MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	DIAMTRADE BVBA
Registered Office :	Hoveniersstraat 30-Bus 228, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.03.2013
Date of Incorporation :	19.07.1999
Com. Reg. No.:	466604246
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No of Employees :	From 1 To 4 Employees

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 :	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	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 name & address

Business number 466604246

Company name DIAMTRADE BVBA

Address HOVENIERSSTRAAT 30-BUS 228

2018 ANTWERPEN

Number of staff from 1 to 4 Employees

Date of establishment 19/07/1999

Telephone number 0484942777

Fax number 032318697

Commentary

The business was established over 15 years ago.
The business has been at the address for over 9 years.
A 31% growth in Total Assets occurred during the latest trading period.
The business saw an increase in their Cash Balance of 554% during the latest trading period.

Accounts

DATE OF LATEST

ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/03/2013 45,325,453 80,209 3,560,065 4,984,127

31/03/2012 43,736,848 84,341 3,508,269 4,909,351

31/03/2011 56,509,155 110,299 3,450,926 4,805,629

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/03/2013 27,489,154 From 1 To 4 Employees 3,015,374 77,593

31/03/2012 20,940,986 2 3,015,374 83,060

31/03/2011 19,620,483 1 3,015,374 111,803

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Payment expectation days 87.32

Industry average payment

expectation days 124.45

Industry average day sales

Outstanding 141.74

Day sales outstanding 187.50

Company information

- Business number	466604246	Company name	DIAMTRADE BVBA
Fax number	032318697	Date founded	19/07/1999
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/03/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0466.604.246 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Personnel

(NSSO classification)

Description FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee

(JIC)

JIC Code 218

Description Additional national joint committee for the employees

category

JIC Code 324

Description Joint committee for the industry and the trade in diamant

category

Company accounts

Assets

Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	%	31-03-2010	%	31-03-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	274,116	3.57	264,665	-11.36	298,601	-9.84	331,189	0.92	328,171
Tangible fixed assets	272,350	3.60	262,899	-11.43	296,835	-9.89	329,423	0.86	326,605
Land & building	210,920	-3.37	218,275	-3.26	225,629	-3.16	232,984	-3.06	240,338
Plant & machinery	16,623	-14.28	19,393	-29.92	27,675	-23.27	36,068	-3.09	37,219
Furniture & Vehicles	44,807	77.59	25,231	-42.04	43,531	-27.90	60,371	23.09	49,048
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	1,766	0	1,766	0	1,766	0	1,766	12.77	1,566
Total current assets	27,215,038	31.62	20,676,321	7.01	19,321,882	-0.80	19,477,433	40.59	13,853,726
Inventories	3,729,645	73.19	2,153,443	43.97	1,495,746	-64.79	4,247,997	70.14	2,496,737
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	3,729,645	73.19	2,153,443	43.97	1,495,746	-64.79	4,247,997	70.14	2,496,737
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	23,283,296	26.35	18,426,915	6.84	17,247,045	13.63	15,178,539	61.36	9,406,385
Other amounts receivable	126,412	147	51,165	59.37	32,105	567	4,811	26.96	3,789
Cash	63,501	554	9,697	-98.13	519,904	4628	10,994	-99	1,933,963
Miscellaneous current assets	12,183	-65.29	35,101	29.61	27,083	-22.82	35,091	173	12,853
Total Assets	27,489,154	31.27	20,940,986	6.73	19,620,483	-0.95	19,808,622	39.68	14,181,897
Liabilities
Total shareholders equity	3,560,065	1.48	3,508,269	1.66	3,450,926	2.22	3,375,816	1.84	3,314,772
Issued share capital	3,015,374	0	3,015,374	0	3,015,374	0	3,015,374	0.00	3,015,374
Reserves	544,691	10.51	492,894	13.17	435,552	20.84	360,441	20.39	299,398
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	23,929,089	37.27	17,432,717	7.81	16,169,557	-1.60	16,432,806	51.22	10,867,125
Other long term loans	19,146	-65.80	55,983	-44.66	101,154	-32.32	149,470	-23.51	195,417
Other long term liabilities	1,679,032	4.30	1,609,763	3.71	1,552,149	-5.12	1,635,981	-3.54	1,696,069
Total long term debts	1,698,178	1.95	1,665,747	0.75	1,653,304	-7.40	1,785,451	-5.61	1,891,486
Current portion of long term debt	36,837	-18.45	45,171	-6.51	48,315	5.51	45,791	6.39	43,040
Financial debts	11,388,809	28.32	8,875,380	-5.54	9,395,874	26.75	7,412,690	11.53	6,646,199
Trade creditors	10,729,772	58.04	6,789,412	35.57	5,008,152	-30.03	7,157,211	221	2,223,117
Amounts Payable for Taxes, Remuneration & Social Security	36,184	3.60	34,928	-21.67	44,588	165	16,817	-36.25	26,379
Miscellaneous current liabilities	39,310	78.03	22,080	14.26	19,324	30.17	14,845	-59.77	36,904
Total current liabilities	22,230,911	41.00	15,766,970	8.62	14,516,253	-0.90	14,647,355	63.19	8,975,639
Total Liabilities	27,489,154	31.27	20,940,986	6.73	19,620,483	-0.95	19,808,622	39.68	14,181,897

Ratio Analysis

Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	%	31-03-2010	%	31-03-2009
Profit Before Tax	0.18	-5.26	0.19	-5.00	0.20	42.86	0.14	-12.50	0.16
TRADING PERFORMANCE
Return on capital employed	1.53	-6.13	1.63	-24.54	2.16	35.00	1.60	25.98	1.27
Return on total assets employed	0.29	-27.50	0.40	-28.57	0.56	33.33	0.42	-10.64	0.47
Return on net assets employed	2.25	-6.25	2.40	-25.00	3.20	30.61	2.45	23.12	1.99
Sales / net working capital	9.09	2.02	8.91	-24.23	11.76	-1.26	11.91	37.37	8.67
Stock turnover ratio	8.23	67.28	4.92	85.66	2.65	-64.09	7.38	25.08	5.90
Creditor days	87.32	52.13	57.40	75.54	32.70	-28.68	45.85	135	19.44
Debtor days	187.50	21.93	153.78	38.04	111.40	15.67	96.31	18.64	81.18
SHORT TERM STABILITY
Current ratio	1.22	-6.87	1.31	-1.50	1.33	0	1.33	-13.64	1.54
Liquidity ratio / acid ratio	1.06	-9.40	1.17	-4.88	1.23	18.27	1.04	-18.11	1.27
Current debt ratio	6.24	38.98	4.49	6.65	4.21	-3.00	4.34	60.15	2.71
Cashflow	77,593	-6.58	83,060	-25.71	111,803	12.68	99,225	13.16	87,684
Net worth	3,560,065	1.48	3,508,269	1.66	3,450,926	2.22	3,375,816	1.84	3,314,772
LONG TERM STABILITY
Gearing	321.48	25.64	255.87	-7.49	276.60	22.73	225.37	8.51	207.70
Equity in percentage	12.95	-22.69	16.75	-4.78	17.59	3.23	17.04	-27.09	23.37
Total debt ratio	6.72	35.21	4.97	5.97	4.69	-3.70	4.87	48.48	3.28
Working capital	4,984,127	1.52	4,909,351	2.16	4,805,629	-0.51	4,830,077	-0.98	4,878,087

Profit & Loss

Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	%	31-03-2010	%	31-03-2009
Operating Income	45,326,794	3.63	43,738,585	-22.60	56,509,564	-1.77	57,527,658	36.01	42,296,567
Turnover	45,325,453	3.63	43,736,848	-22.60	56,509,155	-1.76	57,523,305	36.01	42,294,431
Total operating expenses	44,852,503	3.89	43,173,569	-22.78	55,906,809	-1.88	56,978,767	36.51	41,738,994
Operating Charges	44,853,844	3.89	43,175,307	-22.77	55,907,218	-1.89	56,983,120	36.52	41,741,131
Employee costs	72,196	20.68	59,824	23.08	48,604	-3.82	50,533	-19.81	63,019
Wages and salary	54,510	16.60	46,748	25.04	37,386	-3.45	38,723	-22.39	49,897
Social security contributions	11,444	20.77	9,476	30.17	7,279	-4.20	7,598	-12.76	8,710
Other employee costs	6,243	73.38	3,601	-8.58	3,939	-6.46	4,211	-4.58	4,413
Director remuneration	-	-	-	-	-	-	85,018	12.06	75,868
Amortization and depreciation	25,796	0.30	25,718	-29.91	36,692	-3.90	38,181	-3.55	39,587
Operating result	472,950	-16.04	563,278	-6.49	602,346	10.62	544,538	-1.96	555,437
Total financial income	515	82.22	282	50.93	187	86.82	100	3238	3
Total financial expenses	393,255	-17.94	479,219	-2.64	492,234	6.53	462,080	-5.59	489,443
Results on ordinary operations before taxation	80,209	-4.90	84,341	-23.53	110,299	33.60	82,558	25.09	65,997
Extraordinary Income	395	-68.72	1,263	-	-	-	2,254	-	^-
Extraordinary Charges	5,967	-2.37	6,112	1896	306	-	-	-
Extraordinary items	-5,572	-14.90	-4,849	-1483	-306	-113	2,254	-	0
Results for the Year Before Taxation	74,638	-6.11	79,492	-27.73	109,993	29.69	84,812	28.51	65,997
Taxation	22,841	3.12	22,150	-36.50	34,882	46.76	23,769	32.79	17,900
Results on ordinary operations after taxation	57,368	-7.76	62,191	-17.54	75,417	28.28	58,790	22.23	48,097
Net result	51,797	-9.67	57,342	-23.66	75,111	23.04	61,044	26.92	48,097
Profit (Loss) for the Year to be appropriated	51,797	-9.67	57,342	-23.66	75,111	23.04	61,044	26.92	48,097

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-03-2013
Full-time Employees	1
Part-time Employees	2
Total Fte Employees	2
Number of hours worked
Full-time Employees	1,649
Part-time Employees	1,836
Total	3,485
Personnel Charges
Full-time Employees	43,647
Part-time Employees	28,549
Total	72,196
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,338
Personnel Charges	59,824
Benefits In Addition To Wages -
Type of Contract Full-Time	Full Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	2	2

Gender and Education
Women	Full-Time	Part-Time	Total Fte
Primary education -
Secondary education	1	2	2
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	1	2
Blue collar worker	-	1	1
Other	-	-	-

Payment expectations

Payment expectation days	87.32
Day sales outstanding	187.50

Industry comparison

Activity code	46761
Activity description	Wholesaler 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 87.32

Lower 122.66

Median 75.69

Upper 46.98

Day sales outstanding

Company result 187.50

Lower 102.58

Median 54.52

Upper 24.07

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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	SHALIN JHAVERI
Position	Principal Manager
Start Date	05/10/2012
Street	2 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details
Name	CHIRAG KOTHARI
Position	Principal Manager
Start Date	13/10/2010
End Date	31/03/2011
Street	4 ANDREAS VESALIUSLAAN EDEGEM
Post code	2650
Country	Belgium
Name	SANAT ARVINDBHAI JHAVERI
Position	Principal Manager
Start Date	19/07/1999
End Date	31/12/2010
Street	2 LANGE LEEMSTRAAT 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.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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.