MIRA INFORM REPORT

Report Date :

27.07.2012

IDENTIFICATION DETAILS

Name :	SUPER DIAM BVBA
Registered Office :	Hoveniersstraat 30 Bus 156 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	06.02.1998
Com. Reg. No.:	462514806
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 :

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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	462514806	Company name	SUPER DIAM BVBA
		Telephone number	032343214
Address	HOVENIERSSTRAAT 30 BUS 156 ANTWERPEN	Fax number	032263677
Post code	2018	Number of staff	0
Date of establishment	06/02/1998

DIRECTORS/MANAGEMENT

Current director details

Name	SAMIR RAVJIBHAI KHADELA
Position	Principal Manager
Street	37 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	MANOJ KUMAR RASIKLAL MEHTA
Position	Principal Manager
Street	14 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	DHARMESH SUTARIYA
Position	Principal Manager
Street	49 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
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	462514806
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	41.76
Industry average payment expectation days	198.73	Industry average day sales outstanding	138.34
Day sales outstanding	58.51

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	198.73
Industry average day sales outstanding	138.34

Industry quartile analysis

Payment expectations
Company result	41.76
Lower	135.11
Median	86.55
Upper	46.67
Day sales outstanding
Company result	58.51
Lower	113.62
Median	56.34
Upper	26.44

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
-	-

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	92,144,144	139,910	1,577,651
31/12/2009	43,039,146	79,506	1,477,140
31/12/2008	38,614,479	53,501	1,413,032

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	21,161,299		300,000	747,015	0
31/12/2009	11,780,388		300,000	1,417,140	0
31/12/2008	18,921,629		300,000	136,410	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	92,144,144	114	43,039,146	11.46	38,614,479	46,740,522	97.14
Total operating expenses	91,638,504	115	42,587,033	11.51	38,191,374	46,135,968	98.63
Operating result	505,639	11.84	452,112	6.86	423,105	209,875	140
Total financial income	707	-98.04	36,005	272	9,654	156,621	-99
Total financial expenses	366,436	-10.32	408,611	7.74	379,259	309,269	18.48
Results on ordinary operations before taxation	139,910	75.97	79,506	48.61	53,501	40,902	242
Taxation	39,399	132	16,954	-9.71	18,778	15,146	160
Results on ordinary operations after taxation	100,511	60.68	62,552	80.14	34,723	30,615	228
Extraordinary items	0	-100	1,556	-45.66	2,864	2,674	-100
Other appropriations	0.00	-	0.00	0.00	-1	-	-
Net result	100,511	56.78	64,108	70.56	37,586	33,286	201
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	-	-	-	-	60	144,633	-
Wages and salary	-	-	-	-	-	127,233	-
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	-	-	-	-	-	30,910	-
Other employee costs	0	-	0	-100	60	3,131	-100
Amortization and depreciation	34,266	63.83	20,915	124	9,312	21,860	56.75

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	1,693	-100
Tangible fixed assets	518,966	-5.39	548,550	1988	26,261	194,031	167
Land & building	-	-	-	-	-	359,645	-
Plant & machinery	8,417	-12.71	9,643	-25.68	12,974	27,542	-69.44
Other tangible assets	510,549	-5.26	538,908	3955	13,287	27,350	1766
Financial fixed assets	-	-	-	-	-	313,797	-
Total fixed assets	518,966	-5.39	548,550	1988	26,261	407,445	27.37
Inventories	5,114,263	28.22	3,988,785	30.50	3,056,645	3,144,767	62.63
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,057	-100
Finished goods	5,114,263	28.22	3,988,785	30.50	3,056,645	2,077,589	146
Other stocks	0	-	0	-	0	520,583	-100
Trade debtors	14,770,285	154	5,807,091	-63.00	15,696,083	3,844,184	284
Cash	747,015	-47.29	1,417,140	938	136,410	265,307	181
other amounts receivable	8,049	-53.28	17,229	237	5,102	369,925	-97.82
Miscellaneous current assets	2,721	70.87	1,592	41.16	1,128	42,580	-93.61
Total current assets	20,642,334	83.78	11,231,837	-40.56	18,895,368	7,139,390	189
current liabilities
Trade creditors	10,484,800	38.70	7,559,154	-22.20	9,716,533	2,697,968	288
Short term group loans	-	-	-	-	-	-	-
Other short term loans	6,600,595	325	1,550,602	-75.89	6,431,863	1,922,196	243
Miscellaneous current liabilities	344,957	5.88	325,798	-29.48	462,019	419	- -
Total current liabilities	17,430,352	84.73	9,435,554	-43.19	16,610,415	4,432,177	293
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	469,417	-	-	-	-	-70.18	- -
Other long term liabilities	1,683,880	94.06	867,694	-3.39	898,182	716,389	135
Total long term debts	2,153,297	148	867,694	-3.39	898,182	1,346,377	59.93
shareholders equity
Issued share capital	300,000	0	300,000	0.00	300,000	1,024,975	-70.73
Share premium account	-	-	-	-	-	183,372	-
Reserves	1,277,651	8.54	1,177,140	5.76	1,113,032	681,170	87.57
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	1,577,651	6.80	1,477,140	4.54	1,413,032	1,723,878	-8.48
Working capital	3,211,982	78.81	1,796,284	-21.39	2,284,953	2,707,213	18.65
Net worth	1,577,651	6.80	1,477,140	4.54	1,413,032	1,722,185	-8.39

Ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.15	-16.67	0.18	28.57	0.14	-2,00	7.50
Return on capital employed	3.75	10.62	3.39	46.75	2.31	17,00	-77.94
Return on total assets employed	0.66	-1.49	0.67	139	0.28	-78,00	0.85
Return on net assets employed	8.87	64.87	5.38	41.95	3.79	19,00	-53.32
Sales / net working capital	28.69	19.74	23.96	41.78	16.90	35,00	-99
Stock turnover ratio	5.55	-40.13	9.27	17.05	7.92	67,00	-91.72
Debtor days	58.51	18.80	49.25	-66.81	148.37	167,00	-64.96
Creditor days	41.76	-35.55	64.79	-30.23	92.86	171,00	-75.58
short term stability
Current ratio	1.18	-0.84	1.19	4.39	1.14	8,00	-86.89
Liquidity ratio / acid ratio	0.89	15.58	0.77	-18.95	0.95	5,00	-82.20
Current debt ratio	11.05	72.93	6.39	-45.66	11.76	9,00	22.78
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	448.14	326	104.97	-76.94	455.18	123,00	264
Equity in percentage	7.46	-40.51	12.54	67.87	7.47	-1.493,00	0.50
Total debt ratio	12.41	77.79	6.98	-43.66	12.

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Business number	462514806	Company name	SUPER DIAM BVBA
Fax number	032263677	Date founded	06/02/1998
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.0462.514.806
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Minority Interests

No minority interests found

NOTES & COMMENTS

N/a

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.55.95
UK Pound	1	Rs.86.56
Euro	1	Rs.67.95

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED 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.