MIRA INFORM REPORT

Report Date :

01.03.2013

IDENTIFICATION DETAILS

Name :	SELECT JEWELLERY BVBA

Registered Office :	Hoveniersstraat 53 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	23.01.2003

Com. Reg. No.:	479419827

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of watches and jewellery

No. of Employees :	Not Available

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 :	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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Belgium

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	479419827
Company name	SELECT JEWELLERY BVBA
Address	HOVENIERSSTRAAT 53
	2018 ANTWERPEN
Number of staff	0
Date of establishment	23/01/2003
Telephone number	-
Fax number	-

Company status

active

Business number	479419827	Company name	SELECT JEWELLERY BVBA
Fax number	-	Date founded	23/01/2003
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46480	liable for VAT	yes
Activity description	Wholesale of watches and jewellery	VAT Number	BE.0479.419.827
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	NEIL DESAI
Position	Principal Manager
Start Date	09/09/2010
Street	72 CARILLOLEI AARTSELAAR
Post code	2630
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

NSSO details

Business number	479419827
Name of defendant	-
Legal form of defendant	-
Date of summons	-

Bankruptcy details

There is no bankruptcy data against this company.

court data

there is no data for this company.

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found.

Minority Interests

No minority interests found.

Individual Shareholders

Shareholder Name
Forename	Neil	Middle name	-
Surname	Desai
Shareholder Details
Start date	23/01/2003	End date	-
Percentage owned	20%
Shareholder Address
Street name	Carillolei	House number	72
Minor town	-	Postal town	Aartselaar
Post code	2630	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	171.35
Industry average payment expectation days	180.85	Industry average day sales outstanding	164.56
Day sales outstanding	195.74

Payment expectations

Payment expectation days	171.35
Day sales outstanding	195.74

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	180.85
Industry average day sales outstanding	164.56

Industry quartile analysis

Payment expectations
Company result	171.35
Lower	142.60
Median	53.18
Upper	14.73

Day sales outstanding
Company result	195.74
Lower	120.19
Median	56.44
Upper	22.28

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
BLUE JAYS PRIVATE LIMITED	-

Summary

Group - Number of Companies	3
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- BLUE JAYS PRIVATE LIMITED
- - DHRUV STAR BVBA	478124678	31-12-2011
- - SELECT JEWELLERY BVBA	479419827	31-12-2011

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	488,901	-72,898	-322,758
31/12/2010	326,464	-117,944	-249,225
31/12/2009	304,553	-47,497	-129,694

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	824,077	8,500	18,600	25,773	0
31/12/2010	750,231	8,500	18,600	12,410	0
31/12/2009	657,172	8,500	18,600	72,457	0

Trends

Profitability
Liquidity
Net worth

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	488,901	49.76	326,464	7.19	304,553	1,532,154	-68.09
Total operating expenses	525,455	28.34	409,411	12.59	363,643	1,443,233	-63.59
Operating result	-36,554	44.07	-82,947	-40.37	-59,090	37,161	-198
Total financial income	31	-98.55	2,165	-83.65	13,237	20,068	-99
Total financial expenses	36,375	-2.11	37,161	2160	1,644	22,733	60.01
Results on ordinary operations before taxation	-72,898	61.81	-117,944	-148	-47,497	30,606	-338
Taxation	-	-	-	-	-	19,782	-
Results on ordinary operations after taxation	-72,898	61.81	-117,944	-148	-47,497	20,145	-461
Extraordinary items	0	-	0	-100	101	5,575	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	-72,898	61.81	-117,944	-148	-47,396	25,349	-387
other information
Dividends	-	-	-	-	-	216,789	-
Director remuneration	-	-	-	-	-	50,816	-
Employee costs	-	-	-	-	-	190,794	-
Wages and salary	-	-	-	-	-	151,087	-
Employee pension costs	-	-	-	-	-	34,489	-
Social security contributions	-	-	-	-	-	42,797	-
Other employee costs	0	-	0	-	0	4,711	-100
Amortization and depreciation	3,750	26.19	2,971	43.20	2,075	20,517	-81.72

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	5,099	-	4,465	-	2,878	2,351	116
Tangible fixed assets	836	-37.04	1,328	-5.72	1,409	163,078	-99
Land & building	-	-	-	-	-	318,551	-
Plant & machinery	836	-37.04	1,328	-5.72	1,409	17,266	-95.16
Other tangible assets	0	-	0	-	0	20,701	-100
Financial fixed assets	8,500	0	8,500	0	8,500	254,345	-96.66
Total fixed assets	14,436	0.99	14,294	11.78	12,787	294,388	-95.10
Inventories	519,186	23.32	421,009	151	167,190	364,454	42.46
Raw materials & consumables	-	-	-	-	-	545,398	-
Work in progress	0	-	0	-	0	60	-100
Finished goods	519,186	23.32	421,009	151	167,190	57,955	795
Other stocks	0	-	0	-	0	217,577	-100
Trade debtors	262,190	-8.30	285,933	-23.15	372,067	168,876	55.26
Cash	25,773	107	12,410	-82.87	72,457	86,156	-70.09
other amounts receivable	2,491	-84.12	15,692	-51.97	32,671	62,573	-96.02
Miscellaneous current assets	0	-100	894	-	0	16,562	-100
Total current assets	809,641	10.01	735,938	14.21	644,385	606,804	33.43
current liabilities
Trade creditors	246,682	-39.22	405,880	34.52	301,718	225,994	9.15
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-100	120	-	0	80,159	-100
Miscellaneous current liabilities	15,607	-	0	-100	31,040	-90.11	- -
Total current liabilities	262,289	-35.40	406,000	22.01	332,758	446,327	-41.23
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	879,446	49.31	588,991	30.53	451,230	194	- -
Other long term liabilities	0	-	0	-	0	34,294	-100
Total long term debts	879,446	49.31	588,991	30.53	451,230	157,886	457
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	168,568	-88.97
Share premium account	-	-	-	-	-	228,155	-
Reserves	-336,258	-27.68	-263,360	-81.11	-145,416	88,359	-480
Revaluation reserve	-	-	-	-	-	144,853	-
Total shareholders equity	-317,658	-29.78	-244,760	-93.00	-126,816	263,664	-220
Working capital	547,353	65.90	329,937	5.88	311,627	160,478	241
Net worth	-322,758	-29.50	-249,225	-92.16	-129,694	261,313	-223

Ratio Analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-14.91	41.27	-36.13	-131	-15.60	-19,00	78.47
Return on capital employed	-12.98	37.89	-34.26	-134	-14.64	404,00	-103
Return on total assets employed	-8.85	56.30	-15.72	-117	-7.23	-10,00	88.50
Return on net assets employed	22.95	-52.38	48.19	28.68	37.45	357,00	-93.57
Sales / net working capital	0.89	-10.10	0.99	1.02	0.98	4,00	-99
Stock turnover ratio	106.19	-17.66	128.96	134	54.90	170,00	-37.54
Debtor days	195.74	-38.77	319.68	-28.31	445.91	216,00	-9.38
Creditor days	171.35	-52.65	361.85	19.49	302.84	176,00	-2.64
short term stability
Current ratio	3.09	70.72	1.81	-6.70	1.94	31,00	-97.42
Liquidity ratio / acid ratio	1.11	42.31	0.78	-45.45	1.43	29,00	-96.17
Current debt ratio	-0.83	50.0	-1.66	63.36	-2.62	120,00	-100
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-276.85	-15.02	-240.69	67.65	-355.81	1.183,00	-123
Equity in percentage	-38.79	-18.19	-32.82	-69.35	-19.38	-164,00	23.65
Total debt ratio	-3.59	88.21	-4.07	65.86	-6.18	126,00	-102

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Joint Industrial Committee (JIC)

Significant Events

Event Date	31/03/2010
Event Description	proposal to change address filed
Event Details

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery
industry average credit rating	61.07
Industry average credit limit	7967.53

NOTES & COMMENTS

N/a

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.53.77
UK Pound	1	Rs.81.57
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

PRL

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.