MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	ANMOL GEMS BVBA
Registered Office :	Hoveniersstraat 2 Bus 307-309 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	31.01.1980
Com. Reg. No.:	420137979
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	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 and address

Top of Form

Business number	420137979	Company name	ANMOL GEMS BVBA
		Telephone number	032337803
Address	HOVENIERSSTRAAT 2 BUS 307-309 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	0
Date of establishment	31/01/1980

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		23,779	849,957
31/12/2010		19,877	837,620
31/12/2009		21,795	822,045

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	2,649,814	310	18,600	241,954	0
31/12/2010	2,732,056	124	18,600	422,954	0
31/12/2009	7,514,705	124	18,600	206,919	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	178.80	Industry average day sales outstanding	112.01
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	13/05/2008

Business number	420137979	Company name	ANMOL GEMS BVBA
Fax number	-	Date founded	31/01/1980
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0420.137.979
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

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	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	57,746,193	-
Total operating expenses	-	-	-	-	-	56,960,227	-
Operating result	28,607	9.51	26,122	-12.28	29,778	289,680	-90.12
Total financial income	-	-	7	22400	0	173,085	-
Total financial expenses	4,828	-22.77	6,252	-21.69	7,983	333,620	-98.55
Results on ordinary operations before taxation	23,779	19.63	19,877	-8.80	21,795	111,955	-78.76
Taxation	5,448	26.64	4,302	-55.83	9,739	39,010	-86.03
Results on ordinary operations after taxation	18,331	17.70	15,575	29.19	12,056	85,747	-78.62
Extraordinary items	500	-	0	-	0	7,706	-93.51
Other appropriations	1	-	0.00	-	0.00	-	-
Net result	18,832	20.91	15,575	29.19	12,056	93,361	-79.83
other information
Dividends	-	-	-	-	-	137,001	-
Director remuneration	-	-	-	-	-	127,368	-
Employee costs	-	-	-	-	33	158,379	-
Wages and salary	-	-	-	-	-	134,285	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	33	33,244	-
Other employee costs	0	-	0	-	0	4,494	-100
Amortization and depreciation	4,672	17.47	3,977	0	3,977	20,762	-77.50

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	6,494	-	0	-	0	1,893	243
Tangible fixed assets	54,241	-4.84	57,003	-6.52	60,980	200,958	-73.01
Land & building	51,749	-6.26	55,203	-5.89	58,658	374,065	-86.17
Plant & machinery	2,011	24.45	1,616	-21.91	2,069	27,556	-92.70
Other tangible assets	481	162	184	-27.42	253	29,766	-98.38
Financial fixed assets	310	150	124	0	124	307,136	-99
Total fixed assets	61,044	6.86	57,127	-6.51	61,104	410,381	-85.13
Inventories	155,695	129	67,719	-70.81	232,030	3,391,867	-95.41
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,434	-100
Finished goods	0	-	0	-	0	2,332,792	-100
Other stocks	155,695	129	67,719	-70.81	232,030	467,416	-66.69
Trade debtors	2,184,869	0.18	2,180,941	-68.88	7,009,107	4,303,794	-49.23
Cash	241,954	-42.79	422,954	104	206,919	313,257	-22.76
other amounts receivable	5,003	220	1,559	-56.76	3,606	406,919	-98.77
Miscellaneous current assets	1,249	-28.91	1,757	-9.39	1,939	39,955	-96.87
Total current assets	2,588,770	-3.22	2,674,929	-64.11	7,453,602	7,888,853	-67.18
current liabilities
Trade creditors	680,041	16.55	583,481	-88.17	4,933,952	2,855,886	-76.19
Short term group loans	-	-	-	-	-	-	-
Other short term loans	21,773	-58.23	52,125	-	0	2,381,342	-99
Miscellaneous current liabilities	1,091,549	-13.29	1,258,831	-11.29	1,419,058	185	- -
Total current liabilities	1,793,363	-5.34	1,894,436	-70.18	6,353,010	5,498,054	-67.38
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-100	339,651	287,645	-100
Total long term debts	0	-	0	-100	339,651	906,565	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,014,550	-98.17
Share premium account	-	-	-	-	-	173,859	-
Reserves	837,851	2.30	819,020	1.94	803,445	808,423	3.64
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	856,451	2.25	837,620	1.89	822,045	1,847,340	-53.64
Working capital	795,407	1.91	780,493	-29.08	1,100,592	2,390,799	-66.73
Net worth	849,957	1.47	837,620	1.89	822,045	1,845,447	-53.94

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-723,00	-
Return on capital employed	2.78	17.30	2.37	26.06	1.88	-14,00	19.86
Return on total assets employed	0.90	23.29	0.73	151	0.29	-33,00	2.73
Return on net assets employed	2.78	17.30	2.37	-10.57	2.65	-22,00	12.64
Sales / net working capital	-	-	-	-	-	60,00	-
Stock turnover ratio	-	-	-	-	-	43,00	-
Debtor days	-	-	-	-	-	57.444,00	-
Creditor days	-	-	-	-	-	252,00	-
short term stability
Current ratio	1.44	2.13	1.41	20.51	1.17	4,00	-91.53
Liquidity ratio / acid ratio	1.36	-1.45	1.38	21.05	1.14	3,00	-54.67
Current debt ratio	2.09	-7.52	2.26	-70.76	7.73	17,00	-87.71
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	2.54	-59.16	6.22	-	-	274,00	-99
Equity in percentage	32.40	5.68	30.66	180	10.94	-1.061,00	3.05
Total debt ratio	2.09	-7.52	2.26	-72.24	8.14	18,00	-88.39

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

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.80
Industry average day sales outstanding	112.01

Industry quartile analysis

Payment expectations
Company result	-
Lower	129.48
Median	75.69
Upper	42.51
Day sales outstanding
Company result	-
Lower	109.67
Median	57.40
Upper	24.94

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

NSSO details

Business number	420137979
Name of defendant	ANMOL GEMS
Legal form of defendant	Private limited liability company
Date of summons	13/05/2008
Labour court	ANTWERPEN
Bankruptcy details
There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	13/05/2008	Secondary event date
Court number		Registry body identfier
Court type		Court name	ANTWERPEN

Current director details

Name	BHAVESH PATEL
Position	Principal Manager
Street	120 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	RAJIV SHASHIKANT KOTHARI
Position	Principal Manager
Street	26 ARENDSNESTLAAN EDEGEM
Post code	2650
Country	Belgium
Name	RAJENDRA KOTHARI
Position	Principal Manager
Street
Post code
Country

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.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.