MIRA INFORM REPORT

Report Date :

12.05.2014

IDENTIFICATION DETAILS

Name :	VEEDIAM BVBA
Registered Office :	Hoveniersstraat, 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	04.06.2004
Com. Reg. No.:	865620278
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 & address

Business number 865620278

Company name VEEDIAM BVBA

Address HOVENIERSSTRAAT

30

2018 ANTWERPEN

Number of staff 1 (31.12.2012)

Date of establishment 04/06/2004

Telephone number 032270360

Fax number 032250360

Commentary

Commentary
The business was established over 9 years ago.
The business has 1 employees.
The business has changed its registered name recently.
The business has been at the address for over 8 years.
Operating Result in the latest trading period increased 43% on the previous trading period.
A 45% growth in Total Assets occurred during the latest trading period.
The business saw an increase in their Cash Balance of 26% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	96,346,420	194,135	3,272,841	9,045,474
31/12/2011	94,657,480	186,648	3,179,044	7,975,768
31/12/2010	57,435,657	106,996	2,930,370	6,643,315

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	35,253,607	1	2,644,815	189,242
31/12/2011	24,164,118	1	2,697,160	175,254
31/12/2010	19,116,696	1	2,611,663	116,343

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	37.50
Industry average payment	167.34	Industry average day sales	121.35
expectation days		outstanding
Day sales outstanding	116.20

Court data summary
BANKRUPTCY DETAILS
Court action type	no

Company information

Business number	865620278	Company name	VEEDIAM BVBA
Fax number	032250360	Date founded	04/06/2004
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.0865.620.278
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register
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	1,786
Part-time Employees	-
Total	1,786
Personnel Charges
Full-time Employees	43,244
Part-time Employees	-
Total	43,244
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,771
Personnel Charges	29,962
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	-	-	-
Secondary education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondary 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	-	-	-
Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel

(NSSO classification)

Code	-
Description	1 EMPLOYEES
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category Significant Events
Event Date	02/12/2013
Event Description
Event Details	Rechtzetting akte dd. 30 augustus 2013: de benaming van de vennootschap werd verkeerdelijk 'Exelco Sourcing' vermeld. De benaming van de vennootschap dient rechtgezet en gelezen te worden als 'Veediam'.

Company accounts

Comparison Mode Export accounts to CSV file

• 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	96,346,420	1.78	94,657,480	64.81	57,435,657	46,632,531	106
Total operating expenses	95,432,499	1.50	94,019,454	64.92	57,010,454	46,240,618	106
Operating result	913,921	43.24	638,026	50.05	425,203	147,817	518
Total financial income	87,679	51.45	180,581	176	65,228	97,084	-9.69
Total financial expenses	807,466	27.77	631,959	64.82	383,435	203,915	295
Results on ordinary operations before taxation	194,135	4.01	186,648	74.44	106,996	32,736	493
Taxation	39,042	10.61	35,297	230	10,668	20,918	86.64
Results on ordinary operations after taxation	155,093	2.47	151,351	57.12	96,328	17,844	769
Extraordinary items	0	-	0	-100	399	-4,553	0
Other appropriations	-1	-200	1	-	0	-	-
Net result	155,092	2.47	151,352	56.47	96,727	13,309	1065
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	43,244	41.53	30,555	9.34	27,946	126,646	65.85
Wages and salary	34,369	35.09	25,442	9.78	23,176	106,139	67.62
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	7,818	59.42	4,904	9.76	4,468	26,753	70.78
Other employee costs	1,056	405	209	30.79	302	4,402	76.01
Amortization and depreciation	34,150	42.88	23,902	21.85	19,616	17,955	90.20

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	-	410	-	1,745	1,570	-100
Tangible fixed assets	783,212	-5.46	828,480	273	221,983	184,414	324
Land & building	710,707	-4.24	742,162	303	183,945	359,608	97.63
Plant & machinery	59,661	18.64	73,330	97.90	37,055	22,793	161
Furniture & Vehicles	12,843	-1.12	12,988	1221	983	17,438 5,418	26.35
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	1	-	0	-	0	7,711	-99
Financial fixed assets	571	-2.06	583	3.37	564	294,763	-99
Total fixed assets	783,782	-5.51	829,473	269	224,292	387,230	102
Inventories	2,867,652	18.84	3,533,186	-8.53	3,862,464	3,092,433	-7.27
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,426	-100
Finished goods	2,867,652	18.84	3,533,186	-8.53	3,862,464	1,981,611	44.71
Other stocks	0	-	0	-	0	574,617	-100
Trade debtors	30,673,089	60.72	19,084,438	37.01	13,929,126	4,172,397	635
Cash	800,663	26.95	630,713	39.37	1,040,247	226,713	253
other amounts receivable	117,983	55.74	75,756	38.00	54,894	184,589	36.08
Miscellaneous current assets	10,438	-1.08	10,552	86.00	5,673	17,803	41.37
Total current assets	34,469,825	47.72	23,334,645	23.51	18,892,404	7,222,269	377
Total Assets	35,253,607	45.89	24,164,118	26.40	19,116,696	7,577,514 1,453,566	365
CURRENT LIABILITIES
Trade creditors	9,805,011	108	4,699,285	-6.78	5,040,815	3,066,773	219
Short term group loans	-	-	-	-	-	-	-
Financial debts	14,749,811	44.48	10,208,728	43.92	7,093,410	4,242,556 192,320	247
Current portion of long term debt	30,534	4.58	29,197	214	9,295	108,079 15,346	71.75
Amounts Payable for Taxes, Remuneration & Social Security	61,654	19.91	51,419	123	23,004	9,423 -	81.85
Miscellaneous current liabilities	777,341	109	370,248	348	82,565	159	- -
Total current liabilities	25,424,351	65.54	15,358,877	25.39	12,249,089	5,360,460	374
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	6,242,798	17.66	5,305,963	46.34	3,625,807	467	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,220 0	-100
Other long term liabilities	313,617	-1.94	319,824	3.27	309,685	129,765	141
Total long term debts	6,556,415	16.54	5,625,787	42.95	3,935,492	562,577	1065
SHAREHOLDERS EQUITY
Issued share capital	2,644,815	-1.94	2,697,160	3.27	2,611,663	911,094	190
Share premium account	-	-	-	-	-	109,362	-
Reserves	628,026	30.22	482,294	50.50	320,452	699,735	10.25
Revaluation reserve	-	-	-	-	-	968,672	-
Total shareholders equity	3,272,841	2.94	3,179,454	8.44	2,932,115	1,640,673	99
Working capital	9,045,474	13.41	7,975,768	20.06	6,643,315	1,861,809	385
Cashflow	189,242	7.98	175,254	50.64	116,343	28,110	573
Net worth	3,272,841	2.95	3,179,044	8.49	2,930,370	1,637,427	99

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.20	0	0.20	5.26	0.19	-26,00	0.77
Return on capital employed	1.98	-6.60	2.12	35.90	1.56	29,00	-93.17
Return on total assets employed	0.55	-28.57	0.77	37.50	0.56	-203,00	0.27
Return on net assets employed	5.93	1.02	5.87	60.82	3.65	19,00	-68.79
Sales / net working capital	10.65	-10.28	11.87	37.23	8.65	45,00	-99
Stock turnover ratio	2.98	-20.11	3.73	-44.49	6.72	111,00	-97.32
Debtor days	116.20	57.90	73.59	-16.87	88.52	133,00	-12.63
Creditor days	37.50	105	18.24	-43.48	32.27	122,00	-69.26
SHORT TERM STABILITY
Current ratio	1.36	-10.53	1.52	-1.30	1.54	7,00	-84.89
Liquidity ratio / acid ratio	1.24	-3.88	1.29	4.88	1.23	4,00	-69.00
Current debt ratio	7.77	60.87	4.83	15.55	4.18	9,00	-13.67
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	642.35	31.39	488.89	33.61	365.90	363,00	76.96
Equity in percentage	9.28	-29.48	13.16	-14.21	15.34	-3.247,00	0.29
Total debt ratio	9.77	48.03	6.60	19.57	5.52	11,00	-11.18

Suspension of payments

/ Moratorium History

Amount	-
Details	-
Payment expectations
Payment expectation days	37.50
Day sales outstanding	116.20

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

Payment expectations
Company result	37.50
Lower	134.58
Median	84.93
Upper	45.17
Day sales outstanding
Company result	116.20
Lower	112.48
Median	58.70
Upper	28.11
Shareholder Details
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	Prakash	Middle name	-
Surname	Patel
SHAREHOLDER DETAILS
Start date	18/09/2013(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Van Eycklei	House number	17
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

SHAREHOLDER NAME

Forename	Manish	Middle name	-
Surname	Patel
SHAREHOLDER DETAILS
Start date	18/09/2013(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

Linked Companies

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0
Court data
Protested bills
Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details
Business number	865620278
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-
Bankruptcy details

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	PRAKASH BHAGWANBHAI PATEL
Position	Principal Manager
Start Date	10/05/2013
Street	7 BELGIELEI 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.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.