MIRA INFORM REPORT

Report Date :

10.01.2014

IDENTIFICATION DETAILS

Name :	H.V.DIAM BVBA
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	26.12.2007
Com. Reg. No.:	894781943
Legal Form :	Private Limited Company
LINE OF BUSINESS :	TRADER, IMPORTER OF ALL TYPE OF DIAMONDS.
No. of Employees :	Not Available

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Belgium	A1	A1

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 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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	894781943
Company name	H.V.DIAM BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	26/12/2007
Telephone number	032956990
Fax number

Commentary

The business was established over 6 years ago.

No employees are recorded for this business.

The business has been at the address for over 2 years.

The credit rating for this business has increased from 63 to 72.

The credit limit for this business has increased from €1150000 to €1300000.

Operating Result in the latest trading period increased 369% on the previous trading period.

A 31% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 25% compared to the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	48,958,204	160,411	3,792,098	3,643,452
31/12/2011	44,885,685	216,417	3,652,116	3,528,489
31/12/2010	39,443,379	161,097	2,335,864	2,320,438

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	20,393,280	0	3,292,000	157,545
31/12/2011	15,552,683	0	3,292,000	190,587
31/12/2010	8,532,465	0	2,155,166	137,345

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	71.90
Industry average payment expectation days	167.28	Industry average day sales outstanding	121.40
Day sales outstanding	137.23

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	894781943	Company name	H.V.DIAM BVBA
Fax number		Date founded	26/12/2007
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0894.781.943
Belgian Bullettin of Acts Publications	moniteur belge

Significant Events

Event Date	16/12/2013
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 07-08-2013: Bevestiging van de benoeming van Koradia Parth Dineshbai met ingang van 07/08/2013.

Profit & loss

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	48,958,204	9.07	44,885,685	13.80	39,443,379	46,823,071	4.56
	Total operating expenses	48,325,512	7.99	44,751,031	14.48	39,090,881	46,428,758	4.09
	Operating result	632,692	369	134,654	-61.80	352,498	148,629	325
	Total financial income	2,020	-99	245,889	-	-	97,216	-97.92
	Total financial expenses	474,301	188	164,126	-14.25	191,401	204,549	131
	Results on ordinary operations before taxation	160,411	-25.88	216,417	34.34	161,097	32,998	386
	Taxation	20,429	-44.78	36,998	42.36	25,990	21,020	-2.81
	Results on ordinary operations after taxation	139,981	-21.98	179,419	32.80	135,107	18,042	675
	Extraordinary items	0	-	0	-	0	-4,577	0
	Other appropriations	0.00	-	0.00	-	0	-	-
	Net result	139,981	-21.98	179,419	32.80	135,107	13,485	938
	other information
	Dividends	-	-	-	-	-	172,177	-
	Director remuneration	-	-	-	-	-	114,302	-
	Employee costs	-	-	-	-	-	127,621	-
	Wages and salary	-	-	-	-	-	107,066	-
	Employee pension costs	-	-	-	-	-	14,428	-
	Social security contributions	-	-	-	-	-	26,956	-
	Other employee costs	0	-	0	-	0	4,420	-100
	Amortization and depreciation	17,564	57.26	11,169	399	2,238	17,762	-1.11
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balance sheet

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	1,577	-100
	Tangible fixed assets	563,503	-0.27	565,052	4686	11,806	183,842	206
	Land & building	552,557	-0.31	554,252	-	-	357,819	54.42
	Plant & machinery	6,586	13.34	5,811	-6.07	6,186	22,919	-71.26
	Furniture & Vehicles	4,359	-12.63	4,990	-11.22	5,620	17,422 5,418	-74.98
	Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
	Other tangible assets	0	-	0	-	0	7,751	-100
	Financial fixed assets	2,221	0	2,221	-38.66	3,620	290,016	-99
	Total fixed assets	565,723	-0.27	567,273	3577	15,426	383,035	47.69
	Inventories	1,248,139	51.36	824,615	176	297,916	3,099,571	-59.73
	Raw materials & consumables	-	-	-	-	-	7,209,884	-
	Work in progress	0	-	0	-	0	2,438	-100
	Finished goods	1,248,139	51.36	824,615	176	297,916	1,985,335	-37.13
	Other stocks	0	-	0	-	0	574,195	-100
	Trade debtors	18,407,455	31.46	14,002,686	71.29	8,175,048	4,186,179	339
	Cash	158,829	15.07	138,026	1482	8,723	226,644	-29.92
	other amounts receivable	11,216	-40.03	18,703	-46.91	35,227	183,901	-93.90
	Miscellaneous current assets	1,917	38.89	1,381	1004	125	17,863	-89.27
	Total current assets	19,827,557	32.31	14,985,410	75.95	8,517,039	7,238,988	173
	Total Assets	20,393,280	31.12	15,552,683	82.28	8,532,465	7,590,418 1,451,744	168
	current liabilities
	Trade creditors	9,519,197	64.26	5,795,067	81.27	3,197,005	3,073,786	209
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	6,612,221	17.80	5,613,111	88.52	2,977,524	4,258,483 192,320	55.27
	Current portion of long term debt	26,568	3.34	25,710	-	-	108,183 15,032	-75.44
	Amounts Payable for Taxes, Remuneration & Social Security	-	-	-	-	-	9,445 -	-
	Miscellaneous current liabilities	26,119	13.40	23,033	4.35	22,072	-91.31	- -
	Total current liabilities	16,184,105	41.26	11,456,921	84.89	6,196,601	5,377,103	200
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	417,078	-5.99	443,646	-	-	-62.19	- -
	Deffered taxes	-	-	-	-	-	37,626 26,358	-
	Provisions for Liabilities & Charges	0	-	0	-	0	3,216 0	-100
	Other long term liabilities	0	-	0	-	0	130,431	-100
	Total long term debts	417,078	-5.99	443,646	-	0	564,628	-26.13
	shareholders equity
	Issued share capital	3,292,000	0	3,292,000	52.75	2,155,166	902,426	264
	Share premium account	-	-	-	-	-	109,362	-
	Reserves	500,098	38.87	360,116	99	180,698	702,362	-28.80
	Revaluation reserve	-	-	-	-	-	968,672	-
	Total shareholders equity	3,792,098	3.83	3,652,116	56.35	2,335,864	1,634,779	131
	Working capital	3,643,452	3.26	3,528,489	52.06	2,320,438	1,861,885	95.69
	Cashflow	157,545	-17.34	190,587	38.77	137,345	28,110	460
	Net worth	3,792,098	3.83	3,652,116	56.35	2,335,864	1,631,523	132
	back to top

ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	0.33	-31.25	0.48	17.07	0.41	-26,00	1.27
	Return on capital employed	3.81	-27.84	5.28	-23.48	6.90	29,00	-86.86
	Return on total assets employed	0.79	-43.17	1.39	-26.46	1.89	-204,00	0.39
	Return on net assets employed	4.23	-28.67	5.93	-14.06	6.90	19,00	-77.74
	Sales / net working capital	13.44	5.66	12.72	-25.18	17	45,00	-99
	Stock turnover ratio	2.55	38.59	1.84	142	0.76	112,00	-97.72
	Debtor days	137.23	20.51	113.87	50.52	75.65	134,00	2.41
	Creditor days	71.90	52.10	47.27	58.36	29.85	123,00	-41.54
	short term stability
	Current ratio	1.23	-6.11	1.31	-4.38	1.37	7,00	-86.33
	Liquidity ratio / acid ratio	1.15	-7.26	1.24	-6.77	1.33	4,00	-71.25
	Current debt ratio	4.27	35.99	3.14	18.49	2.65	9,00	-52.56
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	186.07	11.72	166.55	30.66	127.47	366,00	-49.16
	Equity in percentage	18.59	-20.83	23.48	-14.24	27.38	-3.264,00	0.57
	Total debt ratio	4.38	34.36	3.26	23.02	2.65	11,00	-60.18

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 expectations

Payment expectation days	71.90
Day sales outstanding	137.23

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	167.28
Industry average day sales outstanding	121.40

Industry quartile analysis

Payment expectations
Company result	71.90
Lower	134.58
Median	84.93
Upper	45.17
Day sales outstanding
Company result	137.23
Lower	114.19
Median	61
Upper	28.61

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

.

Minority Shareholders

Business number	Company name	%	Rating	Limit	Date of accounts
-	H VINODKUMAR & COMPANY	-	N/R	-	-

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Ashish	Middle name	-
Surname	Mehta
Shareholder Details
Start date	22/04/2010(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	Zénobe Grammestraat	House number	26
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Ami	Middle name	-
Surname	Mehta
Shareholder Details
Start date	25/06/2009	End date	-
Percentage owned	0.98%
Shareholder Address
Street name	Zénobe Grammestraat	House number	26
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Dinesh	Middle name	-
Surname	Sakariya
Shareholder Details
Start date	18/12/2009	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

NSSO details

Business number	894781943
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	AMI MEHTA
Position	Principal Manager
Start Date	19/08/2010
Street	26 ZÉNOBE GRAMMESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	ASHISH RATILAL MEHTA
Position	Principal Manager
Start Date	30/11/2009
Date of birth	17/11/1975
Street	26 ZÉNOBE GRAMMESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	PARTH DINESHBHAI KORADIA
Position	Principal Manager
Start Date	07/08/2013
Street

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.62.18
UK Pound	1	Rs.102.31
Euro	1	Rs.84.50

INFORMATION DETAILS

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%)

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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.