MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	DIAMBEL NV

Registered Office :	Hoveniersstraat 30 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	27.06.1985

Com. Reg. No.:	427397143

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	1

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Risk Tracker Monitoring System

Business number		427397143	Company name	DIAMBEL NV
Telephone number	032314367
Address		HOVENIERSSTRAAT 30 ANTWERPEN	Fax number	032310522
Post code		2018	Number of staff	1
Date of establishment		27/06/1985

Ultimate holding company

Safe number	Company name		Company Number
-	-		-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	100,917,324	137,769	30,081,563
31/12/2009	48,517,004	56,725	29,946,237
31/12/2008	76,865,844	133,529	22,424,819

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	63,296,314		3,327,979	7,867,879	2
31/12/2009	59,910,860		3,327,979	215,793	2
31/12/2008	58,417,092		3,309,379	52,419	2

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	116.43
Industry average payment expectation days	190.60	Industry average day sales outstanding	144.65
Day sales outstanding	124.02

Court data summary

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

Business number	427397143	Company name	DIAMBEL NV
Fax number	032310522	Date founded	27/06/1985
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.0427.397.143
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	30/09/2009
Event Description	re-appointment of director(s)
Event Details	Commentaar 30-09-2009: Sanghvi Sarjuben en Sangvi Paresh worden herbenoemd als bestuurders voor negen jaar. Sangvi Paresh wordt voor diezelfde periode eveneens herbenoemd als gedelegeerd bestuurder.

Event Date	30/06/2009
Event Description	proposal of merger by absorption filed
Event Details	Commentaar 30-06-2009: Neerlegging fusievoorstel van Pasmi Dimon BVBA door Diambel NV.

Event Date	30/09/2009
Event Description
Event Details	De 3277 volstortte nieuwe aandleen van de NV Diambel worden uitgereikt aan de aandeelhouders van de vennootschap Pasmi Dimon.

Export accounts to CSV file

comparison mode

average

median

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	100,917,324	108	48,517,004	-36.88	76,865,844	46,865,643	115
Total operating expenses	99,990,370	110	47,518,427	-36.84	75,231,715	46,259,325	116
Operating result	926,954	-7.17	998,577	-38.89	1,634,129	211,095	339
Total financial income	2,289	-56.31	5,238	-94.77	100,210	157,120	-98.54
Total financial expenses	791,473	-16.43	947,090	-40.84	1,600,810	310,463	154
Results on ordinary operations before taxation	137,769	142	56,725	-57.52	133,529	41,415	232
Taxation	11,855	35.84	-33,078	-300	16,487	15,235	-22.19
Results on ordinary operations after taxation	125,915	40.21	89,803	-23.27	117,042	31,072	305
Extraordinary items	5,800	-70.60	19,731	145	8,030	2,690	115
Other appropriations	3612.24	-4.82	3795	-51.67	7852	-	-
Net result	135,327	19.41	113,329	-14.74	132,924	33,759	300
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	67,343	-8.85	73,882	17.44	62,909	144,629	-53.44
Wages and salary	55,922	-9.72	61,944	16.80	53,036	127,195	-56.03
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	10,679	-5.01	11,243	34.07	8,386	30,922	-65.46
Other employee costs	742	6.69	695	-53.26	1,487	3,159	-76.53
Amortization and depreciation	62,577	1.39	61,719	0.31	61,529	21,856	186

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	1,696	-100
Tangible fixed assets	834,747	-6.90	896,642	1.62	882,356	194,211	329
Land & building	718,841	-4.25	750,767	1.39	740,454	359,728	99
Plant & machinery	94,808	-20.27	118,912	-14.61	139,255	27,327	246
Other tangible assets	21,097	-21.76	26,963	918	2,647	27,462	-23.18
Financial fixed assets	-	-	-	-	-	314,138	-
Total fixed assets	834,747	-6.90	896,642	1.62	882,356	408,566	104
Inventories	19,293,224	-49.53	38,228,055	13.73	33,613,862	3,154,232	511
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,069	-100
Finished goods	19,293,224	-49.53	38,228,055	13.73	33,613,862	2,090,346	822
Other stocks	0	-	0	-	0	520,650	-100
Trade debtors	34,289,744	68.81	20,312,446	-14.61	23,789,163	3,864,044	787
Cash	7,867,879	3546	215,793	311	52,419	265,822	2859
other amounts receivable	999,519	293	254,211	274	67,867	370,137	170
Miscellaneous current assets	11,201	201	3,713	-67.50	11,425	42,849	-73.86
Total current assets	62,461,567	5.84	59,014,218	2.57	57,534,736	7,173,182	770
current liabilities
Trade creditors	31,894,218	14.27	27,911,180	38.63	20,134,219	2,710,201	1076
Short term group loans	-	-	-	-	-	-	-
Other short term loans	7,841	-98.94	739,491	-94.98	14,739,447	1,931,951	-99
Miscellaneous current liabilities	762,466	1.13	753,941	31.70	572,466	894	- -
Total current liabilities	32,664,524	11.09	29,404,612	-17.04	35,446,132	4,449,894	634
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	11,493	-34.94	17,665	-	-	-99	- -
Other long term liabilities	538,733	-0.67	542,346	-0.69	546,141	720,788	-25.26
Total long term debts	550,226	-1.75	560,011	2.54	546,141	1,354,758	-59.39
shareholders equity
Issued share capital	3,327,979	0.00	3,327,979	0.56	3,309,379	1,031,029	222
Share premium account	-	-	-	-	-	183,372	-
Reserves	26,753,585	0.51	26,618,258	39.25	19,115,440	683,790	3812
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	30,081,563	0.45	29,946,237	33.54	22,424,819	1,732,655	1636
Working capital	29,797,043	0.63	29,609,606	34.05	22,088,604	2,723,288	994
Net worth	30,081,563	0.45	29,946,237	33.54	22,424,819	1,730,958	1637

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.14	16.67	0.12	-29.41	0.17	-2,00	7.00
Return on capital employed	0.45	136	0.19	-67.24	0.58	18,00	-97.50
Return on total assets employed	0.22	144	0.09	-60.87	0.23	-78,00	0.28
Return on net assets employed	0.46	142	0.19	-68.33	0.60	19,00	-97.58
Sales / net working capital	3.39	106	1.64	-52.87	3.48	36,00	-99
Stock turnover ratio	19.12	-75.73	78.79	80.17	43.73	67,00	-71.46
Debtor days	124.02	-18.84	152.81	35.28	112.96	167,00	-25.74
Creditor days	116.43	-45.69	214.39	119	97.68	171,00	-31.91
short term stability
Current ratio	1.91	-4.98	2.01	24.07	1.62	8,00	-76.12
Liquidity ratio / acid ratio	1.32	85.92	0.71	5.97	0.67	5,00	-73.60
Current debt ratio	1.09	11.22	0.98	-37.97	1.58	8,00	-86.38
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	0.06	-97.63	2.53	-96.15	65.73	121,00	-99
Equity in percentage	47.52	-4.92	49.98	30.19	38.39	-1.502,00	3.16
Total debt ratio	1.10	10.00	1	-37.89	1.61	9,00	-87.78

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

Payment expectations

Payment expectation days	116.43
Day sales outstanding	124.02

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	190.60
Industry average day sales outstanding	144.65

Industry quartile analysis

Company result	116.43
Lower	135.11
Median	89.39
Upper	47.10

Company result	124.02
Lower	118.09
Median	62.44
Upper	27.38

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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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	31/05/2011
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 CREATIONS IN VEREFFENING 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

NSSO details

Business number	427397143
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	SANGHVI PARESH
Position	Managing Director
Street	12 ZINKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	SANGHVI PARESH
Position	Director
Street	12 ZINKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	SARJUBEN SANGHVI
Position	Director
Street	12 ZINKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	SARJUBEN SANGHVI
Position	Chairman of the Board
Street	12 ZINKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	PARESH SANGHVI
Position	Legal Representative
Street
Post code
Country

Former director details

Name	SANGHVI PARESH
Position	Principal Manager
Street	12 ZINKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	TEJPAL JAYANTILAL MEHTA
Position	Director
Street	25 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	PASMI DIMON BVBA
Position	Director
Date of birth	15/05/2000
Street	30 HOVENIERSSTRAAT ANTWERPEN
Post code	2018
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.50.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

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.

MIRA INFORM REPORT

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