MIRA INFORM REPORT

Report Date :

31.01.2013

IDENTIFICATION DETAILS

Name :	ASPECO NV

Registered Office :	Schupstraat 21 Bus 1 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.03.2012

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 :	10

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 :	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

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	465442820	Company name	ASPECO NV
		Telephone number	0479322622
Address	SCHUPSTRAAT 21 BUS 1 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	10
Date of establishment	02/02/1999

Ultimate holding company

Company name		Company Number
Aspeco NV		465442820

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/03/2012	187,990,869	58,573	9,264,871
31/03/2011	104,711,795	120,556	8,665,745
31/03/2010	106,309,627	99,129	9,038,160

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/03/2012	112,570,042	37,150	7,939,923	1,021,431	10
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

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	63.88
Industry average payment expectation days	176.29	Industry average day sales outstanding	109.66
Day sales outstanding	153.48

Court data summary

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

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	31/03/2012
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

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.

Export accounts to CSV file

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average

median

Profit & loss

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	187,990,869	79.53	104,711,795	-1.50	106,309,627	60,693,646	209
Total operating expenses	186,067,062	80.52	103,070,187	-1.51	104,648,870	59,953,731	210
Operating result	1,923,807	17.19	1,641,608	-1.15	1,660,757	477,923	302
Total financial income	617,421	26.27	488,987	1384	32,931	174,010	254
Total financial expenses	2,482,655	23.51	2,010,039	26.06	1,594,558	428,128	479
Results on ordinary operations before taxation	58,573	-51.41	120,556	21.62	99,129	210,600	-72.19
Taxation	46,324	102	22,895	386	-5,931	78,763	-41.19
Results on ordinary operations after taxation	12,249	-87.46	97,661	-7.04	105,060	152,338	-91.96
Extraordinary items	35,342	494	-7,143	-	0	-3,643	970
Other appropriations	-1	-	0	-	0	-	-
Net result	47,590	-47.42	90,518	-13.84	105,060	148,904	-68.04
other information
Dividends	-	-	-	-	-	40,000	-
Director remuneration	-	-	-	-	-	98,690	-
Employee costs	540,755	15.22	469,329	-29.21	662,958	253,988	112
Wages and salary	408,950	14.88	355,982	-30.10	509,304	208,923	95.74
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	109,694	10.63	99,150	-25.99	133,972	46,715	134
Other employee costs	22,111	55.74	14,197	-27.87	19,683	8,962	146
Amortization and depreciation	248,103	1.31	244,890	-8.79	268,492	37,307	565

balance sheet

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	7,013	-100
Tangible fixed assets	1,380,503	-8.59	1,510,227	-18.33	1,849,096	400,150	244
Land & building	-	-	-	-	-	842,371	-
Plant & machinery	703,822	-7.76	763,023	-19.02	942,209	62,188	1031
Other tangible assets	676,681	-9.44	747,204	-17.61	906,887	48,711	1289
Financial fixed assets	37,150	6.36	34,928	-21.23	44,343	41,369	-10.20
Total fixed assets	1,417,654	-8.25	1,545,154	-18.39	1,893,439	419,047	238
Inventories	30,112,310	88.33	15,989,449	0.68	15,881,045	5,034,860	498
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	0	-
Finished goods	30,112,310	88.33	15,989,449	0.68	15,881,045	3,588,370	739
Other stocks	0	-	0	-	0	342,959	-100
Trade debtors	79,047,059	108	37,942,973	50.24	25,254,383	12,570,423	528
Cash	1,021,431	-71.00	3,522,258	2383	141,836	495,797	106
other amounts receivable	901,516	6.74	844,605	-60.38	2,131,652	295,639	204
Miscellaneous current assets	70,072	18.23	59,270	7.84	54,962	12,112	478
Total current assets	111,152,388	90.46	58,358,555	34.27	43,463,878	17,305,300	542
current liabilities
Trade creditors	32,563,021	166	12,226,421	117	5,610,224	6,160,930	428
Short term group loans	-	-	-	-	-	-	-
Other short term loans	51,529,917	148	20,753,340	105	10,081,375	6,612,421	679
Miscellaneous current liabilities	168,106	23.17	136,487	-87.28	1,073,144	-53.75	- -
Total current liabilities	84,261,044	154	33,116,248	97.54	16,764,743	12,883,608	554
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	925,588	-14.88	1,087,336	-83.07	6,422,553	-67.20	- -
Other long term liabilities	18,118,539	6.36	17,034,380	29.72	13,131,861	-581,970	3113
Total long term debts	19,044,127	5.09	18,121,716	-7.33	19,554,414	732,326	2500
shareholders equity
Issued share capital	7,939,923	6.36	7,464,821	-5.12	7,867,809	2,356,316	236
Share premium account	278,984	6.36	262,290	-5.12	276,450	278,984	0
Reserves	1,045,964	11.43	938,634	5.00	893,901	716,907	45.90
Revaluation reserve	-	-	-	-	-	1,734,422	-
Total shareholders equity	9,264,871	6.91	8,665,745	-4.12	9,038,160	3,172,082	192
Working capital	26,891,344	6.53	25,242,307	-5.46	26,699,135	4,421,692	508
Net worth	9,264,871	6.91	8,665,745	-4.12	9,038,160	3,165,069	192

ratio analysis

Annual accounts	31-03-2012	change(%)	31-03-2011	change(%)	31-03-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.03	-75.00	0.12	33.33	0.09	1,00	-97.00
Return on capital employed	0.21	-53.33	0.45	28.57	0.35	18,00	-98.83
Return on total assets employed	0.05	-75.00	0.20	-9.09	0.22	-3,00	1.67
Return on net assets employed	0.63	-54.68	1.39	26.36	1.10	25,00	-97.48
Sales / net working capital	6.99	68.43	4.15	4.27	3.98	24,00	-99
Stock turnover ratio	16.02	4.91	15.27	2.21	14.94	17,00	-5.76
Debtor days	153.48	16.04	132.26	52.53	86.71	116,00	32.31
Creditor days	63.88	47.53	43.30	121	19.57	90,00	-29.02
short term stability
Current ratio	1.32	-25.00	1.76	-32.05	2.59	5,00	-
Liquidity ratio / acid ratio	0.96	-25.00	1.28	-22.42	1.65	4,00	-76.00
Current debt ratio	9.09	137	3.82	106	1.85	0,00	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	566.18	124	252.03	38.02	182.60	212,00	167
Equity in percentage	8.23	-43.12	14.47	-27.40	19.93	7,00	17.57
Total debt ratio	11.15	88.66	5.91	47.01	4.02	1,00	1015

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	63.88
Day sales outstanding	153.48

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	63.88
Lower	122.08
Median	73.75
Upper	41.43


Day sales outstanding
Company result	153.48
Lower	107.66
Median	54.99
Upper	24.45

Summary

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

Group Structure

Company name	Number	Latest financials
- ASPECO NV	465442820	31-03-2012
- - KG CREATIONS	491869640	31-03-2010

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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

Current director details

Name	NITINKUMAR NATWARLAL SHAH
Position	Director
Start Date	01/04/2008
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	BELA NITINKUMAR SHAH
Position	Managing Director
Start Date	01/07/2011
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	BELA NITINKUMAR SHAH
Position	Chairman of the Board
Start Date	17/12/2004
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	BELA NITINKUMAR SHAH
Position	Director
Start Date	17/12/2004
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	YOGESH NATWARIAL SHAH
Position	Director
Start Date	01/01/2008
Street
Post code
Country	India

Name	RASHMIKANT SHAH
Position	Director
Start Date	01/04/2007
Street
Post code
Country

Former director details

Name	BHAVESH MAFATLAL MORAKHIA
Position	Principal Manager
Start Date	01/10/2000
End Date	17/12/2004
Date of birth	01/08/1974
Street	45 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	BHAVESH MAFATLAL MORAKHIA
Position	Director
Start Date	17/12/2004
End Date	31/03/2007
Date of birth	01/08/1974
Street	45 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	NITINKUMAR NATWARLAL SHAH
Position	Principal Manager
Start Date	02/02/1999
End Date	17/12/2004
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	NITINKUMAR NATWARLAL SHAH
Position	Managing Director
Start Date	01/09/2009
End Date	30/06/2011
Street	9 DENNENLAAN ANTWERPEN
Post code	2020
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.