MIRA INFORM REPORT

Report No. :	315321
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	CLASSIC DIAM BVBA

Registered Office :	Hoveniersstraat 2-BUS 331, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2014

Date of Incorporation :	08.01.2002

Com. Reg. No.:	476576242

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of Diamonds and Other Precious Stones.

No. of Employees :	1

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 :	No Complaints

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 summary

Business number	476576242
Branche Unit Number	2131492846
Company name	CLASSIC DIAM BVBA
Address	HOVENIERSSTRAAT 2-BUS 331
	2018 ANTWERPEN
Number of staff	1
Date of establishment	08/01/2002
Telephone number	032130372
Fax number	032130372

Commentary

The business was established over 13 years ago.

The business has 1 employees.

Number of employees in the latest trading period decreased 66% on the previous trading period.

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

Operating Result in the latest trading period increased 29% on the previous trading period.

Pre-tax profits increased by 60% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2014	58,866,387	105,534	3,014,813	2,817,413
31/03/2013	54,218,284	65,653	3,137,381	2,912,190
31/03/2012	42,713,682	54,113	2,934,919	2,758,665
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2014	9,238,961	1	2,587,419	131,845
31/03/2013	11,118,868	3	2,785,765	109,155
31/03/2012	11,394,546	2	2,670,992	77,055

Payment expectations

Past payments

Payment expectation days

36.16

Industry average payment

expectation days

126.56

Industry average day sales

outstanding

185.84

Day sales outstanding

28.71

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)
JIC Code	218
Description category	Additional national joint committee for the employees

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

Significant Events

Event Date	26/11/2009
Event Description
Event Details	Verduidelijking van het doel.

Company accounts

Assets
Annual accounts	31-03-2014	%	31-03-2013	%	31-03-2012	%	31-03-2011	%	31-12-2010
Weeks	52		52		52		13		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	531,997	-11.66	602,245	4.83	574,479	5.23	545,920	-0.86	550,661
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	531,796	-11.67	602,036	4.83	574,279	5.23	545,720	-0.86	550,461
Land & building	478,911	-9.23	527,603	1.98	517,353	-2.17	528,840	-0.54	531,711
Plant & machinery	15,742	-13.78	18,257	-17.57	22,149	75.86	12,595	-4.79	13,228
Furniture & Vehicles	37,144	-33.88	56,176	61.53	34,777	711	4,286	-22.38	5,522
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	-1	-	0	-	0	-	0	-	0
Financial fixed assets	200	-4.31	209	4.50	200	0	200	0	200
Total current assets	8,706,964	-17.21	10,516,623	-2.80	10,820,067	8.83	9,942,232	26.61	7,852,676
Inventories	3,494,119	-8.37	3,813,381	137	1,604,202	-30.41	2,305,284	59.53	1,445,049
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	3,494,119	-8.37	3,813,381	137	1,604,202	-30.41	2,305,284	59.53	1,445,049
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	4,629,889	-23.97	6,089,798	-29.83	8,678,615	20.95	7,175,530	23.79	5,796,620
Other amounts receivable	251,918	-3.32	260,575	33.41	195,317	82.42	107,068	17.70	90,964
Cash	327,308	-7.17	352,599	3.88	339,431	-3.42	351,468	-32.09	517,547
Miscellaneous current assets	3,729	1281	270	-89.21	2,502	-13.18	2,882	15.45	2,496
Total Assets	9,238,961	-16.91	11,118,868	-2.42	11,394,546	8.64	10,488,153	24.81	8,403,337

Liabilities
Total shareholders equity	3,014,813	-3.91	3,137,381	6.90	2,934,919	1.88	2,880,818	0.65	2,862,152
Issued share capital	2,587,419	-7.12	2,785,765	4.30	2,670,992	0	2,670,992	0	2,670,992
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	427,394	21.55	351,616	33.22	263,927	25.78	209,826	9.77	191,159
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	6,224,148	-22.02	7,981,488	-5.65	8,459,627	11.20	7,607,334	37.29	5,541,185
Other long term loans	334,597	-11.26	377,055	-5.32	398,225	-3.25	411,621	-1.66	418,567
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	0	-1	-	0	-	0	-	0
Total long term debts	334,597	-11.26	377,054	-5.32	398,225	-3.25	411,621	-1.66	418,567
Current portion of long term debt	42,496	-14.06	49,446	22.27	40,439	49.38	27,071	1.34	26,713
Financial debts	259	-98.39	16,083	20.16	13,385	-40.20	22,384	1348	1,545
Trade creditors	5,818,283	-22.55	7,512,363	-5.57	7,955,379	12.06	7,099,188	41.09	5,031,568
Amounts Payable for Taxes, Remuneration & Social Security	22,897	105	11,151	-68.11	34,962	5.14	33,253	-31.34	48,431
Miscellaneous current liabilities	5,616	-63.51	15,390	-10.72	17,237	24.75	13,817	-3.79	14,362
Total current liabilities	5,889,551	-22.55	7,604,433	-5.67	8,061,401	12.03	7,195,713	40.47	5,122,618
Total Liabilities	9,238,961	-16.91	11,118,868	-2.42	11,394,546	8.64	10,488,153	24.81	8,403,337

Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.18	50.0	0.12	-7.69	0.13	-40.91	0.22	-55.10	0.49
Return on capital employed	3.15	68.45	1.87	15.43	1.62	184	0.57	-83.09	3.37
Return on total assets employed	1.14	93.22	0.59	25.53	0.47	161	0.18	-86.36	1.32
Return on net assets employed	3.50	67.46	2.09	13.59	1.84	183	0.65	-83.16	3.86
Sales / net working capital	20.89	12.19	18.62	20.28	15.48	402	3.08	-62.44	8.20
Stock turnover ratio	5.94	-15.50	7.03	86.97	3.76	-86.21	27.26	321	6.46
Creditor days	36.16	-28.65	50.68	-25.65	68.16	-77.82	307.34	271	82.66
Debtor days	28.71	-29.98	41.00	-44.71	74.16	-76.05	309.70	227	94.52
SHORT TERM STABILITY
Current ratio	1.48	7.25	1.38	2.99	1.34	-2.90	1.38	-9.80	1.53
Liquidity ratio / acid ratio	0.89	1.14	0.88	-22.81	1.14	7.55	1.06	-15.20	1.25
Current debt ratio	1.95	-19.42	2.42	-12.00	2.75	10.0	2.50	39.66	1.79
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	131,845	20.79	109,155	41.66	77,055	229	23,407	-80.64	120,878
Net worth	3,014,813	-3.91	3,137,381	6.90	2,934,919	1.88	2,880,818	0.65	2,862,152
LONG TERM STABILITY
Gearing	12.52	-11.27	14.11	-8.38	15.40	-3.81	16.01	2.56	15.61
Equity in percentage	32.63	15.63	28.22	9.55	25.76	-6.22	27.47	-19.35	34.06
Total debt ratio	2.06	-18.90	2.54	-11.81	2.88	9.09	2.64	36.08	1.94
Working capital	2,817,413	-3.25	2,912,190	5.57	2,758,665	0.44	2,746,519	0.60	2,730,058

Profit & Loss

Operating Income	58,899,917	8.63	54,221,503	26.93	42,718,021	405	8,457,643	-62.22	22,385,606
Turnover	58,866,387	8.57	54,218,284	26.93	42,713,682	405	8,456,798	-62.22	22,384,234
Total operating expenses	58,721,844	8.53	54,106,687	27.00	42,604,302	405	8,430,950	-62.05	22,217,408
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	58,755,374	8.59	54,109,906	26.99	42,608,642	405	8,431,795	-62.05	22,218,780
Employee costs	58,648	-7.77	63,586	-42.66	110,889	424	21,129	-70.63	71,950
Wages and salary	46,775	-4.18	48,818	-44.63	88,164	438	16,366	-72.33	59,158
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	10,836	-18.39	13,277	-41.51	22,700	376	4,763	-60.97	12,204
Other employee costs	1,038	-30.38	1,491	5654	26	-	0	-100	589
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	31,031	-5.41	32,807	42.93	22,954	384	4,741	-70.61	16,131
Operating result	144,543	29.52	111,597	2.03	109,380	323	25,848	-84.51	166,826
Total financial income	25,970	53.78	16,888	17.89	14,326	107	6,896	232	2,077
Total financial expenses	64,979	3.42	62,831	-9.72	69,593	394	14,077	-75.86	58,311
Results on ordinary operations before taxation	105,534	60.75	65,653	21.33	54,113	189	18,668	-83.12	110,592
Extraordinary Income	69,162	455	12,458	-	-	-	-	-	-
Extraordinary Charges	65,723	-	-	-	-	-	-	-	-
Extraordinary items	3,439	-72.40	12,458	-	0	-	0	-	0
Results for the Year Before Taxation	108,973	39.51	78,111	44.35	54,113	189	18,668	-83.12	110,592
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	8,160	362	1,763	14362	12	1050	1	-99	5,845
Results on ordinary operations after taxation	97,374	52.41	63,890	18.09	54,101	189	18,667	-82.18	104,747
Net result	100,814	32.05	76,348	41.12	54,101	189	18,667	-82.18	104,747
Profit (Loss) for the Year to be appropiated	100,814	32.05	76,348	41.12	54,101	189	18,667	-82.18	104,747
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year ended 31-03-2014
Full-time Employees		2
Part-time Employees		-
Total Fte Employees		2
Number of hours worked
Full-time Employees		3,412
Part-time Employees		-
Total		3,412
Personnel Charges
Full-time Employees		58,648
Part-time Employees		-
Total		58,648
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		3
Actual working hours		2,878
Personnel Charges		59,058
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	-	1
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

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

Industry Comparison

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

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	36.16
Day sales outstanding	28.71

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.56
Industry average day sales outstanding	185.84

Industry Quartile Analysis

Payment expectations
Company result	36.16
Lower	120.34
Median	74.63
Upper	46.13

Day Sales Outstanding

Company result	28.71
Lower	102.27
Median	53.69
Upper	24.18

Shareholders 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	03/10/2011
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	05/09/2011
Court type		Court name	Antwerpen
Creditor's name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party

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	PRATIK JAIN
Position	Principal Manager
Start Date	15/01/2015
Street	-
Post Code	-
Country	-

Current mandates in order companies

Name	CLASSIC JEWELLERY BVBA
Business number	881088216
Position	Principal Manager
Start Date	30/12/2010
Former director details
Name	GORABH VINODKUMAR JAIN
Position	Principal Manager
Start Date	29/12/2009
End Date	31/03/2011
Street	122 LANGE HERENTALSESTRAAT 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

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.