MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	DIAMANT IMPEX BVBA

Registered Office :	Schupstraat1, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	19.02.1982

Com. Reg. No.:	422478253

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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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	422478253
Company name	DIAMANT IMPEX BVBA
Address	SCHUPSTRAAT1
	2018 ANTWERPEN
Number of staff	3
Date of establishment	19/02/1982
Telephone number	032340980
Fax number	32322403

Commentary

The business was established over 32 years ago.

The business has 1 employees.

The business has been at the address for over 4 years.

A 36% decline in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 95% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	177.870.781	500,425	6,753,949	15,089,370
31/12/2012	205.730.183	479,765	5,615,730	14,433,355
31/12/2011	211.452.766	522,613	3,503,273	13,152,824
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	23.643.946	3	5,500,000	500,497
31/12/2012	37.215.265	2	4,500,000	456,088
31/12/2011	31.197.594	2	2,500,000	483,063
Trends
Profitability
Liquidity
Net worth
Payment expectations
Past payments		Payment expectation days		7.40
Industry average payment	124.45	Industry average day sales		141.74
expectation days		outstanding
Dav sales outstanding	32.42

Court data summary

BANKRUPTCY DETAILS
Court action tvpe	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons

Company accounts

Assets

Annual accounts	31-12-2013	i %	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	317,504	-9.52	350,928	-9.35	387,128	-4.67	406,083	-6.78	435,598

Intanqible fixed assets	0	-	0	-	0	-	0	-	0

Tanqible fixed assets	312.534	-9.66	345,957	-9.47	382,157	-4.73	401,112	-6.87	430,702
Land & building	275,064	-5.65	291,524	-5.35	308,004	-7.52	333,054	-4.41	348,431
Plant & machinery	15.377	-36.18	24,093	-31.41	35,123	-26.96	! 48,100	-11.61	54,415
Furniture & Vehicles	22.093	-27.18	30,341	-22.26	39,030	95.56	19,958	-28.35	27,856
Leasina & Other Similar Riahts - - - - - - - - -
Other tanqible assets	0	-	0	-	0	-	0	-	0

Financial fixed assets	4,971	0	4,971	-0.01	4,971	0.01	4,971	1.53	4,896

Total current assets	23,326,442	: -36.72	36,864,337	19.65	30,810,466	33.00	23,166,264 -	29.46	32,842,516
Inventories	7.447.589	-24.34	9,843,499	-25.66	13,241,519	364	2,853,230	-48.19	5,506,988
Raw materials & consumables - - - - - - - - -
Work in croqress	0	-	0	-	0	-	0	-	0
Finished qoods	7.447.589	-24.34	9,843,499	-25.66	13,241,519	364	2,853,230	-48.19	5,506,988
Other stocks	0	-	0	-	0	-	0	-	0

Trade debtors	15.799.596	i -38.46	25,672,575	71.86	14,938,287	-6.19	15,924,613	-40.43	26,733,633
Other amounts receivable	26,678	-86.81	202,187	-68.39	639,609	-3.74	664,485	170	246,046

Cash	48,381	-95.66	1,115,868	-42.91	1,954,505	-47.15 3,697,935		1019	330,434

Miscellaneous current assets	4,198	-86.10	30,208	-17.34	36,546	40.56	26,001	2.31	25,414

Total Assets	23.643.946	-36.47	37.215.265	19.29	31.197.594	32.35	23.572.347 -	29.17	33.278.113

Liabilities
Total shareholders equity		6,753,949		20.27	5,615,730		60.30		3,503,273		5.44		3,322,440		5.56		3,147,580

Issued share capital		5,500,000		22.22	4,500,000		80.0		2,500,000		0		2,500,000		0		2,500,000

Share premium account - - - - - - - - -

Revaluation reserve - - - - - - - - -

Reserves		1,253,949		12.39	1,115,730		11.21		1,003,273		21.99		822,440		27.00		647,580
Provisions for Liabilities &		0		-	0		-		0		-		0		0
Charges

Deffered taxes - - - - - - - - -

Creditors		16,889,997		-46.55	31,599,535		14.10		27,694,321		36.76		20,249,907		-32.79		30,130,534

Other lonq term loans		100,247		-56.20	228,884		-34.98		352,005		-25.07		469,795		-53.06		1,000,808
Lonq term qroup loans - - - - - - - - -
Other lonq term liabilities		8,552,679		-4.33	8,939,670		-7.69		9,684,674		3.27		9,378,087		23.59		7,587,811
Total lonq term debts		8,652,926		-5.62	9,168,553		-8.65		10,036,679 1.92				9,847,882		14.66		8,588,619

Current portion of lonq term debt		128,637		4.48	123,122		4.53		117,789		-98.52		7,970,898		5170		151,240
Financial debts		2,910,740		-72.57	10,610,947		3.53		10,249,056 370015				2,769		-99		11,207,118
Trade creditors		3,574,250		-65.25	10,284,138		63.06		6,306,942		266		1,718,813		-82.35		9,740,396
Amounts Payable for Taxes,		54,886		-32.93	81,840		-14.99		96,275		15.18 83,589 9.95 76						,027
Remuneration & Social Security

Miscellaneous current liabilities		1,568,557		17.85 1	,330,936		49.95		887,580		41.80		625,957		70.50		367,133
Total current liabilities		8,237,071		-63.28	22,430,982		27.03		17,657,642		69.75		10,402,025		-51.71		21,541,915

Total Liabilities		23,643,946		-36.47	37,215,265		19.29		31,197,594		32.35		23,572,347		-29.17		33,278,113
ratio analysis
TRADING PERFORMANCE
Profit Before Tax		0.28		21.74	0.23		-8.00		0.25		-3.85		0.26		8.33		0.24

Return on capital employed		3.25		0	3.25		-15.80		3.86		12.87		3.42		0.59		3.40

Return on total assets employed		2.12		64.34	1.29		-23.21		1.68		-12.04		1.91		59.17		1.20

Return on net assets employed		7.41		-13.23	8.54		-42.76		14.92		9.87		13.58		7.10		12.68

Sales / net workinq capital		11.79		-17.26	14.25		-11.38		16.08		18.24		13.60		-7.42		14.69

Stock turnover ratio		4.19		-12.34	4.78		-23.64		6.26		281		1.64		-50.60		3.32

Creditor days		7.40		-59.76	18.39		67.33		10.99		201		3.65		-83.16		21.68
Debtor days		32.42		-28.83	45.55		76.69		25.78		-22.98		33.47		-43.05		58.77
SHORT TERM STABILITY
Current ratio		2.83		72.56	1.64		-5.75		1.74		-21.97		2.23		46.71		1.52

Liquidity ratio / acid ratio		1.93		60.83	1.20		21.21		0.99		-49.23		1.95		53.54		1.27

Current debt ratio		1.22		-69.42	3.99		-20.83		5.04		61.02		3.13		-54.24		6.84

Liquidity ration reprocessed		-		-	-		-		-		-		-		-		-

Cashflow		500,497		9.74	456,088		-5.58		483,063		14.70		421,154		11.41		378,012

Net worth		6,753,949		20.27	5.615.730		60.30		3,503,273		5.44		3,322,440		5.56		3,147,580

LONG TERM STABILITY
Gearinq	46.49		-76.19 195.22			-36.20 305.97				20.40		254.13		-35.28		392.66

Equity in percentaqe	28.57		89.33 15.09			34.37 11.23				-20.3C		14.09		48.94		9.46

Total debt ratio	2.50		-55.60 5.63			-28.82 7.91				29.89		6.09		-36.36		9.57

Workinq capital	15.089.370		4.55 14.433.355			9.74 13,152,824				3.04		12,764,238		12.95		11,300,601

Profit & loss
Operatinq Income	177.916.454		-13.54 205,779,038			-2.70		211,497,223		21.78		173,675,805		4.60		166,044,321
Turnover	177,870,781		-13.54 205,730,183			-2.71		211,462,766		21.78		173,649,905		4.58		166,037,482
Total operatinq expenses	176,295,702		-13.61 204,074,574			-2.59		209,495,774		21.97		171,754,759		4.74		163,975,944
Gross Operatinq Marqin	-		-			-		-		-		-		-		-

Operatinq Charqes	176,341,375		-13.61 204,123,428			-2.58		209,530,231		21.98		171,780,659		4.76		163,982,783
Employee costs	116,275		36.24 85,344			-11.59		96,533		35.05		71,480		-7.97		77,670
Waqes and salary	85,260		30.75 65,208			-9.50		72,050		35.06		53,348		-11.09		60,002
Employee pension costs - - - - - - - - -
Social security	29,769		60.12 18,592			-21.05		23,548		69.74 13,873 -16.22 16,559
contributions
Other employee costs	1,245		-19.37 1.544			65.18		935		-78.04		4,258		283		1,110
Director remuneration	58,000		-			-		-		-		-		-		-
Amortization and	37,278		-3.50 38,631			-18.21		47,230		2.021. 46,294				10 45,789
depreciation

Operatinq result	1,575,079		-4.86 1,655,609			-15.83		1,966,992		3.79		1,895,146		-8.07		2,061,537
Total financial income	3,546,253		-30.83 5.127.145			-48.43		9,942,586		31.53		7,559,183		4.74		7,217,039


Total financial expenses	4,620,907		-26.69 6.302.989			-44.65		11,386,965		26.48 9,003,278				1.40		8,879,366


Results on ordinary	500,425		4.31 479,765			-8.20		522,613		15.87 451,051 12.99 399,210
operations before taxation

Net result	463,219		10.96 417,457			-4.22		435,833		16.27		374,860		12.83		332,223

Profit (Loss) for the Year to be appropriated	463,219		10.96 417,457			-4.22		435,833		16.27		374,860		12.83		332,223

Dividends	-		- -			-		-		-		-		-		-

Social Balance Sheet Details

Social Balance Sheet	Total

During the reporting year
ended 31-12-2013
Full-time Employees	3
Part-time Employees	1
Total Fte Employees	3

Number of hours worked
Full-time Employees	4,237
Part-time Employees	1,100
Total	5,337

Personnel Charges
Full-time Employees	92,310
Part-time Employees	23,965
Total	116,275
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	3
Actual working hours	3,734
Personnel Charges	85,344
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	3	1	4
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education
Secondairv education	2	-	2
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education
Secondairv education	1	1	2
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)


Working Category	Full-Time	Part-Time	Total Fte
Management
White collar worker	1	1	2
Blue collar worker	2	-	2
Other
,

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	1	-	1
Leavers	-	-	-

Industry comparison
Activity code	45761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Suspension of payments / moratorium history

Amount --

Details --

Payment expectations

Payment expectation davs	7.40
Day sales outstanding	32.42
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	124.45
Industry average day sales outstanding	141.74
Industry quartile analysis
Payment expectations
Company result		7.40
Lower		122.66
Median		75.69
Upper		46.98

Day sales outstanding
Company result		32.42
Lower		102.58
Median		54.52
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

Business number

Company name

Date of accounts

NEW DIRECT HOLDINGS LIMTED

SOC. ETRANGERE

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	MANISH SHAH
Position	Principal Manager
Start Date	18/08/2014
Street	3 MEZENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Former director details
Name	FIGURAD BEDRIJFSREVISOREN B.V BVBA
Position	Commissioner
Start Date	01/01/2006
End Date	31/12/2009
Date of birth	01/10/1982
Street	1126 KORTRIJKSESTEENWEG GENT
Post code	9051
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.92
UK Pound	1	Rs. 96.37
Euro	1	Rs. 76.10

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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.

JIC Code	218
Description	Additional national joint committee for the employees
category
Significant Events
Event Date	03/10/2013
Event Description
Event Details	Op de 140 nieuwe aandelen is ingeschreven door de vennootschap met beperkte aansprakelijkheid naar het recht van Hong Kong, New Direct Holdings Limited.

MIRA INFORM REPORT

COMPANY summary

Commentary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder details

Linked Companies

Director details

Unit