MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	SWADIP GEMS PVBA
Registered Office :	Hoveniersstraat 2 Bus 611 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	20.06.1985
Com. Reg. No.:	427397836
Legal Form :	Private Limited Company (BL/LX)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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, 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

REGISTERED NAME & COMPANY SUMMARY

Business number	427397836	Company name	SWADIP GEMS PVBA
		Telephone number	032313851
Address	HOVENIERSSTRAAT 2 BUS 611 ANTWERPEN	Fax number	032326589
Post code	2018	Number of staff	1
Date of establishment	20/06/1985

Business number	427397836	Company name	SWADIP GEMS PVBA
Fax number	032326589	Date founded	20/06/1985
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0427.397.836
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	RAJESH VRAJLAL SHAH
Position	Principal Manager
Street	8 BLAUWMEERSLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

Name	L. DISCRY
Position	Partner
Street
Post code
Country

NEGATIVE INFORMATION

Court data summary

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

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

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Protested bills

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

NSSO details

Business number	427397836
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

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	63.69
Industry average payment expectation days	194.02	Industry average day sales outstanding	132.49
Day sales outstanding	115.32

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	63.69
Day sales outstanding	115.32

GROUP STRUCTURE & AFFILIATED COMPANIES

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.

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.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	42,383,696	58,176	4,019,389
31/12/2010	39,312,573	32,510	3,984,003
31/12/2009	16,193,735	11,251	3,960,152

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	20,687,257	50	3,766,631	45,352	1
31/12/2010	19,104,371	50	3,766,631	127,507	1
31/12/2009	17,217,137	50	3,766,631	11,259	1

Trends

Profitability
Liquidity
Net worth

Profit & loss

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	42,383,696	7.81	39,312,573	142	16,193,735	47,966,578	-11.64
	Total operating expenses	41,963,329	7.78	38,935,015	146	15,795,583	47,505,202	-11.67
	Operating result	420,367	11.34	377,558	-5.17	398,152	186,667	125
	Total financial income	16,067	1157	1,278	21199	6	181,082	-91.13
	Total financial expenses	378,259	9.22	346,326	-10.49	386,908	277,386	36.37
	Results on ordinary operations before taxation	58,176	78.95	32,510	188	11,251	68,732	-15.36
	Taxation	22,790	9.46	20,820	162	7,936	27,778	-17.96
	Results on ordinary operations after taxation	35,386	202	11,690	252	3,315	49,324	-28.26
	Extraordinary items	0	-100	11,873	-	0	11,318	-100
	Other appropriations	0.00	-	0.00	-	0	-	-
	Net result	35,386	50.18	23,563	610	3,315	60,629	-41.64
	other information
	Dividends	-	-	-	-	-	151,942	-
	Director remuneration	-	-	-	-	-	113,001	-
	Employee costs	20,323	61.67	12,570	-5.87	13,354	166,890	-87.82
	Wages and salary	15,561	104	7,593	-4.23	7,929	144,172	-89.21
	Employee pension costs	-	-	-	-	-	1,095	-
	Social security contributions	3,394	-5.78	3,603	-7.89	3,911	33,985	-90.01
	Other employee costs	1,368	-0.50	1,374	-9.22	1,514	3,977	-65.61
	Amortization and depreciation	7,466	-4.66	7,831	-39.93	13,036	21,672	-65.55
	back to top

balance sheet

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	288	2,368	-100
	Tangible fixed assets	187,075	-3.51	193,880	-3.74	201,423	209,921	-10.88
	Land & building	183,259	-3.13	189,182	-3.04	195,105	390,642	-53.09
	Plant & machinery	3,087	-24.72	4,100	-20.20	5,138	27,235	-88.67
	Other tangible assets	729	21.95	598	-49.32	1,180	36,221	-97.99
	Financial fixed assets	50	0	50	0	50	31,332	-99
	Total fixed assets	187,125	-3.51	193,930	-3.88	201,761	221,844	-15.65
	Inventories	6,636,469	29.27	5,133,757	-8.02	5,581,585	2,480,877	167
	Raw materials & consumables	-	-	-	-	-	3,812,039	-
	Work in progress	0	-	0	-	0	4,163	-100
	Finished goods	6,636,469	29.27	5,133,757	-8.02	5,581,585	1,557,650	326
	Other stocks	0	-	0	-	0	493,496	-100
	Trade debtors	13,390,520	0.36	13,342,330	19.36	11,178,085	3,816,779	250
	Cash	45,352	-64.43	127,507	1032	11,259	286,123	-84.15
	other amounts receivable	395,169	43.54	275,298	29.55	212,500	425,725	-7.18
	Miscellaneous current assets	32,623	3.40	31,549	-1.25	31,947	54,616	-40.27
	Total current assets	20,500,132	8.41	18,910,441	11.14	17,015,376	6,654,170	208
	current liabilities
	Trade creditors	7,322,356	32.74	5,516,441	-6.01	5,868,900	2,556,878	186
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	6,114,487	-6.05	6,508,166	45.23	4,481,179	1,867,076	227
	Miscellaneous current liabilities	312,732	15.89	269,852	-5.48	285,503	-24.67	- -
	Total current liabilities	13,749,575	11.84	12,294,459	15.60	10,635,582	4,720,581	191
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Other long term liabilities	2,918,294	3.27	2,825,909	7.81	2,621,115	186,293	1466
	Total long term debts	2,918,294	3.27	2,825,909	7.81	2,621,115	843,310	246
	shareholders equity
	Issued share capital	3,766,631	0	3,766,631	0.00	3,766,631	749,398	402
	Share premium account	-	-	-	-	-	93,594	-
	Reserves	252,758	16.28	217,372	12.16	193,809	514,646	-50.89
	Revaluation reserve	-	-	-	-	-	795,270	-
	Total shareholders equity	4,019,389	0.89	3,984,003	0.59	3,960,440	1,288,983	211
	Working capital	6,750,557	2.03	6,615,982	3.70	6,379,794	1,933,589	249
	Net worth	4,019,389	0.89	3,984,003	0.60	3,960,152	1,286,615	212
	back to top

ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	0.14	75.00	0.08	14.29	0.07	1,00	-86.00
	Return on capital employed	0.84	75.00	0.48	182	0.17	-38,00	2.21
	Return on total assets employed	0.28	64.71	0.17	142	0.07	-2,00	14.00
	Return on net assets employed	1.45	76.83	0.82	192	0.28	-39,00	3.72
	Sales / net working capital	6.28	5.72	5.94	133	2.54	79,00	-99
	Stock turnover ratio	15.66	19.91	13.06	-62.11	34.47	36,00	-56.50
	Debtor days	115.32	-6.91	123.88	-50.83	251.95	123,00	-6.24
	Creditor days	63.69	23.17	51.71	-61.87	135.62	106,00	-39.92
	short term stability
	Current ratio	1.49	-3.25	1.54	-3.75	1.60	5,00	-93.52
	Liquidity ratio / acid ratio	1.01	-9.82	1.12	3.70	1.08	3,00	-66.33
	Current debt ratio	3.42	10.68	3.09	14.87	2.69	23,00	-85.13
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	152.12	-6.88	163.36	44.37	113.15	315,00	-51.71
	Equity in percentage	19.43	-6.81	20.85	-9.35	23	-40,00	48.58
	Total debt ratio	4.15	9.21	3.80	13.43	3.35	24,00	-82.71

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Rating History

Date	Rating	Description
03/07/2012	62	credit worthy

Limit History

date	Credit limit
03/07/2012	835,000

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	194.02
Industry average day sales outstanding	132.49

Industry quartile analysis

Payment expectations	View graph
Company result	63.69
Lower	132.70
Median	84.09
Upper	42.51
Day sales outstanding	View graph
Company result	115.32
Lower	111.91
Median	56.46
Upper	26.27

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446356485	JEWELOK IN VEREFFENING BVBA	-	-	-
446607992	ASIAN-DIAMONDS BVBA	88	505000	31/12/2010
446829114	SUN-DIAM BVBA	92	765000	31/12/2011
447684197	UNITASK NV	50	0	31/12/2010
447832073	ISCA NV	56	0	31/12/2011
448215917	M. FRIEDMAN & ZONEN BVBA	49	0	31/12/2010
448544925	Y & Y DIAMONDS IN VEREFFENING BVBA	-	-	-
448718832	DIVERSIFIED DIAMOND CORPORATION NV	-	-	31/12/2001
448909268	RED RIVER DIAMONDS BELGIUM BVBA	-	-	-
449194429	BLUE SKY NV	50	0	31/12/2010
449357349	IMMOROSE NV	44	0	31/12/2010
449829085	FIRST FRANCHISE CORPORATION IN VEREFFENING NV	-	-	-
450237475	BEAUTIFUL GEMS BVBA	68	45000	31/12/2011
450356647	KONDIAT (ANTWERP) IN VEREFFENING NV	-	-	-
450593803	SINGLE STAR BVBA	55	0	31/07/2011
450821455	ARTHUR TRAU DIAMONDS IN VEREFFENING BVBA	-	-	31/12/2001
451327241	WAFA DIAMONDS IN VEREFFENING BVBA	-	-	-
451739787	ZLAYET AND SONS DIAMONDS BVBA	67	180000	31/12/2010
451739787	ZLAYET AND SONS DIAMONDS BVBA	67	180000	31/12/2010
452535385	EUROPEAN COMMODITIES TRADING IN VEREFFENING NV	-	-	-
452535385	EUROPEAN COMMODITIES TRADING IN VEREFFENING NV	-	-	-
452878548	CAPE DIAMONDS IN VEREFFENING BVBA	-	-	31/12/2006
453082842	INTERCONTINENTAL GEMS MERCHANTS BVBA	-	-	-
453648214	POLICOM DIAMONDS IN VEREFFENING BVBA	-	-	-
453786388	M.S. RAHAMIN DIAMONDS BVBA	-	-	-
453943667	SALLY TRADING BVBA	58	0	31/12/2010
454109458	KEDEM DIAMONDS BVBA	72	0	31/12/2010
454711353	WEST COAST TRADING IN VEREFFENING BVBA	-	-	-
455128354	SUSSKIND DIAMONDS IN VEREFFENING NV	-	-	30/06/2004
455271775	FORESIGHT & CO BVBA	55	0	31/12/2010
455564161	SIEROUGH BVBA	-	-	31/12/2006
455947312	JUST DIAMONDS BVBA	63	275000	31/12/2010
455947312	JUST DIAMONDS BVBA	63	275000	31/12/2010
456247418	TEJ-DIAM BVBA	78	55000	30/06/2011
456455769	SUNNEX BVBA	54	0	31/12/2010
456632052	JATY RON IN VEREFFENING BVBA	-	-	-
458088735	SHALU GAMBH IN VEREFFENING BVBA	-	-	-
458866517	FENIKS NV	67	75000	31/12/2011
458979650	D.C.C. IN VEREFFENING BVBA	-	-	-
460287962	DIABEX NV	80	2000000	31/12/2011
460469193	THE LEVY'S GROUP BVBA	67	26500	31/12/2010
460568965	THE DALI CORPORATION IN VEREFFENING BVBA	-	-	31/12/2006
461031003	L.D. GEMS BVBA	67	125000	31/12/2011
461031102	ADL GROUP BVBA	54	0	31/12/2011
461159081	AALISHA GEMS BVBA	61	735000	31/12/2010
461159180	CO.CO. DIAMONDS IN VEREFFENING	-	-	31/12/2002
462600126	D. NAVINCHANDRA GEMS BVBA	83	850000	31/12/2011
462623880	A.K. DIAM BVBA	46	0	31/12/2010
463650694	PRISTINE DIAMONDS NV	59	0	31/12/2010
463903983	NATURAL INDUSTRIAL DIAMONDS NV	68	1500	31/12/2010
463916059	DIACCENTS NV	51	0	31/12/2010
464008408	CASA GI INTERNATIONAL NV	63	19000	31/07/2011
465396201	NETALDIAM BVBA	74	340000	31/12/2010
465886941	MILLENIUM.P.A.N. NV	-	-	31/12/2010
466656310	LAGUNA GEMS IN VEREFFENING NV	-	-	31/10/2005
467147545	AH SHAI DIAMONDS BVBA	70	250000	31/12/2011
467219702	BRILLIANT STAR BVBA	72	275000	31/12/2011
471781274	SZWARCBURT DIAMOND TRADING COMPANY BVBA	85	170000	31/12/2011
472420385	WAHL SALIK HOLDING NV	51	0	30/06/2011
472549455	K.G.K FINE JEWELLERY BVBA	45	0	31/12/2011
472707922	LA VITTORIA BVBA	60	10000	31/12/2010
473016441	AYE DIAMOND BVBA	75	1500	-
473409983	RISING STONE BVBA	58	0	31/12/2011
473705042	M.B.D BVBA	49	0	31/12/2010
474815691	RANDIAM BVBA	64	19500	31/12/2011
475134704	ANTWERP DIAMONDS IN CENTIVES BVBA	-	-	-
475138860	STAR GEM WORLD DIAMONDS BVBA	-	-	31/12/2009
476576242	CLASSIC DIAM BVBA	38	0	31/12/2010
476640974	H.R.P. DIAM BVBA	53	0	31/12/2010
476782318	RGBS NV	46	0	31/12/2010
477791118	EUROTRENDS BVBA	60	11500	31/12/2011
477862580	DIAMOND CRÉATIONS BVBA	42	0	31/12/2010
477918604	DHANERA DIAM BVBA	-	-	31/12/2003
479202962	JAY DIMON EBVBA	64	400000	31/12/2010
479568691	B.G.A.DIAMONDS BVBA	67	130000	31/12/2011
479816636	ETERNAL DIAMONDS BVBA	71	36500	31/12/2011
479872460	DIANISH JEWELS BVBA	44	0	31/12/2010
480721904	YASH GEMS BVBA	58	0	31/12/2010
505181740	BERENFELD MICHEL	-	-	-
506205683	OLLECH MAX & ENGEL ABRAHAM FV	-	-	-
506342770	LEMBERGER HENRI & LEMBERGER A FV	-	-	-
506414036	WEINBERG YEHUDI	-	-	-
506434624	HOCHBERG CHAIM	-	-	-
506487181	FRIEDMAN MECHEL	-	-	-
506489854	SHIMER MOOLY	-	-	-
506499554	THALER JEHUDA	-	-	-
506503613	KARNY ELISHA	90	3000	-
506523706	SHEMESH JACOB	-	-	-
506530634	ABEND JOËL	-	-	-
506531129	AMANA NISSIM	-	-	-
506538156	KEDEM YEHESKEL	-	-	-
506542710	ZLAYET ROUBEN	-	-	-
506574580	RAGHOEBARSINGH DIEPNARAINSINGH	-	-	-
509703128	SHALLOP EMMANUEL	-	-	-
806757314	DREAMS OF AFRICA BVBA	68	58000	31/12/2011
806940129	MINDA BROTHERS BVBA	51	0	31/12/2011
809577440	INTERNATIONAL DIAMOND GROUP NV	45	0	31/12/2010
809582883	BELGIUM DIAMONDS BVBA	25	0	31/12/2010
811078465	VEEKAY JEWELS BVBA	49	0	31/12/2011
812358964	VISHAL BVBA	33	0	31/12/2010
819087301	QUALYTIME BVBA	30	0	31/12/2010
820556256	J.K STAR BVBA	35	0	31/12/2010
821133110	DIAMONDS TOP COLLECTION BVBA	-	-	-
821185964	VAN DER STEEN DIAMOND TECHNOLOGY BVBA	40	0	31/12/2010
823123390	KGK INTERNATIONAL BVBA	39	0	31/12/2010
825564129	NATRESCOM JEWELRY BVBA	-	-	-
827971511	THE SOURCE BVBA	-	-	-
828266469	KARAKO DIAMONDS BVBA	-	-	-
828631507	CARBON BVBA	55	0	31/12/2011
830514988	JAY INTERNATIONAL BVBA	31	0	-
830951290	DIAMANTAIRE BVBA	57	0	31/12/2011
832850116	A.D. DIAMOND BVBA	28	0	-
832929595	VHENY DIAMONDS BVBA	25	0	-
833032040	ROCK'N STONES BVBA	48	0	31/12/2011
833904545	BRINK''S GLOBAL SERVICES ANTWERP BVBA	69	1000000	31/12/2011
834925718	BAZZY DIAMONDS BVBA	31	0	-
837519180	GPN DIAMOND BVBA	25	0	-
841609810	A.K. GEMS BVBA	31	0	-
843197739	INVESTMENT DIAMOND COMPANY BVBA	28	0	-
845227316	BAOBAB TECHNOLOGIES BVBA	28	0	-
845840493	SUNVIEUW JEWELLERY COMPANY BVBA	32	0	-
845886025	TENSOR DIAMOND TECHNOLOGY BVBA	43	0	-
846686769	DGM ROUGH BVBA	28	0	-
851240722	MEDEEIGENDOM ANTWERPS DIAMANTCENTRUM FV HOVENIERST	100	6000	-
860531144	DERS BVBA	53	0	31/12/2011
860766221	SIYA DIAMOND BVBA	37	0	31/12/2011
860809573	ALPS DIAM BVBA	71	445000	31/12/2010
862915067	LAXMI JEWEL (BELGIUM) BVBA	16	0	31/12/2010
867105863	YOUNG ANTWERP DIAMOND MANUFACTURERS VZW	56	0	-
869693684	SHANI IMPEX BVBA	64	105000	31/12/2011
870716738	INTERJEWEL EUROPE NV	74	1400000	31/12/2011
870884212	MOOLY DIAMONDS IN VEREFFENING BVBA	-	-	31/12/2008
871664764	EURO INDUSTRIAL DIAMANT IN VEREFFENING BVBA	-	-	31/12/2007
871665259	A.S.D. BVBA	59	0	31/12/2011
871794923	CONGO GEMS BVBA SO	61	1000	31/12/2011
872383554	TRISTAR BVBA	65	43500	31/12/2011
872384247	RISING STAR BVBA	42	0	31/12/2010
872384445	MAAHIR GEMS BVBA	47	0	31/12/2011
872420968	A-DX.NET BVBA	40	0	31/12/2011
872774920	GABY DIAMOND BVBA	36	0	31/12/2010
873166581	ANTWERP JEWELS & DIAMONDS MANUFACTURES BVBA	53	0	31/12/2011
873539438	LUKHI DIAM BVBA	71	565000	31/12/2011
873627431	DIAMWILL BVBA	53	0	31/12/2011
874133019	BRIGHT DIAM BVBA	60	61000	31/12/2010
874438469	ORDIAM BVBA	54	0	31/12/2010
874627521	J.R. DIAM BVBA	42	0	31/12/2010
874701755	DUBROVSKI DIAMOND BVBA	-	-	31/12/2007
875319288	BSD BVBA	56	0	31/12/2010
875795182	ANTWERP ROUGH P/A 1STE BTW-CONTR GCV	-	-	-
876856937	CAPITAL DIAMONDS BVBA	70	52000	31/12/2011
877549201	H&G SWITZERLAND BVBA	48	0	31/12/2010
877760918	CHORON (BELGIUM) CVA	-	-	31/12/2010
879633810	BOOBIJOU BVBA	44	0	31/12/2011
880292618	SKD INTERNATIONAL BVBA	65	120000	30/06/2011
880539472	MRD DIAMONDS(IN VEREFFENING) BVBA	-	-	31/12/2010
880558080	NOVEL COLLECTION BVBA	43	0	31/12/2010
881088216	CLASSIC JEWELLERY BVBA	52	0	31/03/2011
881373474	MATRIX DIAMOND TECHNOLOGY BVBA	43	0	31/12/2010
882874796	AFRODIAM BVBA	39	0	31/12/2010
883548353	LILIB BVBA	53	0	31/12/2011
883668911	HANS DIAM BVBA	30	0	31/12/2010
885665230	KT CONSULTING IN VEREFFENING BVBA	-	-	31/12/2009
886078073	ENOLEASE BVBA	41	0	31/12/2011
886658291	TYDEX IN VEREFFENING BVBA	-	-	31/12/2010
887137155	SUNVIEW NV	66	94000	31/12/2011
888911760	DIAMONDS 4U BVBA	65	56000	31/12/2011
889750613	GEM QUEST BVBA	42	0	31/12/2011
891406640	RAJ GEMS BVBA	70	355000	31/12/2010
892903014	H.D. DIAM BVBA	55	0	31/12/2011
895348701	RAY DIAM BVBA	62	21500	31/12/2011
896518243	LAXMI IMPEX BVBA	68	195000	31/12/2011
899048854	FIFTH GENERATION BVBA	48	0	31/12/2011

NOTES & COMMENTS

Na

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.55.41
UK Pound	1	Rs.86.77
Euro	1	Rs.55.41

INFORMATION DETAILS

Report Prepared by :

PDT

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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