MIRA INFORM REPORT

Report Date :

07.11.2013

IDENTIFICATION DETAILS

Name :	A.S. INTERNATIONAL BVBA
Registered Office :	Mechelsesteenweg 239 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
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 :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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	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 and address

A.S. INTERNATIONAL BVBA - 461878465

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

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 13 years.
There has been no significant change in the business's credit rating.
There has been no significant change in the business's credit limit.
Operating Result in the latest trading period increased 174% on the previous trading period.
Net Worth increased by 30% during the latest trading period.
A 79% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 63% compared to the previous trading period.
The business saw an increase in their Cash Balance of 82% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		54,062	33,812	31,329
31/12/2011		33,062	25,938	12,379
31/12/2010		35,046	25,616	10,080

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	1,943,907	0	6,200	60,255
31/12/2011	1,085,618	0	6,200	44,524
31/12/2010	1,384,784	0	6,197	42,550

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	157.73	Industry average day sales outstanding	114.88
Day sales outstanding	-

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	31/12/2012
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

Joint Industrial Committee (JIC)

comparison mode

average

median

Export accounts to CSV file

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	46,503,400	-
Total operating expenses	-	-	-	-	-	46,107,334	-
Operating result	88,824	174	32,333	-57.64	76,331	146,925	-39.54
Total financial income	176,116	4.25	168,930	8.19	156,137	96,971	81.62
Total financial expenses	210,878	25.37	168,201	-14.80	197,421	202,974	3.89
Results on ordinary operations before taxation	54,062	63.52	33,062	-5.66	35,046	32,224	67.77
Taxation	6,188	733	742	-79.67	3,651	21,130	-70.72
Results on ordinary operations after taxation	47,874	48.13	32,320	2.94	31,396	17,144	179
Extraordinary items	0	-	0	-	0	-4,051	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	47,874	48.13	32,320	2.94	31,396	13,107	265
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	117,330	-
Employee costs	-	-	-	-	-	129,478	-
Wages and salary	-	-	-	-	-	108,263	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	27,361	-
Other employee costs	0	-	0	-	0	4,554	-100
Amortization and depreciation	12,381	1.45	12,204	9.41	11,154	17,206	-28.04
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balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,523	-100
Tangible fixed assets	2,434	-81.99	13,510	-37.72	21,691	174,779	-98.61
Land & building	-	-	-	-	-	348,739	-
Plant & machinery	2,029	-9.99	2,254	191	774	22,555	-91.01
Furniture & Vehicles	405	-96.40	11,256	-46.19	20,916	17,333 5,325	-97.66
Leasing & Other Similar Rights	-	-	-	-	-	68,695 30,812	-
Other tangible assets	0	-	0	-	0	8,103	-100
Financial fixed assets	50	0	50	0	50	291,540	-99
Total fixed assets	2,483	-81.69	13,559	-37.63	21,740	375,314	-99
Inventories	440,042	113	205,651	3.86	198,009	2,948,288	-85.07
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,556	-100
Finished goods	0	-	0	-	0	1,850,043	-100
Other stocks	440,042	113	205,651	3.86	198,009	575,187	-23.50
Trade debtors	1,112,748	65.15	673,783	-34.06	1,021,843	4,003,126	-72.20
Cash	334,901	82.89	183,113	36.55	134,096	218,696	53.14
other amounts receivable	52,729	508	8,665	10.91	7,813	182,484	-71.10
Miscellaneous current assets	1,003	18.35	847	-33.91	1,282	17,519	-94.28
Total current assets	1,941,423	81.09	1,072,059	-21.35	1,363,044	6,915,694	-71.93
Total Assets	1,943,907	79.06	1,085,618	-21.60	1,384,784	7,253,164 1,411,582	-73.20
current liabilities
Trade creditors	1,865,594	82.67	1,021,271	-22.09	1,310,839	2,922,692	-36.17
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	4,152,714 185,674	-
Current portion of long term debt	-	-	6,204	-48.14	11,963	109,549 14,919	-
Amounts Payable for Taxes, Remuneration & Social Security	4,500	2095	205	26.40	162	9,186 -	-86.87
Miscellaneous current liabilities	40,000	25.00	32,000	6.67	30,000	-86.72	- -
Total current liabilities	1,910,094	80.25	1,059,680	-21.68	1,352,964	5,142,657	-62.86
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	6,204	-	- -
Deffered taxes	-	-	-	-	-	35,097 23,101	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,318 0	-100
Other long term liabilities	0	-	0	-	0	130,228	-100
Total long term debts	0	-	0	-100	6,204	545,285	-100
shareholders equity
Issued share capital	6,200	0	6,200	0.04	6,197	879,289	-99
Share premium account	-	-	-	-	-	109,362	-
Reserves	27,612	39.89	19,738	1.65	19,419	651,436	-95.76
Revaluation reserve	-	-	-	-	-	934,864	-
Total shareholders equity	33,812	30.36	25,938	1.26	25,616	1,559,092	-97.83
Working capital	31,329	153	12,379	22.81	10,080	1,773,036	-98.23
Cashflow	60,255	35.33	44,524	4.64	42,550	27,294	120
Net worth	33,812	30.36	25,938	1.26	25,616	1,555,891	-97.83
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ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	-23,00	-
Return on capital employed	159.89	25.44	127.46	15.73	110.14	32,00	399
Return on total assets employed	2.78	-8.85	3.05	20.55	2.53	-219,00	1.27
Return on net assets employed	159.89	25.44	127.46	-6.83	136.81	21,00	661
Sales / net working capital	-	-	-	-	-	45,00	-
Stock turnover ratio	-	-	-	-	-	111,00	-
Debtor days	-	-	-	-	-	135,00	-
Creditor days	-	-	-	-	-	112,00	-
short term stability
Current ratio	1.02	0.99	1.01	0	1.01	7,00	-87.25
Liquidity ratio / acid ratio	0.79	-3.66	0.82	-4.65	0.86	4,00	-80.25
Current debt ratio	56.49	38.29	40.85	-22.66	52.82	8,00	606
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	23.92	-66.27	70.92	375,00	-
Equity in percentage	1.74	-27.20	2.39	29.19	1.85	-3.419,00	0.05
Total debt ratio	56.49	38.29	40.85	-23.01	53.06	10,00	464

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 comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	157.73
Industry average day sales outstanding	114.88

Industry quartile analysis

Payment expectations
Company result	-
Lower	133.37
Median	83.75
Upper	44.36
Day sales outstanding
Company result	-
Lower	112.04
Median	58.46
Upper	28.61

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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

Current director details

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

Name	MANISH JAVERI
Position	Non Statutory Partner
Start Date	05/11/1997
Street	45 QUINTEN MATSIJSLEI 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.

- 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.6192
UK Pound	1	Rs.99.60
Euro	1	Rs.83.74

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%)

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.