MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	BSD BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	08.07.2005

Com. Reg. No.:	875319288

Legal Form :	Private Limited Company

LINE OF BUSINESS :	WHOLESALER OF DIAMONDS AND OTHER PRECIOUS STONES

No of Employees :	Not Available

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 :	No Complaints

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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	875319288
Company name	BSD BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Safe number	BE01184671
Number of staff	0
Date of establishment	08/07/2005
Telephone number	032319682
Fax number

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 2 years.

The business saw an increase in their Cash Balance of 49% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	10,056,178	19,642	300,572	295,690
31/12/2011	11,370,522	22,307	274,851	266,787
31/12/2010	5,990,519	10,866	266,157	250,794

Accounts

Accounts DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	5,406,403	0	6,200	33,535
31/12/2011	6,628,134	0	6,200	17,048
31/12/2010	13,295,597	0	6,200	25,273

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	185.56
Industry average payment expectation days	133.33	Industry average day sales outstanding	134.28
Day sales outstanding	118.71

Court data summary

BANKRUPTCY DETAILS

Court action type no	No

PROTESTED BILLS

Bill amount	--

NSSO DETAILS

Date of summons	--

Company accounts

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	10,056,178	-11.56	11,370,522	89.81	5,990,519	39,008,085	-74.22
Total operating expenses	10,031,122	-11.57	11,344,103	89.75	5,978,336	38,711,672	-74.09
Operating result	25,056	-5.16	26,418	116	12,183	113,729	-77.97
Total financial income	415	10.36	376	45758	1	77,119	-99
Total financial expenses	5,829	29.92	4,487	240	1,318	170,761	-96.59
Results on ordinary operations before taxation	19,642	-11.95	22,307	105	10,866	12,790	53.57
Taxation	-6,079	-144	13,613	214	-6,353	17,310	-135
Results on ordinary operations after taxation	25,720	195	8,694	-49.51	17,219	837	2972
Extraordinary items	0	-	0	-	0	-4,270	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	25,720	195	8,694	-49.51	17,219	-3,414	753
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	52,612	-
Dividends	-	-	-	-	-	232,868	-
Director remuneration	-	-	-	-	-	109,924	-
Employee costs	-	-	-	-	-	127,679	-
Wages and salary	-	-	-	-	-	109,797	-
Employee pension costs	-	-	-	-	-	14,009	-
Social security contributions	-	-	-	-	-	27,300	-
Other employee costs	0	-	0	-	0	4,528	-100
Amortization and depreciation	7,815	-6.45	8,353	3.71	8,054	17,414	-55.12

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	785	-100
Tangible fixed assets	4,882	-39.47	8,064	-47.51	15,363	183,340	-97.34
Land & building	-	-	-	-	-	365,443	-
Plant & machinery	4,534	36.02	3,334	-46.65	6,248	24,183	-81.25
Furniture & Vehicles	347	-92.66	4,731	-48.09	9,114	15,972 4,900	-97.83
Leasing & Other Similar Rights	-	-	-	-	-	133,370 25,719	-
Other tangible assets	0	-	0	-	0	10,762	-100
Financial fixed assets	-	-	-	-	-	243,218	-
Total fixed assets	4,882	-39.47	8,064	-47.51	15,363	342,037	-98.57
Inventories	2,111,318	20.45	1,752,790	-58.53	4,226,137	2,720,865	-22.40
Raw materials & consumables	-	-	-	-	-	8,019,782	-
Work in progress	0	-	0	-	0	2,578	-100
Finished goods	2,111,318	20.45	1,752,790	-58.53	4,226,137	1,754,739	20.32
Other stocks	0	-	0	-	0	462,100	-100
Trade debtors	3,270,642	-32.59	4,851,823	-46.32	9,037,898	3,504,409	-6.67
Cash	5,539	49.85	3,696	-57.73	8,744	195,665	-97.17
other amounts receivable	13,711	26.53	10,836	58.30	6,845	211,410	-93.51
Miscellaneous current assets	311	-66.31	925	51.79	609	15,474	-97.99
Total current assets	5,401,522	-18.41	6,620,070	-50.15	13,280,234	6,186,515	-12.69
Total Assets	5,406,403	-18.43	6,628,134	-50.15	13,295,597	6,488,804 1,214,410	-16.68

CURRENT LIABILITIES

Trade creditors	5,099,754	-19.54	6,338,068	-51.29	13,011,183	2,723,248	87.27
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	132	-	-	3,414,224 131,683	-
Current portion of long term debt	-	-	^-	-	-	103,745 14,017	-
Amounts Payable for Taxes, Remuneration & Social Security	5,763	-61.00	14,776	-13.37	17,056	8,441 -	-81.17
Miscellaneous current liabilities	315	2.99	306	-74.50	1,201	-99	—
Total current liabilities	5,105,832	-19.63	6,353,283	-51.24	13,029,439	4,599,293	11.01

LONG TERM DEBTS AND LIABILITIES

Long term group loans	-	-	-	-	-	-	—
Other long term loans	-	-	-	-	-	-	—
Deffered taxes	-	-	-	-	-	40,179 31,040	-
Provisions for Liabilities & Charges	0	-	0	-	0	4,046 0	-100
Other long term liabilities	0	-	0	-	0	83,204	-100
Total long term debts	0	-	0	-	0	474,050	-100

SHAREHOLDERS EQUITY

Issued share capital	6,200	0	6,200	0	6,200	875,705	-99
Share premium account	-	-	-	-	-	89,810	-
Reserves	294,372	9.57	268,651	3.34	259,957	508,517	-42.11
Revaluation reserve	-	-	-	-	-	929,721	-
Total shareholders equity	300,572	9.36	274,851	3.27	266,157	1,409,946	-78.68
Working capital	295,690	10.83	266,787	6.38	250,794	1,587,222	-81.37
Cashflow	33,535	96.71	17,048	-32.55	25,273	10,710	213
Net worth	300,572	9.36	274,851	3.27	266,157	1,407,631	-78.65

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.20	0	0.20	11.11	0.18	-10,00	2.00
Return on capital employed	6.53	-19.58	8.12	99	4.08	40,00	-83.68
Return on total assets employed	0.36	5.88	0.34	325	0.08	-300,00	0.12
Return on net assets employed	6.53	-19.58	8.12	99	4.08	28,00	-76.68
Sales / net working capital	34.01	-20.20	42.62	78.40	23.89	63,00	-99
Stock turnover ratio	21	36.19	15.42	-78.14	70.55	91,00	-76.92
Debtor days	118.71	-23.78	155.75	-71.72	550.68	151,00	-21.38
Creditor days	185.56	-9.01	203.93	-74.33	794.38	198,00	-6.28
SHORT TERM STABILITY
Current ratio	1.06	1.92	1.04	1.96	1.02	6,00	-89.40
Liquidity ratio / acid ratio	0.64	-16.88	0.77	11.59	0.69	4,00	-84.00
Current debt ratio	16.99	-26.51	23.12	-52.77	48.95	10,00	69.90
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	0.05	-	-	262,00	-
Equity in percentage	5.56	33.98	4.15	107	2	-3.452,00	0.16
Total debt ratio	16.99	-26.51	23.12	-52.77	48.95	11,00	54.45

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Payment Information

Suspension of payments / moratorium history
Amount --
Details --
Payment expectations
Payment expectation days	185.56
Day sales outstanding	118.71
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	133.33
Industry average day sales outstanding	134.28
Industry quartile analysis
Payment expectations
Company result	185.56
Lower	127.94
Median	79.51
Upper	46.56

Day sales outstanding
Company result	118.71
Lower	109.87
Median	56.46
Upper	27.62

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

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies

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

Court data

Protested bills
Drawee name	--
Address	--
Bill amount	--
Bill currency	--
Maturity of bill	--
Name of drawer	--
City of drawer	--

NSSO details
Business number	875319288
Name of defendant	--
Legal form of defendant	--
Date of summons	--
Labour court	--

Bankruptcy details
There is no bankruptcy data against this company

Bankruptcy Data

court data
there is no data for this company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 59.72
UK Pound	1	Rs. 102.35
Euro	1	Rs. 81.38

INFORMATION DETAILS

Analysis Done by :	SUB

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.

Business number	875319288	Company name	BSD BVBA
Fax number		Date founded	08/07/2005
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.0875.319.288 Check VAT number
Belgian Bullettin of Acts	moniteur beige
Publications

Registered contractor number	--
Contractor description
Date struck off register	--

Social Balance Sheet	Total
During the reporting year
ended 31-12-2012
Full-time Employees	--
Part-time Employees	--
Total Fte Employees	--

Number of hours worked
Full-time Employees	--
Part-time Employees	--
Total	--

Personnel Charges
Full-time Employees	--
Part-time Employees	--
Total	--
Benefits In Addition To Wages	--

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

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	--	--
Number of training hours	--	--
Net costs for enterprise	--	--
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	--	--
Number of training hours - -	--	--
Net costs for enterprise - -	--	--

Type of Contract	Full-Time	Part-Time	Total File

Unlimited Duration Contracts	--	--	--
Limited Duration Contracts	--	--	--
Contracts For Specific Work	--	--	--
Contracts Regarding Substitution	--	--	--

Gender and Education
Level
Men	Full-Time	Part-Time	Total File
Primary education	--	--	--
Secondairy education	--	--	--
Higher education (non university)	--	--	--
Higher education (university)	--	--	--
Women	Full-Time	Part-Time	Total File
Primary education	--	--	--
Secondairy education	--	--	--
Higher education (non university)	--	--	--
Higher education (university)	--	--	--

Working Category	Full-Time	Part-Time	Total File
Management	--	--	--
White collar worker	--	--	--
Blue collar worker	--	--	--
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 File
New Starters	--	--	--
Leavers	--	--	--