MIRA INFORM REPORT

Report Date :

14.06.2013

IDENTIFICATION DETAILS

Name :	NETALDIAM BVBA
Registered Office :	Hoveniersstraat 2 Bus 239 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	28.01.1999
Com. Reg. No.:	465396201
Legal Form :	Private Limited Company
LINE OF BUSINESS :	WHOLESALER OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year''s end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium''s budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

Company name & address

Business number	465396201	Company name	NETALDIAM BVBA
		Telephone number	032332410
Address	HOVENIERSSTRAAT 2 BUS 239 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	0
Date of establishment	28/01/1999

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2011	20,535,703	246,685	1,112,053
31/12/2010	16,293,766	139,136	940,562
31/12/2009		83,368	287,426

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2011	5,640,448	5,000	830,000	19,978	0
31/12/2010	4,923,089	5,000	830,000	21,421	0
31/12/2009	4,787,450	5,000	18,592	18,542	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	47.06
Industry average payment expectation days	178.55	Industry average day sales outstanding	111.65
Day sales outstanding	87.36

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	465396201	Company name	NETALDIAM BVBA
Fax number	-	Date founded	28/01/1999
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.0465.396.201
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

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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	20,535,703	26.03	16,293,766	-	-	57,896,549	-64.53
Total operating expenses	20,337,387	26.48	16,079,333	-	-	57,108,424	-64.39
Operating result	198,316	-7.52	214,433	-19.52	266,442	291,676	-32.01
Total financial income	149,842	529	23,807	264422	9	174,033	-13.90
Total financial expenses	101,473	2.39	99,104	-45.87	183,083	335,687	-69.77
Results on ordinary operations before taxation	246,685	77.30	139,136	66.89	83,368	112,608	119
Taxation	75,195	108	36,000	56.34	23,027	39,186	91.89
Results on ordinary operations after taxation	171,490	66.28	103,136	70.92	60,341	86,229	98.88
Extraordinary items	0	-	0	-	0	7,766	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	171,490	66.28	103,136	70.92	60,341	93,902	82.63
OTHER INFORMATION
Dividends	-	-	-	-	-	137,001	-
Director remuneration	-	-	-	-	-	127,368	-
Employee costs	-	-	-	-	-	158,711	-
Wages and salary	-	-	-	-	-	134,356	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	33,251	-
Other employee costs	0	-	0	-	0	4,516	-100
Amortization and depreciation	6,043	100	3,019	9.94	2,746	20,892	-71.07

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	1,907	-100
Tangible fixed assets	396,221	4841	8,019	-3.55	8,314	202,356	95.80
Land & building	389,057	-	-	-	-	374,065	4.01
Plant & machinery	4,708	51.47	3,108	228	947	27,730	-83.02
Other tangible assets	2,456	-50.00	4,911	-33.34	7,367	29,984	-91.81
Financial fixed assets	5,000	0	5,000	0	5,000	309,463	-98.38
Total fixed assets	401,221	2981	13,019	-2.22	13,314	413,049	-2.86
Inventories	300,140	57.51	190,558	2.15	186,547	3,402,504	-91.18
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,453	-100
Finished goods	300,140	57.51	190,558	-	0	2,350,999	-87.23
Other stocks	0	-	0	-100	186,547	466,732	-100
Trade debtors	4,915,118	4.93	4,684,173	2.55	4,567,837	4,318,745	13.81
Cash	19,978	-6.74	21,421	15.53	18,542	314,253	-93.64
other amounts receivable	2,438	-81.24	12,994	973	1,210	409,079	-99
Miscellaneous current assets	1,553	68.07	924	-	0	40,223	-96.14
Total current assets	5,239,227	6.70	4,910,070	2.85	4,774,136	7,925,233	-33.89
CURRENT LIABILITIES
Trade creditors	2,621,981	6.85	2,453,981	-15.50	2,904,247	2,871,964	-8.70
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,117,893	0.36	1,113,848	10.82	1,005,063	2,387,175	-53.17
Miscellaneous current liabilities	56,178	38.72	40,498	-90.81	440,714	-85.37	- -
Total current liabilities	3,796,053	5.20	3,608,327	-17.05	4,350,024	5,519,929	-31.23
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	732,342	95.71	374,200	149	150,000	-52.11	- -
Other long term liabilities	0	-	0	-	0	289,890	-100
Total long term debts	732,342	95.71	374,200	149	150,000	913,504	-19.83
SHAREHOLDERS EQUITY
Issued share capital	830,000	0	830,000	4364	18,592	1,019,353	-18.58
Share premium account	-	-	-	-	-	173,859	-
Reserves	282,053	155	110,562	-58.87	268,834	813,791	-65.34
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	1,112,053	18.23	940,562	227	287,426	1,857,701	-40.14
Working capital	1,443,174	10.86	1,301,743	206	424,112	2,405,304	-40.00
Net worth	1,112,053	18.23	940,562	227	287,426	1,855,793	-40.08

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
TRADING PERFORMANCE
Profit Before Tax	1.20	41.18	0.85	-	-	-725,00	0.17
Return on capital employed	13.37	26.37	10.58	-44.49	19.06	-18,00	74.28
Return on total assets employed	4.37	54.42	2.83	62.64	1.74	-33,00	13.24
Return on net assets employed	22.18	49.97	14.79	-49.02	29.01	-26,00	85.31
Sales / net working capital	14.23	13.66	12.52	-	-	60,00	-99
Stock turnover ratio	1.46	24.79	1.17	-	-	42,00	-96.52
Debtor days	87.36	-16.74	104.93	-	-	57.610,00	-99
Creditor days	47.06	-15.53	55.71	-	-	251,00	-81.25
SHORT TERM STABILITY
Current ratio	1.38	1.47	1.36	23.64	1.10	4,00	-92.33
Liquidity ratio / acid ratio	1.30	-0.76	1.31	24.76	1.05	2,00	-35.00
Current debt ratio	3.41	-11.20	3.84	-74.62	15.13	18,00	-81.06
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	166.38	5.16	158.21	-60.63	401.86	298,00	-44.17
Equity in percentage	19.72	3.19	19.11	218	6	-1.070,00	1.84
Total debt ratio	4.07	-3.78	4.23	-72.99	15.66	20,00	-79.65

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	47.06
Day sales outstanding	87.36

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.55
Industry average day sales outstanding	111.65

Industry quartile analysis

Payment expectations
Company result	47.06
Lower	129.48
Median	75.51
Upper	41.95

Day sales outstanding
Company result	87.36
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

Individual Shareholders

SHAREHOLDER NAME
Forename	Devendra	Middle name	-
Surname	Sojitra
SHAREHOLDER DETAILS
Start date	28/01/1999	End date	-
Percentage owned	100%
SHAREHOLDER ADDRESS
Street name	Lange Herentalsestraat	House number	120
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Protested bills

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

NSSO details

Business number	465396201
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	DEVENDRA KANTILAL SOJITRA
Position	Principal Manager
Date of birth	10/08/1976
Street	120 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	KASTURBEN GIRDHARBHAI GAJERA
Position	Principal Manager
Street	122 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	GIRDHARBHAL GAJERA
Position	Principal Manager
Street	122 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	GIRDHARBHAI KASTERBEN GAJERA
Position	Principal Manager
Street	122 LANGE HERENTALSESTRAAT 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.58.41
UK Pound	1	Rs.91.62
Euro	1	Rs.78.12

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%)

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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.