MIRA INFORM REPORT

Report No. :	354661
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	VEEDIAM BVBA

Registered Office :	Hoveniersstraat 30-Bus 194 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	04.06.2004

Com. Reg. No.:	865620278

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones.

No. of Employees :	1 (2014)

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 – 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 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 an 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 summary

Business number	865620278
Branche Unit Number	2138655604
Company name	VEEDIAM BVBA
Address	HOVENIERSSTRAAT 30-BUS 194 2018 ANTWERPEN
Number of staff	1
Date of establishment	04/06/2004
Telephone number	032270360
Fax number	032250360

Commentary

The business was established over 11 years ago.

The business has 1 employees.

The business has been at the address for over 9 years.

Operating Result in the latest trading period increased 30% on the previous trading period.

A 29% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 23% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 68% during the latest trading period.

Turnover in the latest trading period increased 45% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	134,946,281	235,508	4,331,128	11,103,519
31/12/2013	93,002,446	190,402	3,652,549	9,664,791
31/12/2012	96,346,420	194,135	3,272,841	9,045,474

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	45,919,564	1	3,285,886	228,951
31/12/2013	35,435,346	1	2,892,904	201,413
31/12/2012	35,253,607	1	2,644,815	189,242

Payment expectations

Past payments		Payment expectation days	46.44
Industry average payment	110.77	Industry average day sales	171.22
expectation days		outstanding
Day sales outstanding	108.53

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

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		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	830,047	8.90	762,229	-2.75	783,782	-5.51	829,473	269	224,292
Intangible fixed assets	6,039	-10.69	6,762	-	0	-100	410	-76.50	1,745
Tangible fixed assets	817,622	8.31	754,921	-3.61	783,212	-5.46	828,480	273	221,983
Land & building	735,256	10.79	663,635	-6.62	710,707	-4.24	742,162	303	183,945
Plant & machinery	39,740	-13.59	45,992	-22.91	59,661	-18.64	73,330	97.90	37,055
Furniture & Vehicles	42,627	-5.89	45,293	252	12,843	-1.12	12,988	1221	983
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	-1	-200	1	0	1	-	0	-	0
Financial fixed assets	6,386	1069	546	-4.38	571	-2.06	583	3.37	564
Total current assets	45,089,517	30.04	34,673,117	0.59	34,469,825	47.72	23,334,645	23.51	18,892,404
Inventories	3,975,032	40.30	2,833,262	-1.20	2,867,652	-18.84	3,533,186	-8.53	3,862,464
Raw materials & consumables	-	-	-	-		-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	3,975,032	40.30	2,833,262	-1.20	2,867,652	-18.84	3,533,186	-8.53	3,862,464
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	40,124,039	36.75	29,340,788	-4.34	30,673,089	60.72	19,084,438	37.01	13,929,126
Other amounts receivable	266,310	23.24	216,084	83.15	117,983	55.74	75,756	38.00	54,894
Cash	709,867	-68.72	2,269,716	183	800,663	26.95	630,713	-39.37	1,040,247
Miscellaneous current assets	14,269	7.55	13,267	27.10	10,438	-1.08	10,552	86.00	5,673
Total Assets	45,919,564	29.59	35,435,346	0.52	35,253,607	45.89	24,164,118	26.40	19,116,696
Liabilities
Total shareholders equity	4,337,167	18.52	3,659,311	11.81	3,272,841	2.94	3,179,454	8.44	2,932,115
Issued share capital	3,285,886	13.58	2,892,904	9.38	2,644,815	-1.94	2,697,160	3.27	2,611,663
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,051,281	37.17	766,407	22.03	628,026	30.22	482,294	50.50	320,452
Provisions for Liabilities & Charges	0		0	-	0	-	0	-	0
Deffered taxes	-		-	-	-	-	-	-	-
Creditors	41,582,398	30.86	31,776,035	-0.64	31,980,766	52.40	20,984,664	29.66	16,184,581
Other long term loans	7,502,677	12.23	6,685,196	7.09	6,242,798	17.66	5,305,963	46.34	3,625,807
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	93,722	13.58	82,513	-73.69	313,617	-1.94	319,824	3.27	309,685
Total long term debts	7,596,399	12.24	6,767,709	3.22	6,556,415	16.54	5,625,787	42.95	3,935,492
Current portion of long term debt	33,679	5.02	32,069	5.03	30,534	4.58	29,197	214	9,295
Financial debts	16,765,650	17.80	14,231,981	-3.51	14,749,811	44.48	10,208,728	43.92	7,093,410
Trade creditors	17,022,784	60.01	10,638,339	8.50	9,805,011	108	4,699,285	-6.78	5,040,815
Amounts Payable for Taxes,	125,095	97.63	63,296	2.66	61,654	19.91	51,419	123	23,004
Remuneration & Social Security
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.17	-15.00	0.20	0	0.20	0	0.20	5.26	0.19
Return on capital employed	1.97	7.65	1.83	-7.58	1.98	-6.60	2.12	35.90	1.56
Return on total assets employed	0.51	-5.56	0.54	-1.82	0.55	-28.57	0.77	37.50	0.56
Return on net assets employed	5.43	4.42	5.20	-12.31	5.93	1.02	5.87	60.82	3.65
Sales / net working capital	12.15	26.30	9.62	-9.67	10.65	-10.28	11.87	37.23	8.65
Stock turnover ratio	2.95	-3.28	3.05	2.35	2.98	-20.11	3.73	-44.49	6.72
Creditor days	46.44	10.15	42.16	12.43	37.50	105	18.24	-43.48	32.27
Debtor days	108.53	-5.75	115.15	-0.90	116.20	57.90	73.59	-16.87	88.52
SHORT TERM STABILITY
Current ratio	1.33	-4.32	1.39	2.21	1.36	-10.53	1.52	-1.30	1.54
Liquidity ratio / acid ratio	1.21	-4.72	1.27	2.42	1.24	-3.88	1.29	4.88	1.23
Current debt ratio	7.84	14.79	6.83	-12.10	7.77	60.87	4.83	15.55	4.18
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	228,951	13.67	201,413	6.43	189,242	7.98	175,254	50.64	116,343
Net worth	4,331,128	18.58	3,652,549	11.60	3,272,841	2.95	3,179,044	8.49	2,930,370
LONG TERM STABILITY
Gearing	560.32	-2.13	572.49	-10.88	642.35	31.39	488.89	33.61	365.90
Equity in percentage	9.45	-8.52	10.33	11.31	9.28	-29.48	13.16	-14.21	15.34
Total debt ratio	9.59	10.48	8.68	-11.16	9.77	48.03	6.60	19.57	5.52
Working capital	11,103,519	14.89	9,664,791	6.85	9,045,474	13.41	7,975,768	20.06	6,643,315
Profit & loss
Operating Income	134,982,588	45.13	93,007,732	-3.48	96,365,481	1.79	94,668,467	64.81	57,440,037
Turnover	134,946,281	45.10	93,002,446	-3.47	96,346,420	1.78	94,657,480	64.81	57,435,657
Total operating expenses	133,779,686	45.24	92,110,034	-3.48	95,432,499	1.50	94,019,454	64.92	57,010,454
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	133,815,993	45.27	92,115,319	-3.50	95,451,559	1.51	94,030,441	64.92	57,014,834
Employee costs	37,156	31.92	28,165	-34.87	43,244	41.53	30,555	9.34	27,946
Wages and salary	29,487	27.95	23,045	-32.95	34,369	35.09	25,442	9.78	23,176
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	5,991	45.87	4,107	-47.47	7,818	59.42	4,904	9.76	4,468
Other employee costs	1,678	65.65	1,013	-4.07	1,056	405	209	-30.79	302
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	48,188	34.40	35,853	4.99	34,150	42.88	23,902	21.85	19,616
Operating result	1,166,595	30.72	892,412	-2.35	913,921	43.24	638,026	50.05	425,203
Total financial income	137,178	304	33,892	-61.35	87,679	-51.45	180,581	176	65,228
Total financial expenses	1,068,265	45.16	735,903	-8.86	807,466	27.77	631,959	64.82	383,435
Results on ordinary operations before taxation	235,508	23.69	190,402	-1.92	194,135	4.01	186,648	74.44	106,996
Extraordinary Income	-	-	230,469	-	-	-	-	-	399
Extraordinary Charges	-	-	208,092	-	-	-	-	-	-
Extraordinary items	0	-100	22,377	-	0	-	0	-100	399
Results for the Year Before	235,508	10.68	212,779	9.60	194,135	4.01	186,648	73.80	107,395
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	54,745	15.94	47,219	20.94	39,042	10.61	35,297	230	10,668
Results on ordinary operations	180,763	26.25	143,183	-7.68	155,093	2.47	151,351	57.12	96,328
after taxation
Net result	180,763	9.18	165,560	6.75	155,092	2.47	151,352	56.47	96,727
Profit (Loss) for the Year to be appropiated	180,763	9.18	165,560	6.75	155,092	2.47	151,352	56.47	96,727
Dividends	-	-	-	-	-	-	-	-	-

Social BALANCE SHEET DETAILS

Social Balance Sheet				Total
During the reporting year
ended 31-12-2013
Full-time Employees				0
Part-time Employees				1
Total Fte Employees				1
Number of hours worked
Full-time Employees				243
Part-time Employees				1,193
Total				1,436
Personnel Charges
Full-time Employees				6,291
Part-time Employees				30,865
Total				37,156
Benefits In Addition To Wages				-
During the previous reporting year
Average number employees in Fte				1
Actual working hours				1,070
Personnel Charges				31,991
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	1	-	1

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

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment Information Summary

Total number of Invoices available	2
Total number of Invoices paid within or up to 30 days after the due date	2
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Payment expectation days	46.44
Day sales outstanding	108.53
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	110.77
expectation days
Industry average day sales	171.22
outstanding

Industry Quartile Analysis

Payment expectations
Company result	46.44
Lower	120.34
Median	74.93
Upper	45.40

Day sales outstanding
Company result	108.53
Lower	107.56
Median	54.63
Upper	24.79

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	Prakash	Middle name	-
Surname	Patel
SHAREHOLDER DETAILS
Start date	18/09/2013(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Van Eycklei	House number	17
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium
SHAREHOLDER NAME
Forename	Manish	Middle name	-
Surname	Patel
SHAREHOLDER DETAILS
Start date	18/09/2013(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

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	Principal Manager
Start Date	10/05/2013
Date of birth	21/11/1973
Street	17 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	PRAKASH BHAGWANBHAI PATEL

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.99
UK Pound	1	Rs.101.78
Euro	1	Rs.73.47
EUR	1	Rs. 73.45

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.

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	Joint committee for the industry and the trade in diamant
Significant Events
Event Date	02/12/2013
Event Description
Event Details	Rectification deed . August 30, 2013 : The name of the company was verkeerdelijk'Exelco Sourcing stated. The name of the ennootschap is put right and to be read as' Veediam

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Accounts

Payment expectations

Court data summary

Company information

Company accounts

Social BALANCE SHEET DETAILS

Payment Information

Industry Quartile Analysis

Shareholder Details

Group Structure

Minority Shareholders

Minority Interests

Individual Shareholders

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit