MIRA INFORM REPORT

Report Date :

19.03.2012

IDENTIFICATION DETAILS

Name :	M. RAJESH BVBA

Registered Office :	Hoveniersstraat 30 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	10.02.1994

Com. Reg. No.:	452095224

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	01

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 :	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

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

Company summary

Top of Form

Business number	452095224	Company name	M. RAJESH BVBA
		Telephone number	046993748
Address	HOVENIERSSTRAAT 30 ANTWERPEN	Fax number	032327108
Post code	2018	Number of staff	1
Date of establishment	10/02/1994

Ultimate holding company

Company name		Company Number
-		-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	46,993,748	158,888	1,437,059
31/12/2009	28,299,080	159,597	1,125,134
31/12/2008	35,695,595	113,183	409,861

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	11,914,830		1,200,000	13,874	1
31/12/2009	9,050,984		1,000,000	373,069	1
31/12/2008	8,545,796		18,600	639,127	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	61.01
Industry average payment expectation days	189.52	Industry average day sales outstanding	143.99
Day sales outstanding	62.41

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	457422.37
NSSO details
Date of summons	-

Business number	452095224	Company name	M. RAJESH BVBA
Fax number	032327108	Date founded	10/02/1994
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.0452.095.224
Belgian Bullettin of Acts Publications	moniteurbelge

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)

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

Export accounts to CSV file

comparison mode

average

median

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	46,993,748	66.06	28,299,080	-20.72	35,695,595	46,981,609	0.03
Total operating expenses	46,307,681	65.52	27,976,830	-20.96	35,396,342	46,372,952	-0.14
Operating result	686,067	112	322,250	7.68	299,253	211,679	224
Total financial income	6	-99	608	30300	2	157,078	-99
Total financial expenses	527,185	222	163,261	-12.26	186,072	310,720	69.67
Results on ordinary operations before taxation	158,888	-0.44	159,597	41.01	113,183	41,682	281
Taxation	38,311	-13.57	44,324	25.09	35,435	15,266	150
Results on ordinary operations after taxation	120,577	4.60	115,273	48.26	77,748	31,326	284
Extraordinary items	-8,653	-	0	-100	2,159	2,763	-413
Other appropriations	0	-	0	-	0	-	-
Net result	111,924	-2.91	115,273	44.26	79,907	34,086	228
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	46,729	11.30	41,986	59.96	26,247	144,611	-67.69
Wages and salary	36,823	27.40	28,903	17.44	24,610	127,150	-71.04
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	8,373	12.27	7,458	355	1,637	30,910	-72.91
Other employee costs	1,533	-72.75	5,625	-	0	3,191	-51.96
Amortization and depreciation	31,826	-14.60	37,269	2.23	36,455	21,870	45.52

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	1,688	-100
Tangible fixed assets	406,443	-5.82	431,575	-6.45	461,325	194,569	108
Land & building	354,612	-5.44	375,008	-5.16	395,405	359,728	-1.42
Plant & machinery	3,362	-42.94	5,892	-9.87	6,537	27,323	-87.70
Other tangible assets	48,469	-4.35	50,675	-14.66	59,383	27,510	76.19
Financial fixed assets	-	-	-	-	-	309,724	-
Total fixed assets	406,443	-5.82	431,575	-6.45	461,325	405,453	0.24
Inventories	3,413,994	63.86	2,083,522	-22.34	2,682,934	3,157,473	8.12
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,073	-100
Finished goods	3,413,994	63.86	2,083,522	-22.34	2,682,934	2,094,020	63.04
Other stocks	0	-	0	-	0	521,501	-100
Trade debtors	8,035,354	31.07	6,130,479	29.73	4,725,513	3,865,970	107
Cash	13,874	-96.28	373,069	-41.63	639,127	266,241	-94.79
other amounts receivable	36,274	49.73	24,227	-34.09	36,757	370,642	-90.21
Miscellaneous current assets	8,891	9.60	8,112	5694	140	42,923	-79.29
Total current assets	11,508,387	33.52	8,619,409	6.62	8,084,471	7,180,659	60.27
current liabilities
Trade creditors	7,740,386	51.09	5,122,981	-19.38	6,354,405	2,710,026	185
Short term group loans	-	-	-	-	-	-	-
Other short term loans	72,829	4.68	69,570	-43.76	123,694	1,934,676	-96.24
Miscellaneous current liabilities	90,754	-7.40	98,006	-85.21	662,665	105	- -
Total current liabilities	7,903,969	49.40	5,290,557	-25.91	7,140,764	4,451,360	77.56
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,573,802	-2.33	2,635,293	164	995,171	64.04	- -
Other long term liabilities	0	-	0	-	0	722,055	-100
Total long term debts	2,573,802	-2.33	2,635,293	164	995,171	1,354,887	89.96
shareholders equity
Issued share capital	1,200,000	20.0	1,000,000	5276	18,600	1,030,830	16.41
Share premium account	-	-	-	-	-	183,372	-
Reserves	237,059	89.44	125,134	-68.02	391,261	686,988	-65.49
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	1,437,059	27.72	1,125,134	174	409,861	1,735,685	-17.21
Working capital	3,604,418	8.28	3,328,852	252	943,707	2,729,299	32.06
Net worth	1,437,059	27.72	1,125,134	174	409,861	1,733,997	-17.12

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.34	-39.29	0.56	75.00	0.32	-2,00	17.00
Return on capital employed	3.96	-6.60	4.24	-47.39	8.06	18,00	-78.00
Return on total assets employed	1.33	-24.43	1.76	33.33	1.32	-78,00	1.71
Return on net assets employed	11.06	-22.00	14.18	-48.64	27.61	18,00	-38.56
Sales / net working capital	13.04	53.41	8.50	-77.53	37.82	36,00	-99
Stock turnover ratio	7.26	-1.36	7.36	-2.13	7.52	67,00	-89.16
Debtor days	62.41	-21.07	79.07	63.64	48.32	166,00	-62.40
Creditor days	61.01	-8.72	66.84	2.00	65.53	170,00	-64.11
short term stability
Current ratio	1.46	-10.43	1.63	44.25	1.13	8,00	-83.78
Liquidity ratio / acid ratio	1.02	-17.74	1.24	63.16	0.76	5,00	-79.60
Current debt ratio	5.50	17.02	4.70	-73.02	17.42	9,00	-38.89
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	184.17	-23.39	240.40	-11.94	272.99	148,00	24.44
Equity in percentage	12.06	-2.98	12.43	158	4.80	-1.505,00	0.80
Total debt ratio	7.29	3.55	7.04	-64.53	19.85	9,00	-19.00

Industry comparison

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

Suspension of payments / moratorium history

Amount	457.422,37
Details	-

Payment expectations

Payment expectation days	61.01
Day sales outstanding	62.41

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	189.52
Industry average day sales outstanding	143.99

Industry quartile analysis

Payment expectations	View graph
Company result	61.01
Lower	135.11
Median	89.16
Upper	47.10

Day sales outstanding	View graph
Company result	62.41
Lower	118.09
Median	62.44
Upper	27.38

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

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865620278	VEEDIAM BVBA	31/12/2010
865979673	A.C. JEWELS BVBA	31/03/2011
866079247	AARYAA DIMON BVBA	31/12/2010
866324717	PARV BVBA	31/12/2010
866380838	REGAL INVESTMENTS II NV	31/12/2010
867397160	VENUS JEWEL (BELGIUM) BVBA	31/12/2009
867624220	ENCHANTE FINE JEWELRY BELGIUM BVBA	31/12/2010
869689726	VME GEB ANTWERPEN HOVENIERSSTRAAT 30-38 VME	-
870281030	WORLD SHINER BELGIUM BVBA	31/12/2010
870589054	SNP CREATIONS IN VEREFFENING BVBA	31/12/2009
873165789	NISHANT GEMS BVBA	31/12/2010
874131435	INDIGO JEWELLERY (BELGIUM) BVBA	31/12/2010
874376410	ALIZA IN VEREFFENING BVBA	30/06/2008
875091042	SHINING STAR BVBA	31/12/2010
876095189	V3-GEMS BVBA	31/12/2010
877266911	SE EGON JEWELLERY	-
877296209	VICTOR DIAMONDS BVBA	31/12/2010
877548112	DIAMOND MINES BVBA	31/12/2010
877774873	BELLATAIRE BVBA	31/05/2011
878308769	DE TOLEDO DIAMONDS INTERNATIONAL BVBA	31/12/2010
881342790	SHESHIL DIAM BVBA	31/12/2009
882360005	ALLURE DIAM BVBA	31/12/2010
883800751	FIBERIC BVBA	31/12/2010
883901612	V.R. DIAMONDS BVBA	31/12/2010
884052951	SAMDIMON JEWELLERY BVBA	31/12/2010
885272379	KALPATARU BVBA	31/12/2010
885506268	G. DIAM BVBA	31/12/2010
886659281	SHOWBIZZ DIAMONDS P/A BTW CLÚ 7 BVBA	-
886831210	D.N. JEWELS ANTWERP BVBA	30/06/2011
887954529	SUN & MOON GEMS BVBA	31/12/2010
888486049	DIAMOND ASSESSMENT BVBA	31/12/2010
888557810	RIWAGEM BVBA	31/12/2010
889635005	BHANSALI DIAMONDS N.V. NV	31/12/2010
889952036	T.J. DIAMONDS BVBA	31/12/2010
890927281	HED DIAMONDS BVBA	31/12/2010
891051896	STONEWORKS (ANTWERP) BVBA	30/06/2009
891939645	BHP BILLITON PETROLEUM LTD	-
892650220	LOKKA SUITES BVBA	31/12/2010
894558150	SHANE BVBA	31/12/2010
894561714	SHANE CREATIONS IN VEREFFENING BVBA	31/12/2010
894781943	H.V.DIAM BVBA	31/12/2010
895820536	DIASQUA EUROPE BVBA	31/12/2010
896564268	HOLLANDER & SONS BVBA	31/12/2009
896638009	BHP MINERALS EUROPE LTD	-
898750134	NAMGEM TRADING BVBA	31/05/2011
899849105	S.V. DIAM IN VEREFFENING BVBA	-
899851479	S. VINODKUMAR (EUROPE) SALES BVBA	31/12/2010

Protested bills

Drawee name	M. RAJESH BVBA
Address	HOVENIERSSTRAAT 30/231, ANTWERPEN, 2018
Bill amount	457.422,37
Bill currency	EUR
Maturity of bill	40
Name of drawer	ANTWERP DIAMOND BANK NV
City of drawer	ANTWERPEN

NSSO details

Business number	452095224
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Legal events

Legal event type	Protested Bill
Legal event sub type	Draft
Event date	07/11/2008	Secondary event date
Court number	101141108101006	Registry body identfier
Court type	Commercial Court	Court name	Antwerpen
3rd party name	M. RAJESH	3rd party type	Debtor
3rd party address	HOVENIERSSTRAAT 30 ANTWERPEN 2018

Legal event type	Protested Bill
Legal event sub type	Draft
Event date	07/11/2008	Secondary event date
Court number	101141108101006	Registry body identfier
Court type	Commercial Court	Court name	Antwerpen
3rd party name	ANTWERP DIAMOND BANK	3rd party type	Creditor
3rd party address	PELIKAANSTRAAT 54 ANTWERPEN 2018

Current director details

Former director details

Name	MARGARETA VAN POPPEL
Position	Principal Manager
Street	OTTIGNIES-LOUVAIN-LA-NEUVE
Post code
Country	Belgium

Name	RAJESHKUMAR RANCHBODBHAI DETROJA
Position	Principal Manager
Street	20 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	KISHORBHAI SHAILESH
Position	Director

Name	SAMIR BHANSALI
Position	Principal Manager

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.50.31
UK Pound	1	Rs.79.04
Euro	1	Rs.65.82

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.