MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	ATISH DIAMOND BVBA
Registered Office :	Hoveniersstraat 2 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	21.12.1983
Com. Reg. No.:	425026581
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	01

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 – 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 summary

Business number	425026581	Company name	ATISH DIAMOND BVBA
		Telephone number	0472747888
Address	HOVENIERSSTRAAT 2 ANTWERPEN	Fax number	032252530
Post code	2018	Number of staff	1
Date of establishment	21/12/1983

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	11,779,360	19,946	2,580,939
31/12/2009	12,078,461	12,334	2,563,678
31/12/2008	21,416,653	22,892	2,553,540

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	8,027,534	1,166	2,268,755	1,342,913	0
31/12/2009	7,856,088	1,166	2,268,755	47,986	0
31/12/2008	9,729,673	1,166	2,268,755	65,478	2

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	106
Industry average payment expectation days	193.93	Industry average day sales outstanding	144.50
Day sales outstanding	31.64

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	28/02/2005

Business number	425026581	Company name	ATISH DIAMOND BVBA
Fax number	032252530	Date founded	21/12/1983
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.0425.026.581
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 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

Significant Events

Event Date	30/09/2008
Event Description
Event Details	Uitbreiding doel.

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	11,779,360	-2.48	12,078,461	-43.60	21,416,653	48,856,035	-75.89
Total operating expenses	11,637,591	-2.09	11,886,480	-43.73	21,125,480	48,242,701	-75.88
Operating result	141,768	-26.16	191,981	-34.07	291,173	211,053	-32.83
Total financial income	804	14.25	704	-91.38	8,169	158,745	-99
Total financial expenses	122,627	-32.01	180,351	-34.76	276,450	324,640	-62.23
Results on ordinary operations before taxation	19,946	61.72	12,334	-46.12	22,892	28,975	-31.16
Taxation	4,347	28.03	3,395	-20.60	4,276	15,619	-72.17
Results on ordinary operations after taxation	15,600	74.51	8,939	-51.98	18,616	18,362	-15.04
Extraordinary items	462	-	0	-	0	9,834	-95.31
Other appropriations	0.00	-	0	-100	1	-	-
Net result	16,061	79.68	8,939	-51.98	18,617	28,190	-43.03
OTHER INFORMATION
Dividends	-	-	-	-	-	108,456	-
Director remuneration	-	-	-	-	-	114,409	-
Employee costs	-47	-100	29,566	-46.99	55,776	146,831	-100
Wages and salary	-	-	22,689	-50.23	45,587	123,838	-
Employee pension costs	-	-	-	-	-	3,441	-
Social security contributions	13	-99	5,578	-34.54	8,521	29,742	-99
Other employee costs	-60	-104	1,300	-22.11	1,669	2,635	-102
Amortization and depreciation	33,794	-2.31	34,593	-5.07	36,439	20,810	62.39

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	1,085	-	2,285	-	3,485	1,625	-33.24
Tangible fixed assets	353,633	-8.44	386,226	-7.96	419,619	197,708	78.87
Land & building	246,289	-1.42	249,843	-1.40	253,398	371,285	-33.67
Plant & machinery	92,109	-18.05	112,390	-15.64	133,221	26,326	249
Other tangible assets	15,235	-36.50	23,993	-27.29	33,000	27,495	-44.59
Financial fixed assets	1,166	-0.04	1,166	0	1,166	354,260	-99
Total fixed assets	355,883	-8.67	389,677	-8.15	424,270	441,150	-19.33
Inventories	5,302,369	46.38	3,622,427	-35.20	5,590,402	3,124,824	69.69
Raw materials & consumables	-	-	-	-	-	2,155,796	-
Work in progress	0	-	0	-	0	2,166	-100
Finished goods	5,302,369	46.38	3,622,427	-35.20	5,590,402	1,844,793	187
Other stocks	0	-	0	-	0	743,549	-100
Trade debtors	1,020,946	-72.98	3,777,879	5.66	3,575,573	3,922,937	-73.97
Cash	1,342,913	2698	47,986	-26.71	65,478	267,727	401
other amounts receivable	4,650	-73.36	17,452	-75.56	71,407	345,801	-98.66
Miscellaneous current assets	774	15.97	667	-73.77	2,543	42,207	-98.17
Total current assets	7,671,651	2.75	7,466,411	-19.76	9,305,403	7,182,817	6.81
CURRENT LIABILITIES
Trade creditors	3,379,730	126	1,494,177	-53.90	3,241,152	2,718,844	24.31
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,015,445	-58.68	2,457,395	-11.73	2,784,040	1,987,564	-48.91
Miscellaneous current liabilities	100,525	1.20	99,337	33.38	74,477	105	- -
Total current liabilities	4,495,700	10.98	4,050,909	-33.59	6,099,669	4,493,356	0.05
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	280,000	-9.40	309,048	-11.52	349,277	-80.50	- -
Other long term liabilities	669,810	-27.99	930,168	28.53	723,702	751,688	-10.89
Total long term debts	949,810	-23.35	1,239,216	15.49	1,072,979	1,333,273	-28.76
SHAREHOLDERS EQUITY
Issued share capital	2,268,755	0.00	2,268,755	0	2,268,755	993,031	128
Share premium account	-	-	-	-	-	190,609	-
Reserves	313,269	5.40	297,208	3.10	288,270	736,153	-57.45
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	2,582,024	0.63	2,565,963	0.35	2,557,025	1,748,726	47.65
Working capital	3,175,951	-7.01	3,415,502	6.54	3,205,734	2,689,461	18.09
Net worth	2,580,939	0.67	2,563,678	0.40	2,553,540	1,747,102	47.73

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	0.17	70.0	0.10	-9.09	0.11	-2,00	8.50
Return on capital employed	0.56	75.00	0.32	-49.21	0.63	17,00	-96.71
Return on total assets employed	0.25	56.25	0.16	-33.33	0.24	-82,00	0.30
Return on net assets employed	0.77	60.42	0.48	-46.67	0.90	18,00	-95.72
Sales / net working capital	3.71	4.80	3.54	-47.01	6.68	37,00	-99
Stock turnover ratio	45.01	50.08	29.99	14.90	26.10	64,00	-29.67
Debtor days	31.64	-72.28	114.16	87.33	60.94	164,00	-80.71
Creditor days	106	131	45.88	-18.07	56	167,00	-36.53
SHORT TERM STABILITY
Current ratio	1.71	-7.07	1.84	20.26	1.53	8,00	-78.62
Liquidity ratio / acid ratio	0.53	-44.21	0.95	55.74	0.61	5,00	-89.40
Current debt ratio	1.74	10.13	1.58	-33.89	2.39	8,00	-78.25
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	50.17	-53.46	107.81	-12.02	122.54	156,00	-67.84
Equity in percentage	32.17	-1.53	32.67	24.27	26.29	-1.572,00	2.05
Total debt ratio	2.11	2.43	2.06	-26.69	2.81	9,00	-76.56

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	106
Day sales outstanding	31.64

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	193.93
Industry average day sales outstanding	144.50

Industry quartile analysis

Payment expectations
Company result	106
Lower	135.53
Median	89.39
Upper	47.11
Day sales outstanding
Company result	31.64
Lower	120.32
Median	62.78
Upper	28.40

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	425026581
Name of defendant	ATISH DIAMONDS
Legal form of defendant	Private limited liability company
Date of summons	28/02/2005
Labour court	ANTWERPEN

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	HARESH MEHTA
Position	Principal Manager
Street	24 GOUDENREGENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

Name	HARESH MEHTA
Position	Director
Street	24 GOUDENREGENLAAN ANTWERPEN
Post code	2610
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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

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.