MIRA INFORM REPORT

Report Date :

05.05.2011

IDENTIFICATION DETAILS

Name :	H.F.DIAMONDS BVBA
Registered Office :	Schupstraat 20 Antwerp 2018
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	28.10.1997
Com. Reg. No.:	461799974
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones

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 :	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	a1	a1

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	461799974	Company name	H.F.DIAMONDS BVBA
Address	SCHUPSTRAAT 20 ANTWERP	Telephone number	032325574
Post code	2018	Fax number	032332030
Date of establishment	28/10/1997	Number of staff	1

Business number	461799974	Company name	H.F.DIAMONDS BVBA
Fax number	032332030	Date founded	28/10/1997
Company status	active	Company type	Private Limited Company (BL/LX)
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.0461.799.974.

Latest branch details

Street	SCHUPSTRAAT	Entry date	01/01/1998
House or po box number	17	Trade register number	326770
City	ANTWERPEN
Post code	2018

DIRECTORS/MANAGEMENT

Current director details

Name	KARIM RUSTOM
Position	Principal Manager
Street	388 PRINS BOUDEWIJNLAAN EDEGEM
Post code	2650
Country	Belgium

Name	ALI AHMAD
Position	Non Statutory Partner
Street	1 RUBENSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	ALI AHMAD
Position	Principal Manager
Street	1 RUBENSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	HUSSEIN NAIF FACKIE
Position	Principal Manager
Street
Post code
Country

Name	ADAM AHMAD
Position	Principal Manager
Street
Post code
Country

Name	AHMAD AHMAD
Position	Principal Manager
Street
Post code
Country

Name	AFIF AHMAD
Position	Principal Manager
Street
Post code
Country

Name	FAKIH HUSSEIN
Position	Principal Manager
Street	730 VERDUN STREET
Post code	0
Country

NEGATIVE INFORMATION

Protested bills

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

NSSO details

Business number	461799974
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	126.23
Day sales outstanding	45.11

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	126.23
Lower	171.11
Median	104.98
Upper	49.81
Day sales outstanding	View graph
Company result	45.11
Lower	153.69
Median	75.14
Upper	33.09

GROUP STRUCTURE & AFFILIATED COMPANIES

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

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	10,273,922	-	-	-	-	27,559,303	-62.72
Total operating expenses	10,314,264	-	-	-	-	27,351,676	-62.29
Operating result	-40,343	-145	88,595	2356	3,607	65,660	-161
Total financial income	1,396,882	-58.66	3,379,057	318	807,791	163,209	755
Total financial expenses	1,331,250	-60.45	3,366,148	416	-807,829	230,412	477
Results on ordinary operations before taxation	25,289	-75.09	101,504	2744	3,569	-21,355	118
Taxation	1,068	-	-	-	-	13,349	-92.00
Results on ordinary operations after taxation	24,221	-76.14	101,504	2744	3,569	-30,520	79.36
Extraordinary items	0	-100	623	-	0	5,281	-100
Other appropriations	0.00	0.00	-1	-	0	-	-
Net result	24,221	-76.28	102,126	2761	3,569	-25,357	95.52
other information
Dividends	-	-	-	-	-	587,587	-
Director remuneration	-	-	-	-	-	117,842	-
Employee costs	44,880	-	-	-	-	131,179	-65.79
Wages and salary	30,740	-	-	-	-	112,576	-72.69
Employee pension costs	-	-	-	-	-	231,467	-
Social security contributions	8,547	-	-	-	-	28,546	-70.06
Other employee costs	5,593	-	0	-	0	2,303	142
Amortization and depreciation	3,629	0.01	3,629	19.89	3,027	23,016	-84.23

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	-	0	8,214	-100
Tangible fixed assets	603	-85.76	4,232	-30.10	6,054	168,173	-99
Land & building	-	-	-	-	-	335,274	-
Plant & machinery	603	-85.76	4,232	-30.10	6,054	25,150	-97.60
Other tangible assets	0	-	0	-	0	20,653	-100
Financial fixed assets	166	-	-	-	-	268,029	-99
Total fixed assets	769	-81.84	4,232	-30.10	6,054	349,563	-99
Inventories	1,836,041	-16.22	2,191,565	1306	155,862	2,714,920	-32.37
Raw materials & consumables	-	-	-	-	-	3,245,897	-
Work in progress	0	-	0	-	0	4,498	-100
Finished goods	1,836,041	-	0	-	0	1,731,983	6.01
Other stocks	0	-100	2,191,565	1306	155,862	506,794	-100
Trade debtors	1,269,739	-82.55	7,276,967	610	1,024,534	2,965,734	-57.19
Cash	63,138	-4.09	65,827	-82.89	384,744	214,072	-70.51
other amounts receivable	986,070	48.17	665,491	141	275,901	279,887	252
Miscellaneous current assets	11,795	1179422	1	-	0	18,855	-37.44
Total current assets	4,166,783	-59.15	10,199,851	454	1,841,041	5,752,125	-27.56
current liabilities
Trade creditors	3,567,052	-62.97	9,631,617	599	1,377,095	2,369,818	50.52
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	1,371,851	-100
Miscellaneous current liabilities	4,485	566	673	102	333	-99	- -
Total current liabilities	3,571,537	-62.92	9,632,290	599	1,377,428	4,093,683	-12.75
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	0	-1	-	0	106,489	-100
Total long term debts	0	0	-1	-	0	515,319	-100
shareholders equity
Issued share capital	457,659	0.00	457,659	0	457,659	776,323	-41.05
Share premium account	-	-	-	-	-	117,911	-
Reserves	138,355	21.22	114,135	850	12,008	651,997	-78.78
Revaluation reserve	-	-	-	-	-	726,467	-
Total shareholders equity	596,015	4.24	571,794	21.74	469,667	1,446,450	-58.79
Working capital	595,246	4.88	567,561	22.42	463,613	1,658,442	-64.11
Net worth	596,015	4.24	571,794	21.74	469,667	1,438,236	-58.56

ratio analysis

Annual accounts	31-12-2009	change(%)	31-12-2008	change(%)	31-12-2007	Industry average 2009	%
Trading performance
Profit Before Tax	0.25	-	-	-	-	-13,00	1.92
Return on capital employed	4.24	-76.11	17.75	2235	0.76	-17,00	24.94
Return on total assets employed	0.61	-38.38	0.99	421	0.19	-4,00	15.25
Return on net assets employed	4.24	-76.11	17.75	2235	0.76	6,00	-29.33
Sales / net working capital	17.26	-	-	-	-	26,00	-99
Stock turnover ratio	17.87	-	-	-	-	203,00	-91.20
Debtor days	45.11	-	-	-	-	393,00	-88.52
Creditor days	126.23	-	-	-	-	195,00	-35.27
short term stability
Current ratio	1.17	10.38	1.06	-20.90	1.34	13,00	58.50
Liquidity ratio / acid ratio	0.65	-21.69	0.83	-31.97	1.22	5,00	-87.00
Current debt ratio	5.99	-64.45	16.85	475	2.93	-2,00	299
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	71,00	-
Equity in percentage	14.30	155	5.60	-77.98	25.43	-68,00	21.03
Total debt ratio	5.99	-64.45	16.85	475	2.93	-2,00	299

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Contractor details

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	187006
Contents	Dismissal
Event filed date	24/12/2010

AMB publication serial number	172837
Contents	Appointment commissioner
Event filed date	08/12/2009

AMB publication serial number	191828
Contents	Appointment
Event filed date	11/12/2008

AMB publication serial number	70197
Contents	Transfer of registered office
Event filed date	20/04/2006

AMB publication serial number	70197
Contents	Appointment
Event filed date	20/04/2006

AMB publication serial number	20060420-70197
Contents	Formerly established at SCHUPSTRAAT 17 - 2018 ANTWERPEN
Event filed date	01/04/2006

AMB publication serial number	20060420-70197
Contents	Transfer of registered office SCHUPSTRAAT 20/16 - 2018 ANTWERPEN
Event filed date	01/04/2006

Joint Industrial Committee (JIC)

Significant Events

Event Date	01/10/2008
Event Description	re-appointment of director(s)
Event Details	Commentaar 01-10-2008: Herbenoeming van de niet statutaire zaakvoerder Ahmad Afif Ahmad

Industry comparison

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

NOTES & COMMENTS

Na

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.