MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	ARYAN BVBA

Registered Office :	Desguinlei 58 Antwerpen, 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	15.05.2002

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	4 Employees

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 :	Good

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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	477667887	Company name	ARYAN BVBA
		Telephone number	051298391
Address	DESGUINLEI 58 ANTWERPEN	Fax number	032267727
Post code	2018	Number of staff	1
Date of establishment	15/05/2002

Business number	477667887	Company name	ARYAN BVBA
Fax number	032267727	Date founded	15/05/2002
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0477.667.887
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	MAYANK SHANTILAL PANDYA
Position	Principal Manager
Street	62 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	187.63
Industry average payment expectation days	190.60	Industry average day sales outstanding	144.65
Day sales outstanding	197.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	187.63
Day sales outstanding	197.31

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	190.60
Industry average day sales outstanding	144.65

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Industry quartile analysis

Payment expectations	View graph
Company result	187.63
Lower	135.11
Median	89.39
Upper	47.10

Day sales outstanding	View graph
Company result	197.31
Lower	118.09
Median	62.44
Upper	27.38

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Click the company to view / order a report.

No group structure for this company.

Companies that match this address

Business number	Company name	Date of accounts
477569503	DIVTEJ BVBA	31/12/2010
477569602	SEHAN EBVBA	31/12/2010

Protested bills

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

NSSO details

Business number	477667887
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

court data

there is no data for this company

Ultimate holding company

Safe number	Company name		Company Number	View linked companies from outside this company's group structure
-	-		-	No linked companies have been found.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	51,298,391	83,890	6,719,953
31/12/2009	24,735,604	12,867	6,666,597
31/12/2008	38,769,754	65,574	6,677,296

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	43,352,409	6,100	18,600	1,179,286	0
31/12/2009	33,892,302	6,100	18,600	13,079	1
31/12/2008	31,502,333	6,100	18,600	5,879	1

Trends

Profitability
Liquidity
Net worth

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	51,298,391	107	24,735,604	-36.20	38,769,754	46,865,643	9.46
Total operating expenses	50,921,079	106	24,614,895	-36.03	38,477,469	46,259,325	10.08
Operating result	377,312	212	120,709	-58.70	292,285	211,095	78.74
Total financial income	295	-89.28	2,752	9073	30	157,120	-99
Total financial expenses	293,717	165	110,594	-51.22	226,741	310,463	-5.39
Results on ordinary operations before taxation	83,890	551	12,867	-80.38	65,574	41,415	102
Taxation	30,934	1.69	30,421	58.11	19,241	15,235	103
Results on ordinary operations after taxation	52,955	301	-17,554	-137	46,333	31,072	70.43
Extraordinary items	0	-100	6,456	-	0	2,690	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	52,955	477	-11,098	-123	46,333	33,759	56.86
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	29,864	8.66	27,483	-15.16	32,394	144,629	-79.35
Wages and salary	24,116	6.47	22,651	-13.66	26,235	127,195	-81.04
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	5,338	17.59	4,540	-13.36	5,240	30,922	-82.74
Other employee costs	410	40.86	291	-68.37	920	3,159	-87.02
Amortization and depreciation	7,735	5.77	7,313	7.20	6,822	21,856	-64.61
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balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	1,184	-	1,584	-	1,984	1,696	-30.21
Tangible fixed assets	82,027	-8.21	89,362	-4.23	93,313	194,211	-57.76
Land & building	72,221	-2.27	73,898	-2.22	75,575	359,728	-79.92
Plant & machinery	1,124	-45.25	2,054	90.54	1,078	27,327	-95.89
Other tangible assets	8,681	-35.27	13,410	-19.51	16,660	27,462	-68.39
Financial fixed assets	6,100	0	6,100	0	6,100	314,138	-98.06
Total fixed assets	89,310	-7.97	97,045	-4.29	101,397	408,566	-78.14
Inventories	14,047,580	-23.42	18,344,363	18.51	15,478,617	3,154,232	345
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,069	-100
Finished goods	14,047,580	-23.42	18,344,363	18.51	15,478,617	2,090,346	572
Other stocks	0	-	0	-	0	520,650	-100
Trade debtors	27,730,685	83.03	15,150,950	-2.99	15,618,545	3,864,044	617
Cash	1,179,286	8916	13,079	122	5,879	265,822	343
other amounts receivable	305,332	6.55	286,560	-1.87	292,010	370,137	-17.51
Miscellaneous current assets	216	-29.24	305	-94.82	5,885	42,849	-99
Total current assets	43,263,099	28.02	33,795,257	7.62	31,400,936	7,173,182	503
current liabilities
Trade creditors	26,176,465	8.69	24,083,396	7.70	22,361,614	2,710,201	865
Short term group loans	-	-	-	-	-	-	-
Other short term loans	10,355,399	238	3,060,076	27.00	2,409,520	1,931,951	436
Miscellaneous current liabilities	99,409	23.26	80,649	68.93	47,742	116	- -
Total current liabilities	36,631,272	34.55	27,224,121	9.69	24,818,876	4,449,894	723
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	4,178	-	- -
Other long term liabilities	0	-	0	0	-1	720,788	-100
Total long term debts	0	-	0	-100	4,177	1,354,758	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,031,029	-98.20
Share premium account	-	-	-	-	-	183,372	-
Reserves	6,702,537	0.80	6,649,581	-0.17	6,660,680	683,790	880
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	6,721,137	0.79	6,668,181	-0.17	6,679,280	1,732,655	287
Working capital	6,631,826	0.92	6,571,136	-0.17	6,582,060	2,723,288	143
Net worth	6,719,953	0.80	6,666,597	-0.16	6,677,296	1,730,958	288
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ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.16	220	0.05	-70.59	0.17	-2,00	8.00
Return on capital employed	1.25	557	0.19	-80.61	0.98	18,00	-93.06
Return on total assets employed	0.19	375	0.04	-80.95	0.21	-78,00	0.24
Return on net assets employed	1.25	557	0.19	-80.61	0.98	19,00	-93.42
Sales / net working capital	7.74	105	3.76	-36.16	5.89	36,00	-99
Stock turnover ratio	27.38	-63.08	74.16	85.77	39.92	67,00	-59.13
Debtor days	197.31	-11.75	223.57	52.05	147.04	167,00	18.15
Creditor days	187.63	-47.46	357.12	68.36	212.12	171,00	9.73
short term stability
Current ratio	1.18	-4.84	1.24	-2.36	1.27	8,00	-85.25
Liquidity ratio / acid ratio	0.80	40.35	0.57	-10.94	0.64	5,00	-84.00
Current debt ratio	5.45	33.58	4.08	9.68	3.72	8,00	-31.88
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	154.07	235	45.89	26.98	36.14	121,00	27.33
Equity in percentage	15.50	-21.24	19.68	-7.17	21.20	-1.502,00	1.03
Total debt ratio	5.45	33.58	4.08	9.68	3.72	9,00	-39.44

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Bankruptcy details

There is no bankruptcy data against this company

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

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
Category

NOTES & COMMENTS

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.15
UK Pound	1	Rs.81.79
Euro	1	Rs.68.34

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.