MIRA INFORM REPORT

Report Date :

06.09.2014

IDENTIFICATION DETAILS

Name :	DIAMBEL NV
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	27.06.1985
Com. Reg. No.:	427397143
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	02

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
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	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 and address

Business number 427397143

Company name DIAMBEL NV

Address HOVENIERSSTRAAT

30

2018 ANTWERPEN

Number of staff 2

Date of establishment 27/06/1985

Telephone number 032310522

Fax number 032310522

Commentary

The business was established over 28 years ago.
The business has 1 employees.
The business has been at the address for over 14 years.
Operating Result in the latest trading period decreased 105% on the previous trading period.
The business saw a decrease in their Cash Balance of 34% during the latest trading period.	4r

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	87,607,256	174,666	33,329,724	41,453,387
31/12/2011	98,280,005	154,531	33,830,590	33,502,579
31/12/2010	100,917,324	137,769	30,081,563	29,797,043

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	72,409,642	2	3,654,020	225,462
31/12/2011	71,051,943	3	3,726,339	218,683
31/12/2010	63,296,314	2	3,327,979	197,904

Payment expectations

Payment expectations
Past payments		Payment expectation days	122.29
Industry average payment	168.35	Industry average day sales	120.21
expectation days		outstanding
Day sales outstanding	152.09
Court data summary
BANKRUPTCY DETAILS
Court action type	No
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company information

Business number	427397143	Company name	DIAMBEL NV
Fax number	032310522	Date founded	27/06/1985
Company status	Active	Company type	Public Limited Liability Company (BE)
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.0427.397.143
Belgian Bullettin of Acts Publications	moniteur belge
Contractor details			Check Article 30 Bis
Registered contractor number	-
Contractor description	-
Date struck off register

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	2
Part-time Employees	1
Total Fte Employees	3
Number of hours worked
Full-time Employees	2,812
Part-time Employees	461
Total	3,273
Personnel Charges
Full-time Employees	47,532
Part-time Employees	9,054
Total	56,586
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	3
Actual working hours	5,041
Personnel Charges	78,833
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	-	1	1
Secondairy education	1	-	1
Higher education (non university)	-	1	1
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	2	2
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	-	1	1
Leavers	2	-	2

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
Significant Events
Event Date	15/12/2011
Event Description
Event Details	De aandelen aan toonder worden omgezet in aandelen op naam.

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	87,607,256	10.86	98,280,005	-2.61	100,917,324	46,788,819	87.24
Total operating expenses	87,811,797	-7.29	94,713,950	-5.28	99,990,370	46,394,806	89.27
Operating result	-204,541	-105	3,566,055	284	926,954	148,098	-238
Total financial income	1,165,269	72.65	4,261,279	186093	2,289	98,058	1088
Total financial expenses	786,062	89.76	7,672,803	869	791,473	204,982	283
Results on ordinary operations before taxation	174,666	13.03	154,531	12.17	137,769	32,874	431
Taxation	21,818	45.20	15,026	26.75	11,855	20,907	4.36
Results on ordinary operations after taxation	152,848	9.56	139,505	10.79	125,915	17,996	749
Extraordinary items	0	-	0	-100	5,800	-4,526	0
Other appropriations	2851	67.42	8751	142	3612.24	-	-
Net result	155,699	5.02	148,256	9.55	135,327	13,489	1054
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	53,552	-	-	-	-	114,302	53.15
Employee costs	56,586	29.61	80,393	19.38	67,343	126,363	55.22
Wages and salary	47,044	32.37	69,565	24.40	55,922	105,854	55.56
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	8,727	10.63	9,765	-8.56	10,679	26,598	67.19
Other employee costs	816	23.31	1,064	43.49	742	4,380	81.37
Amortization and depreciation	69,763	-0.94	70,427	12.54	62,577	17,934	288
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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	-	0	-	0	1,561	-100
Tangible fixed assets	787,511	-9.29	868,198	4.01	834,747	185,388	324
Land & building	719,158	-6.50	769,139	7.00	718,841	362,952	98.14
Plant & machinery	56,667	-29.67	80,573	15.01	94,808	22,760	148
Furniture & Vehicles	11,686	-36.78	18,485	12.38	21,097	17,415 5,433	32.90
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-100	1	-	0	7,664	-100
Financial fixed assets	-	-	-	-	-	309,151	-
Total fixed assets	787,511	-9.29	868,198	4.01	834,747	398,254	97.74
Inventories	30,942,172	6.40	29,080,689	50.73	19,293,224	3,108,260	895
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,411	-100
Finished goods	30,942,172	6.40	29,080,689	50.73	19,293,224	1,992,265	1453
Other stocks	0	-	0	-	0	574,368	-100
Trade debtors	36,504,679	-0.26	36,598,726	6.73	34,289,744	4,189,589	771
Cash	2,195,360	-34.28	3,340,573	57.54	7,867,879	226,840	867
other amounts receivable	1,965,041	70.64	1,151,582	15.21	999,519	186,814	951
Miscellaneous current assets	14,879	22.21	12,175	8.70	11,201	18,076	17.69
Total current assets	71,622,131	2.05	70,183,745	12.36	62,461,567	7,252,094	887
Total Assets	72,409,642	1.91	71,051,943	12.25	63,296,314	7,617,297 1,454,678	850
CURRENT LIABILITIES
Trade creditors	29,421,129	-18.02	35,886,667	12.52	31,894,218	3,057,888	862
Short term group loans	-	-	-	-	-	-	-
Financial debts	33,205	300	8,293	397	1,668	4,287,536 192,320	-99
Current portion of long term debt	5,036	-22.01	6,457	4.61	6,172	107,941 15,359	95.33
Amounts Payable for Taxes, Remuneration & Social Security	21,997	-2.74	22,617	49.00	15,179	9,445 -	35.32
Miscellaneous current liabilities	687,377	-9.21	757,132	1.32	747,287	129	- -
Total current liabilities	30,168,744	-17.75	36,681,166	12.30	32,664,524	5,370,007	461
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	8,379,677	166295	5,036	56.18	11,493	659	- -
Deffered taxes	35,721	-9.19	39,336	-8.41	42,946	37,626 26,358	-5.06
Provisions for Liabilities & Charges	0	-	0	-	0	3,200 0	-100
Other long term liabilities	495,776	-0.01	495,815	0.01	495,787	129,533	282
Total long term debts	8,911,174	1549	540,187	-1.82	550,226	562,172	1485
SHAREHOLDERS EQUITY
Issued share capital	3,654,020	-1.94	3,726,339	11.97	3,327,979	948,360	285

Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	33,329,724	-1.48	33,830,590	12.46	30,081,563	1,671,347	1894
Working capital	41,453,387	23.73	33,502,579	12.44	29,797,043	1,882,087	2102
Cashflow	225,462	3.10	218,683	10.50	197,904	28,291	696
Net worth	33,329,724	-1.48	33,830,590	12.46	30,081,563	1,668,090	1898
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Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.20	25.00	0.16	14.29	0.14	-26,00	0.77
Return on capital employed	0.41	-8.89	0.45	0	0.45	29,00	-98.59
Return on total assets employed	0.24	9.09	0.22	0	0.22	-202,00	0.12
Return on net assets employed	0.52	13.04	0.46	0	0.46	19,00	-97.26
Sales / net working capital	2.11	-27.99	2.93	-13.57	3.39	45,00	-99
Stock turnover ratio	35.32	19.36	29.59	54.76	19.12	111,00	-68.18
Debtor days	152.09	11.90	135.92	9.60	124.02	133,00	14.35
Creditor days	122.29	-11.58	138.30	18.78	116.43	122,00	0.24
SHORT TERM STABILITY
Current ratio	2.37	24.08	1.91	0	1.91	7,00	-73.67
Liquidity ratio / acid ratio	1.35	20.54	1.12	-15.15	1.32	4,00	-66.25
Current debt ratio	0.91	-15.74	1.08	-0.92	1.09	9,00	-89.89
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	25.26	42000	0.06	0	0.06	361,00	-93.00
Equity in percentage	46.03	-3.32	47.61	0.19	47.52	-3.228,00	1.43
Total debt ratio	1.17	6.36	1.10	0	1.10	10,00	-88.30

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment Information

Amount	-
Details	-
Payment expectations
Payment expectation days	122.29
Day sales outstanding	152.09
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	168.35
Industry average day sales outstanding	120.21
Industry quartile analysis
Payment expectations
Company result	122.29
Lower	134.36
Median	84.62
Upper	45.29

Day sales outstanding
Company result	152.09
Lower	112.48
Median	58.56
Upper	28.58

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-
NSSO details
Business number	427397143
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-
Bankruptcy details

Shareholder Details

Group Structure

No group structure for this company

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Court data

There is no data for this company

Current director details

Name	SARJUBEN SANGHVI
Position	Chairman of the Board
Start Date	29/03/1999
Street	12 ZINKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	SARJUBEN SANGHVI
Position	Director
Start Date	02/08/2011
Street	12 ZINKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	ASHISHKUMAR JARIWALA
Position	Director
Start Date	01/01/2012
Street	142 KRUISHOFSTRAAT ANTWERPEN
Post code	2020
Country	Belgium
Name	PARESH SANGHVI
Position	Legal Representative
Start Date	12/01/2004
Street
Post code Country

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.60.44
UK Pound	1	Rs.98.64
Euro	1	Rs.78.20

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SDA

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.