MIRA INFORM REPORT

Report Date :

10.09.2011

IDENTIFICATION DETAILS

Name :	SANGHAVI JEWELS BVBA
Registered Office :	Hoveniersstraat 30 Antwerpen Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	27.07.2001
Com. Reg. No.:	475439956
Legal Form :	Private Limited Company
Line of Business :	Wholesale of watches and jewellery

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	110.000 (€)
Status :	Moderate
Payment Behaviour :	Partially correct
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

Business number	475439956	Company name	SANGHAVI JEWELS BVBA
Address	HOVENIERSSTRAAT 30 ANTWERPEN	Telephone number	-
Post code	2018	Fax number	-
Date of establishment	27/07/2001	Number of staff	1

Credit information

Company status	active
Credit Limit (€)	110.000
Purchase Limit	110.000

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	1,097,423	2,293	30,415
31/12/2008	1,399,974	14,097	28,121
31/12/2007	1,163,996	-25,481	15,090

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	530.02
Industry average payment expectation days	145.39	Industry average day sales outstanding	110.99
Day sales outstanding	485.83

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Court data summary

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

Business number	475439956	Company name	SANGHAVI JEWELS BVBA
Fax number	-	Date founded	27/07/2001
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2009
Activity code	46480	liable for VAT	yes
Activity description	Wholesale of watches and jewellery	VAT Number	BE.0475.439.956
Belgian Bullettin of Acts Publications	moniteur belge

Latest branch details

Street	HOVENIERSSTRAAT	Entry date	01/09/2001
House or po box number	2	Trade register number	345858
City	ANTWERPEN
Post code	2018

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	19/04/2010
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 19-04-2010: Wordt benoemd als zaakvoerder onder opschortende voorwaarde tot het bekomen van de beroepskaart: Shah Ishan Nileshkumar.

Event Date	19/04/2010
Event Description	resignation-appointment of director(s)
Event Details

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	1,097,423	-21.61	1,399,974	20.27	1,163,996	1,275,228	-13.94
Total operating expenses	1,092,630	-21.00	1,383,112	16.81	1,184,089	1,219,898	-10.43
Operating result	4,793	-71.58	16,862	83.92	-20,093	12,388	-61.31
Total financial income	82	-67.07	249	-39.86	414	18,161	-99
Total financial expenses	2,582	-14.36	3,015	-48.04	5,802	24,179	-89.32
Results on ordinary operations before taxation	2,293	-83.73	14,097	55.32	-25,481	3,552	-35.44
Taxation	-	-	1,066	-	-	12,879	-
Results on ordinary operations after taxation	2,293	-82.40	13,031	51.14	-25,481	-2,972	77.15
Extraordinary items	0	-	0	-	0	1,289	-100
Other appropriations	0	-	0	-	0	0	-
Net result	2,293	-82.40	13,031	51.14	-25,481	-1,018	225
OTHER INFORMATION
Dividends	-	-	-	-	-	51,329	-
Director remuneration	-	-	-	-	-	56,217	-
Employee costs	-	-	293	-99	42,759	160,808	-
Wages and salary	-	-	-	-	36,605	126,993	-
Employee pension costs	-	-	-	-	-	4,059	-
Social security contributions	-	-	293	-95.24	6,153	35,504	-
Other employee costs	0	-	0	-	0	4,454	-100
Amortization and depreciation	740	-41.87	1,273	-43.82	2,266	19,553	-96.22

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	2,975	-100
Tangible fixed assets	132	-84.85	871	-50.20	1,749	136,246	-99
Land & building	-	-	-	-	-	311,119	-
Plant & machinery	-	-	-	-	-	16,938	-
Other tangible assets	132	-84.85	871	-50.20	1,749	15,999	-99
Financial fixed assets	1,063	-91.25	12,149	-22.24	15,624	148,995	-99
Total fixed assets	1,195	-90.82	13,021	-25.05	17,373	214,971	-99
Inventories	40,008	-92.58	539,161	-8.84	591,430	348,404	-88.52
Raw materials & consumables	-	-	-	-	-	178,849	-
Work in progress	0	-	0	-	0	40	-100
Finished goods	0	-	0	-	0	62,181	-100
Other stocks	40,008	-92.58	539,161	-8.84	591,430	211,937	-81.12
Trade debtors	1,460,716	-2.21	1,493,695	43.74	1,039,132	174,446	737
Cash	64,512	-35.56	100,107	86.05	53,807	56,296	14.59
other amounts receivable	92,580	-21.68	118,212	43.00	82,664	49,325	87.69
Miscellaneous current assets	0	-	0	-100	5,231	12,796	-100
Total current assets	1,657,816	-26.36	2,251,175	27.02	1,772,264	565,596	193
CURRENT LIABILITIES
Trade creditors	1,586,612	-27.61	2,191,871	28.28	1,708,698	215,787	635
Short term group loans	-	-	-	-	-	0	-
Other short term loans	0	-	0	-100	4,287	81,453	-100
Miscellaneous current liabilities	41,984	-5.02	44,204	-28.20	61,562	-72.89	- -
Total current liabilities	1,628,596	-27.17	2,236,075	26.01	1,774,547	440,369	269
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	28,600	-100
Total long term debts	0	-	0	-	0	123,841	-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	144,233	-87.10
Share premium account	-	-	-	-	-	230,973	-
Reserves	11,815	24.09	9,521	271	-3,510	42,671	-72.31
Revaluation reserve	-	-	-	-	-	105,723	-
Total shareholders equity	30,415	8.16	28,121	86.36	15,090	192,990	-84.24
Working capital	29,220	93.51	15,100	661	-2,283	125,226	-76.67
Net worth	30,415	8.16	28,121	86.36	15,090	190,014	-83.99

ratio analysis

Annual accounts	31-12-2009	change(%)	31-12-2008	change(%)	31-12-2007	Industry average 2009	%
TRADING PERFORMANCE
Profit Before Tax	0.21	-79.21	1.01	46.12	-2.19	0,00	-
Return on capital employed	7.54	-84.96	50.13	29.69	-168.86	427,00	-98.23
Return on total assets employed	0.14	-77.42	0.62	43.66	-1.42	-13,00	1.08
Return on net assets employed	7.54	-84.96	50.13	29.69	-168.86	424,00	-98.22
Sales / net working capital	37.56	-59.49	92.71	18.18	-509.85	2,00	-99
Stock turnover ratio	3.65	-90.52	38.51	-24.21	50.81	205,00	-98.22
Debtor days	485.83	24.75	389.43	19.51	325.85	129,00	276
Creditor days	530.02	-8.37	578.43	9.82	526.71	363,00	46.01
SHORT TERM STABILITY
Current ratio	1.02	0.99	1.01	1.00	1	265,00	-98.96
Liquidity ratio / acid ratio	0.99	28.57	0.77	14.93	0.67	261,00	-99
Current debt ratio	53.55	-32.66	79.52	-32.38	117.60	98,00	-45.36
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	28.41	105,00	-
Equity in percentage	1.83	47.58	1.24	47.62	0.84	-199,00	0.92
Total debt ratio	53.55	-32.66	79.52	-32.38	117.60	99,00	-45.91

Rating History

No Rating History Data Found

Limit History

No Limit History Data Found

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average credit limit	7967.53

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	530.02
Day sales outstanding	485.83

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	145.39
Industry average day sales outstanding	110.99

Industry quartile analysis

Payment expectations
Company result	530.02
Lower	140.53
Median	64.45
Upper	14.92
Day sales outstanding
Company result	485.83
Lower	162.49
Median	46.18
Upper	16.50

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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

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834566125	SHANKAR (EUROPE) BVBA	0	-
851316738	V.M.E. HOVENIERSSTRAAT 30 PRF-INTRPRF VEN.	3000	-
860708021	BEL-AR DIAMONDS BVBA	8000	31/12/2010
860718810	PROTEA GEM DIAMONDS JEWELRY BVBA	0	31/12/2009
861159268	LUCKY DIAMONDS BVBA	0	31/12/2010
861938733	JEWEL GOLDI BVBA	365000	31/12/2010
861953579	BLUE ICE BVBA	0	31/12/2009
862455308	JEWELS ERA BVBA	785000	31/12/2010
862908139	K.P. SANGHVI (BELGIUM) BVBA	0	31/12/2010
863210621	CIEMME BVBA	26500	31/03/2010
863211710	VEERA DIMON BVBA	0	31/12/2010
863551210	D.N. GEMS B.V.B.A. BVBA	355000	30/06/2010
863637619	DIAMBEL JEWELLERY BVBA	0	31/12/2010
863930597	DERCO MANUFACTURING BVBA	-	31/12/2006
864822702	AMAZING DIAMONDS BVBA	0	31/12/2010
864940387	R.D. DIAMONDS BVBA	0	31/12/2010
865620278	VEEDIAM BVBA	0	31/12/2009
865979673	A.C. JEWELS BVBA	-	30/06/2009
866079247	AARYAA DIMON BVBA	125000	31/12/2010
866324717	PARV BVBA	0	31/12/2009
867397160	VENUS JEWEL (BELGIUM) BVBA	-	31/12/2009
867624220	ENCHANTE FINE JEWELRY BELGIUM BVBA	0	31/12/2010
869689726	VME GEB ANTWERPEN HOVENIERSSTRAAT 30-38 VME	1500	-
870095146	SOPHIA DIAMONDS BVBA	30000	30/09/2010
870281030	WORLD SHINER BELGIUM BVBA	0	31/12/2010
870589054	SNP CREATIONS IN VEREFFENING BVBA	-	31/12/2009
874131435	INDIGO JEWELLERY (BELGIUM) BVBA	0	31/12/2010
874376410	ALIZA IN VEREFFENING BVBA	-	30/06/2008
874584266	DIMEXON ANTWERP NV	0	31/12/2009
875091042	SHINING STAR BVBA	0	31/12/2010
876095189	V3-GEMS BVBA	0	31/12/2009
877266911	SE EGON JEWELLERY BUITENL.VEN	1500	-
877296209	VICTOR DIAMONDS BVBA	58000	31/12/2010
877548112	DIAMOND MINES BVBA	2250000	31/12/2010
877774873	BELLATAIRE BVBA	-	31/05/2009
878308769	DE TOLEDO DIAMONDS INTERNATIONAL BVBA	13500	31/12/2010
881342790	SHESHIL DIAM BVBA	0	31/12/2009
882360005	ALLURE DIAM BVBA	150000	31/12/2010
883901612	V.R. DIAMONDS BVBA	0	31/12/2010
884052951	SAMDIMON JEWELLERY BVBA	0	31/12/2010
885272379	KALPATARU BVBA	0	31/12/2010
885506268	G. DIAM BVBA	0	31/12/2009
886659281	SHOWBIZZ DIAMONDS BVBA	-	-
886831210	D.N. JEWELS ANTWERP BVBA	7000	30/06/2010
887954529	SUN & MOON GEMS BVBA	0	31/12/2009
888486049	DIAMOND ASSESSMENT BVBA	0	31/12/2010
888557810	RIWAGEM BVBA	0	31/12/2010
889635005	BHANSALI DIAMONDS N.V. NV	0	31/12/2010
889952036	T.J. DIAMONDS BVBA	0	31/12/2009
890927281	HED DIAMONDS BVBA	0	31/12/2009
891051896	STONEWORKS (ANTWERP) BVBA	-	30/06/2009
891939645	BHP BILLITON PETROLEUM LTD	4500	-
892650220	LOKKA SUITES BVBA	0	31/12/2010
894558150	SHANE BVBA	0	31/12/2009
894561714	SHANE CRÚATIONS BVBA	0	31/12/2010
894781943	H.V.DIAM BVBA	0	31/12/2009
895820536	DIASQUA EUROPE BVBA	0	31/12/2009
896564268	HOLLANDER & SONS BVBA	0	31/12/2009
896638009	BHP MINERALS EUROPE LTD	4500	-
898750134	NAMGEM TRADING BVBA	0	31/05/2010
899849105	S.V. DIAM IN VEREFFENING BVBA	-	-
899851479	S. VINODKUMAR (EUROPE) SALES BVBA	0	31/12/2010

Protested bills

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

NSSO details

Business number	475439956
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	SAMIR SHETH
Position	Principal Manager
Street	4 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	ISHAN NILESHKUMAR SHAH
Position	Principal Manager
Street
Post code
Country	India

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.38
UK Pound	1	Rs.74.01
Euro	1	Rs.64.48

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.