MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	A.S. INTERNATIONAL BVBA

Registered Office :	Mechelsesteenweg 239 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	12.11.1997

Com. Reg. No.:	461878465

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	No Complaints

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
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 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

REGISTERED NAME & COMPANY SUMMARY

Business number	461878465
Company name	A.S. INTERNATIONAL BVBA
Address	MECHELSESTEENWEG 239
	2018 ANTWERPEN
Number of staff	0
Date of establishment	12/11/1997
Telephone number	032812561
Fax number	032324985

DIRECTORS/MANAGEMENT

Current director details

Name	MANISH JAVERI
Position	Principal Manager
Start Date	04/08/2010
End Date
Street	45 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	MANISH JAVERI
Position	Non Statutory Partner
Start Date	05/11/1997
End Date
Street	45 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

NEGATIVE INFORMATION

Protested bills

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

NSSO details

Business number	461878465
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

Court data summary

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

Business number	461878465	Company name	A.S. INTERNATIONAL BVBA
Fax number	032324985	Date founded	12/11/1997
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.0461.878.465
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	174.26	Industry average day sales outstanding	108.50
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Day sales outstanding
Company result	-
Lower	105.52
Median	54.63
Upper	23.61

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	174.26
Industry average day sales outstanding	108.50

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

Industry quartile analysis

Payment expectations
Company result	-
Lower	121.46
Median	72.36
Upper	40.99

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number
-		-

FINANCIAL INFORMATION

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	-	-	-	-	-	49,416,669	-
Total operating expenses	-	-	-	-	-	48,781,415	-
Operating result	32,333	-57.64	76,331	53.93	49,587	238,379	-86.44
Total financial income	168,930	8.19	156,137	110	74,248	149,137	13.27
Total financial expenses	168,201	-14.80	197,421	100	98,573	287,777	-41.55
Results on ordinary operations before taxation	33,062	-5.66	35,046	38.73	25,262	84,467	-60.86
Taxation	742	-79.67	3,651	1573	-232	37,844	-98.04
Results on ordinary operations after taxation	32,320	2.94	31,396	23.15	25,494	59,263	-45.46
Extraordinary items	0	-	0	0	-491	3,201	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	32,320	2.94	31,396	25.57	25,003	62,348	-48.16
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	-	-	-	-	-	127,998	-
Wages and salary	-	-	-	-	-	108,777	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,123	-
Other employee costs	0	-	0	-	0	3,607	-100
Amortization and depreciation	12,204	9.41	11,154	-3.63	11,575	18,309	-33.34

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	1,462	-100
Tangible fixed assets	13,510	-37.72	21,691	-32.95	32,350	177,435	-92.39
Land & building	-	-	-	-	-	346,034	-
Plant & machinery	2,254	191	774	-18.34	948	21,796	-89.66
Other tangible assets	11,256	-46.19	20,916	-33.39	31,402	24,613	-54.27
Financial fixed assets	50	0	50	-0.84	50	276,470	-99
Total fixed assets	13,559	-37.63	21,740	-32.90	32,400	363,228	-96.27
Inventories	205,651	3.86	198,009	-51.73	410,197	3,063,024	-93.29
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,462	-100
Finished goods	0	-	0	-	0	2,049,305	-100
Other stocks	205,651	3.86	198,009	-51.73	410,197	472,115	-56.44
Trade debtors	673,783	-34.06	1,021,843	236	303,841	3,890,045	-82.68
Cash	183,113	36.55	134,096	340	30,410	239,652	-23.59
other amounts receivable	8,665	10.91	7,813	208	2,536	245,172	-96.47
Miscellaneous current assets	847	-33.91	1,282	-17.82	1,560	21,403	-96.04
Total current assets	1,072,059	-21.35	1,363,044	82.09	748,544	6,947,598	-84.57
current liabilities
Trade creditors	1,021,271	-22.09	1,310,839	86.29	703,662	2,779,144	-63.25
Short term group loans	-	-	-	-	-	-	-
Other short term loans	6,204	-48.14	11,963	4.99	11,395	1,895,457	-99
Miscellaneous current liabilities	32,205	6.77	30,162	28.35	23,500	-91.31	- -
Total current liabilities	1,059,680	-21.68	1,352,964	83.19	738,557	4,928,002	-78.50
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	6,204	-65.85	18,167	-	- -
Other long term liabilities	0	-	0	-	0	143,055	-100
Total long term debts	0	-100	6,204	-65.85	18,167	599,216	-100
shareholders equity
Issued share capital	6,200	0.04	6,197	0.01	6,197	1,022,445	-99
Share premium account	-	-	-	-	-	108,219	-
Reserves	19,738	1.65	19,419	7.74	18,023	696,058	-97.16
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	25,938	1.26	25,616	5.76	24,220	1,739,850	-98.51
Working capital	12,379	22.81	10,080	0.93	9,987	2,019,596	-99
Cashflow	44,524	4.64	42,550	16.33	36,578	77,447	-42.51
Net worth	25,938	1.26	25,616	5.76	24,220	1,738,388	-98.51

Ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-742,00	-
Return on capital employed	127.46	15.73	110.14	84.80	59.60	-14,00	910
Return on total assets employed	3.05	20.55	2.53	-21.67	3.23	-34,00	8.97
Return on net assets employed	127.46	-6.83	136.81	31.17	104.30	-12,00	1062
Sales / net working capital	-	-	-	-	-	66,00	-
Stock turnover ratio	-	-	-	-	-	67,00	-
Debtor days	-	-	-	-	-	57.886,00	-
Creditor days	-	-	-	-	-	327,00	-
short term stability
Current ratio	1.01	0	1.01	0	1.01	4,00	-94.39
Liquidity ratio / acid ratio	0.82	-4.65	0.86	86.96	0.46	3,00	-72.67
Current debt ratio	40.85	-22.66	52.82	73.24	30.49	18,00	126
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	23.92	-66.27	70.92	-41.90	122.06	265,00	-90.97
Equity in percentage	2.39	29.19	1.85	-40.32	3.10	-1.079,00	0.22
Total debt ratio	40.85	-23.01	53.06	69.85	31.24	19,00	115

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011		33,062	25,938	12,379
31/12/2010		35,046	25,616	10,080
31/12/2009		25,262	24,220	9,987

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	1,085,618	0	6,200	44,524
31/12/2010	1,384,784	0	6,197	42,550
31/12/2009	780,944	0	6,197	36,578

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Minority Interests

No minority interests found

NOTES & COMMENTS

Commentary

The business was established over 15 years ago.

No employees are recorded for this business.

The business has been at the address for over 12 years.

The credit rating for this business has increased from 60 to 61.

The credit limit for this business has decreased from €69000 to €46000.

Sales in the latest trading period decreased 57% on the previous trading period.

A 21% decline in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 36% during the latest trading period.

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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.88
UK Pound	1	Rs.83.66
Euro	1	Rs.70.58

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.