.98	748,986	-42.52	1,303,007	1,373,247	-47.63
Miscellaneous current liabilities	6,579	-32.51	9,748	-56.87	22,604	-98.57	- -
Total current liabilities	2,483,703	182	880,061	-87.20	6,877,289	4,092,738	-39.31
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	694,154	-3.39	718,546	352	158,777	106,182	553
Total long term debts	694,154	-3.39	718,546	352	158,777	513,850	35.09
SHAREHOLDERS EQUITY
Issued share capital	2,805,738	0	2,805,738	0	2,805,738	775,993	261
Share premium account	-	-	-	-	-	117,911	-
Reserves	236,799	12.39	210,695	34.66	156,460	650,772	-63.61
Revaluation reserve	-	-	-	-	-	726,467	-
Total shareholders equity	3,042,537	0.87	3,016,433	1.83	2,962,198	1,444,843	110
Working capital	3,735,528	0.05	3,733,568	19.74	3,118,135	1,656,053	125
Net worth	3,042,537	0.87	3,016,433	1.83	2,962,198	1,436,652	111
back to top

ratio analysis

Annual accounts	31-12-2009	change(%)	31-12-2008	change(%)	31-12-2007	Industry average 2009	%
TRADING PERFORMANCE
Profit Before Tax	0.20	-13.04	0.23	21.05	0.19	-13,00	1.54
Return on capital employed	0.98	-51.24	2.01	-40.18	3.36	-17,00	5.76
Return on total assets employed	0.59	-63.80	1.63	55.24	1.05	-4,00	14.75
Return on net assets employed	1.21	-51.41	2.49	-29.66	3.54	6,00	-79.83
Sales / net working capital	5.02	-43.21	8.84	-49.31	17.44	26,00	-99
Stock turnover ratio	8.43	37.75	6.12	137	2.58	202,00	-95.83
Debtor days	2.56	-78.96	12.17	-78.44	56.46	392,00	-99
Creditor days	34.36	2445	1.35	-96.39	37.44	195,00	-82.38
SHORT TERM STABILITY
Current ratio	2.50	-52.29	5.24	261	1.45	13,00	125
Liquidity ratio / acid ratio	1.87	-36.61	2.95	136	1.25	5,00	-62.60
Current debt ratio	0.82	182	0.29	-87.50	2.32	-2,00	41.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	23.64	-4.79	24.83	-43.56	43.99	72,00	-67.17
Equity in percentage	48.91	-25.17	65.36	120	29.63	-68,00	71.93
Total debt ratio	1.04	96.23	0.53	-77.73	2.38	-2,00	52.00

Limit History

no limit history data found

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average credit limit	140177.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	34.36
Day sales outstanding	2.56

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	218.56
Industry average day sales outstanding	161.22

Industry quartile analysis

Payment expectations
Company result	34.36
Lower	152.94
Median	94.06
Upper	49.45
Day sales outstanding
Company result	2.56
Lower	129.35
Median	68.20
Upper	29.93

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Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

Companies that match this address

no Companies Match this address

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	477618694
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	JITENDRAKUMAR BABULAL SHAH
Position	Principal Manager
Street	22 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	SHIMON BARBIE
Position	Principal Manager
Street	15 HAELA
Post code	52960
Country	Israël

Name	JAYESH SHAH
Position	Principal Manager
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.13
UK Pound	1	Rs.75.52
Euro	1	Rs.66.53

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
----	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.