MIRA INFORM REPORT

Report Date :

26.06.2014

IDENTIFICATION DETAILS

Name :	VITRAAG BVBA

Registered Office :	Hoveniersstraat 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	01.11.1987

Com. Reg. No.:	432303066

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	1

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
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 432303066

Company name VITRAAG BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 1

Date of establishment 01/11/1987

Telephone number 032318783

Fax number 032267727

Commentary

The business was established over 26 years ago.

The business has 1 employees.

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

Operating Result in the latest trading period increased 121% on the previous trading period.

A 42% decline in Total Assets occurred during the latest trading period.

Turnover in the latest trading period decreased 55% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	42,105,369	66,431	22,863,705	22,354,520
31/12/2011	93,676,739	-223,853	22,856,962	22,464,694
31/12/2010	53,754,091	40,006	23,080,817	23,490,037

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	40,161,449	1	23,354,209	35,354
31/12/2011	70,042,092	1	23,354,209	-128,121
31/12/2010	44,704,006	1	18,600	120,741

Payment expectations

Past payments		Payment expectation days	81.23
Industry average payment expectation days	164.15	Industry average day sales outstanding	119.90
Day sales outstanding	116.45
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	1
Part-time Employees	-
Total Fte Employees	1

Number of hours worked
Full-time Employees	1,930
Part-time Employees	-
Total	1,930

Personnel Charges
Full-time Employees	36,912
Part-time Employees	-
Total	36,912
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,923
Personnel Charges	31,463
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	-	1
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	-	1
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 Fte
New Starters	-	-	-
Leavers	-	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category

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	42,105,369	-55.05	93,676,739	74.27	53,754,091	46,537,630	-9.52
Total operating expenses	41,751,672	-55.35	93,517,041	75.43	53,308,638	46,145,645	-9.52
Operating result	353,697	121	159,699	64.15	445,453	147,590	139
Total financial income	11,458	133	4,899	498	818	97,743	88.28
Total financial expenses	298,724	-23.10	388,450	-4.39	406,266	204,361	46.17
Results on ordinary operations before taxation	66,431	29.68	-223,853	-659	40,006	32,848	102
Taxation	70,983	3878752	2	-99	13,386	20,918	239
Results on ordinary operations after taxation	-4,552	2.03	-223,855	-940	26,619	18,016	-125
Extraordinary items	11,295	-	0	-100	2,012	-4,395	256
Other appropriations	0	-	0.00	-	0.00	-	-
Net result	6,743	3.01	-223,855	-881	28,632	13,640	50.56
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	60,000	0	60,000	114,302	-
Employee costs	36,912	17.32	31,463	20.11	39,382	125,948	70.69
Wages and salary	28,140	22.84	22,908	26.19	31,036	105,678	73.37
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	6,224	7.16	5,808	5.97	5,481	26,585	76.59
Other employee costs	2,549	-7.20	2,747	-4.14	2,865	4,360	41.54
Amortization and depreciation	28,611	-70.11	95,734	3.94	92,110	17,895	59.88

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	1,553	-100
Tangible fixed assets	967,170	16.35	1,156,157	15.66	999,615	185,189	422
Land & building	898,534	17.06	1,083,347	18.73	912,426	362,988	147
Plant & machinery	57,094	-5.71	60,554	-14.48	70,804	22,664	151
Furniture & Vehicles	11,541	-5.83	12,256	-25.20	16,384	17,327 5,364	33.39
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	1	-	0	-	0	7,634	-99
Financial fixed assets	651,500	0	651,500	0	651,500	307,703	111
Total fixed assets	1,618,670	10.45	1,807,657	9.48	1,651,115	396,856	307
Inventories	24,926,852	10.23	27,768,401	43.55	19,343,558	3,093,934	705
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,399	-100
Finished goods	24,926,852	10.23	27,768,401	43.55	19,343,558	1,982,203	1157
Other stocks	0	-	0	-	0	571,885	-100
Trade debtors	13,433,581	65.84	39,324,214	68.33	23,360,704	4,167,122	222
Cash	134,836	5.59	127,701	-41.19	217,149	226,208	40.39
other amounts receivable	26,351	97.40	1,013,065	795	113,101	185,906	85.83
Miscellaneous current assets	21,159	1905	1,055	-94.26	18,379	18,028	17.37
Total current assets	38,542,779	43.51	68,234,435	58.49	43,052,891	7,215,183	434
Total Assets	40,161,449	42.66	70,042,092	56.68	44,704,006	7,579,247 1,446,080	429
CURRENT LIABILITIES
Trade creditors	9,292,268	76.68	39,840,647	234	11,901,104	3,040,360	205
Short term group loans	-	-	-	-	-	-	-
Financial debts	6,808,603	15.63	5,888,424	-21.30	7,481,941	4,261,350 189,666	59.78
Current portion of long term debt	-	-	-	-	75,646	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	75,629	284	19,674	-77.00	85,544	9,709 -	122
Miscellaneous current liabilities	11,759	44.00	20,997	12.76	18,621	-96.04	- -
Total current liabilities	16,188,259	64.63	45,769,742	133	19,562,854	5,342,128	203
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	61,523	64.62	173,884	-78.76	818,830	-94.41	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,184 0	-100
Other long term liabilities	1,047,962	15.59	1,241,504	0	1,241,504	128,672	714
Total long term debts	1,109,485	21.61	1,415,388	-31.30	2,060,334	559,214	98.40
SHAREHOLDERS EQUITY
Issued share capital	23,354,209	0.00	23,354,209	125460	18,600	943,974	2374
Share premium account	-	-	-	-	-	109,362	-
Reserves	-490,504	98.64	-497,246	-102	23,062,217	690,619	-171
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	22,863,705	0.03	22,856,962	-0.97	23,080,817	1,664,274	1273
Working capital	22,354,520	-0.49	22,464,694	-4.37	23,490,037	1,873,055	1093
Cashflow	35,354	27.59	-128,121	-206	120,741	28,425	24.38
Net worth	22,863,705	0.03	22,856,962	-0.97	23,080,817	1,661,040	1276

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.16	66.67	-0.24	-442	0.07	-25,00	0.64
Return on capital employed	0.28	30.43	-0.92	-675	0.16	29,00	-99
Return on total assets employed	0.17	53.12	-0.32	-455	0.09	-201,00	0.08
Return on net assets employed	0.29	29.59	-0.98	-676	0.17	19,00	-98.47
Sales / net working capital	1.88	-54.92	4.17	82.10	2.29	45,00	-99
Stock turnover ratio	59.20	99	29.64	-17.64	35.99	111,00	-46.67
Debtor days	116.45	-24.00	153.22	-3.40	158.62	133,00	-12.44
Creditor days	81.23	-47.76	155.50	90.82	81.49	122,00	-33.42
SHORT TERM STABILITY
Current ratio	2.38	59.73	1.49	-32.27	2.20	7,00	-73.56
Liquidity ratio / acid ratio	0.84	-4.55	0.88	-27.27	1.21	4,00	-79.00
Current debt ratio	0.71	-64.50	2	135	0.85	9,00	-92.11
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	30.05	13.31	26.52	-26.92	36.29	360,00	-91.65
Equity in percentage	56.93	74.47	32.63	-36.80	51.63	-3.211,00	1.77
Total debt ratio	0.76	-63.11	2.06	119	0.94	10,00	-92.40

Payment expectations
Payment expectation days	81.23
Day sales outstanding	116.45
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.15
Industry average day sales outstanding	119.90
Industry quartile analysis
Payment expectations
Company result	81.23
Lower	134.34
Median	84.60
Upper	45.29

Day sales outstanding
Company result	116.45
Lower	112.48
Median	58.56
Upper	28.09

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	432303066
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

Director details

Current director details

Name	RAJIV RAKYAN
Position	Principal Manager
Start Date	05/08/2011
Street	174 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium

Mandates in other companies
Name	B.K.Invest NV
Business number	425795257
Position	Legal Representative
Start Date	07/07/2010

Name	B.K.Invest NV
Business number	425795257
Position	Managing Director
Start Date	07/07/2010

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.60.28
UK Pound	1	Rs.102.28
Euro	1	Rs.82.05

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%)

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	432303066	Company name	VITRAAG BVBA
Fax number	032267727	Date founded	01/11/1987
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.0432.303.066
Belgian Bullettin of Acts Publications	moniteur belge