MIRA INFORM REPORT

Report Date :

29.02.2012

IDENTIFICATION DETAILS

Correct Name :	5C NV

Registered Office :	Hoveniersstraat 30 Antwerp Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	03.07.1975

Com. Reg. No.:	414936997

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	05

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 – September 30^th, 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	414936997	Company name	5C NV
Safe number	BE00082412	Telephone number	0475608145
Address	HOVENIERSSTRAAT 30 ANTWERP	Fax number	032338506
Post code	2018	Number of staff	5
Date of establishment	03/07/1975

Business number	414936997	Company name	5C NV
Fax number	032338506	Date founded	03/07/1975
Company status	Active	Company type	Public Limited Liability Company (BE)
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.0414.936.997
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	SHAILESH SHAH
Position	Director
Street	116 JOZEF DE VEUSTERSTRAAT EDEGEM
Post code	2650
Country	Belgium

Name	MALINI KIRIT SHAH
Position	Director
Street	6 BAILLET-LATOURLEI BRASSCHAAT
Post code	2930
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Protested bills

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

NSSO details

Business number	414936997
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

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	80.72
Industry average payment expectation days	189.76	Industry average day sales outstanding	143.09
Day sales outstanding	130.58

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	80.72
Day sales outstanding	130.58

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	189.76
Industry average day sales outstanding	143.09

Industry quartile analysis

Payment expectations
Company result	80.72
Lower	134.48
Median	89.16
Upper	47.10

Day sales outstanding
Company result	130.58
Lower	117.62
Median	61.72
Upper	27.29

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number
BE00082412	5C NV	414936997
Group - Number of Companies			2
Linkages - Number of Companies			0
Number of Countries			0

Company name	Number	Safe number	Latest financials
- 5C NV	414936997	BE00082412	31-12-2010
- - FIVE CEE JEWELRY BVBA	431187170	BE00174090	31-12-2010

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	27,206,159	30,016	9,616,193
31/12/2009	15,450,577	10,215	9,588,481
31/12/2008	33,809,310	36,889	9,577,056

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	23,857,796	246,980	8,200,000	944,460	5
31/12/2009	18,566,526	246,980	8,200,000	42,121	6
31/12/2008	24,354,406	228,904	8,200,000	140,069	8

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	27,206,159	76.09	15,450,577	-54.30	33,809,310	47,033,303	-42.16
Total operating expenses	26,981,096	78.30	15,132,544	-54.23	33,063,094	46,424,774	-41.88
Operating result	225,063	-29.23	318,034	-57.38	746,216	212,628	5.85
Total financial income	3,302	131	1,425	-69.50	4,671	156,075	-97.88
Total financial expenses	198,348	-35.86	309,243	-56.69	713,998	310,288	-36.08
Results on ordinary operations before taxation	30,016	193	10,215	-72.31	36,889	42,110	-28.72
Taxation	-	-	2,764	20.35	2,297	15,307	-
Results on ordinary operations after taxation	30,016	302	7,451	-78.46	34,592	31,725	-5.39
Extraordinary items	-2,305	-157	3,974	100	1,978	2,922	-178
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	27,712	142	11,425	-68.76	36,570	34,644	-20.01
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	162,781	-12.39	185,808	-56.15	423,709	145,139	12.16
Wages and salary	127,397	-9.88	141,369	-57.38	331,663	127,419	-0.02
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	25,481	-28.42	35,600	-53.73	76,941	30,975	-17.74
Other employee costs	9,904	12.04	8,839	-41.49	15,106	3,211	208
Amortization and depreciation	55,940	-15.38	66,106	4.00	63,561	21,957	154

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	1,697	-100
Tangible fixed assets	513,909	-4.31	537,068	-10.16	597,812	194,988	163
Land & building	435,032	-5.19	458,827	-4.93	482,623	360,705	20.61
Plant & machinery	50,569	31.97	38,317	-26.84	52,374	27,490	83.95
Other tangible assets	28,309	-29.09	39,924	-36.44	62,815	27,624	2.48
Financial fixed assets	246,980	0	246,980	7.90	228,904	310,969	-20.58
Total fixed assets	760,889	-2.95	784,048	-5.16	826,716	407,080	86.91
Inventories	12,008,236	-6.28	12,812,804	-19.23	15,863,041	3,156,758	280
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,084	-100
Finished goods	12,008,236	-6.28	12,812,804	-19.23	15,863,041	2,105,119	470
Other stocks	0	-	0	-	0	512,510	-100
Trade debtors	9,733,166	117	4,471,741	-37.07	7,106,005	3,883,702	150
Cash	944,460	2142	42,121	-69.93	140,069	267,508	253
other amounts receivable	336,439	-8.35	367,107	-3.68	381,122	372,260	-9.62
Miscellaneous current assets	74,605	-15.90	88,705	136	37,453	43,133	72.97
Total current assets	23,096,907	29.89	17,782,478	-24.42	23,527,690	7,203,441	220
current liabilities
Trade creditors	5,966,881	58.44	3,765,962	-16.76	4,524,108	2,715,676	119
Short term group loans	-	-	-	-	-	-	-
Other short term loans	7,552,403	72.13	4,387,686	-53.24	9,382,514	1,943,703	288
Miscellaneous current liabilities	34,899	-52.02	72,739	4.64	69,511	38.54	- -
Total current liabilities	13,554,182	64.76	8,226,386	-41.14	13,976,133	4,458,481	204
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	687,421	-8.55	751,659	-6.19	801,217	-56.41	- -
Other long term liabilities	0	-	0	-	0	723,651	-100
Total long term debts	687,421	-8.55	751,659	-6.19	801,217	1,358,912	-49.41
shareholders equity
Issued share capital	8,200,000	0	8,200,000	0	8,200,000	1,034,844	692
Share premium account	-	-	-	-	-	183,372	-
Reserves	1,416,193	2.00	1,388,481	0.83	1,377,056	694,820	103
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	9,616,193	0.29	9,588,481	0.12	9,577,056	1,748,536	449
Working capital	9,542,725	-0.14	9,556,092	0.05	9,551,557	2,744,960	247
Net worth	9,616,193	0.29	9,588,481	0.12	9,577,056	1,746,839	450

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.11	57.14	0.07	-36.36	0.11	-2,00	5.50
Return on capital employed	0.29	190	0.10	-72.22	0.36	18,00	-98.39
Return on total assets employed	0.13	116	0.06	-60.0	0.15	-79,00	0.16
Return on net assets employed	0.31	181	0.11	-71.79	0.39	18,00	-98.28
Sales / net working capital	2.85	75.93	1.62	-54.24	3.54	36,00	-99
Stock turnover ratio	44.14	-46.77	82.93	76.75	46.92	67,00	-34.12
Debtor days	130.58	23.61	105.64	37.70	76.72	165,00	-20.86
Creditor days	80.72	-11.14	90.84	81.90	49.94	170,00	-52.52
short term stability
Current ratio	1.70	-21.30	2.16	28.57	1.68	8,00	-81.11
Liquidity ratio / acid ratio	0.82	36.67	0.60	9.09	0.55	5,00	-83.60
Current debt ratio	1.41	63.95	0.86	-41.10	1.46	9,00	-84.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	85.69	59.87	53.60	-49.59	106.33	150,00	-42.87
Equity in percentage	40.31	-21.94	51.64	31.33	39.32	-1.513,00	2.66
Total debt ratio	1.48	57.45	0.94	-38.96	1.54	9,00	-83.56

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

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	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

Significant Events

Event Date	15/10/2008
Event Description	re-appointment of director(s)
Event Details	Commentaar 15-10-2008: Herbenoeming van de volgende bestuurders tot na de jaarvergadering van 2014: Jasani Aditya Kirit (tevens gedelegeerd bestuurder), Jasani Kirit Ratilal, Shah Malini Kirit en Shah Shailesh Dinkerrai.

Event Date	31/12/2006
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 31-12-2006: Ontslag Jasani Kirit Ratilal als gedelegeerd bestuurder vanaf 31.12.2006, benoeming Jasani Aditya Kirit als gedelegeerd bestuurder vanaf 01.01.2007

Industry comparison

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

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name		Safe number	%	Date of accounts
500038732	SCI JPHC		FR09837963	20	-

Companies that match this address

Business number	Company name	Date of accounts
446464868	SIMPLEX DIAM NV	31/12/2010
446464868	SIMPLEX DIAM NV	31/12/2010
460857886	S.V. GEMS NV	31/12/2010
478160609	DIVINE GEMS BVBA	31/12/2010
861936159	C. MAHENDRA BVBA	31/03/2011
869835622	MUNIC GEMS INVESTMENT NV	31/12/2010
870784539	SHEETAL EUROPE B.V.B.A. BVBA	31/03/2011

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.49.14
UK Pound	1	Rs.77.86
Euro	1	Rs.66.06

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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