MIRA INFORM REPORT

Report Date :

27.10.2014

IDENTIFICATION DETAILS

Name :	LAR DIAMONDS BVBA

Registered Office :	Hoveniersstraat 50-52, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	06.09.2007

Com. Reg. No.:	891898073

Legal Form :	Private Limited Company (BL/LX)

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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	891898073
Company name	LAR DIAMONDS BVBA
Address	HOVENIERSSTRAAT 50-52
	2018 ANTWERPEN
Safe number	BE01341792
Number of staff	0
Date of establishment	06/09/2007
Telephone number	032131877
Fax number	032315183

Commentary

The business was established over 7 years ago.

The business has 1 employees.

The business has been at the address for over 7 years.

Net Worth decreased by 152% during the latest trading period.

A 25% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 313% during the latest trading period.

Net Worth is a negative amount during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		-46,702	-15,990	-25,181
31/12/2012		-46,087	30,487	16,124
31/12/2011		-13,534	34,910	28,645

Accounts DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	1,641,896	0	18,600	-41,306
31/12/2012	1,312,627	0	18,60018,600	1,555
31/12/2011	789,950	0		-7,856

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	125.12	Industry average day sales outstanding	142.36
Day sales outstanding
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Social Balance Sheet details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees
Part-time Employees	1
Total Fte Employees	0

Number of hours worked
Full-time Employees
Part-time Employees	656
Total	656

Personnel Charges
Full-time Employees
Part-time Employees	21,304
Total	21,304
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	0
Actual working hours	740
Personnel Charges	22,165
Benefits In Addition To Wages

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	-	-	-	-	-	59,038,813	-
Total operating expenses	-	-	-	-	-	58,553,933	-
Operating result	-63,444	-37.13	-46,267	-1300	3,855	154,819	-140
Total financial income	16,742	313	4,051	-	-	63,077	-73.46
Total financial expenses	-	-	3,871	-77.74	17,389	180,364	-
Results on ordinary operations before taxation	-46,702	-1.33	-46,087	-240	-13,534	37,726	-223
Taxation	-	-	8,670	-	-	21,800	-
Results on ordinary operations after taxation	-46,702	85.29	-54,757	-304	-13,534	21,760	-314
Extraordinary items	0	-100	49,662	-	0	6,704	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	-46,702	-816	-5,095	37.65	-13,534	28,605	-263
Gross Operating Margin	-36,453	-113	-17,102	-140	42,589	32,756	-211
Dividends	-	-	-	-	-	231,279	-
Director remuneration	-	-	-	-	-	125,568	-
Employee costs	21,304	-3.88	22,165	-32.95	33,056	142,409	-85.04
Wages and salary	21,304	-3.88	22,165	-32.95	33,056	112,819	-81.12
Employee pension costs	-	-	-	-	-	23,129	-
Social security contributions	-	-	-	-	-	27,637	-
Other employee costs	0	-	0	-	0	3,639	-100
Amortization and depreciation	5,397	-18.85	6,650	17.13	5,678	17,935	-69.91

Balance sheet

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	225	-	897	1,324	-100
Tangible fixed assets	8,111	-38.94	13,283	156	5,185	190,648	-95.75
Land & building	-	-	-	-	-	378,355	-
Plant & machinery	8,111	-38.94	13,283	156	5,185	26,960	-69.92
Furniture & Vehicles	-	-	-	-	-	15,354 4,367	-
Leasing & Other Similar Rights	-	-	-	-	-	68,636 20,725
Other tangible assets	0	-	0	-	0	9,322	-100
Financial fixed assets	1,080	0	1,080	0	1,080	223,535	-99
Total fixed assets	9,191	-36.99	14,587	103	7,162	329,634	-97.21
Inventories	931,635	12.75	826,263	22.43	674,874	3,026,869	-69.22
Raw materials & consumables	-	-	-	-	-	7,018,384	-
Work in progress	0	-	0	-	0	1,181	-100
Finished goods	0	-	0	-	0	2,035,551	-100
Other stocks	931,635	12.75	826,263	22.43	674,874	439,018	112
Trade debtors	509,156	20.48	422,611	7383	5,647	4,245,234	-88.01
Cash	167,322	313	40,442	-60.00	101,105	480,085,872	-99
other amounts receivable	24,592	181	8,724	650	1,162	220,844	-88.86
Miscellaneous current assets	0	-	0	-	0	-472,324,778	0
Total current assets	1,632,705	25.78	1,298,039	65.82	782,788	7,215,677	-77.37
Total Assets	1,641,896	25.08	1,312,627	66.17	789,950	7,509,055 1,245,228	-78.13

CURRENT LIABILITIES

Trade creditors	1,633,710	28.31	1,273,215	73.21	735,077	2,947,932	-44.58
Short term group loans	-	-	-	-	-	-	-
Financial debts	14,550	47777	30	-99	4,399	4,530,642 126,094	-99
Current portion of long term debt	-	-	-	-	-	77,404 13,763	-
Amounts Payable for Taxes, Remuneration & Social Security	5,358	-38.20	8,670	-	-	8,066 -	-81.92
Miscellaneous current liabilities	4,268	-	0	-100	14,667	-98.25	--
Total current liabilities	1,657,886	29.33	1,281,915	69.98	754,143	5,159,534	-67.87
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	--
Other long term loans	-	-	-	-	-	-	--
Deffered taxes	-	-	-	-	-	46,266 28,377	-
Provisions for Liabilities & Charges	0	-	0	-	0	4,472 0	-100
Other long term liabilities	0	-	0	-	0	236,794	-100
Total long term debts	0	-	0	-	0	671,173	-100
Issued share capital	18,600	0	18,600	0	18,600	988,046	-98.12
Share premium account	-	-	-	-	-	103,298	-
Reserves	-34,590	-385	12,112	-29.61	17,207	662,183	-105
Revaluation reserve	-	-	-	-	-	872,766	-
Total shareholders equity	-15,990	-152	30,712	-14.23	35,807	1,671,563	-100
Working capital	-25,181	-256	16,124	-43.71	28,645	2,056,143	-101
Cashflow	-41,306	-2755	1,555	19.80	-7,856	43,186	-195
Net worth	-15,990	-152	30,487	-12.67	34,910	1,670,239	-100

Ratio analysis

	Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
	Profit Before Tax	-	-	-	-	-	-8,00	-
	Return on capital employed	292.06	194	-150.06	-296	-37.80	-8,00	3650
	Return on total assets employed	-2.84	80.91	-3.51	-105	-1.71	-8,00	35.50
	Return on net assets employed	292.06	194	-150.06	-296	-37.80	-8,00	3650
	Sales / net working capital	-	-	-	-	-	142,00	-
	Stock turnover ratio	-	-	-	-	-	76,00	-
	Debtor days	-	-	-	-	-	142,36	-
	Creditor days	-	-	-	-	-	125,12	-
SHORT TERM STABILITY
	Current ratio	0.98	-2.97	1.01	-2.88	1.04	4,00	-90.20
	Liquidity ratio / acid ratio	0.42	13.51	0.37	164	0.14	3,00	-86.00
	Current debt ratio	-103.68	-348	41.74	98.20	21.06	10,00	-1136
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
	Gearing	-90.99	-91090	0.10	-99	12.29	233,00	-139
	Equity in percentage	-0.97	-141	2.34	-48.46	4.54	-221,00	0.44
	Total debt ratio	-103.68	-348	41.74	98.20	21.06	11,00	-1042

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	125.12
Industry average day sales outstanding	142.36
Industry quartile analysis Payment expectations
Company result
Lower	123.48
Median	76.66

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

Director details

Current director details

Name DORON PUGATCH

Position Principal Manager

Start Date 01/02/2008

Date of birth 05/01/1958

Street 52 KIPDORPVEST ANTWERPEN

Post code 2000

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.24
UK Pound	1	Rs.98.67
Euro	1	Rs.77.97

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	PDT

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.

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.0891.898.073 Check VAT number
Belgian Bullettin of Acts	moniteur beige
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