MIRA INFORM REPORT

Report Date :

28.02.2013

IDENTIFICATION DETAILS

Name :	N.G. DIAM BVBA

Registered Office :	Pelikaanstraat 62-Office Nr. 435, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	19.02.2009

Com. Reg. No.:	809929709

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other 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 :	Unknown
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

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

REGISTERED NAME & COMPANY SUMMARY

Business number	809929709
Company name	N.G. DIAM BVBA
Address	PELIKAANSTRAAT 62-Office nr. 435
	2018 ANTWERPEN
Number of staff	0
Date of establishment	19/02/2009
Telephone number	032812421
Fax number	-
Company status	Active

Business number	809929709	Company name	N.G. DIAM BVBA
Fax number	-	Date founded	19/02/2009
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.0809.929.709
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	RAHUL BIMLESH SHAH
Position	Principal Manager
Start Date	14/07/2010
Street	92 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	KUNAL BHARATKUMAR MEHTA
Position	Principal Manager
Start Date	16/02/2009
End Date	23/02/2012
Date of birth	06/04/1976
Street	59 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	809929709
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.

Individual Shareholders

Shareholder Name
Forename	Kunal	Middle name	-
Surname	Mehta
Shareholder Details
Start date	16/02/2009	End date	-
Percentage owned	100%
Shareholder Address
Street name	Belgiëlei	House number	59
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

PAYMENT INFORMATION

Payment expectations

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

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	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

GROUP STRUCTURE & AFFILIATED COMPANIES

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 & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		59,558	69,120
31/12/2010		5,281	26,688
31/12/2009		2,311	22,811

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	2,721,849	3,700	21,000	56,977	0
31/12/2010	1,122,067	1,500	21,000	142,761	0
31/12/2009	350,515	1,500	21,000	32,563	0

Trends

Profitability
Liquidity
Net worth

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	93,429	694	11,757	-16.85	14,140	261,362	-64.25
Total financial income	-	-	-	-	-	171,575	-
Total financial expenses	33,871	423	6,476	-45.25	11,829	345,491	-90.20
Results on ordinary operations before taxation	59,558	1027	5,281	128	2,311	70,551	-15.58
Taxation	17,127	1119	1,404	180	500	38,627	-55.66
Results on ordinary operations after taxation	42,432	994	3,877	114	1,811	44,441	-4.52
Extraordinary items	0	-	0	-	0	11,574	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	42,432	994	3,877	114	1,811	55,954	-24.17
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	118,597	-
Employee costs	-	-	-	-	-	152,047	-
Wages and salary	-	-	-	-	-	128,978	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	31,709	-
Other employee costs	0	-	0	-	0	4,339	-100
Amortization and depreciation	1,193	1373	81	0	81	21,658	-94.49

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	4,612	1805	242	-25.08	323	208,025	-97.78
Land & building	-	-	-	-	-	381,382	-
Plant & machinery	4,612	1805	242	-25.08	323	27,852	-83.44
Other tangible assets	0	-	0	-	0	30,908	-100
Financial fixed assets	3,700	146	1,500	0	1,500	321,397	-98.85
Total fixed assets	8,312	377	1,742	-4.44	1,823	426,624	-98.05
Inventories	1,612,388	368	344,077	105	167,676	3,529,386	-54.32
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	1,612,388	368	344,077	105	167,676	459,089	251
Trade debtors	1,041,003	66.29	626,003	370	133,038	4,388,570	-76.28
Cash	56,977	-60.09	142,761	338	32,563	306,223	-81.39
other amounts receivable	0	-100	7,484	-49.22	14,738	446,946	-100
Miscellaneous current assets	3,168	-	0	-100	677	41,869	-92.43
Total current assets	2,713,537	142	1,120,325	221	348,692	8,133,775	-66.64
current liabilities
Trade creditors	1,860,476	471	325,335	83.74	177,060	2,931,125	-36.53
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	2,438,060	-100
Miscellaneous current liabilities	792,253	2.88	770,044	411	150,644	98.06	- -
Total current liabilities	2,652,729	142	1,095,379	234	327,704	5,653,417	-53.08
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	288,744	-100
Total long term debts	0	-	0	-	0	942,911	-100
shareholders equity
Issued share capital	21,000	0	21,000	0	21,000	1,167,517	-98.20
Share premium account	-	-	-	-	-	173,859	-
Reserves	48,120	745	5,688	214	1,811	723,438	-93.35
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	69,120	158	26,688	17.00	22,811	1,915,052	-96.39
Working capital	60,808	143	24,946	18.86	20,988	2,480,358	-97.55
Net worth	69,120	158	26,688	17.00	22,811	1,913,253	-96.39

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	86.17	335	19.79	95.36	10.13	-12,00	718
Return on total assets employed	2.19	365	0.47	-28.79	0.66	-30,00	7.30
Return on net assets employed	86.17	335	19.79	95.36	10.13	-18,00	478
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	1.02	0	1.02	-3.77	1.06	4,00	-93.62
Liquidity ratio / acid ratio	0.42	-40.85	0.71	29.09	0.55	3,00	-86.00
Current debt ratio	38.38	-6.48	41.04	185	14.37	16,00	139
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	273,00	-
Equity in percentage	2.54	6.72	2.38	-63.44	6.51	-988,00	0.26
Total debt ratio	38.38	-6.48	41.04	185	14.37	17,00	125

ADDITIONAL INFORMATION

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	10/12/2010
Event Description	proposal to change address filed
Event Details	Commentaar 01-01-2011: De Maatschappelijke Zetel zal per 01/01/2011 verplaatst worden naar de Pelikaanstraat 62, office Nr. 435, 2018 Antwerpen.

Limit History

no limit history data found.

Industry comparison

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

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.53.84
UK Pound	1	Rs.81.24
Euro	1	Rs.70.39

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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