MIRA INFORM REPORT

Report No. :	309630
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	DIA-VEER BVBA
Registered Office :	Hoveniersstraat 30-Bus 229 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	13.03.1992
Com. Reg. No.:	446886423
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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Belgium	a1	a1

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 446886423
Branche Unit Number 2056976060
Company name DIA-VEER BVBA
Address HOVENIERSSTRAAT 30-BUS 229 2018 ANTWERPEN
Number of staff 01 (31.12.2013)
Date of establishment 13/03/1992
Telephone number 032133982
Fax number 032263815

Commentary

The business was established over 22 years ago.

The business has 1 employees.

The business has been at the address for over 19 years

Pre-tax profits increased by 257% compared to the previous trading period.

The business saw an increase in their Cash Balance of 43% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	13,146,606	79,920	913,604	1,112,050
31/12/2012	16,265,641	22,337	853,597	1,091,161
31/12/2011	11,494,200	58,237	859,976	1,110,420

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	7,513,735	1	600,000	85,011
31/12/2012	9,108,700	0	600,000	18,638
31/12/2011	6,277,789	0	600,000	58,349

Payment expectations

Payment expectation days 155.30
Industry average payment
expectation days 123.86

Industry average day sales
outstanding 140.10
Day sales outstanding 122.34

Company information

Business number	446886423	Company name	DIA-VEER BVBA
Fax number	032263815	Date founded	13/03/1992
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.0446.886.423
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee 

(JIC)

JIC Code 218
Description Additional national joint committee for the employees
category

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	244,813	-9.23			269,703	-8.49			294,720	-4.75			309,415	76.67	175,138
Tangible fixed assets	240,148	-9.39			265,037	-8.62			290,054	-4.82			304,750	78.77	170,473
Land & building	224,994	-7.35			242,853	-6.85			260,712	-2.68			267,896	70.49	157,132
Plant & machinery	1,289	-28.00			1,791	-26.00			2,420	-28.87			3,402	-64.54	9,595
Furniture & Vehicles	13,864	-32.02			20,394	-24.25			26,923	-19.52			33,452	793	3,746
Financial fixed assets	4,665	0			4,665	0			4,665	0.01			4,665	0	4,665
Total current assets	7,268,921	-17.76			8,838,997	47.73			5,983,069	-16.15			7,135,041	51.49	4,709,879
Inventories	2,238,528	-16.17			2,670,260	124			1,187,078	-17.72			1,442,730	97.46	730,642
Finished goods	2,238,528	-16.17			2,670,260	124			1,187,078	-17.72			1,442,730	97.46	730,642
Trade debtors	4,406,289	-22.93			5,717,295	29.69			4,408,346	-19.97			5,508,141	41.29	3,898,329
Other amounts receivable	29,538	-8.29			32,209	360			7,000	-31.55			10,227	-48.90	20,014
Cash	584,523	43.20			408,195	10.47			369,505	125			164,114	212	52,552
Miscellaneous current assets	10,043	-9.02			11,038	-0.92			11,141	13.35			9,829	17.83	8,342
Total Assets	7,513,735	-17.51			9,108,700	45.09			6,277,789	-15.67			7,444,456	52.39	4,885,017
Liabilities
Total shareholders equity	913,604		7.03	853597			-0.74	859976			3.92	827,534		7.71	768,298
Issued share capital	600,000		0	600,000			0	600,000			0	600,000		0	600,000
Reserves	313,604		23.66	253,597			-2.45	259,976			14.26	227,534		35.20	168,298
Creditors	6,600,131		-20.05	8,255,103			52.37	5147,812			-18.12	6,616,922		60.73	4,116,719
Total long term debts	443,260		-12.62	507,267			-6.95	545,163			-3.00	562,005		-2.75	577,872
Current portion of long term debt	24,109		4.83	22,999			4.81	21,944			4.66	20,966		2.85	21,580
Financial debts	58,446		-28.54	81,791			-1.02	82,635			12954	633		----	---
Trade creditors	5,558,083		-26.91	7,604,718			63.27	4,657,749			-20.63	5,868,303		76.44	332,6012
Amounts Payable for Taxes, Remuneration & Social Security	8,507		-42.13	14,700			122	6,619			-40.15	11,060		259	3075
Miscellaneous current liabilities	507,725		2048	23,628			-77.22	103,702			-32.64	153,955		-19.19	188,180
Total current liabilities	6,156,871		-20.53	7,747,836			59.01	4,872,649			-19.53	6,054,917		71.10	3,538,847
Total Liabilities	7,513,735		-17.51	9,108,700			45.09	6,277,789			-15.67	7,444,456		52.39	4,885,017

Ratio Analysis

	31.12.2013	%	31.12.2012	%	31.12.2011	%	31.12.2010	%	31.12.2009
TRADING PERFORMANCE
Profit Before Tax	0.61	335	0.14	-72.55	0.51	-28.17	0.71	-5.33	0.75
Return on capital employed	5.89	259	1.64	-60.39	4.14	-25.81	5.58	23.73	4.51
Return on total assets employed	1.06	324	0.25	-73.12	0.93	-10.58	1.04	-16.13	1.24
Return on net assets employed	8.75	233	2.62	-61.30	6.77	-27.83	9.38	18.58	7.91
Sales / net working capital	11.82	-20.72	14.91	44.06	10.35	1.77	10.17	47.39	6.90
Stock turnover ratio	17.03	3.71	16.42	58.95	10.33	-21.39	13.14	45.35	9.04
Creditor days	155.30	-9.50	171.60	15.42	148.68	-24.98	198.19	29.28	153.30
Debtor days	122.34	-4.65	128.30	-8.35	139.99	-23.54	183.09	4.00	176.04
SHORT TERM STABILITY
Current ratio	1.18	3.51	1.14	-7.32	1.23	4.24	1.18	-11.28	1.33
Liquidity ratio / acid ratio	0.82	2.50	0.80	-18.37	0.98	4.26	0.94	-16.07	1.12
Current debt ratio	6.74	-25.77	9.08	60.14	5.67	-22.54	7.32	58.79	4.61
Cashflow	85,011	356	18,638	-68.06	58,349	-19.71	72,676	20.61	60,255
Net worth	913,604	7.03	853,597	-0.74	859,976	3.92	827,534	7.71	768,298
LONG TERM STABILITY
Gearing	57.55	-19.74	71.70	-5.10	75.55	7.13	70.52	-9.61	78.02
Equity in percentage	12.16	29.78	9.37	-31.61	13.70	23.20	11.12	-29.31	15.73
Total debt ratio	7.22	-25.34	9.67	53.49	6.30	-21.25	8.00	49.25	5.36
Working Capital	1,112,050	1.91	1,091,161	-1.73	1,110,420	2.80	1,080,124	-7.76	1,171,032

Profit & Loss

Operating Income	13,173,006	-19.14	16,292,041	41.42	11,520,600	4.67	11,006,935	35.73	8,109,393
Turnover	13,146,606	-19.18	16,265,641	41.51	11,494,200	4.68	10,980,535	35.85	8,082,993
Total operating expenses	13,063,132	-19.24	16,175,328	41.46	11,434,848	5.81	10,807,323	36.48	7,918,901
Operating Charges	13,089,532	-19.21	16,201,728	41.36	11,461,248	5.79	10,833,723	36.35	7,945,301
Employee costs	19,323	4.08	18,565	5.04	17,675	2.84	17,187	-1.77	17,497
Wages and salary	15,691	3.80	15,116	3.48	14,608	2.49	14,253	0	14,253
Social security contributions	3,291	14.89	2,865	2.25	2,802	6.16	2,639	-13.13	3,038
Other employee costs	341	-41.61	584	120	265	-10.11	295	43.20	206
Director remuneration	90,240	0	90,240	0	90,240	0	90,240	0	90,240
Amortization and depreciation	25,005	-0.05	25,017	-3.44	25,907	92.76	13,440	-10.24	14,974
Operating result	83,474	-7.57	90,312	52.16	59,352	-65.73	173,212	5.56	164,092
Total financial income	33,410	77.89	18,781	-45.00	34,149	136497	25	-84.76	164
Total financial expenses	36,964	-57.39	86,756	146	35,264	-63.13	95,655	-7.59	103,512
Results on ordinary operations	79,920	257	22,337	-61.64	58,237	-24.93	77,582	27.72	60,744
before taxation
Extraordinary Income	-	-	-	-	-	-	455	-	-
Extraordinary Charges	-	-	-	-	18,689	-	-	-	—-
Extraordinary items	0	-	0	0	-18,689	-4207	455	-	0
Results for the Year Before	79,920	257	22,337	-43.52	39,548	-49.32	78,037	28.47	60,744
Taxation
Taxation	19,913	-30.65	28,716	304	7,106	-62.20	18,801	21.59	15,463
Results on ordinary operations	60,006	940	-6,379	-112	51,131	-13.01	58,781	29.81	45,281
after taxation
Net result	60,006	940	-6,379	-119	32,442	-45.23	59,236	30.82	45,281
Profit (Loss) for the Year to be	60,006	940	-6,379	-119	32,442	-45.23	59,236	30.82	45,281

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	-
Part-time Employees	1
Total Fte Employees	1
Number of hours worked
Full-time Employees	-
Part-time Employees	924
Total	924
Personnel Charges
Full-time Employees	-
Part-time Employees	19,323
Total	19,323
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	924
Personnel Charges	18,565
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	1	1

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondary education	-	1	1

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondary education	-	1	1

Payment Information

Payment Information Summary
Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	0
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	1
Total number of Invoices currently outstanding beyond the due date	0

Payment expectations

Payment expectation days 155.30
Day sales outstanding 122.34

Industry comparison

Activity code 46761
Activity description Wholesaler of diamonds and other precious stones

Industry average payment
expectation days 123.86
Industry average day sales
outstanding 140.10

Industry quartile analysis

Payment expectations
Company result 155.30
Lower 120.92
Median 74.35
Upper 45.81

Day sales outstanding
Company result 122.34
Lower 101.92
Median 54.07
Upper 23.99

Director details

Current Director Details
Name PANKAJ  PAREKH
Position Principal Manager
Start Date 09/09/2010
Street 17 BELGIËLEI ANTWERPEN
Post code 2018
Country Belgium

Name VIPUL RASIKLAL PAREKH
Position Principal Manager
Start Date 09/09/2010
Street 19 BELGIËLEI ANTWERPEN
Post code 2018
Country Belgium

Former Director Details
Name MARGARETA  VAN POPPEL
Position Principal Manager
Start Date 31/08/1997
End Date Unknown date
Street OTTIGNIES-LOUVAIN-LA-NEUVE
Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.04
UK Pound	1	Rs.96.02
Euro	1	Rs.70.42

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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