MIRA INFORM REPORT

Report Date :

22.04.2014

IDENTIFICATION DETAILS

Name :	DIAMPEX NV

Registered Office :	Mezenlaan 4, 2610 Antwerp

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	11.02.1983

Com. Reg. No.:	423454587

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

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

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 summary

Business number 423454587

Company name DIAMPEX NV

Address MEZENLAAN 4

2610 ANTWERP

Number of staff 1

Date of establishment 11/02/1983

Telephone number 034482329

Fax number 032265055

Commentary

The business was established over 31 years ago.

The business has 1 employees.

The business has been at the address for over 10 years.

Net Worth increased by 74% during the latest trading period.

A 105% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 969% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 94% during the latest trading period.

Turnover in the latest trading period increased 49% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	87,713,992	515,908	9,710,107	10,017,733
31/12/2011	58,744,740	48,228	5,578,636	5,767,321
31/12/2010	43,291,121	48,694	5,514,995	5,317,364

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	33,532,557	0	5,078,600	146,998
31/12/2011	16,349,667	0	1,085,030	74,752
31/12/2010	18,549,134	0	1,085,030	105,793

Payment expectations
Past payments		Payment expectation days	17.36
Industry average payment	164.26	Industry average day sales	120.92
expectation days		outstanding
Day sales outstanding	90.31
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	25/05/2009

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	-
Part-time Employees	1
Total Fte Employees	1

Number of hours worked
Full-time Employees	-
Part-time Employees	1,502
Total	1,502

Personnel Charges
Full-time Employees	-
Part-time Employees	26,982
Total	26,982
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,487
Personnel Charges	25,997
Benefits In Addition To Wages	-

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

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category Significant Events
Event Date	23/12/2010
Event Description
Event Details	De bestaande aandelen aan toonder worden omgezet in aandelen op naam.

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	87,713,992	49.31	58,744,740	35.70	43,291,121	46,612,575	88.18
Total operating expenses	86,420,159	50.10	57,574,665	33.18	43,229,898	46,221,128	86.97
Operating result	1,293,832	10.58	1,170,075	1811	61,222	147,887	774
Total financial income	1,657	70.60	5,636	-99	1,728,065	97,526	98.30
Total financial expenses	779,582	30.86	1,127,484	35.22	1,740,593	204,266	281
Results on ordinary operations before taxation	515,908	969	48,228	-0.96	48,694	33,065	1460
Taxation	300	-	-	-	-	20,877	98.56
Results on ordinary operations after taxation	515,608	969	48,228	-0.96	48,694	18,249	2725
Extraordinary items	-377,706	-2550	15,413	60.06	38,587	-4,342	-8598
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	137,901	116	63,641	27.08	87,281	13,926	890
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	26,593	4.41	25,471	1.68	25,050	126,172	78.92
Wages and salary	21,836	3.59	21,079	1.37	20,793	105,771	79.36
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	4,340	9.10	3,978	3.92	3,828	26,708	83.75
Other employee costs	417	0.71	414	-3.50	429	4,361	90.45
Amortization and depreciation	9,097	18.13	11,111	39.98	18,512	17,886	49.14

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	1,577	-100
Tangible fixed assets	200,413	-2.47	205,493	-4.39	214,930	184,763	8.47
Land & building	195,298	-3.32	201,995	-3.21	208,692	362,988	46.20
Plant & machinery	4,034	93.52	2,085	64.59	5,887	22,646	82.19
Furniture & Vehicles	1,080	23.55	1,413	302	351	17,300 5,364	93.76
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,619	-100
Financial fixed assets	1,549	0	1,549	0	1,549	306,761	-99
Total fixed assets	201,961	-2.45	207,042	-4.36	216,479	396,027	49.00
Inventories	11,615,957	43.71	8,082,808	11.21	7,267,989	3,105,555	274
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,394	-100
Finished goods	11,615,957	43.71	8,082,808	11.21	7,267,989	1,991,166	483
Other stocks	0	-	0	-	0	570,732	-100
Trade debtors	21,702,036	171	7,993,812	26.44	10,866,544	4,248,295	410
Cash	2,278	94.09	38,528	52.88	81,767	225,847	98.99
other amounts receivable	4,616	5.64	4,369	95.53	97,685	187,129	97.53
Miscellaneous current assets	5,709	75.29	23,107	23.77	18,669	17,998	68.28
Total current assets	33,330,595	106	16,142,625	11.95	18,332,655	7,304,875	356
Total Assets	33,532,557	105	16,349,667	11.86	18,549,134	7,668,456 1,451,744	337
CURRENT LIABILITIES
Trade creditors	4,110,214	77.49	2,315,730	36.79	3,663,592	3,137,713	30.99
Short term group loans	-	-	-	-	-	-	-
Financial debts	19,119,995	140	7,945,773	13.65	9,201,383	4,243,670 187,578	350
Current portion of long term debt	-	-	12,767	25.00	17,022	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	12,007	62.53	7,387	32.19	10,893	9,727 -	64.65
Miscellaneous current liabilities	70,647	24.56	93,647	23.49	122,401	-76.18	- -
Total current liabilities	23,312,862	124	10,375,305	20.28	13,015,291	5,430,989	329
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	11,348	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,178 0	-100
Other long term liabilities	509,588	28.77	395,727	5176	7,500	128,413	296
Total long term debts	509,588	28.77	395,727	1999	18,848	558,087	-8.69
SHAREHOLDERS EQUITY
Issued share capital	5,078,600	368	1,085,030	0	1,085,030	944,106	437
Share premium account	-	-	-	-	-	109,362	-
Reserves	4,631,507	3.07	4,493,606	1.44	4,429,965	691,870	569
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	9,710,107	74.06	5,578,636	1.15	5,514,995	1,665,598	482
Working capital	10,017,733	73.70	5,767,321	8.46	5,317,364	1,873,885	434
Cashflow	146,998	96.65	74,752	29.34	105,793	28,711	411
Net worth	9,710,107	74.06	5,578,636	1.15	5,514,995	1,662,342	484

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012
TRADING PERFORMANCE
Profit Before Tax	0.59	637	0.08	-27.27	0.11	-25,00	2.36
Return on capital employed	5.05	523	0.81	-7.95	0.88	29,00	-82.59
Return on total assets employed	1.54	431	0.29	11.54	0.26	-201,00	0.77
Return on net assets employed	5.31	517	0.86	-2.27	0.88	19,00	-72.05
Sales / net working capital	8.76	-14.03	10.19	25.18	8.14	44,00	-99
Stock turnover ratio	13.24	-3.78	13.76	-18.05	16.79	110,00	-87.96
Debtor days	90.31	81.82	49.67	-45.79	91.62	134,00	-32.60
Creditor days	17.36	18.26	14.68	-52.54	30.93	123,00	-85.89
SHORT TERM STABILITY
Current ratio	1.43	-8.33	1.56	10.64	1.41	6,00	-84.11
Liquidity ratio / acid ratio	0.93	19.23	0.78	-8.24	0.85	4,00	-76.75
Current debt ratio	2.40	29.03	1.86	-21.19	2.36	9,00	-73.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	196.91	38.03	142.66	-14.76	167.36	358,00	-45.00
Equity in percentage	28.96	-15.12	34.12	14.77	29.73	-3.205,00	0.90
Total debt ratio	2.45	26.94	1.93	-18.22	2.36	10,00	-75.50

Payment expectations
Payment expectation days	17.36
Day sales outstanding	90.31
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	17.36
Lower	134.13
Median	83.75
Upper	45.33

Day sales outstanding
Company result	90.31
Lower	112.48
Median	58.70
Upper	27.62

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	423454587
Name of defendant	DIAMPEX
Legal form of defendant	Limited company
Date of summons	04/05/2009
Labour court	ANTWERPEN

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	25/05/2009	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party

Director details

Current director details
Name	MITEN SHAH
Position	Managing Director
Start Date	15/12/2010
End Date	15/06/2016
Street	4 MEZENLAAN ANTWERP
Post code	2610
Country	Belgium

Name	RIDDHI SHAH
Position	Director
Start Date	01/04/2013
End Date	15/06/2018
Street	4 MEZENLAAN ANTWERP
Post code	2610
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.60.34
UK Pound	1	Rs.101.41
Euro	1	Rs.83.38

INFORMATION DETAILS

Analysis Done by :	SUB

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

Business number	423454587	Company name	DIAMPEX NV
Fax number	032265055	Date founded	11/02/1983
Company status	active	Company type	Public Limited Liability Company (BE)
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.0423.454.587
Belgian Bullettin of Acts Publications	moniteur belge