MIRA INFORM REPORT

Report Date :

13.05.2011

IDENTIFICATION DETAILS

Name :	RARE GEMS BVBA

Registered Office :	Hoveniersstraat 30 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2008

Date of Incorporation :	17.11.1994

Com. Reg. No.:	453786289

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 – 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 Summary

Company Summary
Business Name	RARE GEMS BVBA
Business Number	453786289
Address	HOVENIERSSTRAAT 30 ANTWERPEN
Post Code	2018
Telephone	032273520
Fax Number	032312478
Date of Establishment	17/11/1994
Number of Employees	2

Credit Information Summary
Company Status	ACTIVE
Credit Limit (€)	NaN
Purchase Limit (€)
Date of Deposit at Registry	15/06/2009
Date of Last Accounts	31/12/2008
Turnover	31,479,751
Results of Ordinary Operations Before Tax	49,133
Networth	1,656,816

Past Payments
Payment Expectation Days	56.83
Days Sales Outstanding	116.27
Industry Average Payment Expectation Days	136.47
Industry Average Day Sales Outstanding	125.25

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

Accounts & Ratio

Period
Accounts End Date	31/12/2008	%	31/12/2007	%	31/12/2006
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	31,479,751	37.3%	22,928,283	69.5%	13,524,550
Total Operating Expenses	31,090,675	36.9%	22,705,840	69.0%	13,438,833
Operating Result	389,076	74.9%	222,443	159.5%	85,717
Total Financial Income	714	229.0%	217	55.0%	140
Total Financial Expenses	318,900	80.7%	176,462	203.9%	58,070
Results on Ordinary Operations Before Tax	70,891	53.5%	46,198	66.3%	27,787
Taxation	21,758	73.7%	12,526	354.5%	2,756
Results on Ordinary Operations After Tax	49,133	45.9%	33,672	34.5%	25,031
Extraordinary Items	0	-	0	-	0
Net Result	49,133	45.9%	33,672	34.5%	25,031
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	93,029	65.0%	56,392	-11.4%	63,630
- Wages & Salaries	76,919	63.0%	47,203	-13.7%	54,693
- Social Security Contributions	15,999	78.5%	8,964	3.6%	8,656
- Other Employee Costs	111	-50.7%	225	-19.9%	281
Amortization & Depreciation	30,326	10.5%	27,445	9.2%	25,126

Balance Sheet
Accounts End Date	31/12/2008	%	31/12/2007	%	31/12/2006
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	287,809	-5.7%	305,215	-0.6%	307,085
- Land And Buildings	250,358	-1.8%	255,028	-4.7%	267,678
- Plant And Machinery	443	-48.3%	857	-33.3%	1,285
- Other Tangible Assets	37,008	-25.0%	49,330	29.4%	38,122
Financial Fixed Assets	78	2.6%	76	0.0%	76
Total Fixed Assets	287,887	-5.7%	305,291	-0.6%	307,161
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	2,955,115	67.2%	1,767,892	28.6%	1,375,133
Trade Debtors	10,027,537	34.2%	7,472,420	44.7%	5,163,682
Cash	12,334	-37.4%	19,711	-34.7%	30,177
- Miscellaneous Current Assets	6,401	-4.0%	6,669	0.1%	6,664
Total Current Assets	13,010,955	40.3%	9,271,978	40.9%	6,581,033

- Trade Creditors	4,840,800	-19.8%	6,038,804	46.7%	4,115,137
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	5,391,358	171.3%	1,986,982	79.4%	1,107,525
- Miscellaneous Current Liabilities	43,297	-40.4%	72,649	-4.3%	75,910
Total Current Liabilities	10,275,455	26.9%	8,098,435	52.8%	5,298,572

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	1,366,401	4.0%	1,313,590	-9.9%	1,458,050
- Other Long Term Liabilities	170	-	0	-	0
Total Long Term Debts	1,366,571	4.0%	1,313,590	-9.9%	1,458,050

- Issued Share Capital	1,456,400	7,733.5%	18,592	0.0%	18,592
- Share Premium Account	0	-	0	-	0
- Reserves	200,416	36.7%	146,652	29.8%	112,980
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	1,656,816	902.6%	165,244	25.6%	131,572

Working Capital	2,735,500	133.1%	1,173,543	-8.5%	1,282,461
Net Worth	1,656,816	902.6%	165,244	25.6%	131,572

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	0.23	15.0%	0.20	-4.8%	0.21
Return On Capital Employed	2.34	-25.0%	3.12	78.3%	1.75
Return On Total Assets Employed	0.53	10.4%	0.48	20.0%	0.40
Return On Net Assets Employed	2.59	-34.3%	3.94	81.6%	2.17
Sales / Net Working Capital	11.51	-41.1%	19.54	85.2%	10.55
Operating Efficiency
Stock Turnover Ratio	9.39	21.8%	7.71	-24.2%	10.17
Debtor Days	116.27	-2.3%	118.95	-14.6%	139.36
Creditor Days	56.83	-41.5%	97.07	-13.2%	111.77
Short Term Stability
Current Ratio	1.27	11.4%	1.14	-8.1%	1.24
Liquidity Ratio / Acid Ratio	0.98	5.4%	0.93	-5.1%	0.98
Current Debt Ratio	6.20	-87.3%	49.01	21.7%	40.27
Long Term Stability
Gearing	407.88	-79.6%	1,997.39	2.4%	1,949.94
Equity In Percentage	0.12	500.0%	0.02	0.0%	0.02
Total Debt Ratio	4.08	-79.6%	19.97	2.4%	19.50

Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Limit (€)	142,835

Payment Expectations

Payment Expectations
Payment Expectation Days	56.83
Day Sales Outstanding	116.27

Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	125.25
Industry Average Payment Expectation Days	136.47

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	41.24
Payment Expectations - Median	90.29
Payment Expectations - Upper	162.11
Day Sales Outstanding
Day Sales Outstanding - Lower	31.74
Day Sales Outstanding - Median	74.91
Day Sales Outstanding - Upper	158.58

Shareholders

No holding companies for this company.

No subsidiaries 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
Full Name	SHETH SAMIR HASMUKH
Position	Manager
Address	4 VAN EYCKLEI ANTWERPEN
Postal Code	2018
Country	--

Company Director
Full Name	KINJALKUMAR VASANTLA CHOKSI
Position	Manager
Address	30 VAN EYCKLEI ANTWERPEN
Postal Code	2018
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.79
UK Pound	1	Rs.73.19
Euro	1	Rs.63.59

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.

Latest Branch Details
Street	HOVENIERSSTRAAT
House Number	12
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	306382
Trade Registered Entry Date	01/12/1994

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

Latest Event
Serial Number	104085
Event Description	Appointment

company details
Business Number	453786289
Name	RARE GEMS BVBA
Fax Number	032312478
Establishment Date	17/11/1994
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 (€)