MIRA INFORM REPORT

Report Date :

12.05.2014

IDENTIFICATION DETAILS

Name :	HK DIAM BVBA
Registered Office :	Hoveniersstraat 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	29.07.2002
Com. Reg. No.:	478090135
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	01 (31.12.2012)

RATING & COMMENTS

MIRA’s Rating :

Ba

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	A1	A1

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

Company name and adddress

Business number	478090135
Company name	HK DIAM BVBA
Address	HOVENIERSSTRAAT
	2018 ANTWERPEN
Number of staff	1 (31.12.2012)
Date of establishment	29/07/2002
Telephone number	032340373
Fax number	032340373

Commentary

The business was established over 11 years ago.
The business has 1 employees.
The business has been at the address for over 6 years.
Operating Result in the latest trading period increased 30% on the previous trading period.
Pre-tax profits increased by 33% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 60% during the latest trading period.
Turnover in the latest trading period increased 43% on the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	111,181,138	244,161	4,179,831	6,749,927
31/12/2011	77,730,205	182,214	4,000,915	3,809,953
31/12/2010	91,733,258	170,450	3,864,456	3,673,467

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	34,475,058	1	3,495,000	199,173
31/12/2011	37,587,273	1	3,495,000	156,370
31/12/2010	34,499,610	1	3,495,000	154,221

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	44.82
Industry average payment expectation days	159.12	Industry average day sales outstanding	110.89
Day sales outstanding	107.51

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	478090135	Company name	HK DIAM BVBA
Fax number	032340373	Date founded	29/07/2002
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	Wholesaler of diamonds and other precious stones	VAT Number	BE.0478.090.135
Belgian Bullettin of Acts Publications	moniteur belge

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		1,756
Part-time Employees		-
Total		1,756
Personnel Charges
Full-time Employees		34,724
Part-time Employees		-
Total		34,724
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,748
Personnel Charges		33,052
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	-	-	-

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

Significant Events

Event Date	16/05/2011
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 08-03-2011: Bevestiging van de benoeming van Dholakia Dharmesh als zaakvoerder.

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		52
Currency	EUR		EUR		EUR
Turnover	111,181,138	43.03	77,730,205	-15.26	91,733,258	34,340,815	223
Total operating expenses	110,189,169	43.16	76,970,448	-15.17	90,730,509	34,029,008	223
Operating result	991,969	30.56	759,757	-24.23	1,002,749	124,562	696
Total financial income	-	-	264,119	1312	18,702	94,924	-
Total financial expenses	747,808	-11.15	841,662	-1.10	851,001	162,810	359
Results on ordinary operations before taxation	244,161	34.00	182,214	6.90	170,450	47,119	418
Taxation	65,245	42.60	45,755	27.18	35,976	21,264	206
Results on ordinary operations after taxation	178,916	31.11	136,459	1.48	134,474	31,975	459
Extraordinary items	0	-	0	-	0	-4,142	0
Other appropriations	0.00	-	0	-	0	-	-
Net result	178,916	31.11	136,459	1.48	134,474	27,843	542
other information
Dividends	-	-	-	-	-	115,658	-
Director remuneration	-	-	-	-	-	116,635	-
Employee costs	34,724	5.06	33,052	3.70	31,872	112,103	-69.02
Wages and salary	28,175	3.88	27,122	6.11	25,560	97,298	-71.04
Employee pension costs	-	-	-	-	-	1,353	-
Social security contributions	6,185	13.90	5,430	6.43	5,102	23,717	-73.92
Other employee costs	364	-27.13	500	-58.68	1,210	3,115	-88.30
Amortization and depreciation	20,257	1.74	19,911	0.83	19,747	15,263	32.72

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	1,377	-100
Tangible fixed assets	328,582	-1.93	335,050	-5.06	352,906	163,655	100
Land & building	294,278	-2.77	302,654	-2.69	311,030	336,311	-12.50
Plant & machinery	19,087	114	8,911	-11.97	10,123	20,315	-6.04
Furniture & Vehicles	15,217	-35.21	23,485	-26.04	31,753	15,744 5,035	-3.35
Leasing & Other Similar Rights	-	-	-	-	-	74,592 25,719	-
Other tangible assets	0	-	0	-	0	8,783	-100
Financial fixed assets	370	0	370	0	370	55,423	-99
Total fixed assets	328,952	-1.93	335,420	-5.05	353,276	191,685	71.61
Inventories	1,330,880	-65.50	3,857,607	-27.98	5,356,493	2,222,907	-40.13
Raw materials & consumables	-	-	-	-	-	7,494,338	-
Work in progress	0	-	0	-	0	2,896	-100
Finished goods	1,330,880	-65.50	3,857,607	-27.98	5,356,493	1,301,383	2.27
Other stocks	0	-	0	-	0	510,373	-100
Trade debtors	32,747,700	-1.51	33,248,620	20.65	27,557,368	3,328,572	883
Cash	53,936	-60.02	134,908	-88.96	1,222,370	189,078	-71.47
other amounts receivable	5,425	91.42	2,834	9.38	2,591	117,060	-95.37
Miscellaneous current assets	8,167	3.58	7,884	4.95	7,512	14,813	-44.87
Total current assets	34,146,107	-8.34	37,251,853	9.09	34,146,334	5,525,614	517
Total Assets	34,475,058	-8.28	37,587,273	8.95	34,499,610	5,701,343 1,214,600	504
current liabilities
Trade creditors	13,531,022	-21.67	17,274,494	32.83	13,004,563	2,450,061	452
Short term group loans	-	-	-	-	-	-	-
Financial debts	13,646,783	-10.09	15,178,250	-11.58	17,166,525	3,158,965 147,688	332
Current portion of long term debt	14,358	-22.92	18,628	-17.56	22,597	118,841 13,958	-87.92
Amounts Payable for Taxes, Remuneration & Social Security	19,466	0.97	19,280	46.71	13,142	8,500 -	-36.12
Miscellaneous current liabilities	184,550	-80.60	951,248	257	266,040	-34.70	- -
Total current liabilities	27,396,179	-18.08	33,441,900	9.74	30,472,867	4,145,515	560
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,899,048	1906	144,458	-10.99	162,287	212	- -
Deffered taxes	-	-	-	-	-	31,662 13,634	-
Provisions for Liabilities & Charges	0	-	0	-	0	1,620 0	-100
Other long term liabilities	0	-	0	-	0	117,904	-100
Total long term debts	2,899,048	1906	144,458	-10.99	162,287	462,925	526
shareholders equity
Issued share capital	3,495,000	0	3,495,000	0	3,495,000	642,822	443
Share premium account	-	-	-	-	-	120,825	-
Reserves	684,831	35.36	505,915	36.94	369,456	416,708	64.34
Revaluation reserve	-	-	-	-	-	847,347	-
Total shareholders equity	4,179,831	4.47	4,000,915	3.53	3,864,456	1,087,276	284
Working capital	6,749,927	77.17	3,809,953	3.72	3,673,467	1,380,099	389
Cashflow	199,173	27.37	156,370	1.39	154,221	40,426	392
Net worth	4,179,831	4.47	4,000,915	3.53	3,864,456	1,084,574	285

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	-4.35	0.23	21.05	0.19	-27,00	0.81
Return on capital employed	3.45	-21.59	4.40	4.02	4.23	35,00	-90.14
Return on total assets employed	0.71	47.92	0.48	-2.04	0.49	-247,00	0.29
Return on net assets employed	5.84	28.35	4.55	3.17	4.41	17,00	-65.65
Sales / net working capital	16.47	-19.26	20.40	-18.30	24.97	49,00	-99
Stock turnover ratio	1.20	-75.81	4.96	-15.07	5.84	127,00	-99
Debtor days	107.51	-31.14	156.13	42.39	109.65	137,00	-21.53
Creditor days	44.82	-45.29	81.92	56.57	52.32	117,00	-61.69
short term stability
Current ratio	1.25	12.61	1.11	-0.89	1.12	7,00	-84.38
Liquidity ratio / acid ratio	1.20	20.00	1	6.38	0.94	4,00	-70.00
Current debt ratio	6.55	-21.65	8.36	5.96	7.89	8,00	-18.12
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	396.19	3.32	383.45	-14.60	449	231,00	71.51
Equity in percentage	12.12	13.91	10.64	-5.00	11.20	-3.822,00	0.32
Total debt ratio	7.25	-13.59	8.39	5.80	7.93	9,00	-19.44

Industry comparison

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

Payment expectations

Payment expectation days	44.82
Day sales outstanding	107.51

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	159.12
Industry average day sales outstanding	110.89

Industry quartile analysis

Payment expectations
Company result	44.82
Lower	124.86
Median	79.76
Upper	44.10
Day sales outstanding
Company result	107.51
Lower	110.17
Median	58.46
Upper	27.59

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

Individual Shareholders

Shareholder Name
Forename	Surendra	Middle name	-
Surname	Ribadiya
Shareholder Details
Start date	17/07/2002	End date	-
Percentage owned	20%
Shareholder Address
Street name	Quellinstraat	House number	51
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Pareshkumar	Middle name	-
Surname	Golakiya
Shareholder Details
Start date	17/07/2002	End date	-
Percentage owned	80%
Shareholder Address
Street name	Quinten Matsijslei	House number	37
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Companies that match this address

no Companies Match this address

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	DHARMESH HIMMATBHAI DHOLAKIA
Position	Principal Manager
Start Date	08/03/2011
Street	37 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	FREDDY MARAS
Position	Principal Manager
Start Date	10/11/2004
Street
Post code
Country

Name	BHARATKUMAR PATEL
Position	Principal Manager
Start Date	01/06/2005
Street
Post code
Country

Name	PINTU TULSIBHAI DHOLAKIA
Position	Principal Manager
Start Date	06/10/2009
Street
Post code
Country

Former director details

Name	PARESHKUMAR VITTHALBHAI GOLAKIYA
Position	Principal Manager
Start Date	07/06/2011
End Date	31/03/2011
Street	37 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	VGD BEDRIJFSREVISOREN B.V. CVBA
Position	Commissioner
Start Date	29/11/2010
End Date	31/12/2010
Date of birth	28/07/2005
Street	5 BURGEMEESTER ETIENNE DEMUNTERLAAN BRUSSEL
Post code	1090
Country	Belgium

Name	BHARATKUMAR AMBALAL PATEL
Position	Principal Manager
Start Date	01/07/2005

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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.08

INFORMATION DETAILS

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%)

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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.