MIRA INFORM REPORT

Report Date :

19.11.2014

IDENTIFICATION DETAILS

Name :	ASIAN-DIAMONDS BVBA

Registered Office :	HOVENIERSSTRAAT 2-BUS 510, 2018 ANTWERPEN

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	17.02.1992

Com. Reg. No.:	446607992

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No of Employees :	01

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 :	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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

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 summary

Business number 446607992

Company name ASIAN-DIAMONDS BVBA

Address HOVENIERSSTRAAT 2-BUS 510

2018 ANTWERPEN

Number of staff 0

Date of establishment 17/02/1992

Telephone number 032338454

Fax number 032338454

Commentary

The business was established over 22 years ago.

The business has 1 employees.

The business has been at the address for over 12 years.

Pre-tax profits decreased by 41% compared to the previous trading period.

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	20,972,341	18,384	755,652	1,521,526
31/12/2012	22,298,328	31,359	736,603	1,551,175
31/12/2011	27,602,329	45,178	710,450	1,294,326

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	7,607,458	0	518,600	39,028
31/12/2012	6,400,660	0	518,600	44,317
31/12/2011	7,481,973	0	518,600	53,929

Payment expectations
Past payments		Payment expectation days	79.10
Industry average payment expectation days	123.06	Industry average day sales outstanding	140.65
Day sales outstanding	9036
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount
NSSO DETAILS
Date of summons	--

Company accounts

PROFIT & LOSS
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011		Industry average 2013			%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	20,972,341	-5.95	22,298,328	-19.22	27,602,329		54,844,489			-61.76
Total operating expenses	20,817,408	-5.88	22,118,513	-19.30	27,409,686		54,388,766			-61.72
Operating result	154,932	-13.84	179,814	-6.66	192,643		149,720			3.48
Total financial income	865	50.13	576	-42.76	1,007		80,212			-98.92
Total financial expenses	137,413	-7.80	149,031	0.38	148,472		188,629			-27.15
Results on ordinary operations before taxation	18,384	-41.38	31,359	-30.59	45,178		35,110			-47.64
Taxation	2,566	-72.99	9,499	26.15	7,530		21,826			-88.24
Results on ordinary operations after taxation	15,818	-27.64	21,860	-41.93		37,648		19,092	-17.15
Extraordinary items	3,230	-24.75	4,293	-		0		5,359	-39.73
Other appropriations	0.00	-	0.00	-		0.00		-	-
Net result	19,048	-27.17	26,153	-30.53		37,648		24,586	-22.52
OTHER INFORMATION
Gross Operating Margin	-	-	-	-		-		33,386	-
Dividends	-	-	-	-		-		234,766	-
Director remuneration	-	-	66,855	2.42		65,275		125,886	-
Employee costs	-	-	-	-		-		139,463	-
Wages and salary	-	-	-	-		-		120,523	-
Employee pension costs	-	-	-	-		-		23,129	-
Social security contributions	-	-	-	-		-		29,804	-
Other employee costs	0	-	0	-		0		3,981	-100
Amortization and depreciation	19,979	10.00	18,163	11.56		16,282		17,911	11.55

BALANCE SHEET

Annual accounts	31-122013	%	31-122012	%	31-122011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,303	-100
Tangible fixed assets	366,342	0.01	366,322	67.99	218,059	187,897	94.97
Land & building	322,638	-2.27	330,126	92.31	171,661	367,237	-12.14
Plant & machinery	28,073	151	11,165	-5.55	11,820	26,714	5.09
Furniture & Vehicles	15,631	-37.55	25,031	-27.61	34,578	15,817 4,605	-1.17
Leasing & Other Similar Rights	-	-	-	-	-	107,517 34,551	-
Other tangible assets	0	-	0	-	0	9,063	-100
Financial fixed assets	1,684	0	1,684	146	684	181,302	-99
Total fixed assets	368,027	0.01	368,006	68.24	218,743	299,199	23.00
Inventories	2,013,885	71.24	1,176,077	28.93	912,174	2,921,477	-31.07
Raw materials & consumables	-	-	-	-	-	6,545,857	-
Work in progress	0	-	0	-	0	1,131	-100
Finished goods	2,013,885	71.24	1,176,077	28.93	912,174	1,936,680	3.99
Other stocks	0	-	0	-	0	449,387	-100
Trade debtors	5,191,746	7.41	4,833,519	-23.71	6,335,546	4,233,539	22.63
Cash	5,090	-4.35	5,321	-3.99	5,543	459,715,559	-99
other amounts receivable	24,439	85.30	13,189	144	5,395	199,435	-87.75
Miscellaneous current assets	4,273	-6.03	4,547	-0.55	4,572	-452,557,856	0.00
Total current assets	7,239,432	20.00	6,032,654	-16.94	7,263,230	7,114,418	1.76
Total Assets	7,607,458	18.85	6,400,660	-14.45	7,481,973	7,380,766 1,283,898	3.07

CURRENT LIABILITIES

Trade creditors	4,511,615	8.30	4,165,925	-20.93	5,268,591	2,902,416	55.44
Short term group loans	-	-	-	-	-	-	-
Financial debts	1,172,803	332	271,203	-59.44	668,572	4,398,237 146,879	-73.33
Current portion of long term debt	23,987	-9.03	26,369	39.51	18,901	76,213 13,806	-68.53
Amounts Payable for Taxes, Remuneration & Social Security	9,392	-47.46	17,876	54.68	11,557	8,317 -	-70.29
Miscellaneous current liabilities	109	2.74	106	-91.74	1,283	-99	- -
Total current liabilities	5,717,905	27.59	4,481,479	-24.92	5,968,903	5,069,616	12.79
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	-
Other long term loans	1,133,901	-4.12	1,182,577	47.34	802,619	-2.15	- -
Deffered taxes	-	-	-	-	-	46,266 28,377	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,952 0	-100
Other long term liabilities	0	-	0	-	0	244,411	-100
Total long term debts SHAREHOLDERS EQUITY	1,133,901	-4.12	1,182,577	47.34	802,619	675,434	67.88
Issued share capital	518,600	0	518,600	0	518,600	963,180	-46.16
Share premium account	-	-	-	-	-	124,160	-
Reserves	237,052	8.74	218,003	13.63	191,850	643,435	-63.16
Revaluation reserve	-	-	-	-	-	852,199	-
Total shareholders equity	755,652	2.59	736,603	3.68	710,450	1,627,797	-53.58
Working capital	1,521,526	-1.91	1,551,175	19.84	1,294,326	2,044,802	-25.59
Cash flow	39,028	-11.93	44,317	-17.82	53,929	39,114	-0.22
Net worth	755,652	2.59	736,603	3.68	710,450	1,626,493	-53.54

RATIO ANALYSIS

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.09	-35.71	0.14	-12.50	0.16	-7,00	1.29
Return on capital employed	0.97	-40.49	1.63	-45.48	2.99	-8,00	12.12
Return on total assets employed	0.24	-51.02	0.49	-18.33	0.60	-8,00	3.00
Return on net assets employed	2.43	-42.96	4.26	-33.02	6.36	-8,00	30.38
Sales / net working capital	13.78	-4.17	14.38	-32.58	21.33	134,00	-99
Stock turnover ratio	9.60	82.16	5.27	59.70	3.30	76,00	-87.37
Debtor days	90.36	14.21	79.12	-5.56	83.78	140,65	-35.76
Creditor days	79.10	15.05	68.75	-2.01	70.16	123,06	-35.72
SHORT TERM STABILITY
Current ratio	1.27	-5.93	1.35	10.66	1.22	4,00	-87.30
Liquidity ratio / acid ratio	0.91	-15.74	1.08	1.89	1.06	3,00	-69.67
Current debt ratio	7.57	24.51	6.08	-27.62	8.40	10,00	-24.30
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	308.43	53.49	200.94	-4.20	209.74	231,00	33.52
Equity in percentage	9.93	-13.73	11.51	21.16	9.50	-212,00	4.68
Total debt ratio	9.07	17.95	7.69	-19.31	9.53	11,00	-17.55

Industry comparison
Activity code	46761
Activity description	Whole of diamonds and other precious stones

Payment expectations
Payment expectation days	79.10
Day sales outstanding	90.36
Industry comparison
Activity code	46761
Activity description	Whole of diamonds and other precious stones
Industry average payment expectation days	123.06
Industry average day sales outstanding	140.65
Industry quartile analysis
Payment expectations
Company result	79.10
Lower	122.66
Median	75.38
Upper	46.73
Day sales outstanding
Company result	90.36
Lower	101.92
Median	54.34
Upper	24.45

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interest found

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details
CURRENT DIRECTOR DETAILS
Name	HASMUKH PRAKASHRAJ SANGHVI
Position	Principal Manager
Start Date	12/09/2014
Street	30 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium

Name	RAKESH POPATLAL SANGHVI
Position	Principal Manager
Start Date	12/09/2014
Street	30 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium

FORMER DIRECTOR DETAILS
Name	SANGHVI HASMUKH
Position	Principal Manager
Start Date	04/02/1999
End Date	Unknown date
Street	58 PLANTIN EN MORETUSLEI 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.61.81
UK Pound	1	Rs.96.77
Euro	1	Rs.77.09

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TPT

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	446607992	Company name	ASIAN-DIAMONDS BVBA
Fax number	032338454	Date founded	17/02/1992
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0446.607.992 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Company information

Company accounts

Director details

Unit