MIRA INFORM REPORT

Report Date :

23.06.2014

IDENTIFICATION DETAILS

Name :	VEERA DIMON BVBA
Registered Office :	Hoveniersstraat 30, Box 184, Room 318-319, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	04.02.2004
Com. Reg. No.:	863211710
Legal Form :	Private Limited Company (BL/LX)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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	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 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 summary

Business number	863211710
Company name	VEERA DIMON BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	04/02/2004
Telephone number	032349546
Fax number

Commentary

The business was established over 10 years ago.

No employees are recorded for this business.

The business has been at the address for over 6 years.

Net Worth decreased by 35% during the latest trading period.

A 34% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 90% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	17,552,829	-39,444	73,303	-229,259
31/12/2011	17,674,614	-42,255	113,186	-221,657
31/12/2010		28,179	88,789	-214,788

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	6,378,979	0	18,600	-6,144
31/12/2011	4,758,189	0	18,600	48,842
31/12/2010	4,234,265	0	18,600	64,784

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	103.77
Industry average payment expectation days	167.34	Industry average day sales outstanding	121.35
Day sales outstanding	74.61

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	863211710	Company name	VEERA DIMON BVBA
Fax number		Date founded	04/02/2004
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.0863.211.710
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

comparison mode

average

median

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	17,552,829	-0.69	17,674,614	-	-	46,632,531	-62.36
Total operating expenses	17,567,973	-0.65	17,683,524	-	-	46,240,618	-62.01
Operating result	-15,144	-69.97	-8,910	-117	50,395	147,817	-110
Total financial income	1,062	281	278	168	104	97,084	-98.91
Total financial expenses	25,362	-24.57	33,623	50.65	22,319	203,915	-87.56
Results on ordinary operations before taxation	-39,444	93.35	-42,255	-249	28,179	32,736	-220
Taxation	439	-95.13	9,002	18.15	7,620	20,918	-97.90
Results on ordinary operations after taxation	-39,883	77.81	-51,257	-349	20,560	17,844	-323
Extraordinary items	0	-100	75,654	-	0	-4,553	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	-39,883	-263	24,397	18.66	20,560	13,309	-399
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	1,330	298	334	-31.82	490	126,646	-98.95
Wages and salary	-	-	-	-	-	106,139	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,753	-
Other employee costs	1,330	298	334	-31.82	490	4,402	-69.78
Amortization and depreciation	33,739	38.02	24,445	-44.73	44,224	17,955	87.91

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	1,570	-100
Tangible fixed assets	301,913	-9.55	333,785	-13.41	385,467	184,414	63.71
Land & building	187,618	-7.25	202,291	-39.07	331,983	359,608	-47.83
Plant & machinery	88,753	-10.38	99,034	92.57	51,429	22,793	289
Furniture & Vehicles	25,542	-21.31	32,460	1479	2,055	17,438 5,418	46.47
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,711	-100
Financial fixed assets	649	-38.67	1,058	28.55	823	294,763	-99
Total fixed assets	302,562	-9.64	334,843	-13.32	386,290	387,230	-21.87
Inventories	2,399,989	155	938,801	5.71	888,075	3,092,433	-22.39
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,426	-100
Finished goods	2,399,989	155	938,801	-	0	1,981,611	21.11
Other stocks	0	-	0	-100	888,075	574,617	-100
Trade debtors	3,587,780	38.81	2,584,729	-9.31	2,850,041	4,172,397	-14.01
Cash	77,942	-90.33	805,883	715	98,794	226,713	-65.62
other amounts receivable	2,939	-96.51	84,131	1845	4,325	184,589	-98.41
Miscellaneous current assets	7,767	-20.75	9,801	45.43	6,739	17,803	-56.37
Total current assets	6,076,417	37.37	4,423,346	14.95	3,847,975	7,222,269	-15.87
Total Assets	6,378,979	34.06	4,758,189	12.37	4,234,265	7,577,514 1,453,566	-15.82
current liabilities
Trade creditors	4,994,801	56.56	3,190,426	22.89	2,596,193	3,066,773	62.87
Short term group loans	-	-	-	-	-	-	-
Financial debts	548,567	-1.16	554,998	0.35	553,051	4,242,556 192,320	-87.07
Current portion of long term debt	-	-	-	-	6,140	108,079 15,346	-
Amounts Payable for Taxes, Remuneration & Social Security	7,658	-23.09	9,957	7.76	9,240	9,423 -	-77.41
Miscellaneous current liabilities	754,649	-15.17	889,622	-0.95	898,139	151	- -
Total current liabilities	6,305,675	35.75	4,645,003	14.33	4,062,763	5,360,460	17.63
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	82,713	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,220 0	-100
Other long term liabilities	0	-	0	-	0	129,765	-100
Total long term debts	0	-	0	-100	82,713	562,577	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	911,094	-97.96
Share premium account	-	-	-	-	-	109,362	-
Reserves	54,703	-42.17	94,586	34.76	70,189	699,735	-92.18
Revaluation reserve	-	-	-	-	-	968,672	-
Total shareholders equity	73,303	-35.24	113,186	27.48	88,789	1,640,673	-95.53
Working capital	-229,259	-3.43	-221,657	-3.20	-214,788	1,861,809	-112
Cashflow	-6,144	-112	48,842	-24.61	64,784	28,110	-121
Net worth	73,303	-35.24	113,186	27.48	88,789	1,637,427	-95.52

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-0.22	91.67	-0.24	-	-	-26,00	0.85
Return on capital employed	-53.81	-44.15	-37.33	-327	16.43	29,00	-285
Return on total assets employed	-0.62	69.66	-0.89	-232	0.67	-203,00	0.31
Return on net assets employed	-53.81	-44.15	-37.33	-217	31.74	19,00	-383
Sales / net working capital	-76.56	96.01	-79.74	-	-	45,00	-100
Stock turnover ratio	13.67	157	5.31	-	-	111,00	-87.68
Debtor days	74.61	39.77	53.38	-	-	133,00	-43.90
Creditor days	103.77	57.59	65.85	-	-	122,00	-14.94
short term stability
Current ratio	0.96	1.05	0.95	0	0.95	7,00	-89.33
Liquidity ratio / acid ratio	0.58	-22.67	0.75	2.74	0.73	4,00	-85.50
Current debt ratio	86.02	109	41.04	-10.31	45.76	9,00	855
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	748.35	52.62	490.34	-32.18	722.95	363,00	106
Equity in percentage	1.15	-51.68	2.38	13.33	2.10	-3.247,00	0.04
Total debt ratio	86.02	109	41.04	-12.10	46.69	11,00	682

Industry comparison

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

Payment expectations

Payment expectation days	103.77
Day sales outstanding	74.61

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	167.34
Industry average day sales outstanding	121.35

Industry quartile analysis

Payment expectations
Company result	103.77
Lower	134.58
Median	84.93
Upper	45.17
Day sales outstanding
Company result	74.61
Lower	112.48
Median	58.70
Upper	28.11

Company result	103.77
Lower	134.58
Median	84.93
Upper	45.17

Company result	74.61
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

NSSO details

Business number	863211710
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	TEJAS DEEPAKUMAR SADHANI
Position	Principal Manager
Start Date	06/10/2012
Street	10 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	JIGARKUMAR DEEPAKLAL SADHANI
Position	Principal Manager
Start Date	06/10/2012
Street	22 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.