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MIRA INFORM REPORT

Report Date :

16.02.2012

IDENTIFICATION DETAILS

Name :	RISING STONE BVBA
Registered Office :	Hoveniersstraat 2 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	01.12.2000
Com. Reg. No.:	473409983
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Belgium	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

Business number	473409983	Company name	RISING STONE BVBA
Safe number	BE00452380	Telephone number	032946779
Address	HOVENIERSSTRAAT 2 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	-
Date of establishment	01/12/2000
Business number	473409983	Company name	RISING STONE BVBA
Fax number	-	Date founded	01/12/2000
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0473.409.983
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	NISHIT ASHOKKUMAR MEHTA
Position	Principal Manager
Street	7 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Protested bills

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

NSSO details

Business number	473409983
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	189
Industry average day sales outstanding	143.21

Industry quartile analysis

Payment expectations	View graph
Company result	-
Lower	133.90
Median	88.52
Upper	47.10
Day sales outstanding	View graph
Company result	-
Lower	115.33
Median	61.01
Upper	27.27

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		27,709	77,329
31/12/2009		15,865	58,331
31/12/2008		18,232	46,106

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	2,614,069		19,000	857,799	0
31/12/2009	1,955,264		19,000	414,629	0
31/12/2008	1,729,791		19,000	65,267	0

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	47,017,214	-
Total operating expenses	-	-	-	-	-	46,418,900	-
Operating result	29,705	54.44	19,234	-11.92	21,836	208,541	-85.76
Total financial income	4	20300	0	-99	1,911	154,352	-99
Total financial expenses	2,000	-40.65	3,370	-38.89	5,514	304,027	-99
Results on ordinary operations before taxation	27,709	74.66	15,865	-12.98	18,232	42,656	-35.04
Taxation	8,711	139	3,640	-17.72	4,424	15,443	-43.59
Results on ordinary operations after taxation	18,998	55.41	12,225	-11.47	13,808	32,187	-40.98
Extraordinary items	0	-	0	-	0	9,739	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	18,998	55.41	12,225	-11.47	13,808	41,923	-54.68
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	-	-	-	-	-	143,868	-
Wages and salary	-	-	-	-	-	126,514	-
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	-	-	-	-	-	30,693	-
Other employee costs	0	-	0	-	0	3,189	-100
Amortization and depreciation	443	-0.61	446	62.16	275	20,804	-97.87

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,700	-100
Tangible fixed assets	1,604	-21.65	2,047	955	194	194,061	-99
Land & building	-	-	-	-	-	361,124	-
Plant & machinery	1,418	-21.49	1,806	831	194	26,295	-94.61
Other tangible assets	186	-22.84	241	-	0	27,426	-99
Financial fixed assets	-	-	-	-	-	309,211	-
Total fixed assets	1,604	-21.65	2,047	955	194	404,851	-99
Inventories	307,266	-58.99	749,220	-47.41	1,424,587	3,035,941	-89.88
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,088	-100
Finished goods	0	-	0	-	0	2,002,221	-100
Other stocks	307,266	-58.99	749,220	-47.41	1,424,587	513,417	-40.15
Trade debtors	1,444,809	83.41	787,736	231	237,761	3,856,687	-62.54
Cash	857,799	106	414,629	535	65,267	267,817	220
other amounts receivable	2,592	58.78	1,632	-17.64	1,982	335,873	-99
Miscellaneous current assets	0	-	0	-	0	40,485	-100
Total current assets	2,612,465	33.75	1,953,217	12.93	1,729,597	7,035,740	-62.87
current liabilities
Trade creditors	1,651,228	53.34	1,076,815	33.31	807,747	2,678,241	-38.35
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	1,912,866	-100
Miscellaneous current liabilities	885,512	7.97	820,119	-6.37	875,938	964	- -
Total current liabilities	2,536,740	33.73	1,896,933	12.67	1,683,685	4,390,276	-42.22
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	720,494	-100
Total long term debts	0	-	0	-	0	1,307,950	-100
shareholders equity
Issued share capital	19,000	0	19,000	0	19,000	966,077	-98.03
Share premium account	-	-	-	-	-	183,372	-
Reserves	58,329	48.30	39,331	45.10	27,106	713,314	-91.82
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	77,329	32.57	58,331	26.52	46,106	1,698,297	-95.45
Working capital	75,725	34.54	56,284	22.59	45,912	2,645,464	-97.14
Net worth	77,329	32.57	58,331	26.52	46,106	1,696,597	-95.44

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	-1,00	-
Return on capital employed	35.83	31.73	27.20	-31.21	39.54	18,00	99
Return on total assets employed	1.06	30.86	0.81	-22.86	1.05	-79,00	1.34
Return on net assets employed	35.83	31.73	27.20	-31.21	39.54	18,00	99
Sales / net working capital	-	-	-	-	-	36,00	-
Stock turnover ratio	-	-	-	-	-	64,00	-
Debtor days	-	-	-	-	-	164,00	-
Creditor days	-	-	-	-	-	162,00	-
short term stability
Current ratio	1.03	0	1.03	0	1.03	8,00	-88.56
Liquidity ratio / acid ratio	0.91	44.44	0.63	250	0.18	5,00	-81.80
Current debt ratio	32.80	0.86	32.52	-10.95	36.52	9,00	264
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	150,00	-
Equity in percentage	2.96	-0.67	2.98	11.61	2.67	-1.515,00	0.20
Total debt ratio	32.80	0.86	32.52	-10.95	36.52	9,00	264

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

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472549455	K.G.K FINE JEWELLERY BVBA	31/12/2010
472707922	LA VITTORIA BVBA	31/12/2010
473016441	AYE DIAMOND BVBA	-
473705042	M.B.D BVBA	31/12/2010
474815691	RANDIAM BVBA	31/12/2010
475134704	ANTWERP DIAMONDS IN CENTIVES BVBA	-
475138860	STAR GEM WORLD DIAMONDS BVBA	31/12/2009
476576242	CLASSIC DIAM BVBA	31/12/2010
476640974	H.R.P. DIAM BVBA	31/12/2010
476782318	RGBS NV	31/12/2010
477791118	EUROTRENDS BVBA	31/12/2010
477862580	DIAMOND CRÉATIONS BVBA	31/12/2010
477918604	DHANERA DIAM BVBA	31/12/2003
479202962	JAY DIMON EBVBA	31/12/2010
479568691	B.G.A.DIAMONDS BVBA	31/12/2010
479816636	ETERNAL DIAMONDS BVBA	31/12/2010
480721904	YASH GEMS BVBA	31/12/2010
505181740	BERENFELD MICHEL	-
506205683	OLLECH MAX & ENGEL ABRAHAM FV	-
506342770	LEMBERGER HENRI & LEMBERGER A FV	-
506414036	WEINBERG YEHUDI	-
506434624	HOCHBERG CHAIM	-
506487181	FRIEDMAN MECHEL	-
506489854	SHIMER MOOLY	-
506499554	THALER JEHUDA	-
506503613	KARNY ELISHA	-
506523706	SHEMESH JACOB	-
506530634	ABEND JOËL	-
506531129	AMANA NISSIM	-
506538156	KEDEM YEHESKEL	-
506542710	ZLAYET ROUBEN	-
506574580	RAGHOEBARSINGH DIEPNARAINSINGH	-
509703128	SHALLOP EMMANUEL	-
806757314	DREAMS OF AFRICA BVBA	31/12/2010
806940129	MINDA BROTHERS BVBA	31/12/2010
809577440	INTERNATIONAL DIAMOND GROUP NV	31/12/2009
811078465	VEEKAY JEWELS BVBA	31/12/2010
812358964	VISHAL BVBA	-
812715686	BICHACHI DIAMONDS BVBA	31/12/2010
819087301	QUALYTIME BVBA	31/12/2010
820556256	J.K STAR BVBA	31/12/2010
821133110	DIAMONDS TOP COLLECTION BVBA	-
821185964	VAN DER STEEN DIAMOND TECHNOLOGY BVBA	31/12/2010
823123390	KGK INTERNATIONAL BVBA	31/12/2010
825564129	NATRESCOM JEWELRY BVBA	-
827971511	THE SOURCE BVBA	-
828266469	KARAKO DIAMONDS BVBA	-
828631507	CARBON BVBA	-
830514988	JAY INTERNATIONAL BVBA	-
830951290	DIAMANTAIRE BVBA	-
832850116	A.D. DIAMOND BVBA	-
832929595	VHENY DIAMONDS BVBA	-
833032040	ROCK'N STONES BVBA	-
833904545	BRINK''S GLOBAL SERVICES ANTWERP BVBA	-
834925718	BAZZY DIAMONDS BVBA	-
837519180	GPN DIAMOND BVBA	-
840333665	ZURI STAR BVBA	-
841609810	A.K. GEMS BVBA	-
843197739	INVESTMENT DIAMOND COMPANY BVBA	-
851240722	MEDEEIGENDOM ANTWERPS DIAMANTCENTRUM FV HOVENIERST	-
860531144	DERS BVBA	31/12/2010
860809573	ALPS DIAM BVBA	31/12/2010
862915067	LAXMI JEWEL (BELGIUM) BVBA	31/12/2010
867105863	YOUNG ANTWERP DIAMOND MANUFACTURERS VZW	-
869693684	SHANI IMPEX BVBA	31/12/2010
870716738	INTERJEWEL EUROPE NV	31/12/2010
870884212	MOOLY DIAMONDS IN VEREFFENING BVBA	31/12/2008
871664764	EURO INDUSTRIAL DIAMANT IN VEREFFENING BVBA	31/12/2007
871665259	A.S.D. BVBA	31/12/2010
871794923	CONGO GEMS BVBA SO	31/12/2010
872383554	TRISTAR BVBA	31/12/2010
872384247	RISING STAR BVBA	31/12/2010
872420968	A-DX.NET BVBA	31/12/2010
873166581	ANTWERP JEWELS & DIAMONDS MANUFACTURES BVBA	31/12/2010
873539438	LUKHI DIAM BVBA	31/12/2010
873627431	DIAMWILL BVBA	31/12/2010
874133019	BRIGHT DIAM BVBA	31/12/2010
874438469	ORDIAM BVBA	31/12/2010
874627521	J.R. DIAM BVBA	31/12/2010
874701755	DUBROVSKI DIAMOND BVBA	31/12/2007
875319288	BSD BVBA	31/12/2010
875795182	ANTWERP ROUGH P/A 1STE BTW-CONTR GCV	-
876856937	CAPITAL DIAMONDS BVBA	31/12/2010
877549201	H&G SWITZERLAND BVBA	31/12/2010
877760918	CHORON (BELGIUM) CVA	31/12/2010
879633810	BOOBIJOU BVBA	31/12/2010
880292618	SKD INTERNATIONAL BVBA	30/06/2011
880539472	MRD DIAMONDS BVBA	31/12/2010
880558080	NOVEL COLLECTION BVBA	31/12/2010
881088216	CLASSIC JEWELLERY BVBA	31/12/2010
881373474	MATRIX DIAMOND TECHNOLOGY BVBA	31/12/2010
882874796	AFRODIAM BVBA	31/12/2010
883548353	LILIB BVBA	31/12/2010
883668911	HANS DIAM BVBA	31/12/2010
885665230	KT CONSULTING IN VEREFFENING BVBA	31/12/2009
886078073	ENOLEASE BVBA	31/12/2010
886658291	TYDEX IN VEREFFENING BVBA	31/12/2010
887137155	SUNVIEW NV	31/12/2010
889750613	GEM QUEST BVBA	31/12/2010
891406640	RAJ GEMS BVBA	31/12/2010
892903014	H.D. DIAM BVBA	31/12/2010
895348701	RAY DIAM BVBA	31/12/2010
896518243	LAXMI IMPEX BVBA	31/12/2010
899048854	FIFTH GENERATION BVBA	31/12/2010

NOTES & COMMENTS

Na

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.29
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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%)

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