MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	ARHAAN DIAM BVBA

Registered Office :	Hoveniersstraat 30-Bus 1 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	23.03.2011

Com. Reg. No.:	834846435

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
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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	834846435
Company name	ARHAAN DIAM BVBA
Address	HOVENIERSSTRAAT 30-BUS 1
	2018 ANTWERPEN
Number of staff	0
Date of establishment	23/03/2011
Telephone number	--
Fax number	--

Commentary

No employees are recorded for this business.

The business has been at the address for over 5 months.

The business has been at the address for less than 6 months.

The business has changed address 1 times in the last year.

A 39% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 34% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 26% during the latest trading period.

Turnover in the latest trading period increased 46% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	16,176,955	63,144	650,660	650,002
31/12/2012	11,021,206	46,992	601,686	600,733

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	9,714,624	0	560,000	49,269
31/12/2012	6,955,788	0	560,000	45,458

Payment expectations

Past payments

Payment expectation days 154.06

Industry average payment

expectation days 244.94

Industry average day sales

Outstanding 354.72

Day sales outstanding 104.38

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company Accounts

PROFIT AND LOSS

Annual accounts	31-12-2013	%	31-12-2012 %	Industry average 2013	%
Weeks	52		92	-
Currency	EUR		EUR	-
Turnover	16,176,955	46.78	11,021,206	- 43,890,989	-63.14
Total operating expenses	16,107,274	47.07	10,952,200	- 43,746,083	-63.18
Operating result	69,681	0.98	69,005	- 33,169	110
Total financial income	23,045	840	2,451	- 47,587	-51.57
Total financial expenses	29,582	20.92	24,465	- 112,054	-73.60
Results on ordinary operations before taxation	63,144	34.37	46,992	- -35,576	177
Taxation	14,820	382	3,070	- 72,518	-79.56

	Results on ordinary operations after taxation	48,324	10.02	43,922	- -86,177	56.08
	Extraordinary items	0	-	0	- 153,740	-100
	Other appropriations	0.00	-	0.00	- -	-
	Net result	48,324	10.02	43,922	- 67,615	-28.53
OTHER INFORMATION
	Gross Operating Margin	-	-	-	- 62,370	-
	Dividends	-	-	-	- 191,619	-
	Director remuneration	-	-	-	- 114,333	-
	Employee costs	-	-	-	- 205,623	-
	Wages and salary	-	-	-	- 157,546	-
	Employee pension costs	-	-	-	- 2,674	-
	Social security contributions	-	-	-	- 42,949	-
	Other employee costs	0	-	0	- 6,500	-100
	Amortization and depreciation	945	-38.49	1,536	- 22,381	-95.78

BALANCE SHEET

Annual accounts	31-122013	%	31-12- % 2012	Industry average 2013	%
Weeks	52		92
Currency	EUR		EUR
Intangible fixed assets	1,586	-	2,236 -	- 3,607	-56.03
Tangible fixed assets	658	-30.96	953	- 200,852	-99
Land & building	-	-	-	- 406,485	-
Plant & machinery	-	-	-	- 20,426	-
Furniture & Vehicles	658	-30.96	953	- 20,349 7,180	-96.77
Leasing & Other Similar Rights	-	-	-	- 330,214 23,188	-
Other tangible assets	0	-	0	- 6,686	-100
Financial fixed assets	-	-	-	- 613,676	-
Total fixed assets	2,244	-29.64	3,189	- 555,066	-99
Inventories	4,606,703	1.63	4,532,657 -	- 1,446,135	218
Raw materials & consumables	-	-	-	- 5,250,757	-
Work in progress	0	-	0	- 154	-100
Finished goods	4,606,703	1.63	4,532,657 -	- 792,624	481
Other stocks	0	-	0	- 279,288	-100
Trade debtors	4,626,248	115	2,149,214 -	- 1,830,948	152
Cash	76,453	-26.13	103,491	- 156,215	-51.06
other amounts receivable	392,452	148	158,179	- 324,616	20.90
Miscellaneous current assets	10,524	16.17	9,059	- 60,134	-82.50
Total current assets	9,712,380	39.69	6,952,600 -	- 3,481,511	178
Total Assets	9,714,624	39.66	6,955,788 -	- 3,954,388 300,933	145

CURRENT LIABILITIES
	Trade creditors	6,798,420	68.45	4,035,919 -	- 961,084	607
	Short term group loans	-	-	-	- -	-
	Financial debts	250,247	1.68	246,107	- 2,830,141 27,487	-91.16
	Current portion of long term debt	-	-	-	- 124,931 16,861	-
	Amounts Payable for Taxes, Remuneration & Social Security	17,890	482	3,070	- 9,363-	-78.81
	Miscellaneous current liabilities	1,995,820	-3.43	2,066,770 -	- 675
	Total current liabilities	9,062,377	42.67	6,351,866 -	- 2,288,426	296
LONG TERM DEBTS AND LIABILITIES
	Long term group loans	-	-	-	- -
	Other long term loans	-	-	-	- -	--
	Deffered taxes	-	-	-	- 47,658 28,276	-
	Provisions for Liabilities & Charges	0	-	0	- 16,558 0	-100
	Other long term liabilities	0	-	0	- 48,658	-100
	Total long term debts	0	-	0	- 666,557	-100
SHAREHOLDERS EQUITY
	Issued share capital	560,000	0	560,000	- 631,530	-11.33
	Share premium account	-	-	-	- 261,617	-
	Reserves	92,246	110	43,922	- 347,434	-73.45
	Revaluation reserve	-	-	-	- 570,310	-
	Total shareholders equity	652,246	8.00	603,922	- 999,405	-34.74
	Working capital	650,002	8.20	600,733	- 1,193,085	^15.52
	Cashflow	49,269	8.38	45,458	- 85,547	-42.41
	Net worth	650,660	8.14	601,686	- 995,797	-34.66

RATIO ANALYSIS

	Annual accounts	31-12-2013	change(%)	31-12-2012	change(%) Industry average 2013	%
TRADING PERFORMANCE
	Profit Before Tax	0.39	-9.30	0.43	- -12,00	3.25
	Return on capital employed	9.68	24.42	7.78	- 393,00	-97.54
	Return on total assets employed	0.65	-4.41	0.68	- 0,00	-
	Return on net assets employed	9.68	24.42	7.78	- 378,00	-97.44
	Sales / net working capital	24.89	35.64	18.35	- -47,00	-99
	Stock turnover ratio	28.48	-30.76	41.13	- 55,00	^18.22
	Debtor days	104.38	46.64	71.18	- 354,72	-70.57
	Creditor days	154.06	14.54	134.50	- 244,94	-37.10
	SHORT TERM STABILITY
	Current ratio	1.07	-1.83	1.09	- 20,00	-98.90
	Liquidity ratio / acid ratio	0.56	47.37	0.38	- 18,00	-96.89
	Current debt ratio	13.89	32.03	10.52	- 97,00	-85.68
Liquidity ratio reprocessed - - - - - -
LONG TERM STABILITY
	Gearing	38.37	-5.84	40.75	- 73,00	^7.44
	Equity in percentage	6.72	-22.67	8.69	- -243,00	2.77
	Total debt ratio	13.89	32.03	10.52	- 97,00	-85.68

Industry Comparison

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

Payment Information

Suspension of payments / moratorium history

Amount --
Details --

Payment expectations
Payment expectation days	154.06
Day sales outstanding	104.38
Industry comparison
Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	244.94
Industry average day sales outstanding	354.72

Industry quartile analysis

Payment expectations

Company result 154.06

Lower 131.10

Median 63.03

Upper 19.75

Day sales outstanding
Company result	104.38
Lower	121.20
Median	55.17
Upper	21.03

Shareholders 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 DARSHIT AJIT SHAH

Position Principal Manager

Start Date 25/03/2011

Street 134 BELGIËLEI 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.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

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%)

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	834846435	Company name	ARHAAN DIAM BVBA
Fax number		Date founded	23/03/2011
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.0834.846.435 Check VATnumber
Belgian Bullettin of Acts Publications	moniteur beige

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment expectations

Court data summary

Company Information

Company Accounts

Industry Comparison

Payment Information

Shareholders details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit