MIRA INFORM REPORT

Report Date :

04.12.2013

IDENTIFICATION DETAILS

Name :	DHARM DIAM BVBA
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	03.06.2002
Com. Reg. No.:	477689960
Legal Form :	Private Limited Company
LINE OF BUSINESS :	Wholesale of diamonds and other precious stones
No. of Employees :	03

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank

Source : CIA

Company name and address

Business number	477689960
Company name	DHARM DIAM BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Safe number	BE00492205
Number of staff	2
Date of establishment	03/06/2002
Telephone number	032340115
Fax number	032341445

Commentary

The business was established over 11 years ago.

The business has 3 employees.

The business has been at the address for over 8 years.

The credit rating for this business has increased from 78 to 83.

The credit limit for this business has increased from €7650000 to €11250000.

Operating Result in the latest trading period increased 106% on the previous trading period.

Pre-tax profits increased by 91% compared to the previous trading period.

The business saw an increase in their Cash Balance of 319% during the latest trading period.

Turnover in the latest trading period increased 84% on the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	515,344,125	1,424,991	30,393,381	34,031,268
31/12/2011	279,783,849	742,427	29,745,458	33,774,406
31/12/2010	137,927,233	235,111	6,041,074	10,441,655

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	179,040,975	2	27,680,213	1,326,327
31/12/2011	156,081,536	2	28,228,047	1,123,140
31/12/2010	39,135,427	0	5,613,000	284,057

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	58.49
Industry average payment expectation days	158.11	Industry average day sales outstanding	115.12
Day sales outstanding	93.28

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	477689960	Company name	DHARM DIAM BVBA
Fax number	032341445	Date founded	03/06/2002
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0477.689.960
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		2
Part-time Employees		1
Total Fte Employees		3
Number of hours worked
Full-time Employees		3,481
Part-time Employees		1,284
Total		4,765
Personnel Charges
Full-time Employees		80,417
Part-time Employees		32,167
Total		112,584
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		2
Actual working hours		4,134
Personnel Charges		99,121
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	2	1	3
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	2	-	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	1	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	1	3
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	14/12/2011
Event Description	proposal of merger filed
Event Details	Commentaar 14-12-2011: Neerlegging fusievoorstel.

comparison mode

average

median

Profit & loss

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	515,344,125	84.19	279,783,849	102	137,927,233	46,503,400	1008
	Total operating expenses	511,576,649	84.04	277,963,609	102	137,298,331	46,107,334	1009
	Operating result	3,767,476	106	1,820,240	189	628,902	147,511	2454
	Total financial income	890	-47.71	1,702	70.88	996	97,177	-99
	Total financial expenses	2,343,375	117	1,079,515	173	394,788	203,413	1052
	Results on ordinary operations before taxation	1,424,991	91.94	742,427	215	235,111	32,531	4280
	Taxation	200,821	914	-21,968	-244	15,193	21,158	849
	Results on ordinary operations after taxation	1,224,170	60.15	764,395	247	219,918	17,405	6933
	Extraordinary items	1,036	-99	310,928	31092700	1	-4,326	23.95
	Other appropriations	0	-	0	-	0	-	-
	Net result	1,225,206	13.94	1,075,323	388	219,919	13,093	9257
	other information
	Dividends	-	-	-	-	-	172,177	-
	Director remuneration	52,752	-20.75	66,567	-	-	117,330	-55.04
	Employee costs	112,584	11.38	101,083	586	14,734	129,950	-13.36
	Wages and salary	90,410	8.71	83,164	531	13,178	108,712	-16.84
	Employee pension costs	-	-	-	-	-	14,428	-
	Social security contributions	19,936	14.55	17,403	1250	1,289	27,484	-27.46
	Other employee costs	2,238	334	515	92.16	268	4,567	-51.00
	Amortization and depreciation	101,121	111	47,817	-25.45	64,138	17,238	486
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balance sheet

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	1,527	-100
	Tangible fixed assets	1,085,924	38.01	786,843	5.37	746,753	175,171	519
	Land & building	896,009	41.08	635,116	0.54	631,697	349,975	156
	Plant & machinery	33,694	284	8,761	14.09	7,679	22,556	49.38
	Furniture & Vehicles	156,221	9.27	142,966	33.14	107,377	17,376 5,325	799
	Leasing & Other Similar Rights	-	-	-	-	-	68,695 30,812	-
	Other tangible assets	0	-	0	-	0	8,129	-100
	Financial fixed assets	482,735	-0.37	484,551	60017	806	291,639	65.52
	Total fixed assets	1,568,660	23.38	1,271,394	70.07	747,559	375,523	317
	Inventories	39,173,537	-28.47	54,766,277	333	12,639,083	2,958,728	1223
	Raw materials & consumables	-	-	-	-	-	7,209,884	-
	Work in progress	0	-	0	-	0	2,565	-100
	Finished goods	39,173,537	-28.47	54,766,277	333	12,639,083	1,856,037	2010
	Other stocks	0	-	0	-	0	576,338	-100
	Trade debtors	131,708,067	33.77	98,459,346	326	23,108,869	4,015,506	3179
	Cash	6,583,484	319	1,569,864	-40.26	2,628,041	217,855	2921
	other amounts receivable	7,227	-50.68	14,654	23.40	11,875	180,390	-95.99
	Miscellaneous current assets	0	-100	1	-	0	17,571	-100
	Total current assets	177,472,315	14.64	154,810,142	303	38,387,868	6,932,571	2459
	Total Assets	179,040,975	14.71	156,081,536	298	39,135,427	7,270,526 1,413,356	2362
	current liabilities
	Trade creditors	81,978,886	10.21	74,386,170	233	22,306,309	2,931,749	2696
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	60,676,634	31.21	46,244,174	748	5,450,648	4,175,955 185,463	1353
	Current portion of long term debt	23,258	61.49	14,402	4.74	13,750	109,549 14,919	-78.77
	Amounts Payable for Taxes, Remuneration & Social Security	258,710	565	38,871	2.96	37,752	9,123 -	652
	Miscellaneous current liabilities	503,559	43.01	352,119	155	137,754	67.36	- -
	Total current liabilities	143,441,047	18.51	121,035,736	333	27,946,213	5,154,773	2682
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	5,206,547	-1.77	5,300,342	2.96	5,148,141	386	- -
	Deffered taxes	-	-	-	-	-	35,097 23,101	-
	Provisions for Liabilities & Charges	0	-	0	-	0	3,328 0	-100
	Other long term liabilities	0	-	0	0	-1	130,650	-100
	Total long term debts	5,206,547	-1.77	5,300,342	2.96	5,148,140	546,968	851
	shareholders equity
	Issued share capital	27,680,213	-1.94	28,228,047	402	5,613,000	882,078	3038
	Share premium account	-	-	-	-	-	109,362	-
	Reserves	2,713,168	78.80	1,517,411	254	428,074	652,081	316
	Revaluation reserve	-	-	-	-	-	934,864	-
	Total shareholders equity	30,393,381	2.18	29,745,458	392	6,041,074	1,562,621	1845
	Working capital	34,031,268	0.76	33,774,406	223	10,441,655	1,777,798	1814
	Cashflow	1,326,327	18.09	1,123,140	295	284,057	27,315	4755
	Net worth	30,393,381	2.18	29,745,458	392	6,041,074	1,559,406	1849
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ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	0.28	3.70	0.27	58.82	0.17	-23,00	1.22
	Return on capital employed	4	88.68	2.12	0.95	2.10	32,00	-87.50
	Return on total assets employed	0.80	66.67	0.48	-20.0	0.60	-219,00	0.37
	Return on net assets employed	4.69	87.60	2.50	-35.73	3.89	21,00	-77.67
	Sales / net working capital	15.14	82.85	8.28	-37.32	13.21	45,00	-99
	Stock turnover ratio	7.60	-61.17	19.57	113	9.16	111,00	-93.15
	Debtor days	93.28	-27.38	128.45	110	61.15	135,00	-30.90
	Creditor days	58.49	-40.12	97.68	64.72	59.30	112,00	-47.78
	short term stability
	Current ratio	1.24	-3.12	1.28	-6.57	1.37	7,00	-84.50
	Liquidity ratio / acid ratio	0.96	15.66	0.83	-9.78	0.92	4,00	-76.00
	Current debt ratio	4.72	15.97	4.07	-12.10	4.63	8,00	-41.00
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	216.84	25.10	173.33	-1.33	175.67	379,00	-42.79
	Equity in percentage	16.98	-10.91	19.06	23.45	15.44	-3.430,00	0.50
	Total debt ratio	4.89	15.06	4.25	-22.45	5.48	10,00	-51.10

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	58.49
Day sales outstanding	93.28

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	158.11
Industry average day sales outstanding	115.12

Industry quartile analysis

Payment expectations
Company result	58.49
Lower	133.74
Median	84.60
Upper	44.36
Day sales outstanding
Company result	93.28
Lower	112.17
Median	58.49
Upper	28.11

Company result	58.49
Lower	133.74
Median	84.60
Upper	44.36

Company result	93.28
Lower	112.17
Median	58.49
Upper	28.11

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

NSSO details

Business number	477689960
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	SANDIPKAMAR DAYALBHAI PATEL
Position	Non Statutory Partner
Start Date	03/06/2002
Street	53 QUELLINSTRAAT 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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.34
UK Pound	1	Rs.102.06
Euro	1	Rs.84.46

INFORMATION DETAILS

Report Prepared by :

NIS

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.