MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	ARKOT DIAMONDS BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	29.10.2010
Com. Reg. No.:	830908730
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 :

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

REGISTERED NAME & COMPANY SUMMARY

Business number	830908730
Company name	ARKOT DIAMONDS BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	29/10/2010
Telephone number	032330574
Fax number

DIRECTORS/MANAGEMENT

Current director details

Name	JIGNESHKUMAR SHAH
Position	Principal Manager
Start Date	01/11/2012
Street	122 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	RAJIV SHASHIKANT KOTHARI
Position	Principal Manager
Start Date	29/10/2010
End Date	31/10/2012
Street	26 ARENDSNESTLAAN 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	-

Business number	830908730	Company name	ARKOT DIAMONDS BVBA
Fax number		Date founded	29/10/2010
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
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0830.908.730
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

Significant Events

Event Date	12/12/2012
Event Description
Event Details	Doshi Manuskhlal schrijft in op 6067 nieuwe aandelen.

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	Manuskhlal	Middle name	-
Surname	Doshi
Shareholder Details
Start date	11/01/2013(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	114.26
Industry average payment expectation days	165.54	Industry average day sales outstanding	116.45
Day sales outstanding	114.34

Payment expectations

Payment expectation days	114.26
Day sales outstanding	114.34

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	165.54
Industry average day sales outstanding	116.45

Industry quartile analysis

Payment expectations
Company result	114.26
Lower	134.36
Median	84.93
Upper	44.93

Day sales outstanding
Company result	114.34
Lower	112.73
Median	59.01
Upper	28.58

GROUP STRUCTURE & AFFILIATED COMPANIES

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	44,376,155	133,804	1,605,856	1,427,833
31/12/2011	53,205,608	139,082	109,642	51,260

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	16,042,791	0	1,419,532	103,202
31/12/2011	7,921,021	0	18,600	92,362

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%		Industry average	%
Weeks	52		61		-
Currency	EUR		EUR		-
Turnover	44,376,155	-16.59	53,205,608	-	-	-	-
Total operating expenses	44,185,155	-16.65	53,013,819	-	-	-	-
Operating result	191,000	-0.41	191,789	-	-	-	-
Total financial income	5	-99	4,020	-	-	-	-
Total financial expenses	57,200	0.84	56,726	-	-	-	-
Results on ordinary operations before taxation	133,804	-3.79	139,082	-	-	-	-
Taxation	38,522	-19.81	48,040	-	-	-	-
Results on ordinary operations after taxation	95,282	4.66	91,042	-	-	-	-
Extraordinary items	0	-	0	-	-	-	-
Other appropriations	0.00	-	0.00	-	-	-	-
Net result	95,282	4.66	91,042	-	-	-	-
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	39	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	39	-	0	-	-	-	-
Amortization and depreciation	7,920	500	1,319	-	-	-	-

Balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%		Industry average	%
Weeks	52		61		-
Currency	EUR		EUR		-
Intangible fixed assets	0	-	0	-	-	-	-
Tangible fixed assets	709,671	190	243,938	-	-	-	-
Land & building	702,369	199	234,274	-	-	-	-
Plant & machinery	1,401	-38.08	2,263	-	-	-	-
Furniture & Vehicles	5,901	-20.27	7,401	-	-	- -	-
Leasing & Other Similar Rights	-	-	-	-	-	- -	-
Other tangible assets	0	-	0	-	-	-	-
Financial fixed assets	-	-	-	-	-	-	-
Total fixed assets	709,671	190	243,938	-	-	-	-
Inventories	618,529	102	305,788	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	618,529	102	305,788	-	-	-	-
Other stocks	0	-	0	-	-	-	-
Trade debtors	13,901,284	137	5,860,578	-	-	-	-
Cash	804,908	-45.72	1,482,956	-	-	-	-
other amounts receivable	7,181	-68.54	22,828	-	-	-	-
Miscellaneous current assets	1,218	-75.32	4,933	-	-	-	-
Total current assets	15,333,119	99	7,677,083	-	-	-	-
Total Assets	16,042,791	102	7,921,021	-	-	- -	-
current liabilities
Trade creditors	13,831,897	115	6,422,588	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	318	-	-	- -	-
Current portion of long term debt	32,340	142	13,333	-	-	- -	-
Amounts Payable for Taxes, Remuneration & Social Security	39,623	-17.52	48,040	-	-	- -	-
Miscellaneous current liabilities	1,426	-99	1,141,544	-	-	-	- -
Total current liabilities	13,905,286	82.34	7,625,823	-	-	-	-
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	531,648	186	185,556	-	-	-	- -
Deffered taxes	-	-	-	-	-	- -	-
Provisions for Liabilities & Charges	0	-	0	-	-	- -	-
Other long term liabilities	0	-	0	-	-	-	-
Total long term debts	531,648	186	185,556	-	-	-	-
shareholders equity
Issued share capital	1,419,532	7531	18,600	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	186,324	104	91,042	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	1,605,856	1364	109,642	-	-	-	-
Working capital	1,427,833	2685	51,260	-	-	-	-
Cashflow	103,202	11.74	92,362	-	-	-	-
Net worth	1,605,856	1364	109,642	-	-	-	-

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)		Industry average	%
Trading performance
Profit Before Tax	0.30	15.38	0.26	-	-	-	-
Return on capital employed	6.26	-86.71	47.11	-	-	-	-
Return on total assets employed	0.83	-52.84	1.76	-	-	-	-
Return on net assets employed	8.33	-93.43	126.85	-	-	-	-
Sales / net working capital	31.08	-97.01	1037.96	-	-	-	-
Stock turnover ratio	1.39	143	0.57	-	-	-	-
Debtor days	114.34	184	40.20	-	-	-	-
Creditor days	114.26	158	44.22	-	-	-	-
short term stability
Current ratio	1.10	8.91	1.01	-	-	-	-
Liquidity ratio / acid ratio	1.06	9.28	0.97	-	-	-	-
Current debt ratio	8.66	-87.55	69.55	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	35.12	-80.67	181.69	-	-	-	-
Equity in percentage	10.01	625	1.38	-	-	-	-
Total debt ratio	8.99	-87.38	71.24	-	-	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

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

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479419728	NOUR DIAM NV	-	-	31/12/2011
479511679	ENVY EBVBA	66	91000	31/12/2012
480759516	ELÉGANCE JEWELLERY BVBA	50	0	31/12/2012
500868210	T.W.W. BVBA	30	0	-
501560670	MI AMOR JEWELS BVBA	62	9000	31/03/2013
501770310	CRAFT DIAMONDS BVBA	29	0	-
502598669	ARSLANIAN GROUP NV	27	0	-
506334951	SEMERCIYAN KIRKOR	-	-	-
506494111	KHALIL NABIL	-	-	-
506500940	JOGANI ARUN JAYANTILAL	-	-	-
506514105	TENENBAUM EFRAÏM	-	-	-
506525684	BIBRING KARNI	-	-	-
509922070	CUYPERS CHRISTEL	-	-	-
806224804	MIRACLE BVBA	44	0	31/12/2012
806632994	MOXDIAM BVBA	65	22000	31/12/2012
811814873	CRAFTED BY INFINITY BVBA	0	0	31/12/2012
819313468	GREEN SOLAR BVBA	-	-	31/03/2012
819437885	FIRE STONE BVBA	51	0	31/12/2012
822903854	MUNIC SOURCING NV	82	270000	31/12/2012
825193351	CONCEPT DIAMONDS BVBA	69	185000	31/12/2012
826601039	SV JEWELS BVBA	52	0	31/12/2012
828631903	KALP DIAMONDS BVBA	72	235000	31/12/2012
830516968	ARJUDIAM BVBA	50	0	31/12/2012
831314645	GITANJALI RESOURCES BVBA	68	1150000	31/03/2013
834566125	SHANKAR (EUROPE) BVBA	59	0	31/03/2012
838169278	FORTUNE JEWEL BVBA	55	0	31/12/2012
840118483	ZAIDAN GEMS BVBA	52	0	31/12/2012
840333665	ZURI STAR BVBA	52	0	31/12/2012
840926355	DB EUROPEAN SALES BVBA	57	0	31/12/2012
843673831	KP SANGHVI EUROPE BVBA	64	260000	31/03/2013
845843067	HELICS GEMB BVBA	55	0	31/12/2012
846750414	BHAVANI EUROPE BVBA	60	365000	31/03/2013
847737537	TIARA GEMS BVBA	84	3000	-
848641914	DIANINE STAR BVBA	28	0	-
851316738	V.M.E. HOVENIERSSTRAAT 30 PRF-INTRPRF VEN.	90	3000	-
860708021	BEL-AR DIAMONDS BVBA	8	0	31/12/2012
860718810	PROTEA GEM DIAMONDS JEWELRY BVBA	23	0	31/12/2011
860742960	KARMA INVEST BVBA	5	0	31/12/2012
861159268	LUCKY DIAMONDS BVBA	77	20500	31/12/2012
861938733	JEWEL GOLDI BVBA	63	145000	31/12/2012
861953579	BLUE ICE BVBA	77	175000	31/12/2012
862455308	JEWELS ERA BVBA	88	1050000	31/12/2012
862908139	K.P.SANGHVI ( BELGIUM) IN VEREFFENING BVBA	-	-	31/12/2010
863210621	CIEMME IN VEREFFENING BVBA	-	-	31/03/2011
863211710	VEERA DIMON BVBA	46	0	31/12/2012
863637619	DIAMBEL JEWELLERY BVBA	41	0	31/12/2012
863930597	DERCO MANUFACTURING BVBA	-	-	31/12/2006
864822702	AMAZING DIAMONDS BVBA	49	0	31/12/2012
864940387	R.D. DIAMONDS IN VEREFFENING BVBA	-	-	31/12/2010
865620278	VEEDIAM BVBA	99	3050000	31/12/2012
865979673	A.C. JEWELS BVBA	-	-	31/03/2011
866079247	AARYAA DIMON BVBA	80	270000	31/12/2012
866324717	PARV BVBA	79	380000	31/12/2012
866380838	REGAL INVESTMENTS II NV	51	0	31/12/2012
867397160	VENUS JEWEL (BELGIUM) BVBA	-	-	31/12/2009
867624220	ENCHANTE FINE JEWELRY BELGIUM BVBA	32	0	31/12/2012
869689726	VME GEB ANTWERPEN HOVENIERSSTRAAT 30-38 VME	72	1500	-
870281030	DIVINE JEWELLERY BVBA	20	0	31/12/2012
870589054	SNP CREATIONS IN VEREFFENING BVBA	-	-	31/12/2009
873165789	NISHANT GEMS BVBA	56	0	31/12/2012
873539438	LUKHI DIAM BVBA	70	860000	31/12/2012
874131435	INDIGO JEWELLERY (BELGIUM) BVBA	34	0	31/12/2012
874376410	ALIZA IN VEREFFENING BVBA	-	-	30/06/2008
875091042	SHINING STAR BVBA	12	0	31/12/2012
876095189	V3-GEMS BVBA	71	240000	31/12/2012
877266911	EGON JEWELLERY S.A.	76	1500	-
877296209	VICTOR DIAMONDS BVBA	82	185000	31/12/2012
877548112	DIAMOND MINES BVBA	-	-	31/12/2010
877774873	BELLATAIRE BVBA	53	0	31/05/2012
878308769	DE TOLEDO DIAMONDS INTERNATIONAL BVBA	69	47000	31/12/2012
881342790	SHESHIL DIAM BVBA	9	0	31/12/2012
882360005	ALLURE DIAM BVBA	85	1500000	31/12/2012
883800751	FIBERIC BVBA	50	0	31/12/2012
883901612	V.R. DIAMONDS BVBA	50	0	31/12/2012
884052951	SAMDIMON JEWELLERY BVBA	22	0	31/12/2012
885272379	KALPATARU BVBA	77	205000	31/12/2012
885506268	G. DIAM BVBA	95	2150000	31/12/2012
886659281	SHOWBIZZ DIAMONDS P/A BTW CLÚ 7 BVBA	-	-	-
887954529	SUN & MONO GEMS BVBA	54	0	31/12/2012
888557810	RIWAGEM BVBA	64	1000	31/12/2012
889635005	BHANSALI DIAMONDS N.V. NV	59	0	31/12/2012
889952036	AFRICA'S ANGEL BVBA	58	0	31/12/2012
890927281	HED DIAMONDS BVBA	-	-	31/12/2010
891051896	STONEWORKS (ANTWERP) P/A BTW-KAN BVBA	-	-	30/06/2009
891939645	BHP BILLITON PETROLEUM LTD	86	3000	-
892650220	LOKKA SUITES BVBA	22	0	31/12/2012
894561714	SHANE CREATIONS BVBA	-	-	31/12/2011
894781943	H.V.DIAM BVBA	72	1300000	31/12/2012
895820536	DIASQUA EUROPE BVBA	66	275000	31/12/2012
896638009	BHP MINERALS EUROPE LTD	-980	0	-
898750134	NAMGEM TRADING BVBA	45	0	31/05/2012
899849105	S.V. DIAM IN VEREFFENING BVBA	-	-	-
899851479	S. VINODKUMAR (EUROPE) SALES BVBA	72	580000	31/12/2012

NOTES & COMMENTS

Commentary

The business was established over 3 years ago.

No employees are recorded for this business.

The business has been at the address for over 20 months.

Net Worth increased by 1364% during the latest trading period.

A 102% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 45% during the latest trading period.

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.61.96
UK Pound	1	Rs.101.14
Euro	1	Rs.85.33

INFORMATION DETAILS

Report Prepared by :

NNA

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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