MIRA INFORM REPORT

Report No. :	353084
Report Date :	09.12.2015

IDENTIFICATION DETAILS

Name :	R.S. DIAMONDS BVBA

Registered Office :	Pelikaanstraat 62, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	12.11.2009

Com. Reg. No.:	820696808

Legal Form :	Private limited liability company

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

No. of Employee :	Not Available

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium's high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name

R.S. DIAMONDS BVBA

Company summary

Business number	820696808
Branche Unit Number	2182818120
Company name	R.S. DIAMONDS BVBA
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	-
Date of establishment	12/11/2009
Telephone number	032974942
Fax number	-

Commentary

The business was established over 6 years ago. No employees are recorded for this business. The business has been at the address for over 2 years. A 42% growth in Total Assets occurred during the latest trading period. Turnover in the latest trading period increased 82% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	18,022,332	34,334	571,795	1,965,063
31/12/2013	9,867,541	42,227	544,108	536,010
31/12/2012	10,004,346	19,784	508,962	501,235
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	9,362,586	-	473,111	31,490
31/12/2013	6,570,789	-	473,111	40,385
31/12/2012	5,140,744	-	473,111	21,230

Payment expectations

Past payments		Payment expectation days	129.24
Industry average payment	192.73	Industry average day sales	194.48
expectation days		outstanding
Day sales outstanding	108.32

Court data summary

BANKRUPTCY DETAILS

Court action type no

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)
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
Significant Events
Event Date	11/02/2011
Event Description	Registered as a basic management company
Event Details
Event Date	12/11/2009
Event Description	Legal creation
Event Details

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		58
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	6,947	-14.21	8,098	4.80	7,727	-10.89	8,671	57.14	5,518
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	5,757	-16.66	6,908	5.67	6,537	-12.62	7,481	72.85	4,328
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	2,733	-34.77	4,191	42.81	2,934	-24.49	3,886	-	0
Furniture & Vehicles	903	-66.79	2,717	-24.57	3,602	0.21	3,595	-16.94	4,328
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	2,121	-	0	-	0	-	0	-	0
Financial fixed assets	1,190	0	1,190	0	1,190	-0.01	1,190	0.01	1,190
Total current assets	9,355,639	42.56	6,562,691	27.85	5,133,017	141	2,124,439	17.78	1,803,723
Inventories	3,947,432	43.97	2,741,749	54.63	1,773,114	17.82	1,504,984	4.09	1,445,859
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	3,947,432	43.97	2,741,749	54.63	1,773,114	-	0	-	0
Other stocks	0	-	0	-	0	-100	1,504,984	4.09	1,445,859
Trade debtors	5,348,583	41.64	3,776,141	13.01	3,341,566	468	587,558	84.21	318,953
Other amounts receivable	25,352	555	3,870	64.56	2,352	1.36	2,320	287	599
Cash	32,153	-20.70	40,546	173	14,841	-49.17	29,198	-23.79	38,313
Miscellaneous current assets	2,119	449	386	-66.32	1,145	202	378	-	0
Total Assets	9,362,586	42.49	6,570,789	27.82	5,140,744	140	2,133,110	17.90	1,809,241

Liabilities
Total shareholders equity	571,795	5.09	544,108	6.91	508,962	1274	37,040	47.84	25,055
Issued share capital	473,111	0	473,111	0	473,111	2443	18,600	-6.86	19,971
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	98,684	39.00	70,997	98.03	35,851	94.42	18,440	262	5,084
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	8,790,790	45.86	6,026,681	30.12	4,631,782	120	2,096,070	17.48	1,784,186
Other long term loans	1,400,214	-	0	-	0	-	0	-	0
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	1,400,214	-	0	-	0	-	0	-	0
Current portion of long term debt	0	-	0	-	0	-	0	-	0
Financial debts	823,965	127	362,263	5.89	342,124	-	0	-	0
Trade creditors	6,352,193	49.50	4,249,000	4.35	4,071,864	190	1,402,847	25.76	1,115,480
Amounts Payable for Taxes,	16,649	140	6,934	195	2,348	-45.52	4,310	101	2,139
Remuneration & Social Security
Miscellaneous current liabilities	197,769	-85.96	1,408,484	553	215,446	-68.73	688,913	3.35	666,567
Total current liabilities	7,390,576	22.63	6,026,681	30.12	4,631,782	120	2,096,070	17.48	1,784,186
Total Liabilities	9,362,586	42.49	6,570,789	27.82	5,140,744	140	2,133,110	17.90	1,809,241

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.19	-55.81	0.43	115	0.20	-	-	-	-
Return on capital employed	1.74	-77.58	7.76	99	3.89	-91.77	47.24	63.86	28.83
Return on total assets employed	0.37	-42.19	0.64	68.42	0.38	-53.66	0.82	105	0.40
Return on net assets employed	6.00	-22.68	7.76	99	3.89	-91.77	47.24	63.86	28.83
Sales / net working capital	9.17	-50.19	18.41	-7.77	19.96	-	-	-	-
Stock turnover ratio	21.90	-21.19	27.79	56.83	17.72	-	-	-	-
Creditor days	129.24	-18.35	158.28	6.27	148.94	-	-	-	-
Debtor days	108.32	-22.45	139.68	14.58	121.91	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.27	16.51	1.09	-1.80	1.11	9.90	1.01	0	1.01
Liquidity ratio / acid ratio	0.73	15.87	0.63	-13.70	0.73	143	0.30	50.0	0.20
Current debt ratio	12.93	16.70	11.08	21.76	9.10	-83.92	56.59	-20.53	71.21
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	31,490	-22.03	40,385	90.23	21,230	28.63	16,505	157	6,401
Net worth	571,795	5.09	544,108	6.91	508,962	1274	37,040	47.84	25,055
LONG TERM STABILITY
Gearing	388.98	484	66.58	-0.95	67.22	-		-	-
Equity in percentage	6.11	-26.21	8.28	-16.36	9.90	468	1.74	26.09	1.38
Total debt ratio	15.37	38.72	11.08	21.76	9.10	-83.92	56.59	-20.53	71.21
Working capital	1,965,063	266	536,010	6.94	501,235	1666	28,369	45.21	19,537

Profit & loss
Operating Income	18,025,661	82.60	9,871,398	-1.42	10,013,320	-	-	-	-
Turnover	18,022,332	82.64	9,867,541	-1.37	10,004,346	-	-	-	-
Total operating expenses	17,939,554	83.09	9,798,358	-1.81	9,978,621	-	-	-	-
Gross Operating Margin	-	-	-	-	-	-	24,097	107	11,599
Operating Charges	17,942,884	83.05	9,802,215	-1.86	9,987,596	-	-	-	-
Employee costs	-	-	3,009	-	-	-	-	-	-
Wages and salary	-	-	2,471	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	461	-	-	-	-	-	-
Other employee costs	-	-	77	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	3,802	-27.42	5,239	37.18	3,819	21.28	3,149	139	1,317
Operating result	82,778	19.65	69,183	168	25,724	27.18	20,227	117	9,311
Total financial income	617	421	118	-27.03	162	179	58	115900	0
Total financial expenses	49,061	81.21	27,074	343	6,103	118	2,789	33.56	2,088
Results on ordinary operations before	34,334	-18.69	42,227	113	19,784	13.07	17,497	142	7,223
taxation
Extraordinary Income	-	-	94,694	-	-	-	-	-	-
Extraordinary Charges	-	-	95,199	-	-	-	-	-	-
Extraordinary items	-	-	-505	-	0	-	0	-	0
Results for the Year Before Taxation	34,334	-17.71	41,722	110	19,784	13.07	17,497	142	7,223
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	6,646	1.07	6,576	177	2,373	-42.68	4,140	93.56	2,139
Results on ordinary operations after	27,687	-22.34	35,651	104	17,411	30.35	13,357	162	5,084
taxation
Net result	27,687	-21.22	35,146	101	17,411	30.36	13,356	162	5,084
Profit (Loss) for the Year to be appropiated	27,687	-21.22	35,146	101	17,411	30.36	13,356	162	5,084
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	-	-
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

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

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
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		Male	Female
for workers paid by the employer		-	-
Number of employees		-	-
Number of training hours		-	-
Net costs for enterprise
Total of less formal and informal continuing vocational		Male	Female
training initiatives for workers paid by the employer		-	-
Number of employees		-	-
Number of training hours		-	-
Net costs for enterprise
Total of initial training initiatives at the expense of the		Male	Female
employer		-	-
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

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	129.24
Day sales outstanding	108.32
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	192.73
expectation days
Industry average day sales	194.48
outstanding

Industry quartile analysis
Payment expectations
Company result	129.24
Lower	132.91
Median	60.64
Upper	28.62

Day sales outstanding

Company result	108.32
Lower	131.59
Median	85.34
Upper	47.22

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

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

Position	Manager
Start Date	18/01/2011
Street	151 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	Rajesh Nama
Former director details
Name	Nilesh Upadhyay
Position	Manager
Start Date	12/11/2009
End Date	17/01/2011
Street	90 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.80
UK Pound	1	Rs.100.49
Euro	1	Rs.72.52
EURO	1	Rs. 72.91

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI

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 name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholder Details

Linked Companies

DIRECTOR DETAILS

Unit