MIRA INFORM REPORT

Report Date :

01.04.2014

IDENTIFICATION DETAILS

Name :	RAJAVEER (U.K.) LTD.

Registered Office :	87b Lower Ground Floor Hatton Garden, EC1N 8QQ

Country :	United Kingdom

Financials (as on) :	31.12.2012

Date of Incorporation :	29.12.1978

Com. Reg. No.:	01407213

Legal Form :	Private Independent

Line of Business :	Wholesale of other household goods. Jewellery Wholesale

No. of Employees :	05

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 :	Slow but correct
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, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

United Kingdom

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

Company name and address

RAJAVEER (U.K.) LTD

87b Lower Ground Floor


Hatton Garden, EC1N 8QQ
United Kingdom
(Trading Address) $Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\arrow.gif$ Registered Address
$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\arrow.gif$ Map

Tel:	02074040912
Fax:	02074058249

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\arrow.gif$ www.rajaveer.com

Employees:	5
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	29-Dec-1978


Fiscal Year End:	31-Dec-2012
Reporting Currency:	British Pound Sterling
Annual Sales:	NA
Total Assets:	1.8

Other address

39 Grevile Street, Hatton Garden, London EC1N8PJ United Kingdom

Business Description

Wholesale of other household goods.

Industry

Industry	Miscellaneous Wholesale
ANZSIC 2006:	3739 - Other Goods Wholesaling Not Elsewhere Classified
ISIC Rev 4:	4690 - Non-specialized wholesale trade
NACE Rev 2:	4690 - Non-specialised wholesale trade
NAICS 2012:	423990 - Other Miscellaneous Durable Goods Merchant Wholesalers
UK SIC 2007:	4690 - Non-specialised wholesale trade
US SIC 1987:	5099 - Durable Goods, Not Elsewhere Classified

Key Executives

Name	Title
Dipak Gangramani	Director
Dipak Gangaramani	Director

Financial Summary

FYE: 31-Dec-2012

USD (mil)

Key Figures
Current Assets	1.72
Fixed Assets	0.12
Total Liabilities	0.49
Net Worth	1.35

Key Ratios
Current Ratio	3.51
Acid Test	1.27

Registered No.(UK): 01407213

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6311738

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6190609

Corporate Overview

Location
87b Lower Ground Floor
Hatton Garden, EC1N 8QQ
London County
United Kingdom

Tel:	02074040912
Fax:	02074058249

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\externalright.gif$ www.rajaveer.com

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$

Sales GBP(mil):	NA
Assets GBP(mil):	1.1
Employees:	5
Fiscal Year End:	31-Dec-2012

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$
Industry:	Miscellaneous Capital Goods

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$

Registered Address:
90 Walworth Road
London, SE1 6SW
United Kingdom

Incorporation Date:	29-Dec-1978
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(UK):	01407213

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$
Director:	Dipak Gangaramani

Industry Codes

ANZSIC 2006 Codes:
3739	-	Other Goods Wholesaling Not Elsewhere Classified

ISIC Rev 4 Codes:
4690	-	Non-specialized wholesale trade

NACE Rev 2 Codes:
4690	-	Non-specialised wholesale trade

NAICS 2012 Codes:
423990	-	Other Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:
5099	-	Durable Goods, Not Elsewhere Classified

UK SIC 2007:
4690	-	Non-specialised wholesale trade

Business Description

Wholesale of other household goods.

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$

More Business Descriptions

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$

Jewellery Wholesale

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$

Financial Data

Financials in:	GBP(mil)
$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$
Assets:	1.1
Current Assets:	1.1
Fixed Assets:	0.1
Long Term Debt:	0.0
Total Liabilities:	0.3
Issued Capital:	0.0
Working Capital:	0.8
Net Worth:	0.8
$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$
Date of Financial Data:	31-Dec-2012

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$

1 Year Growth

Executives Report

Rajaveer (U.K.) Ltd.

Hatton Garden, , United Kingdom, Tel: 02074040912, URL: http://www.rajaveer.com

$Description: \\shraddha\d\raw foreign report\Rajaveer (U.K.) Ltd._files\spacer.gif$

Board of Directors

Name

Title

Function

Dipak Gangaramani

Director

Director/Board Member

Age: 61

Executives

Name

Title

Function

Dipak Gangramani

Director

Administration Executive

Directors and Shareholders Report

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Dipak Gangaramani	Current	09 Mar 1953	11 Pickett Croft, Stanmore, Middlesex HA7 1HY	30 Jul 1991	NA	Current:1 Previous:0 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Gul Kripalani	Previous	NA	104 Beresford Avenue, Hanwell, London, London W7 3AP	30 Jul 1991	01 Sep 2009	Current:0 Previous:1 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Dipak Gangaramani	18000 Ordinary GBP 1.00	Ordinary	18,000	1.00	18,000.00	90.00
Jai Gangaramani	2000 Ordinary GBP 1.00	Ordinary	2,000	1.00	2,000.00	10.00

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776	0.647573	0.641508	0.545576
Consolidated	No	No	No	No	No

Depreciation	0.0	0.0	0.0	-	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.619061	0.643459	0.638712	0.619253	0.695531
Consolidated	No	No	No	No	No

Total Tangible Fixed Assets	0.1	0.1	0.7	0.7	0.1
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.1	0.1	0.7	0.7	0.1
Total Stocks Work In Progress	1.1	0.9	0.6	0.5	0.8
Total Debtors	0.6	0.4	0.5	0.4	0.5
Cash and Equivalents	0.0	0.2	0.0	0.0	0.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	1.7	1.5	1.2	0.9	1.3
Total Assets	1.8	1.6	1.9	1.6	1.4
Other Current Liabilities	0.5	0.4	0.8	0.6	0.7
Total Current Liabilities	0.5	0.4	0.8	0.6	0.7
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	-
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	-
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	-
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	-
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	-
Other Long Term Loans	0.0	0.0	0.0	0.0	-
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	-
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.0
Issued Capital	0.0	0.0	0.0	0.0	0.0
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	1.3	1.2	1.1	1.0	0.7
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	1.3	1.2	1.1	1.0	0.8
Net Worth	1.3	1.2	1.1	1.0	0.8

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776	0.647573	0.641508	0.545576
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.619061	0.643459	0.638712	0.619253	0.695531
Consolidated	No	No	No	No	No

Current Ratio	3.51	3.81	1.52	1.42	1.97
Liquidity Ratio	1.27	1.63	0.71	0.60	0.81
Equity Gearing	73.39%	75.67%	59.13%	61.24%	52.76%

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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Report Prepared by :

NIS

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.