MIRA INFORM REPORT

Report No. :	314604
Report Date :	25.03.2015

IDENTIFICATION DETAILS

Name :	VISHAL BVBA

Registered Office :	Hoveniersstraat 2-Bus, Internal Postal Box 536 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	17.06.2009

Com. Reg. No.:	812358964

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and Other Precious Stones

No of Employees :	Not Available [NOTE: We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 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 summary

Business number 812358964

Branche Unit Number 2178813901

Company name VISHAL BVBA

Address HOVENIERSSTRAAT 2-BUS

Internal Postal Box 536
2018 ANTWERPEN

Date of establishment 17/06/2009

Telephone number 037707870

Commentary

The business was established over 5 years ago.
No employees are recorded for this business.
The business has been at the address for over 22 months.
Net Worth decreased by 40% during the latest trading period.
A 41% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 37% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 60% during the latest trading period.
Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST

ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2013 4,349,659 13,363 20,379 -26,722

31/12/2012 3,905,485 21,303 34,089 32,589

31/12/2011 - 7,742 25,886 24,386

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL CAPITAL CASHFLOW

31/12/2013 5,523,896 18,600 -9,685

31/12/2012 3,898,780 18,600 15,703

31/12/2011 2,242,870 18,600 7,742

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Payment expectation days 376.12

Industry average payment expectation days 126.83

Industry average day sales outstanding 185.78

Day sales outstanding 177.76

Company accounts

Assets

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	1 %	31-12-2010
Weeks	52		52		52		91
Currency	EUR		EUR		EUR		EUR
Total fixed assets	118,722	7814	1,500	0	1,500	25.00	1,200
Tangible fixed assets	118,722	-	-	-	-	-	-
Land & building	117,370	-	-	-	-	-	-
Plant & machinery	1,352	-	-	-	-	-	-
Financial fixed assets	-	-	1,500	0	1,500	25.00	1,200
Total current assets	5,405,174	38.69	3,897,280	73.88	2,241,370	94.12	1,154,619
Inventories	3,246,514	1.40	3,201,700	247	920,926	125	408,569
Other stocks	3,246,514	1.40	3,201,700	247	920,926	125	408,569
Trade debtors	2,118,344	257	592,572	55.61	380,803	-42.87	666,548
Other amounts receivable	1,735	-66.71	5,211	446	953	-14.12	1,109
Cash	38,581	-60.55	97,797	-89.58	938,688	1097	78,392
Total Assets	5,523,896	41.68	3,898,780	73.83	2,242,870	94.05	1,155,819

Liabilities

Total Shareholders Equity	20379	-40.22	34,089	31.69	25,886	42.697	18,144
Issued Share Capital	18600	0	18,600	0	18,600	0	18,600
Reserves	1,779	-88.51	15,489	112	7,286	1596	-456
Creditors	5,503,516	42.41	3,864,691	74.32	2,216,984	94.87	1,137,675
Other Long Term Loans	71,621	-	-	-	-	-	-
Total Long Term Debts	71,621	-	0	-	0	-	0
Current Portion Of Long Term Debt	7,402	-	-	-	-	-	-
Financial Debts	71	-	-	-	-	-	-
Trade Creditors	4,625,680	53.08	3,021,747	346	676,992	33.21	508,221
Amounts Payable For Taxes, Remuneration & Social Security	-	-	3,400	-51.43	7,000	-	-
Miscellaneous Current Liabilities	798,743	-4.86	839,544	-45.23	1,532,992	143	629,455
Total Current Liabilities	5,431,896	40.55	3,864,691	74.32	2,216,984	94.87	1,137,675
Total Liabilities	5,523,896	41.68	3,898,780	73.83	2,242,870	64.05	1,155,819

Ratio Analysis

Trading Performance
Profit Before Tax	0.31	-43.64	0.55	-	-	-	-
Return on capital employed	14.52	-76.76	62.49	108	29.91	1186	-2.52
Return on total assets employed	0.24	-56.36	0.55	57.14	0.35	875	-0.04
Return on net assets employed	65.57	4.93	62.49	108	29.91	1186	-2.52
Sales / net working capital	-162.78	-235	119.84	-	-	-	-
Stock turnover ratio	74.64	-8.95	81.98	-	-	-	-
Creditor days	376.12	33.30	282.17	-	-	-	-
Debtor days	177.76	220	55.38	-	-	-	-
Short term liability
Current ratio	1.00	-0.99	1.01	0	1.01	0	1.01
Liquidity ratio / acid ratio	0.40	122	0.18	-70.0	0.60	-9.09	0.66
Current debt ratio	266.54	135	113.37	32.38	85.64	36.59	62.70
Cashflow	-9,685	-161	15,703	102	7,742	1696	-456
Net worth	20,379	-40.22	34,089	31.69	25,886	42.67	18,144
Long Term Stability
Gearing	388.11	-	-	-	-	-	-
Equity in percentage	0.37	-57.47	0.87	-24.35	1.15	-26.75	1.57
Total debt ratio	270.06	138	113.37	32.38	85.64	36.59	62.70
Working capital	-26,722	-181	32,589	33.64	24,386	43.92	16,944

Profit & loss

Operating Income	-	-	-	-	-	-	-
Turnover	4,349,659	11.37	3,905,485	-	-	-	-
Total operating expenses	4,488,963	14.84	3,908,782	-	-	-	-
Gross Operating Margin	-133,405	-5759	-2,277	-105	39,842	705	-5,647
Amortization and depreciation	4,025	-	-	-	-	-	-
Operating result	-139,304	-4125	-3,297	-108	39,788	585	-6,800
Total financial income	261,053	-22.52	336,923	124	150,259	400	30,019
Total financial expenses	108,386	-65.30	312,324	71.32	182,305	670	23,675
Results on ordinary operations before taxation	13,363	-37.27	21,303	175	7,742	1696	-456
Extraordinary Charges	50	-75.25	202	-	-	-	-
Extraordinary items	-50	24.75	-202	-	0	-	0
Results for the Year Before Taxation	13,313	-36.91	21,101	172	7,742	1696	-456
Taxation	27,022	400	5,398	-	-	-	-
Results on ordinary operations after taxation	-13,659	-185	15,905	105	7,742	1696	-456
Net result	-13,709	-187	15,703	102	7,742	1696	-456
Profit (Loss) for the Year to be appropriated	-13,709	-187	15,703	102	7,742	1696	-456

Payment expectations

Payment expectation days	376.12
Day sales outstanding	177.76

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment	126.83
expectation days
Industry average day sales	185.78
outstanding

Industry quartile analysis

Payment expectations
Company result	376.12
Lower	120.34
Median	74.63
Upper	46.13

Day sales outstanding
Company result	177.76
Lower	102.27
Median	53.69
Upper	24.18

Director details

Current Director Details

Name	VISHAL PATEL
Position	Principal Manager
Start Date	18/07/2014
Street	49 ZWALUWENLAAN ANTWERPEN
Post code	2610
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.62.20
UK Pound	1	Rs.92.93
Euro	1	Rs.68.03

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	MNL

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.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

TRENDS

Payment expectations

company information

Company accounts

Payment expectations

Industry comparison

Industry quartile analysis

Director details

Unit