MIRA INFORM REPORT

Report Date :

08.05.2013

IDENTIFICATION DETAILS

Name :	PARV BVBA

Registered Office :	Hoveniersstraat 30 Bus 269 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	29.06.2004

Com. Reg. No.:	866324717

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of Diamonds and Other Precious Stones

No. of Employees :	Not Available

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

REGISTERED NAME & COMPANY SUMMARY

Business number	866324717	Company name	PARV BVBA
		Telephone number	032399325
Address	HOVENIERSSTRAAT 30 BUS 269 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	0
Date of establishment	29/06/2004

Business number	866324717	Company name	PARV BVBA
Fax number	-	Date founded	29/06/2004
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.0866.324.717
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	MANSUKHLAL VALLABHDAS PATEL
Position	Principal Manager
Start Date	03/08/2010
Street	80 INGENIEUR HAESAERTSLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	AJIT SHAH
Position	Principal Manager
Start Date	17/12/2011
Street	127 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	TRIDEEB ROUT
Position	Principal Manager
Start Date	21/09/2004
End Date	27/11/2008
Street	297 SURIWONGHE ROAD BANGKOK
Post code	10500
Country	Thailand

NEGATIVE INFORMATION

Court data summary

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

Protested bills

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

NSSO details

Business number	866324717
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.

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found.

Minority Interests

No minority interests found.

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	78.83
Industry average payment expectation days	176.29	Industry average day sales outstanding	109.66
Day sales outstanding	73.03

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	78.83
Day sales outstanding	73.03

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	78.83
Lower	122.08
Median	73.75
Upper	41.43

Day sales outstanding
Company result	73.03
Lower	107.66
Median	54.99
Upper	24.45

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
-	-

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	15,813,625	39,188	788,697
31/12/2010	17,826,143	39,015	752,650
31/12/2009		22,714	717,963

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	4,610,272		693,546	414,640	0
31/12/2010	5,506,446		693,546	149,919	0
31/12/2009	8,489,425	1,600	693,546	207,248	0

Trends

Profitability
Liquidity
Net worth

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	15,813,625	-11.29	17,826,143	-	-	57,071,239	-72.29
Total operating expenses	15,770,044	-11.27	17,773,289	-	-	56,388,961	-72.03
Operating result	43,581	-17.54	52,854	97.50	26,762	261,829	-83.36
Total financial income	57	-76.77	245	76562	0	170,510	-99
Total financial expenses	4,450	-68.40	14,084	247	4,048	344,956	-98.71
Results on ordinary operations before taxation	39,188	0.44	39,015	71.77	22,714	70,732	-44.60
Taxation	3,142	-27.41	4,328	-35.76	6,738	38,720	-91.89
Results on ordinary operations after taxation	36,046	3.92	34,687	117	15,976	44,559	-19.11
Extraordinary items	0	-	0	-	0	11,605	-100
Other appropriations	1	-	0.00	-	0.00	-	-
Net result	36,047	3.92	34,687	117	15,976	56,103	-35.75
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	30,955	-	-	-	-	118,597	-73.90
Employee costs	-	-	-	-	-	152,302	-
Wages and salary	-	-	-	-	-	129,219	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	31,839	-
Other employee costs	0	-	0	-	0	4,350	-100
Amortization and depreciation	115	-25.97	155	-18.91	192	21,715	-99

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	53	-68.38	168	-48.10	323	208,237	-99
Land & building	-	-	-	-	-	381,832	-
Plant & machinery	-	-	-	-	-	27,852	-
Other tangible assets	53	-68.38	168	-48.10	323	30,991	-99
Financial fixed assets	-	-	-	-	1,600	321,397	-
Total fixed assets	53	-68.38	168	-91.28	1,923	427,235	-99
Inventories	1,016,952	22.51	830,087	-66.02	2,442,786	3,531,853	-71.21
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,263	-100
Finished goods	1,016,952	22.51	830,087	-	0	2,466,975	-58.78
Other stocks	0	-	0	-100	2,442,786	456,042	-100
Trade debtors	3,164,096	-29.88	4,512,319	-22.60	5,829,725	4,396,176	-28.03
Cash	414,640	176	149,919	-27.66	207,248	306,990	35.07
other amounts receivable	10,639	7.80	9,870	123	4,423	448,139	-97.63
Miscellaneous current assets	3,892	-4.68	4,083	22.95	3,321	41,939	-90.72
Total current assets	4,610,219	-16.27	5,506,278	-35.12	8,487,502	8,147,077	-43.41
current liabilities
Trade creditors	3,405,784	-21.66	4,347,429	-43.59	7,706,660	2,931,738	16.17
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1	-98.14	54	-	0	2,444,471	-99
Miscellaneous current liabilities	29,361	-8.58	32,118	-50.44	64,802	-92.66	- -
Total current liabilities	3,435,146	-21.56	4,379,600	-43.65	7,771,462	5,660,263	-39.31
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	386,429	3.27	374,195	-	-	-75.97	- -
Other long term liabilities	0	-	0	-	0	281,871	-100
Total long term debts	386,429	3.27	374,195	-	0	937,625	-58.79
shareholders equity
Issued share capital	693,546	0	693,546	0	693,546	1,170,543	-40.75
Share premium account	-	-	-	-	-	173,859	-
Reserves	95,151	60.99	59,104	142	24,417	725,228	-86.88
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	788,697	4.79	752,650	4.83	717,963	1,919,934	-58.92
Working capital	1,175,073	4.30	1,126,678	57.35	716,040	2,486,814	-52.75
Net worth	788,697	4.79	752,650	4.83	717,963	1,918,157	-58.88

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.25	13.64	0.22	-	-	-662,00	0.04
Return on capital employed	3.33	-3.76	3.46	9.49	3.16	-13,00	25.62
Return on total assets employed	0.85	19.72	0.71	162	0.27	-30,00	2.83
Return on net assets employed	4.97	-4.05	5.18	63.92	3.16	-19,00	26.16
Sales / net working capital	13.46	-14.92	15.82	-	-	61,00	-99
Stock turnover ratio	6.43	37.98	4.66	-	-	62,00	-89.63
Debtor days	73.03	-20.95	92.39	-	-	51.715,00	-99
Creditor days	78.83	-11.70	89.28	-	-	299,00	-73.64
short term stability
Current ratio	1.34	6.35	1.26	15.60	1.09	4,00	-91.62
Liquidity ratio / acid ratio	1.05	-1.87	1.07	37.18	0.78	3,00	-65.00
Current debt ratio	4.36	-25.09	5.82	-46.21	10.82	16,00	-72.75
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	49	-1.45	49.72	-	-	273,00	-82.05
Equity in percentage	17.11	25.16	13.67	61.58	8.46	-990,00	1.73
Total debt ratio	4.85	-23.26	6.32	-41.59	10.82	17,00	-71.47

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	24/10/2011
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 17-12-2011: Benoemd tot zaakvoeder vanaf 17-12-2011: Shah Ajit.

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48

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.54.28
UK Pound	1	Rs.84.32
Euro	1	Rs.70.99

INFORMATION DETAILS

Report Prepared by :

NIT

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.