MIRA INFORM REPORT

Report No. :	308898
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	OM CORPORATION BVBA
Registered Office :	Hoveniersstraat 12, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	12.11.1987
Com. Reg. No.:	432216063
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No of Employees :	01 (31.12.2013)

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Belgium	a2	a2

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 name & address

Business number 432216063

Company name OM CORPORATION BVBA

Address HOVENIERSSTRAAT 12

2018 ANTWERPEN

Date of establishment 12/11/1987

No. of Staff 01 (31.12.2013)

Telephone number 032317641

Fax number 032343259

Commentary

The business was established over 27 years ago.
The business has 1 employees.
The business has been at the address for over 19 years.
Operating Result in the latest trading period increased 191% on the previous trading period.
The business saw an increase in their Cash Balance of 133% during the latest trading period.

TRENDS

Profitability
Liquidity
Net worth

Accounts

DATE OF LATEST ACCOUNTS	PROFIT BEFORE TAX NET WORTH	WORKING CAPITAL	No. of Employees
31/12/2013	23,558 1,965,849	2,562,229	1
31/12/2012	-10,946 1,939,476	2,586,448	0
31/12/2011	31,919 1,873,011	2,532,404	0

Accounts

DATE OF LATEST BALANCE TOTAL ACCOUNTS	CAPITAL	CASHFLOW
31/12/2013 3,516,337	18,600	31,366
31/12/2012 3,171,003	18,600	67,467
31/12/2011 3,324,270	18,600	32,678

Payment expectations

Industry average payment expectation days 124.16

Industry average day sales outstanding 141.16

Company information

Business number	432216063	Company name	OM CORPORATION BVBA
Fax number	032343259	Date founded	12/11/1987
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0432.216.063
Belgian Bullettin of Acts Publications	moniteur belge

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	31,627	1049	2,752	-12.22	3,135	30.09	2,410	-15.77	2,861
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	30,127	2306	1,252	-23.43	1,635	79.71	910	-33.16	1,361
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	144	-69.68	474	-58.45	1,141	28.28	890	-4.95	936
Furniture & Vehicles	29,983	3755	778	57.57	494	2372	20	-95.30	425
Financial fixed assets	1,500	0	1,500	0	1,500	0	1,500	0	1,500
Total current assets	3,484,710	9.99	3,168,251	-4.60	3,321,135	22.01	2,721,970	-10.62	3,045,425
Inventories	924,948	-27.72	1,279,612	27.94	1,000,137	-17.29	1,209,174	-14.13	1,408,096
Other stocks	924,948	-27.72	1,279,612	27.94	1,000,137	-17.29	1,209,174	-14.13	1,408,096
Trade debtors	1,763,608	26.18	1,397,723	-21.72	1,785,484	92.55	927,289	8.56	854,177
Other amounts receivable	287,863	6.00	271,571	22.40	221,877	22.82	180,654	46.53	123,290
Cash	504,412	133	215,681	-30.96	312,381	-22.58	403,468	-38.74	658,567
Miscellaneous current assets	3,880	5.87	3,665	191	1,256	-9.36	1,386	6.99	1,295
Total Assets	3,516,337	10.89	3,171,003	-4.61	3,324,270	22.02	2,724,380	-10.63	3,048,286
Liabilities
Total shareholders equity	1,965,849	1.36	1,939,476	3.55	,1873,011	1.73	1,841,092	0.78	1,826,904
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Reserves	1,947,249	1.37	1,920,876	3.58	1,854,411	1.75	1,822,492	0.78	1,808,304
Creditors	1,550,488	25.90	1,231,527	-15.14	1,451,258	64.30	883,287	-27.68	1,221,383
Other Long Terms Loans	331,436	-2.44	339,734	-1.93	346,429	3.27	335,462	7.81	311,151
Other long term liabilities	296,570	-4.33	309,989	-1.93	316,099	3.27	306,092	7.81	283,909
Total long term debts	628,006	-3.34	649,723	-1.93	662,528	3.27	641,554	7.81	595,061
Current portion of long term debt	15,038	--	---	---	---	---	--	--	--
Financial debts	566,561	120	257,380	-37.66	412,833	187	143,384	-67.33	438,858
Trade creditors	338,067	4.73	322,789	-13.80	374,483	283	97,548	-30.91	141,195
Amounts Payable for Taxes, Remuneration & Social Security	1,520	26.39	1,203	212	384	-52.02	801	-98.26	46,080
Miscellaneous current liabilities	1,295	200	431	-58.13	1,030	--	0	-100	189
Total current liabilities	922,481	58.56	581,804	-26.24	788,731	226	241,733	-61.40	626,322
Total Liabilities	3,516,337	10.89	3,171,003	-4.61	3,324,270	22.02	2,724,380	-10.63	3,048,286

Ratio Analysis

	31.12.2013	%	31.12.2012	%	31.12.2011	%	31.12.2010	%	31.12.2009
TRADING PERFORMANCE
Return on capital employed	0.91	216	-0.42	-133	1.26	121	0.57	2750	0.02
Return on total assets employed	0.67	191	-0.35	-136	0.96	84.62	0.52	2500	0.02
Return on net assets employed	1.20	214	-0.56	-132	1.70	120	0.77	2466	0.03
SHORT TERM STABILITY
Current ratio	3.78	-60.64	5.45	29.45	4.21	-62.61	11.26	131	4.86
Liquidity ratio / acid ratio	2.77	-14.77	3.25	10.54	2.94	-53.04	6.26	139	2.61
Current debt ratio	0.47	56.67	0.30	-28.57	0.42	223	0.13	-61.76	0.34
Cashflow	31366	-53.51	67467	106	32678	116	15074	432	2833
Net worth	1,965,849	1.36	1,939,476	3.55	1,873,011	1.73	1,841,092	0.78	1,826,904
LONG TERM STABILITY
Gearing	46.44	50.83	30.79	-24.05	40.54	55.86	26.01	-36.64	41.05
Equity in percentage	55.91	-8.58	61.16	8.56	56.34	-16.63	67.58	12.76	59.93
Total debt ratio	0.79	25.40	0.63	-18.18	0.77	60.42	0.48	-28.36	0.67
Working Capital	2,562,229	-0.94	2,586,448	2.13	2,532,404	2.10	2,480,237	2.53	2,419,103

Profit & Loss

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
Gross Operating Margin	78,867	187	27,413	-58.28	65,710	47.68	44,496	-13.38	51,367
Amortization & Depreciation	4,993	398	1,002	32.05	759	-14.27	885	-24.56	1,173
Operating result	71,374	191	24,475	-61.34	63,309	50.63	42,029	25.63	33,456
Total financial income	34	80.51	19	216	6	-98.97	574	1644	33
Total financial expenses	47,850	35.02	35,439	12.88	31,396	10.59	28,390	-13.74	32,910
Results on ordinary operations Before Taxation	23,558	215	-10,946	-134	31,919	124	14,214	2359	578
Extra ordinary Income	2,984	-96.15	77,481	--	--	--	--	--	1,082
Extraordinary Items	2,984	-96.15	77,481	--	--	---	--	-00	1,082
Results for the year Before Taxation	26,542	-60.11	66,535	108	31,919	124	14,214	756	1,660
Taxation	169	140	70	-	--	--	25	--	578
Result on ordinary Operations after taxation	23,389	212	-11,016	-134	31,919	124	14,189	2354	1,660
Net result	26,373	-60.32	66,465	108	31,919	124	14,819	754	1,660
Profit (Loss) for the year to be appropriated	26,373	-60.32	66,465	108	31,919	124	14,819	754	1,660

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment	124.16
expectation days
Industry average day sales	141.16
outstanding

Industry quartile analysis

Payment expectations

Company result -

Lower 122.34

Median 75.64

Upper 46.53

Day sales outstanding

Company result -

Lower 102.84

Median 54.51

Upper 24.07

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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

current Director details

Name DEEPAK BABUBHAI JHAVERI

Position Principal Manager

Start Date 09/12/2009

Street 47 QUINTEN MATSIJSLEI ANTWERPEN

Post code 2018

Country Belgium

Name SEEMA DEEPAK JHAVERI

Position Principal Manager

Start Date 09/12/2009

Street 38 QUINTEN MATSIJSLEI ANTWERPEN

Post code 2018

Country Belgium

Former director details

Name FRANK JHAVERI

Position Principal Manager

Start Date 05/08/1997

End Date Unknown date

Street 47 QUINTEN MATSIJSLEI 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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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%)

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