MIRA INFORM REPORT

Report Date :

04.09.2012

IDENTIFICATION DETAILS

Name :	BELTAJ NV
Registered Office :	Hoveniersstraat 30 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	23.11.1978
Com. Reg. No.:	418862529
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	One persons

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 – 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

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Business number	418862529	Company name	BELTAJ NV
Safe number	BE00102673	Telephone number	0475465219
Address	HOVENIERSSTRAAT 30 ANTWERPEN	Fax number	032261322
Post code	2018	Number of staff	1
Date of establishment	23/11/1978

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	37,149,971	38,000	26,488,317
31/12/2009	39,315,180	79,234	22,791,650
31/12/2008	31,227,566	108,589	22,709,235

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	77,499,442	446	24,841,350	222,747	1
31/12/2009	57,954,413	310	21,750,000	32,515	1
31/12/2008	43,194,301	560	21,750,000	97,932	2

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments			Payment expectation days	240.31
Industry average payment expectation days		193.36	Industry average day sales outstanding	144.41
Day sales outstanding	634.40

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	418862529	Company name	BELTAJ NV
Fax number	032261322	Date founded	23/11/1978
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.0418.862.529
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	13/09/2011
Event Description
Event Details	Rechtzetting akte dd. 30-3-2010: ingevolge materiële vergissing werd bij het vierde besluit op pagina zes het bedrag van 5853912.11 USD vermeld in plaats van 6491700 USD en 23561379.47 USD in plaats van 22923591.59 USD.

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	37,149,971	-5.51	39,315,180	25.90	31,227,566	49,079,255	-24.31
Total operating expenses	36,273,259	-4.66	38,045,926	26.55	30,064,524	48,455,865	-25.14
Operating result	876,712	-30.93	1,269,254	9.13	1,163,042	215,276	307
Total financial income	53,923	5918	896	41.55	633	158,159	-65.91
Total financial expenses	892,635	-25.05	1,190,915	12.87	1,055,086	326,034	173
Results on ordinary operations before taxation	38,000	-52.04	79,234	-27.03	108,589	31,288	21.45
Taxation	-3,596	57.55	-6,249	-510	1,524	15,575	-123
Results on ordinary operations after taxation	41,596	-51.34	85,483	-20.16	107,065	20,701	100
Extraordinary items	104,771	3413	-3,069	6.75	-45,493	9,779	971
Other appropriations	0	-	0	-	0	-	-
Net result	146,367	77.60	82,414	33.85	61,572	30,474	380
OTHER INFORMATION
Dividends	-	-	-	-	-	108,456	-
Director remuneration	-	-	-	-	-	113,049	-
Employee costs	75,521	-6.87	81,092	-43.01	142,300	147,875	-48.93
Wages and salary	-	-	61,570	-42.02	106,196	124,719	-
Employee pension costs	-	-	-	-	-	3,441	-
Social security contributions	-	-	17,274	-46.78	32,459	29,904	-
Other employee costs	0	-100	2,248	-38.33	3,645	2,657	-100
Amortization and depreciation	47,345	-9.67	52,416	14.14	45,921	21,132	124

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	1,618	-100
Tangible fixed assets	679,949	-1.42	689,741	3.86	664,119	198,498	242
Land & building	586,106	-5.86	622,618	-3.68	646,422	370,413	58.23
Plant & machinery	10,368	-79.87	51,509	298	12,921	26,835	-61.36
Other tangible assets	83,475	434	15,614	226	4,776	27,819	200
Financial fixed assets	446	43.87	310	-44.64	560	351,587	-99
Total fixed assets	680,395	-1.40	690,050	3.82	664,679	440,141	54.59
Inventories	11,042,432	-24.60	14,645,996	20.71	12,133,288	3,164,784	248
Raw materials & consumables	-	-	-	-	-	2,155,796	-
Work in progress	0	-	0	-	0	2,152	-100
Finished goods	11,042,432	-24.60	14,645,996	20.71	12,133,288	1,880,008	487
Other stocks	0	-	0	-	0	742,270	-100
Trade debtors	64,569,580	51.75	42,548,773	41.56	30,057,447	3,960,238	1530
Cash	222,747	585	32,515	-66.80	97,932	268,073	-16.91
other amounts receivable	950,639	7365	12,733	-94.13	216,887	345,939	174
Miscellaneous current assets	33,649	38.21	24,346	1.16	24,068	42,027	-19.93
Total current assets	76,819,047	34.15	57,264,363	34.65	42,529,622	7,254,250	958
CURRENT LIABILITIES
Trade creditors	23,881,990	37.78	17,333,676	484	2,967,535	2,713,481	780
Short term group loans	-	-	-	-	-	-	-
Other short term loans	26,847,800	54.39	17,389,205	5.03	16,555,887	2,012,534	1234
Miscellaneous current liabilities	281,335	58.66	177,315	-40.87	299,872	301	- -
Total current liabilities	51,011,125	46.16	34,900,196	76.06	19,823,294	4,516,427	1029
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	262,567	-60.32	661,771	-	- -
Other long term liabilities	0	-	0	-100	1	748,082	-100
Total long term debts	0	-100	262,567	-60.32	661,772	1,347,817	-100
SHAREHOLDERS EQUITY
Issued share capital	24,841,350	14.21	21,750,000	0	21,750,000	1,010,230	2358
Share premium account	-	-	-	-	-	190,609	-
Reserves	1,646,967	58.11	1,041,650	8.59	959,235	752,309	118
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	26,488,317	16.22	22,791,650	0.36	22,709,235	1,781,957	1386
Working capital	25,807,922	15.40	22,364,167	-1.51	22,706,328	2,737,824	842
Net worth	26,488,317	16.22	22,791,650	0.36	22,709,235	1,780,339	1387

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	0.10	-50.0	0.20	-42.86	0.35	-2,00	5.00
Return on capital employed	0.14	-58.82	0.34	-26.09	0.46	17,00	-99
Return on total assets employed	0.05	-64.29	0.14	-44.00	0.25	-81,00	0.06
Return on net assets employed	0.14	-60.0	0.35	-27.08	0.48	18,00	-99
Sales / net working capital	1.44	-18.18	1.76	27.54	1.38	37,00	-99
Stock turnover ratio	29.72	-20.21	37.25	-4.12	38.85	64,00	-53.56
Debtor days	634.40	60.60	395.02	12.44	351.32	163,00	289
Creditor days	240.31	44.51	166.29	361	36.03	166,00	44.77
SHORT TERM STABILITY
Current ratio	1.51	-7.93	1.64	-23.72	2.15	8,00	-81.12
Liquidity ratio / acid ratio	1.29	5.74	1.22	-20.26	1.53	5,00	-74.20
Current debt ratio	1.93	26.14	1.53	75.86	0.87	8,00	-75.88
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	101.36	30.87	77.45	2.15	75.82	156,00	-35.03
Equity in percentage	34.18	-13.09	39.33	-25.19	52.57	-1.562,00	2.19
Total debt ratio	1.93	25.32	1.54	71.11	0.90	9,00	-78.56

Industry comparison

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

Payment expectations

Payment expectation days	240.31
Day sales outstanding	634.40

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	193.36
Industry average day sales outstanding	144.41

Industry quartile analysis

Payment expectations
Company result	240.31
Lower	135.47
Median	90.04
Upper	47.10
Day sales outstanding
Company result	634.40
Lower	120.32
Median	62.78
Upper	27.78

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

NSSO details

Business number	418862529
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	RAMESH HARILAL GANDHI
Position	Director
Street	7 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	SALIL MANILAL
Position	Director
Street	0 240 EAST, 47TH STREET, APP 14 B
Post code	10017
Country	United States

Name	SALIL MANILAL
Position	Managing Director
Street	0 240 EAST, 47TH STREET, APP 14 B
Post code	10017
Country	United States

Former director details

Name	VIKRAM SHAH
Position	Director
Street	18 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	VIKRAM SHAH RAJU
Position	Director
Street	12 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	NIKHIL PRASAN MANILAL
Position	Director
Street	12 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	NIKHIL DAGENDRALAL DALAL
Position	Director
Street	6 MARIA-THERESIALEI 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.55.45
UK Pound	1	Rs.87.98
Euro	1	Rs.69.69

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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