MIRA INFORM REPORT

Report No. :	321535
Report Date :	06.05.2015

IDENTIFICATION DETAILS

Name :	TACHE-HSK BVBA

Registered Office :	Hoveniersstraat 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	13.03.2006

Com. Reg. No.:	879919563

Legal Form :	Private Limited Company

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

No. of Employees :	2

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 879919563

Branche Unit Number 2152309442

Company name TACHE-HSK BVBA

Address HOVENIERSSTRAAT 53

2018 ANTWERPEN

Number of staff 2

Date of establishment 13/03/2006

Telephone number 032335505

Fax number 032132667

Commentary

The business was established over 8 years ago.

The business has 1 Employees.

The business has been at the address for over 8 years.

A 26% decline in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 72% during the latest trading period.

Accounts

DATE OF LATEST TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

ACCOUNTS

31/12/2013 116,721,747 140,369 623,550 9,311,509

31/12/2012 112,939,955 133,877 567,290 9,643,146

31/12/2011 175,952,914 222,057 498,756 9,750,956

DATE OF LATEST BALANCE TOTAL NUMBER OF CAPITAL CASHFLOW

ACCOUNTS EMPLOYEES

31/12/2013 29,593,701 2 6,287 87,383

31/12/2012 40,446,004 3 6,572 92,139

31/12/2011 26,123,130 2 6,702 160,839

Payment expectations

Past payments

Payment expectation days 17.67

Industry average payment

expectation days 123.77

Industry average day sales

Outstanding 140.64

Day sales outstanding 57.04

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company Accounts

Asset

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	13,240	-30.11	18,943	-16.19	22,601	-29.17	31,909	-17.89	38,860

Intangible fixed assets	0	-	0	-	0	-	0	-	0

Tangible fixed assets	4,192	-56.65	9,670	-57.21	22,601	-29.17	31,909	-17.89	38,860
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	2,285	4.15	2,194	-43.57	3,888	-42.73	6,789	-9.12	7,470
Furniture & Vehicles	1,907	-74.49	7,476	-60.05	18,713	-25.50	25,119	-19.98	31,390
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-100	1	-	0

Financial fixed assets	9,049	-2.42	9,273	-	-	-	-	-	-

Total current assets	29,580,461	-26.83	40,427,061	54.89	26,100,529	91.29	13,644,822	-3.27	14,105,624
Inventories	10,658,619	-20.55	13,415,722	123	6,004,046	3.65	5,792,793	-35.97	9,047,463
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	10,658,619	-20.55	13,415,722	123	6,004,046	3.65	5,792,793	-35.97	9,047,463
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	18,241,945	-25.85	24,602,684	27.92	19,233,280	353	4,245,525	-15.14	5,003,167
Other amounts receivable	16,638	7.63	15,458	-4.69	16,218	128	7,108	-32.59	10,544

Cash	653,570	-72.58	2,383,351	185	835,742	-76.72	3,590,568	8511	41,697

Miscellaneous current assets	9,688	-1.60	9,846	-12.43	11,244	27.37	8,828	220	2,752

Total Assets	29,593,701	-26.83	40,446,004	54.83	26,123,130	91.00	13,676,731	-3.31	14,144,484

Liabilities

Total shareholders equity	623,550	9.92	567,290	13.74	498,756	46.15	341,270	138	143,132
Issued share capital	6,287	-4.34	6,572	-1.94	6,702	3.28	6,489	7.81	6,019
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	617,263	10.08	560,718	13.95	492,054	46.98	334,781	144	137,113
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	28,970,152	-27.35	39,878,715	55.63	25,624,373	92.15	13,335,460	-4.76	14,001,352
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	8,701,199	-4.33	9,094,799	-1.94	9,274,801	147	3,742,001	7.81	3,471,000
Total long term debts	8,701,199	-4.33	9,094,799	-1.94	9,274,801	147	3,742,001	7.81	3,471,000
Current portion of long term debt
Financial debts	14,591,573	-37.48	23,339,919	136	9,857,032	45.44	6,777,213	-35.05	10,433,782
Trade creditors	5,594,388	-24.00	7,361,369	15.46	6,375,608	133	2,726,125	4507	59,167
Amounts Payable for Taxes, Remuneration & Social Security	22,944	-34.94	35,265	-55.22	78,759	9.92	71,653	264	19,650
Miscellaneous current liabilities	60,047	26.78	47,362	24.07	38,174	106	18,469	4.03	17,753
Total current liabilities	20,268,952	-34.16	30,783,915	88.29	16,349,573	70.42	9,593,460	-8.90	10,530,352
Total Liabilities	29,593,701	-26.83	40,446,004	54.83	26,123,130	91.00	13,676,731	-3.31	14,144,484

Ratio Analysis
TRADING PERFORMANCE
Profit Before Tax	0.12	0	0.12	-7.69	0.13	-40.91	0.22	46.67	0.15
Return on capital employed	1.51	8.63	1.39	-38.77	2.27	-66.76	6.83	236	2.03

Return on total assets employed	0.47	42.42	0.33	-61.18	0.85	-58.33	2.04	292	0.52
Return on net assets employed	22.51	-4.62	23.60	-46.99	44.52	-45.53	81.74	59.21	51.34

Sales / net working capital	12.54	7.09	11.71	-35.09	18.04	-43.47	31.91	129	13.88

Stock turnover ratio	9.13	-23.15	11.88	248	3.41	-23.88	4.48	-75.43	18.23

Creditor days	17.67	-26.44	24.02	80.87	13.28	71.58	7.74	1659	0.44
Debtor days	57.04	-28.26	79.51	99	39.90	232	11.99	-67.41	36.79
SHORT TERM STABILITY
Current ratio	1.46	11.45	1.31	-18.12	1.60	12.68	1.42	5.97	1.34

Liquidity ratio / acid ratio	0.93	5.68	0.88	-28.46	1.23	50.0	0.82	70.83	0.48

Current debt ratio	32.51	-40.08	54.26	65.53	32.78	16.61	28.11	-61.79	73.57

Liquidity Ratio Reprocessed	-	-	-	-	-	-	-	-	-

Cashflow	87,383	-5.16	92,139	-42.71	160,839	-19.53	199,880	256	56,043
Net worth	623,550	9.92	567,290	13.74	498,756	46.15	341,270	138	143,132
LONG TERM STABILITY
Gearing	2,340.08	-43.12 4,114.28		108	1,976.32	-0.48	1,985.88	-72.76	7,289.62

Equity in percentage	2.11	50.71	1.40	-26.70	1.91	-23.60	2.50	147	1.01

Total debt ratio	46.46	-33.91 70.30		36.82	51.38	31.47	39.08	-60.05	97.82

Working capital	9,311,509	-3.44	9,643,146	-1.11	9,750,956	140	4,051,362	13.32	3,575,272

Profit & loss

Operating Income	116,732,814	3.34	112,963,189	-35.81	175,992,336	36.12	129,294,457	160	49,640,290
Turnover	116,721,747	3.35	112,939,955	-35.81	175,952,914	36.11	129,268,397	160	49,638,211
Total operating expenses	115,556,062	3.28	111,883,477	-36.15	175,215,450	36.26	128,588,756	160	49,271,169
Gross Operating Margin	-	-	-	-	-	-	-	-	-

Operating Charges	115,567,128	3.27	111,906,710	-36.15	175,254,872	36.26	128,614,815	161	49,273,248
Employee costs	113,267	-0.74	114,114	4.00	109,722	25.81	87,211	311	21,192
Wages and salary	90,996	0.04	90,956	3.62	87,777	23.59	71,022	300	17,728
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	18,914	-3.16	19,531	0.35	19,462	40.81	13,821	368	2,953
Other employee costs	3,358	-7.42	3,627	46.07	2,483	4.86	2,368	364	510
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	6,572	-52.81	13,926	-4.12	14,525	12.45	12,917	9.32	11,816

Operating result	1,165,685	10.34	1,056,478	43.26	737,464	8.51	679,641	85.17	367,042
Total financial income	10,234	-39.15	16,818	-25.99	22,723	-36.97	36,053	456	6,476
Total financial expenses	1,035,550	10.23	939,419	74.57	538,130	23.21	436,754	45.57	300,039
Results on ordinary operations before taxation	140,369	4.85	133,877	-39.71	222,057	-20.39	278,941	279	73,478

Extraordinary Income	-	-	-	-	1,213	-27.23	1,667	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-100	1,213	-27.23	1,667	-	0

Results for the Year Before Taxation	140,369	4.85	133,877	-40.04	223,270	-20.43	280,608	281	73,478
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	59,558	7.00	55,664	-27.67	76,956	-17.82	93,645	220	29,252
Results on ordinary operations	80,811	3.32	78,213	-46.10	145,101	-21.69	185,296	318	44,226
Net Result	80,811	3.32	78,213	-46.54	146,314	-21.74	186,963	322	44,227
Profit (Loss) for the year to be appointed	80,811	3.32	78,213	-46.54	146,314	-21.74	186,963	322	44,227
Dividend	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	2
Part-time Employees	1
Total Fte Employees	3

Number of hours worked
Full-time Employees	3,628
Part-time Employees	885
Total	4,513

Personnel Charges
Full-time Employees	-
Part-time Employees	-
Total	113,267
Benefits In Addition To Wages -

During the previous reporting year
Average number employees in Fte 3
Actual working hours	4,646
Personnel Charges	114,114
Benefits In Addition To Wages -


Type of Contract	Full-Time Part-Time Total Fte
Unlimited Duration Contracts	2 1 3
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	1 - 1
Secondairy education	- 1 1
Higher education (non university)	- - -
Higher education (university)	- - -

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	1	3
Blue collar worker	-	-	-
Other	-	-	-

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

Payment Information Summary

Total number of Invoices available 2

Total number of Invoices paid within or up to 30 days after the due date 1

Total number of Invoices paid more than 30 days after the due date 0

Total number of Invoices currently outstanding where the due date has not yet been reached 1

Total number of Invoices currently outstanding beyond the due date 0

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days 17.67

Day sales outstanding 57.04

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 123.77

Industry average day sales

Outstanding 140.64

Industry quartile analysis

Payment expectations

Company result 7.67

Lower 122.25

Median 75

Upper 46.13

Day sales outstanding

Company result 57.04

Lower 102.58

Median 54.08

Upper 24.07

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 HARRY WEINBERG

Position Principal Manager

Start Date 01/01/2013

Street 15 ALFRED COOLSSTRAAT ANTWERPEN

Post code 2020

Country Belgium

Name JEAN JACQUES TACHÉ

Position Principal Manager

Start Date 03/03/2006

Street 72 ACACIALAAN 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.63.52
UK Pound	1	Rs.95.96
Euro	1	Rs.70.54

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.

Business number	879919563	Company name	TACHE-HSK BVBA
Fax number	032132667	Date founded	13/03/2006
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of Diamonds and Other Precious Stones	VAT Number	BE.0879.919.563 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Company Accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholder Details

Linked Companies

Director details

Unit