MIRA INFORM REPORT

Report Date :

27.06.2012

IDENTIFICATION DETAILS

Name :	BLUE GEMS NV

Registered Office :	Hoveniersstraat 30 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	17.03.1994

Com. Reg. No.:	452299419

Legal Form :	Public Limited Liability Company (BE)

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 :	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

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	452299419	Company name	BLUE GEMS NV
Safe number	BE00310371	Telephone number	032260174
Address	HOVENIERSSTRAAT 30 ANTWERPEN	Fax number	032262865
Post code	2018	Number of staff	5
Date of establishment	17/03/1994
Business number	452299419	Company name	BLUE GEMS NV
Fax number	032262865	Date founded	17/03/1994
Company status	active	Company type	Public Limited Liability Company (BE)
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.0452.299.419
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	CHODHARI MIHIR
Position	Principal Manager
Street	7 QUINTEN MATSIJSDOORGANG ANTWERPEN
Post code	2000
Country	Belgium
Name	SUBODCHANDRA SHAH
Position	Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	NARESHKUMAR MANEKLAL SHAH
Position	Managing Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	NARESHKUMAR MANEKLAL SHAH
Position	Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	MIHIR SHAH
Position	Managing Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	MIHIR SHAH
Position	Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	MIHIR SHAH
Position	Principal Manager
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

Name	NARESHKUMAR MANEKLAL SHAH
Position	Principal Manager
Street	31 DENNENLAAN 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

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

Significant Events

Event Date	29/11/2007
Event Description	new co-ordinated text of the statutes filed
Event Details	Commentaar 21-11-2007: Aanpassing en coordinatie statuten.

Protested bills

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

NSSO details

Business number	452299419
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	26.44
Industry average payment expectation days	189	Industry average day sales outstanding	143.21
Day sales outstanding	131.44

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	26.44
Day sales outstanding	131.44

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	189
Industry average day sales outstanding	143.21

Industry quartile analysis

Payment expectations
Company result	26.44
Lower	133.90
Median	88.52
Upper	47.10

Day sales outstanding
Company result	131.44
Lower	115.33
Median	61.01
Upper	27.27

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0
No group structure for this company.

Ultimate holding company

Safe number	Company name		Company Number	View linked companies from outside this company's group structure
-	-		-	No linked companies have been found.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	68,885,099	335,521	10,054,169
31/12/2009	33,872,423	248,090	11,018,109
31/12/2008	75,997,454	132,411	10,770,040

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	33,663,198	124	8,403,000	135,436	4
31/12/2009	29,010,426	69,539	4,953,000	173,201	5
31/12/2008	57,846,221	71,979	4,953,000	239,418	5

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	68,885,099	103	33,872,423	-55.43	75,997,454	47,017,214	46.51
Total operating expenses	67,389,768	114	31,411,018	-57.63	74,130,417	46,418,900	45.18
Operating result	1,495,332	-39.25	2,461,405	31.83	1,867,037	208,541	617
Total financial income	5,350	3857	135	-99	335,242	154,352	-96.53
Total financial expenses	1,165,161	-47.36	2,213,450	6.94	2,069,868	304,027	283
Results on ordinary operations before taxation	335,521	35.24	248,090	87.36	132,411	42,656	686
Taxation	-19	-193	20	-99	7,316	15,443	-100
Results on ordinary operations after taxation	335,540	35.26	248,070	98.31	125,095	32,187	942
Extraordinary items	520	-	0	-100	1,200	9,739	-94.66
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	336,060	35.47	248,070	96.42	126,295	41,923	701
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	274,919	1.23	271,578	2.54	264,840	113,424	142
Employee costs	243,372	-18.23	297,639	59.36	186,777	143,868	69.16
Wages and salary	190,071	-19.71	236,729	57.76	150,060	126,514	50.24
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	53,190	-12.46	60,761	-	-	30,693	73.30
Other employee costs	111	-25.63	149	-99	36,718	3,189	-96.53
Amortization and depreciation	60,731	2.61	59,185	1.02	58,587	20,804	191

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	1,700	-100
Tangible fixed assets	1,435,577	18.12	1,215,338	-4.60	1,273,961	194,061	639
Land & building	1,407,180	20.62	1,166,578	-3.07	1,203,545	361,124	289
Plant & machinery	1,499	-49.24	2,952	-45.57	5,424	26,295	-94.30
Other tangible assets	26,899	-41.28	45,808	-29.52	64,992	27,426	-1.92
Financial fixed assets	124	-99	69,539	-3.39	71,979	309,211	-99
Total fixed assets	1,435,701	11.74	1,284,877	-4.54	1,345,940	404,851	254
Inventories	6,765,192	-2.15	6,913,620	29.78	5,327,125	3,035,941	122
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,088	-100
Finished goods	6,765,192	-2.15	6,913,620	29.78	5,327,125	2,002,221	237
Other stocks	0	-	0	-	0	513,417	-100
Trade debtors	24,806,774	28.06	19,371,265	-60.90	49,545,652	3,856,687	543
Cash	135,436	-21.80	173,201	-27.66	239,418	267,817	-49.43
other amounts receivable	482,451	-61.75	1,261,194	-8.77	1,382,373	335,873	43.64
Miscellaneous current assets	37,644	500	6,268	9.72	5,713	40,485	-7.02
Total current assets	32,227,497	16.24	27,725,548	-50.93	56,500,281	7,035,740	358
current liabilities
Trade creditors	4,880,903	-24.11	6,431,332	-64.94	18,344,332	2,678,241	82.24
Short term group loans	-	-	-	-	-	-	-
Other short term loans	17,416,596	65.58	10,518,517	-61.46	27,295,281	1,912,866	810
Miscellaneous current liabilities	514,921	363	111,155	-72.60	405,657	560	- -
Total current liabilities	22,812,421	33.71	17,061,004	-62.95	46,045,270	4,390,276	419
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	796,608	-14.46	931,312	-9.66	1,030,912	-45.52	- -
Other long term liabilities	0	-	0	0	-1	720,494	-100
Total long term debts	796,608	-14.46	931,312	-9.66	1,030,911	1,307,950	-39.09
shareholders equity
Issued share capital	8,403,000	69.65	4,953,000	0	4,953,000	966,077	769
Share premium account	-	-	-	-	-	183,372	-
Reserves	1,651,169	-72.78	6,065,109	4.26	5,817,040	713,314	131
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	10,054,169	-8.75	11,018,109	2.30	10,770,040	1,698,297	492
Working capital	9,415,076	-11.72	10,664,544	2.00	10,455,011	2,645,464	255
Net worth	10,054,169	-8.75	11,018,109	2.30	10,770,040	1,696,597	492

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.49	-32.88	0.73	329	0.17	-1,00	49.00
Return on capital employed	3.09	48.56	2.08	85.71	1.12	18,00	-82.83
Return on total assets employed	1	16.28	0.86	273	0.23	-79,00	1.27
Return on net assets employed	3.34	48.44	2.25	82.93	1.23	18,00	-81.44
Sales / net working capital	7.32	130	3.18	-56.26	7.27	36,00	-99
Stock turnover ratio	9.82	-51.89	20.41	191	7.01	64,00	-84.66
Debtor days	131.44	-37.03	208.74	-12.28	237.96	164,00	-19.85
Creditor days	26.44	-64.62	74.73	-17.26	90.32	162,00	-83.68
short term stability
Current ratio	1.41	-13.50	1.63	32.52	1.23	8,00	-84.33
Liquidity ratio / acid ratio	1.12	-8.20	1.22	9.91	1.11	5,00	-77.60
Current debt ratio	2.27	46.45	1.55	-63.79	4.28	9,00	-74.78
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	181.15	74.32	103.92	-60.49	263.01	150,00	20.77
Equity in percentage	29.87	-21.35	37.98	103	18.62	-1.515,00	1.97
Total debt ratio	2.35	44.17	1.63	-62.70	4.37	9,00	-73.89

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Industry comparison

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

Minority Interests

No minority interests found

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506514105	TENENBAUM EFRAÏM	-
506525684	BIBRING KARNI	-
509922070	CUYPERS CHRISTEL	-
564464774	KORN LAURENT	-
806224804	MIRACLE BVBA	31/12/2009
806632994	MOXDIAM BVBA	31/12/2010
816876986	COMINGEMS BVBA	-
819313468	GREEN SOLAR BVBA	31/03/2011
819437885	FIRE STONE BVBA	31/12/2010
822903854	MUNIC SOURCING NV	31/12/2010
825193351	CONCEPT DIAMONDS BVBA	31/12/2010
828631903	KALP DIAMONDS BVBA	-
830516968	ARJUDIAM BVBA	-
831314645	GITANJALI RESOURCES BVBA	-
834566125	SHANKAR (EUROPE) BVBA	-
840118483	ZAIDAN GEMS BVBA	-
840926355	DB EUROPEAN SALES BVBA	-
843673831	KP SANGHVI EUROPE BVBA	-
851316738	V.M.E. HOVENIERSSTRAAT 30 PRF-INTRPRF VEN.	-
860708021	BEL-AR DIAMONDS BVBA	31/12/2010
860718810	PROTEA GEM DIAMONDS JEWELRY BVBA	31/12/2010
861159268	LUCKY DIAMONDS BVBA	31/12/2010
861938733	JEWEL GOLDI BVBA	31/12/2010
861953579	BLUE ICE BVBA	31/12/2010
862455308	JEWELS ERA BVBA	31/12/2010
862908139	K.P.SANGHVI ( BELGIUM) IN VEREFFENING BVBA	31/12/2010
863210621	CIEMME BVBA	31/03/2011
863211710	VEERA DIMON BVBA	31/12/2010
863551210	D.N. GEMS B.V.B.A. BVBA	31/03/2011
863637619	DIAMBEL JEWELLERY BVBA	31/12/2010
863930597	DERCO MANUFACTURING BVBA	31/12/2006
864822702	AMAZING DIAMONDS BVBA	31/12/2010
864940387	R.D. DIAMONDS IN VEREFFENING BVBA	31/12/2010
865620278	VEEDIAM BVBA	31/12/2010
865979673	A.C. JEWELS BVBA	31/03/2011
866079247	AARYAA DIMON BVBA	31/12/2010
866324717	PARV BVBA	31/12/2010
866380838	REGAL INVESTMENTS II NV	31/12/2010
867397160	VENUS JEWEL (BELGIUM) BVBA	31/12/2009
867624220	ENCHANTE FINE JEWELRY BELGIUM BVBA	31/12/2010
869689726	VME GEB ANTWERPEN HOVENIERSSTRAAT 30-38 VME	-
870281030	WORLD SHINER BELGIUM BVBA	31/12/2010
870589054	SNP CREATIONS IN VEREFFENING BVBA	31/12/2009
873165789	NISHANT GEMS BVBA	31/12/2010
874131435	INDIGO JEWELLERY (BELGIUM) BVBA	31/12/2010
874376410	ALIZA IN VEREFFENING BVBA	30/06/2008
875091042	SHINING STAR BVBA	31/12/2010
876095189	V3-GEMS BVBA	31/12/2010
877266911	SE EGON JEWELLERY	-
877296209	VICTOR DIAMONDS BVBA	31/12/2010
877548112	DIAMOND MINES BVBA	31/12/2010
877774873	BELLATAIRE BVBA	31/05/2010
878308769	DE TOLEDO DIAMONDS INTERNATIONAL BVBA	31/12/2010
881342790	SHESHIL DIAM BVBA	31/12/2009
882360005	ALLURE DIAM BVBA	31/12/2010
883800751	FIBERIC BVBA	31/12/2010
883901612	V.R. DIAMONDS BVBA	31/12/2010
884052951	SAMDIMON JEWELLERY BVBA	31/12/2010
885272379	KALPATARU BVBA	31/12/2010
885506268	G. DIAM BVBA	31/12/2010
886659281	SHOWBIZZ DIAMONDS P/A BTW CLÚ 7 BVBA	-
886831210	D.N. JEWELS ANTWERP BVBA	30/06/2011
887954529	SUN & MOON GEMS BVBA	31/12/2010
888486049	DIAMOND ASSESSMENT BVBA	31/12/2010
888557810	RIWAGEM BVBA	31/12/2010
889635005	BHANSALI DIAMONDS N.V. NV	31/12/2010
889952036	T.J. DIAMONDS BVBA	31/12/2010
890927281	HED DIAMONDS BVBA	31/12/2010
891051896	STONEWORKS (ANTWERP) BVBA	30/06/2009
891939645	BHP BILLITON PETROLEUM LTD	-
892650220	LOKKA SUITES BVBA	31/12/2010
894558150	SHANE BVBA	31/12/2010
894561714	SHANE CRÚATIONS BVBA	31/12/2010
894781943	H.V.DIAM BVBA	31/12/2010
895820536	DIASQUA EUROPE BVBA	31/12/2010
896564268	HOLLANDER & SONS BVBA	31/12/2009
896638009	BHP MINERALS EUROPE LTD	-
898750134	NAMGEM TRADING BVBA	31/05/2011
899849105	S.V. DIAM IN VEREFFENING BVBA	-
899851479	S. VINODKUMAR (EUROPE) SALES BVBA	31/12/2010

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.57.07
UK Pound	1	Rs.88.95
Euro	1	Rs.71.40

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.