MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	ARPANDIAM BVBA
Registered Office :	Pelikaanstraat 62 Antwerpen, Post 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	11.05.2005
Com. Reg. No.:	873922488
Legal Form :	Private Limited Company
Line of business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Belgium	a1	a1

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

Company name & address

Business number	873922488	Company name	ARPANDIAM BVBA
		Telephone number	032315285
Address	PELIKAANSTRAAT 62 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	-
Date of establishment	11/05/2005

Ultimate holding company

Company name	Company Number
-	-

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010		22,086	-30,563
31/12/2009		-30,696	-52,649
31/12/2008		7,761	-21,953

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	606,269	310	18,600	85,226	0
31/12/2009	335,378	310	18,600	32,324	0
31/12/2008	414,833	1,810	18,600	24,180	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	189.07	Industry average day sales outstanding	142.60
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	873922488	Company name	ARPANDIAM BVBA
Fax number	-	Date founded	11/05/2005
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.0873.922.488
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

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	-	-	-	-	-	49,093,965	-
Total operating expenses	-	-	-	-	-	48,443,802	-
Operating result	37,085	340	8,415	162	-5,187	222,273	-83.32
Total financial income	21	600	3	-99	14,632	156,121	-99
Total financial expenses	15,020	-61.60	39,114	2222	1,684	320,676	-95.32
Results on ordinary operations before taxation	22,086	71.95	-30,696	-495	7,761	41,575	-46.88
Taxation	-	-	-	-	-	15,347	-
Results on ordinary operations after taxation	22,086	71.95	-30,696	-495	7,761	31,161	-29.12
Extraordinary items	0	-	0	-	0	9,609	-100
Other appropriations	0	-	0	-	0	-	-
Net result	22,086	71.95	-30,696	-495	7,761	40,764	-45.82
OTHER INFORMATION
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	115,631	-
Employee costs	-	-	-	-	-	146,705	-
Wages and salary	-	-	-	-	-	123,460	-
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	-	-	-	-	-	29,441	-
Other employee costs	0	-	0	-	0	3,026	-100
Amortization and depreciation	1,029	1.28	1,016	6.61	953	20,872	-95.07

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	0	-	0	-	0	1,721	-100
Tangible fixed assets	1,164	-45.30	2,128	-24.81	2,830	195,284	-99
Land & building	-	-	-	-	-	366,449	-
Plant & machinery	720	-43.93	1,284	-18.94	1,584	26,548	-97.29
Other tangible assets	444	-47.39	844	-32.26	1,246	27,387	-98.38
Financial fixed assets	310	0	310	-82.87	1,810	344,023	-99
Total fixed assets	1,474	-39.54	2,438	-47.46	4,640	431,070	-99
Inventories	332,075	94.25	170,950	-20.44	214,877	3,109,757	-89.32
Raw materials & consumables	-	-	-	-	-	2,155,796	-
Work in progress	0	-	0	-	0	2,106	-100
Finished goods	0	-	0	-	0	1,842,754	-100
Other stocks	332,075	94.25	170,950	-20.44	214,877	736,685	-54.92
Trade debtors	185,888	70.81	108,827	-11.85	123,462	3,908,711	-95.24
Cash	85,226	163	32,324	33.68	24,180	269,612	-68.39
other amounts receivable	1,606	-92.29	20,839	-55.01	46,319	350,774	-99
Miscellaneous current assets	0	-	0	-100	1,355	41,124	-100
Total current assets	604,795	81.65	332,940	-18.83	410,193	7,164,997	-91.56
CURRENT LIABILITIES
Trade creditors	327,871	350	72,834	-25.59	97,884	2,699,462	-87.85
Short term group loans	-	-	-	-	-	-	-
Other short term loans	618	-	0	-	0	1,970,882	-99
Miscellaneous current liabilities	308,343	-2.17	315,193	-7.00	338,902	349	- -
Total current liabilities	636,832	64.12	388,027	-11.16	436,786	4,468,810	-85.75
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	732,407	-100
Total long term debts	0	-	0	-	0	1,319,535	-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	1,000,082	-98.14
Share premium account	-	-	-	-	-	183,372	-
Reserves	-49,163	69.00	-71,249	-75.69	-40,553	742,380	-106
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	-30,563	58.05	-52,649	-139	-21,953	1,761,536	-101
Working capital	-32,037	58.16	-55,087	-107	-26,593	2,696,188	-101
Net worth	-30,563	58.05	-52,649	-139	-21,953	1,759,815	-101

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-2,00	-
Return on capital employed	-72.26	-223	58.30	164	-35.35	17,00	-525
Return on total assets employed	3.64	39.78	-9.15	-589	1.87	-79,00	4.61
Return on net assets employed	-72.26	-223	58.30	164	-35.35	18,00	-501
Sales / net working capital	-	-	-	-	-	37,00	-
Stock turnover ratio	-	-	-	-	-	63,00	-
Debtor days	-	-	-	-	-	162,00	-
Creditor days	-	-	-	-	-	164,00	-
SHORT TERM STABILITY
Current ratio	0.95	10.47	0.86	-8.51	0.94	8,00	-89.44
Liquidity ratio / acid ratio	0.43	2.38	0.42	-6.67	0.45	5,00	-91.40
Current debt ratio	-20.84	-182	-7.37	37.04	-19.90	9,00	-331
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-2.02	-	-	-	-	151,00	-101
Equity in percentage	-5.04	32.10	-15.70	-196	-5.29	-1.529,00	0.33
Total debt ratio	-20.84	-182	-7.37	37.04	-19.90	9,00	-331

Industry comparison

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	189.07
Industry average day sales outstanding	142.60

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.01
Median	88.31
Upper	47.10
Day sales outstanding
Company result	-
Lower	116.43
Median	62.37
Upper	27.29

Summary

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

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME
Forename	Arpan	Middle name	-
Surname	Javeri
SHAREHOLDER DETAILS
Start date	11/05/2005	End date	-
Percentage owned	100%
SHAREHOLDER ADDRESS
Street name	Belgiëlei	House number	106
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Companies that match this address

no Companies Match this address

Protested bills

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

NSSO details

Business number	873922488
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

Current director details

Name	ARPAN RAJENDRA JAVERI
Position	Principal Manager
Street	106 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

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.51.55
UK Pound	1	Rs.81.95
Euro	1	Rs.67.57

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.