MIRA INFORM REPORT

Report Date :

11.05.2012

IDENTIFICATION DETAILS

Name :	SUSHANG EXPORTS NV
Registered Office :	Hoveniersstraat 2 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	04.03.1985
Legal Form :	Public Limited Liability Company (BE)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

Ba

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 (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 name

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Business number	426932236	Company name	SUSHANG EXPORTS NV
Safe number	BE00148691	Telephone number	032310404
Address	HOVENIERSSTRAAT 2 ANTWERPEN	Fax number	032252234
Post code	2018	Number of staff	1
Date of establishment	04/03/1985

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.

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	29,963,846	130,735	4,134,923
31/12/2009	19,247,494	61,003	4,034,026
31/12/2008	30,709,373	115,182	3,978,739

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	12,614,583	3,755	3,830,000	30,428	1
31/12/2009	11,427,410	2,490	3,830,000	29,448	1
31/12/2008	10,753,443	2,490	3,830,000	203,154	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	53.76
Industry average payment expectation days	191.92	Industry average day sales outstanding	144.99
Day sales outstanding	108.69

Court data summary

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

Business number	426932236	Company name	SUSHANG EXPORTS NV
Fax number	032252234	Date founded	04/03/1985
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.0426.932.236
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Check Article 30 Bis

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

Significant Events

Event Date	03/02/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 03-02-2007: De mandaten van Kothari Mehul en van Kothari Shila worden verlengd tot de jaarvergadering van 2013.

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	29,963,846	55.68	19,247,494	-37.32	30,709,373	46,617,247	-35.72
	Total operating expenses	29,745,978	56.26	19,035,648	-37.89	30,646,465	46,014,303	-35.35
	Operating result	217,868	2.84	211,846	236	62,908	211,117	3.20
	Total financial income	198,960	-77.67	890,936	88.17	473,479	157,165	26.59
	Total financial expenses	286,093	-72.54	1,041,779	147	421,205	310,555	-7.88
	Results on ordinary operations before taxation	130,735	114	61,003	-47.04	115,182	41,415	215
	Taxation	29,838	422	5,716	-77.28	25,158	15,202	96.28
	Results on ordinary operations after taxation	100,897	82.50	55,287	-38.59	90,024	31,085	224
	Extraordinary items	0	-	0	-	0	2,685	-100
	Other appropriations	0	-	0	-	0	-	-
	Net result	100,897	82.50	55,287	-38.59	90,024	33,767	198
	other information
	Dividends	-	-	-	-	-	326,298	-
	Director remuneration	-	-	-	-	-	114,705	-
	Employee costs	61,768	8.64	56,854	-3.25	58,765	144,880	-57.37
	Wages and salary	47,482	14.68	41,403	-5.47	43,800	127,451	-62.74
	Employee pension costs	-	-	-	-	-	7,164	-
	Social security contributions	9,208	98.53	4,638	-41.40	7,915	30,985	-70.28
	Other employee costs	5,078	-53.04	10,813	53.38	7,050	3,153	61.05
	Amortization and depreciation	10,370	-36.57	16,348	-1.60	16,614	21,826	-52.49
	back to top

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	85,525	6.34	80,427	-16.89	96,775	194,121	-55.94
	Land & building	70,098	-4.35	73,284	-4.17	76,470	358,991	-80.47
	Plant & machinery	15,032	370	3,192	-55.41	7,158	27,328	-44.99
	Other tangible assets	395	-90.00	3,951	-69.95	13,147	27,425	-98.56
	Financial fixed assets	3,755	50.80	2,490	0	2,490	314,139	-98.80
	Total fixed assets	89,280	7.67	82,917	-16.47	99,265	407,881	-78.11
	Inventories	3,059,622	-44.43	5,505,657	-3.19	5,686,790	3,153,850	-2.99
	Raw materials & consumables	-	-	-	-	-	2,393,499	-
	Work in progress	0	-	0	-	0	2,066	-100
	Finished goods	3,059,622	-44.43	5,505,657	-3.19	5,686,790	2,086,685	46.63
	Other stocks	0	-	0	-	0	522,181	-100
	Trade debtors	8,923,005	67.39	5,330,678	22.87	4,338,484	3,859,578	131
	Cash	30,428	3.33	29,448	-85.50	203,154	265,753	-88.55
	other amounts receivable	499,913	4.98	476,211	12.03	425,073	369,655	35.24
	Miscellaneous current assets	12,335	393	2,499	269	677	42,759	-71.15
	Total current assets	12,525,303	10.41	11,344,493	6.48	10,654,178	7,165,912	74.79
	current liabilities
	Trade creditors	4,381,103	12.27	3,902,286	80.75	2,158,966	2,709,127	61.72
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	4,077,533	17.04	3,483,808	-24.15	4,592,987	1,928,928	111
	Miscellaneous current liabilities	21,024	188	7,290	-67.96	22,751	24.93	- -
	Total current liabilities	8,479,660	14.69	7,393,384	9.13	6,774,704	4,446,982	90.68
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Other long term liabilities	0	-	0	-	0	719,526	-100
	Total long term debts	0	-	0	-	0	1,352,272	-100
	shareholders equity
	Issued share capital	3,830,000	0	3,830,000	0	3,830,000	1,029,396	272
	Share premium account	-	-	-	-	-	183,372	-
	Reserves	304,923	49.45	204,026	37.17	148,739	683,048	-55.36
	Revaluation reserve	-	-	-	-	-	715,893	-
	Total shareholders equity	4,134,923	2.50	4,034,026	1.39	3,978,739	1,730,250	138
	Working capital	4,045,643	2.39	3,951,109	1.85	3,879,474	2,718,930	48.80
	Net worth	4,134,923	2.50	4,034,026	1.39	3,978,739	1,728,551	139
	back to top

ratio analysis

	Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
	Trading performance
	Profit Before Tax	0.44	37.50	0.32	-15.79	0.38	-2,00	22.00
	Return on capital employed	3.16	109	1.51	-47.75	2.89	18,00	-82.44
	Return on total assets employed	1.04	96.23	0.53	-50.47	1.07	-78,00	1.33
	Return on net assets employed	3.16	109	1.51	-47.75	2.89	19,00	-83.37
	Sales / net working capital	7.41	52.16	4.87	-38.51	7.92	35,00	-99
	Stock turnover ratio	10.21	-64.30	28.60	54.43	18.52	67,00	-84.76
	Debtor days	108.69	7.52	101.09	96.02	51.57	168,00	-35.30
	Creditor days	53.76	-28.15	74.82	191	25.71	174,00	-69.10
	short term stability
	Current ratio	1.48	-3.27	1.53	-2.55	1.57	8,00	-81.50
	Liquidity ratio / acid ratio	1.12	41.77	0.79	8.22	0.73	5,00	-77.60
	Current debt ratio	2.05	12.02	1.83	7.65	1.70	8,00	-74.38
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	98.61	14.18	86.36	-25.19	115.44	122,00	-19.17
	Equity in percentage	32.78	-7.14	35.30	-4.59	37	-1.500,00	2.19
	Total debt ratio	2.05	12.02	1.83	7.65	1.70	9,00	-77.22

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	53.76
Day sales outstanding	108.69

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	191.92
Industry average day sales outstanding	144.99

Industry quartile analysis

Payment expectations	View graph
Company result	53.76
Lower	135.11
Median	90.04
Upper	48.13
Day sales outstanding	View graph
Company result	108.69
Lower	118.09
Median	61.72
Upper	27.38

Summary

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

Group Structure

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No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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447832073	ISCA NV	58	0	31/12/2010
448215917	M. FRIEDMAN & ZONEN BVBA	49	0	31/12/2010
448544925	Y & Y DIAMONDS IN VEREFFENING BVBA	-	-	-
448718832	DIVERSIFIED DIAMOND CORPORATION NV	-	-	31/12/2001
448909268	RED RIVER DIAMONDS BELGIUM BVBA	-	-	-
449194429	BLUE SKY NV	50	0	31/12/2010
449357349	IMMOROSE NV	44	0	31/12/2010
449829085	FIRST FRANCHISE CORPORATION IN VEREFFENING NV	-	-	-
450237475	BEAUTIFUL GEMS BVBA	66	57000	31/12/2010
450356647	KONDIAT (ANTWERP) IN VEREFFENING NV	-	-	-
450593803	SINGLE STAR BVBA	55	0	31/07/2011
450821455	ARTHUR TRAU DIAMONDS IN VEREFFENING BVBA	-	-	31/12/2001
451327241	WAFA DIAMONDS IN VEREFFENING BVBA	-	-	-
451739787	ZLAYET AND SONS DIAMONDS BVBA	95	260000	31/12/2010
451739787	ZLAYET AND SONS DIAMONDS BVBA	95	260000	31/12/2010
452535385	EUROPEAN COMMODITIES TRADING IN VEREFFENING NV	-	-	-
452535385	EUROPEAN COMMODITIES TRADING IN VEREFFENING NV	-	-	-
452878548	CAPE DIAMONDS IN VEREFFENING BVBA	-	-	31/12/2006
453082842	INTERCONTINENTAL GEMS MERCHANTS BVBA	-	-	-
453648214	POLICOM DIAMONDS IN VEREFFENING BVBA	-	-	-
453786388	M.S. RAHAMIN DIAMONDS BVBA	-	-	-
453943667	SALLY TRADING BVBA	83	2500	31/12/2010
454109458	KEDEM DIAMONDS BVBA	72	0	31/12/2010
454711353	WEST COAST TRADING IN VEREFFENING BVBA	-	-	-
455128354	SUSSKIND DIAMONDS IN VEREFFENING NV	-	-	30/06/2004
455271775	FORESIGHT & CO BVBA	79	23500	31/12/2010
455564161	SIEROUGH BVBA	-	-	31/12/2006
455947312	JUST DIAMONDS BVBA	88	390000	31/12/2010
455947312	JUST DIAMONDS BVBA	88	390000	31/12/2010
456247418	TEJ-DIAM BVBA	78	55000	30/06/2011
456455769	SUNNEX BVBA	68	820000	31/12/2010
456632052	JATY RON IN VEREFFENING BVBA	-	-	-
458088735	SHALU GAMBH IN VEREFFENING BVBA	-	-	-
458866517	FENIKS NV	68	82000	31/12/2010
458979650	D.C.C. IN VEREFFENING BVBA	-	-	-
460287962	DIABEX NV	71	2000000	31/12/2010
460469193	THE LEVY'S GROUP BVBA	67	26500	31/12/2010
460568965	THE DALI CORPORATION IN VEREFFENING BVBA	-	-	31/12/2006
461031003	L.D. GEMS BVBA	54	0	31/12/2010
461031102	ADL GROUP BVBA	50	0	31/12/2010
461159081	AALISHA GEMS BVBA	87	1050000	31/12/2010
461159180	CO.CO. DIAMONDS IN VEREFFENING	-	-	31/12/2002
462600126	D. NAVINCHANDRA GEMS BVBA	74	605000	31/12/2010
462623880	A.K. DIAM BVBA	46	0	31/12/2010
463650694	PRISTINE DIAMONDS NV	84	425000	31/12/2010
463903983	NATURAL INDUSTRIAL DIAMONDS NV	68	1500	31/12/2010
463916059	DIACCENTS NV	72	440000	31/12/2010
464008408	CASA GI INTERNATIONAL NV	63	19000	31/07/2011
465396201	NETALDIAM BVBA	74	340000	31/12/2010
465886941	MILLENIUM.P.A.N. NV	-	-	31/12/2010
466656310	LAGUNA GEMS IN VEREFFENING NV	-	-	31/10/2005
467147545	AH SHAI DIAMONDS BVBA	76	330000	31/12/2010
467219702	BRILLIANT STAR BVBA	77	215000	31/12/2010
471781274	SZWARCBURT DIAMOND TRADING COMPANY BVBA	81	95000	31/12/2010
472420385	WAHL SALIK HOLDING NV	51	0	30/06/2011
472549455	K.G.K FINE JEWELLERY BVBA	40	0	31/12/2010
472707922	LA VITTORIA BVBA	60	10000	31/12/2010
473016441	AYE DIAMOND BVBA	75	1500	-
473409983	RISING STONE BVBA	62	140000	31/12/2010
473705042	M.B.D BVBA	70	140000	31/12/2010
474815691	RANDIAM BVBA	60	17500	31/12/2010
475134704	ANTWERP DIAMONDS IN CENTIVES BVBA	-	-	-
475138860	STAR GEM WORLD DIAMONDS BVBA	-	-	31/12/2009
476576242	CLASSIC DIAM BVBA	53	0	31/12/2010
476640974	H.R.P. DIAM BVBA	72	815000	31/12/2010
476782318	RGBS NV	46	0	31/12/2010
477791118	EUROTRENDS BVBA	51	0	31/12/2010
477862580	DIAMOND CRÉATIONS BVBA	52	0	31/12/2010
477918604	DHANERA DIAM BVBA	-	-	31/12/2003
479202962	JAY DIMON EBVBA	64	400000	31/12/2010
479568691	B.G.A.DIAMONDS BVBA	44	0	31/12/2010
479816636	ETERNAL DIAMONDS BVBA	66	35500	31/12/2010
479872460	DIANISH JEWELS BVBA	44	0	31/12/2010
480721904	YASH GEMS BVBA	83	330000	31/12/2010
505181740	BERENFELD MICHEL	-	-	-
506205683	OLLECH MAX & ENGEL ABRAHAM FV	-	-	-
506342770	LEMBERGER HENRI & LEMBERGER A FV	-	-	-
506414036	WEINBERG YEHUDI	-	-	-
506434624	HOCHBERG CHAIM	-	-	-
506487181	FRIEDMAN MECHEL	-	-	-
506489854	SHIMER MOOLY	-	-	-
506499554	THALER JEHUDA	-	-	-
506503613	KARNY ELISHA	90	3000	-
506523706	SHEMESH JACOB	-	-	-
506530634	ABEND JOËL	-	-	-
506531129	AMANA NISSIM	-	-	-
506538156	KEDEM YEHESKEL	-	-	-
506542710	ZLAYET ROUBEN	-	-	-
506574580	RAGHOEBARSINGH DIEPNARAINSINGH	-	-	-
509703128	SHALLOP EMMANUEL	-	-	-
806757314	DREAMS OF AFRICA BVBA	43	0	31/12/2010
806940129	MINDA BROTHERS BVBA	56	0	31/12/2010
809577440	INTERNATIONAL DIAMOND GROUP NV	45	0	31/12/2010
809582883	BELGIAN DIAMONDS BVBA	36	0	31/12/2010
811078465	VEEKAY JEWELS BVBA	48	0	31/12/2010
812358964	VISHAL BVBA	-	-	-
812715686	BICHACHI DIAMONDS BVBA	48	0	31/12/2010
819087301	QUALYTIME BVBA	30	0	31/12/2010
820556256	J.K STAR BVBA	46	0	31/12/2010
821133110	DIAMONDS TOP COLLECTION BVBA	-	-	-
821185964	VAN DER STEEN DIAMOND TECHNOLOGY BVBA	40	0	31/12/2010
823123390	KGK INTERNATIONAL BVBA	55	0	31/12/2010
825564129	NATRESCOM JEWELRY BVBA	24	0	-
827971511	THE SOURCE BVBA	24	0	-
828266469	KARAKO DIAMONDS BVBA	26	0	-
828631507	CARBON BVBA	33	0	-
830514988	JAY INTERNATIONAL BVBA	31	0	-
830951290	DIAMANTAIRE BVBA	24	0	-
832850116	A.D. DIAMOND BVBA	26	0	-
832929595	VHENY DIAMONDS BVBA	25	0	-
833032040	ROCK'N STONES BVBA	24	0	-
833904545	BRINK''S GLOBAL SERVICES ANTWERP BVBA	42	0	-
834925718	BAZZY DIAMONDS BVBA	31	0	-
837519180	GPN DIAMOND BVBA	24	0	-
841609810	A.K. GEMS BVBA	31	0	-
843197739	INVESTMENT DIAMOND COMPANY BVBA	28	0	-
851240722	MEDEEIGENDOM ANTWERPS DIAMANTCENTRUM FV HOVENIERST	100	6000	-
860531144	DERS BVBA	53	0	31/12/2010
860809573	ALPS DIAM BVBA	71	445000	31/12/2010
862915067	LAXMI JEWEL (BELGIUM) BVBA	23	0	31/12/2010
867105863	YOUNG ANTWERP DIAMOND MANUFACTURERS VZW	56	0	-
869693684	SHANI IMPEX BVBA	49	0	31/12/2010
870716738	INTERJEWEL EUROPE NV	73	1050000	31/12/2010
870884212	MOOLY DIAMONDS IN VEREFFENING BVBA	-	-	31/12/2008
871664764	EURO INDUSTRIAL DIAMANT IN VEREFFENING BVBA	-	-	31/12/2007
871665259	A.S.D. BVBA	63	26000	31/12/2010
871794923	CONGO GEMS BVBA SO	56	0	31/12/2010
872383554	TRISTAR BVBA	57	0	31/12/2010
872384247	RISING STAR BVBA	50	0	31/12/2010
872420968	A-DX.NET BVBA	40	0	31/12/2010
872774920	GABY DIAMOND BVBA	36	0	31/12/2010
873166581	ANTWERP JEWELS & DIAMONDS MANUFACTURES BVBA	57	0	31/12/2010
873539438	LUKHI DIAM BVBA	73	535000	31/12/2010
873627431	DIAMWILL BVBA	63	145000	31/12/2010
874133019	BRIGHT DIAM BVBA	60	61000	31/12/2010
874438469	ORDIAM BVBA	54	0	31/12/2010
874627521	J.R. DIAM BVBA	60	465000	31/12/2010
874701755	DUBROVSKI DIAMOND BVBA	-	-	31/12/2007
875795182	ANTWERP ROUGH P/A 1STE BTW-CONTR GCV	-	-	-
876856937	CAPITAL DIAMONDS BVBA	59	0	31/12/2010
877549201	H&G SWITZERLAND BVBA	48	0	31/12/2010
877760918	CHORON (BELGIUM) CVA	-	-	31/12/2010
879633810	BOOBIJOU BVBA	38	0	31/12/2010
880292618	SKD INTERNATIONAL BVBA	65	120000	30/06/2011
880539472	MRD DIAMONDS BVBA	59	0	31/12/2010
880558080	NOVEL COLLECTION BVBA	59	0	31/12/2010
881088216	CLASSIC JEWELLERY BVBA	52	0	31/03/2011
881373474	MATRIX DIAMOND TECHNOLOGY BVBA	58	0	31/12/2010
882874796	AFRODIAM BVBA	49	0	31/12/2010
883548353	LILIB BVBA	45	0	31/12/2010
883668911	HANS DIAM BVBA	26	0	31/12/2010
885665230	KT CONSULTING IN VEREFFENING BVBA	-	-	31/12/2009
886078073	ENOLEASE BVBA	41	0	31/12/2010
886658291	TYDEX IN VEREFFENING BVBA	-	-	31/12/2010
887137155	SUNVIEW NV	69	97000	31/12/2010
888911760	DIAMONDS 4U BVBA	69	24000	31/12/2010
889750613	GEM QUEST BVBA	45	0	31/12/2010
891406640	RAJ GEMS BVBA	64	325000	31/12/2010
892903014	H.D. DIAM BVBA	60	205000	31/12/2010
895348701	RAY DIAM BVBA	63	11000	31/12/2010
896518243	LAXMI IMPEX BVBA	67	81000	31/12/2010
899048854	FIFTH GENERATION BVBA	51	0	31/12/2010

Protested bills

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

NSSO details

Business number	426932236
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	SHILA MEHUL KOTHARI
Position	Director
Street	30 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	MEHUL ANANDLAL KOTHARI
Position	Managing Director
Street	30 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	MEHUL ANANDLAL KOTHARI
Position	Director
Street	30 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	PARAS JAYANTILAL SHAH
Position	Principal Manager
Street	123 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	PARAS JAYANTILAL SHAH
Position	Director
Street	123 BELGIËLEI 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.53.33
UK Pound	1	Rs.86.10
Euro	1	Rs.69.06

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%)

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.