MIRA INFORM REPORT

Report Date :

18.08.2012

IDENTIFICATION DETAILS

Name :	LIZA DIMON BVBA

Registered Office :	Hoveniersstraat 30 Bus 246 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	24.12.1991

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 :

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

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		446025497	Company name	LIZA DIMON BVBA
Telephone number	032334163
Address		HOVENIERSSTRAAT 30 BUS 246 ANTWERPEN	Fax number	032336754
Post code		2018	Number of staff	2
Date of establishment		24/12/1991

Business number	446025497	Company name	LIZA DIMON BVBA
Fax number	032336754	Date founded	24/12/1991
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.0446.025.497
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	SHEKHAR JAYANTILAL SHAH
Position	Principal Manager
Street	67 GROENENBORGERLAAN ANTWERPEN
Post code	2610
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found.

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	101.53
Industry average payment expectation days	193.99	Industry average day sales outstanding	132.31
Day sales outstanding	350.13

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	101.53
Day sales outstanding	350.13

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.

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
31/12/2010	31,718,859	25,643	3,065,058
31/12/2009	37,251,678	57,162	3,061,852
31/12/2008	87,370,665	-796,968	3,019,788

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	37,137,792	12,022	18,592	24,210	2
31/12/2009	32,086,571	12,022	18,592	113,324	2
31/12/2008	46,449,956	12,022	18,592	320,438	1

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	31,718,859	-14.85	37,251,678	-57.36	87,370,665	46,740,522	-32.14
Total operating expenses	30,348,648	-15.27	35,819,054	-58.73	86,784,599	46,135,968	-34.22
Operating result	1,370,211	-4.36	1,432,624	144	586,066	209,875	552
Total financial income	1,341	-53.24	2,867	-83.31	17,179	156,621	-99
Total financial expenses	1,345,908	-2.35	1,378,329	-1.56	1,400,213	309,269	335
Results on ordinary operations before taxation	25,643	-55.14	57,162	7.17	-796,968	40,902	-37.31
Taxation	22,436	48.60	15,098	-63.36	41,209	15,146	48.13
Results on ordinary operations after taxation	3,207	-92.38	42,064	5.02	-838,177	30,615	-89.52
Extraordinary items	0	-	0	-	0	2,674	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	3,207	-92.38	42,064	5.02	-838,177	33,286	-90.37
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	71,294	-	-	-	-	113,424	-37.14
Employee costs	57,145	-13.06	65,729	141	27,201	144,633	-60.49
Wages and salary	45,259	-5.66	47,974	109	22,930	127,233	-64.43
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	10,945	-37.69	17,565	330	4,080	30,910	-64.59
Other employee costs	941	395	190	-0.52	191	3,131	-69.95
Amortization and depreciation	43,884	0.17	43,810	-18.02	53,443	21,860	100

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	1,693	-100
Tangible fixed assets	820,808	-5.08	864,692	-4.77	908,002	194,031	323
Land & building	769,664	-3.55	798,004	-3.43	826,343	359,645	114
Plant & machinery	-	-	-	-	-	27,542	-
Other tangible assets	51,144	-23.31	66,688	-18.33	81,659	27,350	87.00
Financial fixed assets	12,022	0.00	12,022	0	12,022	313,797	-96.17
Total fixed assets	832,830	-5.01	876,714	-4.71	920,024	407,445	104
Inventories	4,860,353	-6.86	5,218,308	-40.87	8,825,207	3,144,767	54.55
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,057	-100
Finished goods	4,860,353	-6.86	5,218,308	-40.87	8,825,207	2,077,589	133
Other stocks	0	-	0	-	0	520,583	-100
Trade debtors	30,426,547	22.16	24,907,932	-30.69	35,935,880	3,844,184	691
Cash	24,210	-78.64	113,324	-64.63	320,438	265,307	-90.87
other amounts receivable	993,802	2.63	968,353	119	441,195	369,925	168
Miscellaneous current assets	51	-97.36	1,940	-73.10	7,212	42,580	-99
Total current assets	36,304,962	16.33	31,209,857	-31.45	45,529,932	7,139,390	408
current liabilities
Trade creditors	8,442,019	30.99	6,445,001	-62.25	17,072,598	2,697,968	212
Short term group loans	-	-	-	-	-	-	-
Other short term loans	19,150,674	15.80	16,538,186	-16.99	19,922,264	1,922,196	896
Miscellaneous current liabilities	213,008	113	99,800	-61.37	258,349	259	- -
Total current liabilities	27,805,702	20.46	23,082,987	-38.04	37,253,211	4,432,177	527
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	6,267,032	5.47	5,941,732	-3.81	6,176,957	298	- -
Other long term liabilities	0	-	0	-	0	716,389	-100
Total long term debts	6,267,032	5.47	5,941,732	-3.81	6,176,957	1,346,377	365
shareholders equity
Issued share capital	18,592	0.00	18,592	0	18,592	1,024,975	-98.19
Share premium account	-	-	-	-	-	183,372	-
Reserves	3,046,466	0.11	3,043,260	1.40	3,001,196	681,170	347
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	3,065,058	0.10	3,061,852	1.39	3,019,788	1,723,878	77.80
Working capital	8,499,260	4.58	8,126,870	-1.81	8,276,721	2,707,213	213
Net worth	3,065,058	0.10	3,061,852	1.39	3,019,788	1,722,185	77.97

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.08	-46.67	0.15	16.48	-0.91	-2,00	4.00
Return on capital employed	0.27	-57.14	0.63	7.27	-8.67	17,00	-98.41
Return on total assets employed	0.07	-61.11	0.18	10.47	-1.72	-78,00	0.09
Return on net assets employed	0.84	-55.08	1.87	7.09	-26.39	19,00	-95.58
Sales / net working capital	3.73	-18.56	4.58	-56.63	10.56	35,00	-99
Stock turnover ratio	15.32	9.35	14.01	38.71	10.10	67,00	-77.13
Debtor days	350.13	43.47	244.05	62.56	150.13	167,00	109
Creditor days	101.53	54.58	65.68	-8.52	71.80	171,00	-40.63
short term stability
Current ratio	1.31	-2.96	1.35	10.66	1.22	8,00	-85.44
Liquidity ratio / acid ratio	1.13	0	1.13	14.14	0.99	5,00	-77.40
Current debt ratio	9.07	20.29	7.54	-38.90	12.34	9,00	0.78
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	829.27	12.95	734.19	-15.05	864.27	123,00	574
Equity in percentage	8.25	-13.52	9.54	46.77	6.50	-1.493,00	0.55
Total debt ratio	11.12	17.30	9.48	-34.08	14.38	9,00	23.56

Minority Interests

No minority interests found

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

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

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	193.99
Industry average day sales outstanding	132.31

Industry quartile analysis

Payment expectations	View graph
Company result	101.53
Lower	132.50
Median	83.70
Upper	41.95

Day sales outstanding	View graph
Company result	350.13
Lower	111.91
Median	56.34
Upper	25.95

Protested bills

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

NSSO details

Business number	446025497
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

NOTES & COMMENTS

N/a

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.55.70
UK Pound	1	Rs.87.54
Euro	1	Rs.68.85

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%)

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.