MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	HK DIAM BVBA
Registered Office :	Hoveniersstraat Bus 135 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	29.07.2002
Com. Reg. No.:	478090135
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	01

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 :	Small Company
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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 2.0%, the unemployment rate decreased slightly to 7.7% 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. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	478090135	Company name	HK DIAM BVBA
Address	HOVENIERSSTRAAT BUS 135 ANTWERPEN	Telephone number	032340433
Post code	2018	Fax number	032340373
Date of establishment	29/07/2002	Number of staff	1

DIRECTORS/MANAGEMENT

Current director details

Name	DHARMESH HIMMATBHAI DHOLAKIA
Position	Principal Manager
Street	37 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	FREDDY MARAS
Position	Principal Manager
Street
Post code
Country

Name	BHARATKUMAR PATEL
Position	Principal Manager
Street
Post code
Country

Name	PINTU TULSIBHAI DHOLAKIA
Position	Principal Manager
Street
Post code
Country

Former director details

Name	PARESHKUMAR VITTHALBHAI GOLAKIYA
Position	Principal Manager
Street	37 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	VGD BEDRIJFSREVISOREN B.V. CVBA
Position	Commissioner
Date of birth	28/07/2005
Street	5 BURGEMEESTER ETIENNE DEMUNTERLAAN BRUSSEL
Post code	1090
Country	Belgium

Name	BHARATKUMAR AMBALAL PATEL
Position	Principal Manager
Street
Post code
Country

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	478090135	Company name	HK DIAM BVBA
Fax number	032340373	Date founded	29/07/2002
Company status	active	Company type	Private Limited Company (BL/LX)
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.0478.090.135
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Protested bills

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

NSSO details

Business number	478090135
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Surendra	Middle name	-
Surname	Ribadiya
Shareholder Details
Start date	17/07/2002	End date	-
Percentage owned	20%
Shareholder Address
Street name	Quellinstraat	House number	51
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Pareshkumar	Middle name	-
Surname	Golakiya
Shareholder Details
Start date	17/07/2002	End date	-
Percentage owned	80%
Shareholder Address
Street name	Quinten Matsijslei	House number	37
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	81.92
Industry average payment expectation days	178.29	Industry average day sales outstanding	109.45
Day sales outstanding	156.13

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Suspension of payments / moratorium history

Amount	-
Details	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.29
Industry average day sales outstanding	109.45

Industry quartile analysis

Payment expectations	View graph
Company result	81.92
Lower	129.17
Median	75.20
Upper	41.71
Day sales outstanding	View graph
Company result	156.13
Lower	109.24
Median	57.26
Upper	24.45

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number	View linked companies from outside this company's group structure
-	-	No linked companies have been found.

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	77,730,205	182,214	4,000,915
31/12/2010	91,733,258	170,450	3,864,456
31/12/2009	71,782,323	149,314	3,729,982

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	37,587,273	370	3,495,000	134,908	1
31/12/2010	34,499,610	370	3,495,000	1,222,370	1
31/12/2009	24,019,657	370	3,495,000	47,196	1

Trends

Profitability
Liquidity
Net worth

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	77,730,205	-15.26	91,733,258	27.79	71,782,323	58,371,499	33.16
Total operating expenses	76,970,448	-15.17	90,730,509	28.86	70,409,482	57,575,168	33.69
Operating result	759,757	-24.23	1,002,749	-26.96	1,372,841	294,004	158
Total financial income	264,119	1312	18,702	-	-	175,482	50.51
Total financial expenses	841,662	-1.10	851,001	-30.45	1,223,527	338,889	148
Results on ordinary operations before taxation	182,214	6.90	170,450	14.16	149,314	113,219	60.94
Taxation	45,755	27.18	35,976	35.96	26,460	39,276	16.50
Results on ordinary operations after taxation	136,459	1.48	134,474	9.46	122,854	86,751	57.30
Extraordinary items	0	-	0	-	0	7,843	-100
Other appropriations	0	-	0	-	0	-	-
Net result	136,459	1.48	134,474	9.46	122,854	94,500	44.40
other information
Dividends	-	-	-	-	-	137,001	-
Director remuneration	-	-	-	-	-	127,466	-
Employee costs	33,052	3.70	31,872	2.57	31,074	159,536	-79.28
Wages and salary	27,122	6.11	25,560	0.62	25,403	135,152	-79.93
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	5,430	6.43	5,102	-0.99	5,153	33,469	-83.78
Other employee costs	500	-58.68	1,210	133	518	4,556	-89.03
Amortization and depreciation	19,911	0.83	19,747	30.0	15,190	21,033	-5.33

Balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,925	-100
Tangible fixed assets	335,050	-5.06	352,906	-5.04	371,621	203,909	64.31
Land & building	302,654	-2.69	311,030	-2.62	319,405	375,397	-19.38
Plant & machinery	8,911	-11.97	10,123	-16.99	12,195	27,763	-67.90
Other tangible assets	23,485	-26.04	31,753	-20.66	40,021	30,216	-22.28
Financial fixed assets	370	0	370	0	370	313,265	-99
Total fixed assets	335,420	-5.05	353,276	-5.03	371,991	416,582	-19.48
Inventories	3,857,607	-27.98	5,356,493	16.73	4,588,912	3,421,865	12.73
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,477	-100
Finished goods	3,857,607	-27.98	5,356,493	16.73	4,588,912	2,366,080	63.04
Other stocks	0	-	0	-	0	468,808	-100
Trade debtors	33,248,620	20.65	27,557,368	45.04	18,999,978	4,349,500	664
Cash	134,908	-88.96	1,222,370	2489	47,196	312,720	-56.86
other amounts receivable	2,834	9.38	2,591	-44.87	4,700	412,086	-99
Miscellaneous current assets	7,884	4.95	7,512	9.19	6,880	40,616	-80.59
Total current assets	37,251,853	9.09	34,146,334	44.40	23,647,666	7,975,286	367
current liabilities
Trade creditors	17,274,494	32.83	13,004,563	212	4,161,310	2,882,087	499
Short term group loans	-	-	-	-	-	-	-
Other short term loans	15,196,878	-11.59	17,189,122	9.87	15,645,491	2,408,624	530
Miscellaneous current liabilities	970,528	247	279,182	-6.31	297,988	152	- -
Total current liabilities	33,441,900	9.74	30,472,867	51.57	20,104,789	5,550,695	502
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	144,458	-10.99	162,287	-12.22	184,886	-90.58	- -
Other long term liabilities	0	-	0	-	0	292,746	-100
Total long term debts	144,458	-10.99	162,287	-12.22	184,886	919,923	-84.30
shareholders equity
Issued share capital	3,495,000	0	3,495,000	0	3,495,000	1,027,766	240
Share premium account	-	-	-	-	-	173,859	-
Reserves	505,915	36.94	369,456	57.23	234,982	821,076	-38.38
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	4,000,915	3.53	3,864,456	3.61	3,729,982	1,873,641	113
Working capital	3,809,953	3.72	3,673,467	3.69	3,542,877	2,424,591	57.14
Net worth	4,000,915	3.53	3,864,456	3.61	3,729,982	1,871,716	113

Ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.23	21.05	0.19	-9.52	0.21	-733,00	0.03
Return on capital employed	4.40	4.02	4.23	11.02	3.81	-20,00	22.00
Return on total assets employed	0.48	-2.04	0.49	-20.97	0.62	-33,00	1.45
Return on net assets employed	4.55	3.17	4.41	10.25	4	-28,00	16.25
Sales / net working capital	20.40	-18.30	24.97	23.25	20.26	60,00	-99
Stock turnover ratio	4.96	-15.07	5.84	-8.61	6.39	42,00	-88.19
Debtor days	156.13	42.39	109.65	13.50	96.61	58.284,00	-99
Creditor days	81.92	56.57	52.32	142	21.57	252,00	-67.49
short term stability
Current ratio	1.11	-0.89	1.12	-5.08	1.18	4,00	-93.83
Liquidity ratio / acid ratio	1	6.38	0.94	-1.05	0.95	3,00	-66.67
Current debt ratio	8.36	5.96	7.89	46.38	5.39	18,00	-53.56
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	383.45	-14.60	449	5.79	424.41	296,00	29.54
Equity in percentage	10.64	-5.00	11.20	-27.88	15.53	-1.080,00	0.99
Total debt ratio	8.39	5.80	7.93	45.77	5.44	19,00	-55.84

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Personnel limit NSSO

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	16/05/2011
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 08-03-2011: Bevestiging van de benoeming van Dholakia Dharmesh als zaakvoerder.

NOTES & COMMENTS

N/a

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.69
UK Pound	1	Rs.89.20
Euro	1	Rs.72.10

INFORMATION DETAILS

Report Prepared by :

MNL

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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