MIRA INFORM REPORT

Report No. :	316702
Report Date :	10.04.2015

IDENTIFICATION DETAILS

Name :	G. DIAM BVBA

Registered Office :	Hoveniersstraat 30-Bus 108, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	01.12.2006

Legal Form :	Private Limited Company

Line of business :	Subject is wholesaler of diamonds and other precious stones.

No. of Employee :	1

RATING & COMMENTS

MIRA’s Rating :

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 – 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	885506268
Company name	G. DIAM BVBA
Address	HOVENIERSSTRAAT 30-BUS 108
	2018 ANTWERPEN
Number of staff	1
Date of establishment	01/12/2006
Telephone number	032318187
Fax number	032269491

Ultimate holding company
	Company name	Company Number
-	-	-

Commentary

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

The business has been at the address for over 6 years. The credit rating for this business has increased from 93 to 95.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	49,409,853	144,829	4,128,727	5,338,462
31/12/2012	41,036,464	156,480	4,174,821	5,460,261
31/12/2011	42,624,177	134,379	4,107,841	5,102,864
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	25,138,079	1	3,393,468	178,399
31/12/2012	24,754,077	1	3,546,972	188,804
31/12/2011	18,284,369	0	3,617,172	162,510

Payment expectations

Past payments		Payment expectation days	86.07
Industry average payment	126.94	Industry average day sales	186.05
expectation days		outstanding
Day sales outstanding	169.90

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)

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	785,191	-6.72	841,796	1.34	830,627		105	404,361	7.70	375,434
Intangible fixed assets	0	-	0	-	0		-	0	-	0
Tangible fixed assets	785,191	-6.72	841,796	1.34	830,627		105	404,361	7.70	375,434
Land & building	742,757	-7.60	803,838	0.72	798,114		116	367,836	7.89	340,941
Plant & machinery	2,723	-19.49	3,382	-15.32	3,994		-9.12	4,395	-3.77	4,567
Furniture & Vehicles	33,545	46.06	22,966	-19.47	28,519		-11.24	32,130	7.36	29,926
Leasing & Other Similar Rights	-	-	-	-	-		-	-	-	-
Other tangible assets	6,166	-46.89	11,610	-	0		-	0	-	0
Financial fixed assets	-	-	-	-	-		-	-	-	-
Total current assets	24,352,888	1.84	23,912,281	37.00		17,453,742	12.49	15,515,833	90.19	8,158,105
Inventories	799,316	29.39	617,758	55.15	398,175		6.95	372,301	4.66	355,708
Raw materials & consumables	-	-	-	-	-		-	-	-	-
Work in progress	0	-	0	-	0		-	0	-	0
Finished goods	799,316	29.39	617,758	55.15	398,175		6.95	372,301	4.66	355,708
Other stocks	0	-	0	-	0		-	0	-	0
Trade debtors	22,999,381	1.35	22,692,690	34.03		16,931,365	12.00	15,116,918	98.08	7,631,628
Other amounts receivable	3,074	91.17	1,608	-12.27	1,833		-9.70	2,030	-27.50	2,800
Cash	550,967	-8.08	599,402	389	122,370		397	24,583	-85.36	167,969
Miscellaneous current assets	150	-81.77	823	-	0		-	0	-	0
Total Assets	25,138,079	1.55	24,754,077	35.38		18,284,369	14.85	15,920,194	86.56	8,533,539

LIABILITIES
Total shareholders equity	4,128,727	-1.10	4,174,821	1.63	4,107,841	6.76	3,847,597	12.09	3,432,491
Issued share capital	3,393,468	-4.33	3,546,972	-1.94	3,617,172	3.27	3,502,512	7.81	3,248,856
Share premium account	-	-	-	-		-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	735,259	17.11	627,849	27.96	490,669	42.19	345,085	87.92	183,635
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	21,009,352	2.09	20,579,256	45.16	14,176,528	17.43	12,072,597	136	5,101,048
Other long term loans	1,994,926	-6.22	2,127,236	16.52	1,825,650	32.43	1,378,526	406	272,287
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	1,994,926	-6.22	2,127,236	16.52	1,825,650	32.43	1,378,526	406	272,287
Current portion of long term debt	42,961	2.45	41,933	6.12	39,513	146	16,015	7.02	14,964
Financial debts	6,272,115	-17.24	7,579,000	27.50	5,944,102	119	2,710,968	169	1,005,001
Trade creditors	11,522,882	20.09	9,595,363	52.90	6,275,380	-20.34	7,877,933	147	3,185,578
Amounts Payable for Taxes,	15,055	23.74	12,167	3955	300	-94.23	5,201	676	670
Remuneration & Social Security
Miscellaneous current liabilities	1,161,413	-5.08	1,223,557	1236	91,583	9.09	83,954	-86.51	622,548
Total current liabilities	19,014,426	3.05	18,452,020	49.40	12,350,878	15.49	10,694,071	121	4,828,761
Total Liabilities	25,138,079	1.55	24,754,077	35.38	18,284,369	14.85	15,920,194	86.56	8,533,539

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	0.29	-23.68	0.38	18.75	0.32	-30.43	0.46	-50.0	0.92
Return on capital employed	2.37	-4.44	2.48	9.73	2.26	-24.92	3.01	-24.37	3.98
Return on total assets employed	0.58	-7.94	0.63	-13.70	0.73	-26.26	0.99	-42.77	1.73
Return on net assets employed	3.51	-6.40	3.75	14.68	3.27	-19.85	4.08	-4.90	4.29
Sales / net working capital	9.26	23.14	7.52	-9.94	8.35	16.95	7.14	48.13	4.82
Stock turnover ratio	1.62	7.28	1.51	62.37	0.93	-13.89	1.08	-51.35	2.22
Creditor days	86.07	-0.31	86.34	59.09	54.27	-35.52	84.17	14.88	73.27
Debtor days	169.90	-15.82	201.84	39.21	144.99	-9.56	160.31	-7.67	173.63
SHORT TERM STABILITY
Current ratio	1.28	-1.54	1.30	-7.80	1.41	-2.76	1.45	-14.20	1.69
Liquidity ratio / acid ratio	1.24	-1.59	1.26	-8.70	1.38	-2.82	1.42	-12.35	1.62
Current debt ratio	4.61	4.30	4.42	46.84	3.01	8.27	2.78	97.16	1.41
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	178,399	-5.51	188,804	16.18	162,510	6.02	153,277	1.99	150,280
Net worth	4,128,727	-1.10	4,174,821	1.63	4,107,841	6.76	3,847,597	12.09	3,432,491
LONG TERM STABILITY
Gearing	201.27	-13.80	233.50	22.82	190.11	78.17	106.70	183	37.65
Equity in percentage	16.42	-2.67	16.87	-24.92	22.47	-7.03	24.17	-39.91	40.22
Total debt ratio	5.09	3.25	4.93	42.90	3.45	9.87	3.14	110	1.49
Working capital	5,338,462	-2.23	5,460,261	7.00	5,102,864	5.83	4,821,762	44.83	3,329,344

PROFIT & LOSS
Operating Income	49,413,093	20.40	41,039,631	-3.72	42,624,177	23.84	34,417,785	114	16,043,201
Turnover	49,409,853	20.40	41,036,464	-3.72	42,624,177	23.84	34,417,785	114	16,043,201
Total operating expenses	48,867,166	20.46	40,565,610	-3.89	42,205,797	23.55	34,161,635	115	15,869,682
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	48,870,407	20.46	40,568,777	-3.88	42,205,797	23.55	34,161,635	115	15,869,682
Employee costs	17,951	11.68	16,073	-	-	-	-	-	-
Wages and salary	16,976	32.57	12,805	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	814	5.30	773	-	-	-	-	-	-
Other employee costs	162	-93.51	2,495	-	0	-	0	-	0
Director remuneration	36,059	19.60	30,149	0.49	30,002	0.01	30,000	-0.01	30,002
Amortization and depreciation	43,818	4.08	42,102	49.18	28,222	357	6,164	118	2,816
Operating result	542,687	15.26	470,854	12.54	418,380	63.33	256,150	47.62	173,519
Total financial income	174	-85.89	1,233	2982	40	-90.22	409	1360	28
Total financial expenses	398,032	26.12	315,607	11.11	284,042	185	99,499	280	26,144
Results on ordinary operations	144,829	-7.45	156,480	16.45	134,379	-14.44	157,061	6.55	147,404
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before	144,829	-7.45	156,480	16.45	134,379	-14.44	157,061	6.55	147,404
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	10,247	4.80	9,778	10645	91	-99	9,948	16580	-60
Results on ordinary operations after taxation	134,582	-8.26	146,702	9.24	134,288	-8.72	147,113	-0.24	147,464
Net result	134,581	-8.26	146,702	9.24	134,288	-8.72	147,113	-0.24	147,464
Profit (Loss) for the Year to be appropiated	134,581	-8.26	146,702	9.24	134,288	-8.72	147,113	-0.24	147,464
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		1,254
Part-time Employees		-
Total		1,254
Personnel Charges
Full-time Employees		17,951
Part-time Employees		-
Total		17,951
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,072
Personnel Charges		15,377
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	-	-	-
Secondairy education	1	-	1
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	-	-	-
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	-	-

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

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	86.07
Day sales outstanding	169.90
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.94
Industry average day sales outstanding	186.05

Industry quartile analysis Payment expectations

Company result	86.07
Lower	120.44
Median	74.63
Upper	45.88

Day sales outstanding
Company result	169.90
Lower	102.27
Median	54.07
Upper	24.07

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Jitendra	Middle name	-
Surname	Bagadia
SHAREHOLDER DETAILS
Start date	01/12/2006	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Hoveniersstraat	House number	30
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium
SHAREHOLDER NAME
Forename	Amit	Middle name	-
Surname	Vaghasia
SHAREHOLDER DETAILS
Start date	01/12/2006	End date	-
Percentage owned	53.50%
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

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

there is no data for this company

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	AKSHAY CHANDRAKANT JHAVERI

Position	Principal Manager
Start Date	17/12/2007
Street	111 BELGIËLEI 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.62.26
UK Pound	1	Rs.92.49
Euro	1	Rs.66.99

INFORMATION DETAILS

Analysis Done by :	KAR

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.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

SHAREHOLDER NAME

Unit