MIRA INFORM REPORT

Report Date :

11.12.2012

IDENTIFICATION DETAILS

Name :	BELADAMAS NV
Registered Office :	Pelikaanstraat 62 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	19.04.1991
Com. Reg. No.:	444052736
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	04 employees

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Business number	444052736	Company name	BELADAMAS NV
		Telephone number	038049187
Address	PELIKAANSTRAAT 62 ANTWERPEN	Fax number	032316082
Post code	2018	Number of staff	4
Date of establishment	19/04/1991

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2011	29,063,937	328,496	1,902,065
31/12/2010	38,049,187	155,626	1,641,053
31/12/2009	23,918,416	90,215	1,503,907

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2011	13,824,024	2,701	1,000,000	1,391,200	4
31/12/2010	14,792,636	2,701	1,000,000	798,650	7
31/12/2009	9,651,777	2,701	1,000,000	70,418	6

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	107.66
Industry average payment expectation days	177.48	Industry average day sales outstanding	110.49
Day sales outstanding	38.83

Court data summary

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

Company summary

Business number	444052736	Company name	BELADAMAS NV
Fax number	032316082	Date founded	19/04/1991
Company status	active	Company type	Public Limited Liability Company (BE)
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.0444.052.736
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

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

Significant Events

Event Date	29/12/2011
Event Description
Event Details	Beslissing dat de aandelen statutair op naam zijn.

Export accounts to CSV file

comparison mode

average

median

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	29,063,937	-23.61	38,049,187	59.08	23,918,416	57,828,437	-49.74
Total operating expenses	28,713,264	-24.89	38,227,022	62.76	23,486,962	57,048,988	-49.67
Operating result	350,673	197	-177,834	-141	431,454	289,106	21.30
Total financial income	1,507,694	-10.35	1,681,777	74.47	963,921	171,784	777
Total financial expenses	1,529,871	13.47	1,348,316	3.31	1,305,160	331,496	361
Results on ordinary operations before taxation	328,496	111	155,626	72.51	90,215	112,062	193
Taxation	88,484	124	39,480	27802	-142	39,293	125
Results on ordinary operations after taxation	240,012	106	116,146	28.54	90,357	85,681	180
Extraordinary items	0	-	0	-	0	7,524	-100
Other appropriations	0.00	-	0.00	0.00	-1	-	-
Net result	240,012	106	116,146	28.54	90,356	93,114	157
OTHER INFORMATION
Dividends	-	-	-	-	-	137,001	-
Director remuneration	-	-	-	-	-	123,608	-
Employee costs	217,219	-27.61	300,050	11.09	270,099	156,096	39.16
Wages and salary	148,980	-26.70	203,251	35.26	150,268	132,005	12.86
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	42,384	-27.08	58,126	-34.45	88,667	32,614	29.96
Other employee costs	25,855	-33.14	38,673	24.10	31,164	4,439	482
Amortization and depreciation	62,694	-17.73	76,205	4.80	72,714	21,415	192

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	131,250	-	152,250	-	173,250	1,858	6964
Tangible fixed assets	152,766	-18.44	187,315	-18.97	231,161	204,599	-25.33
Land & building	132,680	-2.73	136,400	-2.65	140,120	376,013	-64.71
Plant & machinery	19,133	-59.09	46,773	-45.55	85,903	27,662	-30.83
Other tangible assets	953	-76.99	4,141	-19.40	5,138	31,318	-96.96
Financial fixed assets	2,701	0	2,701	-0.01	2,701	306,634	-99
Total fixed assets	286,717	-16.23	342,265	-15.93	407,112	414,059	-30.75
Inventories	9,048,420	-0.87	9,128,021	34.26	6,798,735	3,400,717	166
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,381	-100
Finished goods	9,048,420	-0.87	9,128,021	34.26	6,798,735	2,341,734	286
Other stocks	0	-	0	-	0	465,897	-100
Trade debtors	3,092,043	-31.38	4,506,244	92.63	2,339,352	4,280,231	-27.76
Cash	1,391,200	74.19	798,650	1034	70,418	313,891	343
other amounts receivable	5,644	31.06	4,306	-88.09	36,160	405,922	-98.61
Miscellaneous current assets	0	-100	13,150	-	0	39,800	-100
Total current assets	13,537,307	-6.32	14,450,370	56.31	9,244,665	7,871,348	71.98
CURRENT LIABILITIES
Trade creditors	8,469,612	21.04	6,997,404	151	2,777,439	2,857,107	196
Short term group loans	-	-	-	-	-	-	-
Other short term loans	16,616	-99	2,635,532	39.05	1,895,359	2,366,762	-99
Miscellaneous current liabilities	68,962	-97.91	3,296,311	2.50	3,216,020	-82.22	- -
Total current liabilities	8,555,191	-33.83	12,929,247	63.89	7,888,818	5,492,601	55.76
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	3,235,519	4516	70,085	-18.32	85,802	115	- -
Other long term liabilities	0	-	0	-	0	282,807	-100
Total long term debts	3,235,519	4516	70,085	-18.32	85,802	894,330	261
SHAREHOLDERS EQUITY
Issued share capital	1,000,000	0	1,000,000	0	1,000,000	1,016,761	-1.65
Share premium account	-	-	-	-	-	173,859	-
Reserves	1,033,315	30.25	793,303	17.15	677,157	810,435	27.50
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	2,033,315	13.38	1,793,303	6.93	1,677,157	1,851,032	9.85
Working capital	4,982,117	227	1,521,123	12.19	1,355,847	2,378,747	109
Net worth	1,902,065	15.91	1,641,053	9.12	1,503,907	1,849,174	2.86

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
TRADING PERFORMANCE
Profit Before Tax	1.13	175	0.41	7.89	0.38	-704,00	0.16
Return on capital employed	6.23	-25.39	8.35	63.09	5.12	-14,00	44.50
Return on total assets employed	2.38	126	1.05	12.90	0.93	-32,00	7.44
Return on net assets employed	16.16	86.18	8.68	61.34	5.38	-21,00	76.95
Sales / net working capital	5.83	-76.69	25.01	41.78	17.64	64,00	-99
Stock turnover ratio	31.13	29.76	23.99	-15.59	28.42	42,00	-25.88
Debtor days	38.83	-10.18	43.23	21.09	35.70	55.985,00	-99
Creditor days	107.66	61.14	66.81	54.80	43.16	248,00	-56.59
SHORT TERM STABILITY
Current ratio	1.58	41.07	1.12	-4.27	1.17	4,00	-90.71
Liquidity ratio / acid ratio	0.52	26.83	0.41	32.26	0.31	3,00	-82.67
Current debt ratio	4.21	-41.61	7.21	53.40	4.70	17,00	-75.24
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	159.94	6.01	150.87	27.72	118.13	270,00	-40.76
Equity in percentage	14.85	21.22	12.25	-30.75	17.69	-1.041,00	1.43
Total debt ratio	5.80	-20.0	7.25	52.63	4.75	18,00	-67.78

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	107.66
Day sales outstanding	38.83

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	177.48
Industry average day sales outstanding	110.49

Industry quartile analysis

Payment expectations
Company result	107.66
Lower	128.45
Median	74.57
Upper	41.95

Day sales outstanding
Company result	38.83
Lower	111.49
Median	56.46
Upper	24.94

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

Protested bills

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

NSSO details

Business number	444052736
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	NAFEES AHMED
Position	Managing Director
Start Date	29/11/2010
Street	31 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	NAFEES AHMED
Position	Director
Start Date	29/11/2010
Street	31 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	AHMED NAFEES
Position	Managing Director
Start Date	29/11/2010
End Date	25/05/2016
Street	31 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	CHRISTOPHE JEAN-PIERRE YVES DE BORREKENS
Position	Director
Start Date	01/01/2012
Date of birth	29/08/1972
Street	99 SCHILDEBAAN ZANDHOVEN
Post code	2240
Country	Belgium

Name	CHRISTOPHE JEAN-PIERRE YVES DE BORREKENS
Position	Managing Director
Start Date	01/01/2012
End Date	01/01/2018
Date of birth	29/08/1972
Street	99 SCHILDEBAAN ZANDHOVEN
Post code	2240
Country	Belgium
Name	SEE WANG TONY CHENG
Position	Director
Start Date	28/05/2010
End Date	25/05/2016
Street	38 FORTREES HILL ROAD
Post code	0
Country	Hong Kong

Name	FAROOK MOHAMED SAABIQUE AHMED
Position	Director
Start Date	14/01/2010
Street
Post code
Country	Thailand
Name	AHMED FAROOK MOHAMED SAABIQUE
Position	Director
Start Date	28/05/2010
End Date	25/05/2016
Street	12 MAHESAK
Post code	10
Country	Thailand

Former director details

Name	VAN CAKENBERGHE EN PARTNERS BVBA
Position	Commissioner
Start Date	31/12/2008
End Date	31/12/2010
Date of birth	12/01/1998
Street	37 LEOPOLDSTRAAT ANTWERPEN
Post code	2000
Country	Belgium
Name	DANIEL MARIE DOMINIQUE VAN DIEVOET - VAN DEN BOSCH
Position	Managing Director
Start Date	01/12/2011
End Date	01/10/2011
Street	51 HORIZONLAAN BRUSSEL
Post code	1150
Country	Belgium

Name	DANIEL MARIE DOMINIQUE VAN DIEVOET - VAN DEN BOSCH
Position	Director
Start Date	28/12/2005
End Date	01/10/2011
Street	51 HORIZONLAAN BRUSSEL
Post code	1150
Country	Belgium
Name	TONY CHENG SEE WANG
Position	Chairman of the Board
Start Date	21/11/2007
End Date	31/12/2010
Street
Post code
Country	Hong Kong

Name	TONY CHENG SEE WANG
Position	Director
Start Date	27/08/1997
End Date	-
Street
Post code
Country	Hong Kong
Name	SAJID ABDUL KADIR SATHAK
Position	Director
Start Date	28/06/1996
End Date	-
Street	KRISHNA ROAD
Post code
Country	India

Name	ABDUL NATHAK
Position	Director
Start Date	27/08/1997
End Date	-
Country	India
Name	AHMED FAROOK MOHAMED SAABIQUE
Position	Director
Start Date	05/06/1998
End Date	-

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.54.34
UK Pound	1	Rs.87.09
Euro	1	Rs.70.13

INFORMATION DETAILS

Report Prepared by :

MNL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.