MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Name :	ALMAZI INTERNATIONAL BVBA
Registered Office :	Hoveniersstraat 53 Bus 79 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	07.01.1987
Com. Reg. No.:	430000010
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	430000010	Company name	ALMAZI INTERNATIONAL BVBA
		Telephone number	0474703969
Address	HOVENIERSSTRAAT 53 BUS 79 ANTWERPEN	Fax number	032349300
Post code	2018	Number of staff	0
Date of establishment	07/01/1987

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	155,351,244	504,840	3,843,316
31/12/2010	69,212,744	204,665	3,364,130
31/12/2009	57,736,829	137,419	2,973,712

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	32,568,715		2,486,101	205,299	0
31/12/2010	24,718,778		2,407,294	104,351	0
31/12/2009	22,517,658		1,926,405	580,341	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	66.82
Industry average payment expectation days	176.30	Industry average day sales outstanding	109.72
Day sales outstanding	75.80

Court data summary

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

Business number	430000010	Company name	ALMAZI INTERNATIONAL BVBA
Fax number	032349300	Date founded	07/01/1987
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.0430.000.010
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

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

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
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	155,351,244	124	69,212,744	19.88	57,736,829	57,071,239	172
Total operating expenses	154,815,739	124	69,017,159	19.84	57,591,784	56,388,961	174
Operating result	535,505	173	195,585	34.84	145,045	262,084	104
Total financial income	10,582	-86.76	79,907	-17.63	97,009	170,510	-93.79
Total financial expenses	41,247	-41.76	70,827	-32.31	104,635	345,273	-88.05
Results on ordinary operations before taxation	504,840	146	204,665	48.94	137,419	70,815	612
Taxation	135,783	192	46,421	1299	-3,571	38,720	250
Results on ordinary operations after taxation	369,057	133	158,244	12.24	140,990	44,618	727
Extraordinary items	0	-	0	-	0	11,616	-100
Other appropriations	0	-	0	-	0	-	-
Net result	369,057	133	158,244	12.24	140,990	56,173	557
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	118,597	-
Employee costs	-	-	-	-	-	152,302	-
Wages and salary	-	-	-	-	-	129,219	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	31,839	-
Other employee costs	0	-	0	-	0	4,354	-100
Amortization and depreciation	13,308	3.27	12,886	92.88	6,681	21,715	-38.72

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	1,778	-100
Tangible fixed assets	44,987	-20.30	56,447	6.34	53,082	208,237	-78.40
Land & building	-	-	-	-	-	381,832	-
Plant & machinery	-	-	-	-	-	27,852	-
Other tangible assets	44,987	-20.30	56,447	6.34	53,082	31,019	45.03
Financial fixed assets	-	-	-	-	-	321,574	-
Total fixed assets	44,987	-20.30	56,447	6.34	53,082	427,471	-89.48
Inventories	-	-	-	-	-	3,531,853	-
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,265	-100
Finished goods	0	-	0	-	0	2,469,198	-100
Other stocks	0	-	0	-	0	456,453	-100
Trade debtors	32,262,970	31.45	24,543,201	12.76	21,766,024	4,400,137	633
Cash	205,299	96.74	104,351	-82.02	580,341	307,269	-33.19
other amounts receivable	53,166	325	12,495	-89.43	118,211	448,541	-88.15
Miscellaneous current assets	2,293	0.39	2,284	-	0	41,977	-94.54
Total current assets	32,523,728	31.88	24,662,331	9.78	22,464,576	8,154,413	298
current liabilities
Trade creditors	28,342,770	33.65	21,206,974	11.97	18,940,606	2,934,481	865
Short term group loans	-	-	-	-	-	-	-
Other short term loans	156,227	87.81	83,184	-84.39	532,911	2,446,673	-93.61
Miscellaneous current liabilities	213,383	392	43,298	4.48	41,440	-46.70	- -
Total current liabilities	28,712,380	34.59	21,333,456	9.32	19,514,957	5,665,157	406
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	13,020	-38.56	21,192	-26.90	28,989	-99	- -
Other long term liabilities	-1	-	0	-	0	282,125	-100
Total long term debts	13,019	-38.57	21,192	-26.90	28,989	938,470	-98.61
shareholders equity
Issued share capital	2,486,101	3.27	2,407,294	24.96	1,926,405	1,171,581	112
Share premium account	-	-	-	-	-	173,859	-
Reserves	1,357,215	41.84	956,836	-8.64	1,047,307	725,924	86.96
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	3,843,316	14.24	3,364,130	13.13	2,973,712	1,921,689	99
Working capital	3,811,348	14.49	3,328,875	12.86	2,949,619	2,489,256	53.11
Net worth	3,843,316	14.24	3,364,130	13.13	2,973,712	1,919,911	100

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	6.67	0.30	25.00	0.24	-662,00	0.05
Return on capital employed	13.09	116	6.05	32.10	4.58	-13,00	100
Return on total assets employed	1.55	86.75	0.83	36.07	0.61	-30,00	5.17
Return on net assets employed	13.14	116	6.08	31.60	4.62	-19,00	69.16
Sales / net working capital	40.76	96.06	20.79	6.23	19.57	61,00	-99
Stock turnover ratio	-	-	-	-	-	62,00	-
Debtor days	75.80	-41.44	129.43	-5.94	137.60	51.715,00	-99
Creditor days	66.82	-40.42	112.15	-6.57	120.04	299,00	-77.65
short term stability
Current ratio	1.13	-2.59	1.16	0.87	1.15	4,00	-92.94
Liquidity ratio / acid ratio	1.13	-2.59	1.16	0.87	1.15	3,00	-62.33
Current debt ratio	7.47	17.82	6.34	-3.35	6.56	16,00	-53.31
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	4.40	41.94	3.10	-83.60	18.90	273,00	-98.39
Equity in percentage	11.80	-13.30	13.61	3.03	13.21	-991,00	1.19
Total debt ratio	7.47	17.64	6.35	-3.35	6.57	17,00	-56.06

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

Payment expectations

Payment expectation days	66.82
Day sales outstanding	75.80

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	176.30
Industry average day sales outstanding	109.72

Industry quartile analysis

Payment expectations
Company result	66.82
Lower	122.56
Median	73.75
Upper	41.43
Day sales outstanding
Company result	75.80
Lower	107.66
Median	55.21
Upper	24.45

Company result	66.82
Lower	122.56
Median	73.75
Upper	41.43

Company result	75.80
Lower	107.66
Median	55.21
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

NSSO details

Business number	430000010
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	KAUSHIK KIRTILAL MEHTA
Position	Principal Manager
Start Date	26/07/2004
Street	25 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	KARIM RAYANI
Position	Principal Manager
Start Date	27/08/2007
Street	5 JEAN-LOUIS CAUTREELSLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	RAYMOND EVENS
Position	Principal Manager
Start Date	27/08/2007
Street	61 DELLA FAILLELAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	KUNAL MEHTA
Position	Principal Manager
Start Date	26/07/2004
Street
Post code
Country

Former director details

Name	DELVEAUX,
Position	Principal Manager
Start Date	23/05/1997
End Date	-
Street	23 FRANSELEI KAPELLEN
Post code	2950
Country	Belgium
Name	MONICQUE VAN WAUWE
Position	Director
Start Date	07/09/1997
End Date	-
Street	51 CORNELIS DE HERDTSTRAAT MORTSEL
Post code	2640
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.53.77
UK Pound	1	Rs.85.13
Euro	1	Rs.71.57

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%)