MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	BLUEVAL BVBA
Registered Office :	Belgiëlei 151, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	02.06.1998
Com. Reg. No.:	463527861
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Manufacture of jewellery
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Belgium	A1	A2

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 463527861

Company name BLUEVAL BVBA

Address BELGIËLEI 151

2018 ANTWERPEN

Number of staff 0

Date of establishment 02/06/1998

Telephone number 032300566

Fax number

Commentary

The business was established over 16 years ago.

No employees are recorded for this business.

The business has been at the address for over 8 years.

Operating Result in the latest trading period increased 246% on the previous trading period.

Pre-tax profits increased by 25% compared to the previous trading period.

The business saw an increase in their Cash Balance of 38% during the latest trading period.

Accounts

Date of Latest Accounts Turnover Profit Before Tax Net Worth Working Capital

31/12/2013 7,130 79,350 76,139

31/12/2012 5,665 73,660 71,866

31/12/2011 3,986 68,564 65,230

Accounts

Date of Latest Accounts Balance Total Number of Employees Capital Cashflow

31/12/2013 1,024,368 0 18,600 6,954

31/12/2012 1,043,351 0 18,600 8,354

31/12/2011 1,118,257 0 18,600 6,073

Payment expectations

Past payments

Payment expectation days -

Industry average payment

expectation days 101.15

Industry average day sales

outstanding 112.71

Day sales outstanding -

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company information

Business number	463527861	Company name	BLUEVAL BVBA
Fax number		Date founded	02/06/1998
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	32123	Liable for VAT	yes
Activity description	Manufacture of jewellery	VAT Number	BE.0463.527.861 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	3,210	78.94	1,794	-54.37	3,932	-38.60	6,404	-31.34	9,326
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	1,210	-32.54	1,794	-54.37	3,932	-38.60	6,404	-31.34	9,326
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	305	-52.78	645	43.16	451	-	-	-	-
Furniture & Vehicles	906	-21.18	1,149	-66.99	3,481	-45.64	6,404	-31.34	9,326
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	2,000	-	-	-	-	-	-	-	-
Total current assets	1,021,158	-1.96	1,041,557	-6.53	1,114,325	18.51	940,248	15.80	811,954
Inventories	809,321	-11.78	917,401	13.21	810,370	29.11	627,652	-11.29	707,534
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	809,321	-11.78	917,401	13.21	810,370	29.11	627,652	-11.29	707,534
Trade debtors	148,462	94.41	76,367	-71.86	271,430	22.78	221,075	150	88,125
Other amounts receivable	1,255	-54.61	2,766	9.70	2,521	69.65	1,486	12.93	1,316
Cash	62,019	38.05	44,926	49.87	29,976	-66.67	89,945	508	14,791
Miscellaneous current assets	101	4.75	96	236	29	-68.14	89	-52.65	189
Total Assets	1,024,368	-1.82	1,043,351	-6.70	1,118,257	18.13	946,651	15.27	821,280
Liabilities
Total shareholders equity		79,350	7.72	73,660	7.43 68,564		4.55 65,582 7.19 61,185
Issued share capital		18,600	0	18,600	0 18,600		0 18,600 0		18,600
Share premium account
Revaluation reserve

Reserves	60,750	10.33	55,060	10.20	49,964	6.35	46,982	10.32	42,585
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-
Creditors	945,018	-2.54	969,691	-7.62	1,049,693	19.14	881,070	15.92	760,095
Other long term loans	-	-	-	-	598	-85.37	4,086	-44.86	7,410
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-100	598	-85.37	4,086	-44.86	7,410
Current portion of long term debt			598	-82.86	3,488	4.95	3,324	4.95	3,167
Financial debts	33,402	276	8,881	2827	303	-96.24	8,065	306	1,984
Trade creditors	787,142	-4.34	822,834	-8.27	896,977	26.32	710,102	19.04	596,504
Amounts Payable for Taxes, Remuneration & Social Security	4,861	3.29	4,706	103	2,315	-13.15	2,666	-18.51	3,271
Miscellaneous current liabilities	119,614	-9.84	132,672	-9.14	146,012	-4.46	152,827	3.43	147,759
Total current liabilities	945,018	-2.54	969,691	-7.57	1,049,095	19.63	876,983	16.51	752,685
Total Liabilities	1,024,368	-1.82	1,043,351	-6.70	1,118,257	18.13	946,651	15.27	821,280

Ratio analysis

TRADING PERFORMANCE

Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	8.99	16.91	7.69	33.51	5.76	-8.13	6.27	66.99	-9.36
Return on total assets employed	0.70	29.63	0.54	50.0	0.36	-21.74	0.46	58.97	-0.78
Return on net assets employed	8.99	16.91	7.69	32.36	5.81	-12.76	6.66	63.49	-10.49
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.08	0.93	1.07	0.94	1.06	-0.93	1.07	-0.93	1.08
Liquidity ratio / acid ratio	0.22	69.23	0.13	-55.17	0.29	-19.44	0.36	157	0.14
Current debt ratio	11.91	-9.50	13.16	-13.99	15.30	14.44	13.37	8.70	12.30
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	6,954	-16.76	8,354	37.56	6,073	-17.02	7,319	38.14	5,298
Net worth	79,350	7.72	73,660	7.43	68,564	4.55	65,582	7.19	61,185
LONG TERM STABILITY
Gearing	42.09	227	12.87	101	6.40	-72.88	23.60	14.95	20.53
Equity in percentage	7.75	9.77	7.06	15.17	6.13	-11.54	6.93	-6.98	7.45
Total debt ratio	11.91	-9.50	13.16	-14.04	15.31	14.00	13.43	8.13	12.42
Working capital	76,139	5.95	71,866	10.17	65,230	3.11	63,264	6.74	59,269
Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	14,992	7.41	13,957	40.64	9,924	-13.85	11,520	213	3,676
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	1,264	-61.20	3,258	5.41	3,091	5.76	2,922	0.01	2,922
Operating result	10,514	246	3,033	-40.65	5,110	-23.49	6,680	172	-3,871
Total financial income	108	-97.92	5,226	271	1,408	278	372	402	74
Total financial expenses	3,493	34.65	2,594	2.46	2,532	-5.68	2,684	2.41	2,621
Results on ordinary operations before taxation	7,130	25.86	5,665	42.12	3,986	-8.72	4,367	68.03	-6,419
Extraordinary Income	-	-	525	-	-	-	1,510	-83.76	9,297
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	525	-	0	-100	1,510	-83.76	9,297
Results for the Year Before Taxation	7,130	15.18	6,190	55.29	3,986	-32.17	5,877	104	2,878
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	1,440	31.63	1,094	8.98	1,004	-32.18	1,480	194	502
Results on ordinary operations after taxation	5,690	24.47	4,571	53.27	2,982	3.30	2,887	41.71	-6,921
Net result	5,690	11.65	5,096	70.87	2,982	-32.17	4,397	85.04	2,376
Profit (Loss) for the Year to be appropiated	5,690	11.65	5,096	70.87	2,982	-32.17	4,397	85.04	2,376
Dividends	-	-	-	-	-	-	-	-	-

Industry comparison

Activity code 32123

Activity description Manufacture of jewellery

industry average credit

rating 78.30

Industry average credit limit 9475.63

Payment Information

Industry comparison

Activity code 32123

Activity description Manufacture of jewellery

Industry average payment

expectation days 101.15

Industry average day sales

Outstanding 112.71

Industry quartile analysis

Payment expectations

Company result -

Lower 131.36

Median 75.69

Upper 38.52

Day sales outstanding

Company result -

Lower 116.16

Median 57.85

Upper 18.94

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Current director details

Name PRAVEEN BACHHARAJ DUGAR

Position Principal Manager

Start Date 05/08/2011

Street 151 BELGIËLEI ANTWERPEN

Post code 2018

Country Belgium

Former director details

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.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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%)

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