MIRA INFORM REPORT

Report Date :

08.06.2012

IDENTIFICATION DETAILS

Name :	KEDIAM BVBA
Registered Office :	Hoveniersstraat 53 Bus 73 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	14.01.1993
Com. Reg. No.:	449043286
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	01

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

Company name & address

Business number	449043286	Company name	KEDIAM BVBA
		Telephone number	032327886
Address	HOVENIERSSTRAAT 53 BUS 73 ANTWERPEN	Fax number	032264626
Post code	2018	Number of staff	1
Date of establishment	14/01/1993

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	20,091,286	-58,311	2,268,878
31/12/2009	15,643,499	20,687	2,327,569
31/12/2008	16,678,872	11,135	2,314,745

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	9,226,387	200	2,268,994	12,215	1
31/12/2009	8,417,947	200	2,268,994	3,460	1
31/12/2008	8,720,937	200	2,268,994	7,050	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	43.46
Industry average payment expectation days	191.48	Industry average day sales outstanding	143.85
Day sales outstanding	99.62

Court data summary

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

Business number	449043286	Company name	KEDIAM BVBA
Fax number	032264626	Date founded	14/01/1993
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.0449.043.286
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)

Significant Events

Event Date	27/05/2008
Event Description	re-appointment of director(s)
Event Details	Commentaar 27-05-2008: Herbenoeming van de zaakvoeders de heren Shah Ketan, Shah Sarju en Shah Nirav.

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	20,091,286	28.43	15,643,499	-6.21	16,678,872	46,617,247	-56.90
Total operating expenses	19,934,825	29.28	15,420,441	-5.66	16,345,991	46,014,303	-56.68
Operating result	156,461	-29.86	223,058	-32.99	332,881	210,763	-25.76
Total financial income	166	-89.00	1,512	21500	7	157,012	-99
Total financial expenses	214,938	5.42	203,884	-36.63	321,753	310,000	-30.67
Results on ordinary operations before taxation	-58,311	-381	20,687	85.78	11,135	41,365	-240
Taxation	531	-93.38	8,013	36.39	5,875	15,200	-96.51
Results on ordinary operations after taxation	-58,841	-564	12,674	140	5,260	31,055	-289
Extraordinary items	0	-	0	-	0	2,681	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	-58,841	-564	12,674	140	5,260	33,732	-274
OTHER INFORMATION
Dividends	-	-	-	-	-	326,298	-
Director remuneration	88,226	-34.62	134,947	22.19	110,442	114,705	-23.08
Employee costs	24,927	-21.80	31,875	-30.53	45,885	144,880	-82.79
Wages and salary	18,303	-22.63	23,657	-31.63	34,602	127,451	-85.64
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	2,065	-44.32	3,708	-48.17	7,154	30,985	-93.34
Other employee costs	4,559	1.09	4,510	9.23	4,129	3,147	44.87
Amortization and depreciation	29,995	-5.97	31,901	-0.25	31,981	21,849	37.28

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	349	-	499	-	649	1,697	-79.42
Tangible fixed assets	252,277	12.58	224,080	-11.72	253,821	194,116	29.96
Land & building	182,238	-3.50	188,841	-3.38	195,443	359,916	-49.37
Plant & machinery	14,068	-19.75	17,530	-32.96	26,147	27,328	-48.52
Other tangible assets	55,971	216	17,709	-45.06	32,231	27,400	104
Financial fixed assets	200	0	200	0	200	313,719	-99
Total fixed assets	252,826	12.48	224,779	-11.74	254,670	407,477	-37.95
Inventories	3,277,717	-16.46	3,923,730	-7.04	4,221,094	3,151,100	4.02
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,062	-100
Finished goods	3,277,717	-16.46	3,923,730	-7.04	4,221,094	2,083,037	57.35
Other stocks	0	-	0	-	0	521,732	-100
Trade debtors	5,483,582	29.75	4,226,284	0.01	4,225,900	3,853,484	42.30
Cash	12,215	253	3,460	-50.92	7,050	265,407	-95.40
other amounts receivable	183,784	524	29,428	337	6,719	369,020	-50.20
Miscellaneous current assets	16,262	58.41	10,266	86.52	5,504	42,685	-61.90
Total current assets	8,973,561	9.52	8,193,168	-3.23	8,466,267	7,154,636	25.42
CURRENT LIABILITIES
Trade creditors	2,373,845	12.12	2,117,297	1.46	2,086,780	2,704,907	-12.24
Short term group loans	-	-	-	-	-	-	-
Other short term loans	3,826,965	17.00	3,270,810	-7.79	3,546,948	1,925,562	98.75
Miscellaneous current liabilities	17,174	-32.91	25,598	-41.64	43,865	20.53	- -
Total current liabilities	6,217,985	14.86	5,413,705	-4.65	5,677,593	4,440,428	40.03
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	196,591	13.69	172,912	-16.47	207,003	-87.51	- -
Other long term liabilities	542,583	7.81	503,262	-3.39	520,947	718,268	-24.46
Total long term debts	739,175	9.32	676,174	-7.11	727,950	1,349,908	-45.24
SHAREHOLDERS EQUITY
Issued share capital	2,268,994	0.00	2,268,994	0	2,268,994	1,027,617	120
Share premium account	-	-	-	-	-	183,372	-
Reserves	233	-99	59,074	27.31	46,400	681,860	-99
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	2,269,227	-2.53	2,328,068	0.55	2,315,394	1,727,254	31.38
Working capital	2,755,576	-0.86	2,779,463	-0.33	2,788,674	2,714,208	1.52
Net worth	2,268,878	-2.52	2,327,569	0.55	2,314,745	1,725,557	31.49

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	-0.29	-323	0.13	85.71	0.07	-2,00	14.50
Return on capital employed	-1.94	-381	0.69	86.49	0.37	18,00	-110
Return on total assets employed	-0.63	-352	0.25	92.31	0.13	-78,00	0.81
Return on net assets employed	-2.57	-388	0.89	85.42	0.48	19,00	-113
Sales / net working capital	7.29	29.48	5.63	-5.85	5.98	35,00	-99
Stock turnover ratio	16.31	-34.97	25.08	-0.91	25.31	67,00	-75.66
Debtor days	99.62	1.02	98.61	6.63	92.48	168,00	-40.70
Creditor days	43.46	-13.29	50.12	7.55	46.60	174,00	-75.02
SHORT TERM STABILITY
Current ratio	1.44	-4.64	1.51	1.34	1.49	8,00	-82.00
Liquidity ratio / acid ratio	0.92	16.46	0.79	5.33	0.75	5,00	-81.60
Current debt ratio	2.74	17.60	2.33	-4.90	2.45	8,00	-65.75
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	177.31	19.87	147.92	-8.76	162.13	122,00	45.34
Equity in percentage	24.60	-11.06	27.66	4.18	26.55	-1.497,00	1.64
Total debt ratio	3.07	17.18	2.62	-5.42	2.77	9,00	-65.89

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	43.46
Day sales outstanding	99.62

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	191.48
Industry average day sales outstanding	143.85

Industry quartile analysis

Payment expectations
Company result	43.46
Lower	134.01
Median	89.39
Upper	47.22
Day sales outstanding
Company result	99.62
Lower	116.43
Median	61.01
Upper	27.38

Summary

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

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Protested bills

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

NSSO details

Business number	449043286
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

Name	SARJU KUMAR CHHOTALAL SHAH
Position	Principal Manager
Street	33 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	KETAN RAMANLAT SHAH
Position	Principal Manager
Street	38 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	NIRAV BHUPENDRAKUMAR SHAH
Position	Principal Manager
Street	38 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	MARCEL WOLTERS RUCKERT
Position	Principal Manager
Street	21 LELIELAAN ZOERSEL
Post code	2980
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.55.15
UK Pound	1	Rs.85.22
Euro	1	Rs.69.24

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.