MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	DHARM DIAM BVBA

Registered Office :	Hoveniersstraat 30 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	03.06.2002

Com. Reg. No.:	477689960

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

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

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 477689960

Company name DHARM DIAM BVBA

Safe number BE00492205

Telephone number 032341444

Address HOVENIERSSTRAAT 30 ANTWERPEN

Fax number 032341445

Post code 2018

Number of staff 1

Date of establishment 03/06/2002

Business number	477689960	Company name	DHARM DIAM BVBA
Fax number	032341445	Date founded	03/06/2002
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.0477.689.960
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	SANDIPKAMAR DAYALBHAI PATEL
Position	Non Statutory Partner
Street	53 QUELLINSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Former director details

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)

Protested bills

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

NSSO details

Business number	477689960
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

Payment expectations

Past payments		Payment expectation days	59.30
Industry average payment expectation days	187.77	Industry average day sales outstanding	143.20
Day sales outstanding	61.15

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Payment expectation days	59.30
Day sales outstanding	61.15

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

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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
31/12/2010	137,927,233	235,111	6,041,074
31/12/2009	74,669,469	358,740	3,316,980
31/12/2008	52,267,507	-149,448	3,072,348

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	39,135,427	806	5,613,000	2,628,041	0
31/12/2009	31,639,194	748	3,087,618	1,067,208	0
31/12/2008	40,182,127		3,195,698	881,411	0

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	137,927,233	84.72	74,669,469	42.86	52,267,507	47,143,354	192
Total operating expenses	137,298,331	85.92	73,847,892	41.38	52,233,245	46,543,265	194
Operating result	628,902	-23.45	821,577	2297	34,262	208,616	201
Total financial income	996	-70.60	3,388	948	323	154,358	-99
Total financial expenses	394,788	-15.32	466,225	153	184,033	304,031	29.85
Results on ordinary operations before taxation	235,111	-34.46	358,740	240	-149,448	42,734	450
Taxation	15,193	48.94	10,201	1284	737	15,423	-1.49
Results on ordinary operations after taxation	219,918	-36.90	348,539	232	-150,185	32,266	581
Extraordinary items	1	0	1	-	0	9,738	-99
Other appropriations	0	-	0	-	0	-	-
Net result	219,919	-36.90	348,540	232	-150,185	42,001	423
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	14,734	-	-	-	-	143,868	-89.76
Wages and salary	13,178	-	-	-	-	126,514	-89.58
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	1,289	-	-	-	-	30,693	-95.80
Other employee costs	268	-	0	-	0	3,189	-91.60
Amortization and depreciation	64,138	438	11,913	-3.80	12,383	20,783	208
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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	1,700	-100
Tangible fixed assets	746,753	196	251,443	-5.65	266,499	193,851	285
Land & building	631,697	169	234,783	-6.11	250,049	361,124	74.93
Plant & machinery	7,679	137	3,227	93.12	1,671	26,260	-70.76
Other tangible assets	107,377	699	13,433	-9.11	14,779	27,427	291
Financial fixed assets	806	7.75	748	-	-	308,794	-99
Total fixed assets	747,559	196	252,190	-5.37	266,499	404,451	84.83
Inventories	12,639,083	-27.08	17,333,989	-40.38	29,073,385	3,035,941	316
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,088	-100
Finished goods	12,639,083	-27.08	17,333,989	-40.38	29,073,385	2,002,221	531
Other stocks	0	-	0	-	0	513,417	-100
Trade debtors	23,108,869	77.98	12,983,682	30.42	9,955,486	3,856,220	499
Cash	2,628,041	146	1,067,208	21.08	881,411	267,764	881
other amounts receivable	11,875	458	2,125	-60.24	5,345	335,884	-96.46
Miscellaneous current assets	0	-	0	-100	1	40,485	-100
Total current assets	38,387,868	22.30	31,387,004	-21.37	39,915,628	7,035,231	445
current liabilities
Trade creditors	22,306,309	3.27	21,600,206	-26.99	29,583,373	2,677,594	733
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,464,398	45.19	3,763,584	-27.72	5,206,604	1,912,866	185
Miscellaneous current liabilities	175,506	-77.84	792,160	1024	70,420	191	- -
Total current liabilities	27,946,213	6.84	26,155,950	-24.97	34,860,397	4,389,699	536
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	5,148,141	137	2,166,265	-3.70	2,249,381	251	- -
Other long term liabilities	-1	0	-1	-200	1	720,494	-100
Total long term debts	5,148,140	137	2,166,264	-3.70	2,249,382	1,307,891	293
shareholders equity
Issued share capital	5,613,000	81.79	3,087,618	-3.38	3,195,698	966,109	480
Share premium account	-	-	-	-	-	183,372	-
Reserves	428,074	86.64	229,362	185	-123,350	713,412	-40.00
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	6,041,074	82.13	3,316,980	7.96	3,072,348	1,698,427	255
Working capital	10,441,655	99	5,231,054	3.48	5,055,231	2,645,533	294
Net worth	6,041,074	82.13	3,316,980	7.96	3,072,348	1,696,727	256
back to top

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.17	-64.58	0.48	165	-0.29	-1,00	17.00
Return on capital employed	2.10	-67.89	6.54	232	-2.81	17,00	-87.65
Return on total assets employed	0.60	-46.90	1.13	305	-0.37	-79,00	0.76
Return on net assets employed	3.89	-64.05	10.82	222	-4.86	18,00	-78.39
Sales / net working capital	13.21	-7.43	14.27	38.01	10.34	36,00	-99
Stock turnover ratio	9.16	-60.53	23.21	-58.27	55.62	64,00	-85.69
Debtor days	61.15	-3.66	63.47	-8.70	69.52	162,00	-62.25
Creditor days	59.30	-44.45	106.76	-48.36	206.73	161,00	-63.17
short term stability
Current ratio	1.37	14.17	1.20	4.35	1.15	8,00	-84.78
Liquidity ratio / acid ratio	0.92	70.37	0.54	74.19	0.31	5,00	-81.60
Current debt ratio	4.63	-41.32	7.89	-30.48	11.35	9,00	-48.56
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	175.67	-1.73	178.77	-26.34	242.68	150,00	17.11
Equity in percentage	15.44	47.33	10.48	36.99	7.65	-1.515,00	1.02
Total debt ratio	5.48	-35.83	8.54	-29.30	12.08	9,00	-39.11

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Significant Events

Event Date	14/12/2011
Event Description	proposal of merger filed
Event Details	Commentaar 14-12-2011: Neerlegging fusievoorstel.

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

Minority Interests

No minority interests found

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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

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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.

Payment expectations	View graph
Company result	59.30
Lower	134.01
Median	88.52
Upper	47.15
Day sales outstanding	View graph
Company result	61.15
Lower	115.33
Median	59.92
Upper	26.51