MIRA INFORM REPORT

Report Date :

13.08.2014

IDENTIFICATION DETAILS

Name :	D-GOLDI BVBA

Registered Office :	Hoveniersstraat 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	19.06.1996

Com. Reg. No.:	458259771

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Watches and Jewellery

No. of Employees :	Not Available

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 :	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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

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 458259771

Company Name D-GOLDI BVBA

Address HOVENIERSSTRAAT 30

2018 ANTWERPEN

Number of Staff 0

Date of Establishment 19/06/1996

Telephone Number 032273266

Fax Number 032336058

Commentary

The business was established over 18 years ago.

The business has 0 employees.

The business has been at the address for over 17 years.

A 49% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 99% during the latest trading period.

Turnover in the latest trading period increased 26% on the previous trading period.

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX NET WORTH	WORKING CAPITAL
31/12/2013	141,321,535	226,610 2,844,782	4,053,990
31/12/2012	111,652,987	190,292 2,688,582	3,951,042
31/12/2011	109,897,326	196,204 2,557,063	3,069,116

Accounts DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
31/12/2013	25,795,569	0 1,864,148	172,726
31/12/2012	17,264,442	0 1,864,148	153,315
31/12/2011	24,240,452	0 1,864,148	161,737

Trends
Profitability
Liquidity
Net worth		4
Payment expectations
Past payments		Payment expectation days	41.28
Industry average payment expectation days	254.22	Industry average day sales outstanding	301.98
Day sales outstanding	56.95
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 31-12-2013	-
Full-time Employees
Part-time Employees	1
Total Fte Employees	1

Number of hours worked
Full-time Employees
Part-time Employees	1,389
Total	1,389

Personnel Charges
Full-time Employees
Part-time Employees	29,427
Total	29,427
Benefits In Addition To Wages

During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,355
Personnel Charges	29,338
Benefits In Addition To Wages

Joint Industrial Committee (JIC)
JIC Code	218
Description Category	Additional national joint committee for the employees
JIC Code	324
Description Category	Joint committee for the industry and the trade in diamant

Company accounts

PROFIT & LOSS

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	141,321,535	26.57	111,652,987	1.60	109,897,326	52,951,356	166
Total operating expenses	140,682,489	26.76	110,987,347	1.58	109,264,220	52,493,051	168
Operating result	639,046	-4.00	665,640	5.14	633,105	102,538	523
Total financial income	26	30.42	20	478	3	49,221	-99
Total financial expenses	412,462	-13.23	475,368	8.80	436,905	112,707	265
Results on ordinary operations before taxation	226,610	19.09	190,292	-3.01	196,204	35,321	541
Taxation	70,410	19.80	58,773	-9.31	64,804	18,569	279
Results on ordinary operations after taxation	156,200	18.77	131,519	0.09	131,400	21,394	630
Extraordinary items	0	-	0	-100	3,822	5,865	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	156,200	18.77	131,519	-2.74	135,222	27,701	463
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	62,100	-
Dividends	-	-	-	-	-	191,680	-
Director remuneration	34,100	-19.66	42,444	-	-	110,993	-69.28
Employee costs	29,427	0.30	29,338	35.42	21,665	248,525	-88.16
Wages and salary	22,886	0.41	22,792	39.77	16,307	185,473	-87.66
Employee pension costs	-	-	-	-	-	1,408	-
Social security contributions	4,606	-3.66	4,780	45.28	3,290	48,019	-90.41
Other employee costs	1,935	9.61	1,766	-14.60	2,067	9,873	-80.40
Amortization and depreciation	16,526	-24.17	21,795	-17.80	26,515	27,140	-39.11

BALANCE SHEET

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	5,654	-100
Tangible fixed assets	239,325	-4.91	251,693	-6.76	269,950	204,362	17.11
Land & building	226,402	-3.95	235,719	-3.80	245,036	369,178	-38.67
Plant & machinery	9,586	-35.80	14,932	-30.94	21,622	25,483	-62.38
Furniture & Vehicles	3,338	220	1,043	-68.32	3,292	26,575 9,105	-87.44
Leasing & Other Similar Rights	-	-	-	-	-	293,135 28,177	-
Other tangible assets	0	-	0	-	0	10,006	-100
Financial fixed assets	1,687	0	1,687	0	1,687	322,993	-99
Total fixed assets	241,013	-4.88	253,381	-6.72	271,638	395,305	-39.03
Inventories	3,481,561	-7.54	3,765,342	-30.95	5,453,044	995,925	249
Raw materials & consumables	-	-	-	-	-	6,378,985	-
Work in progress	0	-	0	-	0	0	-
Finished goods	3,481,561	-7.54	3,765,342	-30.95	5,453,044	385,447	803
Other stocks	0	-	0	-	0	297,412	-100
Trade debtors	22,049,484	81.26	12,164,651	-34.21	18,489,934	1,732,445	1172
Cash	7,688	-99	1,037,487	11004	9,343	198,434	-96.13
other amounts receivable	6,624	-21.17	8,403	13.95	7,375	510,352	-98.70
Miscellaneous current assets	9,199	-73.85	35,178	285	9,119	94,010	-90.21
Total current assets	25,554,557	50.22	17,011,061	-29.03	23,968,814	3,289,316	676
Total Assets	25,795,569	49.41	17,264,442	-28.78	24,240,452	3,617,168 333,750	613

CURRENT LIABILITIES

Trade creditors	15,909,334	113	7,436,825	-40.93	12,588,859	1,200,053	1225
Short term group loans	-	-	-	-	-	-	-
Financial debts	5,416,195	0.04	5,414,180	-32.92	8,070,657	2,690,755 28,622	101
Current portion of long term debt	^-	^-	10,834	-66.67	32,500	150,775 17,514	-
Amounts Payable for Taxes, Remuneration & Social Security	12,499	-12.48	14,281	-35.85	22,263	10,045 -	-69.63
Miscellaneous current liabilities	162,539	-11.61	183,899	-0.82	185,419	1.09	—
Total current liabilities	21,500,566	64.63	13,060,019	-37.51	20,899,698	2,261,610	850
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	—
Other long term loans	-	-	-	-	10,834	-	—
Deffered taxes	-	-	-	-	-	27,320 21,654	-
Provisions for Liabilities & Charges	0	-	0	-	0	30,294 0	-100
Other long term liabilities	1,450,221	-4.33	1,515,841	96.13	772,857	60,082	2313
Total long term debts	1,450,221	-4.33	1,515,841	93.42	783,691	667,213	117
SHAREHOLDERS EQUITY
Issued share capital	1,864,148	0	1,864,148	0	1,864,148	471,069	295
Share premium account	-	-	-	-	-	12,395	-
Reserves	980,634	18.95	824,434	18.98	692,915	205,969	376
Revaluation reserve	-	-	-	-	-	567,429	-
Total shareholders equity	2,844,782	5.81	2,688,582	5.14	2,557,063	688,345	313
Working capital	4,053,990	2.61	3,951,042	28.74	3,069,116	1,027,706	294
Cash flow	172,726	12.66	153,315	-5.21	161,737	49,133	251
Net worth	2,844,782	5.81	2,688,582	5.14	2,557,063	682,691	316

RATIO ANALYSIS

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.16	-5.88	0.17	-5.56	0.18	-15,00	1.07
Return on capital employed	5.28	16.56	4.53	-22.83	5.87	48,00	-89.00
Return on total assets employed	0.88	-20.0	1.10	35.80	0.81	15,00	-94.13
Return on net assets employed	7.97	12.57	7.08	-7.69	7.67	12,00	-33.58
Sales / net working capital	34.86	23.35	28.26	-21.08	35.81	-94,00	-99
Stock turnover ratio	2.46	-27.00	3.37	-32.06	4.96	42,00	-94.14
Debtor days	56.95	43.20	39.77	-35.24	61.41	117,00	-51.32
Creditor days	41.28	68.77	24.46	-41.83	42.05	111,00	-62.81
SHORT TERM STABILITY
Current ratio	1.19	-8.46	1.30	13.04	1.15	23,00	-86.78
Liquidity ratio / acid ratio	1.03	1.98	1.01	13.48	0.89	19,00	-94.58
Current debt ratio	7.56	55.56	4.86	-40.51	8.17	9,00	-16.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	190.39	-5.64	201.78	-36.41	317.32	222,00	-14.24
Equity in percentage	11.03	-29.16	15.57	47.58	10.55	-222,00	4.97
Total debt ratio	8.07	48.89	5.42	-36.08	8.48	10,00	-19.30

Industry comparison
Activity code	46480
Activity description	Wholesale of watches and jewellery
industry average credit rating	61.07
Industry average credit limit	7967.53

Payment Information

Payment expectations
Payment expectation days	41.28
Day sales outstanding	56.95
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	41.28
Lower	126.30
Median	57.54
Upper	17.32

Day sales outstanding
Company result	56.95
Lower	122.65
Median	55.69
Upper	23.16

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Court data

NSSO DETAILS

Business number 458259771

Name of defendant Legal form of ---

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.61.18
UK Pound	1	Rs.102.55
Euro	1	Rs.81.77

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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	458259771	Company name	D-GOLDI BVBA
Fax number	032336058	Date founded	19/06/1996
Company status	active	Company type	Private Limited Company
			(BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46480	Liable for VAT	Yes
Activity description	Wholesale of watches and jewellery	VAT Number	BE.0458.259.771 Check
Belgian Bullettin of Acts Publications	moniteur beige