MIRA INFORM REPORT

Report Date :

13.02.2012

IDENTIFICATION DETAILS

Name :	PARUDIAM BVBA
Registered Office :	Hoveniersstraat 30 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	19.09.1985
Com. Reg. No.:	427762575
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	From 1 To 4 Employees

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 – 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

REGISTERED NAME & COMPANY SUMMARY

Business number	427762575	Company name	PARUDIAM BVBA
Safe number	BE00153066	Telephone number	032317837
Address	HOVENIERSSTRAAT 30 ANTWERPEN	Fax number	032310032
Post code	2018	Number of staff	1
Date of establishment	19/09/1985
Business number	427762575	Company name	PARUDIAM BVBA
Fax number	032310032	Date founded	19/09/1985
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.0427.762.575
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	HARSHRAJ THAR
Position	Principal Manager
Street	24 LANGE KIEVITSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	CHANDRAKANT MANILAL ZAVERI
Position	Principal Manager
Street	18 SCHIJNPARKLAAN SCHOTEN
Post code	2900
Country	Belgium

Name	CHANDRASHEKHAR ZAVERI
Position	Principal Manager
Street
Post code
Country

Former director details

Name	ALOK ZAVERI
Position	Principal Manager
Street	18 SCHIJNPARKLAAN SCHOTEN
Post code	2900
Country	Belgium

Name	WF&CO BEDRIJFSREVISOREN B.V. BVBA
Position	Commissioner
Date of birth	01/10/1982
Street	1126 KORTRIJKSESTEENWEG GENT
Post code	9051
Country	Belgium

Name	KANSARA PRAKASHCHANDRA
Position	Principal Manager
Street
Post code
Country	India

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)

Significant Events

Event Date	31/03/2008
Event Description
Event Details	Onbezoldigd mandaat zaakvoerder Zaveri Chandrakant Manilal

NSSO details

Business number	427762575
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

PAYMENT INFORMATION

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	187.77
Industry average day sales outstanding	143.20

Industry quartile analysis

Payment expectations	View graph
Company result	-
Lower	134.01
Median	88.52
Upper	47.15
Day sales outstanding	View graph
Company result	-
Lower	115.33
Median	59.92
Upper	26.51

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.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		6,621	671,584
31/12/2009	2,204,569	454	666,430
31/12/2008	4,585,363	4,851	665,250

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	4,328,987	99,441	18,600	698,022	0
31/12/2009	3,922,221	2,165	18,600	575,477	1
31/12/2008	4,662,964	2,165	18,600	370,616	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	-	-	2,204,569	-51.92	4,585,363	47,143,354	-
Total operating expenses	-	-	2,199,322	-51.75	4,557,929	46,543,265	-
Operating result	11,006	109	5,247	-80.87	27,434	208,616	-94.72
Total financial income	39	-69.54	127	-50.20	255	154,358	-99
Total financial expenses	4,423	-10.09	4,919	-78.46	22,839	304,031	-98.55
Results on ordinary operations before taxation	6,621	1358	454	-90.64	4,851	42,734	-84.51
Taxation	1,467	202	-726	-138	1,900	15,423	-90.49
Results on ordinary operations after taxation	5,154	336	1,180	-60.01	2,951	32,266	-84.03
Extraordinary items	0	-	0	-	0	9,738	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	5,154	336	1,180	-60.01	2,951	42,001	-87.73
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	42,928	113,424	-
Employee costs	7,777	-84.93	51,612	-14.11	60,089	143,868	-94.59
Wages and salary	5,311	-86.71	39,963	-21.02	50,602	126,514	-95.80
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	1,845	-82.53	10,564	18.31	8,929	30,693	-93.99
Other employee costs	621	-42.83	1,086	94.28	559	3,189	-80.53
Amortization and depreciation	7,457	-57.38	17,499	-19.94	21,858	20,783	-64.12

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	1,700	-100
Tangible fixed assets	114,490	-6.12	121,948	-12.07	138,687	193,851	-40.94
Land & building	112,640	-4.95	118,505	-4.72	124,370	361,124	-68.81
Plant & machinery	1,674	-47.78	3,206	-45.81	5,916	26,260	-93.62
Other tangible assets	176	-25.56	237	-97.18	8,401	27,427	-99
Financial fixed assets	99,441	4493	2,165	0	2,165	308,794	-67.80
Total fixed assets	213,931	72.37	124,112	-11.88	140,852	404,451	-47.11
Inventories	1,490,392	-15.87	1,771,495	-15.88	2,105,902	3,035,941	-50.91
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,088	-100
Finished goods	0	-100	1,771,495	-15.88	2,105,902	2,002,221	-100
Other stocks	1,490,392	-	0	-	0	513,417	190
Trade debtors	1,920,923	35.63	1,416,295	-30.35	2,033,407	3,856,220	-50.19
Cash	698,022	21.29	575,477	55.28	370,616	267,764	160
other amounts receivable	3,628	-89.42	34,287	812	3,759	335,884	-98.92
Miscellaneous current assets	2,091	276	555	-93.41	8,428	40,485	-94.84
Total current assets	4,115,056	8.34	3,798,109	-16.01	4,522,112	7,035,231	-41.51
current liabilities
Trade creditors	1,006,194	60.36	627,465	-50.74	1,273,834	2,677,594	-62.42
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-100	18,621	-	0	1,912,866	-100
Miscellaneous current liabilities	1,225,171	6.35	1,151,980	-5.18	1,214,934	1335	- -
Total current liabilities	2,231,365	24.10	1,798,066	-27.75	2,488,768	4,389,699	-49.17
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,426,038	-2.17	1,457,726	-3.39	1,508,946	-2.68	- -
Other long term liabilities	0	0	-1	-	0	720,494	-100
Total long term debts	1,426,038	-2.17	1,457,725	-3.39	1,508,946	1,307,891	9.03
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	966,109	-98.07
Share premium account	-	-	-	-	-	183,372	-
Reserves	652,984	0.80	647,830	0.18	646,650	713,412	-8.47
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	671,584	0.77	666,430	0.18	665,250	1,698,427	-60.46
Working capital	1,883,691	-5.82	2,000,043	-1.64	2,033,344	2,645,533	-28.80
Net worth	671,584	0.77	666,430	0.18	665,250	1,696,727	-60.42

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	0.02	-81.82	0.11	-1,00	-
Return on capital employed	0.32	1500	0.02	-90.91	0.22	17,00	-98.12
Return on total assets employed	0.15	1400	0.01	-90.0	0.10	-79,00	0.19
Return on net assets employed	0.99	1314	0.07	-90.41	0.73	18,00	-94.50
Sales / net working capital	-	-	1.10	-51.33	2.26	36,00	-
Stock turnover ratio	-	-	80.36	74.96	45.93	64,00	-
Debtor days	-	-	234.49	44.87	161.86	162,00	-
Creditor days	-	-	104.13	2.08	102.01	161,00	-
short term stability
Current ratio	1.84	-12.80	2.11	15.93	1.82	8,00	-79.56
Liquidity ratio / acid ratio	1.18	4.42	1.13	16.49	0.97	5,00	-76.40
Current debt ratio	3.32	22.96	2.70	-27.81	3.74	9,00	-63.11
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	212.34	-4.15	221.53	-2.33	226.82	150,00	41.56
Equity in percentage	15.51	-8.71	16.99	19.06	14.27	-1.515,00	1.02
Total debt ratio	5.45	11.45	4.89	-18.64	6.01	9,00	-39.44

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Minority Interests

No minority interests found

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860718810	PROTEA GEM DIAMONDS JEWELRY BVBA	31/12/2010
861159268	LUCKY DIAMONDS BVBA	31/12/2010
861938733	JEWEL GOLDI BVBA	31/12/2010
861953579	BLUE ICE BVBA	31/12/2010
862455308	JEWELS ERA BVBA	31/12/2010
862908139	K.P.SANGHVI ( BELGIUM) IN VEREFFENING BVBA	31/12/2010
863210621	CIEMME BVBA	31/03/2011
863211710	VEERA DIMON BVBA	31/12/2010
863551210	D.N. GEMS B.V.B.A. BVBA	31/03/2011
863637619	DIAMBEL JEWELLERY BVBA	31/12/2010
863930597	DERCO MANUFACTURING BVBA	31/12/2006
864822702	AMAZING DIAMONDS BVBA	31/12/2010
864940387	R.D. DIAMONDS IN VEREFFENING BVBA	31/12/2010
865620278	VEEDIAM BVBA	31/12/2010
865979673	A.C. JEWELS BVBA	31/03/2011
866079247	AARYAA DIMON BVBA	31/12/2010
866324717	PARV BVBA	31/12/2010
866380838	REGAL INVESTMENTS II NV	31/12/2010
867397160	VENUS JEWEL (BELGIUM) BVBA	31/12/2009
867624220	ENCHANTE FINE JEWELRY BELGIUM BVBA	31/12/2010
869689726	VME GEB ANTWERPEN HOVENIERSSTRAAT 30-38 VME	-
870281030	WORLD SHINER BELGIUM BVBA	31/12/2010
870589054	SNP CREATIONS IN VEREFFENING BVBA	31/12/2009
873165789	NISHANT GEMS BVBA	31/12/2010
874131435	INDIGO JEWELLERY (BELGIUM) BVBA	31/12/2010
874376410	ALIZA IN VEREFFENING BVBA	30/06/2008
875091042	SHINING STAR BVBA	31/12/2010
876095189	V3-GEMS BVBA	31/12/2010
877266911	SE EGON JEWELLERY	-
877296209	VICTOR DIAMONDS BVBA	31/12/2010
877548112	DIAMOND MINES BVBA	31/12/2010
877774873	BELLATAIRE BVBA	31/05/2010
878308769	DE TOLEDO DIAMONDS INTERNATIONAL BVBA	31/12/2010
881342790	SHESHIL DIAM BVBA	31/12/2009
882360005	ALLURE DIAM BVBA	31/12/2010
883800751	FIBERIC BVBA	31/12/2010
883901612	V.R. DIAMONDS BVBA	31/12/2010
884052951	SAMDIMON JEWELLERY BVBA	31/12/2010
885272379	KALPATARU BVBA	31/12/2010
885506268	G. DIAM BVBA	31/12/2010
886659281	SHOWBIZZ DIAMONDS P/A BTW CLÚ 7 BVBA	-
886831210	D.N. JEWELS ANTWERP BVBA	30/06/2011
887954529	SUN & MOON GEMS BVBA	31/12/2010
888486049	DIAMOND ASSESSMENT BVBA	31/12/2010
888557810	RIWAGEM BVBA	31/12/2010
889635005	BHANSALI DIAMONDS N.V. NV	31/12/2010
889952036	T.J. DIAMONDS BVBA	31/12/2010
890927281	HED DIAMONDS BVBA	31/12/2010
891051896	STONEWORKS (ANTWERP) BVBA	30/06/2009
891939645	BHP BILLITON PETROLEUM LTD	-
892650220	LOKKA SUITES BVBA	31/12/2010
894558150	SHANE BVBA	31/12/2010
894561714	SHANE CRÚATIONS BVBA	31/12/2010
894781943	H.V.DIAM BVBA	31/12/2010
895820536	DIASQUA EUROPE BVBA	31/12/2010
896564268	HOLLANDER & SONS BVBA	31/12/2009
896638009	BHP MINERALS EUROPE LTD	-
898750134	NAMGEM TRADING BVBA	31/05/2010
899849105	S.V. DIAM IN VEREFFENING BVBA	-
899851479	S. VINODKUMAR (EUROPE) SALES BVBA	31/12/2010

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.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.79

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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