MIRA INFORM REPORT

Report Date :

23.04.2014

IDENTIFICATION DETAILS

Name :	A.C. DIAM BVBA
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.03.2013
Date of Incorporation :	14.03.1997
Com. Reg. No.:	460264802
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees	02

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 460264802

Company name A.C. DIAM BVBA

Address HOVENIERSSTRAAT

30 2018 ANTWERPEN

Number of staff 2

Date of establishment 14/03/1997

Telephone number 032329484

Fax number 032329481

Commentary

The business was established over 17 years ago.

The business has 1 employees.

The business has been at the address for over 14 years.

Net Worth increased by 64% during the latest trading period.

Pre-tax profits decreased by 24% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 99% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2013	141,455,572	313,092	7,308,206	11,418,064
31/03/2012	160,613,538	414,187	4,438,683	8,121,400
31/03/2011	126,682,062	414,184	4,141,196	6,160,710

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2013	57,854,217	2	6,403,380	215,983
31/03/2012	56,487,631	2	4,000,000	389,984
31/03/2011	40,500,056	2	4,000,000	434,797

Payment expectations

Payment expectations
Past payments		Payment expectation days	44.73
Industry average payment	164.26	Industry average day sales	120.92
expectation days		outstanding
Day sales outstanding	129.57
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company information

Business number	460264802	Company name	A.C. DIAM BVBA
Office Address	Hoveniersstraat 30, Box 210, Room No. 422-425,2018, Antwerpen, Belgium
Fax number	032329481	Date founded	14/03/1997
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/03/2013
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0460.264.802
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	Total
During the reporting year ended 31-03-2013
Full-time Employees	2
Part-time Employees	-
Total Fte Employees	2
Number of hours worked
Full-time Employees	3,584
Part-time Employees	-
Total	3,584
Personnel Charges
Full-time Employees	80,107
Part-time Employees	-
Total	80,107
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,614
Personnel Charges	77,732
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	2	-	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	1	-	1
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	2	-	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	-	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
Significant Events
Event Date	20/06/2012
Event Description	proposal of merger by absorption filed
Event Details	Commentaar 20-06-2012: Neerlegging fusievoorstel tussen BVBA A.C. Diam (overnemende vennootschap) en A.C. Jewels (over te nemen vennootschap).

Profit & loss

Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	141,455,572	11.93	160,613,538	26.78	126,682,062	62,023,650	128
Total operating expenses	140,014,471	12.00	159,113,336	26.94	125,344,586	61,297,339	128
Operating result	1,441,101	-3.94	1,500,202	12.17	1,337,476	426,689	237
Total financial income	55	83.42	332	-51.88	689	210,685	-99
Total financial expenses	1,128,063	3.84	1,086,347	17.57	923,982	509,209	121
Results on ordinary operations before taxation	313,092	24.41	414,187	0.00	414,184	99,436	214
Taxation	113,224	-2.98	116,700	46679940	0	23,100	390
Results on ordinary operations after taxation	199,868	32.81	297,487	-28.18	414,183	81,324	145
Extraordinary items	0	-	0	-	0	2,726	-100
Other appropriations	0	-	0.00	-	0.00	-	-
Net result	199,868	32.81	297,487	-28.18	414,183	84,050	137
OTHER INFORMATION
Dividends	-	-	-	-	-	25,000	-
Director remuneration	106,384	-1.00	107,453	-7.41	116,058	131,463	19.08
Employee costs	80,107	1.23	79,133	-11.68	89,596	150,603	46.81
Wages and salary	64,049	-0.84	64,590	4.64	61,724	128,954	50.33
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	14,615	8.40	13,482	-50.72	27,356	30,800	52.55
Other employee costs	1,444	36.09	1,061	105	516	3,774	61.74
Amortization and depreciation	16,115	82.58	92,497	348	20,614	27,822	42.08
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balance sheet

Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,150	-100
Tangible fixed assets	906,150	-1.31	918,217	410	179,764	304,926	197
Land & building	868,323	-2.40	889,704	500	148,167	643,270	34.99
Plant & machinery	-	-	-	-	417	36,438	-
Furniture & Vehicles	37,828	32.67	28,514	-8.55	31,181	17,887 6,739	111
Leasing & Other Similar Rights	-	-	-	-	-	153,494 20,215	-
Other tangible assets	-1	-	0	-	0	6,561	-100
Financial fixed assets	2,650	-1.78	2,698	-99	1,170,636	45,518	94.18
Total fixed assets	908,800	-1.32	920,915	-31.80	1,350,400	313,649	189
Inventories	6,043,184	39.00	4,347,547	-31.47	6,344,372	6,751,411	10.49
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	11,983	-100
Finished goods	6,043,184	39.00	4,347,547	-31.47	6,344,372	5,213,828	15.91
Other stocks	0	-	0	-	0	528,233	-100
Trade debtors	50,216,559	6.16	47,302,286	44.23	32,796,351	13,080,627	283
Cash	18,559	-99	3,911,435	82227	4,751	620,136	97.01
other amounts receivable	666,838	12788	5,174	32.37	3,909	337,678	97.48
Miscellaneous current assets	277	1.01	274	0.21	274	36,827	-99
Total current assets	56,945,417	2.48	55,566,716	41.93	39,149,656	19,822,264	187
Total Assets	57,854,217	2.42	56,487,631	39.48	40,500,056	20,107,400 3,833,367	187
CURRENT LIABILITIES
Trade creditors	17,157,957	-21.42	21,834,012	70.02	12,841,663	7,522,898	128
Short term group loans	-	-	-	-	-	-	-
Financial debts	27,923,334	15.95	24,081,596	21.35	19,844,672	11,396,918 569,388	145
Current portion of long term debt	109,074	-1.56	110,807	54.25	71,834	64,599 10,466	68.85
Amounts Payable for Taxes, Remuneration & Social Security	130,380	-20.67	164,356	378	34,368	13,587 -	227
Miscellaneous current liabilities	206,608	-83.53	1,254,545	538	196,409	-70.89	- -
Total current liabilities	45,527,353	-4.04	47,445,316	43.82	32,988,947	14,512,451	213
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	5,018,657	9.02	4,603,632	36.61	3,369,914	114	- -
Deffered taxes	-	-	-	-	-	0 0	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,113 0	-100
Other long term liabilities	1	-	0	-	0	184,976	-99
Total long term debts	5,018,658	9.02	4,603,632	36.61	3,369,914	1,439,547	248
SHAREHOLDERS EQUITY
Issued share capital	6,403,380	60.08	4,000,000	0	4,000,000	3,085,037	107
Share premium account	-	-	-	-	-	273,462	-

Revaluation reserve	-	-	-	-	-	1,662,858	-
Total shareholders equity	7,308,206	64.65	4,438,683	7.18	4,141,196	4,155,402	75.87
Working capital	11,418,064	40.59	8,121,400	31.83	6,160,710	5,309,813	115
Cashflow	215,983	-44.62	389,984	-10.31	434,797	107,446	101
Net worth	7,308,206	64.65	4,438,683	7.18	4,141,196	4,154,252	75.92
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ratio analysis

Annual accounts	31-03-2013	change(%)	31-03-2012	change(%)	31-03-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.22	-15.38	0.26	-21.21	0.33	14,00	-98.43
Return on capital employed	2.54	-44.54	4.58	-16.88	5.51	-1,00	254
Return on total assets employed	0.54	-26.03	0.73	-28.43	1.02	-1,00	54.00
Return on net assets employed	4.28	-54.13	9.33	-6.70	10	7,00	-38.86
Sales / net working capital	12.39	-37.36	19.78	-3.79	20.56	35,00	-99
Stock turnover ratio	4.27	57.56	2.71	-45.91	5.01	21,00	-79.67
Debtor days	129.57	20.53	107.50	13.77	94.49	187,00	-30.71
Creditor days	44.73	-10.70	50.09	33.97	37.39	93,00	-51.90
SHORT TERM STABILITY
Current ratio	1.25	6.84	1.17	-1.68	1.19	6,00	-93.75
Liquidity ratio / acid ratio	1.12	3.70	1.08	9.09	0.99	5,00	-77.60
Current debt ratio	6.23	-41.72	10.69	34.13	7.97	20,00	-68.85
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	452.25	-30.29	648.75	15.37	562.31	164,00	175
Equity in percentage	12.63	60.69	7.86	-23.17	10.23	21,00	-39.86
Total debt ratio	6.92	-41.01	11.73	33.60	8.78	20,00	-65.40

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Payment Information

Amount	-
Details	-
Payment expectations
Payment expectation days	44.73
Day sales outstanding	129.57
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.26
Industry average day sales outstanding	120.92
Industry quartile analysis
Payment expectations
Company result	44.73
Lower	134.13
Median	83.75
Upper	45.33

Day sales outstanding
Company result	129.57
Lower	112.48
Median	58.70
Upper	27.62

Shareholder Details

Group Structure

No group structure for this company

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME
Forename	Arvindkumar	Middle name	-
Surname	Shah
SHAREHOLDER DETAILS
Start date	16/07/2012(estimated)	End date	-
Percentage owned	100%
SHAREHOLDER ADDRESS
Street name	Van Eycklei	House number	2
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Court data

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-
NSSO details
Business number	460264802
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-
Bankruptcy details

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data

There is no data for this company

Director details

Current director details
Name	ARVINDKUMAR CHIMANLAL SHAH
Position	Principal Manager
Start Date	12/10/2010
Date of birth	31/10/1954
Street	2 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	AMIT ARUNBHAI SHAH
Position	Principal Manager
Start Date	19/12/2011
Date of birth	08/07/1980
Street
Post code
Country

Mandates in other companies

Name	A.C. Jewels BVBA
Business number	865979673
Position	Principal Manager
Start Date	26/02/2010
Name	A.C. Jewels BVBA
Business number	865979673
Position	Non Statutory Partner
Start Date	17/06/2004

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.60.71
UK Pound	1	Rs.102.04
Euro	1	Rs.83.77

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%)

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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.