MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	NISHANT GEMS BVBA
Registered Office :	Hoveniersstraat 30 Bus 43 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	30.03.2005
Com. Reg. No.:	873165789
Legal Form :	Private Limited Company (BL/LX)
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 :	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		873165789	Company name	NISHANT GEMS BVBA
Telephone number	032561641
Address		HOVENIERSSTRAAT 30 BUS 43 ANTWERPEN	Fax number	-
Post code		2018	Number of staff	0
Date of establishment		30/03/2005
Business number		873165789	Company name	NISHANT GEMS BVBA
Fax number		-	Date founded	30/03/2005
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.0873.165.789
Belgian Bullettin of Acts Publications		moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	NIKUNJ NIRANJAN SHAH
Position	Principal Manager
Street	71 LAMORINIÈRESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	DEEPAK KESHAVIAL JOGANI
Position	Principal Manager
Street	4 ANTON VAN DE VELDELAAN SCHOTEN
Post code	2900
Country	Belgium

Name	KOMAL BADER
Position	Principal Manager
Street	7 JAN JANSSENSTRAAT ANTWERPEN
Post code	2610
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Protested bills

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

NSSO details

Business number	873165789
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

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	191.48	Industry average day sales outstanding	143.87
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Click the company to view / order a report.

No group structure for this company

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		17,206	46,104
31/12/2009		15,320	33,498
31/12/2008		6,102	22,776

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	1,347,395		18,600	61,543	0
31/12/2009	420,296		18,600	30,418	0
31/12/2008	1,743,992		18,600	15,403	0

Trends

Profitability
Liquidity
Net worth

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	-	-	-	-	-	46,617,247	-
Total operating expenses	-	-	-	-	-	46,014,303	-
Operating result	20,151	-1.43	20,444	104	10,008	210,763	-90.44
Total financial income	0	-	-	-	47	157,012	-99
Total financial expenses	2,945	-42.53	5,124	29.60	3,954	310,000	-99
Results on ordinary operations before taxation	17,206	12.32	15,320	151	6,102	41,365	-58.40
Taxation	4,600	0.04	4,598	110	2,182	15,200	-69.74
Results on ordinary operations after taxation	12,606	17.58	10,721	173	3,920	31,055	-59.41
Extraordinary items	0	-	0	-	0	2,681	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	12,606	17.58	10,721	173	3,920	33,732	-62.63
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	114,705	-
Employee costs	-	-	-	-	-	144,880	-
Wages and salary	-	-	-	-	-	127,451	-
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	-	-	-	-	-	30,985	-
Other employee costs	0	-	0	-	0	3,147	-100
Amortization and depreciation	6,316	14.98	5,493	8.73	5,052	21,849	-71.09
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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	11,488	-26.14	15,554	-22.18	19,988	194,116	-94.08
Land & building	-	-	-	-	-	359,916	-
Plant & machinery	2,214	88.48	1,175	27.96	918	27,328	-91.90
Other tangible assets	9,274	-35.51	14,379	-24.60	19,070	27,400	-66.15
Financial fixed assets	-	-	-	-	-	313,719	-
Total fixed assets	11,488	-26.14	15,554	-22.18	19,988	407,477	-97.18
Inventories	365,241	2.46	356,471	-7.48	385,289	3,151,100	-88.41
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,062	-100
Finished goods	0	-	0	-	0	2,083,037	-100
Other stocks	365,241	2.46	356,471	-7.48	385,289	521,732	-29.99
Trade debtors	893,373	5582	15,721	-98.81	1,320,951	3,853,484	-76.82
Cash	61,543	102	30,418	97.48	15,403	265,407	-76.81
other amounts receivable	13,543	1145	1,087	-1.06	1,099	369,020	-96.33
Miscellaneous current assets	2,206	111	1,044	-17.25	1,262	42,685	-94.83
Total current assets	1,335,907	230	404,742	-76.52	1,724,004	7,154,636	-81.33
current liabilities
Trade creditors	886,574	9395	9,336	-99	1,327,793	2,704,907	-67.22
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,930	478	1,024	-66.83	3,089	1,925,562	-99
Miscellaneous current liabilities	408,786	8.59	376,437	-3.56	390,333	488	- -
Total current liabilities	1,301,290	236	386,798	-77.53	1,721,215	4,440,428	-70.69
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-100	1	718,268	-100
Total long term debts	0	-	0	-100	1	1,349,908	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,027,617	-98.19
Share premium account	-	-	-	-	-	183,372	-
Reserves	27,504	84.62	14,898	256	4,176	681,860	-95.97
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	46,104	37.63	33,498	47.07	22,776	1,727,254	-97.33
Working capital	34,616	92.92	17,944	543	2,789	2,714,208	-98.72
Net worth	46,104	37.63	33,498	47.07	22,776	1,725,557	-97.33
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ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	-2,00	-
Return on capital employed	37.32	-18.39	45.73	70.70	26.79	18,00	107
Return on total assets employed	1.28	-64.84	3.64	940	0.35	-78,00	1.64
Return on net assets employed	37.32	-18.39	45.73	70.70	26.79	19,00	96.42
Sales / net working capital	-	-	-	-	-	35,00	-
Stock turnover ratio	-	-	-	-	-	67,00	-
Debtor days	-	-	-	-	-	168,00	-
Creditor days	-	-	-	-	-	174,00	-
short term stability
Current ratio	1.03	-1.90	1.05	5.00	1	8,00	-87.12
Liquidity ratio / acid ratio	0.75	525	0.12	-84.62	0.78	5,00	-85.00
Current debt ratio	28.23	144	11.55	-84.72	75.57	8,00	252
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	12.86	320	3.06	-77.43	13.56	122,00	-89.46
Equity in percentage	3.42	-57.09	7.97	508	1.31	-1.497,00	0.23
Total debt ratio	28.23	144	11.55	-84.72	75.57	9,00	213

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

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	143.87

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.01
Median	89.39
Upper	47.22
Day sales outstanding
Company result	-
Lower	116.43
Median	61.01
Upper	27.78

Summary

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

NOTES & COMMENTS

Na

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.56.05
UK Pound	1	Rs.86.69
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

PRL

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.