MIRA INFORM REPORT

Report No. :	303428
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	HOPE BELGIUM NV
Registered Office :	Pelikaanstraat 62 2018 Antwerpen
Country :	Belgium
Financials (as on) :	30.06.2013
Date of Incorporation :	25.07.2001
Com. Reg. No.:	475416301
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	02

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 name and address

Business number 475416301

Branche Unit Number 2114333645

Company name HOPE BELGIUM NV

Address PELIKAANSTRAAT 62

2018 ANTWERPEN

Number of staff 2

Date of establishment 25/07/2001

Telephone number 032251225

Fax number 032264011

Commentary

The business was established over 13 years ago. The business has 1 employees.

The business has been at the address for over 13 years.

Operating Result in the latest trading period increased 43% on the previous trading period.

Pre-tax profits increased by 59% compared to the previous trading period.

The business saw an increase in their Cash Balance of 175% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX NETWORTH	WORKING CAPITAL
30/06/2013	39,034,776	104,889 2,373,162	2,358,776
30/06/2012	34,699,004	65,560 2,390,702	2,171,018
30/06/2011	27,078,068	49,227 3 23,039	160,763

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
30/06/2013	10,665,306	2 1,975,193	96,765
30/06/2012	13,122,027	2 2,064,336	59,813
30/06/2011	8,075,186	2 68,455	49,935

Payment expectations

Past payments		Payment expectation days	51.89
Industry average payment expectation days	123.86	Industry average day sales outstanding	140.10
Day sales outstanding	39.94

Company information

Business number	475416301	Company name	HOPE BELGIUM NV
Fax number	032264011	Date founded	25/07/2001
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	30/06/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0475.416.301 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Personnel (NSSO classification)

Code -

Description FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code 218

Description Additional national joint committee for the employees category

Significant Events

Event Date 27/11/2013

Event Description

Event Details Vanaf heden wordt overgegaan tot het toekennen van een bezoldiging aan de heer Takahashi Takayuki, wegens het bekomen van zijn beroepskaart

Company accounts

Annual accounts	30-06-2013		%		30-06-2012		%		30-06-2011		%	30-06-2010	%	30-06-2009
Weeks	52				52				52			52		52
Currency	EUR				EUR				EUR			EUR		EUR
Total fixed assets	14,388		96.34		393,395		9.30		359,918		-19.64	447,885	5.93	422,816
Intangible fixed assets	0		___		0		___		0		___	0	___	0
Tangible fixed assets	7.956		-97.95		388,480		9.23		355,637		-19.81	443,508	5.99	418,439
Land & building	--		-		372,755		12.43		331,548		-16.81	398,553	12.89	353,035
Plant & machinery	4,856		135		2,063		-43.59		3,657		-66.05	10,771	-39.34	17,757
Furniture & Vehicles	3,101		-77.30		13,662		-33.13		20,432		-40.23	34,184	-28.26	47,647
Leasing & Other Similar Rights	-		-		-		-		-		-	-	-	-
Other tangible assets	-1		-		0		-		0		-	0	-	0
Financial fixed assets	6,430		30.85		4,914		14.79		4,281		-2.19	4,377	0	4,377
Total current assets	10,650,920		-16.32		12,728,632		64.98		7,715,268		5.64	7,303,111	-26.55	9,943,302
Inventories	4,884,871		-22.42		6,296,723		39.15		4,525,184		-23.18	5,890,259	-35.48	9,130,044
Raw materials & consumables	-		-		-		-		-		-	-	-	-
Work in progress	1,054,467		-50.85		2,145,575		-12.20		2,443,678		5.09	2,325,381	-49.77	4,629,666
Finished goods	3,830,405		-7.73		4,151,148		99		2,081,506		-41.61	3,564,879	1.88	3,499,171
Other stocks	-1		-		0		-		0		0	-1	-100	1,001,207
Trade debtors	4,271,560		-15.02		5,026,679		124		2,239,617		693	282,339	-46.36	526,362
Other amounts receivable	1,440,737		6.50		1,352,803		51.10		895,322		-13.67	1,037,078	2546	39,180
Cash	4,856		175		1,764		-96.23		46,830		-44.01	83,641	-64.90	238,308
Miscellaneous current assets		48,896		-3.49	50,663	509		8,315		-15.09		9,793	4.09	9,408
Total Assets		10,665,306		-18.72	13,122,027	62.50		8,075,186		4.18		7,750,996	-25.23	10,366,118

Liabilities

Total shareholders equity	2,373,162	-0.73	2,390,702	640	323,039	-6.72	346,303	29.99	266,414
Issued share capital	1,975,193	-4.32	2,064,336	2915	68,455	-15.09	80,625	15.18	70,000
Share premium account	-	-	-	-	-	-	-	-	---------------
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	397,969	21.94	326,366	28.20	254,584	-4.18	265,678	35.26	196,414
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	8,292,144	-22.73	10,731,325	38.43	7,752,147	4.69	7,404,692	-26.68	10,099,704
Other long term loans	-	-	173,711	-12.11	197,642	-9.53	218,461	-8.44	238,591
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-100	1	-	0
Total long term debts	0	-100	173,711	-12.11	197,642	-9.53	218,462	-8.44	238,591
Current portion of long term debt	-	-	47,188	2.77	45,917	-5.16	48,416	11.96	43,243
Financial debts	2,776,855	-11.41	3,134,348	37.41	2,280,949	-	-	-	1,031,438
Trade creditors	5,501,430	-25.30	7,364,490	113	3,451,312	-4.90	3,629,180	26.51	2,868,620
Amounts Payable for Taxes, Remuneration & Social Security	13,859	19.60	11,588	29.98	8,915	88.32	4,734	41.31	3,350
Miscellaneous current liabilities	0	-	0	-100	1,767,412	-49.56	3,503,901	-40.76	5,914,462
Total current liabilities	8,292,144	-21.46	10,557,614	39.75	7,554,505	5.12	7,186,231	-27.13	9,861,113
Total Liabilities	10,665,306	-18.72	13,122,027	62.50	8,075,186	4.18	7,750,996	-25.23	10,366,118

ratio analysis

TRADING PERFORMANCE
Profit Before Tax	0.27	42.11	0.19	5.56	0.18	-14.29	0.21	0	0.21
Return on capital employed	4.42	72.66	2.56	-72.91	9.45	-15.09	11.13	2.68	10.84
Return on total assets employed	0.98	96.00	0.50	-18.03	0.61	-24.69	0.81	52.83	0.53
Return on net assets employed	4.42	61.31	2.74	-82.02	15.24	-15.99	18.14	-11.68	20.54
Sales / net working capital	16.55	3.57	15.98	-90.51	168.43	-33.74	254.20	-18.52	311.97
Stock turnover ratio	12.51	-31.07	18.15	8.62	16.71	-15.73	19.83	-44.31	35.61
Creditor days	51.89	-33.47	77.99	66.61	46.81	4.74	44.69	6.63	41.91
Debtor days	39.94	-24.47	52.88	75.16	30.19	770	3.47	-53.67	7.49
SHORT TERM STABILITY
Current ratio	1.28	5.79	1.21	18.63	1.02	0	1.02	0.99	1.01
Liquidity ratio / acid ratio	0.70	14.75	0.61	45.24	0.42	110	0.20	150	0.08
Current debt ratio	3.49	-21.04	4.42	-81.10	23.39	12.72	20.75	-43.93	37.01

Cashflow	96,765	61.78	59,813	19.78 49,935		-36.39	78,505	24.90	62,853
Net worth	2,373,162	-0.73	2,390,702	640	323,039	-6.72	346,303	29.99	266,414
LONG TERM STABILITY
Gearing	117.01	-16.63	140.35	-82.04 781.49		914	77.06	-84.37	492.94
Equity in percentage	22.25	22.12	18.22	355	4.00	-10.51	4.47	73.93	2.57
Total debt ratio	3.49	-22.27	4.49	-81.29 24.00		12.25	21.38	-43.60	37.91
Working capital	2,358,776	8.65	2,171,018	1250	160,763	37.55	116,880	42.21	82,189

Profit & loss

Operating Income	38,146,757	11.74	34,139,586	23.48	27,648,440	2.92	26,863,968	10.77	24,252,493
Turnover	39,034,776	12.50	34,699,004	28.14	27,078,068	-8.86	29,710,341	15.87	25,640,792
Total operating expenses	38,697,715	12.28	34,464,653	28.07	26,910,703	-9.21	29,639,628	18.64	24,983,770
Gross Operating Margin - - - - - - - - -
Operating Charges	37,809,696	11.52	33,905,235	23.38	27,481,075	2.57	26,793,255	13.55	23,595,471
Employee costs	94,387	-9.89	104,751	12.60	93,031	117	42,768	23.01	34,768
Wages and salary	77,702	-6.83	83,394	9.35	76,265	121	34,425	19.15	28,891
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	15,957	-22.46	20,580	28.18	16,056	110	7,610	35.39	5,621
Other employee costs	727	-6.44	777	9.28	711	-2.87	732	185	256
Director remuneration	51,710	-	-	-	-	-	-	-	-
Amortization and depreciation	11,068	-44.08	19,791	-5.43	20,928	-46.41	39,052	26.41	30,893
Operating result	337,061	43.83	234,351	40.02	167,365	136	70,713	-89.24	657,022
Total financial income	16,253	-69.87	53,948	316	12,945	-80.08	64,987	-97.36	2,458,853
Total financial expenses	248,424	11.53	222,739	69.92	131,083	79.89	72,869	-97.62	3,061,146
Results on ordinary operations before taxation	104,889	59.99	65,560	33.18	49,227	-21.65	62,831	14.80	54,729
Extraordinary Income	-	-	639	-	-	-	1,059	-	^-
Extraordinary Charges	43,137	-	-	-	-	-	-	-
Extraordinary items	-43,137	-6850	639	-	0	-100	1,059	-	0
Results for the Year Before Taxation	61,752	-6.72	66,199	34.48	49,227	-22.95	63,891	16.74	54,729
Other appropriations - - - - - - - - -
Taxation	-23,945	-191	26,177	29.46	20,220	-17.26	24,438	7.33	22,769
Results on ordinary operations after taxation	128,834	227	39,383	35.77	29,007	-24.45	38,393	20.13	31,960
Net result	85,697	114	40,022	37.97	29,007	-26.48	39,453	23.44	31,960
Profit (Loss) for the Year to be	85,697	114	40,022	37.97	29,007	-26.48	39,453	23.44	31,960

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 30-06-2013
Full-time Employees	2
Part-time Employees -
Total Fte Employees	2
Number of hours worked
Full-time Employees	3,572
Part-time Employees -
Total	3,572
Personnel Charges
Full-time Employees	94,387
Part-time Employees -
Total	94,387
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,846
Personnel Charges	100,227
Benefits In Addition To Wages -
I J
Type of Contract Full-Time	Part-Time	Total Fte
Unlimited Duration 2	-	2
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	1	-	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Payment Information

Payment expectation days	51.89
Day sales outstanding	39.94
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Industry quartile analysis

Payment expectations

Company result 51.89

Lower 120.92

Median 74.35

Upper 45.81

Day sales outstanding

Company result 39.94

Lower 101.92

Median 54.07

Upper 23.99

Group Structure

No group structure for this company.

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

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

Name KAZUNORI KURODA

Position Managing Director

Start Date 01/12/2012

Date of birth 23/11/1984

Street 2 STOCKMANSSTRAAT ANTWERPEN

Post code 2018

Country Belgium

Position Director

Start Date 10/11/2009

Date of birth 23/11/1984

Street 2 STOCKMANSSTRAAT ANTWERPEN

Post code 2018

Country Belgium

Name ROBERT VAN DE VLIET

Position Director

Start Date 01/12/2012

Date of birth 05/04/1953

Street 4 LANGVELDSTRAAT ANTWERPEN

Post code 2100

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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIS

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.