MIRA INFORM REPORT

Report Date :

28.11.2013

IDENTIFICATION DETAILS

Name :	HOPE BELGIUM NV
Registered Office :	Pelikaanstraat 62 2018 Antwerpen
Country :	Belgium
Financials (as on) :	30.06.2012
Date of Incorporation :	25.07.2001
Com. Reg. No.:	475416301
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	2

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

REGISTERED NAME & COMPANY SUMMARY

Company name	HOPE BELGIUM NV
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	2
Date of establishment	25/07/2001
Telephone number	032264011
Fax number	032264011

Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	30/06/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0475.416.301
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	NAOKI YOSHIKAWA
Position	Director
Start Date	10/11/2009
Street	2 STOCKMANSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	TAKAYUKI TAKAHASHI
Position	Director
Start Date	01/12/2012
Street	2 STOCKMANSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	TAKAYUKI TAKAHASHI
Position	Managing Director
Start Date	01/12/2012
Street	2 STOCKMANSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	KAZUNORI KURODA
Position	Managing Director
Start Date	01/12/2012
Street	2 STOCKMANSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	KAZUNORI KURODA
Position	Director
Start Date	10/11/2009
Street	2 STOCKMANSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	KAZUNORI KURODA
Position	Chairman of the Board
Start Date	26/07/2002
Street	2 STOCKMANSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	ROBERT VAN DE VLIET
Position	Director
Start Date	01/12/2012
Street
Post code
Country

Former director details

Name	MANAMI NARIKAWA
Position	Director
Start Date	12/11/2012
End Date	30/11/2012
Street	234 VELDSTRAAT BRASSCHAAT
Post code	2930
Country	Belgium

Name	MASAHIKO NARIKAWA
Position	Managing Director
Start Date	06/02/2013
End Date	30/11/2012
Street	234 VELDSTRAAT BRASSCHAAT
Post code	2930
Country	Belgium

Name	MASAHIKO NARIKAWA
Position	Chairman of the Board
Start Date	26/07/2002
End Date	30/11/2012
Street	234 VELDSTRAAT BRASSCHAAT
Post code	2930
Country	Belgium

Name	MASAHIKO NARIKAWA
Position	Director
Start Date	26/07/2002
End Date	30/11/2012
Street	234 VELDSTRAAT BRASSCHAAT
Post code	2930
Country	Belgium

Name	HOPE INTERNATIONAL INC SOC. ETRANGERE
Position	Director
Start Date	25/07/2001
End Date	-
Street
Post code
Country	Japan

Name	HOPE BELGIUM SOC. ETRANGERE
Position	Director
Start Date	25/07/2001
End Date	-
Street
Post code
Country	Japan

NEGATIVE INFORMATION

C:\SCARLET_BACK-UPREPORTSservicescompany_searchcourt_data.aspx?CompanyNumber=475416301Court data summary

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

Business number	475416301	Company name	HOPE BELGIUM NV
Fax number	032264011	Date founded	25/07/2001

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	12/11/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 12-11-2012: Herbenoemd als bestuurder tot de Algemene Vergadering van 2018: Narikawa Masahiko (tevens als gedelegeerd bestuurder) en Kuroda Kazunori.

Protested bills

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

NSSO details

Business number	475416301
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

Business number	Company name	%	Date of accounts
-	HOPE INTERNATIONAL INC.	-	-

Minority Interests

No minority interests found

PAYMENT INFORMATION

C:\SCARLET_BACK-UPREPORTSservicescompany_searchpayment_information.aspx?CompanyNumber=475416301Payment expectations

Past payments		Payment expectation days	77.99
Industry average payment expectation days	166.60	Industry average day sales outstanding	118.20
Day sales outstanding	52.88

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	77.99
Day sales outstanding	52.88

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	166.60
Industry average day sales outstanding	118.20

Industry quartile analysis

Payment expectations
Company result	77.99
Lower	134.58
Median	84.93
Upper	44.86

Day sales outstanding
Company result	52.88
Lower	112.73
Median	58.70
Upper	28.58

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

C:\SCARLET_BACK-UPREPORTSservicescompany_searchaccounts.aspx?CompanyNumber=475416301Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
30/06/2012	34,699,004	65,560	2,390,702	2,171,018
30/06/2011	27,078,068	49,227	323,039	160,763
30/06/2010	29,710,341	62,831	346,303	116,880

C:\SCARLET_BACK-UPREPORTSservicescompany_searchaccounts.aspx?CompanyNumber=475416301Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
30/06/2012	13,122,027	2	2,064,336	59,813
30/06/2011	8,075,186	2	68,455	49,935
30/06/2010	7,750,996	1	80,625	78,505

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 30-06-2012
Full-time Employees	2
Part-time Employees	-
Total Fte Employees	2
Number of hours worked
Full-time Employees	3,846
Part-time Employees	-
Total	3,846
Personnel Charges
Full-time Employees	104,751
Part-time Employees	-
Total	104,751
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,876
Personnel Charges	106,800
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	-	-	-

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	-	-

Profit & loss

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	34,699,004	28.14	27,078,068	-8.86	29,710,341	46,267,848	-25.00
Total operating expenses	34,464,653	28.07	26,910,703	-9.21	29,639,628	45,870,796	-24.87
Operating result	234,351	40.02	167,365	136	70,713	149,433	56.83
Total financial income	53,948	316	12,945	-80.08	64,987	98,928	-45.47
Total financial expenses	222,739	69.92	131,083	79.89	72,869	206,375	7.93
Results on ordinary operations before taxation	65,560	33.18	49,227	-21.65	62,831	33,192	97.52
Taxation	26,177	29.46	20,220	-17.26	24,438	21,020	24.53
Results on ordinary operations after taxation	39,383	35.77	29,007	-24.45	38,393	18,256	115
Extraordinary items	639	-	0	-100	1,059	-4,772	13.39
Other appropriations	0	-	0	-100	1	-	-
Net result	40,022	37.97	29,007	-26.48	39,453	13,500	196
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,096	-
Employee costs	104,751	12.60	93,031	117	42,768	128,844	-18.70
Wages and salary	83,394	9.35	76,265	121	34,425	107,570	-22.47
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	20,580	28.18	16,056	110	7,610	27,113	-24.10
Other employee costs	777	9.28	711	-2.87	732	4,482	-82.66
Amortization and depreciation	19,791	-5.43	20,928	-46.41	39,052	17,612	12.37

balance sheet

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,496	-100
Tangible fixed assets	388,480	9.23	355,637	-19.81	443,508	179,878	115
Land & building	372,755	12.43	331,548	-16.81	398,553	352,266	5.82
Plant & machinery	2,063	-43.59	3,657	-66.05	10,771	22,362	-90.77
Furniture & Vehicles	13,662	-33.13	20,432	-40.23	34,184	17,417 5,402	-21.56
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,940	-100
Financial fixed assets	4,914	14.79	4,281	-2.19	4,377	297,704	-98.35
Total fixed assets	393,395	9.30	359,918	-19.64	447,885	384,407	2.34
Inventories	6,296,723	39.15	4,525,184	-23.18	5,890,259	3,079,225	104
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	2,145,575	-12.20	2,443,678	5.09	2,325,381	2,500	85723
Finished goods	4,151,148	99	2,081,506	-41.61	3,564,879	1,957,453	112
Other stocks	0	-	0	0	-1	580,982	-100
Trade debtors	5,026,679	124	2,239,617	693	282,339	4,142,973	21.33
Cash	1,764	-96.23	46,830	-44.01	83,641	224,004	-99
other amounts receivable	1,352,803	51.10	895,322	-13.67	1,037,079	185,757	628
Miscellaneous current assets	50,663	509	8,315	-15.09	9,793	18,089	180
Total current assets	12,728,632	64.98	7,715,268	5.64	7,303,111	7,176,054	77.38
Total Assets	13,122,027	62.50	8,075,186	4.18	7,750,996	7,528,969 1,446,080	74.29
current liabilities
Trade creditors	7,364,490	113	3,451,312	-4.90	3,629,180	3,006,949	144
Short term group loans	-	-	-	-	-	-	-
Financial debts	3,134,348	37.41	2,280,949	-	-	4,245,810 189,481	-26.18
Current portion of long term debt	47,188	2.77	45,917	-5.16	48,416	109,218 14,984	-56.79
Amounts Payable for Taxes, Remuneration & Social Security	11,588	29.98	8,915	88.32	4,734	9,343 -	-65.97
Miscellaneous current liabilities	0	-100	1,767,412	-49.56	3,503,901	-100	- -
Total current liabilities	10,557,614	39.75	7,554,505	5.12	7,186,231	5,301,126	99
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	173,711	-12.11	197,642	-9.53	218,461	-84.47	- -
Deffered taxes	-	-	-	-	-	35,141 24,730	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,244 0	-100
Other long term liabilities	0	-	0	-100	1	133,740	-100
Total long term debts	173,711	-12.11	197,642	-9.53	218,462	570,913	-69.57
shareholders equity
Issued share capital	2,064,336	2915	68,455	-15.09	80,625	916,222	125
Share premium account	-	-	-	-	-	109,362	-
Reserves	326,366	28.20	254,584	-4.18	265,678	698,758	-53.29
Revaluation reserve	-	-	-	-	-	934,864	-
Total shareholders equity	2,390,702	640	323,039	-6.72	346,303	1,642,808	45.53
Working capital	2,171,018	1250	160,763	37.55	116,880	1,874,928	15.79
Cashflow	59,813	19.78	49,935	-36.39	78,505	27,997	113
Net worth	2,390,702	640	323,039	-6.72	346,303	1,639,583	45.81

ratio analysis

Annual accounts	30-06-2012	change(%)	30-06-2011	change(%)	30-06-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.19	5.56	0.18	-14.29	0.21	-27,00	0.70
Return on capital employed	2.56	-72.91	9.45	-15.09	11.13	31,00	-91.74
Return on total assets employed	0.50	-18.03	0.61	-24.69	0.81	-214,00	0.23
Return on net assets employed	2.74	-82.02	15.24	-15.99	18.14	21,00	-86.95
Sales / net working capital	15.98	-90.51	168.43	-33.74	254.20	45,00	-99
Stock turnover ratio	18.15	8.62	16.71	-15.73	19.83	116,00	-84.35
Debtor days	52.88	75.16	30.19	770	3.47	138,00	-61.68
Creditor days	77.99	66.61	46.81	4.74	44.69	126,00	-38.10
short term stability
Current ratio	1.21	18.63	1.02	0	1.02	7,00	-86.56
Liquidity ratio / acid ratio	0.61	45.24	0.42	110	0.20	4,00	-84.75
Current debt ratio	4.42	-81.10	23.39	12.72	20.75	9,00	-50.89
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	140.35	-82.04	781.49	914	77.06	372,00	-62.27
Equity in percentage	18.22	355	4	-10.51	4.47	-3.347,00	0.54
Total debt ratio	4.49	-81.29	24	12.25	21.38	11,00	-59.18

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

The business was established over 12 years ago.
The business has 1 employees.
The business has been at the address for over 12 years.
The credit rating for this business has increased from 81 to 83.
The credit limit for this business has increased from €455000 to €465000.
Operating Result in the latest trading period increased 40% on the previous trading period.
Net Worth increased by 640% during the latest trading period.
A 62% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 33% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 96% during the latest trading period.
Turnover in the latest trading period increased 28% on the previous trading period.

Trends

Profitability
Liquidity
Net worth

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.36
UK Pound	1	Rs.101.11
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

SDA

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.