MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	MY DEAR DIAMONDS BVBA

Registered Office :	Pelikaanstraat 62 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	22.02.2005

Com. Reg. No.:	872381178

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

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 :	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 name and address

Business number 872381178

Company name MY DEAR DIAMONDS BVBA

Address PELIKAANSTRAAT 62

2018 ANTWERPEN

Number of staff 0

Date of establishment 22/02/2005

Telephone number 032253676

Commentary

The business was established over 9 years ago.

No employees are recorded for this business.

The business has been at the address for over 7 years.

Operating Result in the latest trading period increased 147% on the previous trading period.

Net Worth increased by 29% during the latest trading period.

Pre-tax profits increased by 189% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 25% during the latest trading period

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		20,315	75,268	799,234
31/12/2012		7,027	58,174	810,635
31/12/2011		20,191	53,795	40,175

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	3,282,406	0	18,600	22,061
31/12/2012	3,572,542	0	18,600	13,336
31/12/2011	3,422,625	0	18,600	25,041

Payment expectations

Past payments Payment expectation days -

Industry average payment

expectation days 123.97 Industry average day sales

outstanding 140.86

ratio analysis

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax - - - - - - - - -
							-17.02
Return on capital employed	2.54	195	0.86	-97.71	37.53	220	-17.02	-244	11.79
							-0.19 -17.02
Return on total assets employed	0.62	210	0.20	-66.10	0.59	310		-195	0.20
									11.79
Return on net assets employed	26.99	123	12.08	-67.81	37.53	220		-244	11.79

SHORT TERM STABILITY

Current ratio 1.32 2.33 1.29 27.72 1.01 1.00 1.00 -0.99 1.01

Liquidity ratio / acid ratio 0.78 5.41 0.74 -6.33 0.79 33.90 0.59 0 0.59

Current debt ratio 32.98 -30.39 47.38 -24.34 62.62 -27.87 86.82 50.68 57.62

Liquidity ratio reprocessed - - - ------

Cashflow 22,061 65.42 13,336 -46.74 25,041 1131 2,033 -81.53 11,010

Net worth 75,268 29.38 58,174 8.14 53,795 43.02 37,614 -14.54 44,015

LONG TERM STABILITY

Gearing 963.37 -26.54 1,311.46 5222 24.64 -56.07 56.09 -13.55 64.88

Equity in percentage 2.29 40.49 1. 63 3.82 1 .57 37.72 1.14 -33.33 1.71

Total debt ratio 42.61 -29.47 60.41 -3.53 6 2.62 -27.87 86.82 50.68 57.62

Working capital 799,234 -1.41 810,635 1917 40,175 150 16,040 7.76 14,884

Profit & loss

Operating Income - - - - - - - - -

Turnover - - - - - - - - -

Total operating expenses - - - - - - - - -

Gross Operating Margin 34,288 15.55 29,672 -15.81 35,245 19.00 29,618 59.76 18,539

Operating Charges - - - - - - - - -

Employee costs - - - - - - - - 104

Wages and salary - - - - - - - - -

Employee pension costs - - - - - - - - -

Social security contribution s - - - - - - - - -

Other employee costs 0 - 0 - 0 - 0 -100 104

Director remuneration - - - - - - - - -

Amortization and depreciation 4,967 -44.56 8,958 1.11 8,860 5.04 8,434 6.03 7,954

Operating result 26,545 147 10,722 -54.31 23,465 1187 -1,976 -123 8,507

Total financial income 175 249 50 327 12 -74.96 47 -3.23 48

Total financial expenses 6,405 71.06 3,744 13.98 3,285 -26.53 4,472 32.90 3,365

Results on ordinary operations

before taxation 20,315 189 7,027 -65.20 20,191 315 -6,401 -223 5,191

Extraordinary Income 3,196 - - - - - - - -

Extraordinary Charges - - - - - - - - -

Extraordinary items 3,196 - 0 - 0 - 0 - 0

Results for the Year Before Taxation 23,511 234 7,027 -65.20 20,191 315 -6,401 -223 5,191

Other appropriations - - - - - - - - -

Taxation 6,417 142 2,649 -33.95 4,010 - - - 2,136

Results on ordinary operations

after taxation 13,899 217 4,379 -72.94 16,181 252 -6,401 -309 3,055

Net result 17,094 290 4,379 -72.94 16,181 252 -6,401 -309 3,055

Profit (Loss) for the Year to be appropiated 17,094 290 4,379 -72.94 16,181 252 -6,401 -309 3,055

Dividends - - - - - - - - -

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry quartile analysis

Payment expectations

Company result–

Lower 122.34

Median 75.38

Upper 46.32

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 YASH BIRENDRAKUMAR BOTHRA

Position Principal Manager

Start Date 31/08/2010

Street 11 QUINTEN MATSIJSLEI 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.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIS

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.

Description

Assets
Annual accounts	31-12-2013	%	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	1,145	-79.03	5,459	-59.92	13,620	-36.87	21,574	-25.94	29,131

Intangible fixed assets	0	-	0	-	0	-	0	-	0

Tangible fixed assets	1,145	-79.03	5,459	-59.92	13,620	-36.87	21,574	-25.94	29,131
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	915	-12.71	1,048	-21.63	1,337	-32.38	1,977	11.60	1,772
Furniture & Vehicles	230	-94.79	4,411	-64.09	12,283	-37.32	19,597	-28.37	27,359
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0

Financial fixed assets	-	-	-	-	-	-	-	-	-

Total current assets	3,281,261	-8.01	3,567,083	4.64	3,409,005	3.88	3,281,526	28.64	2,551,021
Inventories	1,342,613	-12.59	1,536,061	102	756,852	-43.50	1,339,573	27.98	1,046,667
Raw materials & consumables - - - - - - - - -
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	1,342,613	-12.59	1,536,061	102	756,852	-43.50	1,339,573	27.98	1,046,667
Trade debtors	1,728,220	-2.14	1,766,077	-27.02	2,419,999	46.61	1,650,588	16.32	1,419,023
Other amounts receivable	9,387	110	4,460	115	2,066	-42.28	3,579	10.16	3,249

Cash	189,250	-25.85	255,221	13.67	224,528	-20.77	283,405	265	77,557

Miscellaneous current assets	11,791	123	5,264	-5.33	5,561	26.92	4,381	-3.17	4,525

Total Assets	3,282,406	-8.12	3,572,542	4.38	3,422,625	3.62	3,303,101	28.02	2,580,152
Liabilities
Total shareholders equity	75,268		29.38 58,174 8.		14 53,795	43.02 37,614		-14.54 44,015

Issued share capital	18,600		18,600 0		18,600	0	18,600	0	18,600
Share premium account	—		- —	—

Revaluation reserve

Reserves Provisions for Liabilities & Charges	56,668 0	43.20	39,574 0	12.44	35,195 0	85.10	19,014 0	-25.19	25,415 0
Deffered taxes					.	-	-	-
Creditors	3,207,138	-8.74	3,514,369	4.32	3,368,830	3.16	3,265,487	28.76	2,536,137
Other long term loans	725,111	-4.33	757,920	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	725,111	-4.33	757,920	j_	0		0		0
Current portion of long term debt	.		.	.	-	-	-	-	-
Financial debts	-	-	5,005	-62.23	13,252	-37.18	21,096	-26.13	28,556
Trade creditors	2,214,498	-0.14	2,217,598	9.26	2,029,651	13.18	1,793,260	60.55	1,116,979
Amounts Payable for Taxes, Remuneration & Social Security	10,009	133	4,280	-73.22	15,982	32.46	12,065	109	5,750
Miscellaneous current liabilities	257,521	-51.37	529,566	-59.57	1,309,945	-8.97	1,439,065	3.91	1,384,853
Total current liabilities	2,482,027	-9.96	2,756,448	-18.18	3,368,830	3.16	3,265,487	28.76	2,536,137
Total Liabilities	3,282,406	-8.12	3,572,542	4.38	3,422,625	3.62	3,303,101	28.02	2,580,152

MIRA INFORM REPORT

Company name and address

Commentary

Accounts

Accounts

Payment expectations

Company information

Company information

ratio analysis

Industry comparison

Industry quartile analysis

Director details

Unit