MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	SHAMAS BVBA
Registered Office :	Vestingstraat 74 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	01.02.1980
Com. Reg. No.:	420259824
Legal Form :	Private Limited Company
Line of Business :	Wholesale of Diamonds and Other Precious Stones
No. of Employees :	02

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Belgium	a1	a1

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

Company summary

Business number	420259824	Company name	SHAMAS BVBA
Address	VESTINGSTRAAT 74 ANTWERPEN	Telephone number	036085822
Post code	2018	Fax number	-
Date of establishment	01/02/1980	Number of staff	2

Holding company

Company name	Company Number
-	-

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010		11,392	80,910
31/12/2009		27,181	72,618
31/12/2008		27,759	47,387

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	210.07	Industry average day sales outstanding	149.36
Day sales outstanding	-

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Court data summary

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

Business number	420259824	Company name	SHAMAS BVBA
Fax number	-	Date founded	01/02/1980
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.0420.259.824
Belgian Bullettin of Acts Publications	moniteur belge

Latest branch details

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

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

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Court data summary

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

Business number	420259824	Company name	SHAMAS BVBA
Fax number	-	Date founded	01/02/1980
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.0420.259.824
Belgian Bullettin of Acts Publications	moniteur belge

Latest branch details

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

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

---

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	-	-	-	-	-	36,939,518	-
Total operating expenses	-	-	-	-	-	36,636,938	-
Operating result	13,763	-68.47	43,654	11.48	39,159	114,291	-87.96
Total financial income	1,271	28.21	991	-31.65	1,450	137,373	-99
Total financial expenses	3,642	-79.14	17,464	35.90	12,851	199,012	-98.17
Results on ordinary operations before taxation	11,392	-58.09	27,181	-2.08	27,759	36,782	-69.03
Taxation	3,100	58.97	1,950	-	-	13,683	-77.34
Results on ordinary operations after taxation	8,292	-67.14	25,231	-9.11	27,759	27,481	-69.83
Extraordinary items	0	-	0	-100	2,479	-436	0
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	8,292	-67.14	25,231	-16.56	30,238	27,062	-69.36
OTHER INFORMATION
Dividends	-	-	-	-	-	124,135	-
Director remuneration	-	-	-	-	-	118,143	-
Employee costs	-	-	-	-	-	119,110	-
Wages and salary	-	-	-	-	-	99,606	-
Employee pension costs	-	-	-	-	-	1,147	-
Social security contributions	-	-	-	-	-	22,604	-
Other employee costs	0	-	0	-	0	2,065	-100
Amortization and depreciation	7,377	1.79	7,248	8.50	6,680	18,062	-59.15
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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	0	-	0	-	0	890	-100
Tangible fixed assets	14,054	-32.09	20,695	-25.00	27,593	162,168	-91.33
Land & building	-	-	-	-	-	328,125	-
Plant & machinery	870	-27.14	1,194	-32.77	1,776	23,134	-96.24
Other tangible assets	13,184	-32.39	19,501	-24.47	25,817	19,237	-31.46
Financial fixed assets	6,555	0	6,555	-0.01	6,555	166,990	-96.07
Total fixed assets	20,609	-24.37	27,249	-20.20	34,148	268,518	-92.32
Inventories	394,521	273	105,488	1095	8,825	2,371,756	-83.37
Raw materials & consumables	-	-	-	-	-	2,730,157	-
Work in progress	0	-	0	-	0	3,096	-100
Finished goods	0	-	0	-	0	1,503,153	-100
Other stocks	394,521	273	105,488	1095	8,825	445,605	-11.46
Trade debtors	2,766,282	125	1,228,358	-62.26	3,254,709	2,885,488	-4.13
Cash	105,522	70.62	61,846	-46.00	114,527	236,584	-55.40
other amounts receivable	36,881	3.64	35,586	7.95	32,966	128,991	-71.41
Miscellaneous current assets	933	-16.94	1,123	-48.89	2,198	27,547	-96.61
Total current assets	3,304,139	130	1,432,402	-58.03	3,413,225	5,248,545	-37.05
CURRENT LIABILITIES
Trade creditors	3,094,749	150	1,234,890	-61.68	3,222,771	2,274,438	36.07
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,472	-14.98	6,436	50.50	4,276	1,190,915	-99
Miscellaneous current liabilities	136,308	2.31	133,235	-14.35	155,566	-63.42	- -
Total current liabilities	3,236,529	135	1,374,561	-59.36	3,382,613	3,724,548	-13.10
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	7,310	-41.39	12,471	-28.22	17,373	-99	- -
Other long term liabilities	0	-	0	-	0	143,273	-100
Total long term debts	7,310	-41.39	12,471	-28.22	17,373	445,770	-98.36
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	766,582	-97.57
Share premium account	-	-	-	-	-	118,179	-
Reserves	62,310	15.35	54,018	87.65	28,787	533,193	-88.31
Revaluation reserve	-	-	-	-	-	608,562	-
Total shareholders equity	80,910	11.42	72,618	53.25	47,387	1,317,144	-93.86
Working capital	67,611	16.89	57,840	88.95	30,612	1,523,997	-95.56
Net worth	80,910	11.42	72,618	53.25	47,387	1,316,254	-93.85
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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	-	-	-	-	-	-3,00	-
Return on capital employed	12.91	-59.58	31.94	-25.48	42.86	16,00	-19.31
Return on total assets employed	0.34	-81.72	1.86	129	0.81	-116,00	0.29
Return on net assets employed	14.08	-62.38	37.43	-36.10	58.58	19,00	-25.89
Sales / net working capital	-	-	-	-	-	50,00	-
Stock turnover ratio	-	-	-	-	-	72,00	-
Debtor days	-	-	-	-	-	153,00	-
Creditor days	-	-	-	-	-	158,00	-
SHORT TERM STABILITY
Current ratio	1.02	-1.92	1.04	2.97	1.01	10,00	-89.80
Liquidity ratio / acid ratio	0.90	-7.22	0.97	-3.96	1.01	5,00	-82.00
Current debt ratio	40	111	18.93	-73.48	71.38	10,00	300
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	15.80	-39.32	26.04	-43.01	45.69	247,00	-93.60
Equity in percentage	2.43	-51.20	4.98	263	1.37	-2.178,00	0.11
Total debt ratio	40.09	109	19.10	-73.38	71.75	11,00	264

Limit History

no limit history data found

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	210.07
Industry average day sales outstanding	149.36

Industry quartile analysis

Payment expectations
Company result	-
Lower	147.98
Median	92.47
Upper	49.45
Day sales outstanding
Company result	-
Lower	126.23
Median	64.59
Upper	29.30

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Summary

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

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

Companies that match this address

Business number	Company name	Limit	Date of accounts
403997773	DIAMOND TOOLS TASCO	-	-
404452485	AMRO BANK VOOR BELGIË	-	-
404924025	J WEBER EN ZOON BVBA	-	-
404934121	BELIMAC BVBA	-	-
404941841	CORDIAM BVBA	-	-
404957281	GEMBEL NV	315000	31/12/2010
404960449	HAKKER COMPANY ANTWERP BVBA	-	-
404961934	HEYERICK SOCIÉTÉ DIAMANTAIRE NV	-	-
404972030	LONDNER EN ENGEL IN VEREFFENING BVBA	-	-
404974406	K.M. MEHTA & SONS BVBA	0	31/12/2010
404983908	RELIANA NV	1000	31/12/2010
404985490	ROSEN MAURICE	-	-
404985688	ROUGH DIAMONDS	-	-
413816153	ARAX IN VEREFFENING BVBA	-	31/12/2006
424222570	GEMBEL MANUFACTURING IN VEREFFENING NV	-	31/12/1999
429761171	M.I.C. NV	40000	31/12/2010
433356408	L & V JEWELRY IN VEREFFENING BVBA	-	-
434603748	DIAMOND CORPORATION INTERNATIONAL IN VEREFFENING B	-	-
447467730	JEWELLERY INTERNATIONAL IN VEREFFENING BVBA	-	-
447722108	RUSHABH DIMON BVBA	0	31/12/2009
447722108	RUSHABH DIMON BVBA	0	31/12/2009
449305384	NATALY BVBA	500	31/12/2009
458547011	JYOTISH GEMS BVBA	0	31/12/2009
460253221	KAY JEWELS NV	16000	31/12/2009
460253815	GEMBEL EUROPEAN SALES NV	0	31/12/2010
463947634	KAY DIAMONDS NV	1550000	31/12/2010
473597748	ANDIS BVBA	0	31/12/2010
506172823	TRAU GEBROEDERS FV	-	-
506185689	MISRAHI ROGER	-	-
506417006	LOONSTEEN SAMUEL	-	-
506518162	MEHTA NIKET ANGELO RICARDO	-	-
506568642	STRASSMAN LESLIE	-	-
875198336	ORIGINAL ROUGH DIAMOND TRADING BVBA	-	-
896060957	V.D. GEMS ANTWERPEN BVBA	-	31/03/2009

Protested bills

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

NSSO details

Business number	420259824
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	AJIT SAHNY
Position	Principal Manager
Street	29 SMOLDERS BLOCKSTRAAT EDEGEM
Post code	2650
Country	Belgium

Former director details

Name	ANUJ SANHY
Position	Principal Manager
Street	191 MECHELSESTEENWEG 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.49.12
UK Pound	1	Rs.77.84
Euro	1	Rs.64.54

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.