MIRA INFORM REPORT

Report Date :

17.04.2013

IDENTIFICATION DETAILS

Name :	AURO DIAMONDS BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.03.2012
Date of Incorporation :	05.05.1982
Com. Reg. No.:	422728176
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but correct
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	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

Business number	422728176
Company name	AURO DIAMONDS BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	05/05/1982
Telephone number	032325221
Fax number	032325221

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/03/2012		12,693	45,784	45,363
31/03/2011		-31,329	33,092	32,670
31/03/2010	151,233	3,229	64,464	64,042

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/03/2012	508,471	0	49,579	12,693
31/03/2011	432,726	0	49,579	-31,372
31/03/2010	448,625	0	49,579	2,993

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	175.07	Industry average day sales outstanding	108.83
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	422728176		Company name	AURO DIAMONDS BVBA
Fax number	032325221		Date founded	05/05/1982
Company status	active		Company type	Private Limited Company (BL/LX)
Currency	Euro (€)		Date of latest accounts	31/03/2012
Activity code	46761		liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones		VAT Number	BE.0422.728.176
Belgian Bullettin of Acts Publications	moniteur belge

Contractor detailsCheck Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

comparison mode

averagemedian

Export accounts to CSV file

Profit & loss

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	151,233	50,592,964	-
Total operating expenses	-	-	-	-	147,710	50,010,042	-
Operating result	13,180	43.73	-30,142	-955	3,523	357,713	-96.32
Total financial income	3	-	-	-	-	126,440	-99
Total financial expenses	490	-58.71	1,187	304	293	320,213	-99
Results on ordinary operations before taxation	12,693	40.51	-31,329	-1070	3,229	152,551	-91.68
Taxation	-	-	43	-81.75	236	60,731	-
Results on ordinary operations after taxation	12,693	40.46	-31,372	-1148	2,993	108,618	-88.31
Extraordinary items	0	-	0	-	0	-2,813	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	12,693	40.46	-31,372	-1148	2,993	105,805	-88.00
other information
Dividends	-	-	-	-	-	0	-
Director remuneration	-	-	-	-	-	98,780	-
Employee costs	60	-	-	-	-	229,465	-99
Wages and salary	-	-	-	-	-	194,157	-
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	-	-	-	-	-	43,121	-
Other employee costs	60	-	0	-	0	7,840	-99
Amortization and depreciation	-	-	-	-	-	29,886	-
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balance sheet

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	5,307	-100
Tangible fixed assets	-	-	-	-	-	327,497	-
Land & building	-	-	-	-	-	713,072	-
Plant & machinery	-	-	-	-	-	35,720	-
Other tangible assets	0	-	0	-	0	40,349	-100
Financial fixed assets	421	0	421	0	421	32,533	-98.70
Total fixed assets	421	0	421	0	421	338,081	-99
Inventories	497,658	17.92	422,042	-5.12	444,836	3,662,932	-86.41
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	22,825	-100
Finished goods	0	-	0	-	0	2,562,998	-100
Other stocks	497,658	17.92	422,042	-5.12	444,836	453,631	9.71
Trade debtors	0	-	0	-	0	9,469,690	-100
Cash	3,099	-7.16	3,338	-0.87	3,367	398,053	-99
other amounts receivable	7,292	5.31	6,924	-	0	221,213	-96.70
Miscellaneous current assets	0	-	0	-	0	10,087	-100
Total current assets	508,050	17.52	432,304	-3.55	448,204	13,138,496	-96.13
current liabilities
Trade creditors	256,714	5.04	244,402	-18.97	301,618	4,832,451	-94.69
Short term group loans	-	-	-	-	-	-	-
Other short term loans	168,783	42.99	118,042	1427	7,728	4,525,447	-96.27
Miscellaneous current liabilities	37,190	0	37,190	-50.29	74,816	-93.80	--
Total current liabilities	462,687	15.78	399,634	4.03	384,162	9,803,489	-95.28
Long term debts
Long term group loans	-	-	-	-	-	-	--
Other long term loans	-	-	-	-	-	-	--
Other long term liabilities	0	-	0	-	0	226,191	-100
Total long term debts	0	-	0	-	0	1,118,618	-100
shareholders equity
Issued share capital	49,579	0	49,579	0	49,579	1,765,188	-97.19
Share premium account	-	-	-	-	-	98,781	-
Reserves	-3,795	23.02	-16,487	-210	14,885	640,314	-100
Revaluation reserve	-	-	-	-	-	1,664,632	-
Total shareholders equity	45,784	38.36	33,092	-48.67	64,464	2,514,907	-98.18
Working capital	45,363	38.85	32,670	-48.99	64,042	3,335,008	-98.64
Cashflow	12,693	40.46	-31,372	-1148	2,993	131,875	-90.38
Net worth	45,784	38.36	33,092	-48.67	64,464	2,509,600	-98.18
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ratio analysis

Annual accounts	31-03-2012	change(%)	31-03-2011	change(%)	31-03-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	2.14	1,00	-
Return on capital employed	27.72	29.28	-94.67	-1989	5.01	169,00	-83.60
Return on total assets employed	2.50	34.53	-7.24	-1105	0.72	-1,00	250
Return on net assets employed	27.72	29.28	-94.67	-1989	5.01	24,00	15.50
Sales / net working capital	-	-	-	-	2.36	38,00	-
Stock turnover ratio	-	-	-	-	294.14	19,00	-
Debtor days	-	-	-	-	-	122,00	-
Creditor days	-	-	-	-	745.32	85,00	-
short term stability
Current ratio	1.10	1.85	1.08	-7.69	1.17	5,00	-81.67
Liquidity ratio / acid ratio	0.02	-33.33	0.03	200	0.01	4,00	-99
Current debt ratio	10.11	-16.31	12.08	102	5.96	6,00	68.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	368.65	3.35	356.71	2875	11.99	179,00	105
Equity in percentage	9	17.65	7.65	-46.76	14.37	11,00	-18.18
Total debt ratio	10.11	-16.31	12.08	102	5.96	7,00	44.43

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	-
Day sales outstanding	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	175.07
Industry average day sales outstanding	108.83

Industry quartile analysis

Payment expectations
Company result	-
Lower	122.08
Median	73.03
Upper	41.43
Day sales outstanding
Company result	-
Lower	105.69
Median	54.72
Upper	24.41

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

Protested bills

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

NSSO details

Business number	422728176
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	ASHIT VASANTIAL METHA
Position	Principal Manager
Start Date	18/10/1999
Street	19 DELLA FAILLELAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	MEHTA AJIT
Position	Principal Manager
Start Date	09/10/2010
Street	90 DESGUINLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

---

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.54.32
UK Pound	1	Rs.83.17
Euro	1	Rs.71.05

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.