MIRA INFORM REPORT

Report Date :

13.04.2013

IDENTIFICATION DETAILS

Name :	MEGHDIAM BVBA

Registered Office :	Hoveniersstraat 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	28.01.1999

Com. Reg. No.:	465395310

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other precious stones

No. of Employees :	Not available

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Belgium

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

REGISTERED NAME & COMPANY SUMMARY

Business number	465395310
Company name	MEGHDIAM BVBA
Address	HOVENIERSSTRAAT 53
	2018 ANTWERPEN
Number of staff	0
Date of establishment	28/01/1999
Telephone number	032132132
Fax number	-
Company status	active

Company summary

Business number	465395310	Company name	MEGHDIAM BVBA
Fax number	-	Date founded	28/01/1999
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0465.395.310
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	ALPESH ANIL MEHTA
Position	Principal Manager
Start Date	19/08/2010
Date of birth	23/02/1966
Street	15 HENDRIK KENNISSTRAAT EDEGEM
Post code	2650
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Protested bills

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

NSSO details

Business number	465395310
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.

Minority Interests

No minority interests found.

Individual Shareholders

Shareholder Name
Forename	Alpesh	Middle name	-
Surname	Mehta
Shareholder Details
Start date	28/01/1999	End date	-
Percentage owned	100%
Shareholder Address
Street name	Belgiëlei	House number	126
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	175.13	Industry average day sales outstanding	108.97
Day sales outstanding	-

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 quartile analysis

Payment expectations
Company result	-
Lower	122.08
Median	73.03
Upper	41.66

Day sales outstanding
Company result	-
Lower	105.69
Median	54.84
Upper	24.18

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011		19,915	107,797	142,533
31/12/2010		6,936	93,097	141,754
31/12/2009		7,721	87,398	149,258

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	1,834,433	0	18,592	20,775
31/12/2010	906,960	0	18,592	11,610
31/12/2009	822,691	0	18,592	12,128

Trends

Profitability
Liquidity
Net worth

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	49,655,111	-
Total operating expenses	-	-	-	-	-	49,016,171	-
Operating result	40,815	45.68	28,016	102	13,829	238,897	-82.92
Total financial income	-	-	-	-	4,982	149,300	-
Total financial expenses	20,900	-0.85	21,080	90.08	11,090	288,281	-92.75
Results on ordinary operations before taxation	19,915	187	6,936	-10.17	7,721	84,603	-76.46
Taxation	5,215	321	1,237	-21.61	1,578	37,883	-86.23
Results on ordinary operations after taxation	14,699	157	5,699	-7.23	6,143	59,360	-75.24
Extraordinary items	0	-	0	-	0	3,207	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	14,699	157	5,699	-7.23	6,143	62,451	-76.46
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	-	-	-	-	-	128,470	-
Wages and salary	-	-	-	-	-	108,961	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,252	-
Other employee costs	0	-	0	-	0	3,613	-100
Amortization and depreciation	6,076	2.79	5,911	-1.24	5,985	18,348	-66.89

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,465	-100
Tangible fixed assets	80,003	-6.16	85,252	-5.52	90,232	178,069	-55.07
Land & building	77,622	-2.29	79,440	-2.99	81,892	346,034	-77.57
Plant & machinery	2,358	4.77	2,251	20.18	1,873	21,851	-89.21
Other tangible assets	22	-99	3,561	-44.94	6,467	24,659	-99
Financial fixed assets	50	0	50	0	50	277,747	-99
Total fixed assets	80,053	-6.15	85,302	-5.52	90,282	364,422	-78.03
Inventories	162,056	28.62	125,991	-39.10	206,896	3,066,899	-94.72
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,467	-100
Finished goods	0	-	0	-	0	2,053,327	-100
Other stocks	162,056	28.62	125,991	-39.10	206,896	470,262	-65.54
Trade debtors	1,419,192	113	666,023	38.53	480,793	3,895,452	-63.57
Cash	168,090	504	27,801	-35.34	42,994	239,949	-29.95
other amounts receivable	2,500	35.64	1,843	6.78	1,726	245,621	-98.98
Miscellaneous current assets	2,542	-	0	-	0	21,423	-88.13
Total current assets	1,754,380	113	821,658	12.19	732,409	6,955,994	-74.78
current liabilities
Trade creditors	1,582,927	140	658,284	16.41	565,469	2,782,980	-43.12
Short term group loans	-	-	-	-	-	-	-
Other short term loans	19,171	5.43	18,183	5.43	17,246	1,899,178	-98.99
Miscellaneous current liabilities	9,750	183	3,437	688	436	-97.36	- -
Total current liabilities	1,611,847	137	679,904	16.59	583,151	4,934,433	-67.33
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	114,789	-14.31	133,959	-11.95	152,142	-90.02	- -
Other long term liabilities	0	-	0	-	0	143,210	-100
Total long term debts	114,789	-14.31	133,959	-11.95	152,142	599,127	-80.84
shareholders equity
Issued share capital	18,592	0.00	18,592	0	18,592	1,024,362	-98.19
Share premium account	-	-	-	-	-	108,219	-
Reserves	89,205	19.73	74,505	8.28	68,806	696,760	-87.20
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	107,797	15.79	93,097	6.52	87,398	1,742,511	-93.81
Working capital	142,533	0.55	141,754	-5.03	149,258	2,021,562	-92.95
Cashflow	20,775	78.94	11,610	-4.27	12,128	77,576	-73.22
Net worth	107,797	15.79	93,097	6.52	87,398	1,741,046	-93.81

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-746,00	-
Return on capital employed	8.95	193	3.05	-5.28	3.22	-14,00	63.93
Return on total assets employed	1.09	43.42	0.76	-19.15	0.94	-34,00	3.21
Return on net assets employed	18.47	147	7.45	-15.63	8.83	-13,00	142
Sales / net working capital	-	-	-	-	-	66,00	-
Stock turnover ratio	-	-	-	-	-	67,00	-
Debtor days	-	-	-	-	-	58.225,00	-
Creditor days	-	-	-	-	-	329,00	-
short term stability
Current ratio	1.09	-9.92	1.21	-3.97	1.26	4,00	-93.94
Liquidity ratio / acid ratio	0.99	-2.94	1.02	13.33	0.90	3,00	-67.00
Current debt ratio	14.95	104	7.30	9.45	6.67	18,00	-16.94
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	124.27	-23.96	163.42	-15.68	193.81	265,00	-53.11
Equity in percentage	5.88	-42.69	10.26	-3.39	10.62	-1.081,00	0.54
Total debt ratio	16.02	83.30	8.74	3.92	8.41	19,00	-15.68

ADDITIONAL INFORMATION

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Industry comparison

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

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.54.44
UK Pound	1	Rs.83.78
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

MNL

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.