MIRA INFORM REPORT

Report Date :

15.06.2013

IDENTIFICATION DETAILS

Name :	ABHIDIMON BVBA

Registered Office :	Hoveniersstraat 30 Bus 144 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	09.01.1997

Com. Reg. No.:	459870763

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	459870763	Company name	ABHIDIMON BVBA
		Telephone number	032263989
Address	HOVENIERSSTRAAT 30 BUS 144 ANTWERPEN	Fax number	032265356
Post code	2018	Number of staff	1
Date of establishment	09/01/1997

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	42,963,632	130,496	6,068,823
31/12/2010	32,159,672	96,817	5,981,086
31/12/2009	21,565,495	51,102	5,925,657

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	21,766,733	400	18,592	883,208	1
31/12/2010	22,413,684	400	18,592	385,301	1
31/12/2009	19,895,128	400	18,592	1,515,283	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	36.83
Industry average payment expectation days	94.52	Industry average day sales outstanding	90.22
Day sales outstanding	107.60

Court data summary

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

Business number	459870763	Company name	ABHIDIMON BVBA
Fax number	032265356	Date founded	09/01/1997
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46311	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0459.870.763
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

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	42,963,632	33.59	32,159,672	49.13	21,565,495	40,645,270	5.70
Total operating expenses	42,680,150	34.22	31,798,292	48.99	21,342,054	39,160,169	8.99
Operating result	283,482	-21.56	361,380	61.73	223,441	633,655	-55.26
Total financial income	93,044	112001	83	-99	136,567	137,529	-32.35
Total financial expenses	246,029	-7.03	264,646	-14.33	308,906	260,015	-5.38
Results on ordinary operations before taxation	130,496	34.79	96,817	89.46	51,102	510,486	-74.44
Taxation	42,759	76.83	24,181	59.14	15,195	187,602	-77.21
Results on ordinary operations after taxation	87,737	20.79	72,636	102	35,907	374,048	-76.54
Extraordinary items	0	0	-17,207	-	0	1,701	-100
Other appropriations	0	-	0	-	0	-	-
Net result	87,737	58.29	55,429	54.37	35,907	376,325	-76.69
other information
Dividends	-	-	-	-	-	678,333	-
Director remuneration	148,800	0	148,800	0	148,800	243,769	-38.96
Employee costs	35,394	5.63	33,507	-0.69	33,740	886,482	-96.01
Wages and salary	28,300	4.13	27,178	-0.22	27,239	586,336	-95.17
Employee pension costs	-	-	-	-	-	3,631	-
Social security contributions	6,331	11.01	5,703	-2.45	5,846	250,015	-97.47
Other employee costs	763	21.88	626	-4.43	655	34,015	-97.76
Amortization and depreciation	40,169	22.96	32,669	-12.85	37,484	359,124	-88.81

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	0	-	0	-	0	105,063	-100
Tangible fixed assets	687,615	2.17	673,022	-4.16	702,230	2,386,002	-71.18
Land & building	635,800	-4.42	665,218	-4.23	694,635	1,522,857	-58.25
Plant & machinery	3,804	-1.37	3,857	130	1,674	886,760	-99
Other tangible assets	48,011	1116	3,947	-33.34	5,921	362,796	-86.77
Financial fixed assets	400	0	400	0	400	78,208	-99
Total fixed assets	688,015	2.17	673,422	-4.16	702,630	2,533,724	-72.85
Inventories	7,520,058	-2.28	7,695,702	1.81	7,558,591	1,982,110	279
Raw materials & consumables	-	-	-	-	-	1,329,611	-
Work in progress	0	-	0	-	0	34,916	-100
Finished goods	7,520,058	-2.28	7,695,702	1.81	7,558,591	1,180,180	537
Other stocks	0	-	0	-	0	45,128	-100
Trade debtors	12,665,440	-7.25	13,655,791	35.01	10,114,978	3,339,626	279
Cash	883,208	129	385,301	-74.57	1,515,283	359,975	145
other amounts receivable	3,735	7.70	3,468	17.44	2,953	282,461	-98.68
Miscellaneous current assets	6,277	-	0	-100	693	95,022	-93.39
Total current assets	21,078,718	-3.04	21,740,262	13.27	19,192,498	5,502,256	283
current liabilities
Trade creditors	4,306,960	-6.12	4,587,612	48.31	3,093,253	2,933,658	46.81
Short term group loans	-	-	-	-	-	-	-
Other short term loans	10,174,756	-4.58	10,663,032	10.58	9,643,046	1,748,120	482
Miscellaneous current liabilities	1,216,194	2.90	1,181,954	-4.15	1,233,172	182	- -
Total current liabilities	15,697,910	-4.47	16,432,598	17.63	13,969,471	5,112,974	207
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	9,178	-100
Total long term debts	0	-	0	-	0	1,011,874	-100
shareholders equity
Issued share capital	18,592	0	18,592	0	18,592	86,661	-78.55
Share premium account	-	-	-	-	-	-	-
Reserves	6,050,231	1.47	5,962,494	0.94	5,907,065	1,824,471	231
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	6,068,823	1.47	5,981,086	0.94	5,925,657	1,911,132	217
Working capital	5,380,808	1.38	5,307,664	1.62	5,223,027	389,282	1282
Net worth	6,068,823	1.47	5,981,086	0.94	5,925,657	1,806,069	236

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.30	0	0.30	25.00	0.24	-3,00	10.00
Return on capital employed	2.15	32.72	1.62	88.37	0.86	37,00	-94.19
Return on total assets employed	0.60	39.53	0.43	65.38	0.26	3,00	-80.00
Return on net assets employed	2.15	32.72	1.62	88.37	0.86	5,00	-57.00
Sales / net working capital	7.98	31.68	6.06	46.73	4.13	30,00	-99
Stock turnover ratio	17.50	-26.87	23.93	-31.73	35.05	38,00	-53.95
Debtor days	107.60	-30.58	154.99	-9.47	171.20	70,00	53.71
Creditor days	36.83	-30.06	52.66	-0.45	52.90	73,00	-49.55
short term stability
Current ratio	1.34	1.52	1.32	-3.65	1.37	1,00	-77.67
Liquidity ratio / acid ratio	0.86	1.18	0.85	2.41	0.83	1,00	-14.00
Current debt ratio	2.59	-5.82	2.75	16.53	2.36	6,00	-56.83
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	167.66	-5.96	178.28	9.56	162.73	434,00	-61.37
Equity in percentage	27.88	4.50	26.68	-10.41	29.78	25,00	11.52
Total debt ratio	2.59	-5.82	2.75	16.53	2.36	9,00	-71.22

Industry comparison

Activity code	46311
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	66.75

Payment expectations

Payment expectation days	36.83
Day sales outstanding	107.60

Industry comparison

Activity code	46311
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	94.52
Industry average day sales outstanding	90.22

Industry quartile analysis

Payment expectations
Company result	36.83
Lower	80.87
Median	49.48
Upper	28.83

Day sales outstanding
Company result	107.60
Lower	74.12
Median	41.36
Upper	21.02

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	459870763
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	ATULKUMAR RAJNIKANT MEHTA
Position	Principal Manager
Street	40 ANGELUS RONCALLILAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	JAYESH MEHTA
Position	Principal Manager
Street	143 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.57.74
UK Pound	1	Rs.90.64
Euro	1	Rs.77.02

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.