MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	AADIBHAV DIAM BVBA

Registered Office :	Laarstraat 73, 2610 Antwerpen

Country :	Belgium

Financials (as on) :	30.06.2013

Date of Incorporation :	23.05.2012

Com. Reg. No.:	846212954

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of watches and jewellery

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 846212954

Company name AADIBHAV DIAM BVBA

Address LAARSTRAAT 73

2610 ANTWERPEN

Number of staff 0

Date of establishment 23/05/2012

Commentary

No employees are recorded for this business.

The business has been at the address for over 22 months.

Accounts

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

30/06/2013

3,485,803

37,787

44,887

Accounts

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

30/06/2013

20,000

25,787

Payment expectations

Past payments Payment expectation days 35.17

Industry average payment

expectation days 199.40 Industry average day sales

outstanding 563.79

Day sales outstanding 40.61

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons –

Company accounts

Profit & loss
Annual accounts	30-06-2013	%	%	Industry average	%
Weeks	58	-	-	-	-
Currency	EUR	-	-	-	-
Turnover	3,485,803	-	-	-	-
Total operating expenses	3,446,401	-	-	-	-
Operating result	39,403	-	-	-	-
Total financial income	2	-	-	-	-
Total financial expenses	1,618	-	-	-	-
Results on ordinary operations before taxation	37,787	-	-	-	-
Taxation	12,900	-	-	-	-
Results on ordinary operations after taxation	24,887	-	-	-	-
Extraordinary items	0	-	-	-	-
Other appropriations	0.00	-	-	-	-
Net result	24,887	-	-	-	-
OTHER INFORMATION
Gross Operating Margin	41,088	-	-	-	-
Dividends	-	-	-	-	-
Director remuneration	-	-	-	-	-
Employee costs	-	-	-	-	-
Wages and salary	-	-	-	-	-
Employee pension costs	-	-	-	-	-
Social security contributions	-	-	-	-	-
Other employee costs	0	-	-	-	-
Amortization and depreciation	900	-	-	-	-

balance sheet

Annual accounts	30-06-2013	%	%	Industry average	%
Weeks	58	-	-	-	-
Currency	EUR	-	-	-	-
Intangible fixed assets	0	-	-	-	-
Tangible fixed assets	-	-	-	-	-
Land & building	-	-	-	-	-
Plant & machinery	-	-	-	-	-
Furniture & Vehicles	-	-	-	-	-
Leasing & Other Similar Rights	-	-	-	-	-
Other tangible assets	0	-	-	-	-
Financial fixed assets	-	-	-	-	-
Total fixed assets	-	-	-	-	-
Inventories	417,136	-	-	-	-
Raw materials & consumables	-	-	-	-	-
Work in progress	0	-	-	-	-
Finished goods	0	-	-	-	-
Other stocks	417,136	-	-	-	-
Trade debtors	387,808	-	-	-	-
Cash	132,022	-	-	-	-
other amounts receivable	373	-	-	-	-
Miscellaneous current assets	0	-	-	-	-
Total current assets	937,339	-	-	-	-
Total Assets	937,339	-	-	-	-
		-	-	-	-
CURRENT LIABILITIES		-	-	-	-
Trade creditors	332,052	-	-	-	-
Short term group loans	-	-	-	-	-
Financial debts	300,000	-	-	-	-
Current portion of long term debt	-	-	-	-	-
Amounts Payable for Taxes, Remuneration & Social Security	12,900	-	-	-	-
Miscellaneous current liabilities	247,500	-	-	-	-
Total current liabilities	892,452	-	-	-	-
		-	-	-	-
LONG TERM DEBTS AND LIABILITIES		-	-	-	-
Long term group loans	-	-	-	-	-
Other long term loans	-	-	-	-	-
Deffered taxes	-	-	-	-	-
Provisions for Liabilities & Charges	0	-	-	-	-
Other long term liabilities	0	-	-	-	-
Total long term debts	0	-	-	-	-
		-	-	-	-
SHAREHOLDERS EQUITY		-	-	-	-
Issued share capital	20,000	-	-	-	-
Share premium account	-	-	-	-	-
Reserves	24,887	-	-	-	-
Revaluation reserve	-	-	-	-	-
Total shareholders equity	44,887	-	-	-	-
Working capital	44,887	-	-	-	-
Cashflow	25,787	-	-	-	-
Net worth	44,887	-	-	-	-

ratio analysis
Annual accounts TRADING PERFORMANCE	30-06-2013 change(%) change(%) Industry average %
Profit Before Tax	1.08 - - - - - -
Return on capital employed	84.18 - - - - - -
Return on total assets employed	4.03 - - - - - -
Return on net assets employed	84.18 - - - - - -
Sales / net working capital	77.66 - - - - - -
Stock turnover ratio	11.97 - - - - - -
Debtor days	40.61 - - - - - -
Creditor days	35.17 - - - - - -
SHORT TERM STABILITY
Current ratio	1.05 - - - - - -
Liquidity ratio / acid ratio	0.58 - - - - - -
Current debt ratio	19.88 - - - - - -
Liquidity ratio reprocessed LONG TERM STABILITY	-
Gearing	668.35 - - - - - -
Equity in percentage	4.79 - - - - - -
Total debt ratio	19.88 - - - - - -

Industry comparison
Activity code	46480
Activity description	Wholesale of watches and jewellery

Payment expectations

Payment expectation days 35.17

Day sales outstanding 40.61

Industry comparison

Activity code 46480

Activity description Wholesale of watches and jewellery

Industry average payment 199.40
expectation days

Industry average day sales 563.79
outstanding

Industry quartile analysis

Payment expectations

Company result 35.17

Lower 116.54

Median 46.94

Upper 14.06

Day sales outstanding

Company result 40.61

Lower 110.67

Median 48.06

Upper 16.56

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

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.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Analysis Done by :	SUB

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	846212954	Company name	AADIBHAV DIAM BVBA
Fax number		Date founded	23/05/2012
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	30/06/2013
Activity code	46480	Liable for VAT	no
Activity description	Wholesale of watches and jewellery
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Company information

Company accounts

Bankruptcy Data

Unit