MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	DIAMBEL NV
Registered Office :	Hoveniersstraat 30-Bus 195, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	27.06.1985
Com. Reg. No.:	427397143
Legal Form :	Public Limited Liability Company
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 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 427397143

Company name DIAMBEL NV

Address HOVENIERSSTRAAT 30-BUS 195

2018 ANTWERPEN

Number of staff 1

Date of establishment 27/06/1985

Telephone number 032314367

Fax number 032310522

Commentary

The business was established over 29 years ago.

The business has 1 employees.

The business has been at the address for over 15 years.

Pre-tax profits increased by 46% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 47% during the latest trading period.

ACCOUNTS
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	95,562,313	256,612	32,055,620	39,911,388
31/12/2012	87,607,256	174,666	33,329,724	41,453,387
31/12/2011	98,280,005	154,531	33,830,590	33,502,579
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	73,133,576	1	3,495,883	235,822
31/12/2012	72,409,642	2	3,654,020	225,462
31/12/2011	71,051,943	3	3,726,339	218,683

Payment expectations
Past payments		Payment expectation days	109.53
Industry average payment expectation days	123..17	Industry average day sales outstanding	141.43
Day sales outstanding	156
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount
NSSO DETAILS
Date of summons	--

Company information

Business number	427397143	Company name	DIAMBEL NV
Fax number	032310522	Date founded	27/06/1985
Company status	active	Company type	Public Limited Liability Company (BE)
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.0427.397.143 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Social balance sheet details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	1
Part-time Employees	2
Total Fte Employees	2
Number of hours worked
Full-time Employees	1,756
Part-time Employees	2,127
Total	3,883
Personnel Charges
Full-time Employees	30,669
Part-time Employees	37,149
Total	67,818
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	3
Actual working hours	3,273
Personnel Charges	54,137
Benefits In Addition To Wages	-

Type of Contract Full-Time Part-Time Total Fte

Unlimited Duration

Contracts 1 1 2

Women Full-Time Part-Time Total Fte

Primary education - 1 1

Secondairy education 1 - 1

Working Category Full-Time Part-Time Total Fte

White collar worker 1 1 2

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

Leavers - 1 1

Joint Industrial Committee (JIC)

SIGNIFICANT EVENTS

Event Date 15/12/2011

Event Description

Event Details De aandelen aan toonder worden omgezet in aandelen op naam.

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	95,562,313	9.08	87,607,256	-10.86	98,280,005	54,328,773	75.90
Total operating expenses	94,656,042	7.79	87,811,797	-7.29	94,713,950	53,874,825	75.70
Operating result	906,271	443	-204,541	-105	3,566,055	149,823	504
Total financial income	359,704	-69.13	1,165,269	-72.65	4,261,279	83,179	332
Total financial expenses	1,009,362	28.41	786,062	-89.76	7,672,803	191,543	426
Results on ordinary operations before taxation	256,612	46.92	174,666	13.03	154,531	34,909	635
Taxation	21,834	0.07	21,818	45.20	15,026	21,734	0.46
Results on ordinary operations after taxation	234,778	53.60	152,848	9.56	139,505	18,939	1139
Extraordinary items	-68,522	-	0	-	0	5,365	-1377
Other appropriations	2066	-27.53	2851	-67.42	8751	-	-
Net result	168,322	8.11	155,699	5.02	148,256	24,438	588
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	33,409	-
Dividends	-	-	-	-	-	234,766	-
Director remuneration	57,389	7.16	53,552	-	-	126,036	-54.47
Employee costs	67,818	19.85	56,586	-29.61	80,393	139,048	-51.23
Wages and salary	55,480	17.93	47,044	-32.37	69,565	119,968	-53.75
Employee pension costs	-	-	-	-	-	23,129	-
Social security contributions	11,570	32.58	8,727	-10.63	9,765	29,614	-60.93
Other employee costs	768	-5.88	816	-23.31	1,064	3,979	-80.70
Amortization and depreciation	67,500	-3.24	69,763	-0.94	70,427	17,896	277

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	1,298	-100
Tangible fixed assets	689,147	-12.49	787,511	-9.29	868,198	189,680	263
Land & building	654,498	-8.99	719,158	-6.50	769,139	369,885	76.95
Plant & machinery	26,816	-52.68	56,667	-29.67	80,573	26,893	-0.29
Furniture & Vehicles	7,833	-32.97	11,686	-36.78	18,485	15,771 4,585	-50.33
Leasing & Other Similar Rights	-	-	-	-	-	107,517 34,551	-
Other tangible assets	0	-	0	-100	1	9,057	-100
Financial fixed assets	-	-	-	-	-	179,439	-
Total fixed assets	689,147	-12.49	787,511	-9.29	868,198	299,919	129
Inventories	28,503,314	-7.88	30,942,172	6.40	29,080,689	2,927,814	873
Raw materials & consumables	-	-	-	-	-	6,545,857	-
Work in progress	0	-	0	-	0	1,123	-100
Finished goods	28,503,314	-7.88	30,942,172	6.40	29,080,689	1,943,728	1366
Other stocks	0	-	0	-	0	451,609	-100
Trade debtors	40,842,834	11.88	36,504,679	-0.26	36,598,726	4,241,844	862
Cash	1,152,807	-47.49	2,195,360	-34.28	3,340,573	456,237,237	-99
Other Amounts Receivable	1,931,141	-1.73	1,965,041	70.64	1,151,582	181,821	962
Miscellaneous current assets	14,333	-3.67	14,879	22.21	12,175	-449,184,062	0.00
Total current assets	72,444,429	1.15	71,622,131	2.05	70,183,745	7,131,127	915
Total Assets	73,133,576	1.00	72,409,642	1.91	71,051,943	7,398,361 1,291,835	888

CURRENT LIABILITIES

Trade creditors	28,405,739	-3.45	29,421,129	-18.02	35,886,667	2,898,098	880
Short term group loans	-	-	-	-	-	-	-
Financial debts	3,449,860	10289	33,205	300	8,293	4,392,180 148,601	-21.45
Current portion of long term debt	-	-	5,036	-22.01	6,457	81,130 14,053	-
Amounts Payable for Taxes, Remuneration & Social Security	15,112	-31.30	21,997	-2.74	22,617	8,507 -	-52.24
Miscellaneous current liabilities	662,330	-3.64	687,377	-9.21	757,132	174	--
Total current liabilities	32,533,041	7.84	30,168,744	-17.75	36,681,166	5,071,474	541
Long term group loans	-	-	-	-	-	-	-
Other long term loans	8,017,026	-4.33	8,379,677	166295	5,036	583	--
Deffered taxes	32,109	-10.11	35,721	-9.19	39,336	46,266 28,377	-30.60
Provisions for Liabilities & Charges	0	-	0	-	0	3,923 0	-100
Other long term liabilities	495,780	0.00	495,776	-0.01	495,815	243,305	103
Total long term debts	8,544,915	-4.11	8,911,174	1549	540,187	679,953	1156
Issued share capital	3,495,883	-4.33	3,654,020	-1.94	3,726,339	963,005	263
Share premium account	-	-	-	-	-	124,160	-
Reserves	28,559,737	-3.76	29,675,704	-1.42	30,104,251	653,401	4270
Revaluation reserve	-	-	-	-	-	881,530	-
Total shareholders equity	32,055,620	-3.82	33,329,724	-1.48	33,830,590	1,639,055	1855
Working capital	39,911,388	-3.72	41,453,387	23.73	33,502,579	2,059,653	1837
Cash flow	235,822	4.60	225,462	3.10	218,683	38,980	504
Net worth	32,055,620	-3.82	33,329,724	-1.48	33,830,590	1,637,757	1857

RATIO

Annual accounts		31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax		0.27	35.00	0.20	25.00	0.16	-7,00	3.86
Return on capital employed		0.63	53.66	0.41	-8.89	0.45	-7,00	9.00
Return on total assets employed		0.35	45.83	0.24	9.09	0.22	-8,00	4.38
Return on net assets employed		0.80	53.85	0.52	13.04	0.46	-6,00	13.33
Sales / net working capital		2.39	13.27	2.11	-27.99	2.93	132,00	-99
Stock turnover ratio		29.83	-15.54	35.32	19.36	29.59	76,00	-60.75
Debtor days		156	2.57	152.09	11.90	135.92	141,43	10.30
Creditor days		109.53	-10.43	122.29	-11.58	138.30	123,17	-11.07
SHORT TERM STABILITY
Current ratio		2.23	-5.91	2.37	24.08	1.91	4,00	-77.70
Liquidity ratio / acid ratio		1.35	0	1.35	20.54	1.12	3,00	-55.00
Current debt ratio		1.01	10.99	0.91	-15.74	1.08	10,00	-89.90
Liquidity ratio reprocessed		-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing		35.77	41.61	25.26	42000	0.06	229,00	-84.38
Equity in percentage		43.83	-4.78	46.03	-3.32	47.61	-210,00	20.87
Total debt ratio		1.28	9.40	1.17	6.36	1.10	11,00	-88.36
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
Payment expectations
Payment expectation days	109.53
Day sales outstanding	156
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	123.17
Industry average day sales outstanding	141.43

Industry quartile analysis

PAYMENT EXPECTATIONS

Company result 109.53

Lower 122.66

Median 75.38

Upper 46.73

Day sales outstanding

Company result 156

Lower 101.92

Median 54.50

Upper 24.07

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

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	SARJUBEN SANGHVI
Position	Chairman of the Board
Start Date	29/03/1999
Street	12 ZINKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium
Position	Director
Start Date	02/08/2011
Street	12 ZINKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	ASHISHKUMAR JARIWALA
Position	Director
Start Date	01/01/2012
Street	142 KRUISHOFSTRAAT ANTWERPEN
Post code	2020
Country	Belgium

FORMER DIRECTOR DETAILS

Name PASMI DIMON BVBA

Position Director

Start Date 12/01/2004

End Date Unknown date

Date of birth 15/05/2000

Street 30 HOVENIERSSTRAAT ANTWERPEN

Post code 2018

Country Belgium

Name TEJPAL JAYANTILAL MEHTA

Position Director

Start Date 29/03/1999

End Date Unknown date

Street 25 BELGIELEI ANTWERPEN

Post code 2018

Country Belgium

Name PARESH SANGHVI

Position Principal Manager

Start Date 31/12/1995

End Date Unknown date

Street 12 ZINKHOEVELAAN ANTWERPEN

Post code 2610

Country Belgium

Position Managing Director

Start Date 29/03/1999

End Date Unknown date

Street 12 ZINKHOEVELAAN ANTWERPEN

Post code 2610

Country Belgium

Position Director

Start Date 29/03/1999

End Date Unknown date

Street 12 ZINKHOEVELAAN ANTWERPEN

Post code 2610

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SHG

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.