MIRA INFORM REPORT

Report Date :

08.08.2014

IDENTIFICATION DETAILS

Name :	VIJAYDIMON BVBA

Registered Office :	Pelikaanstraat 54 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	10.12.1974

Com. Reg. No.:	414855241

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of watches and jewellery

No of Employees :	5

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 :	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 – 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	414855241
Company name	VIJAYDIMON BVBA
Address	PELIKAANSTRAAT 54
	2018 ANTWERPEN
Number of staff	5
Date of establishment	10/12/1974
Telephone number	032030596
Fax number	032339838

Commentary

The business was established over 39 years ago.

The business has 5 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 18 years.

A 21% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 50% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 77% during the latest trading period.

Turnover in the latest trading period decreased 62% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	31,704,783	70,820	17,609,133	17,477,425
31/12/2011	85,139,909	143,147	17,491,011	17,357,805
31/12/2010	55,487,063	73,873	17,390,164	17,269,498

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	53,192,093	5	1,400,000	128,843
31/12/2011	67,933,229	5	1,400,000	112,083
31/12/2010	58,759,769	5	1,400,000	90,320

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	57.83
Industry average payment expectation days	254.22	Industry average day sales outstanding	301.98
Day sales outstanding	126.86

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2012
Full-time Employees	5
Part-time Employees
Total Fte Employees	5

Number of hours worked
Full-time Employees	7,767
Part-time Employees
Total	7,767

Personnel Charges
Full-time Employees	196,815
Part-time Employees
Total	196,815
Benefits In Addition To Wages	1,250

During the previous reporting year
Average number employees in Fte	5
Actual working hours	8,839
Personnel Charges	214,103
Benefits In Addition To Wages

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	5	-	5
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific	-	-	-
Work
Contracts Regarding	-	-	-
Substitution


Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non university)	2	-	2
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non university)	1	-	1
Higher education (university)	-	-	-



Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	5	-	5
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

Personnel (NSSO classification)

Code -

Description -

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

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	31,704,783	-62.76	85,139,909	53.44	55,487,063	38,641,234	-17.95
Total operating expenses	30,858,509	-63.33	84,149,255	53.36	54,869,707	38,281,034	-19.39
Operating result	846,274	-14.57	990,653	60.47	617,356	107,208	689
Total financial income	71	13.72	62	385	13	65,467	-99
Total financial expenses	775,525	-8.50	847,568	55.95	543,496	245,489	215
Results on ordinary operations before taxation	70,820	-50.53	143,147	93.77	73,873	-76,855	92.15
Taxation	-47,302	-211	42,300	185	14,841	15,454	-406
Results on ordinary operations after taxation	118,122	17.13	100,847	70.84	59,032	-87,022	135
Extraordinary items	0	-	0	-	0	-21,937	0.00
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	118,122	17.13	100,847	70.84	59,032	-108,888	108
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	61,581	-
Dividends	-	-	-	-	-	147,187	-
Director remuneration	65,384	0	65,384	-	-	114,919	-43.10
Employee costs	196,815	-8.07	214,103	-5.89	227,510	218,809	-10.05
Wages and salary	158,169	-9.30	174,387	-2.20	178,318	170,571	-7.27
Employee pension costs	-	-	-	-	-	3,154	-
Social security contributions	35,514	-10.45	39,657	-12.16	45,148	45,485	-21.92
Other employee costs	3,132	5179	59	-98.53	4,044	6,024	-48.01
Amortization and depreciation	10,721	-4.59	11,236	-64.09	31,288	23,678	-54.72

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	4,012	-100
Tangible fixed assets	54,848	-2.66	56,346	28.63	43,805	197,640	-72.25
Land & building	-	-	-	-	-	373,075	-
Plant & machinery	4,344	-40.14	7,257	-32.69	10,782	24,500	-82.27
Furniture & Vehicles	35,220	13.38	31,064	153	12,257	21,059 8,497	67.25
Leasing & Other Similar Rights	-	-	-	-	-	160,379 16,808	-
Other tangible assets	15,284	-15.21	18,025	-13.20	20,767	10,341	47.80
Financial fixed assets	76,860	0	76,860	0	76,860	573,616	-86.60
Total fixed assets	131,709	-1.12	133,207	10.39	120,666	551,741	-76.13
Inventories	40,067,408	24.29	32,236,919	7.01	30,126,375	1,935,586	1970
Raw materials & consumables	-	-	-	-	-	5,256,220	-
Work in progress	0	-	0	-	0	350	-100
Finished goods	40,067,408	24.29	32,236,919	7.01	30,126,375	1,187,727	3273
Other stocks	0	-	0	-	0	298,338	-100
Trade debtors	11,019,093	-65.30	31,753,070	19.68	26,530,596	2,618,967	320
Cash	531,668	-77.56	2,369,702	345	531,829	189,398	180
other amounts receivable	680,510	0.19	679,228	-1.41	688,940	386,895	75.89
Miscellaneous current assets	761,705	0.08	761,103	-0.03	761,363	56,386	1250
Total current assets	53,060,384	-21.74	67,800,023	15.62	58,639,103	4,778,065	1010
Total Assets	53,192,093	-21.70	67,933,229	15.61	58,759,769	5,280,316 319,636	907

CURRENT LIABILITIES
Trade creditors	4,889,185	-30.49	7,033,496	52.09	4,624,684	1,359,782	259
Short term group loans	-	-	-	-	-	-	-
Financial debts	26,567,698	-32.10	39,127,218	21.34	32,245,543	5,028,524 37,030	428
Current portion of long term debt	^-	^-	^-	^-	^-	98,890 16,290	-
Amounts Payable for Taxes, Remuneration & Social Security	25,086	-37.22	39,962	38.21	28,913	11,217 -	-36.07
Miscellaneous current liabilities	4,100,990	-3.31	4,241,542	-5.12	4,470,465	744	—
Total current liabilities	35,582,960	-29.46	50,442,218	21.93	41,369,605	3,620,202	882
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	—
Other long term loans	-	-	-	-	-	-	—
Deffered taxes	-	-	-	-	-	42,513 23,311	-
Provisions for Liabilities & Charges	0	-	0	-	0	14,943 0	-100
Other long term liabilities	0	-	0	-	0	267,395	-100
Total long term debts	0	-	0	-	0	654,349	-100
SHAREHOLDERS EQUITY
Issued share capital	1,400,000	0	1,400,000	0	1,400,000	659,792	112
Share premium account	-	-	-	-	-	255,692	-
Reserves	16,209,133	0.73	16,091,011	0.63	15,990,164	310,958	5112
Revaluation reserve	-	-	-	-	-	517,619	-
Total shareholders equity	17,609,133	0.68	17,491,011	0.58	17,390,164	987,138	1683
Working capital	17,477,425	0.69	17,357,805	0.51	17,269,498	1,157,863	1409
Cashflow	128,843	14.95	112,083	24.10	90,320	-89,511	143
Net worth	17,609,133	0.68	17,491,011	0.58	17,390,164	983,126	1691

Ration analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.22	29.41	0.17	30.77	0.13	-121,00	0.18
Return on capital employed	0.40	-51.22	0.82	95.24	0.42	331,00	-99
Return on total assets employed	0.13	-38.10	0.21	61.54	0.13	-11,00	1.18
Return on net assets employed	0.40	-51.22	0.82	95.24	0.42	334,00	-99
Sales / net working capital	1.81	-63.06	4.90	52.65	3.21	1,00	-99
Stock turnover ratio	126.38	233	37.86	-30.26	54.29	620,00	-79.62
Debtor days	126.86	-6.81	136.13	-22.00	174.52	229,00	-44.60
Creditor days	57.83	89.54	30.51	-0.81	30.76	154,00	-62.45
SHORT TERM STABILITY
Current ratio	1.49	11.19	1.34	-5.63	1.42	66,00	-98.25
Liquidity ratio / acid ratio	0.37	-47.89	0.71	2.90	0.69	58,00	-99
Current debt ratio	2.02	-29.86	2.88	21.01	2.38	85,00	-97.62
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	150.87	-32.56	223.70	20.65	185.42	257,00	-41.30
Equity in percentage	33.10	28.54	25.75	-13.01	29.60	-1.218,00	2.72
Total debt ratio	2.02	-29.86	2.88	21.01	2.38	86,00	-97.65

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery

Payment Information

Suspension of payments / moratorium history
Amount
Details
Payment expectations
Payment expectation days	57.83
Day sales outstanding	126.86
Industry comparison
Activity code		46480
Activity description		Wholesale of watches and jewellery
Industry average payment expectation days		254.22
Industry average day sales outstanding		301.98

Industry quartile analysis
Payment expectations
Company result	57.83
Lower	126.30
Median	57.54
Upper	17.32

Day sales outstanding
Company result	126.86
Lower	122.65
Median	55.69
Upper	23.16

Shareholder Details

Summary
Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- VIJAYDIMON BVBA	414855241	31-12-2012
- - VIJAYDIAMOND POLISHED DISTRIBUTORS BVBA	421824096	31-12-2013

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies

Summary

Group - Number of Companies 2

Linkages - Number of Companies 0

Number of Countries 0

Court data

Protested bills

Drawee name -

Address -

Bill amount -

Bill currency -

Maturity of bill -

Name of drawer -

City of drawer –

NSSO details

Business number 414855241

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.41
UK Pound	1	Rs. 103.42
Euro	1	Rs. 82.16

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	DPT

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.