MIRA INFORM REPORT

Report Date :

06.12.2013

IDENTIFICATION DETAILS

Name :	MOXDIAM BVBA

Registered Office :	Hoveniersstraat 30 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	11.09.2008

Com. Reg. No.:	806632994

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and precious stones

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
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

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	806632994
Company name	MOXDIAM BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	11/09/2008
Telephone number	0478670176
Fax number

Business number	806632994	Company name	MOXDIAM BVBA
Fax number		Date founded	11/09/2008
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.0806.632.994
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	NARESHKUMAR MANEKLAL SHAH
Position	Principal Manager
Start Date	27/08/2010
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	MIHIR SHAH
Position	Principal Manager
Start Date	27/08/2010
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

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	FROM 1 TO 4 EMPLOYEES

NSSO details

Business number	806632994
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

PAYMENT INFORMATION

Payment expectations

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

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	166.75
Industry average day sales outstanding	118.14

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.36
Median	84.93
Upper	44.86

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

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number	View linked companies from outside this company's group structure
-		-	No linked companies have been found.

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		57,182	67,625	66,519
31/12/2011		32,847	45,219	44,096
31/12/2010		9,253	23,463	23,463

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	2,132,376	0	18,600	22,752
31/12/2011	1,518,355	1	18,600	22,037
31/12/2010	-	0	18,600	7,518

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	0
Part-time Employees	-
Total Fte Employees	0

Number of hours worked
Full-time Employees	327
Part-time Employees	-
Total	327

Personnel Charges
Full-time Employees	4,552
Part-time Employees	-
Total	4,552
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,262
Personnel Charges	17,861
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	-	-
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	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
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	1	-	1

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	-	-	-	-	-	46,188,124	-
Total operating expenses	-	-	-	-	-	45,792,277	-
Operating result	106,452	-13.10	122,506	407	-30,062	149,257	-28.68
Total financial income	-	-	-	-	40,031	98,814	-
Total financial expenses	49,270	-45.05	89,659	12415	716	206,175	-76.10
Results on ordinary operations before taxation	57,182	74.09	32,847	254	9,253	33,122	72.64
Taxation	10,709	-3.43	11,090	539	1,735	20,980	-48.95
Results on ordinary operations after taxation	46,472	113	21,756	189	7,518	18,209	155
Extraordinary items	-24,067	-	0	-	0	-4,771	-404
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	22,406	2.98	21,756	189	7,518	13,454	66.54
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,096	-
Employee costs	4,552	-74.51	17,861	-	-	129,010	-96.47
Wages and salary	3,881	-76.92	16,815	-	-	107,733	-96.40
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	519	-17.84	632	-	-	27,134	-98.09
Other employee costs	152	-63.26	414	-	0	4,472	-96.60
Amortization and depreciation	347	23.48	281	-	-	17,629	-98.03

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	1,106	-1.52	1,123	-	-	179,841	-99
Land & building	-	-	-	-	-	351,498	-
Plant & machinery	1,106	-1.52	1,123	-	-	22,362	-95.05
Furniture & Vehicles	-	-	-	-	-	17,390 5,364	-
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,932	-100
Financial fixed assets	-	-	-	-	-	297,220	-
Total fixed assets	1,106	-1.52	1,123	-	-	384,269	-99
Inventories	1,788,197	96.60	909,579	65.97	548,048	3,089,287	-42.12
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,497	-100
Finished goods	0	-	0	-	0	1,967,160	-100
Other stocks	1,788,197	96.60	909,579	65.97	548,048	580,371	208
Trade debtors	203,103	-63.99	563,974	-	0	4,142,083	-95.10
Cash	138,209	262	38,130	-1.36	38,655	224,018	-38.30
other amounts receivable	1,020	-51.56	2,105	315	506	185,620	-99
Miscellaneous current assets	741	-78.49	3,443	-	0	18,072	-95.90
Total current assets	2,131,269	40.47	1,517,232	158	587,209	7,184,048	-70.33
Total Assets	2,132,376	40.44	1,518,355	158	587,209	7,536,892 1,449,923	-71.71
current liabilities
Trade creditors	581,639	-51.55	1,200,405	113	561,527	3,014,509	-80.71
Short term group loans	-	-	-	-	-	-	-
Financial debts	81,676	390	16,666	-	-	4,243,150 189,666	-98.08
Current portion of long term debt	-	-	-	-	-	108,910 15,032	-
Amounts Payable for Taxes, Remuneration & Social Security	10,960	-28.40	15,308	782	1,735	9,397 -	-67.80
Miscellaneous current liabilities	1,390,476	477	240,758	49643	484	364	- -
Total current liabilities	2,064,751	40.16	1,473,136	161	563,746	5,309,231	-61.11
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	35,141 24,730	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,241 0	-100
Other long term liabilities	0	-	0	-	0	133,599	-100
Total long term debts	0	-	0	-	0	570,351	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	916,311	-97.97
Share premium account	-	-	-	-	-	109,362	-
Reserves	49,025	84.17	26,619	447	4,863	699,078	-92.99
Revaluation reserve	-	-	-	-	-	934,864	-
Total shareholders equity	67,625	49.55	45,219	92.73	23,463	1,643,187	-95.88
Working capital	66,519	50.85	44,096	87.94	23,463	1,874,818	-96.45
Cashflow	22,752	3.25	22,037	193	7,518	27,969	-18.65
Net worth	67,625	49.55	45,219	92.73	23,463	1,639,845	-95.88

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	-27,00	-
Return on capital employed	84.56	16.41	72.64	84.18	39.44	31,00	172
Return on total assets employed	2.68	24.07	2.16	36.71	1.58	-214,00	1.25
Return on net assets employed	84.56	16.41	72.64	84.18	39.44	21,00	302
Sales / net working capital	-	-	-	-	-	45,00	-
Stock turnover ratio	-	-	-	-	-	115,00	-
Debtor days	-	-	-	-	-	138,00	-
Creditor days	-	-	-	-	-	126,00	-
short term stability
Current ratio	1.03	0	1.03	-0.96	1.04	7,00	-88.56
Liquidity ratio / acid ratio	0.17	-58.54	0.41	485	0.07	4,00	-95.75
Current debt ratio	30.53	-6.29	32.58	35.58	24.03	9,00	239
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	120.78	227	36.86	-	-	371,00	-67.44
Equity in percentage	3.17	6.38	2.98	-25.50	4	-3.343,00	0.09
Total debt ratio	30.53	-6.29	32.58	35.58	24.03	11,00	177

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Commentary

The business was established over 5 years ago.
The business has 1 employees.
The business has been at the address for over 4 years.
The credit rating for this business has increased from 59 to 65.
The credit limit for this business has increased from €0 to €22000.
Net Worth increased by 49% during the latest trading period.
A 40% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 74% compared to the previous trading period.
The business saw an increase in their Cash Balance of 262% during the latest trading period.

Trends

Profitability
Liquidity
Net worth

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

NOTES & COMMENTS

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 :

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.