MIRA INFORM REPORT

Report Date :

25.07.2011

IDENTIFICATION DETAILS

Name :	RUSHABH DIMON BVBA

Registered Office :	74, Vestingstraat, Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	24.06.1992

Com. Reg. No.:	447722108

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
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

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

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

Company Summary

company details
Company Number	447722108
Name	RUSHABH DIMON BVBA
Address	74, VESTINGSTRAAT, ANTWERPEN
Post Code
Telephone Number	032269847
Fax Number	032310581
Establishment Date	24-06-1992
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	--
House Number
City	--
Postal Code
Trade Registered Number
Trade Registered Entry Date	--
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	304
Event Description	Appointment

Limit

Credit Information
Purchase Limit (€)	340,000
Industry Comparison
Industry Average Credit Limit (€)	140,177

Payment Expectations

Payment Expectations
Payment Expectation Days	117.14
Day Sales Outstanding	1.94
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 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	3,379,241	12,479,642	21,694,011
Total Operating Expenses	3,243,844	12,270,355	21,571,709
Operating Result	135,397	209,287	122,302
Total Financial Income	-	193	18,454
Total Financial Expenses	166,459	109,548	56,354
Results on Ordinary Operations Before Tax	-31,062	99,932	84,402
Taxation	55,928	27,477	23,088
Results on Ordinary Operations After Tax	-86,990	72,455	61,314
Extraordinary Items	120,594	0	0
Net Result	33,604	72,455	61,314
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	17,654	15,150	15,126
- Wages & Salaries	14,239	13,279	12,713
- Employee Pension Costs	-	-	-
- Social Security Contributions	3,231	1,764	2,308
- Other Employee Costs	184	107	105
Amortization & Depreciation	181	182	182
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	0	181	363
- Land And Buildings	0	0	0
- Plant And Machinery	0	181	363
- Other Tangible Assets	0	0	0
Financial Fixed Assets	0	0	0
Total Fixed Assets	0	181	363
Inventories	804,711	422,650	549,535
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	804,711	422,650	549,535
Trade Debtors	17,972	3,666,787	1,845,832
Cash	1,265,487	999,961	835,501
- Miscellaneous Current Assets	0	0	0
Total Current Assets	2,090,482	5,094,192	3,233,063
Current Liabilities
- Trade Creditors	1,041,048	4,005,687	2,334,750
- Short Term Group Loans	0	0	0
- Other Short Term Loans	354,308	420,944	289,028
- Miscellaneous Current Liabilities	83,101	89,321	303,682
Total Current Liabilities	1,478,457	4,515,952	2,927,460
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	200,000	200,000	0
- Other Long Term Liabilities	0	0	0
Total Long Term Debts	200,000	200,000	0
Shareholders Equity
- Issued Share Capital	18,592	18,592	18,592
- Share Premium Account	0	0	0
- Reserves	393,433	359,829	287,374
- Revaluation Reserve	0	0	0
Total Shareholders Equity	412,025	378,421	305,966

Working Capital	612,025	578,240	305,603
Net Worth	412,025	378,421	305,966
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-0.92	0.80	0.39
Return On Capital Employed	-5.08	17.28	27.59
Return On Total Assets Employed	-1.49	1.96	2.61
Return On Net Assets Employed	-5.08	17.28	27.62
Sales / Net Working Capital	5.52	21.58	70.99
Operating Efficiency
Stock Turnover Ratio	23.81	3.39	2.53
Debtor Days	1.94	107.24	31.06
Creditor Days	117.14	119.16	39.50
Short Term Stability
Current Ratio	1.41	1.13	1.10
Liquidity Ratio / Acid Ratio	0.87	1.03	0.92
Current Debt Ratio	3.59	11.93	9.57
Long Term Stability
Gearing	134.53	164.09	94.46
Equity In Percentage	0.20	0.07	0.09
Total Debt Ratio	1.35	1.64	0.94

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	NITIN RAIKUMAR MEHTA
Birth Date
Position Description	Manager
Address	2 BEUKENLAAN ANTWERPEN
Country	--
Postal Code	2020
Birth Date

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.72.34
Euro	1	Rs.63.87

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