MIRA INFORM REPORT

Report Date :

25.01.2013

IDENTIFICATION DETAILS

Name :	FILDIAM BVBA
Registered Office :	Hoveniersstraat 53 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	21.10.1986
Com. Reg. No.:	429616463
Legal Form :	Private Limited Company (BL/LX)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	1

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 (31.03.2012)	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

FILDIAM BVBA - FILDIAM BVBA

Business number	429616463	Company name	FILDIAM BVBA
		Telephone number	032067240
Address	HOVENIERSSTRAAT 53 ANTWERPEN	Fax number	032253125
Post code	2018	Number of staff	1
Date of establishment	21/10/1986

Ultimate holding company

Company name	Company Number
-	-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	5,426,961	6,133	72,642
31/12/2010	3,979,273	6,666	63,711
31/12/2009	3,742,382	7,142	59,743

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	2,474,391		19,201	38,846	1
31/12/2010	2,607,848		18,592	335,987	1
31/12/2009	2,042,560		18,592	147,609	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	107.85
Industry average payment expectation days	176.30	Industry average day sales outstanding	109.72
Day sales outstanding	96.65

Court data summary

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

Business number	429616463	Company name	FILDIAM BVBA
Fax number	032253125	Date founded	21/10/1986
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.0429.616.463
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

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	5,426,961	36.38	3,979,273	6.33	3,742,382	57,071,239	-90.49
Total operating expenses	5,461,027	36.93	3,988,081	7.67	3,703,986	56,388,961	-90.32
Operating result	-34,066	-286	-8,808	-122	38,396	262,084	-112
Total financial income	96,693	158	37,397	631	5,112	170,510	-43.29
Total financial expenses	56,494	157	21,923	-39.72	36,366	345,273	-83.64
Results on ordinary operations before taxation	6,133	-7.99	6,666	-6.67	7,142	70,815	-91.34
Taxation	3,662	35.75	2,698	56.84	1,720	38,720	-90.54
Results on ordinary operations after taxation	2,471	-37.73	3,968	-26.82	5,422	44,618	-94.46
Extraordinary items	975	-	0	0	-1,774	11,616	-91.61
Other appropriations	0	-	0.00	-	0	-	-
Net result	3,446	-13.15	3,968	8.77	3,648	56,173	-93.87
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	118,597	-
Employee costs	44,506	47.90	30,092	5.08	28,638	152,302	-70.78
Wages and salary	36,365	47.28	24,691	6.23	23,242	129,219	-71.86
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	5,954	29.21	4,608	1.72	4,530	31,839	-81.30
Other employee costs	2,187	175	793	-8.37	866	4,354	-49.77
Amortization and depreciation	5,750	5.20	5,466	-0.01	5,466	21,715	-73.52

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	11,706	-28.61	16,397	-25.00	21,862	208,237	-94.38
Land & building	-	-	-	-	-	381,832	-
Plant & machinery	-	-	-	-	-	27,852	-
Other tangible assets	11,706	-28.61	16,397	-25.00	21,862	31,019	-62.26
Financial fixed assets	-	-	-	-	-	321,574	-
Total fixed assets	11,706	-28.61	16,397	-25.00	21,862	427,471	-97.26
Inventories	952,173	26.73	751,352	11.86	671,697	3,531,853	-73.04
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,265	-100
Finished goods	952,173	26.73	751,352	11.86	671,697	2,469,198	-61.44
Other stocks	0	-	0	-	0	456,453	-100
Trade debtors	1,437,042	-2.44	1,473,017	25.48	1,173,885	4,400,137	-67.34
Cash	38,846	-88.44	335,987	127	147,609	307,269	-87.36
other amounts receivable	32,545	10.28	29,512	13.37	26,031	448,541	-92.74
Miscellaneous current assets	2,079	31.30	1,583	7.28	1,476	41,977	-95.05
Total current assets	2,462,685	-4.97	2,591,452	28.25	2,020,698	8,154,413	-69.80
current liabilities
Trade creditors	1,613,628	-4.79	1,694,742	39.28	1,216,760	2,934,481	-45.01
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-100	80,299	78.67	44,942	2,446,673	-100
Miscellaneous current liabilities	15,222	77.59	8,571	9.73	7,811	-96.20	- -
Total current liabilities	1,628,850	-8.68	1,783,612	40.50	1,269,513	5,665,157	-71.25
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	772,900	1.63	760,525	6.62	713,304	-51.94	- -
Other long term liabilities	-1	-	0	-	0	282,125	-100
Total long term debts	772,899	1.63	760,525	6.62	713,304	938,470	-17.64
shareholders equity
Issued share capital	19,201	3.28	18,592	0.00	18,592	1,171,581	-98.36
Share premium account	-	-	-	-	-	173,859	-
Reserves	53,441	18.44	45,119	9.64	41,151	725,924	-92.64
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	72,642	14.02	63,711	6.64	59,743	1,921,689	-96.22
Working capital	833,835	3.22	807,840	7.54	751,185	2,489,256	-66.50
Net worth	72,642	14.02	63,711	6.64	59,743	1,919,911	-96.22

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.11	-35.29	0.17	-10.53	0.19	-662,00	0.02
Return on capital employed	0.73	-9.88	0.81	-11.96	0.92	-13,00	5.62
Return on total assets employed	0.25	-3.85	0.26	-25.71	0.35	-30,00	0.83
Return on net assets employed	8.44	-19.31	10.46	-12.47	11.95	-19,00	44.42
Sales / net working capital	6.51	32.05	4.93	-1.00	4.98	61,00	-99
Stock turnover ratio	17.55	-7.04	18.88	5.18	17.95	62,00	-71.69
Debtor days	96.65	-28.47	135.11	18.01	114.49	51.715,00	-99
Creditor days	107.85	-30.47	155.11	29.37	119.90	299,00	-63.93
short term stability
Current ratio	1.51	4.14	1.45	-8.81	1.59	4,00	-90.56
Liquidity ratio / acid ratio	0.93	-9.71	1.03	-2.83	1.06	3,00	-69.00
Current debt ratio	22.42	-19.93	28	31.76	21.25	16,00	40.12
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	1063.99	-19.38	1319.74	3.98	1269.18	273,00	289
Equity in percentage	2.94	20.49	2.44	-16.44	2.92	-991,00	0.30
Total debt ratio	33.06	-17.21	39.93	20.31	33.19	17,00	94.47

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	107.85
Day sales outstanding	96.65

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	107.85
Lower	122.56
Median	73.75
Upper	41.43
Day sales outstanding
Company result	96.65
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

Protested bills

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

NSSO details

Business number	429616463
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	PHILIPPE FOGEL
Position	Principal Manager
Start Date	06/08/2010
Street	70 FRANS BIRONTLAAN ANTWERPEN
Post code	2600
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.53.85
UK Pound	1	Rs.85.25
Euro	1	Rs.71.72

INFORMATION DETAILS

Report Prepared by :

SDA

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.