MIRA INFORM REPORT

Report Date :

01.02.2013

IDENTIFICATION DETAILS

Name :	ROSEDIAM BVBA
Registered Office :	Hoveniersstraat 2 Bus 127 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.03.2012
Date of Incorporation :	23.10.1985
Com. Reg. No.:	427999929
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	01 employee

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 – 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 & address

Business number	427999929	Company name	ROSEDIAM BVBA
		Telephone number	032342475
Address	HOVENIERSSTRAAT 2 BUS 127 ANTWERPEN	Fax number	032261908
Post code	2018	Number of staff	1
Date of establishment	23/10/1985

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/03/2012	50,342,584	6,782	2,182,900
31/03/2011	53,283,588	37,672	2,174,139
31/03/2010	34,994,077	21,557	2,142,801

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/03/2012	23,344,461	4,202	18,600	96,870	1
31/03/2011	21,521,420	4,202	18,600	15,734	1
31/03/2010	17,480,651	4,202	18,600	188,513	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	87.27
Industry average payment expectation days	178.01	Industry average day sales outstanding	110.94
Day sales outstanding	103.77

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company summary

Business number	427999929	Company name	ROSEDIAM BVBA
Fax number	032261908	Date founded	23/10/1985
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.0427.999.929
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade
category

Export accounts to CSV file

comparison mode

average

median

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	50,342,584	-5.52	53,283,588	52.26	34,994,077	81,983,021	-38.59
Total operating expenses	49,965,385	-5.58	52,915,972	52.69	34,655,560	81,041,463	-38.35
Operating result	377,199	2.61	367,616	8.60	338,516	478,216	-21.12
Total financial income	75	-93.37	1,137	725	138	131,106	-99
Total financial expenses	370,493	11.90	331,080	4.41	317,097	403,027	-8.07
Results on ordinary operations before taxation	6,782	-82.00	37,672	74.75	21,557	199,573	-96.60
Taxation	87	-98.63	6,335	163	2,407	71,108	-99
Results on ordinary operations after taxation	6,695	-78.64	31,337	63.63	19,151	143,051	-95.32
Extraordinary items	2,066	-	0	-	0	-5,353	38.60
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	8,761	-72.04	31,337	63.63	19,151	137,698	-93.64
OTHER INFORMATION
Dividends	-	-	-	-	-	-	-
Director remuneration	111,500	0.05	111,440	0	111,440	90,634	23.02
Employee costs	35,875	-17.48	43,476	-4.03	45,302	302,435	-88.14
Wages and salary	28,880	-16.33	34,518	-3.97	35,944	258,140	-88.81
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	5,781	-25.35	7,745	0.32	7,720	53,719	-89.24
Other employee costs	1,214	0.02	1,213	-25.96	1,639	13,978	-91.32
Amortization and depreciation	12,281	-0.33	12,321	-6.08	13,118	41,178	-70.18

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	1,896	-100
Tangible fixed assets	398,942	-2.81	410,484	0.06	410,241	538,007	-25.85
Land & building	386,502	-1.98	394,314	-1.94	402,126	1,512,252	-74.44
Plant & machinery	11,928	-21.34	15,163	115	7,029	66,345	-82.02
Other tangible assets	513	-49.09	1,007	-7.30	1,086	42,941	-98.81
Financial fixed assets	4,202	0	4,202	0	4,202	5,442	-22.79
Total fixed assets	403,144	-2.78	414,686	0.06	414,443	496,871	-18.86
Inventories	8,507,914	7.25	7,932,971	19.31	6,648,947	4,282,883	98.65
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	0	-
Finished goods	8,507,914	7.25	7,932,971	19.31	6,648,947	3,152,651	169
Other stocks	0	-	0	-	0	361,509	-100
Trade debtors	14,312,875	8.89	13,144,894	28.61	10,220,533	10,979,330	30.36
Cash	96,870	515	15,734	-91.65	188,513	678,059	-85.71
other amounts receivable	5,149	20.54	4,272	30.87	3,264	197,241	-97.39
Miscellaneous current assets	18,508	108	8,863	79.04	4,951	9,119	102
Total current assets	22,941,316	8.69	21,106,734	23.68	17,066,208	15,377,909	49.18
CURRENT LIABILITIES
Trade creditors	11,946,896	23.38	9,683,319	49.17	6,491,324	5,799,201	106
Short term group loans	-	-	-	-	-	-	-
Other short term loans	7,796,174	-6.13	8,305,318	11.95	7,418,948	5,698,019	36.82
Miscellaneous current liabilities	1,418,490	4.40	1,358,644	-4.83	1,427,578	227	- -
Total current liabilities	21,161,561	9.38	19,347,281	26.14	15,337,850	11,483,651	84.28
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	74,249	-100
Total long term debts	0	-	0	-	0	1,265,834	-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	2,518,355	-99
Share premium account	-	-	-	-	-	-	-
Reserves	1,937,584	0.45	1,928,823	1.65	1,897,486	432,881	347
Revaluation reserve	226,715	0	226,715	0	226,715	2,151,989	-89.46
Total shareholders equity	2,182,900	0.40	2,174,139	1.46	2,142,801	3,061,594	-28.70
Working capital	1,779,755	1.15	1,759,452	1.80	1,728,359	3,894,258	-54.30
Net worth	2,182,900	0.40	2,174,139	1.46	2,142,801	3,059,699	-28.66

ratio analysis

Annual accounts	31-03-2012	change(%)	31-03-2011	change(%)	31-03-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.01	-85.71	0.07	16.67	0.06	3,00	-99
Return on capital employed	0.31	-82.08	1.73	71.29	1.01	13,00	-97.62
Return on total assets employed	0.03	-83.33	0.18	50.0	0.12	-6,00	0.50
Return on net assets employed	0.31	-82.08	1.73	71.29	1.01	15,00	-97.93
Sales / net working capital	28.29	-6.57	30.28	49.53	20.25	-21,00	-99
Stock turnover ratio	16.90	13.50	14.89	-21.63	19	18,00	-6.11
Debtor days	103.77	15.25	90.04	-15.53	106.60	118,00	-12.06
Creditor days	87.27	30.66	66.79	-2.31	68.37	105,00	-16.89
SHORT TERM STABILITY
Current ratio	1.08	-0.92	1.09	-1.80	1.11	8,00	-91.00
Liquidity ratio / acid ratio	0.68	0	0.68	0	0.68	7,00	-90.29
Current debt ratio	9.69	8.88	8.90	24.30	7.16	12,00	-19.25
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	357.15	-6.51	382	10.33	346.23	248,00	44.01
Equity in percentage	9.35	-7.43	10.10	-17.62	12.26	-4,00	233
Total debt ratio	9.69	8.88	8.90	24.30	7.16	13,00	-25.46

Industry comparison

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

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	87.27
Day sales outstanding	103.77

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.01
Industry average day sales outstanding	110.94

Industry quartile analysis

Payment expectations
Company result	87.27
Lower	128.45
Median	74.35
Upper	41.71
Day sales outstanding
Company result	103.77
Lower	112.73
Median	57.40
Upper	25.05

Summary

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

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Protested bills

NSSO details

Business number	427999929
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	RAJESH KUMAR JAIN
Position	Principal Manager
Start Date	07/11/2010
Street	47 MOLENVELDLAAN EDEGEM
Post code	2650
Country	Belgium
Name	ASHOKKUMAR JAVERCHAND KANKARIYA
Position	Principal Manager
Start Date	07/11/2010
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	ANILKUMAR SANGHVI
Position	Principal Manager
Start Date	07/11/2010
Street	35 PLANTIN EN MORETUSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	RAJENDRAKUMAR JAIN
Position	Principal Manager
Start Date	26/06/1998
Street
Post code
Country

Former director details

Name	RANJEEMAT,
Position	Principal Manager
Start Date	23/05/1997
End Date	-
Street	0 QUINTEN MATSIJSLEI 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.

- 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.53.29
UK Pound	1	Rs.84.22
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

PRL

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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