MIRA INFORM REPORT

Report Date :

06.12.2013

IDENTIFICATION DETAILS

Name :	D-GOLDI BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	19.06.1996
Com. Reg. No.:	458259771
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		TATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	---

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 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

REGISTERED NAME & COMPANY SUMMARY

Business number		458259771
Company name		D-GOLDI BVBA
Address		HOVENIERSSTRAAT 30
		2018 ANTWERPEN
Number of staff		1
Date of establishment		19/06/1996
Telephone number		032273266
Fax number		032336058
Business number	458259771	Company name	D-GOLDI BVBA
Fax number	032336058	Date founded	19/06/1996
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.0458.259.771
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	GIRISHKUMAR HARILAL PATEL
Position	Principal Manager
Start Date	10/08/2010
Street	22 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	GIRISHKUMAR HARILAL PATEL
Position	Director
Start Date	06/05/2002
Street	22 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	DINESH VASARAMBHAI NAROLA
Position	Principal Manager
Start Date	05/07/2013
Street	12 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	DINESH VASARAMBHAI NAROLA
Position	Director
Start Date	10/08/2010
End Date	31/12/2010
Street	12 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Personnel (NSSO classification)

Code	-
Description	1 EMPLOYEES

Joint Industrial Committee (JIC)

Protested bills

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

NSSO details

Business number

458259771

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

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	24.46
Industry average payment expectation days	166.75	Industry average day sales outstanding	118.14
Day sales outstanding	39.77

Industry comparison

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

Payment expectations

Payment expectation days	24.46
Day sales outstanding	39.77

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	166.75
Industry average day sales outstanding	118.14

Industry quartile analysis

Payment expectations
Company result	24.46
Lower	134.36
Median	84.93
Upper	44.86

Day sales outstanding
Company result	39.77
Lower	112.73
Median	58.56
Upper	28.58

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	111,652,987	190,292	2,688,582	3,951,042
31/12/2011	109,897,326	196,204	2,557,063	3,069,116
31/12/2010	92,318,873	161,910	2,421,841	2,915,413

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	17,264,442	1	1,864,148	153,315
31/12/2011	24,240,452	0	1,864,148	161,737
31/12/2010	24,796,021	0	1,864,148	138,291

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	-
Part-time Employees	1
Total Fte Employees	1
Number of hours worked
Full-time Employees	-
Part-time Employees	1,355
Total	1,355
Personnel Charges
Full-time Employees	-
Part-time Employees	29,338
Total	29,338
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,022
Personnel Charges	21,665
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	1	1
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	-	-	-
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	-	1	1
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	-	-

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	111,652,987	1.60	109,897,326	19.04	92,318,873	46,188,124	141
Total operating expenses	110,987,347	1.58	109,264,220	19.19	91,674,370	45,792,277	142
Operating result	665,640	5.14	633,105	-1.77	644,503	149,257	345
Total financial income	20	478	3	-97.16	119	98,814	-99
Total financial expenses	475,368	8.80	436,905	-9.49	482,712	206,175	130
Results on ordinary operations before taxation	190,292	-3.01	196,204	21.18	161,910	33,122	474
Taxation	58,773	-9.31	64,804	31.25	49,375	20,980	180
Results on ordinary operations after taxation	131,519	0.09	131,400	16.76	112,535	18,209	622
Extraordinary items	0	-100	3,822	-	0	-4,771	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	131,519	-2.74	135,222	20.16	112,535	13,454	877
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	42,444	-	-	-	37,618	114,096	-62.80
Employee costs	29,338	35.42	21,665	19.92	18,066	129,010	-77.26
Wages and salary	22,792	39.77	16,307	17.88	13,834	107,733	-78.84
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	4,780	45.28	3,290	23.36	2,667	27,134	-82.38
Other employee costs	1,766	-14.60	2,067	32.15	1,564	4,472	-60.52
Amortization and depreciation	21,795	-17.80	26,515	2.94	25,757	17,629	23.63

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	1,614	-100
Tangible fixed assets	251,693	-6.76	269,950	-8.94	296,465	179,841	39.95
Land & building	235,719	-3.80	245,036	-3.66	254,353	351,498	-32.94
Plant & machinery	14,932	-30.94	21,622	-31.55	31,587	22,362	-33.23
Furniture & Vehicles	1,043	-68.32	3,292	-68.72	10,525	17,390 5,364	-94.00
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,932	-100
Financial fixed assets	1,687	0	1,687	0	1,687	297,220	-99
Total fixed assets	253,381	-6.72	271,638	-8.89	298,152	384,269	-34.06
Inventories	3,765,342	-30.95	5,453,044	94.30	2,806,453	3,089,287	21.88
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,497	-100
Finished goods	3,765,342	-30.95	5,453,044	94.30	2,806,453	1,967,160	91.41
Other stocks	0	-	0	-	0	580,371	-100
Trade debtors	12,164,651	-34.21	18,489,934	-14.51	21,627,158	4,142,083	193
Cash	1,037,487	11004	9,343	-27.84	12,948	224,018	363
other amounts receivable	8,403	13.95	7,375	-82.54	42,243	185,620	-95.47
Miscellaneous current assets	35,178	285	9,119	0.58	9,067	18,072	94.65
Total current assets	17,011,061	-29.03	23,968,814	-2.16	24,497,868	7,184,048	136
Total Assets	17,264,442	-28.78	24,240,452	-2.24	24,796,021	7,536,892 1,449,923	129
current liabilities
Trade creditors	7,436,825	-40.93	12,588,859	-3.01	12,979,748	3,014,509	146
Short term group loans	-	-	-	-	-	-	-
Financial debts	5,414,180	-32.92	8,070,657	-3.56	8,368,993	4,243,150 189,666	27.60
Current portion of long term debt	10,834	-66.67	32,500	0	32,500	108,910 15,032	-90.05
Amounts Payable for Taxes, Remuneration & Social Security	14,281	-35.85	22,263	1.29	21,980	9,397 -	-58.04
Miscellaneous current liabilities	183,899	-0.82	185,419	3.45	179,235	-38.52	- -
Total current liabilities	13,060,019	-37.51	20,899,698	-3.16	21,582,455	5,309,231	145
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	10,834	-75.00	43,334	-	- -
Deffered taxes	-	-	-	-	-	35,141 24,730	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,241 0	-100
Other long term liabilities	1,515,841	96.13	772,857	3.27	748,391	133,599	1034
Total long term debts	1,515,841	93.42	783,691	-1.01	791,725	570,351	165
shareholders equity
Issued share capital	1,864,148	0	1,864,148	0	1,864,148	916,311	103
Share premium account	-	-	-	-	-	109,362	-
Reserves	824,434	18.98	692,915	24.25	557,693	699,078	17.93
Revaluation reserve	-	-	-	-	-	934,864	-
Total shareholders equity	2,688,582	5.14	2,557,063	5.58	2,421,841	1,643,187	63.62
Working capital	3,951,042	28.74	3,069,116	5.27	2,915,413	1,874,818	110
Cashflow	153,315	-5.21	161,737	16.95	138,291	27,969	448
Net worth	2,688,582	5.14	2,557,063	5.58	2,421,841	1,639,845	63.95

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.17	-5.56	0.18	0	0.18	-27,00	0.63
Return on capital employed	4.53	-22.83	5.87	16.47	5.04	31,00	-85.39
Return on total assets employed	1.10	35.80	0.81	24.62	0.65	-214,00	0.51
Return on net assets employed	7.08	-7.69	7.67	14.65	6.69	21,00	-66.29
Sales / net working capital	28.26	-21.08	35.81	13.07	31.67	45,00	-99
Stock turnover ratio	3.37	-32.06	4.96	63.16	3.04	115,00	-97.07
Debtor days	39.77	-35.24	61.41	-28.18	85.51	138,00	-71.18
Creditor days	24.46	-41.83	42.05	-18.63	51.68	126,00	-80.59
short term stability
Current ratio	1.30	13.04	1.15	0.88	1.14	7,00	-85.56
Liquidity ratio / acid ratio	1.01	13.48	0.89	-11.88	1.01	4,00	-74.75
Current debt ratio	4.86	-40.51	8.17	-8.31	8.91	9,00	-46.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	201.78	-36.41	317.32	-9.00	348.69	371,00	-45.61
Equity in percentage	15.57	47.58	10.55	7.98	9.77	-3.343,00	0.47
Total debt ratio	5.42	-36.08	8.48	-8.23	9.24	11,00	-50.73

ADDITIONAL INFORMATION

Commentary

The business was established over 17 years ago.
The business has 1 employees.
The business has been at the address for over 16 years.
A 28% decline in Total Assets occurred during the latest trading period.
The business saw an increase in their Cash Balance of 11004% during the latest trading period.

Trends

Profitability
Liquidity
Net worth

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.61.69
UK Pound	1	Rs.101.08
Euro	1	Rs.84.07

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.