MIRA INFORM REPORT

Report Date :

02.05.2011

IDENTIFICATION DETAILS

Name :	AKHIL GEMS BVBA

Registered Office :	Mechelsesteenweg 160 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	23.07.1993

Com. Reg. No.:	450493041

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
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

Status :	Good
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Belgium

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

Company Summary

Company Summary
Business Name	AKHIL GEMS BVBA
Business Number	450493041
Address	MECHELSESTEENWEG 160 ANTWERPEN
Post Code	2018
Telephone	032309933
Fax Number	032370509
Date of Establisment	23/07/1993
Number of Employees	0

Credit Information Summary
Company Status	ACTIVE
Date of Deposit at Registry	21/09/2010
Date of Last Accounts	31/12/2009
Turnover	1,034,020
Results of Ordinary Operations Before Tax	-3,587
Networth	255,077

Past Payments
Payment Expectation Days	56.01
Days Sales Outstanding	212.06
Industry Average Payment Expectation Days	135.58
Industry Average Day Sales Outstanding	124.71

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//

Accounts & Ratio

Period
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	1,034,020	-32.1%	1,521,999	-47.7%	2,910,733
Total Operating Expenses	1,021,494	-32.0%	1,503,282	-48.0%	2,890,658
Operating Result	12,526	-33.1%	18,717	-6.8%	20,075
Total Financial Income	-	-	28	-86.0%	200
Total Financial Expenses	15,936	-12.1%	18,135	20.7%	15,020
Results on Ordinary Operations Before Tax	-3,410	-659.0%	610	-88.4%	5,255
Taxation	177	132.8%	-540	-148.5%	1,114
Results on Ordinary Operations After Tax	-3,587	-411.9%	1,150	-72.2%	4,141
Extraordinary Items	0	-	0	-	0
Net Result	-3,587	-411.9%	1,150	-72.2%	4,141
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	6,691	-58.7%	16,186	34.9%	11,998
- Wages & Salaries	3,286	-79.0%	15,666	45.3%	10,779
- Social Security Contributions	1,455	179.8%	520	-57.3%	1,219
- Other Employee Costs	1,950	-	-	-	-
Amortization & Depreciation	1,012	3.8%	975	-27.9%	1,352

Balance Sheet
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	1,596	-30.0%	2,279	-30.0%	3,254
- Land And Buildings	0	-	0	-	0
- Plant And Machinery	0	-	0	-	0
- Other Tangible Assets	1,596	-30.0%	2,279	-30.0%	3,254
Financial Fixed Assets	0	-	0	-	0
Total Fixed Assets	1,596	-30.0%	2,279	-30.0%	3,254
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	254,751	-48.8%	497,506	20.1%	414,299
Trade Debtors	600,742	246.9%	173,151	-67.6%	534,901
Cash	10,659	-46.4%	19,875	-58.1%	47,440
- Miscellaneous Current Assets	0	-	0	100.0%	-1
Total Current Assets	866,388	25.4%	690,926	-30.8%	997,994

- Trade Creditors	156,764	-5.4%	165,782	-71.2%	575,812
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	445,117	395.6%	89,818	-	0
- Miscellaneous Current Liabilities	10,513	-94.1%	178,941	6.6%	167,922
Total Current Liabilities	612,394	40.9%	434,541	-41.6%	743,734

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	0	-	0	-	0
- Other Long Term Liabilities	514	-	0	-	0
Total Long Term Debts	514	-	0	-	0

- Issued Share Capital	240,000	0.0%	240,000	0.0%	240,000
- Share Premium Account	0	-	0	-	0
- Reserves	15,077	-19.2%	18,664	6.6%	17,513
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	255,077	-1.4%	258,664	0.4%	257,513

Working Capital	253,994	-0.9%	256,385	0.8%	254,260
Net Worth	255,077	-1.4%	258,664	0.4%	257,513

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	-0.33	-925.0%	0.04	-77.8%	0.18
Return On Capital Employed	-1.33	-654.2%	0.24	-88.2%	2.04
Return On Total Assets Employed	-0.39	-533.3%	0.09	-82.7%	0.52
Return On Net Assets Employed	-1.34	-658.3%	0.24	-88.4%	2.07
Sales / Net Working Capital	4.07	-31.5%	5.94	-48.1%	11.45
Operating Efficiency
Stock Turnover Ratio	24.64	-24.6%	32.69	129.7%	14.23
Debtor Days	212.06	410.7%	41.52	-38.1%	67.08
Creditor Days	56.01	39.2%	40.25	-44.6%	72.71
Short Term Stability
Current Ratio	1.41	-11.3%	1.59	18.7%	1.34
Liquidity Ratio / Acid Ratio	1.00	122.2%	0.45	-42.3%	0.78
Current Debt Ratio	2.40	42.9%	1.68	-41.9%	2.89
Long Term Stability
Gearing	174.50	402.6%	34.72	-	0
Equity In Percentage	0.29	-21.6%	0.37	42.3%	0.26
Total Debt Ratio	1.75	400.0%	0.35	-	0

Payment Expectations

Payment Expectations
Payment Expectation Days	56.01
Day Sales Outstanding	212.06

Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	124.71
Industry Average Payment Expectation Days	135.58

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	41.24
Payment Expectations - Median	89.78
Payment Expectations - Upper	161.90
Day Sales Outstanding
Day Sales Outstanding - Lower	31.74
Day Sales Outstanding - Median	74.99
Day Sales Outstanding - Upper	157.96

Shareholders

No holding companies for this company.

No subsidaries for this 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
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
FullName	KALPESH KANTILAL BAKHAI
Position	Manager
Address	160 MECHELSESTEENWEG ANTWERPEN
Postal Code	2018
Country	--

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.

Latest Branch Details
Street	MECHELSESTEENWEG
House Number	209
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	297769
Trade Registered Entry Date	01/08/1993

Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	//

company details
Business Number	450493041
Name	AKHIL GEMS BVBA
Fax Number	032370509
Establishment Date	23/07/1993
Company Status	ACTIVE
Company Type	Private limited liability company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)