MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	G. DIAM BVBA

Registered Office :	Hoveniersstraat 30 Bus 108 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	01.12.2006

Com. Reg. No.:	885506268

Legal Form :	Private Limited Company (BL/LX)

LINE OF BUSINESS :	PREPARATION OF DIAMONDS

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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

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	885506268	Company name	G. DIAM BVBA
		Telephone number	032318187
Address	HOVENIERSSTRAAT 30 BUS 108 ANTWERPEN	Fax number	032269491
Post code	2018	Number of staff	0
Date of establishment	01/12/2006

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	42,624,177	134,379	4,107,841
31/12/2010	34,417,785	157,061	3,847,597
31/12/2009	23,110,345	212,337	4,944,527

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	18,284,369		3,617,172	122,370	0
31/12/2010	15,920,194		3,502,512	24,583	0
31/12/2009	12,292,623		4,680,000	241,961	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	54.27
Industry average payment expectation days	74.28	Industry average day sales outstanding	101.20
Day sales outstanding	144.99

Court data summary

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

Business number	885506268	Company name	G. DIAM BVBA
Fax number	032269491	Date founded	01/12/2006
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	32121	liable for VAT	yes
Activity description	Preparation of diamonds	VAT Number	BE.0885.506.268
Belgian Bullettin of Acts Publications	moniteur belge

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	42,624,177	23.84	34,417,785	48.93	23,110,345	18,448,960	131
Total operating expenses	42,205,797	23.55	34,161,635	49.44	22,860,389	18,365,404	129
Operating result	418,380	63.33	256,150	2.48	249,956	43,829	854
Total financial income	40	-90.22	409	897	41	132,297	-99
Total financial expenses	284,042	185	99,499	164	37,660	163,439	73.79
Results on ordinary operations before taxation	134,379	-14.44	157,061	-26.03	212,337	-10,397	1292
Taxation	91	-99	9,948	11567	-86	16,105	-99
Results on ordinary operations after taxation	134,288	-8.72	147,113	-30.75	212,423	-21,073	637
Extraordinary items	0	-	0	-	0	1,935	-100
Other appropriations	0	-	0	-	0	-	-
Net result	134,288	-8.72	147,113	-30.75	212,423	-19,138	701
other information
Dividends	-	-	-	-	-	50,000	-
Director remuneration	30,002	0.01	30,000	-30.58	43,218	58,786	-48.96
Employee costs	-	-	-	-	-	182,569	-
Wages and salary	-	-	-	-	-	142,473	-
Employee pension costs	-	-	-	-	-	2,136	-
Social security contributions	-	-	-	-	-	43,024	-
Other employee costs	0	-	0	-	0	4,184	-100
Amortization and depreciation	28,222	357	6,164	51.93	4,057	20,723	36.19

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	1,581	-100
Tangible fixed assets	830,627	105	404,361	-25.23	540,815	146,073	468
Land & building	798,114	116	367,836	-25.10	491,128	348,386	129
Plant & machinery	3,994	-9.12	4,395	-33.20	6,579	47,741	-91.63
Other tangible assets	28,519	-11.24	32,130	-25.47	43,108	25,027	13.95
Financial fixed assets	-	-	-	-	-	49,355	-
Total fixed assets	830,627	105	404,361	-25.23	540,815	169,538	389
Inventories	398,175	6.95	372,301	-27.34	512,400	2,246,114	-82.27
Raw materials & consumables	-	-	-	-	-	2,596,619	-
Work in progress	0	-	0	-	0	6,272	-100
Finished goods	398,175	6.95	372,301	-27.34	512,400	555,862	-28.37
Other stocks	0	-	0	-	0	893,750	-100
Trade debtors	16,931,365	12.00	15,116,918	37.51	10,993,414	1,207,007	1302
Cash	122,370	397	24,583	-89.84	241,961	198,345	-38.30
other amounts receivable	1,832	-9.80	2,031	-49.64	4,033	42,977	-95.74
Miscellaneous current assets	0	-	0	-	0	25,670	-100
Total current assets	17,453,742	12.49	15,515,833	32.03	11,751,808	2,974,861	486
current liabilities
Trade creditors	6,275,380	-20.34	7,877,933	71.68	4,588,847	1,530,981	309
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,983,615	119	2,726,983	85.60	1,469,267	191,809	3019
Miscellaneous current liabilities	91,883	3.06	89,155	-90.07	897,751	-88.43	- -
Total current liabilities	12,350,878	15.49	10,694,071	53.74	6,955,865	2,293,137	438
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,825,650	32.43	1,378,526	251	392,231	214	- -
Other long term liabilities	0	-	0	-	0	123,423	-100
Total long term debts	1,825,650	32.43	1,378,526	251	392,231	318,834	472
shareholders equity
Issued share capital	3,617,172	3.27	3,502,512	-25.16	4,680,000	488,990	639
Share premium account	-	-	-	-	-	0	-
Reserves	490,669	42.19	345,085	30.45	264,527	18,674	2527
Revaluation reserve	-	-	-	-	-	0	-
Total shareholders equity	4,107,841	6.76	3,847,597	-22.18	4,944,527	507,664	709
Working capital	5,102,864	5.83	4,821,762	0.54	4,795,943	681,725	648
Net worth	4,107,841	6.76	3,847,597	-22.18	4,944,527	506,083	711

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.32	-30.43	0.46	-50.0	0.92	-21,00	1.52
Return on capital employed	2.26	-24.92	3.01	-24.37	3.98	35,00	-93.54
Return on total assets employed	0.73	-26.26	0.99	-42.77	1.73	-5,00	14.60
Return on net assets employed	3.27	-19.85	4.08	-4.90	4.29	43,00	-92.40
Sales / net working capital	8.35	16.95	7.14	48.13	4.82	-381,00	-99
Stock turnover ratio	0.93	-13.89	1.08	-51.35	2.22	19,00	-95.11
Debtor days	144.99	-9.56	160.31	-7.67	173.63	85,00	70.58
Creditor days	54.27	-35.52	84.17	14.88	73.27	51,00	6.41
short term stability
Current ratio	1.41	-2.76	1.45	-14.20	1.69	11,00	-84.33
Liquidity ratio / acid ratio	1.38	-2.82	1.42	-12.35	1.62	10,00	-86.20
Current debt ratio	3.01	8.27	2.78	97.16	1.41	9,00	-66.56
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	190.11	78.17	106.70	183	37.65	132,00	44.02
Equity in percentage	22.47	-7.03	24.17	-39.91	40.22	-20,00	112
Total debt ratio	3.45	9.87	3.14	110	1.49	11,00	-68.64

Industry comparison

Activity code	32121
Activity description	Preparation of diamonds
industry average credit rating	78.30
Industry average credit limit	9475.63

Payment expectations

Payment expectation days	54.27
Day sales outstanding	144.99

Industry comparison

Activity code	32121
Activity description	Preparation of diamonds
Industry average payment expectation days	74.28
Industry average day sales outstanding	101.20

Industry quartile analysis

Payment expectations
Company result	54.27
Lower	127.45
Median	66.02
Upper	22.11


Day sales outstanding
Company result	144.99
Lower	97.57
Median	43.30
Upper	15.43

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	Jitendra	Middle name	-
Surname	Bagadia
Shareholder Details
Start date	01/12/2006	End date	-
Percentage owned	-
Shareholder Address
Street name	Van Eycklei	House number	42
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Amit	Middle name	-
Surname	Vaghasia
Shareholder Details
Start date	01/12/2006	End date	-
Percentage owned	53.50%
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

NSSO details

Business number	885506268
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	AKSHAY CHANDRAKANT JHAVERI
Position	Principal Manager
Start Date	17/12/2007
Street	111 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	JITENDRA ODHAVAJI BAGADIA
Position	Non Statutory Partner
Start Date	01/12/2006
End Date	29/01/2009
Street	42 VAN EYCKLEI 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.54.84
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

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%)