MIRA INFORM REPORT

Report Date :

05.04.2011

IDENTIFICATION DETAILS

Name :	ALPS DIAM BVBA

Registered Office :	Hoveniersstraat 2 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	18.09.2003

Com. Reg. No.:	860809573

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesaler of diamonds and other precious stones

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 :	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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Belgium

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

Company Summary

Company Summary
Business Name	ALPS DIAM BVBA
Business Number	860809573
Address	HOVENIERSSTRAAT 2 ANTWERPEN
Post Code	2018
Telephone	032016610
Fax Number	032332082
Date of Establishment	18/09/2003
Number of Employees	0

Credit Information Summary
Company Status	ACTIVE
Purchase Limit (€)	1,900,000
Date of Deposit at Registry	20/07/2010
Date of Last Accounts	31/12/2009
Turnover	12,696,804
Results of Ordinary Operations Before Tax	23,523
Networth	756,999

Past Payments
Payment Expectation Days	230.38
Days Sales Outstanding	187.31
Industry Average Payment Expectation Days	137
Industry Average Day Sales Outstanding	124.66

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//

Accounts & Ratio

Period
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	12,696,804	-21.3%	16,138,047	-	-
Total Operating Expenses	12,652,595	-21.2%	16,063,757	-	-
Operating Result	44,209	-40.5%	74,290	-6.2%	79,176
Total Financial Income	15	-90.0%	150	971.4%	14
Total Financial Expenses	10,201	-63.0%	27,572	22.4%	22,525
Results on Ordinary Operations Before Tax	34,023	-27.4%	46,869	-17.3%	56,666
Taxation	10,500	7.4%	9,774	-44.9%	17,729
Results on Ordinary Operations After Tax	23,523	-36.6%	37,095	-4.7%	38,937
Extraordinary Items	0	-	0	-	0
Net Result	23,523	-36.6%	37,095	-4.7%	38,937
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	0	-	0	-	0
- Wages & Salaries	-	-	-	-	-
- Social Security Contributions	-	-	-	-	-
- Other Employee Costs	-	-	-	-	-
Amortization & Depreciation	7,888	30.7%	6,036	48.6%	4,061

Balance Sheet
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	87,087	-4.8%	91,475	18.5%	77,197
- Land And Buildings	68,609	-2.3%	70,205	-2.2%	71,800
- Plant And Machinery	18,215	-12.9%	20,912	327.5%	4,892
- Other Tangible Assets	263	-26.5%	358	-29.1%	505
Financial Fixed Assets	1,000	-	0	-	0
Total Fixed Assets	88,087	-3.7%	91,475	18.5%	77,197
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	2,892,843	-30.2%	4,141,859	60.9%	2,574,975
Trade Debtors	6,515,563	91.0%	3,411,713	-13.7%	3,953,853
Cash	374,195	43.6%	260,558	47.7%	176,421
- Miscellaneous Current Assets	1,554	-54.9%	3,446	224.2%	1,063
Total Current Assets	9,786,937	25.0%	7,826,909	16.6%	6,709,955

- Trade Creditors	7,986,167	24.0%	6,440,174	19.4%	5,392,596
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	0	-100.0%	8,281	-	0
- Miscellaneous Current Liabilities	1,131,600	53.7%	736,178	5.6%	696,815
Total Current Liabilities	9,117,767	26.9%	7,184,633	18.0%	6,089,411

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	0	-	0	-	0
- Other Long Term Liabilities	257	-6.9%	276	-79.7%	1,361
Total Long Term Debts	257	-6.9%	276	-79.7%	1,361

- Issued Share Capital	18,600	0.0%	18,600	0.0%	18,600
- Share Premium Account	0	-	0	-	0
- Reserves	738,399	3.3%	714,876	5.5%	677,781
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	756,999	3.2%	733,476	5.3%	696,381

Working Capital	669,170	4.2%	642,276	3.5%	620,544
Net Worth	756,999	3.2%	733,476	5.3%	696,381

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	0.27	-6.9%	0.29	-	-
Return On Capital Employed	4.49	-29.7%	6.39	-21.3%	8.12
Return On Total Assets Employed	0.34	-42.4%	0.59	-28.9%	0.83
Return On Net Assets Employed	5.08	-30.4%	7.30	-20.0%	9.13
Sales / Net Working Capital	18.97	-24.5%	25.13	-	-
Operating Efficiency
Stock Turnover Ratio	22.78	-11.3%	25.67	-	-
Debtor Days	187.31	142.8%	77.16	-	-
Creditor Days	230.38	57.4%	146.33	-	-
Short Term Stability
Current Ratio	1.07	-1.8%	1.09	-0.9%	1.10
Liquidity Ratio / Acid Ratio	0.76	49.0%	0.51	-25.0%	0.68
Current Debt Ratio	12.04	22.9%	9.80	12.1%	8.74
Long Term Stability
Gearing	0	-100.0%	1.13	-	0
Equity In Percentage	0.08	-11.1%	0.09	-10.0%	0.10
Total Debt Ratio	0	-100.0%	0.01	-	0

Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Limit (€)	160,182

Payment Expectations

Payment Expectations
Payment Expectation Days	230.38
Day Sales Outstanding	187.31

Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	124.66
Industry Average Payment Expectation Days	137

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	41.25
Payment Expectations - Median	90.32
Payment Expectations - Upper	162.53
Day Sales Outstanding
Day Sales Outstanding - Lower	31.52
Day Sales Outstanding - Median	75.21
Day Sales Outstanding - Upper	158.58

Shareholders

No holding companies for this company.

No subsidiaries for this company.

Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--

NSSO Details
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
Full Name	JIGARKUMAR KANALYALA DAFTARY
Position	Manager
Address	0 ADAJAN PATIA RANDER ROAD 1004 RATNARAJ
Postal Code	0

Country

Company Director
Full Name	MILANKUMAR MAFATLAL MEHTA
Position	Manager
Address	97 MUMBAI KEDARMAL ROAD
Postal Code	0
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

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

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.

Latest Branch Details
Street	--
House Number
City	--
Postal Code
Trade Registered Number
Trade Registered Entry Date	//

Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	//

Latest Event
Serial Number	56470
Event Description	Appointment

company details
Business Number	860809573
Name	ALPS DIAM BVBA
Fax Number	032332082
Establishment Date	18/09/2003
Company Status	ACTIVE
Company Type	Private limited liability company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)