MIRA INFORM REPORT

Report Date :

28.01.2013

IDENTIFICATION DETAILS

Name :	ASPECO NV
Registered Office :	Schupstraat 21 Bus 1 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.03.2011
Date of Incorporation :	02.02.1999
Com. Reg. No.:	465442820
Legal Form :	Public Limited Liability Company (BE)
Line of business :	Wholesale of diamonds and other precious stones
No. of Employees :	11

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 :	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	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

REGISTERED NAME & COMPANY SUMMARY

Business number	465442820	Company name	ASPECO NV
		Telephone number	0479322622
Address	SCHUPSTRAAT 21 BUS 1 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	11
Date of establishment	02/02/1999

DIRECTORS/MANAGEMENT

Current director details

Name	NITINKUMAR NATWARLAL SHAH
Position	Director
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	BELA NITINKUMAR SHAH
Position	Managing Director
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	BELA NITINKUMAR SHAH
Position	Chairman of the Board
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	BELA NITINKUMAR SHAH
Position	Director
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	YOGESH NATWARIAL SHAH
Position	Director
Street
Post code
Country	India

Name	RASHMIKANT SHAH
Position	Director
Street
Post code
Country

Former director details

Name	BHAVESH MAFATLAL MORAKHIA
Position	Principal Manager
Date of birth	01/08/1974
Street	45 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	BHAVESH MAFATLAL MORAKHIA
Position	Director
Date of birth	01/08/1974
Street	45 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	NITINKUMAR NATWARLAL SHAH
Position	Principal Manager
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	NITINKUMAR NATWARLAL SHAH
Position	Managing Director
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 10 TO 19 EMPLOYEES

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

Significant Events

Event Date	17/01/2012
Event Description
Event Details	Neerlegging van de eenparige schriftelijke besluitvorming van de aandeelhouders dd. 17 januari 2012, houdende goedkeuring, in overstemming met artikel 556 van het Wetboek van vennootschappen.

Protested bills

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

NSSO details

Business number	465442820
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

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	43.30
Industry average payment expectation days	183.24	Industry average day sales outstanding	122.79
Day sales outstanding	132.26

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	43.30
Day sales outstanding	132.26

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	183.24
Industry average day sales outstanding	122.79

Industry quartile analysis

Payment expectations
Company result	43.30
Lower	132.50
Median	80.61
Upper	42.62
Day sales outstanding
Company result	132.26
Lower	108
Median	57.64
Upper	24.45

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
Aspeco NV	465442820

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Click the company to view / order a report.
Company name	Number	Latest financials
- ASPECO NV	465442820	31-03-2011
- - KG CREATIONS	491869640	31-03-2010

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/03/2011	104,711,795	120,556	8,665,745
31/03/2010	106,309,627	99,129	9,038,160
31/03/2009	112,523,239	136,061	9,047,822

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/03/2011	59,903,709	34,928	7,464,821	3,522,258	11
31/03/2010	45,357,317	44,343	7,867,809	141,836	12
31/03/2009	54,886,606	45,290	7,968,850	146,951	15

Profit & loss

Annual accounts	31-03-2011	%	31-03-2010	%	31-03-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	104,711,795	-1.50	106,309,627	-5.52	112,523,239	63,091,674	65.97
Total operating expenses	103,070,187	-1.51	104,648,870	-4.87	110,007,315	62,166,029	65.80
Operating result	1,641,608	-1.15	1,660,757	-33.99	2,515,924	334,520	390
Total financial income	488,987	1384	32,931	526	5,258	179,639	172
Total financial expenses	2,010,039	26.06	1,594,558	-33.15	2,385,122	363,980	452
Results on ordinary operations before taxation	120,556	21.62	99,129	-27.14	136,061	131,408	-8.26
Taxation	22,895	386	-5,931	-127	21,873	44,294	-48.31
Results on ordinary operations after taxation	97,661	-7.04	105,060	-7.99	114,188	101,284	-3.58
Extraordinary items	-7,143	-	0	0	-4,438	9,393	-176
Other appropriations	0	-	0	-	0	-	-
Net result	90,518	-13.84	105,060	-4.27	109,750	110,542	-18.11
other information
Dividends	-	-	-	-	-	137,001	-
Director remuneration	-	-	-	-	-	141,123	-
Employee costs	469,329	-29.21	662,958	-21.05	839,750	181,180	159
Wages and salary	355,982	-30.10	509,304	-21.57	649,406	152,606	133
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	99,150	-25.99	133,972	-18.44	164,254	38,118	160
Other employee costs	14,197	-27.87	19,683	-24.56	26,090	5,345	165
Amortization and depreciation	244,890	-8.79	268,492	-3.68	278,740	22,434	991

balance sheet

Annual accounts	31-03-2011	%	31-03-2010	%	31-03-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	2,373	-100
Tangible fixed assets	1,510,227	-18.33	1,849,096	-13.76	2,144,166	214,675	603
Land & building	-	-	-	-	-	389,898	-
Plant & machinery	763,023	-19.02	942,209	-14.63	1,103,648	29,301	2504
Other tangible assets	747,204	-17.61	906,887	-12.84	1,040,518	32,190	2221
Financial fixed assets	34,928	-21.23	44,343	-2.09	45,290	367,869	-90.51
Total fixed assets	1,545,154	-18.39	1,893,439	-13.52	2,189,456	471,048	228
Inventories	15,989,449	0.68	15,881,045	-33.14	23,753,827	3,383,418	372
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	3,070	-100
Finished goods	15,989,449	0.68	15,881,045	-33.14	23,753,827	2,295,279	596
Other stocks	0	-	0	-	0	492,369	-100
Trade debtors	37,942,973	50.24	25,254,383	-5.76	26,799,236	4,460,371	750
Cash	3,522,258	2383	141,836	-3.48	146,951	326,308	979
other amounts receivable	844,605	-60.38	2,131,652	10.07	1,936,693	476,154	77.38
Miscellaneous current assets	59,270	7.84	54,962	-9.07	60,443	48,698	21.71
Total current assets	58,358,555	34.27	43,463,878	-17.52	52,697,150	8,132,063	617
current liabilities
Trade creditors	12,226,421	117	5,610,224	-41.38	9,570,471	2,784,883	339
Short term group loans	-	-	-	-	-	-	-
Other short term loans	20,753,340	105	10,081,375	-31.59	14,736,840	2,588,856	701
Miscellaneous current liabilities	136,487	-87.28	1,073,144	-2.86	1,104,728	-65.28	- -
Total current liabilities	33,116,248	97.54	16,764,743	-34.03	25,412,039	5,644,443	486
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,087,336	-83.07	6,422,553	-3.04	6,624,246	-34.44	- -
Other long term liabilities	17,034,380	29.72	13,131,861	-4.86	13,802,499	318,734	5244
Total long term debts	18,121,716	-7.33	19,554,414	-4.27	20,426,745	1,015,366	1684
shareholders equity
Issued share capital	7,464,821	-5.12	7,867,809	-1.27	7,968,850	1,029,868	624
Share premium account	262,290	-5.12	276,450	-1.27	280,000	185,123	41.68
Reserves	938,634	5.00	893,901	11.88	798,972	832,850	12.70
Revaluation reserve	-	-	-	-	-	782,896	-
Total shareholders equity	8,665,745	-4.12	9,038,160	-0.11	9,047,822	1,890,962	358
Working capital	25,242,307	-5.46	26,699,135	-2.15	27,285,111	2,487,620	914
Net worth	8,665,745	-4.12	9,038,160	-0.11	9,047,822	1,888,590	358

ratio analysis

Annual accounts	31-03-2011	change(%)	31-03-2010	change(%)	31-03-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.12	33.33	0.09	-25.00	0.12	0,00	-
Return on capital employed	0.45	28.57	0.35	-23.91	0.46	-32,00	1.41
Return on total assets employed	0.20	-9.09	0.22	-12.00	0.25	-27,00	0.74
Return on net assets employed	1.39	26.36	1.10	-26.67	1.50	-42,00	3.31
Sales / net working capital	4.15	4.27	3.98	-3.40	4.12	70,00	-99
Stock turnover ratio	15.27	2.21	14.94	-29.23	21.11	45,00	-66.07
Debtor days	132.26	52.53	86.71	-0.25	86.93	122,00	8.41
Creditor days	43.30	121	19.57	-38.36	31.75	124,00	-65.08
short term stability
Current ratio	1.76	-32.05	2.59	25.12	2.07	4,00	-90.74
Liquidity ratio / acid ratio	1.28	-22.42	1.65	44.74	1.14	3,00	-57.33
Current debt ratio	3.82	106	1.85	-34.16	2.81	19,00	-79.89
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	252.03	38.02	182.60	-22.66	236.09	299,00	-15.71
Equity in percentage	14.47	-27.40	19.93	20.93	16.48	-1.285,00	1.13
Total debt ratio	5.91	47.01	4.02	-20.71	5.07	20,00	-70.45

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Business number	465442820	Company name	ASPECO NV
Fax number	-	Date founded	02/02/1999
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/03/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0465.442.820
Belgian Bullettin of Acts Publications	moniteur belge

NOTES & COMMENTS

N/a

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 :

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.