MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	DIAMTRADE BVBA

Registered Office :	Hoveniersstraat, 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2013

Date of Incorporation :	19.07.1999

Com. Reg. No.:	466604246

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of Diamonds and Other Precious Stones

No. of Employees :	2

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 466604246

Company name DIAMTRADE BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 2

Date of establishment 19/07/1999

Telephone number 0484942777

Fax number 032318697

Commentary

The business was established over 14 years ago.

The business has 1 employees.

The business has been at the address for over 9 years.

A 31% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 554% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2013	45,325,453	80,209	3,560,065	4,984,127
31/03/2012	43,736,848	84,341	3,508,269	4,909,351
31/03/2011	56,509,155	110,299	3,450,926	4,805,629

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2013	27,489,154	2	3,015,374	77,593
31/03/2012	20,940,986	2	3,015,374	83,060
31/03/2011	19,620,483	1	3,015,374	111,803

Payment expectations
Past payments		Payment expectation days	87.32
Industry average payment	164.01	Industry average day sales	119.76
expectation days		outstanding
Day sales outstanding	187.50
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-03-2013
Full-time Employees	1
Part-time Employees	2
Total Fte Employees	2

Number of hours worked
Full-time Employees	1,649
Part-time Employees	1,836
Total	3,485

Personnel Charges
Full-time Employees	43,647
Part-time Employees	28,549
Total	72,196
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,338
Personnel Charges	59,824
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	2	2
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	2	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	1	2
Blue collar worker	-	1	1
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

JIC Code	324
Description	Joint committee for the industry and the trade in diamant

Profit & loss

Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	45,325,453	3.63	43,736,848	22.60	56,509,155	64,295,029	29.50
Total operating expenses	44,852,503	3.89	43,173,569	22.78	55,906,809	63,538,051	29.41
Operating result	472,950	16.04	563,278	-6.49	602,346	446,461	5.93
Total financial income	515	82.22	282	50.93	187	205,066	-99
Total financial expenses	393,255	17.94	479,219	-2.64	492,234	516,607	23.88
Results on ordinary operations before taxation	80,209	-4.90	84,341	23.53	110,299	105,625	24.06
Taxation	22,841	3.12	22,150	36.50	34,882	23,407	-2.42
Results on ordinary operations after taxation	57,368	-7.76	62,191	17.54	75,417	86,955	34.03
Extraordinary items	-5,572	14.90	-4,849	-1483	-306	2,856	-295
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	51,797	-9.67	57,342	23.66	75,111	89,811	42.33
OTHER INFORMATION
Dividends	-	-	-	-	-	25,000	-
Director remuneration	-	-	-	-	-	136,227	-
Employee costs	72,196	20.68	59,824	23.08	48,604	158,805	54.54
Wages and salary	54,510	16.60	46,748	25.04	37,386	137,207	60.27
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	11,444	20.77	9,476	30.17	7,279	32,987	65.31
Other employee costs	6,243	73.38	3,601	-8.58	3,939	3,758	66.12
Amortization and depreciation	25,796	0.30	25,718	29.91	36,692	28,798	10.42

balance sheet

Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,205	-100
Tangible fixed assets	272,350	3.60	262,899	11.43	296,835	314,853	13.50
Land & building	210,920	-3.37	218,275	-3.26	225,629	700,498	69.89
Plant & machinery	16,623	14.28	19,393	29.92	27,675	39,122	57.51
Furniture & Vehicles	44,807	77.59	25,231	42.04	43,531	18,767 6,882	138
Leasing & Other Similar Rights	-	-	-	-	-	153,494 20,215	-
Other tangible assets	0	-	0	-	0	6,873	-100
Financial fixed assets	1,766	0	1,766	0	1,766	47,636	96.29
Total fixed assets	274,116	3.57	264,665	11.36	298,601	322,912	15.11
Inventories	3,729,645	73.19	2,153,443	43.97	1,495,746	7,064,781	47.21
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	12,553	-100
Finished goods	3,729,645	73.19	2,153,443	43.97	1,495,746	5,428,615	31.30
Other stocks	0	-	0	-	0	530,254	-100
Trade debtors	23,283,296	26.35	18,426,915	6.84	17,247,045	13,479,367	72.73
Cash	63,501	554	9,697	98.13	519,904	644,798	90.15
other amounts receivable	126,412	147	51,165	59.37	32,105	353,394	64.23
Miscellaneous current assets	12,183	65.29	35,101	29.61	27,083	38,444	68.31
Total current assets	27,215,038	31.62	20,676,321	7.01	19,321,882	20,479,749	32.89
Total Assets	27,489,154	31.27	20,940,986	6.73	19,620,483	20,771,907 3,350,014	32.34
CURRENT LIABILITIES
Trade creditors	10,729,772	58.04	6,789,412	35.57	5,008,152	7,798,687	37.58
Short term group loans	-	-	-	-	-	-	-
Financial debts	11,388,809	28.32	8,875,380	-5.54	9,395,874	12,002,645 373,408	-5.11
Current portion of long term debt	36,837	18.45	45,171	-6.51	48,315	66,356 10,511	44.49
Amounts Payable for Taxes, Remuneration & Social Security	36,184	3.60	34,928	21.67	44,588	13,587 -	11.13
Miscellaneous current liabilities	39,310	78.03	22,080	14.26	19,324	-94.71	- -
Total current liabilities	22,230,911	41.00	15,766,970	8.62	14,516,253	15,046,162	47.75
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	19,146	65.80	55,983	44.66	101,154	-99	- -
Deffered taxes	-	-	-	-	-	0 0	-
Provisions for Liabilities & Charges	0	-	0	-	0	2,155 0	-100
Other long term liabilities	1,679,032	4.30	1,609,763	3.71	1,552,149	193,784	766
Total long term debts	1,698,178	1.95	1,665,747	0.75	1,653,304	1,504,311	12.89
SHAREHOLDERS EQUITY
Issued share capital	3,015,374	0	3,015,374	0	3,015,374	3,134,406	-3.80
Share premium account	-	-	-	-	-	273,462	-
Reserves	544,691	10.51	492,894	13.17	435,552	955,231	42.98
Revaluation reserve	-	-	-	-	-	1,662,858	-
Total shareholders equity	3,560,065	1.48	3,508,269	1.66	3,450,926	4,221,434	15.67
Working capital	4,984,127	1.52	4,909,351	2.16	4,805,629	5,433,587	-8.27
Cashflow	77,593	-6.58	83,060	25.71	111,803	113,810	31.82
Net worth	3,560,065	1.48	3,508,269	1.66	3,450,926	4,220,229	15.64

ratio analysis

Annual accounts	31-03-2013	change(%)	31-03-2012	change(%)	31-03-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.18	-5.26	0.19	-5.00	0.20	14,00	-98.71
Return on capital employed	1.53	-6.13	1.63	-24.54	2.16	-2,00	76.50
Return on total assets employed	0.29	-27.50	0.40	-28.57	0.56	-1,00	29.00
Return on net assets employed	2.25	-6.25	2.40	-25.00	3.20	6,00	-62.50
Sales / net working capital	9.09	2.02	8.91	-24.23	11.76	37,00	-99
Stock turnover ratio	8.23	67.28	4.92	85.66	2.65	21,00	-60.81
Debtor days	187.50	21.93	153.78	38.04	111.40	176,00	6.53
Creditor days	87.32	52.13	57.40	75.54	32.70	91,00	-4.04
SHORT TERM STABILITY
Current ratio	1.22	-6.87	1.31	-1.50	1.33	6,00	-94.19
Liquidity ratio / acid ratio	1.06	-9.40	1.17	-4.88	1.23	5,00	-78.80
Current debt ratio	6.24	38.98	4.49	6.65	4.21	21,00	-70.29
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	321.48	25.64	255.87	-7.49	276.60	166,00	93.66
Equity in percentage	12.95	-22.69	16.75	-4.78	17.59	21,00	-38.33
Total debt ratio	6.72	35.21	4.97	5.97	4.69	21,00	-68.00

Payment expectations
Payment expectation days	87.32
Day sales outstanding	187.50
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.01
Industry average day sales outstanding	119.76
Industry quartile analysis
Payment expectations
Company result	87.32
Lower	134.34
Median	84.60
Upper	45.33

Day sales outstanding
Company result	187.50
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	466604246
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	SHALIN JHAVERI
Position	Principal Manager
Start Date	05/10/2012
Street	2 VAN EYCKLEI 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.61.92
UK Pound	1	Rs.97.12
Euro	1	Rs.76.93

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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	466604246	Company name	DIAMTRADE BVBA
Fax number	032318697	Date founded	19/07/1999
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/03/2013
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0466.604.246
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Accounts

Company information

Social Balance Sheet Details

Profit & loss

balance sheet

ratio analysis

Bankruptcy details

Bankruptcy Data

Director details

Unit