MIRA INFORM REPORT

Report Date :

05.12.2014

IDENTIFICATION DETAILS

Name :	SHUBH DIAM BVBA
Registered Office :	Pelikaanstraat 62 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	06.04.2006
Com. Reg. No.:	880934697
Legal Form :	Private Limited Company
Line of Business :	Wholesale of Diamonds and Other Precious Stones.
No. of Employees :	NIL

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 880934697

Company name SHUBH DIAM BVBA

Address PELIKAANSTRAAT 62

2018 ANTWERPEN

Number of staff 0

Date of establishment 06/04/2006

Telephone number --

Fax number --

Commentary

The business was established over 8 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 decreased 209% on the previous trading period.

A 37% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 74% during the latest trading period.

Accounts

DATE OF LATEST TURNOVER PROFIT BEFORE NET WORTH WORKING CAPITAL

ACCOUNTS TAX

31/12/2013 17,332 74,638 68,477

31/12/2012 18,123 74,307 65,040

31/12/2011 34,940 73,443 61,925

DATE OF LATEST BALANCE NUMBER OF CAPITAL CASHFLOW

ACCOUNTS TOTAL EMPLOYEES

31/12/2013 1,975,282 0 18,600 21,219

31/12/2012 1,440,696 0 18,600 22,106

31/12/2011 1,119,160 0 18,600 30,353

Payment expectations

Past payments Payment expectation days -

Industry average payment

expectation days 124.37

Industry average day sales

Outstanding 141.78

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	880934697	Company name	SHUBH DIAM BVBA
Fax number		Date founded	06/04/2006
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0880.934.697 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	6,162	-33.50	9,266	-19.54	11,517	-23.41	15,038	628	2,064
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	4,846	-39.05	7,951	-22.06	10,202	-25.66	13,723	1734	748
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	160	-49.25	315	841	33	-86.73	252	-50.48	509
Furniture & Vehicles	4,687	-38.63	7,636	-24.90	10,168	-24.52	13,471	5525	239
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	1,316	0	1,316	0	1,316	0	1,316	0	1,316
Total current assets	1,969,120	37.56	1,431,429	29.23	1,107,643	2.97	1,075,724	34.25	801,255
Inventories	1,128,797	108	541,903	-12.31	617,994	174	225,260	-20.89	284,738
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	1,128,797	108	541,903	-12.31	617,994	174	225,260	-20.89	284,738
Trade debtors	729,559	54.76	471,414	87.32	251,669	-59.22	617,153	63.50	377,469
Other amounts receivable	97	-84.97	645	-68.21	2,030	134	867	-75.50	3,538
Cash	106,392	-74.31	414,115	78.80	231,606	0.89	229,556	71.18	134,104
Miscellaneous current assets	4,275	27.52	3,352	-22.82	4,344	50.36	2,889	105	1,407
Total Assets	1,975,282	37.11	1,440,696	28.73	1,119,160	2.60	1,090,762	35.78	803,318
Liabilities
Total shareholders equity		74,638	0.45 74,307		1.18 73,443 24.25 59,110			22.30 48,331
Issued share capital		18,600	0 18,600		0 18,600 0		18,600	0	18,600
Share premium account		-	- -		-		-	-	-

Revaluation Reserve	-	-	-	-	-	-	-	-	-
Reserves	56,038	0.60	55,707	1.58	54,843	35.38	40,510	36.25	29,731
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-
Creditors	1,900,644	39.10	1,366,389	30.67	1,045,717	1.36	1,031,652	36.64	754,987
Other long term loans	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	1,539,780	52.48	1,009,845	47.92	682,708	0.74	677,701	95.28	347,042
Amounts Payable for Taxes, Remuneration & Social Security	-	-	447	-92.20	5,739	4152	135	-78.09	616
Miscellaneous current liabilities	360,864	1.34	356,097	-0.33	357,270	0.98	353,816	-13.14	407,329
Total current liabilities	1,900,644	39.10	1,366,389	30.67	1,045,717	1.36	1,031,652	36.64	754,987
Total Liabilities	1,975,282	37.11	1,440,696	28.73	1,119,160	2.60	1,090,762	35.78	803,318

RATIO ANALYSIS

Trading Performance

Profit before Tax - - - - - - - - -

Return on capital employed 23.22 -4.80 24.39 -48.73 47.57 26.72 37.54 14.93

Return on total assets employed 0.88 -30.16 1.26 -59.62 3.12 2.03 0.90

Return on net assets employed 23.22 -4.80 24.39 -48.73 47.57 26.72 37.54 14.93

Sales / net working capital - - - - - - - - -

Stock turnover ratio - - - - - - - - -

Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
Short Term Stability
Current ratio	1.04	-0.95	1.05	-0.94	1.06	1.92	1.04	-1.89	1.06
Liquidity ratio / acid ratio	0.44	-32.31	0.65	38.30	0.47	-42.68	0.82	20.59	0.68
Current debt ratio	25.46	38.44	18.39	29.14	14.24	-18.40	17.45	11.72	15.62
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	21,219	-4.01	22,106	-27.17	30,353	37.69	22,045	185	7,725
Net worth	74,638	0.45	74,307	1.18	73,443	24.25	59,110	22.30	48,331
Long Term stability
Gearing	-	-	-	-	-	-	-	-	-
Equity in percentage	3.78	-26.74	5.16	-21.34	6.56	21.03	5.42	-9.97	6.02
Total debt ratio	25.46	38.44	18.39	29.14	14.24	-18.40	17.45	11.72	15.62
Working capital	68,477	5.28	65,040	5.03	61,925	40.51	44,072	-4.75	46,268

Profit and Loss

Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	-1,209	-109	12,756	-76.58	54,475	184	19,147	-65.30	55,176
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	388	-50.46	783	146	318	45.28	219	64.35	133
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs Social security contributions Other employee costs	388	-50.46	783	146	318	45.28	219	64.35	133
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	3,887	3.88	3,742	6.28	3,521	178	1,266	102	625
Operating result	-7,078	-209	6,455	-86.77	48,783	210	15,724	135	-11,645
Total financial income	88,000	-41.59	150,663	-50.65	305,323	13.29	269,515	107	130,035
Total financial expenses	63,590	-54.25	138,994	-56.45	319,166	21.33	263,050	136	111,174
Results on ordinary operations before taxation	17,332	-4.37	18,123	-48.13	34,940	57.47	22,188	207	7,216
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	9	-	-
Extraordinary items	0	-	0	-	0	0	-9	-	0
Results for the Year Before Taxation	17,332	-4.37	18,123	-48.13	34,940	57.53	22,180	207	7,216
Other appropriations	-	-	-	-	-	-	-	-
Taxation	-	-	-241	-102	8,107	478	1,401	1104	116
Results on ordinary operations after taxation	17,332	-5.62	18,364	-31.56	26,833	29.08	20,788	192	7,100
Net result	17,332	-5.62	18,364	-31.56	26,833	29.13	20,779	192	7,100
Profit (Loss) for the Year to be appropiated	17,332	-5.62	18,364	-31.56	26,833	29.13	20,779	192	7,100
Dividend	-	-	-	-	-	-	-	-	-

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

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days -

Day sales outstanding -

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 124.37

Industry average day sales

Outstanding 141.78

Industry quartile analysis

Payment expectations

Company result -

Lower 123.11

Median 76.39

Upper 46.98

Day sales outstanding

Company result -

Lower 102.84

Median 54.50

Upper 24.07

Shareholder Details

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

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 TANVEER SURESHCHANDRA SADHANI

Position Principal Manager

Start Date 04/08/2010

Street 8 KORTE HERENTALSESTRAAT ANTWERPEN

Post code 2018

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.61.88
UK Pound	1	Rs.97.02
Euro	1	Rs.76.13

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.