MIRA INFORM REPORT

Report Date :

04.04.2014

IDENTIFICATION DETAILS

Name :	ALOK INTERNATIONAL NV

Registered Office :	Hoveniersstraat 2 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	17.02.1983

Com. Reg. No.:	424004222

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not available

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 :	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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 424004222

Company name ALOK INTERNATIONAL NV

Address HOVENIERSSTRAAT 2

2018 ANTWERPEN

Number of staff 0

Date of establishment 17/02/1983

Telephone number 032266099

Fax number 032318665

Accounts
DATE OF LATESTACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NETWORTH	WORKING CAPITAL
31/12/2011	9,581,649	11,077	802,497	2,079,946
31/12/2010		21,049	791,420	2,068,870
31/12/2009	1,878,851	6,006	771,502	2,295,462
Accounts
DATE OF LATESTACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2011	4,012,901	0	62,000	11,077
31/12/2010	5,542,177	0	62,000	23,501
31/12/2009	3,694,158	0	62,000	16,336
Trends Profitability
Liquidity
Net worth

Payment expectation

Past payments		Payment expectation days	53.46
Industry average payment expectation days	168.35	Industry average day sales outstanding	120.21
Day sales outstanding	79.28
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Personnel (NSSO classification)

Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category
Significant Events
Event Date	28/12/2011
Event Description

Significant Events

Event Date 28/12/2011

Event Description

Event Details Er werd besloten om de aard van de aandelen te wijzigen, De huidige aandelen aan toonder worden omgezet in aandelen op naam. Alle bestaande aandelen aan toonder worden vernietigd

Profit & loss

Annual accounts	31-122011		31-122010	%	31-122009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	9,581,649	-	-	-	1,878,851	49,473,718	80.63
Total operating expenses	9,671,076	-	-	-	1,838,919	48,839,558	80.20
Operating result	-89,427	-460	24,823	37.84	39,932	235,757	-137
Total financial income	150,365	37853	396	26.58	313	153,742	-2.20
Total financial expenses	49,861	1095	4,170	87.82	34,239	292,421	82.95
Results on ordinary operations before taxation	11,077	47.38	21,049	250	6,006	81,367	86.39
Taxation	-	-	1,131	-	-	37,614	-
Results on ordinary operations after taxation	11,077	44.39	19,918	231	6,006	56,217	80.30
Extraordinary items	0	-	0	-	0	2,692	-100
Other appropriations	0	-	0.00	-	0	-	-
Net result	11,077	44.39	19,918	231	6,006	58,794	81.16
OTHER INFORMATION
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	16,898	114,762	-
Employee costs	-	-	-	-	10,997	128,002	-
Wages and salary	-	-	-	-	9,086	108,388	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	1,683	27,124	-
Other employee costs	0	-	0	-100	228	3,595	-100
Amortization and depreciation	-	-	3,582	65.32	10,330	18,478	-

balance sheet

Annual accounts	31-122011	%	31-122010	%	31-122009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,452	-100
Tangible fixed assets	1,238	0.04	1,238	74.32	4,820	177,854	-99
Land & building	-	-	-	-	-	342,986	-
Plant & machinery	1,238	0.04	1,238	38.86	2,024	21,773	94.31
Furniture & Vehicles	-	-	0	-99	2,796	19,650 7,294	-
Leasing & Other Similar Rights	-	-	-	-	-	141,158 33,937	-
Other tangible assets	0	-	0	-	0	7,983	-100
Financial fixed assets	10,685	0.00	10,685	0.00	10,685	273,530	96.09
Total fixed assets	11,923	0.01	11,922	23.11	15,505	361,413	96.70
Inventories	1,835,262	57.18	4,285,635	54.30	2,777,414	3,141,054	41.57
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,443	-100
Finished goods	0	-	0	-100	2,777,414	2,042,618	-100
Other stocks	1,835,262	57.18	4,285,635	-	0	539,069	240
Trade debtors	2,081,236	88.12	1,106,344	37.94	802,054	3,960,316	47.45
Cash	50,117	55.31	112,140	51.03	74,250	240,176	79.13
other amounts receivable	22,475	0.50	22,363	-3.64	23,208	245,186	90.83
Miscellaneous current assets	11,888	215	3,772	118	1,727	21,241	44.03
Total current assets	4,000,978	27.65	5,530,255	50.33	3,678,653	7,078,037	43.47
Total Assets	4,012,901	27.59	5,542,177	50.03	3,694,158	7,403,444 1,370,177	45.80
CURRENT LIABILITIES
Trade creditors	1,416,455	51.80	2,938,549	233	879,911	2,916,217	51.43
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	37,249	-	-	4,222,314 234,235	-
Current portion of long term debt	-	-	-	-	-	100,965 14,310	-
Amounts Payable for Taxes, Remuneration & Social Security	1,323	1996	63	54.59	139	9,932 -	97.37
Miscellaneous current liabilities	503,254	3.65	485,524	-3.50	503,141	52.58	- -
Total current liabilities	1,921,032	44.50	3,461,385	150	1,383,191	5,063,533	62.06
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,160,943	0.00	1,160,943	17.72	1,411,036	-0.18	- -
Deffered taxes	125,729	0.00	125,729	0.00	125,729	45,017 37,431	179
Provisions for Liabilities & Charges	0	-	0	-	0	8,855 0	-100
Other long term liabilities	2,700	0	2,700	0	2,700	133,273	97.97
Total long term debts	1,289,372	0.00	1,289,372	16.25	1,539,465	601,712	114

ratio analysis

SHAREHOLDERS EQUITY
Issued share capital	62,000	0.00	62,000	0.00	62,000	1,018,374	93.91
Share premium account	-	-	-	-	-	108,219	-
Reserves	740,497	1.52	729,420	2.81	709,502	691,450	7.09
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	802,497	1.40	791,420	2.58	771,502	1,731,005	53.64
Working capital	2,079,946	0.54	2,068,870	-9.87	2,295,462	2,014,504	3.25
Cashflow	11,077	52.87	23,501	43.86	16,336	73,968	85.02
Net worth	802,497	1.40	791,420	2.58	771,502	1,729,553	53.60

Industry comparison

Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Details	-
Payment expectations
Payment expectation days	53.46
Day sales outstanding	79.28
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	168.35
Industry average day sales outstanding	120.21
Industry quartile analysis
Payment expectations
Company result	53.46
Lower	134.36
Median	84.62
Upper	45.29

Day sales outstanding
Company result	79.28
Lower	112.48
Median	58.56
Upper	28.58

Shareholder Details

Group Structure

No group structure for this company

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	BAKULCHANDRA KANTILAL MEHTA
Position	Director
Start Date	29/06/2005
Street	14 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	BAKULCHANDRA KANTILAL MEHTA
Position	Chairperson
Start Date	29/06/2005
Street	14 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	BAKULCHANDRA KANTILAL MEHTA
Position	Managing Director
Start Date	06/09/2011
Street	14 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	SUREKHA BAKUL MEHTA
Position	Director

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.60.12
UK Pound	1	Rs.100.07
Euro	1	Rs.82.74

INFORMATION DETAILS

Analysis Done by :	SUB

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.

Business number	424004222	Company name	ALOK INTERNATIONAL NV
Fax number	032318665	Date founded	17/02/1983
Company status	active	Company type	Public Limited Liability Company (BE)
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.0424.004.222
Belgian Bullettin of Acts Publications	moniteur belge
Contractor details			Check Article 30 Bis
Registered contractor number	-
Contractor description	-
Date struck off register