MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	DIASQUA EUROPE BVBA

Registered Office :	Hoveniersstraat 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	06.02.2008

Com. Reg. No.:	895820536

Legal Form :	Private Limited Company

Line of Business :	Wholesaler 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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 summary

Business number 895820536

Company name DIASQUA EUROPE BVBA

Address HOVENIERSSTRAAT 30

2018 ANTWERPEN

Number of staff 0

Date of establishment 06/02/2008

Commentary

The business was established over 6 years ago.

No employees are recorded for this business.

The business has been at the address for over 3 years.

Operating Result in the latest trading period decreased 26% on the previous trading period.

Pre-tax profits increased by 43% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 54% during the latest trading period.

Accounts

DATE OF LATEST

ACCOUNTS PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2012 49,014 385,394 92,264

31/12/2011 34,045 346,979 48,580

31/12/2010 23,563 314,933 108,503

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL NUMBER OF

EMPLOYEES CAPITAL CASHFLOW

31/12/2012 5,147,162 0 304,000 68,173

31/12/2011 4,753,629 0 304,000 57,399

31/12/2010 4,031,009 0 304,000 48,031

Payment expectations

Industry average payment expectation days 130.89

Industry average day sales outstanding 132.42

Court data summary

BANKRUPTCY DETAILS

Court action type no

Joint Industrial Committee

(JIC)

Significant Events

Event Date 18/03/2011

Event Description

Event Details De benoeming van de heer Desai Rushabh Shripalkumar als zaakvoerder wordt

bevestigd met ingang van 14/12/2010.

Company accounts

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	-	-	-	-	-	40,601,848	-
Total operating expenses	-	-	-	-	-	40,282,308	-
Operating result	58,229	-26.22	78,919	73.92	45,376	1 30,468	-55.37
Total financial income	9,239	3185793	0	-85.50	2	92,994	-90.06
Total financial expenses	18,454	-58.88	44,874	105	21,815	1 85,415	-90.05
Results on ordinary operations before taxation	49,014	43.97	34,045	44.49	23,563	29,043	68.76
Taxation	10,599	429	2,000	35.62	-5,615	21,164	-49.92
Results on ordinary operations after taxation	38,416	19.88	32,045	9.83	29,178	14,289	168
Extraordinary items	0	-	0	-	0	-3,953	0
Other appropriations	0.00	-	0.00	-	0	-	-
Net result OTHER INFORMATION	38,416	19.88	32,045	9.83	29,178	10,358	270
Gross Operating Margin	92,172	-14.83	1 08,216	60.56	67,400	51,099	80.38
Dividends	-	-	-	-	-	168,887	-
Director remuneration	-	-	-	-	-	1 07,304	-
Employee costs	-	-	-	-	-	1 38,807	-
Wages and salary	-	-	-	-	-	11 9,450	-
Employee pension costs	-	-	-	-	-	12,737	-
Social security contributions	-	-	-	-	-	29,464	-
Other employee costs	0	-	0	-	0	4,904	-100
Amortization and depreciation	29,757	17.37	25,354	34.48	18,853	18,156	63.90

Balance Sheets

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			1,204	-100
Tangible fixed assets	606,619		-4.37	634,330	12.44		564,165			189,959	219
Land & building	513,240		-2.99	529,032	-2.90		544,824			375,415	36.71
Plant & machinery	7,092		-16.11	8,455	144		3,455			25,355	-72.03
Furniture & Vehicles	7,137		-11.66	8,079	67.61		4,820			16,894 4,983	-57.76
Leasing & Other Similar Rights	-		-	-	-		-			139,170 30,812	-
Other tangible assets	79,151		-10.83	88,765	702		11,066			11,932	563
Financial fixed assets	250		0	250	-		-			235,642	-99
Total fixed assets	606,869		-4.37	634,580	12.48		564,165			345,016	75.90
Inventories	312,834		-58.56	754,862	89.99		397,315			2,730,151	-88.54
Raw materials & consumables	-		-	-	-		-			7,018,491	-
Work in progress	0		-	0	-		0			2,524	-100
Finished goods	0		-	0	-		0			1,763,417	-100
Other stocks	312,834		-58.56	754,862	89.99		397,315			456,492	-31.47
Trade debtors	4,162,349		29.00	3,226,528	10.23		2,927,018			3,711,009	12.16
Cash	61,844		-54.82	136,895	-2.01		139,71 0			205,696	-69.93
other amounts receivable	2,018		213	643	-77.03		2,801			213,384	-99
Miscellaneous current assets	1,247		943	119	-		0			15,269	-91.83
Total current assets	4,540,292		10.23	4,119,048	18.81		3,466,844			6,416,504	-29.24
Total Assets	5,147,162		8.28	4,753,629	17.93		4,031,009			6,723,200 1,217,713	-23.44
CURRENT LIABILITIES
Trade creditors		4,356,397	8.97	3,997,635		20.60		3,314,756	2,804,419		55.34
Short term group loans		-	-	-		-		-	-		-
Financial debts		-	-	-		-		-	3,651,360 151,306		-
Current portion of long term debt		24,772	14.93	21,553		3.89		20,747	90,989 14,264		-72.77
Amounts Payable for Taxes, Remuneration & Social Security		6,000	200	2,000		-		-	8,528 -		-83.12
Miscellaneous current liabilities		60,859	23.49	49,281		115		22,838	-79.54		- -
Total current liabilities		4,448,028	9.28	4,070,469		21.20		3,358,341	4,759,357		-6.54
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-	-	-		-		-	-		- -
Other long term loans		313,739	-6.68	336,182		-6.02		357,735	-69.89		- -
Deffered taxes		-	-	-		-		-	38,865 26,358		-
Provisions for Liabilities & Charges		0	-	0		-		0	3,984 0		-100
Other long term liabilities		0	-	0		-		0	92,385		-100
Total long term debts		313,739	-6.68	336,182		-6.02		357,735	500,027		-37.26
SHAREHOLDERS EQUITY
Issued share capital		304,000	0	304,000		0		304,000	888,911		-65.80
Share premium account		-	-	-		-		-	89,810		-
Reserves		81,394	89.38	42,979		293		10,933	543,152		-85.01
Revaluation reserve		-	-	-		-		-	927,466		-
Total shareholders equity		385,394	11.07	346,979		10.18		314,933	1,458,222		-73.57
Working capital		92,264	89.92	48,580		-55.23		108,503	1,657,147		-94.43
Cashflow		68,173	18.77	57,399		19.50		48,031	25,137		171
Net worth		385,394	11.07	346,979		10.18		314,933	1,455,468		-73.52

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-10,00	-
Return on capital employed	7.01	40.76	4.98	42.29	3.50	39,00	-82.03
Return on total assets employed	0.95	31.94	0.72	24.14	0.58	-293,00	0.32
Return on net assets employed	12.72	29.66	9.81	31.15	7.48	26,00	-51.08
Sales / net working capital	-	-	-	-	-	64,00	-
Stock turnover ratio	-	-	-	-	-	88,00	-
Debtor days	-	-	-	-	-	148,00	-
Creditor days SHORT TERM STABILITY						1 93,00
Current ratio	1.02	0.99	1.01	-1.94	1.03	6,00	-90.73
Liquidity ratio / acid ratio	0.95	14.46	0.83	-8.79	0.91	4,00	-76.25
Current debt ratio	11.54	-1.62	11.73	10.04	10.66	11,00	4.91
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	87.84	-14.80	103.10	-14.21	120.18	260,00	-66.22
Equity in percentage	7.49	2.60	7.30	-6.53	7.81	-3.378,00	0.22
Total debt ratio	12.36	-2.68	12.70	7.63	11.80	11,00	12.36

Industry comparison
Industry comparison
Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment	130.89
expectation days
Industry average day sales	132.42

Industry quartile analysis

Payment expectations

Lower 127.62

Median 77.55

Upper 45.69

Day sales outstanding

Lower 106.72

Median 55.32

Upper 26.51

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Forename Nimesh

Surname Mehta

SHAREHOLDER DETAILS

Start date 05/11/2009

Percentage owned 100%

NSSO details

Business number 895820536

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data

there is no data for this company

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.60.85
UK Pound	1	Rs.102.69
Euro	1	Rs.81.46

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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	895820536	Company name	DIASQUA EUROPE BVBA
Company status	active	Date founded	06/02/2008
Currency	Euro (€)	Company type	Private Limited Company (BL/LX)
Activity code	46761	Date of latest accounts	31/12/2012
Activity description	Wholesaler of diamonds and other precious stones	Liable for VAT	yes
		VAT Number	BE.0895.820.536 Check VAT number