MIRA INFORM REPORT

Report Date :

05.12.2014

IDENTIFICATION DETAILS

Name :	VEEDIAM BVBA

Registered Office :	Hoveniersstraat 30-BUS 194, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	04.06.2004

Com. Reg. No.:	865620278

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones.

No. of Employees :	1

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 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 865620278

Company name VEEDIAM BVBA

Address HOVENIERSSTRAAT 30-BUS 194

2018 ANTWERPEN

Number of staff 1

Date of establishment 04/06/2004

Telephone number 032270360

Fax number 032250360

Commentary

The business was established over 10 years ago.

The business has 1 employees.

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

The business saw an increase in their Cash Balance of 183% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	93,002,446	190,402	3,652,549	9,664,791
31/12/2012	96,346,420	194,135	3,272,841	9,045,474
31/12/2011	94,657,480	186,648	3,179,044	7,975,768

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASH FLOW
31/12/2013	35,435,346	1	2,892,904	201,413
31/12/2012	35,253,607	1	2,644,815	189,242
31/12/2011	24,164,118	1	2,697,160	175,254

Payment expectations

Past payments

Payment expectation days 42.16

Industry average payment

expectation days 124.43

Industry average day sales

Outstanding 141.73

Day sales outstanding 115.15

Court data Summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

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	762,229	-2.75	783,782	-5.51	829,473	269	224,292	-0.27	224,895

Intangible fixed assets	6,762	-	0	-100	410	-76.50	1,745	-39.17	2,869

Tangible fixed assets	754,921	-3.61	783,212	-5.46	828,480	273	221,983	0.22	221,504
Land & building	663,635	-6.62	710,707	-4.24	742,162	303	183,945	4.51	176,007
Plant & machinery	45,992	-22.91	59,661	-18.64	73,330	97.90	37,055	-3.76	38,504
Furniture & Vehicles	45,293	252	12,843	-1.12	12,988	1221	983	-85.94	6,993
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	1	0	1	-	0	-	0	-	0

Financial fixed assets	546	-4.38	571	-2.06	583	3.37	564	7.84	523
Total current assets	34,673,117	0.59	34,469,825	47.72	23,334,645	23.51	18,892,404	12.50	16,793,834
Inventories	2,833,262	-1.20	2,867,652	-18.84	3,533,186	-8.53	3,862,464	197	1,299,380
Raw materials & consumables - - - - - - - - -
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	2,833,262	-1.20	2,867,652	-18.84	3,533,186	-8.53	3,862,464	197	1,299,380
Other stocks	0	-	0	-	0	-	0	-	0

Trade debtors	29,340,788	-4.34	30,673,089	60.72	19,084,438	37.01	13,929,126	-9.15	15,332,194
Other amounts receivable	216,084	83.15	117,983	55.74	75,756	38.00	54,894	1955	2,670

Cash	2,269,716 183 800,663 26.95 630,713					-39.37	1,040,247	570	155,202
Miscellaneous current assets	13,267 27.10 10,438 -1.08 10,552					86.00	5,673	29.26	4,389
Total Assets	35,435,346 0.52 35,253,607 45.89 24,164,118					26.40	19,116,696	12.33	17,018,729
Liabilities
Total shareholders equity	3,659,311	11.81	3,272,841	2.94	3,179,454	8.44	2,932,115	175	1,062,844

Issued share capital	2,892,904	9.38	2,644,815	-1.94	2,697,160	3.27	2,611,663	205	855,335
Share premium account	-	-	-	-	-	-	-	-	-

Revaluation reserve - - - - - - - - -

Reserves	766,407	22.03	628,026	30.22	482,294	50.50	320,452	54.43	207,509
Provisions for Liabilities & Charges 0		-	0	-	0	-	0	-	0

Deffered taxes	-	-	-	-	-	-	-	-	-

Creditors	31,776,035	-0.64	31,980,766	52.40	20,984,664	29.66	16,184,581	1.43	15,955,885

Other long term loans	6,685,196	7.09	6,242,798	17.66	5,305,963	46.34	3,625,807	98.79	1,823,948
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	82,513	-73.69	313,617	-1.94	319,824	3.27	309,685	-85.64	2,157,293
Total long term debts	6,767,709	3.22	6,556,415	16.54	5,625,787	42.95	3,935,492	-1.15	3,981,241

Current portion of long term debt	32,069	5.03	30,534	4.58	29,197	214	9,295	4.47	8,897
Financial debts	14,231,981	-3.51	14,749,811	44.48	10,208,728	43.92	7,093,410	30.66	5,428,790
Trade creditors	10,638,339	8.50	9,805,011	108	4,699,285	-6.78	5,040,815	-22.31	6,488,258
Amounts Payable for Taxes,	63,296	2.66	61,654	19.91	51,419	123	23,004	-39.70	38,147
Remuneration & Social Security
Miscellaneous current liabilities	42,641	-94.51	777,341	109	370,248	348	82,565	682	10,553
Total current liabilities	25,008,326	-1.64	25,424,351	65.54	15,358,877	25.39	12,249,089	2.29	11,974,645

Total Liabilities	35,435,346	0.52	35,253,607	45.89	24,164,118	26.40	19,116,696	12.33	17,018,729

Ratio Analysis


TRADING PERFORMANCE
Profit Before Tax	0.20	0	0.20	0	0.20	5.26	0.19	0	0.19

Return on capital employed	1.83	-7.58	1.98	-6.60	2.12	35.90	1.56	-10.86	1.75

Return on total assets employed	0.54	-1.82	0.55	-28.57	0.77	37.50	0.56	7.69	0.52

Return on net assets employed	5.20	-12.31	5.93	1.02	5.87	60.82	3.65	-56.02	8.30

Sales / net working capital	9.62	-9.67	10.65	-10.28	11.87	37.23	8.65	-10.36	9.65
Stock turnover ratio	3.05	2.35	2.98	-20.11	3.73	-44.49	6.72	140	2.79
Creditor days	42.16	12.43	37.50	105	18.24	-43.48	32.27	-37.07	51.28
Debtor days	115.15	-0.90	116.20	57.90	73.59	-16.87	88.52	-26.42	120.31
SHORT TERM STABILITY
Current ratio	1.39	2.21	1.36	-10.53	1.52	-1.30	1.54	10.0	1.40

Liquidity ratio / acid ratio	1.27	2.42	1.24	-3.88	1.29	4.88	1.23	-4.65	1.29
Current debt ratio	6.83	-12.10	7.77	60.87	4.83	15.55	4.18	-62.91	11.27
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-

Cashflow	201,413	6.43	189,242	7.98	175,254	50.64	116,343	44.70	80,401

Net worth	3,652,549	11.60	3,272,841	2.95	3,179,044	8.49	2,930,370	176	1,059,975

LONG TERM STABILITY
Gearing	572.49	-10.88	642.35	31.39	488.89	33.61	365.90	-46.45	683.23

Equity in percentage	10.33	11.31	9.28	-29.48	13.16	-14.21	15.34	145	6.25

Total debt ratio	8.68	-11.16	9.77	48.03	6.60	19.57	5.52	-63.22	15.01

Working capital	9,664,791	6.85	9,045,474	13.41	7,975,768	20.06	6,643,315	37.85	4,819,189
Profit & loss
Operating Income	93,007,732	-3.48	96,365,481	1.79	94,668,467	64.81	57,440,037	23.48	46,515,825
Turnover	93,002,446	-3.47	96,346,420	1.78	94,657,480	64.81	57,435,657	23.48	46,515,825
Total operating expenses	92,110,034	-3.48	95,432,499	1.50	94,019,454	64.92	57,010,454	23.44	46,183,598
Gross Operating Margin	-	-	-	-	-	-	-	-	-

Operating Charges	92,115,319	-3.50	95,451,559	1.51	94,030,441	64.92	57,014,834	23.45	46,183,598
Employee costs	28,165	-34.87	43,244	41.53	30,555	9.34	27,946	23.10	22,701
Wages and salary	23,045	-32.95	34,369	35.09	25,442	9.78	23,176	26.63	18,301
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	4,107	-47.47	7,818	59.42	4,904	9.76	4,468	23.48	3,618
Other employee costs	1,013	-4.07	1,056	405	209	-30.79	302	-61.35	781
Director remuneration - - - - - - - - -
Amortization and depreciation	35,853	4.99	34,150	42.88	23,902	21.85	19,616	5.66	18,566
Operating result	892,412	-2.35	913,921	43.24	638,026	50.05	425,203	27.99	332,227
Total financial income	33,892	-61.35	87,679	-51.45	180,581	176	65,228	17171	378

Total financial expenses	735,903	-8.86	807,466	27.77	631,959	64.82	383,435	56.91	244,373
Results on ordinary operations	190,402	-1.92	194,135	4.01	186,648	74.44	106,996	21.27	88,231
before taxation

Extraordinary Income	230,469	-	-	-	-	-	399	-84.91	2,644

Extraordinary Charges	208,092	-	-	-	-	-	-	-	-

Extraordinary items	22,377	-	0	-	0	-100	399	-84.91	2,644

Results for the Year Before	212,779	9.60	194,135	4.01	186,648	73.80	107,395	18.18	90,875
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-

Taxation	47,219	20.94	39,042	10.61	35,297	230	10,668	-63.26	29,040
Results on ordinary operations	143,183	-7.68	155,093	2.47	151,351	57.12	96,328	62.74	59,191

Net Result	165,560	6.75	155,092	2.47	151,352	56.47	96,727	56.43	61,835
Profit (Loss) for the Year to be appropiated	165,560	6.75	155,092	2.47	151,352	56.47	96,727	56.43	61,835
Dividend	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year

ended 31-12-2013

Full-time Employees 1

Part-time Employees 0

Total Fte Employees 1

Number of hours worked

Full-time Employees 942

Part-time Employees 128

Total 1,070

Personnel Charges

Full-time Employees 24,797

Part-time Employees 3,368

Total 28,165

Benefits In Addition To Wages -

During the previous reporting year

Average number employees in Fte 1

Actual working hours 1,786

Personnel Charges 41,372

Benefits In Addition To Wages -

Type of Contract Full-Time Part-Time Total Fte

Unlimited Duration

Contracts 1 - 1

Limited Duration Contracts - - -

Contracts For Specific Work - - -

Contracts Regarding

Substitution - - -

Gender and Education

Level

Men Full-Time Part-Time Total Fte

Primary education - - -

Secondairy education - - -

Higher education (no

university) - - -

Higher education

(university) - - -

Women Full-Time Part-Time Total Fte

Primary education - - -

Secondairy education 1 - 1

Higher education (non

university) 1 - 1

Higher education

(university) 1 - 1

Working Category Full-Time Part-Time Total Fte

Management - - -

\White collar worker 1 - 1

Blue collar worker - - -

Other - - -

New staff and leavers Full-Time Part-Time Total Fte

New Starters - 1 1

Leavers - 1 1

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 42.16

Day sales outstanding 115.15

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 124.43

Industry average day sales

Outstanding 141.73

Industry quartile analysis

Payment expectations

Company result 42.16

Lower 122.66

Median 76.39

Upper 46.98

Day sales outstanding

Company result 115.15

Lower 102.84

Median 54.51

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

Individual Shareholders

SHAREHOLDER NAME

Forename Prakash

Middle name -

Surname Patel

SHAREHOLDER DETAILS

Start date 18/09/2013(estimated)

End date -

Percentage owned -

SHAREHOLDER ADDRESS

Street name Van Eycklei

House number 17

Minor town -

Postal town Antwerpen

Post code 2018

Country Belgium

SHAREHOLDER NAME

Forename Manish

Middle name -

Surname Patel

SHAREHOLDER DETAILS

Start date 18/09/2013(estimated)

End date -

Percentage owned -

SHAREHOLDER ADDRESS

Street name -

House number -

Minor town -

Postal town -

Post code -

Country India

Companies that match this address

No Companies Match this address

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 PRAKASH BHAGWANBHAI PATEL

Position Principal Manager

Start Date 10/05/2013

Date of birth 21/11/1973

Street 17 VAN EYCKLEI 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 :	DIV

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.

Business number	865620278	Company name	VEEDIAM BVBA
Fax number	032250360	Date founded	04/06/2004
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.0865.620.278 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment expectations

Court data Summary

Company Information

Company Accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholder Details

Director details

Unit