MIRA INFORM REPORT

Report Date :

03.09.2013

IDENTIFICATION DETAILS

Name :	SHAINYDIAM BVBA
Registered Office :	Hoveniersstraat 2, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	21.12.1982
Com. Reg. No.:	423522982
Legal Form :	Private Limited Company
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	1

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

Business number	423522982
Company name	SHAINYDIAM BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	1
Date of establishment	21/12/1982
Telephone number	037272890
Fax number	032260247

Commentary

The business was established over 30 years ago.
The business has 1 employees.
The business has been at the address for over 7 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 34% on the previous trading period.
The business saw a decrease in their Cash Balance of 92% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	81,399,726	210,356	4,910,986	6,126,548
31/12/2011	75,045,426	208,383	4,851,550	6,057,511
31/12/2010	72,441,003	554,961	4,497,472	5,925,154

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	20,097,262	1	18,600	212,044
31/12/2011	17,159,074	1	18,600	213,819
31/12/2010	18,043,159	1	18,600	440,022

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	23.62
Industry average payment expectation days	160.14	Industry average day sales outstanding	110.15
Day sales outstanding	69.18

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	423522982		Company name	SHAINYDIAM BVBA
Fax number	032260247		Date founded	21/12/1982
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.0423.522.982
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		1
Part-time Employees		1
Total Fte Employees		2
Number of hours worked
Full-time Employees		1,786
Part-time Employees		1,403
Total		3,189
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		83,796
Benefits In Addition To Wages		553
During the previous reporting year
Average number employees in Fte		2
Actual working hours		3,143
Personnel Charges		81,520
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	1	2
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	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	1	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	1	2
Blue collar worker	-	-	-
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	-	-	-

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 1 TO 4 EMPLOYEES

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	81,399,726	8.47	75,045,426	3.60	72,441,003	38,185,590	113
	Total operating expenses	80,733,257	8.29	74,550,829	4.21	71,537,268	37,814,351	113
	Operating result	666,469	34.75	494,597	-45.27	903,735	152,478	337
	Total financial income	-	-	9,034	34889	26	88,609	-
	Total financial expenses	456,114	54.48	295,248	-15.35	348,799	175,564	159
	Results on ordinary operations before taxation	210,356	0.95	208,383	-62.45	554,961	58,096	262
	Taxation	30,920	0.30	30,829	-80.00	154,181	22,360	38.28
	Results on ordinary operations after taxation	179,436	1.06	177,554	-55.70	400,780	41,959	327
	Extraordinary items	0	-	0	0	-178	-6,821	0
	Other appropriations	0.00	-	0.00	-	0.00	-	-
	Net result	179,436	1.06	177,554	-55.68	400,603	35,152	410
	other information
	Dividends	-	-	-	-	-	80,069	-
	Director remuneration	-	-	-	-	-	115,763	-
	Employee costs	83,796	2.79	81,520	3.88	78,474	136,508	-38.61
	Wages and salary	65,625	3.48	63,419	3.74	61,131	114,996	-42.93
	Employee pension costs	-	-	-	-	-	1,353	-
	Social security contributions	14,562	3.07	14,129	4.22	13,557	28,463	-48.84
	Other employee costs	3,609	-9.17	3,973	4.92	3,786	4,322	-16.51
	Amortization and depreciation	32,608	-10.08	36,265	-8.00	39,419	17,840	82.78
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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	-	384	1,693	-100
	Tangible fixed assets	455,664	-6.51	487,410	112	229,417	187,425	143
	Land & building	427,221	-5.06	450,000	147	181,639	354,105	20.65
	Plant & machinery	25,971	-20.16	32,527	-18.00	39,666	24,016	8.14
	Furniture & Vehicles	2,472	-49.38	4,883	-39.81	8,112	17,083 6,411	-85.53
	Leasing & Other Similar Rights	-	-	-	-	-	88,568 25,007	-
	Other tangible assets	0	-	0	-	0	12,711	-100
	Financial fixed assets	632	0	632	0	632	26,542	-97.62
	Total fixed assets	456,296	-6.50	488,042	111	230,432	194,510	134
	Inventories	3,434,004	-17.68	4,171,681	43.61	2,904,945	2,509,750	36.83
	Raw materials & consumables	-	-	-	-	-	1,637,694	-
	Work in progress	0	-	0	-	0	4,721	-100
	Finished goods	2,611,080	-22.04	3,349,135	71.01	1,958,412	1,613,607	61.82
	Other stocks	822,924	0.05	822,546	-13.10	946,534	439,105	87.41
	Trade debtors	15,427,045	48.78	10,368,930	-26.35	14,078,478	4,198,691	267
	Cash	109,413	-92.17	1,397,752	322	331,164	211,286	-48.22
	other amounts receivable	664,024	-8.57	726,237	48.06	490,517	131,356	405
	Miscellaneous current assets	6,480	0.75	6,432	-15.62	7,623	18,150	-64.30
	Total current assets	19,640,966	17.81	16,671,032	-6.41	17,812,727	6,618,493	196
	Total Assets	20,097,262	17.12	17,159,074	-4.90	18,043,159	6,789,414 1,252,861	196
	current liabilities
	Trade creditors	5,224,882	8.34	4,822,750	-13.92	5,602,389	2,846,090	83.58
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	8,070,784	48.52	5,434,285	-8.68	5,950,915	3,943,075 199,034	104
	Current portion of long term debt	-	-	-	-	-	91,475 13,552	-
	Amounts Payable for Taxes, Remuneration & Social Security	15,888	-89.35	149,216	6.21	140,497	8,693 -	-53.59
	Miscellaneous current liabilities	202,864	-2.13	207,270	6.97	193,772	-34.40	- -
	Total current liabilities	13,514,418	27.33	10,613,521	-10.72	11,887,573	4,971,423	171
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	1,671,858	-1.31	1,694,003	2.19	1,657,730	58.14	- -
	Deffered taxes	-	-	-	-	-	36,213 13,634	-
	Provisions for Liabilities & Charges	0	-	0	-	0	1,799 0	-100
	Other long term liabilities	0	-	0	-	0	161,674	-100
	Total long term debts	1,671,858	-1.31	1,694,003	2.19	1,657,730	590,714	183
	shareholders equity
	Issued share capital	18,600	0	18,600	0	18,600	774,341	-97.60
	Share premium account	-	-	-	-	-	117,063	-
	Reserves	4,601,246	1.31	4,541,810	1.40	4,479,256	422,546	988
	Revaluation reserve	291,140	0	291,140	-	-	948,836	-69.32
	Total shareholders equity	4,910,986	1.23	4,851,550	7.86	4,497,856	1,229,722	299
	Working capital	6,126,548	1.14	6,057,511	2.23	5,925,154	1,647,069	271
	Cashflow	212,044	-0.83	213,819	-51.41	440,022	50,048	323
	Net worth	4,910,986	1.23	4,851,550	7.87	4,497,472	1,225,584	300
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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	0.26	-7.14	0.28	-63.64	0.77	1,00	-74.00
	Return on capital employed	3.20	0.63	3.18	-64.75	9.02	48,00	-93.33
	Return on total assets employed	1.05	-13.22	1.21	-60.71	3.08	-398,00	0.26
	Return on net assets employed	4.28	-0.47	4.30	-65.15	12.34	18,00	-76.22
	Sales / net working capital	13.29	7.26	12.39	1.31	12.23	59,00	-99
	Stock turnover ratio	4.22	-24.10	5.56	38.65	4.01	52,00	-91.88
	Debtor days	69.18	37.18	50.43	-28.91	70.94	149,00	-53.57
	Creditor days	23.62	0.04	23.61	-17.39	28.58	94,00	-74.87
	short term stability
	Current ratio	1.45	-7.64	1.57	4.67	1.50	6,00	-79.29
	Liquidity ratio / acid ratio	1.20	1.69	1.18	-5.60	1.25	5,00	-76.00
	Current debt ratio	2.75	25.57	2.19	-17.05	2.64	7,00	-60.71
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	198.38	35.02	146.93	-13.14	169.16	213,00	-6.86
	Equity in percentage	24.44	-13.55	28.27	13.40	24.93	-5.999,00	0.41
	Total debt ratio	3.09	21.65	2.54	-15.61	3.01	8,00	-61.38

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	23.62
Day sales outstanding	69.18

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	160.14
Industry average day sales outstanding	110.15

Industry quartile analysis

Payment expectations
Company result	23.62
Lower	122.68
Median	76.22
Upper	42.76
Day sales outstanding
Company result	69.18
Lower	107.66
Median	55.89
Upper	26.77

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

Protested bills

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

NSSO details

Business number	423522982
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	NIRAL SHAILESH MEHTA
Position	Principal Manager
Start Date	09/08/2012
Street	12 QUELLINSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	SHISHIR MEHTA
Position	Principal Manager
Start Date	09/08/2012
Street	1002 DUBAI MARINA 10TH FLOOR - FLAT
Post code	392
Country	United Arab Emirates

Former director details

Name	BMS BEHEER CVBA
Position	Commissioner
Start Date	30/05/2011
End Date	31/12/2011
Date of birth	02/03/1988
Street	478 HERENTALSEBAAN ANTWERPEN
Post code	2100
Country	Belgium

Name	SAMIR SHAH
Position	Principal Manager
Start Date	29/05/2009
End Date	30/06/2008
Street
Post code
Country

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.65.86
UK Pound	1	Rs.102.50
Euro	1	Rs.87.05

INFORMATION DETAILS

Report Prepared by :

PDT

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.