MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	H. D. Diam BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31-12-2011

Date of Incorporation :	18.10.2007

Com. Reg. No.:	892903014

Legal Form :	Private Limited Company (BL/LX)

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 :	Slow

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

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

REGISTERED NAME & COMPANY SUMMARY

Business number	892903014
Company name	H.D. DIAM BVBA
Address	HOVENIERSSTRAAT 2 2018 ANTWERPEN
Telephone number	037705299
Fax number	032939625

DIRECTORS/MANAGEMENT

Current director details

Name	DHARMESHKUMAR BHAGWANBHAI PATEL
Position	Principal Manager
Start Date	09/07/2008
Street	41 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	HARI DARSHAN EXPORTS
Position	Principal Manager
Start Date	04/10/2007
End Date	08/07/2008
Country	India

Negative Information

Court data summary

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

Business number	892903014	Company name	H.D. DIAM BVBA
Fax number	032939625	Date founded	18/10/2007
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.0892.903.014
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number

892903014

Bankruptcy details

There is no bankruptcy data against this company

Court data

there is no data for this company

Share and Share Capital Information

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Payment Information

Payment expectations

Past payments		Payment expectation days	62.37
Industry average payment expectation days	174.77	Industry average day sales outstanding	108.66
Day sales outstanding	44.67

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	62.37
Day sales outstanding	44.67

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	174.77
Industry average day sales outstanding	108.66

Industry quartile analysis

Payment expectations
Company result	62.37
Lower	121.46
Median	72.36
Upper	40.99

Day sales outstanding
Company result	44.67
Lower	105.52
Median	54.72
Upper	23.72

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	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

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	38,295,985	258,449	1,974,753	2,889,074
31/12/2010	14,664,572	200,201	1,786,193	2,031,822
31/12/2009		54,484	1,599,161	1,590,167

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cash flow
31/12/2011	12,033,349	0	1,518,600	237,149
31/12/2010	7,073,481	0	1,518,600	192,753
31/12/2009	4,753,534	0	1,518,600	56,198

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	38,295,985	161	14,664,572	-	-	49,527,631	-22.68
Total operating expenses	37,895,407	162	14,424,681	-	-	48,890,358	-22.49
Operating result	400,578	66.98	239,891	267	65,210	238,466	67.98
Total financial income	471	126	209	20752	1	148,968	-99
Total financial expenses	142,601	257	39,899	271	10,727	287,728	-50.44
Results on ordinary operations before taxation	258,449	29.09	200,201	267	54,484	84,458	206
Taxation	69,888	430	13,169	-	-	37,844	84.67
Results on ordinary operations after taxation	188,560	0.82	187,032	243	54,484	59,254	218
Extraordinary items	0	-	0	-	0	3,201	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	188,560	0.82	187,032	243	54,484	62,339	202
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	-	-	277	16.70	237	127,998	-
Wages and salary	-	-	-	-	-	108,777	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,123	-
Other employee costs	0	-100	277	16.70	237	3,607	-100
Amortization and depreciation	48,589	749	5,722	233	1,714	18,309	165

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	1,462	-100
Tangible fixed assets	633,130	54.40	410,065	6531	6,184	177,648	256
Land & building	508,388	40.57	361,657	-	-	346,034	46.92
Plant & machinery	101,963	234	30,476	456	5,480	21,826	367
Other tangible assets	22,778	27.02	17,933	2447	704	24,613	-7.45
Financial fixed assets	275	-90.21	2,810	0	2,810	276,884	-99
Total fixed assets	633,405	53.41	412,875	4490	8,994	363,620	74.19
Inventories	6,612,500	111	3,132,575	15.44	2,713,684	3,060,929	116
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,462	-100
Finished goods	6,612,500	111	3,132,575	-	0	2,049,305	222
Other stocks	0	-	0	-100	2,713,684	470,366	-100
Trade debtors	4,686,687	34.59	3,482,102	73.35	2,008,669	3,888,007	20.54
Cash	11,696	-27.97	16,238	29.83	12,507	239,603	-95.12
other amounts receivable	54,809	2003	2,606	-22.97	3,383	245,153	-77.64
Miscellaneous current assets	34,253	26.47	27,084	330	6,297	21,392	60.12
Total current assets	11,399,944	71.15	6,660,605	40.38	4,744,540	6,943,733	64.18
current liabilities
Trade creditors	6,475,390	72.68	3,749,997	33.87	2,801,157	2,777,715	133
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,962,622	129	855,111	-	0	1,895,458	3.54
Miscellaneous current liabilities	72,858	207	23,675	-93.30	353,216	-80.31	- -
Total current liabilities	8,510,870	83.87	4,628,784	46.74	3,154,373	4,926,143	72.77
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,547,725	135	658,504	-	-	34.59	- -
Other long term liabilities	0	-	0	-	0	142,929	-100
Total long term debts	1,547,725	135	658,504	-	0	597,953	158
shareholders equity
Issued share capital	1,518,600	0	1,518,600	0	1,518,600	1,022,392	48.53
Share premium account	-	-	-	-	-	108,219	-
Reserves	456,153	70.47	267,593	232	80,561	695,355	-34.40
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	1,974,753	10.56	1,786,193	11.70	1,599,161	1,739,095	13.55
Working capital	2,889,074	42.19	2,031,822	27.77	1,590,167	2,017,589	43.19
Cashflow	237,149	23.03	192,753	242	56,198	77,438	206
Net worth	1,974,753	10.56	1,786,193	11.70	1,599,161	1,737,632	13.65

Ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.67	-51.09	1.37	-	-	-744,00	0.09
Return on capital employed	7.34	-10.38	8.19	140	3.41	-14,00	52.43
Return on total assets employed	2.15	-24.03	2.83	146	1.15	-34,00	6.32
Return on net assets employed	13.09	16.77	11.21	228	3.41	-12,00	109
Sales / net working capital	13.26	83.66	7.22	-	-	67,00	-99
Stock turnover ratio	17.27	-19.15	21.36	-	-	67,00	-74.22
Debtor days	44.67	-48.46	86.67	-	-	58.055,00	-99
Creditor days	62.37	-34.27	94.89	-	-	328,00	-80.98
short term stability
Current ratio	1.34	-6.94	1.44	-4.00	1.50	4,00	-92.56
Liquidity ratio / acid ratio	0.56	-26.32	0.76	18.75	0.64	3,00	-81.33
Current debt ratio	4.31	66.41	2.59	31.47	1.97	18,00	-76.06
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	177.76	109	84.74	-	-	265,00	-32.92
Equity in percentage	16.41	-35.01	25.25	-24.94	33.64	-1.079,00	1.52
Total debt ratio	5.09	71.96	2.96	50.25	1.97	19,00	-73.21

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Number of staff	0
Date of establishment	18/10/2007

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	30/11/2010
Event Description	proposal to change address filed
Event Details	Commentaar 15-01-2011: De maatschappelijke zetel wordt overgebracht naar Hoveniersstraat 2 bus 502 2018 Antewerpen, en dit vanaf 15/01/2011.

Event Date	14/01/2011
Event Description	proposal to change address filed
Event Details	--

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.16
UK Pound	1	Rs.83.88
Euro	1	Rs.70.99

INFORMATION DETAILS

Report Prepared by :

NIT

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.