MIRA INFORM REPORT

Report Date :

26.11.2013

IDENTIFICATION DETAILS

Name :	ISHAAN DIAMONDS BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	30.09.2010
Date of Incorporation :	29.03.1993
Com. Reg. No.:	449607371
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	4

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 :	Unknown
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	449607371
Company name	ISHAAN DIAMONDS BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Safe number	BE00291830
Number of staff	4
Date of establishment	29/03/1993
Telephone number	037070418
Fax number	032251954

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
30/09/2010	18,762,251	31,846	1,604,707	1,151,753
30/09/2009	9,571,198	13,902	1,584,986	1,159,855
30/09/2008	7,494,494	6,225	1,576,242	1,211,966

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
30/09/2010	6,917,125	4	49,579	76,353
30/09/2009	6,355,906	5	49,579	76,458
30/09/2008	5,643,996	3	49,579	53,978

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	33.50
Industry average payment expectation days	166.66	Industry average day sales outstanding	117.92
Day sales outstanding	61.03

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	449607371		Company name	ISHAAN DIAMONDS BVBA
Fax number	032251954		Date founded	29/03/1993
Company status	active		Company type	Private Limited Company (BL/LX)
Currency	Euro (€)		Date of latest accounts	30/09/2010
Activity code	46761		liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones		VAT Number	BE.0449.607.371
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 30-09-2010
Full-time Employees		5
Part-time Employees		-
Total Fte Employees		5
Number of hours worked
Full-time Employees		2,321
Part-time Employees		-
Total		2,321
Personnel Charges
Full-time Employees		104,745
Part-time Employees		-
Total		104,745
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		4
Actual working hours		2,177
Personnel Charges		82,427
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	4	-	4
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	3	-	3
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	-	1
Blue collar worker	3	-	3
Other	-	-	-

Temporary personnel			Total
Average number of temporary staff			-
Actual working hours			-
Cost of temporary staff			-
New staff and leavers	Full-Time	Part-Time		Total Fte
New Starters	-	-		-
Leavers	1	-		1

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

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

JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade
category

comparison mode

average

median

Profit & loss

Annual accounts	30-09-2010	%	30-09-2009	%	30-09-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	18,762,251	96.03	9,571,198	27.71	7,494,494	40,456,562	-53.62
Total operating expenses	18,560,833	100	9,254,727	27.32	7,268,946	39,970,782	-53.56
Operating result	201,418	-36.36	316,471	40.31	225,548	166,765	20.78
Total financial income	26,504	146	10,763	9774	109	141,943	-81.33
Total financial expenses	196,075	-37.42	313,332	42.79	219,432	255,880	-23.37
Results on ordinary operations before taxation	31,846	129	13,902	123	6,225	37,211	-14.42
Taxation	11,705	126	5,157	2.78	5,018	13,931	-15.98
Results on ordinary operations after taxation	20,141	130	8,744	624	1,207	27,870	-27.73
Extraordinary items	-420	-	0	-100	2,541	7,277	-105
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	19,721	125	8,744	133	3,748	35,124	-43.85
other information
Dividends	-	-	-	-	-	350,010	-
Director remuneration	-	-	-	-	-	111,051	-
Employee costs	104,745	27.08	82,427	37.29	60,037	123,926	-15.48
Wages and salary	88,904	26.95	70,030	37.18	51,049	110,507	-19.55
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	12,212	26.01	9,691	28.15	7,562	26,411	-53.76
Other employee costs	3,629	34.06	2,707	89.81	1,426	2,515	44.29
Amortization and depreciation	56,632	-16.36	67,714	34.81	50,230	18,200	211

balance sheet

Annual accounts	30-09-2010	%	30-09-2009	%	30-09-2008			Industry average 2010		%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0			1,329		-100
Tangible fixed assets	459,193	1.03	454,506	5.90	429,169			167,696		173
Land & building	338,544	-3.15	349,559	-3.06	360,575			335,070		1.04
Plant & machinery	68,779	2.30	67,231	51.11	44,490			22,681		203
Furniture & Vehicles	51,870	37.53	37,716	56.48	24,103			18,098 6,309		186
Leasing & Other Similar Rights	-	-	-	-	-			117,491 15,308		-
Other tangible assets	0	-	0	-100	1			4,660		-100
Financial fixed assets	11,115	0	11,115	105	5,415			255,209		-95.64
Total fixed assets	470,308	1.01	465,621	7.14	434,584			337,634		39.30
Inventories	2,704,048	-22.71	3,498,561	-11.14	3,937,120			2,696,623		0.28
Raw materials & consumables	721,696	104	353,052	5.54	334,519			2,700,017		-73.27
Work in progress	0	-	0	-	0			2,266		-100
Finished goods	1,982,352	-36.98	3,145,509	-12.69	3,602,601			1,676,444		18.25
Other stocks	0	-	0	-	0			546,435		-100
Trade debtors	3,137,387	52.36	2,059,245	75.25	1,175,043			3,321,591		-5.55
Cash	520,688	107	251,454	231	75,871			233,440		123
other amounts receivable	77,064	15.62	66,655	696	8,367			205,833		-62.56
Miscellaneous current assets	7,630	-46.90	14,369	10.44	13,011			23,701		-67.81
Total current assets	6,446,817	9.45	5,890,285	13.07	5,209,412			6,024,278		7.01
Total Assets	6,917,125	8.83	6,355,906	12.61	5,643,996			6,329,3961,339,387		9.29
current liabilities
Trade creditors	1,703,284	-12.25	1,941,104	17.35		1,654,056			2,565,635		-33.61
Short term group loans	-	-	-	-		-			-		-
Financial debts	3,131,004	14.80	2,727,245	22.54		2,225,547			3,096,270187,613		1.12
Current portion of long term debt	23,136	-22.41	29,818	-5.79		31,650			102,706 14,528		-77.47
Amounts Payable for Taxes, Remuneration & Social Security	19,947	21.80	16,377	-18.67		20,136			8,205 -		-39.20
Miscellaneous current liabilities	417,693	2529	15,885	-75.95		66,057			26.82		- -
Total current liabilities	5,295,063	11.94	4,730,429	18.34		3,997,446			4,278,246		23.77
Long term debts and liabilities
Long term group loans	-	-	-	-		-	-				- -
Other long term loans	17,355	-57.14	40,491	-42.41		70,309	-98.25				- -
Deffered taxes	-	-	-	-		-	45,322 29,287				-
Provisions for Liabilities & Charges	0	-	0	-		0	2,857 0				-100
Other long term liabilities	0	-	0	0		-1	126,862				-100
Total long term debts	17,355	-57.14	40,491	-42.41		70,308	514,228				-96.63
shareholders equity
Issued share capital	49,579	0	49,579	0.00		49,579	888,839				-94.42
Share premium account	-	-	-	-		-	118,167				-
Reserves	1,555,128	1.28	1,535,407	0.57		1,526,663	626,923				148
Revaluation reserve	-	-	-	-		-	722,309				-
Total shareholders equity	1,604,707	1.24	1,584,986	0.55		1,576,242	1,530,841				4.83
Working capital	1,151,753	-0.70	1,159,855	-4.30		1,211,966	1,746,031				-34.04
Cashflow	76,353	-0.14	76,458	41.65		53,978	50,090				52.43
Net worth	1,604,707	1.24	1,584,986	0.55		1,576,242	1,529,513				4.92

ratio analysis

Annual accounts	30-09-2010	change(%)	30-09-2009	change(%)	30-09-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.17	13.33	0.15	87.50	0.08	-2,00	8.50
Return on capital employed	1.96	127	0.86	126	0.38	19,00	-89.68
Return on total assets employed	0.46	109	0.22	100	0.11	-86,00	0.53
Return on net assets employed	1.98	125	0.88	125	0.39	22,00	-91.00
Sales / net working capital	16.29	97.45	8.25	33.50	6.18	39,00	-99
Stock turnover ratio	14.41	-60.57	36.55	-30.42	52.53	73,00	-80.26
Debtor days	61.03	-22.28	78.53	37.22	57.23	176,00	-65.32
Creditor days	33.50	-56.24	76.56	-7.83	83.06	183,00	-81.69
short term stability
Current ratio	1.22	-2.40	1.25	-3.85	1.30	8,00	-88.91
Liquidity ratio / acid ratio	0.71	39.22	0.51	59.38	0.32	5,00	-85.80
Current debt ratio	3.30	10.74	2.98	17.32	2.54	11,00	-70.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	197.64	11.98	176.50	19.53	147.66	113,00	74.90
Equity in percentage	23.20	-6.98	24.94	-10.71	27.93	-1.657,00	1.40
Total debt ratio	3.31	9.97	3.01	16.67	2.58	11,00	-69.91

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	33.50
Day sales outstanding	61.03

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	166.66
Industry average day sales outstanding	117.92

Industry quartile analysis

Payment expectations
Company result	33.50
Lower	134.36
Median	84.62
Upper	44.80
Day sales outstanding
Company result	61.03
Lower	112.48
Median	59.01
Upper	28.58

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	449607371
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	MILAN SHAH
Position	Principal Manager
Start Date	14/08/2010
Street	90 DESGUINLEI 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.62.58
UK Pound	1	Rs.101.42
Euro	1	Rs.84.70

INFORMATION DETAILS

Report Prepared by :

NNA

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.