MIRA INFORM REPORT

Report Date :

19.10.2013

IDENTIFICATION DETAILS

Name :	UNIGLO BVBA
Registered Office :	Hoveniersstraat 30 Antwerpen 2018
Country :	Belgium
Financials (as on) :	2012
Date of Incorporation :	28.12.2000
Com. Reg. No.:	473753542
Legal Form :	Private Limited Company
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

UNIGLO _BVBA

Company Summary

Company Name UNIGLO BVBA Company Registration 473753542

Number

Country BE

Activity Code 46761 Activity Description Wholesale of diamonds and other precious stones

Company Status Active Latest Turnover 21,042,925.00 (EUR)

Latest Shareholders Equity 2,326,506.00 (EUR)

Company Identification

Activities

Activity Code 46761

Activity Description Wholesale of diamonds and other precious stones

Basic Information

Company Name UNIGLO BVBA

Registered Company Name UNIGLO BVBA

Company Registration Number 473753542

Country BE

VAT Registration Number BE.0473.753.542

Date of Company Registration 28/12/2000

Date of Starting Operations 28/12/2000

Legal Form Private Limited Company (BL/LX)

Company Status Active

Principal Activity Code 46761

Principal Activity Description Wholesale of diamonds and other precious stones

Contact Address HOVENIERSSTRAAT 30

ANTWERPEN 2018

Contact telephone Number 03/7072595

Main Address

Address HOVENIERSSTRAAT 30 ANTWERPEN 2018

Country BE

Telephone 03/7072595

Other Addresses

Address 31 QUINTEN MATSIJSLEI, ANTWERPEN 2018

Country BE

Current Directors Managers

Name SURAJ RAMNIWAS PODDAR

Address 31 QUINTEN MATSIJSLEI ANTWERPEN

Position Principal Manager

Date Appointed 09/09/2010

Name DARSHIT AJIT SHAH

Address 134 BELGIËLEI ANTWERPEN

Position Principal Manager

Date Appointed 01/11/2011

Share Capital Structure

Issued Share capital 350,000.00 (EUR)

Employee Information

Year 2012

Number of Employees 0

Financial Statements

PROFIT & LOSS

Financial Year 2012 2011 2010

Number of Weeks 52 52 52

Currency EUR EUR EUR

Revenue 21,042,925.00 23,283,003.00 15,926,181.00

Operating Costs 20,692,271.00 23,280,746.00 15,836,749.00

Operating Profit 350,654.00 2,257.00 89,432.00

Wages & Salaries 2,562.00 0.00 0.00

Pension Costs 0.00 0.00 0.00

Depreciation 1,925.00 1,541.00 2,780.00

Financial Income 34,714.00 261,151.00 169,499.00

Financial Expenses 314,518.00 185,795.00 149,596.00

Profit Before Tax 70,851.00 77,612.00 109,335.00

Tax 17,668.00 24,132.00 25,675.00

Profit After Tax 53,183.00 53,481.00 83,660.00

Dividends 0.00 0.00 0.00

Other Appropriations -4,141.00 -575.00 -18,096.00

Retained Profit 49,041.00 52,906.00 65,564.00

BALANCE SHEET

Financial Year 2012 2011 2010

Number of Weeks 52 52 52

Currency EUR EUR EUR

Land & Buildings 0.00 0.00 0.00

Plant & Machinery 5,629.00 3,052.00 2,854.00

Other Tangible Assets 327.00 768.00 1,208.00

Total Tangible Assets 5,957.00 3,820.00 4,062.00

Other Intangible Assets 0.00 0.00 0.00

Total Intangible Assets 0.00 0.00 0.00

Miscellaneous Fixed Assets 78,774.00 69,201.00 68,781.00

Total Other Fixed Assets 78,774.00 69,201.00 68,781.00

Total Fixed Assets 84,731.00 73,021.00 72,843.00

Raw Materials 0.00 0.00 0.00

Work in Progress 0.00 0.00 0.00

Finished Goods 1,705,726.00 932,219.00 843,517.00

Other Inventories 0.00 0.00 0.00

Total Inventories 1,705,726.00 932,219.00 843,517.00

Trade Receivables 9,311,988.00 6,577,547.00 6,738,815.00

Miscellaneous Receivables 63,856.00 88,451.00 61,521.00

Total Receivables 9,375,844.00 6,665,998.00 6,800,336.00

Cash 62,676.00 70,974.00 251,810.00

Other Current Assets 7,799.00 7,819.00 7,771.00

Total Current Assets 11,152,045.00 7,677,010.00 7,903,434.00

Total Assets 11,236,776.00 7,750,031.00 7,976,277.00

Trade Payables 3,650,301.00 1,707,179.00 1,899,485.00

Other Loans/Finance 3,105,688.00 2,406,614.00 1,458,170.00

Miscellaneous Liabilities 1,287,530.00 1,046,036.00 1,730,562.00

Total Current Liabilities 8,043,520.00 5,159,828.00 5,088,217.00

Other Loans/Finance

due after 1 year 866,750.00 312,738.00 663,501.00

Miscellaneous Liabilities

due after 1 0.00 0.00 0.00

Total Long Term Liabilities 866,750.00 312,738.00 663,501.00

Total Liabilities 8,910,270.00 5,472,566.00 5,751,718.00

Called Up Share Capital 350,000.00 350,000.00 350,000.00

Share Premium 0.00 0.00 0.00

Revenue Reserves 1,976,506.00 1,927,465.00 1,874,559.00

Other Reserves 0.00 0.00 0.00

Total Shareholders Equity 2,326,506.00 2,277,465.00 2,224,559.00

Other Financials

Working Capital 3,108,525.00 2,517,182.00 2,815,217.00

Net Worth 2,326,506.00 2,277,465.00 2,224,559.00

RATIOS

Pre-Tax Profit Margin 0.34 0.33 0.69

Return on Capital Employed 2.22 3.00 3.79

Return on Total Assets 0.63 1.00 1.37

EMPLOYED

Return on Net Assets Employed 3.05 3.41 4.91

Sales/Net Working Capital 6.77 9.25 5.66

Stock Turnover Ratio 8.11 4.00 5.30

Debtor Days 161.52 103.11 154.44

Creditor Days 64.39 26.77 43.78

Current Ratio 1.39 1.49 1.55

Liquidity Ratio/Acid Test 1.17 1.31 1.39

Current Debt Ratio 3.46 2.27 2.29

Gearing 170.75 119.40 95.37

Equity in Percentage 20.70 29.39 27.89

Total Debt Ratio 3.83 2.40 2.59

Additional Information

Joint Industrial Committee

Jic Code 1

Description Additional national joint committee for the employees

Significant Events

Event Date 15/11/2010

Event Description resignation-appointment of director(s)

Event Details Commentaar 15-11-2010: Bevestiging van ontslag van Gandhi Dharmesh Rasmesh per 28/12/00 en Shah Shalin Ajit per

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.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Report Prepared by :

NIS

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.