MIRA INFORM REPORT

Report No. :	332126
Report Date :	20.07.2015

IDENTIFICATION DETAILS

Name :	DHARM DIAM BVBA

Registered Office :	Hoveniersstraat 30-Bus 133, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	03.06.2002

Com. Reg. No.:	477689960

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in wholesale of diamonds and other precious stones

No. of Employee :	3

RATING & COMMENTS

MIRA’s Rating :

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 – 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

DHARM DIAM BVBA

Company summary

Business number	477689960
Branche Unit Number	2096122488
Company name	DHARM DIAM BVBA
Address	HOVENIERSSTRAAT 30-BUS 133
	2018 ANTWERPEN
Number of staff	3
Date of establishment	03/06/2002
Telephone number	032340115
Fax number	032341445

Ultimate holding company
Company name	Company Number
-	-

Commentary

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

The business has been at the address for over 9 years. Net Worth increased by 57% during the latest trading period. A 21% decline in Total Assets occurred during the latest trading period. The business saw an increase in their Cash Balance of 105% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	529,193,961	1,155,011	47,728,178	47,495,847
31/12/2012	515,344,125	1,424,991	30,393,381	34,031,268
31/12/2011	279,783,849	742,427	29,745,458	33,774,406
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	139,928,638	3	44,076,835	1,152,401
31/12/2012	179,040,975	2	27,680,213	1,326,327
31/12/2011	156,081,536	2	28,228,047	1,123,140

Payment expectations

Past payments		Payment expectation days	27.19
Industry average payment	104.91	Industry average day sales	182.62
expectation days		outstanding
Day sales outstanding	58.36

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	14/12/2011
Event Description	proposal of merger filed
Event Details	Commentaar 14-12-2011: Neerlegging fusievoorstel.

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	1,566,227	-0.16	1,568,660	23.38	1,271,394	70.07	747,559	196	252,190
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	1,070,585	-1.41	1,085,924	38.01	786,843	5.37	746,753	196	251,443
Land & building	882,241	-1.54	896,009	41.08	635,116	0.54	631,697	169	234,783
Plant & machinery	45,346	34.58	33,694	284	8,761	14.09	7,679	137	3,227
Furniture & Vehicles	142,998	-8.46	156,221	9.27	142,966	33.14	107,377	786	12,119
Leasing & Other Similar	-	-	-	-	-	-	-	-	-
Rights
Other tangible assets	0	-	0	-	0	-	0	-100	1,314
Financial fixed assets	495,642	2.67	482,735	-0.37	484,551	60017	806	7.75	748
Total current assets	138,362,411	-22.04	177,472,315	14.64	154,810,142	303	38,387,868	22.30	31,387,004
Inventories	40,200,624	2.62	39,173,537	-28.47	54,766,277	333	12,639,083	-27.08	17,333,989
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	40,200,624	2.62	39,173,537	-28.47	54,766,277	333	12,639,083	-27.08	17,333,989
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	84,608,379	-35.76	131,708,067	33.77	98,459,346	326	23,108,869	77.98	12,983,682
Other amounts receivable	-	-	7,227	-50.68	14,654	23.40	11,875	458	2,126
Cash	13,553,408	105	6,583,484	319	1,569,864	-40.26	2,628,041	146	1,067,208
Miscellaneous current assets	0	-	0	-100	1	-	0	-	0
Total Assets	139,928,638	-21.85	179,040,975	14.71	156,081,536	298	39,135,427	23.69	31,639,194

Liabilities

Total shareholders equity	47,728,178	57.03	30,393,381	2.18	29,745,458	392	6,041,074	82.13	3,316,980
Issued share capital	44,076,835	59.24	27,680,213	-1.94	28,228,047	402	5,613,000	81.79	3,087,618
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	3,651,343	34.58	2,713,168	78.80	1,517,411	254	428,074	86.64	229,362
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	92,200,460	-37.97	148,647,594	17.66	126,336,078	281	33,094,354	16.85	28,322,215
Other long term loans	1,333,896	-74.38	5,206,547	-1.77	5,300,342	2.96	5,148,141	137	2,166,265
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	0	-1	0	-1
Total long term debts	1,333,896	-74.38	5,206,547	-1.77	5,300,342	2.96	5,148,140	137	2,166,264
Current portion of long term debt	22,978	-1.20	23,258	61.49	14,402	4.74	13,750	-15.16	16,207
Financial debts	51,197,808	-15.62	60,676,634	31.21	46,244,174	748	5,450,648	45.45	3,747,377
Trade creditors	39,153,655	-52.24	81,978,886	10.21	74,386,170	233	22,306,309	3.27	21,600,206
Amounts Payable for Taxes,	168,984	-34.68	258,710	565	38,871	2.96	37,752	227	11,541
Remuneration & Social Security
Miscellaneous current liabilities	323,139	-35.83	503,559	43.01	352,119	155	137,754	-82.35	780,619
Total current liabilities	90,866,564	-36.65	143,441,047	18.51	121,035,736	333	27,946,213	6.84	26,155,950
Total Liabilities	139,928,638	-21.85	179,040,975	14.71	156,081,536	298	39,135,427	23.69	31,639,194

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.22	-21.43	0.28	3.70	0.27	58.82	0.17	-64.58	0.48
Return on capital employed	2.35	-41.25	4.00	88.68	2.12	0.95	2.10	-67.89	6.54
Return on total assets employed	0.83	3.75	0.80	66.67	0.48	-20.0	0.60	-46.90	1.13
Return on net assets employed	2.42	-48.40	4.69	87.60	2.50	-35.73	3.89	-64.05	10.82
Sales / net working capital	11.14	-26.42	15.14	82.85	8.28	-37.32	13.21	-7.43	14.27
Stock turnover ratio	7.60	0	7.60	-61.17	19.57	113	9.16	-60.53	23.21
Creditor days	27.19	-53.51	58.49	-40.12	97.68	64.72	59.30	-44.45	106.76
Debtor days	58.36	-37.44	93.28	-27.38	128.45	110	61.15	-3.66	63.47
SHORT TERM STABILITY
Current ratio	1.52	22.58	1.24	-3.12	1.28	-6.57	1.37	14.17	1.20
Liquidity ratio / acid ratio	1.08	12.50	0.96	15.66	0.83	-9.78	0.92	70.37	0.54
Current debt ratio	1.90	-59.75	4.72	15.97	4.07	-12.10	4.63	-41.32	7.89
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	1,152,401	-13.11	1,326,327	18.09	1,123,140	295	284,057	-21.19	360,453
Net worth	47,728,178	57.03	30,393,381	2.18	29,745,458	392	6,041,074	82.13	3,316,980
LONG TERM STABILITY
Gearing	110.11	-49.22	216.84	25.10	173.33	-1.33	175.67	-1.73	178.77
Equity in percentage	34.11	100	16.98	-10.91	19.06	23.45	15.44	47.33	10.48
Total debt ratio	1.93	-60.53	4.89	15.06	4.25	-22.45	5.48	-35.83	8.54
Working capital	47,495,847	39.57	34,031,268	0.76	33,774,406	223	10,441,655	99	5,231,054

Profit & loss
Operating Income	529,196,851	2.69	515,345,029	84.19	279,784,584	102	137,928,586	84.72	74,669,469
Turnover	529,193,961	2.69	515,344,125	84.19	279,783,849	102	137,927,233	84.72	74,669,469
Total operating expenses	525,507,665	2.72	511,576,649	84.04	277,963,609	102	137,298,331	85.92	73,847,892
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	525,510,555	2.72	511,577,553	84.04	277,964,344	102	137,299,684	85.92	73,847,892
Employee costs	146,345	29.99	112,584	11.38	101,083	586	14,734	-	-
Wages and salary	118,821	31.42	90,410	8.71	83,164	531	13,178	-	-
Employee pension costs	-	-	-	-		-	-	-	-
Social security	25,772	29.27	19,936	14.55	17,403	1250	1,289	-	-
contributions
Other employee costs	1,752	-21.72	2,238	334		92.16	268	-	0
Director remuneration	61,176	15.97	52,752	-20.75	66,567	-	-	-	-
Amortization and	96,806	-4.27	101,121	111	47,817		64,138	438	11,913
depreciation
Operating result	3,686,296	-2.15	3,767,476	106	1,820,240	189	628,902	-23.45	821,577
Total financial income	8,802	888	890	-47.71	1,702	70.88	996	-70.60	3,388
Total financial expenses	2,540,087	8.39	2,343,375	117	1,079,515	173	394,788	-15.32	466,225
Results on ordinary	1,155,011	-18.95	1,424,991	91.94	742,427	215	235,111	-34.46	358,740
operations before taxation
Extraordinary Income	1	-99	9,809	-96.85	310,928	31092700	1	0	1
Extraordinary Charges	-	-	8,773	-	-	-	-	-	-
Extraordinary items	1	-99	1,036	-99	310,928	31092700	1	0	1
Results for the Year	1,155,012	-19.00	1,426,027	35.38	1,053,354	348	235,111	-34.46	358,740
Before Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	99,417	-50.49	200,821	914	-21,968	-244	15,193	48.94	10,201
Results on ordinary	1,055,594	-13.77	1,224,170	60.15	764,395	247	219,918	-36.90	348,539
operations after taxation
Net result	1,055,595	-13.84	1,225,206	13.94	1,075,323	388	219,919	-36.90	348,540
Profit (Loss) for the Year to be appropiated	1,055,595	-13.84	1,225,206	13.94	1,075,323	388	219,919	-36.90	348,540
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details
Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		3
Part-time Employees		1
Total Fte Employees		4
Number of hours worked
Full-time Employees		4,613
Part-time Employees		1,447
Total		6,060
Personnel Charges
Full-time Employees		111,401
Part-time Employees		34,944
Total		146,345
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		3
Actual working hours		4,765
Personnel Charges		107,711
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	2	2	3
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	2	-	2
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	2	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	2	3
Blue collar worker	-	-	-
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	-	-	-

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

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

Payment Information
Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	27.19
Day sales outstanding	58.36
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	104.91
Industry average day sales outstanding	182.62

Industry quartile analysis Payment expectations

Company result	27.19
Lower	118.99
Median	75.33
Upper	44.92

Day sales outstanding
Company result	58.36
Lower	102.58
Median	55.21
Upper	24.84

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

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

Name	SANDIPKAMAR DAYALBHAI PATEL
Position	Non Statutory Partner
Start Date	03/06/2002
Street	53 QUELLINSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	SANDIPKUMAR PATEL
Position	Principal Manager
Start Date	14/07/2005

Street

Post code Country

Current mandates in other companies

Name	Sant Diam BVBA
Business number	438716845
Position	Principal Manager
Start Date	03/07/2014
Business number	438716845
Position	Legal Representative
Start Date	30/05/2011
Business number	438716845
Position	Non Statutory Partner
Start Date	30/05/2011

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.63.49
UK Pound	1	Rs.99.43
Euro	1	Rs.69.14

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%)

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 name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit