MIRA INFORM REPORT

Report Date :

26.05.2012

IDENTIFICATION DETAILS

Name :	JEWEL ROUGH NV

Registered Office :	Schupstraat 9 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	25.10.1990

Com. Reg. No.:	441688015

Legal Form :	Public Limited Liability 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
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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	--

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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Belgium

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

REGISTERED NAME & COMPANY SUMMARY

JEWEL ROUGH NV

Business number	441688015	Company name	JEWEL ROUGH NV
		Telephone number	032252181
Address	SCHUPSTRAAT 9 ANTWERPEN	Fax number	032252189
Post code	2018	Number of staff	1
Date of establishment	25/10/1990

DIRECTORS/MANAGEMENT

Current director details

Name	VIRAL ASHOKKUMAR SHAH
Position	Director
Street
Post code
Country	India

Name	DEPIKABEN ASHOKKUMAR SHAH
Position	Director
Street	203 SANDEEP APP. SANDHKUNVAGATE NAVSARI
Post code	396445
Country	India

Name	VIJAKUMAR MEHTA
Position	Managing Director
Street
Post code
Country	India

Name	VIJAKUMAR MEHTA
Position	Chairperson
Street
Post code
Country	India

Name	VIJAKUMAR MEHTA
Position	Director
Street
Post code
Country	India

Former director details

Name	SALOMON DOPPELT
Position	Director
Street
Post code
Country	Congo

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	05/03/2012

Business number	441688015	Company name	JEWEL ROUGH NV
Fax number	032252189	Date founded	25/10/1990
Company status	active	Company type	Public Limited Liability Company (BE)
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.0441.688.015
Belgian Bullettin of Acts Publications	moniteur belge

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	191.67	Industry average day sales outstanding	144.11
Day sales outstanding	-

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		14,007	807,425
31/12/2009		5,677	798,683
31/12/2008		19,315	796,268

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	5,187,121	2,791,591	62,000	14,008	1
31/12/2009	4,349,353	2,791,591	62,000	16,921	1
31/12/2008	4,386,096	2,331,777	62,000	12,535	1

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	-	-	-	-	-	46,617,247	-
Total operating expenses	-	-	-	-	-	46,014,303	-
Operating result	14,707	134	6,272	-72.67	22,945	211,139	-93.03
Total financial income	2	-97.17	70	-1.41	71	157,302	-99
Total financial expenses	703	5.48	666	-82.01	3,702	310,532	-99
Results on ordinary operations before taxation	14,007	146	5,677	-70.61	19,315	41,439	-66.20
Taxation	5,265	61.45	3,261	-60.63	8,284	15,200	-65.36
Results on ordinary operations after taxation	8,742	261	2,416	-78.10	11,031	31,111	-71.90
Extraordinary items	0	-	0	-	0	2,685	-100
Other appropriations	0.00	0.00	-1	-	0	-	-
Net result	8,742	261	2,415	-78.11	11,031	33,793	-74.13
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	114,705	-
Employee costs	46,844	46.47	31,981	-28.30	44,601	144,880	-67.67
Wages and salary	37,587	35.97	27,644	-24.42	36,577	127,451	-70.51
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	8,856	137	3,730	-49.66	7,409	30,985	-71.42
Other employee costs	400	-34.05	607	-1.46	616	3,153	-87.30
Amortization and depreciation	80	-78.04	364	-65.56	1,057	21,849	-99

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	0	-99	80	-81.98	444	194,116	-99
Land & building	-	-	-	-	-	359,916	-
Plant & machinery	-	-	80	-81.98	444	27,328	-
Other tangible assets	0	-	0	-	0	27,448	-99
Financial fixed assets	2,791,591	0.00	2,791,591	19.72	2,331,777	314,139	788
Total fixed assets	2,791,591	0.00	2,791,671	19.70	2,332,221	407,876	584
Inventories	690,591	8.91	634,069	-32.93	945,414	3,153,978	-78.10
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,066	-100
Finished goods	0	-	0	-	0	2,086,685	-100
Other stocks	690,591	8.91	634,069	-32.93	945,414	522,287	32.22
Trade debtors	1,596,099	91.27	834,488	-8.58	912,762	3,859,649	-58.65
Cash	14,008	-17.21	16,921	34.99	12,535	265,802	-94.73
other amounts receivable	94,495	31.99	71,592	-60.79	182,603	369,658	-74.44
Miscellaneous current assets	337	-44.92	612	9.09	561	42,760	-99
Total current assets	2,395,529	53.79	1,557,682	-24.16	2,053,875	7,166,141	-66.57
current liabilities
Trade creditors	2,805,506	34.87	2,080,206	15.86	1,795,474	2,709,375	3.55
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	1,928,934	-100
Miscellaneous current liabilities	1,199,995	6.82	1,123,386	-21.72	1,435,082	1422	- -
Total current liabilities	4,005,500	25.03	3,203,592	-0.83	3,230,556	4,447,208	-9.93
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	374,195	7.81	347,078	-3.39	359,272	719,526	-47.99
Total long term debts	374,195	7.81	347,078	-3.39	359,272	1,352,272	-72.33
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	1,029,386	-93.98
Share premium account	-	-	-	-	-	183,372	-
Reserves	745,425	1.19	736,683	0.33	734,268	683,058	9.13
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	807,425	1.09	798,683	0.30	796,268	1,730,250	-53.33
Working capital	-1,609,971	97.82	-1,645,910	-39.88	-1,176,681	2,718,934	-159
Net worth	807,425	1.09	798,683	0.30	796,268	1,728,550	-53.29

Ratio Analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	-2,00	-
Return on capital employed	1.19	138	0.50	-70.06	1.67	18,00	-93.39
Return on total assets employed	0.27	107	0.13	-70.45	0.44	-78,00	0.35
Return on net assets employed	1.73	143	0.71	-70.78	2.43	19,00	-90.89
Sales / net working capital	-	-	-	-	-	35,00	-
Stock turnover ratio	-	-	-	-	-	67,00	-
Debtor days	-	-	-	-	-	168,00	-
Creditor days	-	-	-	-	-	174,00	-
short term stability
Current ratio	0.60	22.45	0.49	-23.44	0.64	8,00	-92.50
Liquidity ratio / acid ratio	0.43	48.28	0.29	-14.71	0.34	5,00	-91.40
Current debt ratio	4.96	23.69	4.01	-1.23	4.06	8,00	-38.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	122,00	-
Equity in percentage	15.57	-15.20	18.36	1.16	18.15	-1.500,00	1.04
Total debt ratio	5.42	21.80	4.45	-1.33	4.51	9,00	-39.78

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Significant Events

Event Date	15/12/2011
Event Description
Event Details	De 100 aandelen aan toonder worden omgezet in aandelen op naam. De aandelen een toonder worden vernietigd.

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	05/03/2012	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

Legal event type	Social Security Summons
Legal event sub type
Event date	19/06/2006	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

NOTES & COMMENTS

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.55.73
UK Pound	1	Rs.87.26
Euro	1	Rs.69.84

INFORMATION DETAILS

Report Prepared by :

MNL

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.