MIRA INFORM REPORT

Report No. :	315711
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	V.R. DIAMONDS BVBA

Registered Office :	Hoveniersstraat 30-Bus 125, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	15.09.2006

Com. Reg. No.:	883901612

Legal Form :	Private Limited Company

LINE OF BUSINESS :	SUBJECT IS ENGAGED IN WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES.

No. of Employee :	1

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 :	Slow

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 name and address

V.R. DIAMONDS BVBA

Business number	883901612
Branche Unit Number	2156498456
Company name	V.R. DIAMONDS BVBA
Address	HOVENIERSSTRAAT 30-BUS 125
	2018 ANTWERPEN
Number of staff	1
Date of establishment	15/09/2006
Telephone number	032253548
Fax number

Commentary

The business was established over 8 years ago. The business has 1 employees.

The business has been at the address for over 4 years. Operating Result in the latest trading period decreased 212% on the previous trading period. Net Worth decreased by 212% during the latest trading period.

Pre-tax profits decreased by 374% compared to the previous trading period. The business saw a decrease in their Cash Balance of 43% 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		-75,987	-38,800	-114,925
31/12/2012		27,641	34,483	-36,685
31/12/2011		8,115	34,348	-70,650
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	1,658,760	1	18,600	-60,385
31/12/2012	1,953,580	0	18,600	14,279
31/12/2011	2,618,726	0	18,600	21,185

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	126.75	Industry average day sales	186.10
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

13/05/2014

Publications

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
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
category

Company accounts

ASSETS
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	419,031	-2.99	431,929	-10.30	481,545	2.49	469,837	3603	12,687
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	419,031	-2.99	431,929	-10.30	481,545	2.49	469,837	3603	12,687
Land & building	418,350	-2.42	428,718	-2.36	439,086	-1.67	446,545	-	-
Plant & machinery	-	-	-	-	-	-	-	-	-
Furniture & Vehicles	680	-78.80	3,210	-92.44	42,458	82.29	23,292	83.59	12,687
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	1,239,730	-18.53	1,521,651	-28.80	2,137,182	77.69	1,202,766	61.26	745,871
Inventories	499,286	-45.57	917,297	-11.58	1,037,453	70.11	609,868	41.46	431,125
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	499,286	-45.57	917,297	-11.58	1,037,453	70.11	609,868	41.46	431,125
Trade debtors	698,821	27.60	547,678	-48.02	1,053,635	85.31	568,567	132	244,392
Other amounts receivable	19,338	-17.62	23,475	80.50	13,006	-11.12	14,632	489	2,484
Cash	16,997	-43.88	30,286	18.31	25,599	191	8,771	-86.91	66,985
Miscellaneous current assets	5,288	81.43	2,915	-61.08	7,489	706	928	4.87	885
Total Assets	1,658,760	-15.09	1,953,580	-25.40	2,618,726	56.57	1,672,602	120	758,558


LIABILITIES
Total shareholders equity	-38,800	-212	34,483	0.39	34,348	7.82	31,857	40.05	22,747
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	-57,400	-461	15,883	0.85	15,748	18.80	13,257	219	4,147
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	1,697,561	-11.54	1,919,097	-25.74	2,584,378	57.51	1,640,745	122	735,811
Other long term loans	342,906	-3.95	357,011	-4.23	372,797	-4.27	389,408	3832	9,902
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-100	3,750	0	3,750	0	3,750	-	0
Total long term debts	342,906	-4.95	360,761	-4.19	376,547	-4.23	393,158	3870	9,902
Current portion of long term debt	14,105	-10.64	15,785	-6.13	16,816	-0.21	16,851	395	3,401
Financial debts	-	-	13	-26.54	18	-	-	-	-
Trade creditors	903,934	-15.82	1,073,801	-37.33	1,713,353	131	740,783	166	278,284
Amounts Payable for Taxes, Remuneration	14,859	-46.21	27,624	26.07	21,911	192	7,481	3.09	7,257
& Social Security
Miscellaneous current liabilities	421,756	-4.39	441,112	-3.21	455,733	-5.54	482,472	10.41	436,967
Total current liabilities	1,354,654	-13.07	1,558,336	-29.42	2,207,831	76.97	1,247,588	71.87	725,909
Total Liabilities	1,658,760	-15.09	1,953,580	-25.40	2,618,726	56.57	1,672,602	120	758,558

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	-24.99	-457	6.99	254	1.97	-33.89	2.98	-55.85	6.75
Return on total assets employed	-4.58	-424	1.41	354	0.31	-59.21	0.76	162	0.29
Return on net assets employed	195.84	144	80.16	239	23.62	-40.53	39.72	310	9.68
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.92	-6.12	0.98	1.03	0.97	1.04	0.96	-6.80	1.03
Liquidity ratio / acid ratio	0.55	41.03	0.39	-22.00	0.50	4.17	0.48	11.63	0.43
Current debt ratio	-34.91	-177	45.19	-29.70	64.28	64.15	39.16	22.72	31.91
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	-60,385	-522	14,279	-32.60	21,185	9.66	19,319	300	4,828
Net worth	-38,800	-212	34,483	0.39	34,348	7.82	31,857	40.05	22,747
LONG TERM STABILITY
Gearing	-920.13	-185	1,081.15	-4.69	1,134.35	-11.05	1,275.27	2080	58.48
Equity in percentage	-2.34	-232	1.77	35.11	1.31	-31.05	1.90	-36.67	3.00
Total debt ratio	-43.75	-178	55.65	-26.04	75.24	46.10	51.50	59.20	32.35
Working capital	-114,925	-213	-36,685	51.92	-70,650	-57.62	-44,822	-324	19,962

PROFIT & LOSS
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	59,515	-17.46	72,104	-20.56	90,762	65.59	54,813	285	14,231
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	8,472	340	1,923	-88.83	17,212	41.55	12,160	139	5,079
Wages and salary	6,782	354	1,493	-89.67	14,448	40.68	10,270	132	4,410
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	1,306	203	430	-84.45	2,764	46.32	1,889	217	595
Other employee costs	385	-	0	-	0	-	0	-100	75
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	12,898	-8.81	14,145	-24.34	18,694	83.10	10,210	187	3,550
Operating result	-56,500	-212	50,275	56.70	32,085	13.86	28,180	618	3,922
Total financial income	271	238	80	2522	3	-21.34	4	-93.83	63
Total financial expenses	19,758	-13.01	22,714	-5.25	23,973	54.36	15,531	771	1,782
Results on ordinary operations before taxation	-75,987	-374	27,641	240	8,115	-35.87	12,653	474	2,203
Extraordinary Income	-	-	-	-	746	-	-	-	-
Extraordinary Charges	-	-	23,992	-	-	-	-	-	-
Extraordinary items	0	0	-23,992	-3315	746	-	0	-	0
Results for the Year Before Taxation	-75,987	-2182	3,649	-58.81	8,861	-29.97	12,653	474	2,203
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-2,704	-176	3,515	-44.81	6,369	79.76	3,543	283	925
Results on ordinary operations after taxation	-73,283	-403	24,126	1282	1,746	-80.84	9,110	612	1,278
Net result	-73,283	-54658	134	-94.61	2,492	-72.65	9,110	612	1,278
Profit (Loss) for the Year to be appropiated	-73,283	-54658	134	-94.61	2,492	-72.65	9,110	612	1,278
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		1
Part-time Employees		-
Total Fte Employees		1
Number of hours worked
Full-time Employees		1,193
Part-time Employees		-
Total		1,193
Personnel Charges
Full-time Employees		8,472
Part-time Employees		-
Total		8,472
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		0
Actual working hours		93
Personnel Charges		1,923
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	-	1
Contracts
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	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

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

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Limit History
no limit history data found

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

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	-
Day sales outstanding	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.75
Industry average day sales outstanding	186.10

Industry quartile analysis Payment expectations

Company result	-
Lower	120.34
Median	74.93
Upper	46.53

Day sales outstanding
Company result	-
Lower	102.27
Median	53.69
Upper	24.18

Shareholder Details

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

Companies that match this address

no Companies Match this address

Linked Companies

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Summons


Legal event type	Social Security Summons
Event date	13/05/2014
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	11/03/2014
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	11/01/2011
Court type		Court name	Antwerpen
Creditor's name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
Legal event type	Social Security Summons
Event date	14/12/2010
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	07/12/2010
Court type		Court name	Antwerpen
Creditor's name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
Legal event type	Social Security Summons
Event date	09/11/2010
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	12/10/2010
Court type		Court name	Antwerpen
Creditor's name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
Legal event type	Social Security Summons
Event date	14/09/2010
Court type	Court name	Antwerpen
Creditor's name	3rd party type

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	VILIS SUDHIRKUMAR METHA
Position	Principal Manager
Start Date	01/01/2008
Street	31 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Former director details
Name	VILIS MEHTA
Position	Principal Manager
Start Date	01/01/2010
End Date	31/12/2010
Street	31 QUINTEN MATSIJSLEI 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.62.51
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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.