MIRA INFORM REPORT

Report Date :

24.01.2012

IDENTIFICATION DETAILS

Name :	K. VIJAY BVBA
Registered Office :	Hoveniersstraat 12 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	06.03.1997
Com. Reg. No.:	460205117
Legal Form :	Private Limited Company
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^th, 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

Company name & address

Business number	460205117	Company name	K. VIJAY BVBA
Safe number	BE00367267	Telephone number	-
Address	HOVENIERSSTRAAT 12 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	-
Date of establishment	06/03/1997

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	26,999,084	141,413	1,335,671
31/12/2009		91,322	870,649
31/12/2008		61,756	798,403

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	6,491,677	248	1,152,970	6,327	0
31/12/2009	3,670,028	248	747,180	4,599	0
31/12/2008	2,910,237	248	747,180	29,929	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	9.74
Industry average payment expectation days	189.07	Industry average day sales outstanding	142.60
Day sales outstanding	28.27

Court data summary

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

Business number	460205117	Company name	K. VIJAY BVBA
Fax number	-	Date founded	06/03/1997
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.0460.205.117
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	24/11/2010
Event Description
Event Details	De 805 nieuwe aandelen worden toegekend aan Krishna Donda.

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	26,999,084	-	-	-	-	49,093,965	-45.01
Total operating expenses	26,741,278	-	-	-	-	48,443,802	-44.80
Operating result	257,806	-2.73	265,049	-27.06	363,360	222,273	15.99
Total financial income	29,241	-	-	-	136	156,121	-81.27
Total financial expenses	145,634	-16.17	173,727	-42.42	301,740	320,676	-54.59
Results on ordinary operations before taxation	141,413	54.85	91,322	47.88	61,756	41,575	240
Taxation	35,459	85.88	19,076	22.24	15,606	15,347	131
Results on ordinary operations after taxation	105,954	46.66	72,246	56.55	46,150	31,161	240
Extraordinary items	0	-	0	-	0	9,609	-100
Other appropriations	0	-	0	-	0	-	-
Net result	105,954	46.66	72,246	56.55	46,150	40,764	159
OTHER INFORMATION
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	115,631	-
Employee costs	-	-	-	-	-	146,705	-
Wages and salary	-	-	-	-	-	123,460	-
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	-	-	-	-	-	29,441	-
Other employee costs	0	-	0	-	0	3,026	-100
Amortization and depreciation	1,762	4.01	1,694	-75.77	6,991	20,872	-91.56

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	1,721	-100
Tangible fixed assets	5,002	312	1,212	-58.29	2,906	195,284	-97.44
Land & building	-	-	-	-	-	366,449	-
Plant & machinery	5,002	312	1,212	-58.29	2,906	26,548	-81.16
Other tangible assets	0	-	0	-	0	27,387	-100
Financial fixed assets	248	0	248	0	248	344,023	-99
Total fixed assets	5,250	259	1,460	-53.71	3,154	431,070	-98.78
Inventories	1,782,862	-12.81	2,044,910	143	839,267	3,109,757	-42.67
Raw materials & consumables	-	-	-	-	-	2,155,796	-
Work in progress	0	-	0	-	0	2,106	-100
Finished goods	1,782,862	-	0	-	0	1,842,754	-3.25
Other stocks	0	-100	2,044,910	143	839,267	736,685	-100
Trade debtors	2,091,359	29.21	1,618,577	-20.50	2,035,919	3,908,711	-46.49
Cash	6,327	37.57	4,599	-84.63	29,929	269,612	-97.65
other amounts receivable	2,604,678	540289	482	-75.51	1,968	350,774	642
Miscellaneous current assets	1,201	-	0	-	0	41,124	-97.08
Total current assets	6,486,427	76.81	3,668,568	26.19	2,907,083	7,164,997	-9.47
CURRENT LIABILITIES
Trade creditors	713,886	38.90	513,942	-19.91	641,687	2,699,462	-73.55
Short term group loans	-	-	-	-	-	-	-
Other short term loans	3,597,114	62.94	2,207,589	56.72	1,408,633	1,970,882	82.51
Miscellaneous current liabilities	94,992	22.02	77,848	26.55	61,514	107	- -
Total current liabilities	4,405,992	57.39	2,799,379	32.56	2,111,834	4,468,810	-1.41
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	750,014	-	-	-	-	-48.79	- -
Other long term liabilities	0	-	0	-	0	732,407	-100
Total long term debts	750,014	-	0	-	0	1,319,535	-43.16
SHAREHOLDERS EQUITY
Issued share capital	1,152,970	54.31	747,180	0	747,180	1,000,082	15.29
Share premium account	2,020	0	2,020	0	2,020	183,372	-98.90
Reserves	180,681	48.77	121,449	146	49,203	742,380	-75.66
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	1,335,671	53.41	870,649	9.05	798,403	1,761,536	-24.18
Working capital	2,080,435	139	869,189	9.30	795,249	2,696,188	-22.84
Net worth	1,335,671	53.41	870,649	9.05	798,403	1,759,815	-24.10

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	0.52	-	-	-	-	-2,00	26.00
Return on capital employed	6.78	-35.37	10.49	35.71	7.73	17,00	-60.12
Return on total assets employed	2.18	-12.45	2.49	17.45	2.12	-79,00	2.76
Return on net assets employed	10.59	0.95	10.49	35.71	7.73	18,00	-41.17
Sales / net working capital	12.98	-	-	-	-	37,00	-99
Stock turnover ratio	6.60	-	-	-	-	63,00	-89.52
Debtor days	28.27	-	-	-	-	162,00	-82.55
Creditor days	9.74	-	-	-	-	164,00	-94.06
SHORT TERM STABILITY
Current ratio	1.47	12.21	1.31	-5.07	1.38	8,00	-83.67
Liquidity ratio / acid ratio	1.07	84.48	0.58	-40.82	0.98	5,00	-78.60
Current debt ratio	3.30	2.48	3.22	21.51	2.65	9,00	-63.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	325.46	28.36	253.56	43.72	176.43	151,00	115
Equity in percentage	20.58	-13.24	23.72	-13.53	27.43	-1.529,00	1.35
Total debt ratio	3.86	19.88	3.22	21.51	2.65	9,00	-57.11

Industry comparison

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	9.74
Day sales outstanding	28.27

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	189.07
Industry average day sales outstanding	142.60

Industry quartile analysis

Payment expectations
Company result	9.74
Lower	134.01
Median	88.31
Upper	47.10
Day sales outstanding
Company result	28.27
Lower	116.43
Median	62.37
Upper	27.29

Summary

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

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME
Forename	Dhansukhbhai	Middle name	-
Surname	Donda
SHAREHOLDER DETAILS
Start date	06/03/1997	End date	-
Percentage owned	46.21%
SHAREHOLDER ADDRESS
Street name	Ground Floor 20 Nepean Sea Road	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

SHAREHOLDER NAME
Forename	Krishna	Middle name	-
Surname	Donda
SHAREHOLDER DETAILS
Start date	04/02/2011(estimated)	End date	-
Percentage owned	50.89%
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

Companies that match this address

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432216063	OM CORPORATION BVBA	31/12/2010
434805963	TRANSLLOYD REIZEN NV	31/12/2010
434835855	PATHY'S JEWELS BVBA IN VEREFFENING	-
439576482	ROOTSDIAM BVBA	31/12/2010
451565385	SEGA DIAM BVBA	31/12/2010
460934991	SIDDHI GEMS BVBA	31/12/2010
463048603	VISHAL JEWELS IN VEREFFENING BVBA	31/12/1999
464983752	VAMA-GEMS BVBA	31/12/2010
465467564	MINESTAR BVBA	31/12/2010
477644727	JIGDIAM NV	31/12/2010
506473919	BLINDER MARCEL	-
836780594	MADHAV DIAM BVBA	-
837565009	DIAM-SQUA BVBA	-
860766221	SIYA DIAMOND BVBA	31/12/2010
863679684	VRISHAAN GEMS BVBA	30/06/2010
864728769	LASER EDGE SERVICES BVBA	31/12/2010
872384445	MAAHIR GEMS BVBA	31/12/2010
873167076	KRUPA DIMON BVBA	31/12/2010
880557981	DOSHI BVBA	31/12/2010
882990109	PRIME INTERNATIONAL BVBA	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	460205117
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	DHANSUKBHAI DONDA
Position	Principal Manager
Street	98 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	KISHOR LAVJIBHAI DONDA
Position	Principal Manager
Street
Post code
Country

Former director details

Name	TANIA OOMS
Position	Principal Manager
Street	137 MOESHOFSTRAAT ANTWERPEN
Post code	2170
Country	Belgium

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.50.24
UK Pound	1	Rs.78.13
Euro	1	Rs.64.79

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.