MIRA INFORM REPORT

Report Date :

17.07.2014

IDENTIFICATION DETAILS

Name :	VISHAL BVBA

Registered Office :	Hoveniersstraat 2 Bus 441 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	17.06.2009

Com. Reg. No.:	812358964

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
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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

Commentary

The business was established over 5 years ago.
No employees are recorded for this business.
The business has been at the address for over 13 months.
Operating Result in the latest trading period decreased 108% on the previous trading period.
Net Worth increased by 31% during the latest trading period.
A 73% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 175% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 89% during the latest trading period.

Accounts

DATE OF LATEST

ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING

CAPITAL

31/12/2012 3,905,485 21,303 34,089 32,589

31/12/2011 -- 7,742 25,886 24,386

31/12/2010 -- -456 18,144 16,944

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	CAPITAL	CASHFLOW
31/12/2012	3,898,780	18,600	15,703
31/12/2011	2,242,870	18,600	7,742
31/12/2010	1,155,819	18,600	-456

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Industry average payment expectation days	78.87	Payment expectation days	282.17
Day sales outstanding	55.38	Industry average day sales outstanding	88.29

Court data summary

BANKRUPTCY DETAILS
Court action type	no

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

Profit & Loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry	%
						average 2012
Weeks	52		52		91
Currency	EUR		EUR		EUR
Turnover	3,905,485	-	-	-	-	9,852,456	-60.36
Total operating expenses	3,908,782	-	-	-	-	9,639,422	-59.45
Operating result	-3,297	-108	39,788	585	-6,800	62,530	-105
Total financial income	336,923	124	150,259	400	30,019	26,722	1160
Total financial expenses	312,324	71.32	182,305	670	23,675	38,688	707
Results on ordinary operations before taxation	21,303	175	7,742	1696	-456	47,653	-55.30
Taxation	5,398	-	-	-	-	28,334	-80.95
Results on ordinary operations after taxation	15,905	105	7,742	1696	-456	28,314	-43.83
Extraordinary items	-202	-	0	-	0	4,218	-104
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	15,703	102	7,742	1696	-456	32,663	-51.93
OTHER INFORMATION
Gross Operating Margin	-2,277	-105	39,842	705	-5,647	109,704	-102
Dividends	-	-	-	-	-	261,539	-
Director remuneration	-	-	-	-	-	208,610	-
Employee costs	-	-	-	-	-	441,050	-
Wages and salary	-	-	-	-	-	339,189	-
Employee pension costs	-	-	-	-	-	17,842	-
Social security contributions	-	-	-	-	-	106,073	-
Other employee costs	0	-	0	-	0	13,874	-100
Amortization & depreciation	--	--	--	--	--	60,577	--

Balance Sheet

Annual accounts	31-12-2012			%		31-12-2011	%		31-12-2010		Industry average 2012	%
Weeks	52					52			91
Currency	EUR					EUR			EUR
Intangible fixed assets	0			-		0	-		0		15,534	-100
Tangible fixed assets	-			-		-	-		-		378,937	-
Land & building	-			-		-	-		-		430,467	-
Plant & machinery	-			-		-	-		-		109,956	-
Furniture & Vehicles	-			-		-	-		-		28,553 9,636	-
Leasing & Other Similar Rights	-			-		-	-		-		491,420 13,033	-
Other tangible assets	0			-		0	-		0		25,449	-100
Financial fixed assets	1,500			0		1,500	25.00		1,200		234,679	-99
Total fixed assets	1,500			0		1,500	25.00		1,200		508,078	-99
Inventories	3,201,700			247		920,926	125		408,569		302,093	959
Raw materials & consumables	-			-		-	-		-		865,951	-
Work in progress	0			-		0	-		0		757	-100
Finished goods	0			-		0	-		0		104,105	-100
Other stocks	3,201,700			247		920,926	125		408,569		89,511	3476
Trade debtors	592,572			55.61		380,803	-42.87		666,548		296,128	100
Cash	97,797			-89.58		938,688	1097		78,392		146,248	-33.13
other amounts receivable	5,211			446		953	-14.12		1,109		117,575	-95.57
Miscellaneous current assets	0			-		0	-		0		45,540	-100
Total current assets	3,897,280			73.88		2,241,370	94.12		1,154,619		801,222	386
Total Assets	3,898,780			73.83		2,242,870	94.05		1,155,819		1,271,255 203,924	206
Current liabilities
Trade creditors		3,021,747	346		676,992			33.21		508,221	284,723		961
Short term group loans		-	-		-			-		-	-		-
Financial debts		-	-		-			-		-	345,101 11,768		-
Current portion of long term debt		-	-		-			-		-	52,576 14,233		-
Amounts Payable for Taxes, Remuneration & Social Security		3,400	-51.43		7,000			-		-	8,374 -		-95.76
Miscellaneous current liabilities		839,544	-45.23		1,532,992			143		629,455	416		—
Total current liabilities		3,864,691	74.32		2,216,984			94.87		1,137,675	629,883		513
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-	-		-			-		-	-		—
Other long term loans		-	-		-			-		-	-		—
Deffered taxes		-	-		-			-		-	54,578 6,794		-
Provisions for Liabilities & Charges		0	-		0			-		0	18,526 0		-100
Other long term liabilities		0	-		0			-		0	30,193		-100
Total long term debts		0	-		0			-		0	286,114		-100
SHAREHOLDERS EQUITY
Issued share capital		18,600	0		18,600			0		18,600	245,693		-92.43
Share premium account		-	-		-			-		-	35,864		-
Reserves		15,489	112		7,286			1596		-456	100,311		-84.56
Revaluation reserve		-	-		-			-		-	279,902		-
Total shareholders equity		34,089	31.69		25,886			42.67		18,144	353,275		-90.35
Working capital		32,589	33.64		24,386			43.92		16,944	171,339		-80.98
Cashflow		15,703	102		7,742			1696		-456	86,766		-81.90
Net worth		34,089	31.69		25,886			42.67		18,144	337,741		-89.91

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.55	-	-	-	-	-51,00	1.08
Return on capital employed	62.49	108	29.91	1186	-2.52	-100,00	62.49
Return on total assets employed	0.55	57.14	0.35	875	-0.04	-30,00	1.83
Return on net assets employed	62.49	108	29.91	1186	-2.52	-101,00	61.87
Sales / net working capital	119.84	-	-	-	-	5,00	-99
Stock turnover ratio	81.98	-	-	-	-	160,00	-48.76
Debtor days	55.38	-	-	-	-	68,00	-18.56
Creditor days	282.17	-	-	-	-	91,00	210
SHORT TERM STABILITY
Current ratio	1.01	0	1.01	0	1.01	7,00	33.67
Liquidity ratio / acid ratio	0.18	-70.0	0.60	-9.09	0.66	6,00	-97.00
Current debt ratio	113.37	32.38	85.64	36.59	62.70	-3,00	3779
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	-	265,00	-
Equity in percentage	0.87	-24.35	1.15	-26.75	1.57	-1.685,00	0.05
Total debt ratio	113.37	32.38	85.64	36.59	62.70	0,00	-

Payment Information

Payment expectations
Payment expectation days	282.17
Day sales outstanding	55.38

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and Other Precious Stones
Industry average payment expectation days	78.87
Industry average day sales	88.29
outstanding

Industry quartile analysis

Payment expectations
Company result	282.17
Lower	83.07
Median	34.26
Upper	8.94

Day sales outstanding
Company result	55.38
Lower	80.65
Median	34.63
Upper	13.84

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details

Business number 812358964

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data

there is no data for this company

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.60.19
UK Pound	1	Rs.103.14
Euro	1	Rs.81.66

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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	812358964
Company name	VISHAL BVBA
Address	Hoveniersstraat 2 Bus 441
	Antwerpen, Post Code 2018
Number of staff	0
Date of establishment	17/06/2009
Telephone number	037707870

Business number	812358964	Company name	VISHAL BVBA
Fax number	--	Date founded	17/06/2009
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	47990	liable for VAT	yes
Activity description	Wholesaler of diamonds and Other Precious Stones	VAT Number	BE.0812.358.964
Belgian Bullettin of Acts Publications	moniteur belge		Check Vat Number