MIRA INFORM REPORT

Report Date :

13.08.2014

IDENTIFICATION DETAILS

Name :	RIKHAV BVBA

Registered Office :	Hoveniersstraat 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	14.05.2002

Com. Reg. No.:	477618694

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other precious stones

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank

Source : CIA

Company name & address

Business number 477618694

Company name RIKHAV BVBA

Address HOVENIERSSTRAAT 53

2018 ANTWERPEN

Number of staff 0

Date of establishment 14/05/2002

Telephone number 032329224

Commentary

The business was established over 12 years ago.
The business has 0 employees.
The business has been at the address for over 3 years.
Operating Result in the latest trading period increased 61% on the previous trading period.
The business saw a decrease in their Cash Balance of 55% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	16,671,737	27,172	3,089,484	3,811,647
31/12/2011	1 5,766,413	25,285	3,069,541	3,804,585
31/12/2010	11,493,932	16,763	3,048,483	3,771,595

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	5,159,034	0	2,805,738	30,103
31/12/2011	4,851,817	0	2,805,738	27,716
31/12/2010	5,056,050	0	2,805,738	15,546

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	14.52
Industry average payment expectation days	165.27	Industry average day sales outstanding	126.84
Day sales outstanding	44.86

Joint Industrial Committee

(JIC)

Event Date 12/06/2012

Event Description resignation-appointment of director(s)

Event Details Commentaar 12-06-2012: Bevestiging van de benoeming van Shimon Barbi en

Shah Jayesh als zaakvoerders.

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

Profit & Loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	16,671,737	5.74	1 5,766,413	37.17	11,493,932	46,485,458	-64.14
Total operating expenses	16,627,141	5.64	1 5,738,876	37.49	11,447,553	46,114,879	-63.94
Operating result	44,596	61.95	27,536	-40.63	46,380	141,119	-68.40
Total financial income	24,600	4.58	23,523	2198322	1	98,884	-75.12
Total financial expenses	42,023	63.04	25,775	-12.97	29,618	206,523	-79.65
Results on ordinary operations before taxation	27,172	7.47	25,285	50.83	16,763	25,299	7.40
Taxation	8,794	7.11	8,210	173	3,004	20,807	-57.74
Results on ordinary operations after taxation	18,379	7.64	17,075	24.09	1 3,759	10,494	75.13
Extraordinary items	0	-100	2,418	-	0	-3,973	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result OTHER INFORMATION	18,379	-5.71	19,492	41.67	1 3,759	6,539	181
Gross Operating Margin	-	-	-	-	-	56,922	-
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	-	-	-	-	-	125,946	-
Wages and salary	-	-	-	-	-	1 05,550	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,656	-
Other employee costs	0	-	0	-	0	4,349	-100
Amortization and depreciation	11,724	42.56	8,224	360	1,787	17,831	-34.25

Balance Sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	4,683	-	6,248	-	7,813	1,573	197
Tangible fixed assets	35,758	-5.44	37,813	49.58	25,279	184,117	-80.58
Land & building	-	-	-	-	-	362,988	-
Plant & machinery	4,467	-	-	-	358	22,615	-80.25
Furniture & Vehicles	31,291	-17.25	37,813	51.73	24,921	17,295 5,364	80.93
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,596	-100
Financial fixed assets	-	-	-	-	-	306,761	-
Total fixed assets	40,441	-8.22	44,061	33.15	33,092	394,708	-89.75
Inventories	1,564,582	39.37	1,122,612	27.87	877,906	3,105,524	-49.62
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,387	-100
Finished goods	1,564,582	39.37	1,122,612	27.87	877,906	1,996,655	-21.64
Other stocks	0	-	0	-	0	569,977	-100
Trade debtors	2,049,074	24.40	1,647,208	-9.72	1,824,585	4,243,347	-51.71
Cash	427,880	-55.99	972,297	-25.94	1,312,816	227,473	88.10
other amounts receivable	1,070,099	0.85	1,061,122	5.85	1,002,507	209,176	411
Miscellaneous current assets	6,958	54.07	4,516	-12.19	5,143	18,254	-61.88
Total current assets	5,118,594	6.47	4,807,756	-4.28	5,022,958	7,328,597	-30.16
Total Assets	5,159,034	6.33	4,851,817	-4.04	5,056,050	7,683,424 1,454,122	-32.86

CURRENT LIABILITIES

Trade creditors 661,245 334 152,209 -87.32 1,200,852 3,148,030 -78.99

Financial debts 636,049 -24.31 840,329 1683 47,120 4,280,807 -85.14

189,666

Current portion of long term debt 110,204

15,373

Amounts Payable for Taxes,

Remuneration & Social Security 9,289 -9.90 10,310 223 3,191 9,740 - -72.70

Miscellaneous current liabilities 364 12.49 323 61.66 200 -99 - -

Total current liabilities 1,306,947 30.28 1,003,171 -19.83 1,251,363 5,462,976 -76.08

LONG TERM DEBTS AND LIABILITIES

Deffered taxes - - - -- 37,626 26,358 -

Provisions for Liabilities & Charges 0 - 0 0 3,168 0 -100

Other long term liabilities 757,920 -1.93 772,857 3.27 748,391 128,026 492

Total long term debts 757,920 -1.93 772,857 3.27 748,391 562,804 34.67

SHAREHOLDERS EQUITY

Issued share capital 2,805,738 0 2,805,738 0 2,805,738 967,968 189

Share premium account 109,362 -

Reserves 288,429 6.81 270,051 7.78 250,558 654,096 -55.90

Revaluation reserve 939,206 -

Total shareholders equity 3,094,167 0.60 3,075,788 0.64 3,056,296 1,651,582 87.35

Working capital 3,811,647 0.19 3,804,585 0.87 3,771,595 1,865,621 104

Cashflow 30,103 8.61 27,716 78. 29 15,546 21,288 41.41

Net worth 3,089,484 0.65 3,069,541 0.69 3,048,483 1,648,350 87.43

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.16	0	0.16	6.67	0.15	-29,00	0.55
Return on capital employed	0.71	7.58	0.66	50.0	0.44	29,00	-97.55
Return on total assets employed	0.53	1.92	0.52	57.58	0.33	-200,00	0.26
Return on net assets employed	0.88	7.32	0.82	49.09	0.55	19,00	-95.37
Sales / net working capital	4.37	5.56	4.14	35.74	3.05	44,00	-99
Stock turnover ratio	9.38	31.74	7.12	-6.81	7.64	116,00	-91.91
Debtor days	44.86	17.65	38.13	-34.19	57.94	143,00	-68.63
Creditor days SHORT TERM STABILITY	14.52	311	3.53	-90.78	38.29	125,00	-88.38
Current ratio	3.92	-18.16	4.79	19.45	4.01	6,00	-56.44
Liquidity ratio / acid ratio	2.72	-25.89	3.67	10.88	3.31	4,00	-32.00
Current debt ratio	0.42	27.27	0.33	-19.51	0.41	9,00	-95.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	20.56	-24.74	27.32	1674	1.54	357,00	-94.24
Equity in percentage	60.03	-5.43	63.48	4.86	60.54	-3.192,00	1.88
Total debt ratio	0.67	15.52	0.58	-10.77	0.65	11,00	-93.91

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious

stones

Industry average payment 165.27

expectation days

Industry average day sales 126.84

outstanding

Industry quartile analysis

Payment expectations
Company result	14.52
Lower	134.13
Median	84.97
Upper	45.81

Day sales outstanding

Company result 44.86

Lower 110.17

Median 59.01

Upper 28.11

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Court data

NSSO details

Business number 477618694

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data

there is no data for this company

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.61.18
UK Pound	1	Rs.102.56
Euro	1	Rs.81.78

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SDA

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.

Business number	477618694	Company name	RIKHAV BVBA
Fax number		Date founded	14/05/2002
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	Liable for VAT	yes
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0477.618.694 Check VAT number
Belgian Bullettin of Acts Publications	Moniteur Belge