MIRA INFORM REPORT

Report Date :

05.04.2013

IDENTIFICATION DETAILS

Name :	RUSHIDIAM BVBA
Registered Office :	Hoveniersstraat 30 -38antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	07.07.1986
Com. Reg. No.:	429234205
Legal Form :	Private Limited Company
Line Of Business :	Wholesaler of Diamonds and Other Precious Stones
No. of Employees :	01 employee

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	429234205	Company name	RUSHIDIAM BVBA
		Telephone number	032322820
Address	HOVENIERSSTRAAT 30 -38ANTWERPEN	Fax number	032332245
Post code	2018	Number of staff	1
Date of establishment	07/07/1986

DIRECTORS/MANAGEMENT

Current director details

Name	SHAISHAV SHAH
Position	Principal Manager
Street	3 MEZENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	BANKIM CHIMANLAL SHAH
Position	Principal Manager
Street	102 BELGIËLEI ANTWERPEN
Post code	2000
Country	Belgium

Former director details

Name	AMEET SAHNY
Position	Principal Manager
Street	29 DELLA FAILLELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	SAMBHAV SHAH
Position	Principal Manager
Street	30 ZWANENLAAN ANTWERPEN
Post code	2610
Country	Belgium

NEGATIVE INFORMATION

\\KAJAL\csukserver01002INT'L CREDIT REPORT2012.10.002012.10.23servicescompany_searchcourt_data.aspx?CompanyNumber=429234205Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	06/10/2008

Business number	429234205	Company name	RUSHIDIAM BVBA
Fax number	032332245	Date founded	07/07/1986
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0429.234.205
Belgian Bullettin of Acts Publications	moniteur belge

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

JIC Code	324.01
Description	Joint subcommittee for the diamant-cutting

Bankruptcy details

There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	06/10/2008	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	08/09/2008	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

NSSO details

Business number	429234205
Name of defendant	RUSHIDIAM
Legal form of defendant	Private limited liability company
Date of summons	08/09/2008
Labour court	ANTWERPEN

SHARE & SHARE CAPITAL INFORMATION

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

\\KAJAL\csukserver01002INT'L CREDIT REPORT2012.10.002012.10.23servicescompany_searchpayment_information.aspx?CompanyNumber=429234205Payment expectations

Past payments		Payment expectation days	98.53
Industry average payment expectation days	178.33	Industry average day sales outstanding	109.49
Day sales outstanding	122.56

Suspension of payments / moratorium history

Amount	-
Details	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.33
Industry average day sales outstanding	109.49

Industry quartile analysis

Payment expectations
Company result	98.53
Lower	129.17
Median	75.20
Upper	41.95
Day sales outstanding
Company result	122.56
Lower	109.24
Median	57.26
Upper	24.45

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group structure for this company

FINANCIAL INFORMATION

\\KAJAL\csukserver01002INT'L CREDIT REPORT2012.10.002012.10.23servicescompany_searchaccounts.aspx?CompanyNumber=429234205Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	35,658,027	64,581	2,425,253
31/12/2010	36,767,129	51,873	1,761,458
31/12/2009	28,073,827	55,798	1,730,184

\\KAJAL\csukserver01002INT'L CREDIT REPORT2012.10.002012.10.23servicescompany_searchaccounts.aspx?CompanyNumber=429234205Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	16,323,788	1,376	626,182	285,856	1
31/12/2010	22,049,552	1,376	6,197	533,932	1
31/12/2009	15,725,902	1,376	6,197	50,208	1

Profit & loss
Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	35658027	-3.02	36767129	30.97	28073827	58292508	-38.83
Total operating expenses	35530237	-3.09	36661416	31.31	27918915	57498213	-38.21
Operating result	127790	20.88	105713	-31.76	154912	293781	-56.50
Total financial income	3151	-71.33	10989	50.86	7284	175285	-98.20
Total financial expenses	66360	2.36	64828	-39.07	106397	338591	-80.40
Results on ordinary operations before taxation	64581	24.50	51873	-7.03	55798	113137	-42.92
Taxation	16558	-33.66	24959	29.86	19220	39234	-57.80
Results on ordinary operations after taxation	48023	78.43	26914	-26.42	36578	86684	-44.60
Extraordinary items	-4212	-196	4360	-	0	7835	-153
Other appropriations	0	-	0	-	0	-	-
Net result	43811	40.08	31275	-14.50	36578	94426	-53.60
other information
Dividends	-	-	-	-	-	137001	-
Director remuneration	78158	7.84	72476	0.00	72476	127466	-38.68
Employee costs	10475	-15.10	12338	26.95	9719	159244	-93.42
Wages and salary	6645	-5.80	7054	20.89	5835	134873	-95.07
Employee pension costs	-	-	-	-	-	8542	-
Social security contributions	2368	-31.19	3442	36.70	2518	33390	-92.91
Other employee costs	1461	-20.67	1842	34.95	1365	4553	-67.90
Amortization and depreciation	18522	-27.09	25402	48.84	17067	21047	-12.00

Balance sheet
Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1923	-100
Tangible fixed assets	102287	-15.38	120876	40.04	86313	204129	-49.89
Land & building	54815	-6.37	58547	-5.99	62278	374978	-85.38
Plant & machinery	12760	6.17	12018	112	5666	27912	-54.29
Other tangible assets	34712	-31.01	50311	173	18369	30203	14.93
Financial fixed assets	1376	0	1376	-0.01	1376	312784	-99
Total fixed assets	103663	-15.21	122252	39.42	87688	416549	-75.11
Inventories	3886112	43.16	2714592	5.47	2573716	3422497	13.55
Raw materials & consumables	-	-	-	-	-	3184382	-
Work in progress	0	-	0	-	0	2475	-100
Finished goods	3886112	43.16	2714592	5.47	2573716	2367649	64.13
Other stocks	0	-	0	-	0	468347	-100
Trade debtors	11973274	-35.04	18431425	46.65	12568121	4349785	175
Cash	285856	-46.46	533932	963	50208	312463	-8.52
other amounts receivable	61112	-74.70	241572	-45.04	439505	411821	-85.16
Miscellaneous current assets	13771	138	5778	-13.29	6664	40576	-66.06
Total current assets	16220125	-26.03	21927300	40.22	15638214	7976096	103
current liabilities
Trade creditors	9591509	-38.54	15606260	51.16	10324353	2883306	232
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1148365	55.76	737248	2250	31371	2406938	-52.29
Miscellaneous current liabilities	51843	99	25938	-14.64	30387	-86.53	- -
Total current liabilities	10791718	-34.07	16369445	57.61	10386111	5550203	94.44
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	3106817	2.86	3020579	8.79	2776621	102	- -
Other long term liabilities	0	-100	898069	7.81	832986	292458	-100
Total long term debts	3106817	-20.72	3918648	8.56	3609607	921571	237
shareholders equity
Issued share capital	626182	10004	6197	0.01	6197	1028168	-39.10
Share premium account	-	-	-	-	-	173859	-
Reserves	1799072	2.50	1755261	1.81	1723987	820370	119
Revaluation reserve	-	-	-	-	-	772031	-
Total shareholders equity	2425253	37.68	1761458	1.81	1730184	1873312	29.46
Working capital	5428408	-2.33	5557855	5.82	5252103	2425892	123
Net worth	2425253	37.68	1761458	1.81	1730184	1871389	29.60
Ratio analysis
Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.18	28.57	0.14	-30.0	0.2	-731,00	0.02
Return on capital employed	1.17	28.57	0.91	-12.50	1.04	-20,00	5.85
Return on total assets employed	0.4	66.67	0.24	-31.43	0.35	-33,00	1.21
Return on net assets employed	2.66	-9.52	2.94	-8.70	3.22	-28,00	9.50
Sales / net working capital	6.57	-0.76	6.62	23.74	5.35	59,00	-99
Stock turnover ratio	10.9	47.70	7.38	-19.52	9.17	42,00	-74.05
Debtor days	122.56	-33.02	182.98	11.98	163.4	58.113,00	-99
Creditor days	98.53	-36.59	155.38	15.11	134.98	251,00	-60.75
short term stability
Current ratio	1.5	11.94	1.34	-11.26	1.51	4,00	-91.67
Liquidity ratio / acid ratio	1.14	-2.56	1.17	-7.14	1.26	3,00	-62.00
Current debt ratio	4.45	-52.10	9.29	54.83	6	18,00	-75.28
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	175.45	-17.76	213.34	31.46	162.29	296,00	-40.73
Equity in percentage	14.86	85.98	7.99	-27.36	11	-1.079,00	1.38
Total debt ratio	5.73	-50.26	11.52	42.40	8.09	19,00	-69.84

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.54.64
UK Pound	1	Rs.82.41
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

PDT

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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