MIRA INFORM REPORT

Report Date :

02.04.2014

IDENTIFICATION DETAILS

Name :	H.R.P. DIAM BVBA
Registered Office :	Hoveniersstraat 2, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	17.01.2002
Com. Reg. No.:	476640974
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	1

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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 summary

Business number 476640974

Company name H.R.P. DIAM BVBA

Address HOVENIERSSTRAAT

2

2018 ANTWERPEN

Number of staff 1

Date of establishment 17/01/2002

Telephone number 052922855

Fax number 34011819

Commentary

The business was established over 12 years ago.

The business has 1 employees.

The business has been at the address for over 4 years.

Operating Result in the latest trading period increased 54% on the previous trading period.

Pre-tax profits increased by 120% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 96% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	54,100,083	156,030	5,913,650	6,279,121
31/12/2011	56,714,898	70,819	5,783,453	6,181,145
31/12/2010	52,922,855	88,420	5,747,023	6,148,947

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	21,078,665	0	1,538,600	145,254
31/12/2011	21,479,748	1	1,538,600	51,817
31/12/2010	17,795,391	1	1,538,600	73,839

Payment expectations

Past payments		Payment expectation days	43.59
Industry average payment expectation days	168.35	Industry average day sales outstanding	120.21
Day sales outstanding	93.80
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Company information

Business number	476640974	Company name	H.R.P. DIAM BVBA
Fax number	34011819	Date founded	17/01/2002
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0476.640.974
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		0
Part-time Employees		-
Total Fte Employees		0
Number of hours worked
Full-time Employees		312
Part-time Employees		-
Total		312
Personnel Charges
Full-time Employees		6,668
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		2
Personnel Charges		250
Benefits In Addition To Wages		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	1	-	1

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	54,100,083	-4.61	56,714,898	7.17	52,922,855	46,788,819	15.63
Total operating expenses	53,487,426	-5.03	56,317,837	6.93	52,666,678	46,394,806	15.29
Operating result	612,657	54.30	397,061	54.99	256,177	148,098	313
Total financial income	6,387	188	2,213	70.53	7,512	98,058	93.49
Total financial expenses	463,013	40.97	328,455	87.40	175,269	204,982	125
Results on ordinary operations before taxation	156,030	120	70,819	19.91	88,420	32,874	374
Taxation	24,807	27.87	34,390	22.44	28,087	20,907	18.65
Results on ordinary operations after taxation	131,223	260	36,429	39.62	60,333	17,996	629
Extraordinary items	-1,026	-	0	-	0	-4,526	22.67
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	130,197	257	36,429	39.62	60,333	13,489	865
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	79,043	14.69	68,918	0.14	68,818	114,302	30.85
Employee costs	6,668	2571	250	91.10	2,803	126,363	94.72
Wages and salary	5,285	-	-	-	1,782	105,854	95.01
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	980	-	-	-	182	26,598	96.32
Other employee costs	402	61.22	250	70.26	839	4,380	90.81
Amortization and depreciation	15,057	-2.15	15,388	13.93	13,507	17,934	16.04

balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,561	-100
Tangible fixed assets	258,161	3.63	249,112	2.22	243,694	185,388	39.25
Land & building	211,511	-4.85	222,284	-2.78	228,642	362,952	41.72
Plant & machinery	46,651	227	14,224	-0.34	14,272	22,760	104
Furniture & Vehicles	-	-	12,604	1516	780	17,415 5,433	-
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,664	-100
Financial fixed assets	-	-	-	-	-	309,151	-
Total fixed assets	258,161	3.63	249,112	2.22	243,694	398,254	35.18
Inventories	6,651,385	3.76	6,410,474	7.24	5,977,885	3,108,260	113
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,411	-100
Finished goods	6,651,385	3.76	6,410,474	7.24	5,977,885	1,992,265	233
Other stocks	0	-	0	-	0	574,368	-100
Trade debtors	13,902,696	10.92	12,533,944	19.14	10,520,428	4,189,589	231
Cash	61,195	96.91	1,982,500	142	816,482	226,840	73.02
other amounts receivable	5,452	96.69	164,632	33.04	123,744	186,814	97.08
Miscellaneous current assets	199,774	43.63	139,086	22.91	113,158	18,076	1005
Total current assets	20,820,504	-1.93	21,230,636	20.96	17,551,698	7,252,094	187
Total Assets	21,078,665	-1.87	21,479,748	20.70	17,795,391	7,617,297 1,454,678	176
CURRENT LIABILITIES
Trade creditors	6,388,405	20.87	8,073,058	51.40	5,332,131	3,057,888	108
Short term group loans	-	-	-	-	-	-	-
Financial debts	7,896,061	20.34	6,561,249	15.71	5,670,409	4,287,536 192,320	84.16
Current portion of long term debt	14,264	6.85	13,350	1.67	13,130	107,941 15,359	86.79
Amounts Payable for Taxes, Remuneration & Social Security	26,283	15.02	22,851	25.78	18,168	9,445 -	22.72
Miscellaneous current liabilities	216,369	42.91	378,982	2.73	368,911	-27.68	- -
Total current liabilities	14,541,383	-3.38	15,049,491	31.98	11,402,750	5,370,007	170
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	623,633	-3.58	646,804	0.18	645,618	-43.46	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,200 0	-100
Other long term liabilities	0	-	0	-	0	129,533	-100
Total long term debts	623,633	-3.58	646,804	0.18	645,618	562,172	10.93
SHAREHOLDERS EQUITY
Issued share capital	1,538,600	0	1,538,600	0	1,538,600	948,360	62.24
Share premium account	-	-	-	-	-	109,362	-
Reserves	4,375,050	3.07	4,244,853	0.87	4,208,423	693,149	531
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	5,913,650	2.25	5,783,453	0.63	5,747,023	1,671,347	253
Working capital	6,279,121	1.59	6,181,145	0.52	6,148,947	1,882,087	233
Cashflow	145,254	180	51,817	29.83	73,839	28,291	413
Net worth	5,913,650	2.25	5,783,453	0.63	5,747,023	1,668,090	254

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.29	141	0.12	-29.41	0.17	-26,00	1.12
Return on capital employed	2.39	117	1.10	-20.29	1.38	29,00	-91.76
Return on total assets employed	0.74	124	0.33	-34.00	0.50	-202,00	0.37
Return on net assets employed	2.64	116	1.22	-20.78	1.54	19,00	-86.11
Sales / net working capital	8.62	-6.10	9.18	6.62	8.61	45,00	-99
Stock turnover ratio	12.29	8.76	11.30	0	11.30	111,00	-88.93
Debtor days	93.80	16.29	80.66	11.16	72.56	133,00	-29.47
Creditor days	43.59	-16.69	52.32	41.60	36.95	122,00	-64.27
SHORT TERM STABILITY
Current ratio	1.43	1.42	1.41	-8.44	1.54	7,00		-84.11
Liquidity ratio / acid ratio	0.97	-1.02	0.98	-3.92	1.02	4,00		-75.75
Current debt ratio	2.46	-5.38	2.60	31.31	1.98	9,00		-72.67
Liquidity ratio reprocessed	-	-	-	-	-	-		-
LONG TERM STABILITY
Gearing	144.31	15.58	124.86	13.38	110.13	361,00		-60.02
Equity in percentage	28.06	4.20	26.93	-16.63	32.30	-3.228,00		0.87
Total debt ratio	2.56	-5.54	2.71	29.05	2.10	10,00		-74.40

Payment expectations
Payment expectation days	43.59
Day sales outstanding	93.80
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	43.59
Lower	134.36
Median	84.62
Upper	45.29

Day sales outstanding
Company result	93.80
Lower	112.48
Median	58.56
Upper	28.58

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	476640974
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

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	TUSHAR VALLABHBAI VANANI
Position	Principal Manager
Start Date	01/10/2006
Street	14 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	JIGNESHKUMAR PREMJI VANINI
Position	Principal Manager
Start Date	05/01/2006
Street	14 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	HITESHKUMAR PREMJI VANANI
Position	Principal Manager
Start Date	17/01/2002
Street	14 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

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.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Report Prepared by :

NNA

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.