MIRA INFORM REPORT

Report No. :	330229
Report Date :	06.07.2015

IDENTIFICATION DETAILS

Name :	TRANS HEX BELGIE NV

Registered Office :	Lange Herentalsestraat 62, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2014

Date of Incorporation :	08.03.1985

Com. Reg. No.:	426925209

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones.

No. of 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 :	Small Company

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 – 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 Name and Summary

Business number	426925209
Branche Unit Number	2026595660
Company name	TRANS HEX BELGIE NV
Address	LANGE HERENTALSESTRAAT 62
	2018 ANTWERPEN
Number of staff	0
Date of establishment	08/03/1985
Telephone number	032339639
Fax number	032250526

Commentary

The business was established over 30 years ago.

The business has 0 employees.

The business has been at the address for over 19 years. Operating Result in the latest trading period increased 101% on the previous trading period. Pre-tax profits increased by 32% compared to the previous trading period. The business saw a decrease in their Cash Balance of 52% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2014		15,201	291,448	277,394
31/03/2013	463,838	11,454	278,257	262,521
31/03/2012	447,379	71,543	267,965	251,730
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2014	395,305	0	62,000	14,892
31/03/2013	422,506	1	62,000	12,370
31/03/2012	716,859	1	62,000	54,075

Payment expectations

Past payments

Payment expectation days

Industry average payment

expectation days

103.11

Industry average day sales

outstanding

181.54

Day sales outstanding

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	28/08/2008
Event Description	re-appointment of director(s)
Event Details	Commentaar 28-08-2008: Herbenoeming bestuurders voor een periode van 6 jaar: Timothy Lee
	(tevens gedelegeerd bestuurder), James Alan Grieve en Andrew Graham Müller.

Company accounts

ASSETS
Annual accounts	31-03-2014	%	31-03-2013	%	31-03-2012	%	31-03-2011	%	31-03-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	14,179	-18.32	17,358	-10.31	19,354	15.40	16,772	15.46	14,526
Intangible fixed assets	125	-92.28	1,622	-47.99	3,120	-	0	-	0
Tangible fixed assets	3,184	-34.83	4,885	-10.45	5,455	-9.62	6,035	57.47	3,833
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	3,184	-34.83	4,885	-10.45	5,455	-5.72	5,786	76.18	3,284
Furniture & Vehicles	-	-	-	-	-	-	249	-54.54	549
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	10,870	0.18	10,851	0.66	10,780	0.40	10,736	0.41	10,693
Total current assets	381,126	-5.93	405,148	-41.91	697,505	204	228,809	14.59	199,672
Inventories	-	-	-	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	272,068	53.61	177,116	-69.59	582,487	322	137,713	29.69	106,186
Other amounts receivable	7,360	-43.39	13,000	151	5,176	23.66	4,186	35.89	3,081
Cash	90,558	-52.53	190,771	132	82,081	16.57	70,413	-3.34	72,843
Miscellaneous current assets	11,139	-54.08	24,260	-12.61	27,760	68.26	16,498	-6.07	17,563
Total Assets	395,305	-6.44	422,506	-41.06	716,859	191	245,581	14.65	214,198

LIABILITIES

Total shareholders equity	291,573	4.18	279,879	3.24	271,085	22.98	220,426	10.42	199,618
Issued share capital	62,000	0	62,000	0	62,000	0	62,000	0	62,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	229,573	5.37	217,879	4.21	209,085	31.98	158,426	15.12	137,618
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	103,732	-27.27	142,626	-68.00	445,774	1672	25,155	72.53	14,580
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	103,113	-17.47	124,948	-70.31	420,845	2155	18,656	65.65	11,262
Amounts Payable for Taxes, Remuneration & Social Security	619	-96.50	17,678	-29.09	24,929	283	6,499	95.87	3,318
Miscellaneous current liabilities	0	-	0	-	0	-	0	-	0
Total current liabilities	103,732	-27.27	142,626	-68.00	445,774	1672	25,155	72.53	14,580
Total Liabilities	395,305	-6.44	422,506	-41.06	716,859	191	245,581	14.65	214,198

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	-	-	2.47	-84.55	15.99	198	5.36	-61.38	13.88
Return on capital employed	5.21	27.38	4.09	-84.50	26.39	179	9.44	-62.86	25.42
Return on total assets employed	3.85	42.07	2.71	-72.85	9.98	17.83	8.47	-64.25	23.69
Return on net assets employed	5.21	27.38	4.09	-84.50	26.39	179	9.44	-62.86	25.42
Sales / net working capital	-	-	1.77	-0.56	1.78	-6.81	1.91	-3.05	1.97
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	102.72	-74.04	395.76	2012	18.73	45.87	12.84
Debtor days	-	-	139.37	-70.67	475.23	267	129.48	22.08	106.06
SHORT TERM STABILITY
Current ratio	3.67	29.23	2.84	82.05	1.56	-82.86	9.10	-33.53	13.69
Liquidity ratio / acid ratio	3.67	29.23	2.84	82.05	1.56	-82.86	9.10	-33.53	13.69
Current debt ratio	0.36	-29.41	0.51	-68.90	1.64	1390	0.11	57.14	0.07
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	14,892	20.39	12,370	-77.12	54,075	128	23,640	-57.90	56,147
Net worth	291,448	4.74	278,257	3.84	267,965	21.57	220,426	10.42	199,618
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	-	-	-
Equity in percentage	73.78	10.95	66.50	75.09	37.98	-57.69	89.76	-3.68	93.19
Total debt ratio	0.36	-29.41	0.51	-68.90	1.64	1390	0.11	57.14	0.07
Working capital	277,394	5.67	262,521	4.29	251,730	23.61	203,654	10.03	185,092

PROFIT & LOSS

Operating Income	326,969	-39.36	539,171	4.14	517,751	32.63	390,377	6.03	368,190
Turnover	-	-	463,838	3.68	447,379	15.25	388,195	6.23	365,426
Total operating expenses	-	-	443,979	14.39	388,136	6.76	363,563	13.53	320,240
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	287,042	-44.73	519,312	13.26	458,508	25.36	365,745	13.23	323,004
Employee costs	45,876	-38.33	74,389	15.40	64,465	5.91	60,869	119	27,686
Wages and salary	43,555	-18.23	53,268	14.49	46,528	14.93	40,485	12.33	36,041
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	11,302	-9.91	12,545	10.51	11,352	14.18	9,942	48.95	6,675
Other employee costs	-8,981	-204	8,576	30.25	6,584	-36.94	10,442	69.47	-15,030
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	3,199	-10.53	3,575	4.66	3,416	20.64	2,832	-47.65	5,409
Operating result	39,927	101	19,859	-66.48	59,243	140	24,632	-45.49	45,186
Total financial income	23,783	-31.63	34,785	-32.16	51,276	-83.64	313,441	741	37,232
Total financial expenses	48,509	12.32	43,190	10.81	38,975	-87.72	317,265	901	31,681
Results on ordinary operations before taxation	15,201	32.71	11,454	-83.99	71,543	243	20,808	-58.99	50,737
Extraordinary Income	-	-	1,860	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	1,860	-	0	-	0	-	0
Results for the Year Before Taxation	15,201	14.17	13,313	-81.39	71,543	243	20,808	-58.99	50,737
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	3,507	-22.39	4,519	-78.36	20,885	-	-	-	-
Results on ordinary operations after taxation	11,694	68.61	6,935	-86.31	50,659	143	20,808	-58.99	50,737
Net result	11,694	32.96	8,795	-82.64	50,659	143	20,808	-58.99	50,737
Profit (Loss) for the Year to be appropiated	11,694	32.96	8,795	-82.64	50,659	143	20,808	-58.99	50,737
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-03-2014

Full-time Employees		0
Part-time Employees		1
Total Fte Employees		0

Number of hours worked
Full-time Employees		204
Part-time Employees		218
Total		422

Personnel Charges
Full-time Employees		22,177
Part-time Employees		23,699
Total		45,876
Benefits In Addition To Wages		-

During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,925
Personnel Charges		74,389
Benefits In Addition To Wages		-


Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	1	0
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	-	-	-
Secondairy education	-	1	0
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
Blue collar worker	-	1	0
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	-	-	-
Leavers	1	-	1

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	-
Day sales outstanding	-
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	103.11
Industry average day sales outstanding	181.54

INDUSTRY QUARTILE ANALYSIS

Payment expectations

Company result	-
Lower	117.11
Median	74.61
Upper	45.68

Day sales outstanding
Company result	-
Lower	101.25
Median	53.69
Upper	24.60

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

Companies that match this address

Business number	Company name	Date of accounts
404981730	PREMIER DIAMOND CORPORATION NV	31/12/2013
406780485	DAGBLADHANDEL INTERNATIONAL BVBA	-
418426722	VAN MOPPES DIAMONDS	-
419356140	MADIACO NV IN VEREFFENING	-
422579114	H. FINK & CO	-
423128648	CONTINENTAL IMPORT & EXPORT CORP NV	31/12/2013
427396945	CISKEI TRADING AGENCY BELGIUM NV IN VEREFFENING	-
427839086	IDC (ANTWERP) NV	30/04/2014
430064940	TUNAM BVBA IN VEREFFENING	-
446524454	PATESCO INTERNATIONAL IN VEREFFENING NV	31/12/1999
450889751	SCHRANSWEIDE TRADING INTERNATIONAL NV	-
452368903	PRESTIGE SÉLECTION BVBA	31/12/2013
455156761	EAST-WEST UNITED DIAMONDS IN VEREFFENING NV	31/12/1998
456453591	DOUBLE MG BVBA	31/12/2013
460682395	VIVID IN VEREFFENING VOF	-
462508470	ALROSA	-
466803689	CASTELS TRAVEL INTERNATIONAL NV	31/12/2007
472227969	IDC (DISTRIBUTORS) IN VEREFFENING NV	30/04/2012
478884248	A.P.DIAMONDS P/A 7E BTW-CONTROLE NV	31/12/2003
504503334	D'HOOGHE MARC	-
506474810	DOKTORCZYK - VERMAERE	-
506491042	SCHOLIERS PAUL ALFONS	-
506537067	COPPENS JLSE HORTENSIA	-
865344423	DIAMONDS ONLY BVBA	-

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

Name	LLEWELLYN DELPORT
Position	Director
Start Date	28/02/2013
Street
Post code
Country	South Africa

Name	RALPH TIMOTHY LEE
Position	Managing Director
Start Date	26/05/1999
Street
Post code
Country

Position	Director
Start Date	01/10/1998
Street
Post code
Country

Name	IAN PETER HESTERMANN
Position	Director
Start Date	31/10/2010
Street
Post code
Country

Name	MAGDALENA LOUBSER
Position	Director
Start Date	22/11/2005
Street
Post code
Country

Former director details

Name	JOHN CROUSE
Position	Managing Director
Start Date	12/08/1997
End Date	Unknown date
Street	132 FRILINGLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	JOLIS,
Position	Managing Director
Start Date	22/05/1997
End Date	Unknown date
Street	62 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	MAX EHRBAR
Position	Director
Start Date	12/08/1997
End Date	Unknown date
Street	KREURSTRASSE
Post code	8008
Country	Switzerland

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.63.40
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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.