MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	INTERNATIONAL DIAMOND EXPORTERS BVBA

Registered Office :	Hoveniersstraat 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	05.12.1973

Com. Reg. No.:	413636110

Legal Form :	Private Limited Company

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES.

No. of Employees :	1 Employee

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	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 413636110

Company name INTERNATIONAL DIAMOND EXPORTERS BVBA

Address HOVENIERSSTRAAT 53, 2018 ANTWERPEN

Number of staff 0

Date of establishment 05/12/1973

Telephone number 032251080

Fax number 032251788

Commentary

The business was established over 40 years ago.

The business has 1 employee.

The business has been at the address for over 11 years.

Pre-tax profits increased by 28% compared to the previous trading period.

The business saw an increase in their Cash Balance of 816% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2013 28,970,179 37,458 2,075,816 2,646,928

31/12/2012 35,269,919 29,198 2,036,199 3,061,775

31/12/2011 42,533,355 57,508 2,014,801 3,112,872

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	9,858,281	0	20,000	62,697
31/12/2012	8,829,560	0	20,000	43,717
31/12/2011	10,432,734	0	20,000	112,020

Payment expectations

Past payments

Payment expectation days 71.90

Industry average payment

expectation days 125.12

Industry average day sales

Outstanding 142.36

Day sales outstanding 59.20

Personnel (NSSO classification)

Code
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

Profit and Loss

	Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	28,970,179	-17.86	35,269,919	-17.08	42,533,355	59,370,600	-51.20
	Total operating expenses	28,781,782	-18.56	35,340,072	-17.48	42,823,571	58,883,130	-51.12
	Operating result	188,396	268	-70,153	24.17	-290,216	156,526	20.36
	Total financial income	0	-99	148,903	-62.84	400,745	62,455	-99
	Total financial expenses	150,938	204	49,552	-6.54	53,021	181,319	-16.76
	Results on ordinary operations before taxation	37,458	28.29	29,198	-49.23	57,508	37,961	-1.32
	Taxation	9,103	-21.28	11,563	122	5,201	21,933	-58.50
	Results on ordinary operations after taxation	28,356	60.79	17,636	-66.28	52,307	21,877	29.62
	Extraordinary items	7,500	-	0	-	0	6,727	11.49
	Other appropriations	3761.85	0	3761.85	0	3761.85	-	-
	Net result	39,618	85.15	21,398	-61.84	56,069	28,746	37.82
OTHER INFORMATION
	Gross Operating Margin	-	-	-	-	-	33,424	-
	Dividends	-	-	-	-	-	231,279	-
	Director remuneration	-	-	90,612	7.13	84,582	125,568	-
	Employee costs	-	-	-	-	39,418	143,780	-
	Wages and salary	-	-	-	-	26,120	113,720	-
	Employee pension costs	-	-	-	-	-	23,129	-
	Social security contributions	-	-	-	-	7,362	27,897	-
	Other employee costs	0	--0	0	-100	5,936	3,671	-100
	Amortization and depreciation	23,079	3.40	22,319	-60.11	55,951	18,045	27.90

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	1,336	-100
Tangible fixed assets	495,171	2.45	483,332	-4.26	504,842	191,777	158
Land & building	420,038	-3.83	436,774	-3.69	453,510	380,729	10.32
Plant & machinery	19,440	227	5,929	-28.38	8,279	27,253	-28.67
Furniture & Vehicles	16,854	842	1,789	-57.54	4,213	15,470 4,430	8.94
Leasing & Other Similar Rights	-	-	-	-	-	68,636 20,725
Other tangible assets	38,840	0	38,840	0	38,840	9,406	312
Financial fixed assets	10,581	0	10,581	0	10,581	226,079	-95.32
Total fixed assets	505,752	2.40	493,913	-4.17	515,423	331,930	52.37
Inventories	4,489,216	0.09	4,485,041	-35.33	6,935,340	3,046,202	47.37
Raw materials & consumables	-	-	-	-	-	7,018,384
Work in progress	0	-	0	-	0	1,191	-100
Finished goods	4,489,216	0.09	4,485,041	-35.33	6,935,340	2,052,814	118
Other stocks	0	-	0	-	0	436,239	-100
Trade debtors	4,698,655	22.76	3,827,661	59.93	2,393,362	4,274,877	9.91
Cash	157,589	816	17,202	-97.00	574,017	484,495,203	-99
other amounts receivable	3,432	12.11	3,061	8.30	2,827	222,433	-98.46
Miscellaneous current assets	3,637	35.57	2,682	-77.20	11,765	-476,594,383	0.00
Total current assets	9,352,529	12.20	8,335,648	-15.95	9,917,311	7,263,696	28.76
Total Assets	9,858,281	11.65	8,829,560	-15.37	10,432,734	7,559,160 1,239,862	30.42

CURRENT LIABILITIES
	Trade creditors	5,669,843	21.68	4,659,704	-27.78	6,452,280	2,966,573	91.12
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	379,210	3.89	364,995	126	160,988	4,549,768 126,094	-91.67
	Current portion of long term debt	20,000	-66.67	60,000	-22.32	77,241	77,682 13,763	-74.25
	Amounts Payable for Taxes, Remuneration & Social Security	15,850	-12.91	18,200	33.49	13,634	8,066 -	-46.82
	Miscellaneous current liabilities	620,698	263	170,973	70.47	100,297	153	--
	Total current liabilities	6,705,601	27.15	5,273,873	-22.49	6,804,440	5,193,727	29.11
	LONG TERM DEBTS AND LIABILITIES
	Long term group loans	-	-	-	-	-	-	--
	Other long term loans	996,610	-29.93	1,422,214	-5.97	1,512,457	-14.44	--
	Deffered taxes	80,253	-4.48	84,015	-4.29	87,777	46,266 28,377	73.46
	Provisions for Liabilities & Charges	0	-	0	-	0	4,512 0	-100
	Other long term liabilities	0	-100	13,260	0	13,260	238,935	-100
	Total long term debts	1,076,863	-29.13	1,519,489	-5.83	1,613,493	675,775	59.35
SHAREHOLDERS EQUITY
	Issued share capital	20,000	0	20,000	0	20,000	994,237	-97.99
	Share premium account	-	-	-	-	-	103,298	-
	Reserves	2,055,816	1.96	2,016,199	1.07	1,994,801	667,373	208
	Revaluation reserve	-	-	-	-	-	899,530	-
	Total shareholders equity	2,075,816	1.95	2,036,199	1.06	2,014,801	1,682,756	23.36
	Working capital	2,646,928	-13.55	3,061,775	-1.64	3,112,872	2,069,969	27.87
	Cashflow	62,697	43.42	43,717	-60.97	112,020	43,406	44.44
	Net worth	2,075,816	1.95	2,036,199	1.06	2,014,801	1,681,420	23.46

Ratio Analysis

ratio analysis
	Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
	Profit Before Tax	0.13	62.50	0.08	-42.86	0.14	-8,00	1.62
	Return on capital employed	1.19	45.12	0.82	-48.10	1.58	-8,00	14.88
	Return on total assets employed	0.38	15.15	0.33	-40.0	0.55	-8,00	4.75
	Return on net assets employed	1.80	25.87	1.43	-49.82	2.85	-8,00	22.50
	Sales / net working capital	10.94	-5.03	11.52	-15.67	13.66	143,00	-99
	Stock turnover ratio	15.50	21.86	12.72	-22.01	16.31	77,00	-79.87
	Debtor days	59.20	49.46	39.61	92.84	20.54	142,36	-58.42
	Creditor days	71.90	49.39	48.13	-12.47	54.99	125,12	-42.54
SHORT TERM STABILITY
	Current ratio	1.39	-12.03	1.58	8.22	1.46	4,00	-86.10
	Liquidity ratio / acid ratio	0.73	0	0.73	65.91	0.44	3,00	-75.67
	Current debt ratio	3.23	24.71	2.59	-23.37	3.38	10,00	-67.70
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
	Gearing	67.24	-25.88	90.72	4.41	86.89	234,00	-71.26
	Equity in percentage	21.06	-8.67	23.06	19.42	19.31	-223,00	9.44
	Total debt ratio	3.75	12.28	3.34	-20.10	4.18	11,00	-65.91

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	71.90
Day sales outstanding	59.20
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	125.12
Industry average day sales outstanding	142.36

Industry Quartile Analysis

Payment expectations
Company result	71.90
Lower	123.48
Median	76.66
Upper	48.07

Day sales outstanding

Company result 59.20

Lower 101.92

Median 54.08

Upper 24.84

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

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 STEVEN DOV POLLAK

Position Principal Manager

Start Date 01/01/2012

Date of birth 22/03/1976

Street 39 CHARLOTTALEI ANTWERPEN

Post code 2018

Country Belgium

Name FRANCOIS POLLAK

Position Principal Manager

Start Date 22/02/2012

Street 31 CHARLOTTALEI ANTWERPEN

Post code 2018

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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.

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment expectations

Company information

Personnel (NSSO classification)

Company Accounts

Industry Comparison

Shareholders Details

Director details

Unit