MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	RAJ GEMS BVBA
Registered Office :	Hoveniersstraat 2, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	26.07.2007
Com. Reg. No.:	891406640
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale Of Diamonds And Other Precious Stones
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Belgium	A1	A1

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 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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 summary

Business number	891406640
Company name	RAJ GEMS BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	0
Date of establishment	26/07/2007
Telephone number	032253100
Fax number

Commentary

The business was established over 6 years ago.
No employees are recorded for this business.
The business has been at the address for over 3 months.
The business has been at the address for less than 6 months.
The business has changed address 2 times in the last year.
Operating Result in the latest trading period decreased 28% on the previous trading period.
Pre-tax profits decreased by 37% compared to the previous trading period.
The business saw an increase in their Cash Balance of 713% during the latest trading period.
Net Worth is a negative amount during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	30,126,416	54,457	-47,991	130,016
31/12/2011	35,120,422	87,186	-99,077	86,796
31/12/2010	27,405,601	56,418	108,423	300,758

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	6,988,838	0	18,600	60,059
31/12/2011	7,774,057	0	18,600	-198,543
31/12/2010	6,553,594	0	18,600	44,119

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	74.42
Industry average payment expectation days	166.53	Industry average day sales outstanding	121.03
Day sales outstanding	66.63

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	891406640	Company name	RAJ GEMS BVBA
Fax number		Date founded	26/07/2007
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	Wholesale of diamonds and other precious stones	VAT Number	BE.0891.406.640
Belgian Bullettin of Acts Publications	moniteur belge

Significant Events

Event Date	31/10/2012
Event Description	proposal to change address filed
Event Details

comparison mode

average

median

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	30,126,416	-14.22	35,120,422	28.15	27,405,601	47,072,785	-36.00
Total operating expenses	30,046,774	-14.18	35,009,799	28.12	27,326,113	46,675,644	-35.63
Operating result	79,642	-28.01	110,623	39.17	79,488	149,608	-46.77
Total financial income	169	7251	2	114	1	97,750	-99
Total financial expenses	25,354	8.17	23,439	1.60	23,071	205,729	-87.68
Results on ordinary operations before taxation	54,457	-37.54	87,186	54.54	56,418	33,135	64.35
Taxation	3,371	-98.86	294,686	1291	21,179	21,096	-84.02
Results on ordinary operations after taxation	51,086	24.62	-207,500	-688	35,239	18,119	181
Extraordinary items	0	-	0	-	0	-4,610	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	51,086	24.62	-207,500	-688	35,239	13,528	277
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	37,987	49.91	25,339	-	-	114,526	-66.83
Employee costs	-	-	-	-	-	127,801	-
Wages and salary	-	-	-	-	-	107,259	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	27,017	-
Other employee costs	0	-	0	-	0	4,439	-100
Amortization and depreciation	8,973	0.18	8,957	0.86	8,881	17,817	-49.64

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	0	-	0	-	0	1,587	-100
Tangible fixed assets	18,850	-28.41	26,330	-24.53	34,887	184,711	-89.79
Land & building	-	-	-	-	-	359,116	-
Plant & machinery	3,906	-20.96	4,942	-18.79	6,085	22,996	-83.01
Furniture & Vehicles	14,944	-30.13	21,388	-25.74	28,802	17,490 5,418	-14.56
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,792	-100
Financial fixed assets	2,359	0	2,359	26.90	1,859	292,338	-99
Total fixed assets	21,209	-26.07	28,689	-21.93	36,746	385,231	-94.49
Inventories	725,356	-36.90	1,149,517	0.66	1,141,934	3,113,736	-76.70
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,453	-100
Finished goods	725,356	-36.90	1,149,517	0.66	1,141,934	1,992,574	-63.60
Other stocks	0	-	0	-	0	572,391	-100
Trade debtors	5,499,627	-15.30	6,492,792	44.29	4,499,677	4,198,010	31.01
Cash	729,945	713	89,780	-89.67	869,322	223,938	225
other amounts receivable	8,740	96.84	4,440	167	1,658	184,406	-95.26
Miscellaneous current assets	3,961	-55.20	8,840	107	4,257	17,946	-77.93
Total current assets	6,967,629	-10.04	7,745,369	18.85	6,516,848	7,254,588	-3.96
Total Assets	6,988,838	-10.10	7,774,057	18.62	6,553,594	7,607,782 1,446,080	-8.14
current liabilities
Trade creditors	6,126,212	-8.10	6,665,867	21.22	5,499,132	3,065,486	99
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	1,674	-48.43	3,246	4,276,454 193,728	-
Current portion of long term debt	15,346	5.69	14,520	5.64	13,745	108,524 15,189	-85.86
Amounts Payable for Taxes, Remuneration & Social Security	25,332	-91.41	294,751	653	39,117	9,400 -	-25.66
Miscellaneous current liabilities	670,724	-1.62	681,761	3.16	660,850	123	- -
Total current liabilities	6,837,613	-10.72	7,658,573	23.21	6,216,090	5,381,406	27.06
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	199,216	-7.15	214,562	-6.34	229,082	-82.06	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,184 0	-100
Other long term liabilities	0	-	0	-	0	131,239	-100
Total long term debts	199,216	-7.15	214,562	-6.34	229,082	567,472	-64.89
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	906,632	-97.95
Share premium account	-	-	-	-	-	109,362	-
Reserves	-66,591	56.59	-117,677	-231	89,823	708,066	-109
Revaluation reserve	-	-	-	-	-	968,672	-
Total shareholders equity	-47,991	48.44	-99,077	-191	108,423	1,644,885	-102
Working capital	130,016	49.80	86,796	-71.14	300,758	1,873,183	-93.06
Cashflow	60,059	30.25	-198,543	-550	44,119	28,179	113
Net worth	-47,991	48.44	-99,077	-191	108,423	1,641,599	-102

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.18	-28.00	0.25	19.05	0.21	-26,00	0.69
Return on capital employed	36.01	-52.30	75.50	351	16.72	30,00	20.03
Return on total assets employed	0.78	-30.36	1.12	30.23	0.86	-210,00	0.37
Return on net assets employed	-113.47	-28.94	-88	-269	52.04	20,00	-667
Sales / net working capital	231.71	-42.74	404.63	344	91.12	45,00	-99
Stock turnover ratio	2.41	-26.30	3.27	-21.58	4.17	113,00	-97.87
Debtor days	66.63	-1.26	67.48	12.60	59.93	134,00	-50.28
Creditor days	74.42	7.08	69.50	-5.38	73.45	122,00	-39.00
short term stability
Current ratio	1.02	0.99	1.01	-3.81	1.05	7,00	-88.67
Liquidity ratio / acid ratio	0.91	5.81	0.86	0	0.86	4,00	-77.25
Current debt ratio	-142.48	-84.32	-77.30	-234	57.33	9,00	-1683
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-447.08	-91.96	-232.90	-202	226.96	369,00	-221
Equity in percentage	-0.69	54.33	-1.27	-176	1.65	-3.284,00	0.02
Total debt ratio	-146.63	-84.53	-79.46	-233	59.44	11,00	-1433

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment expectations

Payment expectation days	74.42
Day sales outstanding	66.63

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	166.53
Industry average day sales outstanding	121.03

Industry quartile analysis

Payment expectations
Company result	74.42
Lower	134.36
Median	84.93
Upper	45.17
Day sales outstanding
Company result	66.63
Lower	113.52
Median	59.77
Upper	28.61

Company result	74.42
Lower	134.36
Median	84.93
Upper	45.17

Company result	66.63
Lower	113.52
Median	59.77
Upper	28.61

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Current director details

Name	NILESH BABULAL SHAH
Position	Principal Manager
Start Date	13/08/2007
Street	22 ADRIAAN WILLAERTSTRAAT EDEGEM
Post code	2650
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

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.