MIRA INFORM REPORT

Report Date :

31.01.2013

IDENTIFICATION DETAILS

Name :	ASHISH DIAMOND BVBA
Registered Office :	Hoveniersstraat 2-B 614 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	11.07.1989
Com. Reg. No.:	437765552
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 (31.03.2011)	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

Business number	437765552
Company name	ASHISH DIAMOND BVBA
Address	HOVENIERSSTRAAT 2-B 614
	2018 ANTWERPEN
Number of staff	1
Date of establishment	11/07/1989
Telephone number	032310403
Fax number	032343554

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	36,488,151	482,397	6,156,471
31/12/2010	23,891,839	40,739	5,494,819
31/12/2009	15,992,285	-273,189	4,978,860

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	11,375,047	305	5,487,590	30,234	1
31/12/2010	9,663,083	294	5,313,640	19,083	0
31/12/2009	8,876,482	273	4,928,820	622,322	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	25.36
Industry average payment expectation days	176.29	Industry average day sales outstanding	109.66
Day sales outstanding	67.19

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	20/12/2011

Business number	437765552	Company name	ASHISH DIAMOND BVBA
Fax number	032343554	Date founded	11/07/1989
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.0437.765.552
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	18/12/2008
Event Description
Event Details	Als vergoeding voor de inbreng in het kapitaal, worden 313 nieuw volledig afbetaalde aandelen toegekend aan: Bhansali Kejal en als vergoeding voor de inbreng in het kapitaal, worden 424 nieuwe volstorte aandelen toegekend aan Mody Setul.

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	36,488,151	52.72	23,891,839	49.40	15,992,285	57,071,239	-36.07
Total operating expenses	35,833,993	51.06	23,720,934	47.39	16,094,003	56,388,961	-36.45
Operating result	654,158	282	170,905	168	-101,718	261,829	149
Total financial income	5,644	1732	308	833	33	170,510	-96.69
Total financial expenses	177,405	35.97	130,475	-23.92	171,504	344,956	-48.57
Results on ordinary operations before taxation	482,397	1084	40,739	14.91	-273,189	70,732	582
Taxation	626	-	-	-	6,241	38,720	-98.38
Results on ordinary operations after taxation	481,771	1082	40,739	14.58	-279,430	44,559	981
Extraordinary items	0	-100	86,493	-	0	11,605	-100
Other appropriations	0	-	0	-100	1	-	-
Net result	481,771	278	127,232	45.53	-279,429	56,103	758
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	38,788	-7.66	42,005	-4.09	43,794	118,597	-67.29
Employee costs	35,668	240	10,490	-	-	152,302	-76.58
Wages and salary	25,565	265	6,999	-	-	129,219	-80.22
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	10,103	189	3,491	-	-	31,839	-68.27
Other employee costs	0	-	0	-	0	4,350	-100
Amortization and depreciation	25,863	-22.29	33,281	36.98	24,297	21,715	19.10

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	1,777	-100
Tangible fixed assets	985,913	13.36	869,686	55.36	559,786	208,237	373
Land & building	859,871	1.93	843,616	63.50	515,988	381,832	125
Plant & machinery	2,473	298	621	-61.36	1,607	27,852	-91.12
Other tangible assets	123,569	385	25,449	-39.68	42,191	30,991	298
Financial fixed assets	305	3.74	294	7.69	273	321,397	-99
Total fixed assets	986,217	13.36	869,981	55.34	560,058	427,235	130
Inventories	3,635,846	42.29	2,555,170	123	1,142,223	3,531,853	2.94
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,263	-100
Finished goods	3,635,846	42.29	2,555,170	123	1,142,223	2,466,975	47.38
Other stocks	0	-	0	-	0	456,042	-100
Trade debtors	6,716,492	8.08	6,214,369	-5.02	6,542,832	4,396,176	52.78
Cash	30,234	58.43	19,083	-96.93	622,322	306,990	-90.15
other amounts receivable	6,257	39.63	4,481	-50.47	9,047	448,139	-98.60
Miscellaneous current assets	1	100	-1	-	0	41,939	-99
Total current assets	10,388,830	18.15	8,793,102	5.73	8,316,424	8,147,077	27.52
current liabilities
Trade creditors	2,489,998	45.86	1,707,163	28.42	1,329,401	2,931,738	-15.07
Short term group loans	-	-	-	-	-	-	-
Other short term loans	2,635,330	9.49	2,406,964	-5.30	2,541,627	2,444,471	7.81
Miscellaneous current liabilities	93,248	72.24	54,138	103	26,594	-76.70	- -
Total current liabilities	5,218,576	25.20	4,168,265	6.94	3,897,622	5,660,263	-7.80
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	0	-1	-	0	281,871	-100
Total long term debts	0	0	-1	-	0	937,625	-100
shareholders equity
Issued share capital	5,487,590	3.27	5,313,640	7.81	4,928,820	1,170,543	368
Share premium account	-	-	-	-	-	173,859	-
Reserves	668,881	269	181,179	262	50,040	725,228	-7.77
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	6,156,471	12.04	5,494,819	10.36	4,978,860	1,919,934	220
Working capital	5,170,254	11.79	4,624,837	4.66	4,418,802	2,486,814	107
Net worth	6,156,471	12.04	5,494,819	10.36	4,978,860	1,918,157	220

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	1.32	676	0.17	9.94	-1.71	-662,00	0.20
Return on capital employed	7.84	959	0.74	13.48	-5.49	-13,00	60.31
Return on total assets employed	4.24	909	0.42	13.64	-3.08	-30,00	14.13
Return on net assets employed	7.84	959	0.74	13.48	-5.49	-19,00	41.26
Sales / net working capital	7.06	36.56	5.17	42.82	3.62	61,00	-99
Stock turnover ratio	9.96	-6.83	10.69	49.72	7.14	62,00	-83.94
Debtor days	67.19	-29.23	94.94	-36.42	149.33	51.715,00	-99
Creditor days	25.36	-3.46	26.27	-12.87	30.15	299,00	-91.52
short term stability
Current ratio	1.99	-5.69	2.11	-0.94	2.13	4,00	-87.56
Liquidity ratio / acid ratio	1.29	-14.00	1.50	-18.48	1.84	3,00	-57.00
Current debt ratio	0.85	11.84	0.76	-2.56	0.78	16,00	-94.69
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	42.81	-2.26	43.80	-14.20	51.05	273,00	-84.32
Equity in percentage	54.12	-4.82	56.86	1.37	56.09	-990,00	5.47
Total debt ratio	0.85	11.84	0.76	-2.56	0.78	17,00	-95.00

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	25.36
Day sales outstanding	67.19

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	176.29
Industry average day sales outstanding	109.66

Industry quartile analysis

Payment expectations
Company result	25.36
Lower	122.08
Median	73.75
Upper	41.43
Day sales outstanding
Company result	67.19
Lower	107.66
Median	54.99
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

Individual Shareholders

Shareholder Name
Forename	Setul	Middle name	-
Surname	Mody
Shareholder Details
Start date	15/01/2009(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

Shareholder Name
Forename	Kejal	Middle name	-
Surname	Bhansali
Shareholder Details
Start date	15/01/2009(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

NSSO details

Business number	437765552
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	20/12/2011	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

Current director details

Name	ASHISH BHANSALI
Position	Principal Manager
Start Date	10/10/1996
Street	170 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	HASAMUKH RATILAL BHANSALI
Position	Principal Manager
Start Date	05/01/2006
End Date	01/01/2006
Street	25 BELGIËLEI 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.53.57
UK Pound	1	Rs.84.37
Euro	1	Rs.72.23

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.