MIRA INFORM REPORT

Report No. :	318089
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	PASSION DIAM BVBA

Registered Office :	Hoveniersstraat 30-Bus 240, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	30.09.2009

Com. Reg. No.:	819437885

Legal Form :	Private Limited Company

Line of business :	Wholesaler of Diamonds & Other Precious Stones.

No of Employees :	Not Available [NOTE: We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 :	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 819437885

Branche Unit Number 2181531780

Company name PASSION DIAM BVBA

Address HOVENIERSSTRAAT 30-BUS 240

2018 ANTWERPEN

Number of staff Not Available

Date of establishment 30/09/2009

Telephone number 036088343

Commentary

The business was established over 5 years ago.

No employees are recorded for this business.

The business has changed its registered name recently.

The business has been at the address for over 4 years.

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

Net Worth increased by 60% during the latest trading period.

Pre-tax profits increased by 30% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 47% during the latest trading period.

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

Turnover in the latest trading period increased 36% on the previous trading period.

Accounts

DATE OF LATEST

ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING

CAPITAL

31/12/2013 32,349,975 58,876 110,214 -150,014

31/12/2012 23,733,837 45,234 68,708 -202,653

31/12/2011 --- 42,262 39,411 -237,133

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2013 6,697,858 0 18,600 57,258

31/12/2012 7,815,115 0 18,600 43,193

31/12/2011 3,573,713 0 18,600 36,773

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Payment expectation days 66.52

Industry average payment expectation days 249.07

Industry average day sales outstanding 508.70

Day sales outstanding 69.70

Joint Industrial Committee

(JIC)

Significant Events

Event Date 24/06/2014

Event Description

Event Details Toekenning van de 3645 nieuwe aandelen aan de heer Shah Karan.

Company accounts

Assets

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		64
Currency	EUR		EUR		EUR		EUR
Total fixed assets	260,228	-4.10	271,361	-1.87	276,544	3348	8,020
Tangible fixed assets	259,953	-4.11	271,086	-1.88	276,269	3344	8,020
Land & building	231,185	-2.17	236,318	-2.13	241,452	-	-
Plant & machinery	13,591	-13.44	15,702	56.20	10,052	45.75	6,897
Furniture & Vehicles	15,177	-20.40	19,066	-23.02	24,766	2104	1,123
Other tangible assets	0	-	0	0	-1	-	0
Financial fixed assets	275	0	275	0	275	-	-
Total current assets	6,437,630	-14.66	7,543,755	128	3,297,169	1161	261,425
Inventories	223,151	-65.93	654,999	166	245,690	-	-
Finished goods	223,151	-65.93	654,999	-	0	-	0
Other stocks	0	-	0	-100	245,690	-	0
Trade debtors	6,177,142	-9.88	6,854,660	132	2,944,542	1103	244,659
Other amounts receivable	22,903	171	8,431	-35.87	13,148	557	1,998
Cash	12,382	-47.41	23,544	-73.60	89,198	507	14,675
Miscellaneous current assets	2,053	-3.20	2,121	-53.81	4,591	4876	92
Total Assets	6,697,858	-14.30	7,815,115	118	3,573,713	1226	269,445
Liabilities
Total shareholders equity	110,214	60.41	68,708	74.34	39,411	349	8,761
Issued share capital	18,600	0	18,600	0	18,600	0	18,600
Reserves Provisions for Liabilities & Charges	91,614 0	82.83	50,108 0	140	20,811 0	211	-9,839 0
Creditors	6,587,644	-14.96	7,746,408	119	3,534,302	1255	260,683
Financial debts	120	-	-	-	-	-	277
Trade creditors	5,881,903	-16.09	7,010,001	153	2,769,263	981	256,112
Amounts Payable for Taxes, Remuneration & Social Security	19161	1.46	18886	54.56	12219	13753	260683
Miscellaneous current liabilities	686,460	-4.33	717,521	-4.69	752,820	17796	4,206
Total current liabilities	6,587,644	-14.96	7,746,408	119	3,534,302	1255	260,683
Total Liabilities	6,697,858	-14.30	7,815,115	118	3,573,713	1226	269,445

Ratio analysis

TRADING PERFORMANCE

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Profit Before Tax	0.18	-5.26	0.19	-	-	-	-
Return on capital employed	53.42	-18.86	65.84	-38.60	107.23	95.49	-112.30
Return on total assets employed	0.88	51.72	0.58	-50.85	1.18	32.33	-3.65
Return on net assets employed	53.42	-18.86	65.84	-38.60	107.23	95.49	-112.30
Sales / net working capital	-215.65	-84.13	-117.12	-	-	-	-
Stock turnover ratio	0.69	-75.00	2.76	-	-	-	-
Creditor days	66.52	-38.45	108.08	-	-	-	-
Debtor days	69.70	-33.88	105.42	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.98	1.03	0.97	4.30	0.93	-7.00	1.00
Liquidity ratio / acid ratio	0.94	5.62	0.89	3.49	0.86	-14.00	1.00
Current debt ratio	59.77	-46.98	112.74	25.71	89.68	201	29.75
Cashflow	57,258	32.56	43,193	17.46	36,773	391	-9,399
Net worth	110,214	60.41	68,708	74.34	39,411	349	8,761
Gearing	0.11	----	----	----	----	----	3.16
Equity in percentage	1.65	87.50	0.88	-20.0	1.10	-66.1	3.25
Total debt ratio	59.77	-46.98	112.74	25.71	89.68	201	29.75
Working capital	-150,014	74.03	-202,653	85.46	-237,133	-32092	741

Profit & Loss

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Operating Income	32,350,223	36.30	23,734,550	-	-	-	-
Turnover	32,349,975	36.30	23,733,837	-	-	-	-
Total operating expenses	32,273,183	36.32	23,674,661	-	-	-	-
Operating Charges	32,273,431	36.32	23,675,374
Amortization and depreciation	15,751	13.35	13,896	126	6,123	1293	440
Operating result	76,792	29.77	59,176	7.61	54,989	583	-9,425
Total financial income	22	-39.18	35	152	14	-	-
Total financial expenses	17,938	28.33	13,977	9.69	12,742	2977	414
Results on ordinary operations before taxation	58,876	30.16	45,234	7.03	42,262	429	-9,839
Extraordinary Income	823	-17.38	996	-	-	-	-
Extraordinary items	823	-17.38	996	-	0	-	0
Results for the Year Before Taxation	59,699	29.13	46,230	9.39	42,262	429	-9,839
Taxation	18,193	7.44	16,934	45.83	11,612	-	-
Results on ordinary operations after taxation	40,683	43.75	28,300	-7.67	30,650	311	-9,839
Net result	41,506	41.67	29,297	-4.41	30,650	311	-9,839
Profit (Loss) for the Year to be appropriated	41,506	41.67	29,297	-4.41	30,650	311	-9,839

Payment expectations

Payment expectation days 66.52

Day sales outstanding 69.70

Industry comparison

Activity code 46761

Activity description Wholesaler of Diamonds & Other Precious Stones

Industry average payment expectation days 249.07

Industry average day sales Outstanding 508.70

Industry quartile analysis

Payment expectations

Company result 66.52

Lower 127.87

Median 63.24

Upper 19.75

Day sales outstanding

Company result 69.70

Lower 120.17

Median 55.15

Upper 21.01

Individual Shareholders

SHAREHOLDER NAME

Forename Karan

Surname Shah

SHAREHOLDER DETAILS

Start date 04/09/2014(estimated)

SHAREHOLDER ADDRESS

Street name Van Eycklei

House number 31

Postal town Antwerpen

Post code 2018

Country Belgium

Director details

Current Director Details

Name KARAN RAJESH SHAH

Position Principal Manager

Start Date 15/02/2011

Street 31 VAN EYCKLEI ANTWERPEN

Post code 2018

Country Belgium

Name KARAN SHAH KARAN

Position Principal Manager

Start Date 15/02/2011

Former Director Details

Name AJIT BARMECHA

Position Principal Manager

Start Date 30/09/2009

End Date 14/02/2011

Street 36 ARENDSNESTLAAN EDEGEM

Post code 2650

Country Belgium

Name KARAN SHAH KARAN

Position Principal Manager

Start Date 15/02/2011

End Date Unknown date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.35
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

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%)

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

TRENDS

Payment expectations

Company information

Joint Industrial Committee

Event Description

Company accounts

Ratio analysis

Profit & Loss

Payment expectations

Industry comparison

Industry quartile analysis

Individual Shareholders

Director details

Unit