MIRA INFORM REPORT

Report Date :

05.05.2011

IDENTIFICATION DETAILS

Name :	C.M. DIAMONDS NV

Registered Office :	Hoveniersstraat Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	24.11.2005

Com. Reg. No.:	877518715

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of diamonds and other precious stones

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 :	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

REGISTERED NAME & COMPANY SUMMARY

Business number	877518715	Company name	C.M. DIAMONDS NV
Address	HOVENIERSSTRAAT ANTWERPEN	Telephone number	032324214
Post code	2018	Fax number	-
Date of establishment	24/11/2005	Number of staff	1

Business number	877518715	Company name	C.M. DIAMONDS NV
Fax number	-	Date founded	24/11/2005
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2009
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0877.518.715.

DIRECTORS/MANAGEMENT

Current director details

Name	DAOUD MOURAD
Position	Managing Director
Street	139 BOECHOUTSESTEENWEG HOVE
Post code	2540
Country	Belgium

Name	DAOUD MOURAD
Position	Director
Street	139 BOECHOUTSESTEENWEG HOVE
Post code	2540
Country	Belgium

Name	MAAN CHARARA
Position	Managing Director
Street
Post code
Country	Congo

Name	MAAN CHARARA
Position	Chairman of the Board
Street
Post code
Country	Congo

Name	MAAN CHARARA
Position	Director
Street
Post code
Country	Congo

NEGATIVE INFORMATION

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	877518715
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	1.11
Day sales outstanding	2.11

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	210.80
Industry average day sales outstanding	165

Industry quartile analysis

Payment expectations	View graph
Company result	1.11
Lower	171.11
Median	104.98
Upper	49.81

Day sales outstanding	View graph
Company result	2.11
Lower	153.69
Median	75.14
Upper	33.09

GROUP STRUCTURE & AFFILIATED COMPANIES

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

Companies that match this address

no Companies Match this address

FINANCIAL INFORMATION

Profit & loss

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	22,222,730	-	-	-	-	27,559,303	-19.36
Total operating expenses	22,800,290	-	-	-	-	27,351,676	-16.64
Operating result	-577,560	-244	399,607	3095	12,505	65,660	-979
Total financial income	708,953	205	232,005	517	37,560	163,209	334
Total financial expenses	93,919	-84.68	613,134	2923	-20,973	230,412	-59.24
Results on ordinary operations before taxation	37,474	102	18,478	-36.48	29,092	-21,355	175
Taxation	9,661	894	971	11.04	-8,796	13,349	-27.63
Results on ordinary operations after taxation	27,813	58.87	17,507	-53.79	37,888	-30,520	91.13
Extraordinary items	0	-	0	-	0	5,281	-100
Other appropriations	0	-	0	0	-17592	-	-
Net result	27,813	58.87	17,507	-13.74	20,296	-25,357	109
other information
Dividends	-	-	-	-	-	587,587	-
Director remuneration	-	-	-	-	-	117,842	-
Employee costs	5,072	-	-	-	155	131,179	-96.13
Wages and salary	3,750	-	-	-	-	112,576	-96.67
Employee pension costs	-	-	-	-	-	231,467	-
Social security contributions	344	-	-	-	200	28,546	-98.79
Other employee costs	978	-	0	0	-45	2,303	-57.53
Amortization and depreciation	423	-27.82	586	-17.11	707	23,016	-98.16

balance sheet

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	366	8,214	-100
Tangible fixed assets	846	28.18	660	-25.00	880	168,173	-99
Land & building	-	-	-	-	-	335,274	-
Plant & machinery	846	28.18	660	-25.00	880	25,150	-96.64
Other tangible assets	0	-	0	-	0	20,653	-100
Financial fixed assets	-	-	-	-	-	268,029	-
Total fixed assets	846	28.18	660	-47.03	1,246	349,563	-99
Inventories	2,782,284	-10.80	3,119,234	196	1,050,803	2,714,920	2.48
Raw materials & consumables	-	-	-	-	-	3,245,897	-
Work in progress	0	-	0	-	0	4,498	-100
Finished goods	2,782,284	-	0	-	0	1,731,983	60.64
Other stocks	0	-100	3,119,234	196	1,050,803	506,794	-100
Trade debtors	128,426	-43.55	227,515	-46.99	429,164	2,965,734	-95.67
Cash	18,904	-94.57	348,295	1608	20,381	214,072	-91.17
other amounts receivable	0	-100	6,613	1644	379	279,887	-100
Miscellaneous current assets	1	0	1	-	0	18,855	-99
Total current assets	2,929,615	-20.86	3,701,658	146	1,500,727	5,752,125	-49.07
current liabilities
Trade creditors	69,426	-89.74	676,777	163	256,985	2,369,818	-97.07
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,786,603	-10.02	1,985,509	833	212,637	1,371,851	30.23
Miscellaneous current liabilities	32,628	616	4,551	-68.26	14,338	-92.90	- -
Total current liabilities	1,888,657	-29.18	2,666,837	451	483,960	4,093,683	-53.86
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	616,711	-3.37	638,201	-31.13	926,740	106,489	479
Total long term debts	616,711	-3.37	638,201	-31.13	926,740	515,319	19.68
shareholders equity
Issued share capital	350,000	0	350,000	469	61,500	776,323	-54.92
Share premium account	-	-	-	-	-	117,911	-
Reserves	75,093	58.83	47,280	58.80	29,773	651,997	-88.48
Revaluation reserve	-	-	-	-	-	726,467	-
Total shareholders equity	425,093	7.00	397,280	335	91,273	1,446,450	-70.61
Working capital	1,040,958	0.59	1,034,821	1.78	1,016,767	1,658,442	-37.23
Net worth	425,093	7.00	397,280	337	90,907	1,438,236	-70.44

ratio analysis

Annual accounts	31-12-2009	change(%)	31-12-2008	change(%)	31-12-2007	Industry average 2009	%
Trading performance
Profit Before Tax	0.17	-	-	-	-	-13,00	1.31
Return on capital employed	3.60	102	1.78	-37.76	2.86	-17,00	21.18
Return on total assets employed	1.28	156	0.50	-74.23	1.94	-4,00	32.00
Return on net assets employed	8.82	89.68	4.65	-85.41	31.87	6,00	47.00
Sales / net working capital	21.35	-	-	-	-	26,00	-99
Stock turnover ratio	12.52	-	-	-	-	203,00	-93.83
Debtor days	2.11	-	-	-	-	393,00	-99
Creditor days	1.11	-	-	-	-	195,00	-99
short term stability
Current ratio	1.55	11.51	1.39	-55.16	3.10	13,00	77.50
Liquidity ratio / acid ratio	0.08	-63.64	0.22	-76.34	0.93	5,00	-98.40
Current debt ratio	4.44	-33.83	6.71	26.60	5.30	-2,00	222
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	420.29	-15.90	499.78	114	232.97	71,00	491
Equity in percentage	14.51	35.23	10.73	76.48	6.08	-68,00	21.34
Total debt ratio	5.89	-29.21	8.32	-46.18	15.46	-2,00	294

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Latest branch details

Street	-	Entry date	-
House or po box number	-	Trade register number	-
City	-
Post code	-

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

AMB Publications

AMB publication serial number	69923
Contents	Change of articles of association
Event filed date	13/05/2008

AMB publication serial number	69923
Contents	Increase of capital
Event filed date	13/05/2008

AMB publication serial number	44906
Contents	Appointment
Event filed date	06/03/2006

AMB publication serial number	175787
Contents	Establishment
Event filed date	06/12/2005

AMB publication serial number	20080513-69923
Contents	Increase of capital from EUR 61500 to EUR 350000
Event filed date	28/04/2008

Industry comparison

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

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.59
UK Pound	1	Rs.73.42
Euro	1	Rs.66.04

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.