MIRA INFORM REPORT

Report Date :

07.07.2012

IDENTIFICATION DETAILS

Name :	ASIAN-DIAMONDS BVBA
Registered Office :	Hoveniersstraat 2 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	17.02.1992
Com. Reg. No.:	446607992
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

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 :	Unknown
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	a1	a1

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

Company name & address

Business number	446607992	Company name	ASIAN-DIAMONDS BVBA
Address	HOVENIERSSTRAAT 2 ANTWERPEN	Telephone number	032338454
Post code	2018	Fax number	032338454
Date of establishment	17/02/1992	Number of staff	0

Holding company

Company name	Company Number
-	-

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	22,674,922	36,772	672,803
31/12/2009	12,391,148	546	631,392
31/12/2008	9,645,608	16,553	629,599

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	14,999,512	684	518,600	2,510	0
31/12/2009	9,823,424	684	518,600	1,431	0
31/12/2008	7,801,053	684	518,600	114,127	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	90.04
Industry average payment expectation days	197.85	Industry average day sales outstanding	146.62
Day sales outstanding	93.84

Court data summary

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

Business number	446607992	Company name	ASIAN-DIAMONDS BVBA
Fax number	032338454	Date founded	17/02/1992
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.0446.607.992
Belgian Bullettin of Acts Publications	moniteur belge

Contractor detailsCheck Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

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	22,674,922	82.99	12,391,148	28.46	9,645,608	33,941,351	-33.19
Total operating expenses	22,522,140	82.56	12,336,756	28.47	9,602,910	33,648,770	-33.07
Operating result	152,782	180	54,392	27.39	42,698	106,604	43.32
Total financial income	214	-69.58	702	56.00	450	130,684	-99
Total financial expenses	116,224	113	54,548	105	26,595	191,042	-39.16
Results on ordinary operations before taxation	36,772	6634	546	-96.70	16,553	30,542	20.40
Taxation	-	-	376	-89.13	3,458	12,801	-
Results on ordinary operations after taxation	36,772	21530	170	-98.70	13,095	21,971	67.37
Extraordinary items	4,639	185	1,623	-28.69	2,276	-675	687
Other appropriations	0.00	-	0	-	0	-	-
Net result	41,411	2209	1,793	-88.34	15,371	21,311	94.32
OTHER INFORMATION
Dividends	-	-	-	-	-	124,135	-
Director remuneration	61,016	4.10	58,616	2.36	57,266	115,996	-47.40
Employee costs	469	444	86	-60.19	216	109,839	-99
Wages and salary	-	-	-	-	-	98,547	-
Employee pension costs	-	-	-	-	-	3,441	-
Social security contributions	-	-	-	-	-	22,754	-
Other employee costs	469	444	86	-60.19	216	1,992	-76.47
Amortization and depreciation	11,299	-3.41	11,698	3.63	11,288	17,312	-34.73

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	1,046	-100
Tangible fixed assets	234,341	11.36	210,430	-5.08	221,687	159,833	46.62
Land & building	175,156	-1.96	178,651	-1.92	182,145	317,210	-44.78
Plant & machinery	15,061	-18.58	18,498	-16.22	22,079	21,182	-28.90
Other tangible assets	44,124	232	13,281	-23.95	17,463	19,959	121
Financial fixed assets	684	0.03	684	0	684	133,853	-99
Total fixed assets	235,025	11.33	211,114	-5.06	222,371	241,808	-2.81
Inventories	1,756,394	45.15	1,210,047	-28.05	1,681,874	2,268,330	-22.57
Raw materials & consumables	-	-	-	-	-	2,730,157	-
Work in progress	0	-	0	-	0	2,581	-100
Finished goods	1,756,394	45.15	1,210,047	-28.05	1,681,874	1,398,125	25.62
Other stocks	0	-	0	-	0	472,474	-100
Trade debtors	5,829,593	53.68	3,793,217	73.13	2,190,919	2,814,320	107
Cash	2,510	75.37	1,431	-98.75	114,127	223,471	-98.88
other amounts receivable	7,498	-2.66	7,703	83.23	4,204	119,951	-93.75
Miscellaneous current assets	5,137	31.86	3,896	112	1,831	24,041	-78.63
Total current assets	7,601,132	51.53	5,016,294	25.63	3,992,955	5,069,461	49.94
CURRENT LIABILITIES
Trade creditors	5,555,935	80.33	3,081,013	18.03	2,610,319	2,187,243	154
Short term group loans	-	-	-	-	-	-	-
Other short term loans	711,727	14.30	622,708	818	67,827	1,156,716	-38.47
Miscellaneous current liabilities	83,417	-25.04	111,281	-85.64	775,184	-76.23	- -
Total current liabilities	6,351,078	66.48	3,815,002	10.47	3,453,330	3,599,208	76.46
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	812,277	4.00	781,014	489	132,397	-0.54	- -
Other long term liabilities	0	-	0	-	0	131,019	-100
Total long term debts	812,277	4.00	781,014	489	132,397	454,470	78.73
SHAREHOLDERS EQUITY
Issued share capital	518,600	0	518,600	0	518,600	709,160	-26.87
Share premium account	-	-	-	-	-	121,450	-
Reserves	154,203	36.71	112,792	1.62	110,999	505,346	-69.49
Revaluation reserve	-	-	-	-	-	608,562	-
Total shareholders equity	672,803	6.56	631,392	0.28	629,599	1,229,284	-45.27
Working capital	1,250,055	4.06	1,201,292	122	539,625	1,470,253	-14.98
Net worth	672,803	6.56	631,392	0.28	629,599	1,228,238	-45.22

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	0.16	-	0	-100	0.17	-2,00	8.00
Return on capital employed	2.48	6100	0.04	-98.16	2.17	14,00	-82.29
Return on total assets employed	0.47	4600	0.01	-97.44	0.39	-97,00	0.48
Return on net assets employed	5.47	5977	0.09	-96.58	2.63	16,00	-65.81
Sales / net working capital	18.14	75.95	10.31	-42.31	17.87	44,00	-99
Stock turnover ratio	7.75	-20.68	9.77	-43.98	17.44	75,00	-89.67
Debtor days	93.84	-16.01	111.73	34.76	82.91	180,00	-47.87
Creditor days	90.04	-1.23	91.16	-8.12	99.22	190,00	-52.61
SHORT TERM STABILITY
Current ratio	1.20	-8.40	1.31	12.93	1.16	9,00	-88.00
Liquidity ratio / acid ratio	0.92	-8.00	1	49.25	0.67	5,00	-81.60
Current debt ratio	9.44	56.29	6.04	10.22	5.48	10,00	-5.60
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	226.52	1.89	222.32	599	31.80	131,00	72.92
Equity in percentage	8.59	-28.89	12.08	-19.14	14.94	-1.876,00	0.46
Total debt ratio	10.65	46.29	7.28	27.72	5.70	10,00	6.50

Limit History

no limit history data found

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	90.04
Day sales outstanding	93.84

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	197.85
Industry average day sales outstanding	146.62

Industry quartile analysis

Payment expectations
Company result	90.04
Lower	139.34
Median	90.20
Upper	47.15
Day sales outstanding
Company result	93.84
Lower	123.40
Median	63
Upper	29.27

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

Protested bills

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

NSSO details

Business number	446607992
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

Former director details

Name	SANGHVI HASMUKH
Position	Principal Manager
Street	58 PLANTIN EN MORETUSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	RAKESH POPATLAL SANGHVI
Position	Principal Manager
Street	30 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	HASMUKH PRAKASHRAJ SANGHVI
Position	Principal Manager
Street	30 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

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.55.42
UK Pound	1	Rs.86.04
Euro	1	Rs.68.61

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%)

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.