MIRA INFORM REPORT

Report Date :

21.03.2012

IDENTIFICATION DETAILS

Name :	A.S. INTERNATIONAL BVBA

Registered Office :	Quinten Matsijslei 45 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	05.11.1997

Com. Reg. No.:	461878465

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
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^th, 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

Top of Form

Risk Tracker Monitoring System

Company name & address

Business number	461878465	Company name	A.S. INTERNATIONAL BVBA
		Telephone number	032812561
Address	QUINTEN MATSIJSLEI 45 ANTWERPEN	Fax number	032324985
Post code	2018	Number of staff	-
Date of establishment	05/11/1997
Trading Address	Mechelsesteenweg 239 Bus 10 2018 Antwerp, Belgium

Ultimate holding company

Company name		Company Number
-		-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		35,046	25,616
31/12/2009		25,262	24,220
31/12/2008		26,675	22,717

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	1,384,784	50	6,197	134,096	0
31/12/2009	780,944	50	6,197	30,410	0
31/12/2008	417,492	50	6,197	14,824	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	189.57	Industry average day sales outstanding	144.02
Day sales outstanding	-

Court data summary

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

Business number	461878465	Company name	A.S. INTERNATIONAL BVBA
Fax number	032324985	Date founded	05/11/1997
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.0461.878.465
Belgian Bullettin of Acts Publications	moniteurbelge
Trading Address	Mechelsesteenweg 239 Bus 10 2018 Antwerp, Belgium

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

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	-	-	-	-	-	46,981,609	-
Total operating expenses	-	-	-	-	-	46,372,952	-
Operating result	76,331	53.93	49,587	4.66	47,381	211,511	-63.91
Total financial income	156,137	110	74,248	-28.02	103,153	156,917	-0.50
Total financial expenses	197,421	100	98,573	-20.42	123,859	310,443	-36.41
Results on ordinary operations before taxation	35,046	38.73	25,262	-5.30	26,675	41,664	-15.88
Taxation	3,651	1573	-232	-255	149	15,255	-76.07
Results on ordinary operations after taxation	31,396	23.15	25,494	-3.89	26,526	31,311	0.27
Extraordinary items	0	0	-491	-112	4,075	2,760	-100
Other appropriations	0.00	-	0	0	-1	-	-
Net result	31,396	25.57	25,003	-18.29	30,600	34,068	-7.84
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	-	-	-	-	-	144,611	-
Wages and salary	-	-	-	-	-	127,150	-
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	-	-	-	-	-	30,910	-
Other employee costs	0	-	0	-	0	3,188	-100
Amortization and depreciation	11,154	-3.63	11,575	-4.94	12,177	21,850	-48.95

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	1,687	-100
Tangible fixed assets	21,691	-32.95	32,350	-26.35	43,925	194,383	-88.84
Land & building	-	-	-	-	-	359,728	-
Plant & machinery	774	-18.34	948	-53.46	2,037	27,317	-97.17
Other tangible assets	20,916	-33.39	31,402	-25.03	41,888	27,486	-23.90
Financial fixed assets	50	-0.84	50	0	50	309,309	-99
Total fixed assets	21,740	-32.90	32,400	-26.32	43,975	405,077	-94.63
Inventories	198,009	-51.73	410,197	2294	17,128	3,154,232	-93.72
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,071	-100
Finished goods	0	-	0	-	0	2,092,181	-100
Other stocks	198,009	-51.73	410,197	2294	17,128	521,107	-62.00
Trade debtors	1,021,843	236	303,841	-7.28	327,682	3,863,609	-73.55
Cash	134,096	340	30,410	105	14,824	266,006	-49.59
other amounts receivable	7,813	208	2,536	-79.74	12,518	370,350	-97.89
Miscellaneous current assets	1,282	-17.82	1,560	14.29	1,365	42,887	-97.01
Total current assets	1,363,044	82.09	748,544	100	373,517	7,175,488	-81.00
current liabilities
Trade creditors	1,310,839	86.29	703,662	115	326,693	2,707,954	-51.59
Short term group loans	-	-	-	-	-	-	-
Other short term loans	11,963	4.99	11,395	4.99	10,853	1,932,977	-99
Miscellaneous current liabilities	30,162	28.35	23,500	-15.06	27,666	35.33	- -
Total current liabilities	1,352,964	83.19	738,557	102	365,212	4,448,578	-69.59
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	6,204	-65.85	18,167	-38.55	29,562	-99	- -
Other long term liabilities	0	-	0	-100	1	721,421	-100
Total long term debts	6,204	-65.85	18,167	-38.55	29,563	1,353,697	-99
shareholders equity
Issued share capital	6,197	0.01	6,197	0	6,197	1,029,941	-99
Share premium account	-	-	-	-	-	183,372	-
Reserves	19,419	7.74	18,023	9.10	16,520	686,398	-97.17
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	25,616	5.76	24,220	6.62	22,717	1,734,190	-98.52
Working capital	10,080	0.93	9,987	20.25	8,305	2,726,910	-99
Net worth	25,616	5.76	24,220	6.62	22,717	1,732,504	-98.52

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	110.14	84.80	59.60	16.82	51.02	18,00	511
Return on total assets employed	2.53	-21.67	3.23	-49.45	6.39	-78,00	3.24
Return on net assets employed	136.81	31.17	104.30	-11.17	117.42	18,00	660
Sales / net working capital	-	-	-	-	-	36,00	-
Stock turnover ratio	-	-	-	-	-	67,00	-
Debtor days	-	-	-	-	-	166,00	-
Creditor days	-	-	-	-	-	170,00	-
short term stability
Current ratio	1.01	0	1.01	-0.98	1.02	8,00	-88.78
Liquidity ratio / acid ratio	0.86	86.96	0.46	-53.06	0.98	5,00	-82.80
Current debt ratio	52.82	73.24	30.49	89.61	16.08	9,00	486
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	70.92	-41.90	122.06	-31.39	177.91	148,00	-52.08
Equity in percentage	1.85	-40.32	3.10	-43.01	5.44	-1.504,00	0.12
Total debt ratio	53.06	69.85	31.24	79.75	17.38	9,00	489

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	-
Day sales outstanding	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	189.57
Industry average day sales outstanding	144.02

Industry quartile analysis

Payment expectations
Company result	-
Lower	135.11
Median	89.16
Upper	47.10

Day sales outstanding
Company result	-
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

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name	Date of accounts
404968763	KORNREICH DIAMOND MANUFACTURING CO IN VEREFFENING	-
417358237	MAZALIMO REAL ESTATE NV	30/06/2011
429948936	MASILCO BVBA	-
460315082	ESTIMOS BVBA	31/03/2011
506509155	ROTTENBERG SYLVIA ECHTE KORNEIC	-
850424635	V.M.E. QUINTEN MATSYSLEI 45 PRF-INTRPRF VEN.	-

Protested Bills

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

NSSO Details

Business number	461878465
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	MANISH JAVERI
Position	Principal Manager
Street	45 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	MANISH JAVERI
Position	Non Statutory Partner
Street	45 QUINTEN MATSIJSLEI 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.50.25
UK Pound	1	Rs.79.76
Euro	1	Rs.66.52

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