MIRA INFORM REPORT

Report Date :

23.04.2014

IDENTIFICATION DETAILS

Name :	G.S. DIAMONDS BVBA

Registered Office :	Pelikaanstraat 62 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	23.09.2011

Com. Reg. No.:	839603492

Legal Form :	Private Limited Company

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 but correct
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
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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 name and address

Business number 839603492

Company name G.S. DIAMONDS BVBA

Address PELIKAANSTRAAT 62

2018 ANTWERPEN

Number of staff 0

Date of establishment 23/09/2011

Telephone number 032974942

Commentary

The business has 1 employees.
The business has been at the address for over 3 months.
The business has been at the address for less than 6 months.
The business has changed address 1 times in the last year.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	824,880	7,758	23,868	20,789
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	97,450	0	18,600	5,731

Payment expectations

Past payments		Payment expectation days	0.39
Industry average payment expectation days	164.26	Industry average day sales outstanding	120.92
Day sales outstanding	0.12

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	-
Part-time Employees	0
Total Fte Employees	0

Number of hours worked
Full-time Employees	-
Part-time Employees	171
Total	171

Personnel Charges
Full-time Employees	-
Part-time Employees	2,713
Total	2,713
Benefits In Addition To Wages	-

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

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
Significant Events
Event Date	19/11/2012
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 01-01-2013: Besloten werd om de heer Mehta Harshad te benoemen tot zaakvoerder vanaf 01/01/2013.

Profit & loss

Annual accounts	31-12-2012					Industry average
Weeks	66		-		-
Currency	EUR		-		-
Turnover	824,880	-	-	-	-	-	-
Total operating expenses	816,827	-	-	-	-	-	-
Operating result	8,053	-	-	-	-	-	-
Total financial income	0	-	-	-	-	-	-
Total financial expenses	295	-	-	-	-	-	-
Results on ordinary operations before taxation	7,758	-	-	-	-	-	-
Taxation	2,490	-	-	-	-	-	-
Results on ordinary operations after taxation	5,268	-	-	-	-	-	-
Extraordinary items	0	-	-	-	-	-	-
Other appropriations	0.00	-	-	-	-	-	-
Net result	5,268	-	-	-	-	-	-
OTHER INFORMATION
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	2,713	-	-	-	-	-	-
Wages and salary	1,882	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	584	-	-	-	-	-	-
Other employee costs	247	-	-	-	-	-	-
Amortization and depreciation	463	-	-	-	-	-	-
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balance sheet

Annual accounts	31-12-2012					Industry average
Weeks	66		-		-
Currency	EUR		-		-
Intangible fixed assets	0	-	-	-	-	-	-
Tangible fixed assets	2,444	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	987	-	-	-	-	-	-
Furniture & Vehicles	1,458	-	-	-	-	- -	-
Leasing & Other Similar Rights	-	-	-	-	-	- -	-
Other tangible assets	0	-	-	-	-	-	-
Financial fixed assets	635	-	-	-	-	-	-
Total fixed assets	3,079	-	-	-	-	-	-
Inventories	70,944	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	-	-	-	-	-
Finished goods	0	-	-	-	-	-	-
Other stocks	70,944	-	-	-	-	-	-
Trade debtors	272	-	-	-	-	-	-
Cash	22,468	-	-	-	-	-	-
other amounts receivable	687	-	-	-	-	-	-
Miscellaneous current assets	0	-	-	-	-	-	-
Total current assets	94,371	-	-	-	-	-	-
Total Assets	97,450	-	-	-	-	- -	-
CURRENT LIABILITIES
Trade creditors	866	-	-	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	- -	-
Current portion of long term debt	-	-	-	-	-	- -	-
Amounts Payable for Taxes, Remuneration & Social Security	2,968	-	-	-	-	- -	-
Miscellaneous current liabilities	69,749	-	-	-	-	-	- -
Total current liabilities	73,582	-	-	-	-	-	-
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	- -	-
Provisions for Liabilities & Charges	0	-	-	-	-	- -	-
Other long term liabilities	0	-	-	-	-	-	-
Total long term debts	0	-	-	-	-	-	-
SHAREHOLDERS EQUITY
Issued share capital	18,600	-	-	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	5,268	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	23,868	-	-	-	-	-	-
Working capital	20,789	-	-	-	-	-	-
Cashflow	5,731	-	-	-	-	-	-
Net worth	23,868	-	-	-	-	-	-

ratio analysis

Annual accounts	31-12-2012	change(%)		change(%)		Industry average	%
TRADING PERFORMANCE
Profit Before Tax	0.94	-	-	-	-	-	-
Return on capital employed	32.50	-	-	-	-	-	-
Return on total assets employed	7.96	-	-	-	-	-	-
Return on net assets employed	32.50	-	-	-	-	-	-
Sales / net working capital	39.68	-	-	-	-	-	-
Stock turnover ratio	8.60	-	-	-	-	-	-
Debtor days	0.12	-	-	-	-	-	-
Creditor days	0.39	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.28	-	-	-	-	-	-
Liquidity ratio / acid ratio	0.32	-	-	-	-	-	-
Current debt ratio	3.08	-	-	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	-
Equity in percentage	24.49	-	-	-	-	-	-
Total debt ratio	3.08	-	-	-	-	-	-

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

Payment Information

Amount	-
Details	-
Payment expectations
Payment expectation days	0.39
Day sales outstanding	0.12
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	0.39
Lower	134.13
Median	83.75
Upper	45.33

Day sales outstanding
Company result	0.12
Lower	112.48
Median	58.70
Upper	27.62

Shareholder Details

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Bankruptcy details

There is no bankruptcy data against this company

Court Data

there is no data for this company

Director details

Name	HARSHAD SEVANTILAL MEHTA
Position	Principal Manager
Start Date	01/01/2013
Street	88 GROENENBORGERLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	MAYUR KUMAR
Position	Principal Manager
Start Date	26/09/2011
Street	88 GROENENBORGERLAAN ANTWERPEN
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.60.71
UK Pound	1	Rs.102.04
Euro	1	Rs.83.77

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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	839603492	Company name	G.S. DIAMONDS BVBA
Office Address	Groenenborgerlaan 88 Box 2,2610, Wilrijak, Belgium
Fax number		Date founded	23/09/2011
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.0839.603.492
Belgian Bullettin of Acts Publications	moniteur belge
Contractor details			Check Article 30 Bis
Registered contractor number	-
Contractor description	-
Date struck off register