MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	VIJAYDIMON BVBA

Registered Office :	Pelikaanstraat 54 Antwerpen, Zip Code 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	10.12.1974

Com. Reg. No.:	414855241

Legal Form :	Private Limited Company

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 :	Good

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

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	414855241	Company name	VIJAYDIMON BVBA
		Telephone number	032030596
Address	PELIKAANSTRAAT 54 ANTWERPEN	Fax number	032339838
Post code	2018	Number of staff	5
Date of establishment	10/12/1974

Business number	414855241	Company name	VIJAYDIMON BVBA
Fax number	032339838	Date founded	10/12/1974
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.0414.855.241
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	LUYTEN - MEYNENDONCKX & PARTNERSBEDRIJFSREVISOREN-REVISEURS D''ENTREPRISES B.V. CVBA
Position	Commissioner
Date of birth	04/03/1986
Street	133 KANUNNIK PEETERSSTRAAT ANTWERPEN
Post code	2600
Country	Belgium

Name	MODY MIKUL
Position	Principal Manager
Street	140 KRUISHOFSTRAAT ANTWERPEN
Post code	2020
Country	Belgium

Former director details

Name	VIJAY SHAH
Position	Principal Manager
Street	25 ACACIALAAN ANTWERPEN
Post code	2020
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

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

Protested bills

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

NSSO details

Business number	414855241
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	30.76
Industry average payment expectation days	191.83	Industry average day sales outstanding	144.38
Day sales outstanding	174.52

Export accounts to CSV file

comparison mode

average

median

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	30.76
Day sales outstanding	174.52

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	191.83
Industry average day sales outstanding	144.38

Industry quartile analysis

Payment expectations
Company result	30.76
Lower	135.11
Median	90.04
Upper	48.13

Day sales outstanding
Company result	174.52
Lower	118.09
Median	59.92
Upper	27.29

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number
Vijaydimon BVBA		414855241

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- VIJAYDIMON BVBA	414855241	31-12-2010
- - VIJAYDIAMOND POLISHED DISTRIBUTORS BVBA	421824096	31-12-2010

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	55,487,063	73,873	17,390,164
31/12/2009	34,896,658	47,359	17,331,132
31/12/2008	32,346,627	-373,850	17,316,129

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	58,759,769	76,860	1,400,000	531,829	5
31/12/2009	49,587,262	76,861	1,400,000	804,688	6
31/12/2008	68,702,046	76,860	1,400,000	794,006	6

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	55,487,063	59.00	34,896,658	7.88	32,346,627	46,617,247	19.03
Total operating expenses	54,869,707	61.04	34,071,335	7.47	31,704,111	46,014,303	19.24
Operating result	617,356	-25.20	825,323	28.45	642,516	210,949	192
Total financial income	13	-99	32,045	-53.95	69,589	157,172	-99
Total financial expenses	543,496	-32.90	810,009	-25.41	1,085,955	310,276	75.17
Results on ordinary operations before taxation	73,873	55.99	47,359	12.67	-373,850	41,403	78.42
Taxation	14,841	-54.13	32,356	249	9,254	15,200	-2.36
Results on ordinary operations after taxation	59,032	293	15,003	3.92	-383,104	31,083	89.92
Extraordinary items	0	-	0	-	0	2,683	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	59,032	293	15,003	3.92	-383,104	33,763	74.84
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	114,705	-
Employee costs	227,510	-10.46	254,084	-54.73	561,276	144,880	57.03
Wages and salary	178,318	-3.82	185,399	-57.82	439,581	127,451	39.91
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	45,148	-28.84	63,443	-45.29	115,957	30,985	45.71
Other employee costs	4,044	-22.85	5,242	-8.64	5,738	3,150	28.39
Amortization and depreciation	31,288	-35.05	48,172	-27.50	66,447	21,849	43.20

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	1,698	-100
Tangible fixed assets	43,805	-38.85	71,641		-6.42	76,553	194,116	-77.43
Land & building	-	-	-		-	-	359,916	-
Plant & machinery	10,782	-33.60	16,239		4.15	15,592	27,328	-60.55
Other tangible assets	33,023	-40.39	55,402		-9.12	60,961	27,424	20.42
Financial fixed assets	76,860	0.00	76,861		0.00	76,860	313,719	-75.50
Total fixed assets	120,666	-18.74	148,502		-3.20	153,413	407,477	-70.39
Inventories	30,126,375	-0.33	30,227,327		-14.55	35,373,514	3,151,100	856
Raw materials & consumables	-	-	-		-	-	2,393,499	-
Work in progress	0	-	0		-	0	2,064	-100
Finished goods	30,126,375	-0.33	30,227,327		-14.55	35,373,514	2,084,860	1345
Other stocks	0	-	0		-	0	522,188	-100
Trade debtors	26,530,596	56.87	16,912,897		-45.19	30,855,466	3,856,855	587
Cash	531,829	-33.91	804,688		1.35	794,006	265,635	100
other amounts receivable	688,940	-5.98	732,745		-4.16	764,543	369,336	86.53
Miscellaneous current assets	761,363	0.03	761,103		0.00	761,104	42,722	1682
Total current assets	58,639,103	18.61	49,438,760		-27.88	68,548,633	7,160,882	718
current liabilities
Trade creditors	4,624,684	11.91	4,132,543		39.32	2,966,285	2,707,370	70.82
Short term group loans	-	-	-		-	-	-	-
Other short term loans	32,245,543	37.28	23,488,274		-46.32	43,753,050	1,927,247	1573
Miscellaneous current liabilities	4,499,378	-2.93	4,635,313		-0.67	4,666,582	5374	- -
Total current liabilities	41,369,605	28.25	32,256,130		-37.23	51,385,917	4,444,312	830
Long term debts
Long term group loans	-	-	-		-	-	-	- -
Other long term loans	-	-	-		-	-	-	- -
Other long term liabilities	0	-	0		-	0	718,896	-100
Total long term debts	0	-	0		-	0	1,351,089	-100
shareholders equity
Issued share capital	1,400,000	0		1,400,000	0	1,400,000	1,028,500	36.12
Share premium account	-	-		-	-	-	183,372	-
Reserves	15,990,164	0.37		15,931,132	0.09	15,916,129	682,460	2243
Revaluation reserve	-	-		-	-	-	715,893	-
Total shareholders equity	17,390,164	0.34		17,331,132	0.09	17,316,129	1,728,752	905
Working capital	17,269,498	0.51		17,182,630	0.12	17,162,716	2,716,570	535
Net worth	17,390,164	0.34		17,331,132	0.09	17,316,129	1,727,054	906

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.13	-7.14	0.14	12.07	-1.16	-2,00	6.50
Return on capital employed	0.42	55.56	0.27	12.50	-2.16	18,00	-97.67
Return on total assets employed	0.13	30.0	0.10	18.52	-0.54	-78,00	0.17
Return on net assets employed	0.42	55.56	0.27	12.50	-2.16	19,00	-97.79
Sales / net working capital	3.21	58.13	2.03	7.98	1.88	35,00	-99
Stock turnover ratio	54.29	-37.32	86.62	-20.79	109.36	67,00	-18.97
Debtor days	174.52	-1.35	176.90	-49.19	348.17	168,00	3.88
Creditor days	30.76	-30.52	44.27	29.63	34.15	174,00	-82.32
short term stability
Current ratio	1.42	-7.19	1.53	15.04	1.33	8,00	-84.22
Liquidity ratio / acid ratio	0.69	15.00	0.60	-7.69	0.65	5,00	-86.20
Current debt ratio	2.38	27.96	1.86	-37.37	2.97	9,00	-73.56
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	185.42	36.81	135.53	-46.36	252.67	122,00	51.98
Equity in percentage	29.60	-15.31	34.95	38.69	25.20	-1.498,00	1.98
Total debt ratio	2.38	27.96	1.86	-37.37	2.97	9,00	-73.56

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Rating History

no rating history data found

Limit History

no limit history data found

Industry comparison

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

Minority Interests

No minority interests found

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.56.42
UK Pound	1	Rs.87.37
Euro	1	Rs.69.95

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.