MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	G.N.P. DIAMONDS NV
Registered Office :	Grétrystraat 1, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	01.09.2004
Com. Reg. No.:	867058749
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	From 1 to 4 Employees

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 867058749

Company name G.N.P. DIAMONDS NV

Address GRÉTRYSTRAAT 1

2018 ANTWERPEN

Number of staff From 1 to 4 Employees

Date of establishment 01/09/2004

Telephone number 032308336

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2010		1,528	-81,228	-81,538
31/12/2009		-3,562	-82,756	-83,291
31/12/2008		1,639	-79,193	-81,883
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2010	293,934	0	62,000	1,754
31/12/2009	245,850	0	62,000	-2,909
31/12/2008	325,242	0	62,000	2,292

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	168.55	Industry average day sales outstanding	120.31
Day sales outstanding	-
Court data summary

BANKRUPTCY DETAILS

Court action type

no

Company information

Business number	867058749	Company name	G.N.P. DIAMONDS NV
Fax number		Date founded	01/09/2004
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0867.058.749
Belgian Bullettin of Acts Publications	moniteur belge

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Profit & loss

Annual accounts	31-122010	%	31-122009	%	31-122008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	40,456,562	-
Total operating expenses	-	-	-	-	-	39,970,782	-
Operating result	1,639	62.13	-2,639	-199	2,657	167,201	-99
Total financial income	-	-	30	655	4	142,252	-
Total financial expenses	111	88.33	954	6.67	1,022	256,372	-99
Results on ordinary operations before taxation	1,528	42.90	-3,562	-317	1,639	37,272	95.90
Taxation	-	-	-	-	-	13,947	-
Results on ordinary operations after taxation	1,528	42.90	-3,562	-317	1,639	27,907	94.52
Extraordinary items	0	-	0	-	0	7,521	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	1,528	42.90	-3,562	-317	1,639	35,406	95.68
OTHER INFORMATION
Dividends	-	-	-	-	-	350,010	-
Director remuneration	-	-	-	-	-	111,051	-
Employee costs	-	-	-	-	97	124,177	-
Wages and salary	-	-	-	-	-	110,507	-
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	-	-	-	-	-	26,411	-
Other employee costs	0	-	0	-100	97	2,522	-100
Amortization and depreciation	226	65.47	653	0.06	653	18,230	98.76

balance sheet

Annual accounts	31-122010	%	31-122009	%	31-122008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,332	-100
Tangible fixed assets	-	-	226	74.33	879	168,085	-
Land & building	-	-	-	-	-	335,070	-
Plant & machinery	-	-	-	-	355	22,714	-
Furniture & Vehicles	-	-	226	56.95	524	18,109 6,245	-
Leasing & Other Similar Rights	-	-	-	-	-	117,491 15,308	-
Other tangible assets	0	-	0	-	0	4,674	-100
Financial fixed assets	310	0	310	82.87	1,810	255,585	-99
Total fixed assets	310	42.12	536	80.08	2,689	338,350	-99
Inventories	271,660	22.19	222,325	-3.51	230,403	2,702,310	89.95
Raw materials & consumables	-	-	-	-	-	2,700,017	-
Work in progress	0	-	0	-	0	2,273	-100
Finished goods	0	-	0	-	0	1,681,289	-100
Other stocks	271,660	22.19	222,325	-3.51	230,403	547,552	50.39
Trade debtors	30	0	30	-99	70,103	3,330,981	-99
Cash	4,994	8.79	4,590	35.08	3,398	234,065	97.87
other amounts receivable	16,940	-7.78	18,370	11.26	16,510	206,425	91.79
Miscellaneous current assets	0	-	0	-100	2,139	23,769	-100
Total current assets	293,624	19.69	245,315	23.95	322,553	6,040,954	95.14
Total Assets	293,934	19.56	245,850	24.41	325,242	6,346,955 1,348,539	95.37
CURRENT LIABILITIES
Trade creditors	365,705	11.50	327,978	18.86	404,226	2,573,154	85.79
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	3,108,780 189,328	-
Current portion of long term debt	-	-	-	-	-	102,967 14,795	-
Amounts Payable for Taxes, Remuneration & Social Security	9,257	1373	628	200	209	8,225 -	71.88
Miscellaneous current liabilities	200	-	0	-100	1	-99	- -
Total current liabilities	375,162	14.17	328,606	18.75	404,436	4,290,162	91.26
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	45,322 29,287	-
Provisions for Liabilities & Charges	0	-	0	-	0	2,866 0	-100
Other long term liabilities	0	-	0	0	-1	127,228	-100
Total long term debts	0	-	0	0	-1	515,703	-100
SHAREHOLDERS EQUITY
Issued share capital	62,000	0	62,000	0	62,000	891,267	-
Share premium account	-	-	-	-	-	118,167	-
Reserves	-143,228	98.94	-144,756	-2.52	-141,193	628,587	-122
Revaluation reserve	-	-	-	-	-	722,309	-
Total shareholders equity	-81,228	98.15	-82,756	-4.50	-79,193	1,534,975	-105
Working capital	-81,538	97.89	-83,291	-1.72	-81,883	1,750,792	-104
Cashflow	1,754	60.29	-2,909	-226	2,292	50,404	96.52
Net worth	-81,228	98.15	-82,756	-4.50	-79,193	1,533,642	-105

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-2,00	-
Return on capital employed	-1.88	-143	4.30	207	-2.07	19,00	-109
Return on total assets employed	0.52	35.86	-1.45	-390	0.50	-86,00	0.60
Return on net assets employed	-1.88	-143	4.30	207	-2.07	22,00	-108
Sales / net working capital	-	-	-	-	-	39,00	-
Stock turnover ratio	-	-	-	-	-	73,00	-
Debtor days	-	-	-	-	-	176,00	-
Creditor days	-	-	-	-	-	183,00	-
SHORT TERM STABILITY
Current ratio	0.78	4.00	0.75	-6.25	0.80	8,00	-92.91
Liquidity ratio / acid ratio	0.06	-14.29	0.07	-69.57	0.23	5,00	-98.80
Current debt ratio	-4.62	-16.37	-3.97	77.69	-5.11	11,00	-142
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	-	114,00	-
Equity in percentage	-27.63	82.09	-33.66	-38.23	-24.35	-1.662,00	1.66
Total debt ratio	-4.62	-16.37	-3.97	77.69	-5.11	11,00	-142

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	168.55
Industry average day sales outstanding	120.31

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.36
Median	84.93
Upper	45.29

Day sales outstanding

Company result	-
Lower	112.48
Median	58.70
Upper	28.11

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No Minority Interests Found

Individual Shareholders

SHAREHOLDER NAME
Forename	Hiren	Middle name	-
Surname	Gogri
SHAREHOLDER DETAILS
Start date	01/09/2004	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Belgielei	House number	18
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

Director details

Current director details
Name	HIREN JADAVIJ GOGRI
Position	Director
Start Date	01/09/2004
Street	18 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium
Name	HIREN JADAVIJ GOGRI
Position	Managing Director
Start Date	29/11/2005
Street	18 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium
Name	ANDRIY GOLOVAN
Position	Director
Start Date	01/10/2010
Street	7 RUBENSLEI 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.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.70

INFORMATION DETAILS

Report Prepared by :

NNA

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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