MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	VISHAL BVBA
Registered Office :	Hoveniersstraat 2 Antwerpen
Country :	Belgium
Date of Incorporation :	17.06.2009
Com. Reg. No.:	812358964
Legal Form :	Private Limited Company (BL/LX)
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 :	Unknown
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	A1	A1

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

Company information

Business number	812358964	Company name	VISHAL BVBA
		Telephone number	032261217
Address	HOVENIERSSTRAAT 2 ANTWERPEN	Fax number	-
Post code	2018
Date of establishment	17/06/2009

Top of Form

Credit information

Company status active

Ultimate holding company

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

Accounts & ratios

No key Financials Registered

Trends

Profitability	-
Liquidity	-
Net worth	-

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	190.27	Industry average day sales outstanding	144.59

Court data summary

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

Business number	812358964	Company name	VISHAL BVBA
Fax number	-	Date founded	17/06/2009
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	-
Activity code	46761	liable for VAT
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0812.358.964
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

There are no accounts on file for this company

Credit information

Today's rating (0-100)
Rating description	no rating - financial statements too old

Rating History

no rating history data found

Limit History

no limit history data found

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 comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	190.27
Industry average day sales outstanding	144.59

Industry quartile analysis

Company result	-
Lower	135.47
Median	89.39
Upper	47.10
Company result	-
Lower	118.09
Median	62.37
Upper	27.99

Summary

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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889750613	GEM QUEST BVBA	31/12/2010
891406640	RAJ GEMS BVBA	31/12/2010
892903014	H.D. DIAM BVBA	31/12/2010
895348701	RAY DIAM BVBA	31/12/2010
896518243	LAXMI IMPEX BVBA	31/12/2010
899048854	FIFTH GENERATION BVBA	31/12/2010

NSSO details

Business number	812358964
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	VISHAL PATEL
Position	Principal Manager
Street	49 ZWALUWENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

Bottom of Form

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.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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%)

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