MIRA INFORM REPORT

Report No. :	324245
Report Date :	01.06.2015

IDENTIFICATION DETAILS

Name :	BECK DIAMONDS BVBA

Registered Office :	Hoveniersstraat 2-Bus 216, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	30.09.2014

Date of Incorporation :	05.03.1997

Com. Reg. No.:	460187596

Legal Form :	Private Limited Company

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

No. of Employee :	1

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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

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

BECK DIAMONDS BVBA

Company summary

Business number	460187596
Branche Unit Number	2131834524
Company name	BECK DIAMONDS BVBA
Address	HOVENIERSSTRAAT 2-BUS 216
	2018 ANTWERPEN
Number of staff	1
Date of establishment	05/03/1997
Telephone number	032327397
Fax number	032314725

Ultimate holding company

Company name

Company Number

Commentary

The business was established over 18 years ago. The business has 1 employees.

The business has been at the address for over 8 years. Operating Result in the latest trading period decreased 175% on the previous trading period. A 24% growth in Total Assets occurred during the latest trading period. Pre-tax profits decreased by 51% compared to the previous trading period. The business saw an increase in their Cash Balance of 318% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
30/09/2014		7,701	1,793,214	1,744,736
30/09/2013		15,965	1,800,153	1,752,699
30/09/2012		-2,067	1,789,383	1,737,402
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
30/09/2014	2,601,031	1	128,638	21,468
30/09/2013	2,085,425	1	6,205	29,311
30/09/2012	2,151,045	1	6,205	20,914

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	126.73	Industry average day sales	184.68
expectation days		outstanding
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)

Company accounts

ASSETS
Annual accounts	30-09-2014	%	30-09-2013	%	30-09-2012	%	30-09-2011	%	30-09-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	49,675	-20.76	62,689	-22.30	80,677	143	33,136	-13.30	38,218
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	49,675	-20.76	62,689	-22.30	80,677	143	33,136	-13.30	38,218
Land & building	17,824	-6.25	19,012	-5.88	20,200	-5.56	21,388	-5.26	22,577
Plant & machinery	10,190	-3.96	10,610	-31.51	15,492	69.87	9,120	-32.53	13,516
Furniture & Vehicles	21,496	-34.34	32,737	-26.42	44,490	2160	1,968	51.28	1,301
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	165	-50.0	330	-33.33	495	-25.00	660	-20.0	825
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	2,551,356	26.13	2,022,736	-2.30	2,070,368	10.33	1,876,601	-7.90	2,037,601
Inventories	923,097	-2.82	949,905	-31.78	1,392,382	186	485,764	-49.99	971,327
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	923,097	-2.82	949,905	-31.78	1,392,382	186	485,764	-49.99	971,327
Trade debtors	692,028	-18.27	846,690	382	175,622	-33.89	265,659	-30.02	379,610
Other amounts receivable	2,438	20491	12	-	-	-	-	-	-
Cash	929,556	318	222,253	-55.35	497,789	-55.76	1,125,178	63.86	686,664
Miscellaneous current assets	4,237	9.32	3,876	-15.29	4,575		0	-	0
Total Assets	2,601,031	24.72	2,085,425	-3.05	2,151,045	12.64	1,909,737	-8.00	2,075,819

Liabilities
Total shareholders equity	1,793,214	-0.39	1,800,153	0.60	1,789,383	0.12	1,787,273	0.81	1,772,900
Issued share capital	128,638	1973	6,205	0	6,205	0	6,205	0	6,205
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,664,576	-7.21	1,793,948	0.60	1,783,178	0.12	1,781,068	0.81	1,766,695
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	807,816	183	285,272	-21.12	361,662	195	122,464	-59.57	302,919
Other long term loans	1,197	-92.15	15,235	-46.91	28,696	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	1,197	-92.15	15,235	-46.91	28,696	-	0	-	0
Current portion of long term debt	15,182	4.29	14,557	4.29	13,958	-	-	-	-
Financial debts	474,222	-	-	-	-	-	-	-	220,426
Trade creditors	261,465	18.09	221,420	-2.69	227,537	205	74,359	-	-
Amounts Payable for Taxes,	8,191	0.02	8,190	-76.14	34,327	54.42	22,229	-60.85	56,786
Remuneration & Social Security
Miscellaneous current liabilities	47,560	83.84	25,870	-54.73	57,144	120	25,876	0.66	25,706
Total current liabilities	806,620	198	270,037	-18.90	332,966	171	122,464	-59.57	302,919
Total Liabilities	2,601,031	24.72	2,085,425	-3.05	2,151,045	12.64	1,909,737	-8.00	2,075,819

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	0.43	-51.14	0.88	800	-0.11	-108	1.23	-23.60	1.61
Return on total assets employed	0.30	-61.04	0.77	770	-0.10	-108	1.15	-16.06	1.37
Return on net assets employed	0.43	-51.69	0.89	741	-0.12	-109	1.23	-23.60	1.61
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	3.16	-57.81	7.49	20.42	6.22	-59.40	15.32	127	6.73
Liquidity ratio / acid ratio	2.02	-49.12	3.97	94.61	2.04	-82.04	11.36	222	3.52
Current debt ratio	0.45	200	0.15	-21.05	0.19	171	0.07	-58.82	0.17
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	21,468	-26.76	29,311	40.14	20,914	-3.78	21,735	-25.75	29,271
Net worth	1,793,214	-0.39	1,800,153	0.60	1,789,383	0.12	1,787,273	0.81	1,772,900
LONG TERM STABILITY
Gearing	27.36	1548	1.66	-30.25	2.38	-	-	-	12.43
Equity in percentage	68.94	-20.13	86.32	3.76	83.19	-11.11	93.59	9.58	85.41
Total debt ratio	0.45	181	0.16	-20.0	0.20	185	0.07	-58.82	0.17
Working capital	1,744,736	-0.45	1,752,699	0.88	1,737,402	-0.95	1,754,137	1.12	1,734,682

PROFIT & LOSS
operating income	-	-	-	-	-	-	-	-	-
turnover	-	-	-	-	-	-	-	-	-
total operating expenses	-	-	-	-	-	-	-	-	-
gross operating margin	16,225	-89.90	160,643	15.55	139,030	37.64	101,011	15.00	87,837
operating charges	-	-	-	-	-	-	-	-	-
employee costs	37,582	6.11	35,418	-15.64	41,982	-19.83	52,366	-27.22	71,953
wages and salary	30,619	5.12	29,127	-3.80	30,277	-27.27	41,632	-23.21	54,216
employee pension costs	-	-	-	-	-	-	-	-	-
social security contributions	6,241	6.60	5,855	-4.55	6,134	-38.67	10,002	-39.53	16,541
other employee costs	721	65.44	436	-92.17	5,571	661	731	-38.86	1,196
director remuneration	-	-	-	-	-	-	-	-	-
amortization and depreciation	14,803	-20.16	18,541	-1.40	18,804	155	7,362	-4.09	7,677
operating result	-61,978	-175	82,039	42.71	57,488	47.72	38,917	555	5,935
total financial income	83,804	15.06	72,835	-27.14	99,969	-37.47	159,871	-46.72	300,046
total financial expenses	14,124	-89.83	138,909	-12.92	159,524	-9.76	176,780	-36.29	277,457
results on ordinary operations before taxation	7,701	-51.76	15,965	772	-2,067	-109	22,008	-22.84	28,524
extraordinary income	2,263	-	-	-	10,400	-	-	-	-
extraordinary charges	-	-	-	-	-	-	-	-	-
extraordinary items	2,263	-	0	-100	10,400	-	0	-	0
results for the year before taxation	9,964	-37.59	15,965	91.59	8,333	-62.14	22,008	-22.84	28,524
other appropriations	-	-	-	-	-	-	-	-	-
taxation	3,299	-36.50	5,195	-16.51	6,223	-18.50	7,636	10.20	6,929
results on ordinary operations after taxation	4,402	-59.12	10,770	129	-8,290	-157	14,373	-33.44	21,595
net result	6,665	-38.11	10,770	410	2,110	-85.32	14,373	-33.44	21,595
profit (loss) for the year to be appropiated	6,665	-38.11	10,770	410	2,110	-85.32	14,373	-33.44	21,595
dividends	136,036	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 30-09-2014
Full-time Employees		-
Part-time Employees		2
Total Fte Employees		1
Number of hours worked
Full-time Employees		-
Part-time Employees		2,208
Total		2,208
Personnel Charges
Full-time Employees		-
Part-time Employees		37,582
Total		37,582
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		2,130
Personnel Charges		35,418
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	2	1
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	0
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	2	1
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	-
Day sales outstanding	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.73
Industry average day sales outstanding	184.68

Industry quartile analysis Payment expectations

Company result	-
Lower	120.34
Median	74.61
Upper	45.69

Day sales outstanding
Company result	-
Lower	102.58
Median	54.14
Upper	24.31

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Leopold	Middle name	-
Surname	Beck
SHAREHOLDER DETAILS
Start date	05/03/1997	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Belgiëlei	House number	92
Minor town	-	Postal town	Antwerpen
Post code	2000	Country	Belgium
SHAREHOLDER NAME
Forename	Axel	Middle name	-
Surname	Beck
SHAREHOLDER DETAILS
Start date	05/03/1997	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Belgiëlei	House number	92
Minor town	-	Postal town	Antwerpen
Post code	2000	Country	Belgium
SHAREHOLDER NAME
Forename	Raoul	Middle name	-
Surname	BECK
SHAREHOLDER DETAILS
Start date	05/03/1997	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	SHDEROT SMUTS	House number	11
Minor town	-	Postal town	TEL AVIV
Post code	-	Country	Israël

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	AXEL BECK
Position	Principal Manager
Start Date	16/04/2010
Date of birth	19/10/1973
Street	92 BELGIËLEI ANTWERPEN
Post code	2000
Country	Belgium
Position	Non Statutory Partner
Start Date	14/06/2006
Date of birth	19/10/1973
Street	92 BELGIËLEI ANTWERPEN
Post code	2000
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.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Analysis Done by :	RAS

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

Industry quartile analysis Payment expectations

SHAREHOLDER NAME

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit