MIRA INFORM REPORT

Report No. :	356548
Report Date :	26.12.2015

IDENTIFICATION DETAILS

Name :	AKASH DIAMONDS BVBA

Registered Office :	HOVENIERSSTRAAT 2-BUS 242 2018 ANTWERPEN

Country :	BELGIUM

Financials (as on) :	31.12.2014

Date of Incorporation :	20.11.2012

Com. Reg. No.:	500940167

Legal Form :	Private limited liability company

Line of Business :	Wholesale of diamonds and other precious stones

Employees:	Not Available

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 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 summary

Business number	500940167
Branche Unit Number	2214276606
Company name	AKASH DIAMONDS BVBA
Address	HOVENIERSSTRAAT 2-BUS 242 2018 ANTWERPEN
Number of staff	-
Date of establishment	20/11/2012
Telephone number	-
Fax number	-

Commentary

The business was established over 3 years ago. No employees are recorded for this business. The business has been at the address for over 3 years. The credit rating for this business has increased from 51 to 71. The credit limit for this business has increased from €0 to €1550000. Operating Result in the latest trading period increased 155% on the previous trading period. Net Worth increased by 168% during the latest trading period.

A 42% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 143% compared to the previous trading period. The business saw an increase in their Cash Balance of 3221% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	72,123,900	146,428	155,677	155,677
31/12/2013		60,101	58,041	58,041
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	-	-	18,600	97,636
31/12/2013	-	-	18,600	39,441

Payment expectations

Past payments		Payment expectation days	142.74
Industry average payment	178.49	Industry average day sales	193.96
expectation days		outstanding
Day sales outstanding	110.58

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)
Significant Events
Event Date	05/11/2014
Event Description	Company Registered Address striked off from KBO
Event Details

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013
Weeks	52		58
Currency	EUR		EUR
Total fixed assets	0	-	0
Intangible fixed assets	0	-	0
Tangible fixed assets	0	-	0
Land & building	0	-	0
Plant & machinery	0	-	0
Furniture & Vehicles	0	-	0
Leasing & Other Similar Rights	0	-	0
Other tangible assets	0	-	0
Financial fixed assets	0	-	0
Total current assets	28,355,279	42.71	19,869,277
Inventories	5,801,641	-23.73	7,606,412
Raw materials & consumables	0	-	0
Work in progress	0	-	0
Finished goods	5,801,641	-	0
Other stocks	0	-100	7,606,412
Trade debtors	21,850,453	78.53	12,238,751
Other amounts receivable	4,131	34.77	3,065
Cash	699,055	3221	21,049
Miscellaneous current assets	0	-	0
Total Assets	28,355,279	42.71	19,869,277

Liabilities

Total shareholders equity	155,677	168	58,041
Issued share capital	18,600	0	18,600
Share premium account	0	-	0
Revaluation reserve	0	-	0
Reserves	137,077	247	39,441
Provisions for Liabilities & Charges	0	-	0
Deffered taxes	0	-	0
Creditors	28,199,602	42.34	19,811,236
Other long term loans	0	-	0
Long term group loans	-	-	-
Other long term liabilities	0	-	0
Total long term debts	0	-	0
Current portion of long term debt	0	-	0
Financial debts	0	-100	158
Trade creditors	28,140,155	42.20	19,789,169
Amounts Payable for Taxes, Remuneration & Social Security	56,725	174	20,660
Miscellaneous current liabilities	2,722	118	1,248
Total current liabilities	28,199,602	42.34	19,811,236
Total Liabilities	28,355,279	42.71	19,869,277

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.20		-	-
Return on capital employed	94.06		-9.16	103.55
Return on total assets employed	0.52		73.33	0.30
Return on net assets employed	94.06		-9.16	103.55
Sales / net working capital	463.29		-	-
Stock turnover ratio	8.04		-	-
Creditor days	142.74		-	-
Debtor days	110.58		-	-
SHORT TERM STABILITY
Current ratio	1.01		1.00	1.00
Liquidity ratio / acid ratio	0.80		29.03	0.62
Current debt ratio	181.14		-46.93	341.33
Liquidity ratio reprocessed	-		-	-
Cashflow	97,636		147	39,441
Net worth	155,677	168		58,041
LONG TERM STABILITY
Gearing	-	-		0.27
Equity in percentage	0.55	89.66		0.29
Total debt ratio	181.14	-46.93		341.33
Working capital	155,677	168		58,041
Profit & loss
Operating Income	72,123,900	-		-
Turnover	72,123,900	-		-
Total operating expenses	71,955,500	-		-
Gross Operating Margin	-	-		69,555
Operating Charges	71,955,500	-		-
Employee costs	-	-		-
Wages and salary	-	-		-
Employee pension costs	-	-		-
Social security contributions	-	-		-
Other employee costs	-	-		0
Director remuneration	-	-		-
Amortization and depreciation	-	-		-
Operating result	168,400	155		65,948
Total financial income	2,319	141		962
Total financial expenses	24,292	256		6,809
Results on ordinary operations before taxation	146,428	143		60,101
Extraordinary Income	-	-		-
Extraordinary Charges	-	-		-
Extraordinary items	-	-		0
Results for the Year Before Taxation	146,428	143		60,101
Other appropriations	-	-		-
Taxation	48,791	136		20,660
Results on ordinary operations after taxation	97,636	147		39,441
Net result	97,636	147		39,441
Profit (Loss) for the Year to be appropiated	97,636	147		39,441
Dividends	-	-		-

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	142.74
Day sales outstanding	110.58
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	178.49

expectation days

Industry average day sales outstanding

193.96

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

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	20/11/2012
Street	83 DELLA FAILLELAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	Anandkumar Dugar

Former director details

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.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
EURO	1	Rs.72.55

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

INFORMATION DETAILS

Analysis Done by :	HEE

Report Prepared by :	SDA

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

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Payment Information

expectation days

Linked Companies

Director details

Unit