MIRA INFORM REPORT

Report Date :

26.02.2013

IDENTIFICATION DETAILS

Name :	VICTOR DIAMONDS BVBA
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	14.11.2005
Com. Reg. No.:	877296209
Legal Form :	Private Limited Company (BL/LX)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	2

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	877296209
Company name	VICTOR DIAMONDS BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	2
Date of establishment	14/11/2005
Telephone number	032262492
Fax number	-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		172,858	302,675
31/12/2010		72,430	191,001
31/12/2009		36,725	156,173

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	8,324,487		20,000	271,824	2
31/12/2010	2,710,166		20,000	45,191	2
31/12/2009	1,928,792		20,000	470,219	2

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	176.07	Industry average day sales outstanding	109.20
Day sales outstanding	-

Court data summary

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

Business number	877296209	Company name	VICTOR DIAMONDS BVBA
Fax number	-	Date founded	14/11/2005
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.0877.296.209
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

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	-	-	-	-	-	56,956,839	-
Total operating expenses	-	-	-	-	-	56,275,592	-
Operating result	459,059	63.66	280,490	349	62,448	261,362	75.64
Total financial income	514,327	17087169	3	-99	35,763	171,575	199
Total financial expenses	800,527	284	208,063	238	61,486	345,491	131
Results on ordinary operations before taxation	172,858	138	72,430	97.22	36,725	70,551	145
Taxation	61,183	62.71	37,602	270	10,141	38,627	58.39
Results on ordinary operations after taxation	111,675	220	34,827	31.01	26,584	44,441	151
Extraordinary items	0	-	0	-	0	11,574	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	111,675	220	34,827	31.01	26,584	55,954	99
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	118,597	-
Employee costs	73,573	5.15	69,969	2.15	68,496	152,047	-51.61
Wages and salary	56,686	4.66	54,161	1.41	53,408	128,978	-56.05
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	12,849	2.33	12,557	3.52	12,130	31,709	-59.48
Other employee costs	4,038	24.19	3,252	9.95	2,957	4,339	-6.93
Amortization and depreciation	49,026	34.30	36,503	-2.85	37,575	21,658	126

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	0	-	0	-	0	1,798	-100
Tangible fixed assets	613,558	2.63	597,817	-5.68	633,791	208,025	194
Land & building	552,423	-3.22	570,775	-3.11	589,126	381,382	44.85
Plant & machinery	3,580	-52.27	7,500	-46.38	13,989	27,852	-87.15
Other tangible assets	57,555	194	19,542	-36.30	30,676	30,908	86.21
Financial fixed assets	-	-	-	-	-	321,397	-
Total fixed assets	613,558	2.63	597,817	-5.68	633,791	426,624	43.82
Inventories	7,264,966	477	1,258,714	62.16	776,202	3,529,386	105
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,257	-100
Finished goods	0	-	0	-	0	2,460,331	-100
Other stocks	7,264,966	477	1,258,714	62.16	776,202	459,089	1482
Trade debtors	157,537	-80.43	804,983	1579	47,923	4,388,570	-96.41
Cash	271,824	501	45,191	-90.39	470,219	306,223	-11.23
other amounts receivable	4,941	96.64	2,513	282	658	446,946	-98.89
Miscellaneous current assets	11,662	1128	949	-	0	41,869	-72.15
Total current assets	7,710,929	265	2,112,350	63.12	1,295,001	8,133,775	-5.20
current liabilities
Trade creditors	6,835,108	412	1,334,152	136	564,248	2,931,125	133
Short term group loans	-	-	-	-	-	-	-
Other short term loans	383,153	3.51	370,162	-2.35	379,076	2,438,060	-84.28
Miscellaneous current liabilities	87,555	59.95	54,738	40.28	39,019	-78.11	- -
Total current liabilities	7,305,816	315	1,759,052	79.07	982,343	5,653,417	29.23
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	595,996	-6.89	640,113	-4.50	670,275	-62.87	- -
Other long term liabilities	120,000	0	120,000	0	120,000	288,744	-58.44
Total long term debts	715,996	-5.80	760,113	-3.82	790,275	942,911	-24.07
shareholders equity
Issued share capital	20,000	0	20,000	0	20,000	1,167,517	-98.29
Share premium account	-	-	-	-	-	173,859	-
Reserves	282,675	65.31	171,001	25.58	136,173	723,438	-60.93
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	302,675	58.47	191,001	22.30	156,173	1,915,052	-84.19
Working capital	405,113	14.67	353,297	13.00	312,657	2,480,358	-83.67
Net worth	302,675	58.47	191,001	22.30	156,173	1,913,253	-84.18

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-661,00	-
Return on capital employed	16.97	122	7.62	96.39	3.88	-12,00	141
Return on total assets employed	2.08	-22.10	2.67	40.53	1.90	-30,00	6.93
Return on net assets employed	57.11	50.61	37.92	61.22	23.52	-18,00	317
Sales / net working capital	-	-	-	-	-	61,00	-
Stock turnover ratio	-	-	-	-	-	62,00	-
Debtor days	-	-	-	-	-	51.582,00	-
Creditor days	-	-	-	-	-	299,00	-
short term stability
Current ratio	1.06	-11.67	1.20	-9.09	1.32	4,00	-93.38
Liquidity ratio / acid ratio	0.06	-87.76	0.49	-7.55	0.53	3,00	-98.00
Current debt ratio	24.14	162	9.21	46.42	6.29	16,00	50.88
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	323.50	-38.84	528.94	-21.28	671.92	273,00	18.50
Equity in percentage	3.64	-48.37	7.05	-12.96	8.10	-988,00	0.37
Total debt ratio	26.50	100	13.19	16.21	11.35	17,00	55.88

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	176.07
Industry average day sales outstanding	109.20

Industry quartile analysis

Payment expectations
Company result	-
Lower	122.08
Median	73.75
Upper	41.43
Day sales outstanding
Company result	-
Lower	106.72
Median	54.94
Upper	24.45

Company result	-
Lower	122.08
Median	73.75
Upper	41.43

Company result	-
Lower	106.72
Median	54.94
Upper	24.45

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

Individual Shareholders

Shareholder Name
Forename	Ali	Middle name	Jaoudat
Surname	Nasser
Shareholder Details
Start date	14/11/2005	End date	-
Percentage owned	100%
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	United Arab Emirates

NSSO details

Business number	877296209
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	ALI MOHAMAD JAOUDAT NASSER
Position	Principal Manager
Start Date	22/08/2010
Date of birth	26/06/1970
Street	116 VELDSTRAAT WIJNEGEM
Post code	2110
Country	Belgium

Bottom of Form

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.54.04
UK Pound	1	Rs.81.80
Euro	1	Rs.71.41

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.