MIRA INFORM REPORT

Report Date :

16.03.2012

IDENTIFICATION DETAILS

Name :	S. VINODKUMAR (EUROPE) SALES BVBA
Registered Office :	Hoveniersstraat 30 Antwerpen Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	30.07.2008
Com. Reg. No.:	899851479
Legal Form :	Private Limited Company
Line of Business :	Wholesale of Diamonds and Other Precious Stones

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 :	Slow
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

Bottom of Form

Company name & address

Business number	899851479	Company name	S. VINODKUMAR (EUROPE) SALES BVBA
Address	HOVENIERSSTRAAT 30 ANTWERPEN	Telephone number	0478670176
Post code	2018	Fax number	-
Date of establishment	30/07/2008	Number of staff	1

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
31/12/2010	15,194,624	56,806	74,620
31/12/2009	8,368,529	47,541	48,611

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	21,654,149	400	18,600	280,251	4
31/12/2009	-		18,600	190,153	3

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	239.19
Industry average payment expectation days	207.83	Industry average day sales outstanding	140.77
Day sales outstanding	151.24

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	20/12/2010

Business number	899851479	Company name	S. VINODKUMAR (EUROPE) SALES BVBA
Fax number	-	Date founded	30/07/2008
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.0899.851.479
Belgian Bullettin of Acts Publications	moniteur belge

Contractor detailsCheck Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%		Industry average	%
Weeks	52		52		-
Currency	EUR		EUR		-
Turnover	15,194,624	81.57	8,368,529	-	-	-	-
Total operating expenses	15,120,828	81.89	8,313,338	-	-	-	-
Operating result	73,796	33.71	55,190	-	-	-	-
Total financial income	458	39076	1	-	-	-	-
Total financial expenses	17,448	128	7,651	-	-	-	-
Results on ordinary operations before taxation	56,806	19.49	47,541	-	-	-	-
Taxation	15,610	-10.95	17,530	-	-	-	-
Results on ordinary operations after taxation	41,196	37.27	30,011	-	-	-	-
Extraordinary items	-15,187	-	0	-	-	-	-
Other appropriations	0.00	-	0.00	-	-	-	-
Net result	26,010	-13.33	30,011	-	-	-	-
OTHER INFORMATION
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	165,894	-4.93	174,490	-	-	-	-
Wages and salary	132,532	-6.96	142,441	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	32,042	-0.02	32,049	-	-	-	-
Other employee costs	1,320	-	0	-	-	-	-
Amortization and depreciation	-	-	-	-	-	-	-

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%		Industry average	%
Weeks	52		52		-
Currency	EUR		EUR		-
Intangible fixed assets	0	-	0	-	-	-	-
Tangible fixed assets	-	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	-	-	-
Financial fixed assets	400	-	-	-	-	-	-
Total fixed assets	400	-	-	-	-	-	-
Inventories	4,287,623	17.42	3,651,622	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	4,287,623	17.42	3,651,622	-	-	-	-
Other stocks	0	-	0	-	-	-	-
Trade debtors	6,296,064	159	2,422,968	-	-	-	-
Cash	280,251	47.38	190,153	-	-	-	-
other amounts receivable	47	-98.05	2,411	-	-	-	-
Miscellaneous current assets	0	-100	363	-	-	-	-
Total current assets	10,863,985	73.34	6,267,516	-	-	-	-
CURRENT LIABILITIES
Trade creditors	9,908,922	66.29	5,958,950	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	-	-	-
Miscellaneous current liabilities	144,426	129	62,815	-	-	-	- -
Total current liabilities	10,053,348	66.95	6,021,765	-	-	-	-
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	736,417	273	197,140	-	-	-	- -
Other long term liabilities	0	-	0	-	-	-	-
Total long term debts	736,417	273	197,140	-	-	-	-
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	56,020	86.67	30,011	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	74,620	53.51	48,611	-	-	-	-
Working capital	810,637	229	245,751	-	-	-	-
Net worth	74,620	53.51	48,611	-	-	-	-

Ratio Analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)		Industry average	%
TRADING PERFORMANCE
Profit Before Tax	0.37	-35.09	0.57	-	-	-	-
Return on capital employed	7	-63.82	19.35	-	-	-	-
Return on total assets employed	0.52	-31.58	0.76	-	-	-	-
Return on net assets employed	76.13	-22.16	97.80	-	-	-	-
Sales / net working capital	18.74	-44.96	34.05	-	-	-	-
Stock turnover ratio	28.22	-35.33	43.64	-	-	-	-
Debtor days	151.24	43.11	105.68	-	-	-	-
Creditor days	239.19	-8.58	261.63	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.08	3.85	1.04	-	-	-	-
Liquidity ratio / acid ratio	0.65	51.16	0.43	-	-	-	-
Current debt ratio	134.73	8.76	123.88	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	986.89	143	405.55	-	-	-	-
Equity in percentage	0.69	-11.54	0.78	-	-	-	-
Total debt ratio	144.60	13.03	127.93	-	-	-	-

Limit History

no limit history data found

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average credit limit	140177.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	239.19
Day sales outstanding	151.24

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	207.83
Industry average day sales outstanding	140.77

Industry quartile analysis

Payment expectations
Company result	239.19
Lower	143.25
Median	92.25
Upper	48.77
Day sales outstanding
Company result	151.24
Lower	129.55
Median	64.58
Upper	29.27

Summary

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

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

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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	31/12/2010
877266911	SE EGON JEWELLERY	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	31/12/2010
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	31/12/2010
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	-	-

Protested bills

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

NSSO details

Business number	899851479
Name of defendant	S.VINODKUMAR EUROPE SALES
Legal form of defendant	Private limited liability company
Date of summons	20/12/2010
Labour court	ANTWERPEN

Bankruptcy details

There is no bankruptcy data against this company

Court Data

There is no data for this company

Current director details

Name	PREMAL JAYANTILAL SHAH
Position	Principal Manager
Street	16 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	CHIRAG MOTANI
Position	Principal Manager
Street	16 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	ABHAYKUMAR SUMATILAL SHAH
Position	Principal Manager
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.22
UK Pound	1	Rs.78.63
Euro	1	Rs.65.53

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.