MIRA INFORM REPORT

Report No. :	325593
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	CHIRAG DIAMONDS BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	17.10.1991

Com. Reg. No.:	445449239

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 :	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 – 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

CHIRAG DIAMONDS BVBA

Company summary

Business number	445449239
Branche Unit Number	2054900260
Company name	CHIRAG DIAMONDS BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	1
Date of establishment	17/10/1991
Telephone number	032341996
Fax number	032329370

Ultimate holding company
Company name	Company Number
-	-

Commentary

The business was established over 23 years ago. The business has 1 employees.

The business has been at the address for over 23 years. Operating Result in the latest trading period increased 22% on the previous trading period. Pre-tax profits decreased by 66% compared to the previous trading period. The business saw a decrease in their Cash Balance of 98% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	36,818,873	42,271	3,499,988	5,701,010
31/12/2012	44,164,246	127,513	3,457,386	5,709,303
31/12/2011	76,937,770	235,355	3,388,942	6,353,149
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	20,569,480	1	18,592	55,046
31/12/2012	18,377,698	1	18,592	110,005
31/12/2011	22,581,926	1	18,592	184,967

Payment expectations

Past payments		Payment expectation days	74.93
Industry average payment	126.86	Industry average day sales	184.52
expectation days		outstanding
Day sales outstanding	148.71

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)
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	192,159	-4.04	200,253	-4.80	210,344	2.80	204,618	-5.66	216,892
Intangible fixed assets	4,320	-26.67	5,891	-21.05	7,462	-	0	-	0
Tangible fixed assets	187,839	-3.36	194,362	-4.20	202,882	-0.85	204,618	-5.66	216,892
Land & building	172,932	-4.48	181,043	-4.29	189,153	-4.11	197,263	-3.95	205,373
Plant & machinery	10,481	25.85	8,328	1.89	8,174	127	3,593	69.98	2,114
Furniture & Vehicles	4,426	-11.32	4,991	-10.17	5,556	47.66	3,762	-60.00	9,406
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	0	-1
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	20,377,321	12.10	18,177,446	-18.75	22,371,582	72.03	13,004,760	43.37	9,070,599
Inventories	5,356,166	19.70	4,474,745	22.18	3,662,338	25.52	2,917,766	8.47	2,689,952
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	5,356,166	19.70	4,474,745	22.18	3,662,338	25.52	2,917,766	8.47	2,689,952
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	15,000,498	17.35	12,783,139	-31.52	18,668,082	100	9,330,571	48.76	6,272,273
Other amounts receivable	6,047	-74.34	23,561	-15.10	27,750	73.34	16,009	110	7,599
Cash	11,282	-98.73	886,865	10897	8,064	-98.91	740,067	664	96,777
Miscellaneous current assets	3,329	-63.57	9,136	70.84	5,348	1436	348	-91.29	3,997
Total Assets	20,569,480	11.93	18,377,698	-18.62	22,581,926	70.95	13,209,379	42.23	9,287,491

Liabilities
Total shareholders equity	3,504,308	1.18	3,463,277	1.97	3,396,404	4.47	3,251,049	0.72	3,227,768
Issued share capital	18,592	0	18,592	0	18,592	0	18,592	0.00	18,592
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	3,485,716	1.19	3,444,685	1.98	3,377,812	4.50	3,232,457	0.73	3,209,176
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	17,065,173	14.42	14,914,421	-22.26	19,185,522	92.66	9,958,330	64.34	6,059,724
Other long term loans	2,388,861	-2.35	2,446,278	-22.76	3,167,090	67.99	1,885,256	-17.59	2,287,773
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	0	-1
Total long term debts	2,388,861	-2.35	2,446,278	-22.76	3,167,090	67.99	1,885,256	-17.59	2,287,772
Current portion of long term debt	-	-	21,777	-4.11	22,710	-12.18	25,859	-96.41	720,040
Financial debts	6,997,194	6.12	6,593,763	-11.73	7,470,121	145	3,048,399	10842	27,858
Trade creditors	7,432,839	30.04	5,715,758	-31.90	8,392,798	69.59	4,948,827	64.83	3,002,464
Amounts Payable for Taxes,	14,178	-63.25	38,582	-48.80	75,360	659	9,916	110	4,710
Remuneration & Social Security
Miscellaneous current liabilities	232,101	136	98,263	71.06	57,443	43.34	40,074	137	16,879
Total current liabilities	14,676,312	17.71	12,468,143	-22.16	16,018,433	98.42	8,073,074	114	3,771,951
Total Liabilities	20,569,480	11.93	18,377,698	-18.62	22,581,926	70.95	13,209,379	42.23	9,287,491

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.11	-62.07	0.29	-6.45	0.31	181	0.11	57.14	0.07
Return on capital employed	0.72	-66.67	2.16	-39.83	3.59	564	0.54	200	0.18
Return on total assets employed	0.21	-69.57	0.69	-33.65	1.04	395	0.21	90.91	0.11
Return on net assets employed	1.21	-67.12	3.68	-46.90	6.93	715	0.85	174	0.31
Sales / net working capital	6.46	-16.54	7.74	-36.09	12.11	137	5.09	77.35	2.87
Stock turnover ratio	14.55	43.63	10.13	112	4.76	-59.00	11.61	-34.44	17.71
Creditor days	74.93	56.82	47.78	18.91	40.18	-44.51	72.41	-5.20	76.38
Debtor days	148.71	40.76	105.65	19.30	88.56	-34.67	135.55	-10.07	150.73
SHORT TERM STABILITY
Current ratio	1.39	-4.79	1.46	4.29	1.40	-13.04	1.61	-32.92	2.40
Liquidity ratio / acid ratio	1.02	-7.27	1.10	-5.98	1.17	-6.40	1.25	-26.04	1.69
Current debt ratio	4.19	16.39	3.60	-23.73	4.72	90.32	2.48	111	1.17
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	55,046	-49.96	110,005	-40.53	184,967	375	38,899	52.19	25,560
Net worth	3,499,988	1.23	3,457,386	2.02	3,388,942	4.24	3,251,049	0.72	3,227,768
LONG TERM STABILITY
Gearing	267.84	2.37	261.65	-16.63	313.86	105	152.55	62.20	94.05
Equity in percentage	17.04	-9.60	18.85	25.25	15.05	-38.85	24.61	-29.18	34.75
Total debt ratio	4.87	12.99	4.31	-23.72	5.65	84.64	3.06	62.77	1.88
Working capital	5,701,010	-0.15	5,709,303	-10.13	6,353,149	28.82	4,931,686	-6.93	5,298,648

Profit & loss
Operating Income	36,821,964	-16.64	44,172,054	-42.59	76,941,906	205	25,152,133	65.30	15,216,101
Turnover	36,818,873	-16.63	44,164,246	-42.60	76,937,770	206	25,125,448	65.43	15,188,210
Total operating expenses	36,209,030	-17.08	43,667,367	-42.73	76,242,108	205	24,946,719	73.86	14,348,637
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	36,212,120	-17.09	43,675,175	-42.72	76,246,244	205	24,973,404	73.71	14,376,528
Employee costs	39,683	2.97	38,537	5.16	36,646	4.29	35,140	0.63	34,920
Wages and salary	31,949	3.60	30,839	4.76	29,437	3.78	28,366	0.83	28,133
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	7,119	1.58	7,008	5.90	6,618	5.42	6,277	0.50	6,246
Other employee costs	614	-11.08	690	16.75	591	19.16	496	-8.28	541
Director remuneration	138,000	-	-	-	-	-	90,000	-	-
Amortization and depreciation	14,016	6.73	13,132	-10.13	14,612	-6.44	15,618	0.29	15,572
Operating result	609,843	22.73	496,879	-28.57	695,662	289	178,729	-78.71	839,573
Total financial income	677,914	-61.16	1,745,426	-60.17	4,382,706	170	1,618,249	43.45	1,128,100
Total financial expenses	1,245,487	-41.11	2,114,792	-56.33	4,843,013	173	1,769,364	-9.61	1,957,514
Results on ordinary operations	42,271	-66.85	127,513	-45.82	235,355	752	27,613	171	10,158
before taxation
Extraordinary Income	-	-	-	-	-	-	826	-	-
Extraordinary Charges	-	-	-	-	-	-	159	-6.68	170
Extraordinary items	0	-	0	-	0	-100	668	392	-170
Results for the Year Before	42,271	-66.85	127,513	-45.82	235,355	732	28,281	183	9,988
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	1,240	-95.95	30,639	-52.86	65,000	1200	5,000	-	-
Results on ordinary operations	41,030	-57.65	96,874	-43.13	170,355	653	22,613	122	10,158
after taxation
Net result	41,030	-57.65	96,874	-43.13	170,355	631	23,281	133	9,988
Profit (Loss) for the Year to be appropiated	41,030	-57.65	96,874	-43.13	170,355	631	23,281	133	9,988

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		1
Part-time Employees		-
Total Fte Employees		1
Number of hours worked
Full-time Employees		1,756
Part-time Employees		-
Total		1,756
Personnel Charges
Full-time Employees		40,100
Part-time Employees		-
Total		40,100
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,687
Personnel Charges		38,537
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	-	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	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	-	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
rating
Industry average credit limit	140177.31

Payment Information
	Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	74.93
Day sales outstanding	148.71
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.86
Industry average day sales\ outstanding	184.52

Industry quartile analysis

Payment expectations

Company result	74.93
Lower	118.95
Median	74.35
Upper	45.68

Day sales outstanding
Company result	148.71
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	Vallabhbhai	Middle name	-
Surname	Savaliya
SHAREHOLDER DETAILS
Start date	01/12/2014(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

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	VIRENDRA DAHYABHAI DHAMELIA
Position	Principal Manager
Start Date	01/01/2011
Street	45 EUGENIO PACELLILAAN EDEGEM
Post code	2650
Country	Belgium
Name	MOHANLAL DHAMELIA
Position	Principal Manager
Start Date	22/11/2007
Street	45 EUGENIO PACELLILAAN EDEGEM
Post code	2650
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.63.61
UK Pound	1	Rs.97.27
Euro	1	Rs.69.63

INFORMATION DETAILS

Analysis Done by :	KAR

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

Industry comparison

Payment Information

Industry quartile analysis

Shareholder Details

SHAREHOLDER NAME

Linked Companies

Director details

Unit