MIRA INFORM REPORT

Report Date :

06.06.2013

IDENTIFICATION DETAILS

Name :	KEDIAM BVBA

Registered Office :	Hoveniersstraat 53 Bus 73 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	14.01.1993

Com. Reg. No.:	449043286

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 :

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	449043286	Company name	KEDIAM BVBA
		Telephone number	032327886
Address	HOVENIERSSTRAAT 53 BUS 73 ANTWERPEN	Fax number	032264626
Post code	2018	Number of staff	1
Date of establishment	14/01/1993

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	27,262,572	35,306	2,304,765
31/12/2010	20,091,286	-58,311	2,268,878
31/12/2009	15,643,499	20,687	2,327,569

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	11,476,708	200	2,268,994	87,762	1
31/12/2010	9,226,387	200	2,268,994	12,215	1
31/12/2009	8,417,947	200	2,268,994	3,460	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	46.99
Industry average payment expectation days	178.04	Industry average day sales outstanding	111.27
Day sales outstanding	105.17

Court data summary

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

Business number	449043286	Company name	KEDIAM BVBA
Fax number	032264626	Date founded	14/01/1993
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.0449.043.286
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	27/05/2008
Event Description	re-appointment of director(s)
Event Details	Commentaar 27-05-2008: Herbenoeming van de zaakvoeders de heren Shah Ketan, Shah Sarju en Shah Nirav.

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	27,262,572	35.69	20,091,286	28.43	15,643,499	57,688,982	-52.74
Total operating expenses	26,983,224	35.36	19,934,825	29.28	15,420,441	56,904,959	-52.58
Operating result	279,348	78.54	156,461	-29.86	223,058	289,312	-3.44
Total financial income	1	-99	166	-89.00	1,512	172,765	-99
Total financial expenses	244,043	13.54	214,938	5.42	203,884	333,022	-26.72
Results on ordinary operations before taxation	35,306	60.55	-58,311	-381	20,687	111,930	-68.46
Taxation	-181	-134	531	-93.38	8,013	38,979	-100
Results on ordinary operations after taxation	35,487	60.31	-58,841	-564	12,674	85,718	-58.60
Extraordinary items	250	-	0	-	0	7,691	-96.75
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	35,737	60.73	-58,841	-564	12,674	93,317	-61.70
other information
Dividends	-	-	-	-	-	137,001	-
Director remuneration	84,153	-4.62	88,226	-34.62	134,947	127,368	-33.93
Employee costs	50,632	103	24,927	-21.80	31,875	157,855	-67.93
Wages and salary	40,206	119	18,303	-22.63	23,657	133,789	-69.95
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	5,771	179	2,065	-44.32	3,708	33,114	-82.57
Other employee costs	4,655	2.11	4,559	1.09	4,510	4,480	3.92
Amortization and depreciation	34,598	15.35	29,995	-5.97	31,901	20,741	66.81

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	199	-	349	-	499	1,889	-89.46
Tangible fixed assets	256,894	1.83	252,277	12.58	224,080	200,656	28.03
Land & building	175,636	-3.62	182,238	-3.50	188,841	373,239	-52.94
Plant & machinery	40,900	190	14,068	-19.75	17,530	27,483	48.82
Other tangible assets	40,359	-27.89	55,971	216	17,709	29,740	35.71
Financial fixed assets	200	0	200	0	200	306,214	-99
Total fixed assets	257,293	1.77	252,826	12.48	224,779	409,647	-37.19
Inventories	2,976,537	-9.19	3,277,717	-16.46	3,923,730	3,394,245	-12.31
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,429	-100
Finished goods	2,976,537	-9.19	3,277,717	-16.46	3,923,730	2,336,728	27.38
Other stocks	0	-	0	-	0	466,609	-100
Trade debtors	7,855,219	43.25	5,483,582	29.75	4,226,284	4,303,232	82.54
Cash	87,762	618	12,215	253	3,460	313,849	-72.04
other amounts receivable	286,273	55.77	183,784	524	29,428	406,169	-29.52
Miscellaneous current assets	13,624	-16.23	16,262	58.41	10,266	39,902	-65.86
Total current assets	11,219,415	25.03	8,973,561	9.52	8,193,168	7,890,847	42.18
current liabilities
Trade creditors	3,473,915	46.34	2,373,845	12.12	2,117,297	2,866,162	21.20
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,123,893	33.89	3,826,965	17.00	3,270,810	2,376,839	115
Miscellaneous current liabilities	17,336	0.94	17,174	-32.91	25,598	-95.47	- -
Total current liabilities	8,615,144	38.55	6,217,985	14.86	5,413,705	5,504,200	56.52
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	189,493	-3.61	196,591	13.69	172,912	-87.55	- -
Other long term liabilities	367,107	-32.34	542,583	7.81	503,262	287,089	27.87
Total long term debts	556,600	-24.70	739,175	9.32	676,174	904,909	-38.49
shareholders equity
Issued share capital	2,268,994	0	2,268,994	0.00	2,268,994	1,012,614	124
Share premium account	-	-	-	-	-	173,859	-
Reserves	35,970	15344	233	-99	59,074	807,352	-95.54
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	2,304,964	1.57	2,269,227	-2.53	2,328,068	1,844,286	24.98
Working capital	2,604,271	-5.49	2,755,576	-0.86	2,779,463	2,386,647	9.12
Net worth	2,304,765	1.58	2,268,878	-2.52	2,327,569	1,842,397	25.10

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.13	44.83	-0.29	-323	0.13	-721,00	0.02
Return on capital employed	1.23	63.40	-1.94	-381	0.69	-14,00	8.79
Return on total assets employed	0.31	49.21	-0.63	-352	0.25	-33,00	0.94
Return on net assets employed	1.53	59.53	-2.57	-388	0.89	-22,00	6.95
Sales / net working capital	10.47	43.62	7.29	29.48	5.63	60,00	-99
Stock turnover ratio	10.92	-33.05	16.31	-34.97	25.08	43,00	-74.60
Debtor days	105.17	5.57	99.62	1.02	98.61	57.278,00	-99
Creditor days	46.99	8.12	43.46	-13.29	50.12	252,00	-81.35
short term stability
Current ratio	1.30	-9.72	1.44	-4.64	1.51	4,00	-92.35
Liquidity ratio / acid ratio	0.96	4.35	0.92	16.46	0.79	3,00	-68.00
Current debt ratio	3.74	36.50	2.74	17.60	2.33	17,00	-78.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	230.52	30.01	177.31	19.87	147.92	274,00	-15.87
Equity in percentage	20.08	-18.37	24.60	-11.06	27.66	-1.059,00	1.90
Total debt ratio	3.98	29.64	3.07	17.18	2.62	18,00	-77.89

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	46.99
Day sales outstanding	105.17

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.04
Industry average day sales outstanding	111.27

Industry quartile analysis

Payment expectations
Company result	46.99
Lower	129.17
Median	75.51
Upper	42.51


Day sales outstanding
Company result	105.17
Lower	109.67
Median	57.40
Upper	24.94

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	449043286
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	SARJU KUMAR CHHOTALAL SHAH
Position	Principal Manager
Street	33 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	KETAN RAMANLAT SHAH
Position	Principal Manager
Street	38 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	NIRAV BHUPENDRAKUMAR SHAH
Position	Principal Manager
Street	38 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	MARCEL WOLTERS RUCKERT
Position	Principal Manager
Street	21 LELIELAAN ZOERSEL
Post code	2980
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.56.42
UK Pound	1	Rs.86.54
Euro	1	Rs.73.86

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%)

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.