MIRA INFORM REPORT

Report No. :	323742
Report Date :	23.05.2015

IDENTIFICATION DETAILS

Name :	DIABEX NV

Registered Office :	Hoveniersstraat 2-Bus 201, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	18.03.1997

Com. Reg. No.:	460287962

Legal Form :	Public Limited Liability

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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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 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

Company Name	DIABEX NV
Business number	460287962
Branche Unit Number	2081583079
Company name	DIABEX NV
Address	HOVENIERSSTRAAT 2-BUS 201
	2018 ANTWERPEN
Number of staff	1
Date of establishment	18/03/1997
Telephone number	032014878
Fax number	032014878

Commentary

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

The business has been at the address for over 3 years.

Pre-tax profits decreased by 50% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	106,678,607	203,841	9,868,151	12,816,044
31/12/2012	94,787,654	410,851	9,654,506	12,711,501
31/12/2011	125,599,260	57,493	9,247,152	12,481,815
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	52,389,714	1	8,560,410	295,081
31/12/2012	49,208,751	1	8,560,410	485,164
31/12/2011	39,980,721	2	8,560,410	322,297

Payment expectations

Past payments		Payment expectation days	95.98
Industry average payment	126.46	Industry average day sales	185.72
expectation days		outstanding
Day sales outstanding	109.23

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
JIC Code	324
Description	Joint committee for the industry and the trade in diamant

category Significant Events

Event Date

14/10/2011

Event Description

Event Details

De 25870 bestaande aandelen aan toonder om te zetten in aandelen op naam. 8623 van de 25870 bestaande aandelen worden omgezet in aandelen zonder stemrecht en behoren thans aan Shah Dipak.

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	1,040,215	-7.08	1,119,452	4.28	1,073,484	149	430,349	-9.46	475,322
Intangible fixed assets	0	-100	807	-66.67	2,420	-	0	-	0
Tangible fixed assets	1,039,868	-7.01	1,118,298	5.03	1,064,717	147	430,252	-9.46	475,225
Land & building	603,348	-2.39	618,090	2.24	604,530	61.59	374,120	-3.69	388,465
Plant & machinery	351,431	-12.87	403,330	14.29	352,912	3571	9,612	-14.89	11,293
Furniture & Vehicles	85,089	-12.17	96,879	-9.69	107,276	130	46,519	-38.36	75,467
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	347	0	347	-94.53	6,347	6419	97	0	97
Total current assets	51,349,499	6.78	48,089,298	23.60	38,907,236	2.83	37,835,003	-6.68	40,542,437
Inventories	18,924,415	-5.25	19,972,558	49.88	13,325,981	43.33	9,297,461	-34.58	14,212,990
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	18,924,415	-5.25	19,972,558	49.88	13,325,981	43.33	9,297,461	-34.58	14,212,990
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	31,925,756	15.75	27,580,921	12.68	24,477,129	-12.98	28,128,310	8.55	25,912,822
Other amounts receivable	412,823	-7.11	444,428	9.25	406,809	27.05	320,205	-4.53	335,381
Cash	29,268	-1.09	29,591	-95.30	629,241	2249	26,786	92.86	13,889
Miscellaneous current assets	57,236	-7.38	61,799	-9.22	68,076	9.38	62,241	-7.59	67,355
Total Assets	52,389,714	6.46	49,208,751	23.08	39,980,721	4.48	38,265,352	-6.71	41,017,759
LIABILITIES
Total shareholders equity	9,868,151	2.20	9,655,313	4.39	9,249,572	3.05	8,976,218	2.14	8,787,981
Issued share capital	8,560,410	0	8,560,410	0	8,560,410	0	8,560,410	0	8,560,410
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,307,741	19.44	1,094,903	58.87	689,162	65.74	415,808	82.72	227,570
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	42,521,563	7.50	39,553,438	28.71	30,731,148	4.92	29,289,134	-9.12	32,229,778
Other long term loans	3,988,108	-4.49	4,175,640	-3.02	4,305,727	3.83	4,146,987	7.19	3,868,895
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	3,988,108	-4.49	4,175,640	-3.02	4,305,727	3.83	4,146,987	7.19	3,868,895
Current portion of long term debt	7,079	-74.21	27,445	-24.69	36,442	73.15	21,047	9.84	19,161
Financial debts	10,480,328	-6.88	11,255,244	12.82	9,975,979	-1.16	10,093,181	31.60	7,669,555
Trade creditors	27,843,115	17.12	23,773,704	47.76	16,089,741	9.33	14,717,168	-27.78	20,378,914
Amounts Payable for Taxes,	21,852	-15.87	25,974	25.34	20,722	7.62	19,254	-15.53	22,795
Remuneration & Social Security
Miscellaneous current liabilities	181,080	-38.71	295,431	-2.35	302,538	3.79	291,498	7.78	270,460
Total current liabilities	38,533,454	8.92	35,377,797	33.88	26,425,421	5.10	25,142,147	-11.35	28,360,884
Total Liabilities	52,389,714	6.46	49,208,751	23.08	39,980,721	4.48	38,265,352	-6.71	41,017,759
RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	0.19	-55.81	0.43	760	0.05	-61.54	0.13	62.50	0.08
Return on capital employed	1.47	-50.51	2.97	607	0.42	-68.18	1.32	256	0.37
Return on total assets employed	0.39	-53.01	0.83	492	0.14	-68.89	0.45	309	0.11
Return on net assets employed	2.07	-51.41	4.26	587	0.62	-67.71	1.92	262	0.53
Sales / net working capital	8.32	11.53	7.46	-25.84	10.06	-7.45	10.87	122	4.89
Stock turnover ratio	17.74	-15.80	21.07	98.59	10.61	57.42	6.74	-71.76	23.87
Creditor days	95.98	3.81	92.46	96.89	46.96	19.98	39.14	-68.94	126.00
Debtor days	109.23	2.84	106.21	49.32	71.13	-4.43	74.43	-53.14	158.85
SHORT TERM STABILITY

Current ratio	1.33	-2.21	1.36	-7.48	1.47	-2.00	1.50	4.90	1.43
Liquidity ratio / acid ratio	0.84	6.33	0.79	-18.56	0.97	-14.91	1.14	22.58	0.93
Current debt ratio	3.90	6.56	3.66	27.97	2.86	2.14	2.80	-13.31	3.23
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	295,081	-39.18	485,164	50.53	322,297	36.54	236,041	333	54,417
Net worth	9,868,151	2.21	9,654,506	4.41	9,247,152	3.02	8,976,218	2.14	8,787,981
LONG TERM STABILITY
Gearing	146.69	-8.38	160.10	3.42	154.80	-2.57	158.88	20.80	131.52
Equity in percentage	18.84	-3.98	19.62	-15.21	23.14	-1.36	23.46	9.52	21.42
Total debt ratio	4.31	5.12	4.10	23.49	3.32	1.84	3.26	-11.17	3.67
Working capital	12,816,044	0.82	12,711,501	1.84	12,481,815	-1.66	12,692,856	4.20	12,181,553
Profit & loss
Operating Income	106,685,428	12.55	94,790,125	-24.53	125,602,536	-8.95	137,945,088	131	59,577,974
Turnover	106,678,607	12.54	94,787,654	-24.53	125,599,260	-8.95	137,944,504	131	59,542,887
Total operating expenses	105,880,005	12.81	93,854,938	-24.95	125,051,634	-8.90	137,261,078	132	59,031,848
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	105,886,826	12.82	93,857,408	-24.95	125,054,910	-8.89	137,261,662	132	59,066,935
Employee costs	67,707	-15.00	79,656	1.26	78,666	7.72	73,031	-21.70	93,276
Wages and salary	54,513	-10.17	60,683	-1.57	61,649	3.31	59,675	-15.24	70,405
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	8,937	-23.46	11,676	5.31	11,088	37.55	8,061	-50.43	16,261
Other employee costs	4,257	-41.66	7,298	23.08	5,929	11.96	5,296	-19.88	6,610
Director remuneration	-	-	-	-	84,452	5.08	80,371	0	80,371
Amortization and depreciation	82,243	3.55	79,424	62.28	48,942	2.38	47,803	-3.14	49,353
Operating result	798,602	-14.38	932,717	70.32	547,625	-19.87	683,425	33.73	511,040
Total financial income	37,356	-11.30	42,113	33.12	31,635	940	3,039	-47.64	5,804
Total financial expenses	632,117	12.08	563,979	8.09	521,767	1.56	513,729	9.30	469,996
Results on ordinary operations before taxation	203,841	-50.39	410,851	614	57,493	-66.72	172,735	268	46,847
Extraordinary Income	9,917	479	1,710	-99	216,049	1273	15,726	-84.26	99,887
Extraordinary Charges	-	-	6,258	-	-	-	0	-99	122,084
Extraordinary items	9,917	218	-4,548	-102	216,049	1273	15,726	70.85	-22,197
Results for the Year Before	213,759	-47.39	406,303	48.53	273,542	45.15	188,461	664	24,650
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	921	63.73	562	199	188	-15.93	223	-98.86	19,587
Results on ordinary operations after taxation	202,921	-50.54	410,289	615	57,305	-66.78	172,512	532	27,260
Net result	212,838	-47.54	405,741	48.43	273,354	45.22	188,237	3617	5,063
Profit (Loss) for the Year to be appropiated	212,838	-47.54	405,741	48.43	273,354	45.22	188,237	3617	5,063
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		1
Part-time Employees		2
Total Fte Employees		2
Number of hours worked
Full-time Employees		1,771
Part-time Employees		1,391
Total		3,162
Personnel Charges
Full-time Employees		42,486
Part-time Employees		25,221
Total		67,707
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		2
Actual working hours		3,645
Personnel Charges		79,656
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	2	2
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	-	1	0
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	1	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	1	2
Blue collar worker	-	1	0
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

Payment Information Summary
Total number of Invoices available	2
Total number of Invoices paid within or up to 30 days after the due date	2
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	0

Total number of Invoices currently outstanding beyond the due date

	Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	95.98
Day sales outstanding	109.23
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	126.46
expectation days
Industry average day sales	185.72
outstanding

Industry quartile analysis
Payment expectations
Company result	95.98
Lower	120.34
Median	74.61
Upper	46.13

Day sales outstanding

Company result	109.23
Lower	102.27
Median	53.69
Upper	24.18

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	Rajiv Dinesh	Middle name	-
Surname	Shah
SHAREHOLDER DETAILS
Start date	22/03/1999	End date	-
Percentage owned	33.34%
SHAREHOLDER ADDRESS
Street name	Prins Boudewijnlaan	House number	157
Minor town	-	Postal town	Edegem
Post code	2650	Country	Belgium
SHAREHOLDER NAME
Forename	Dipak	Middle name	-
Surname	Shah
SHAREHOLDER DETAILS
Start date	28/10/2011(estimated)	End date	-
Percentage owned	-

SHAREHOLDER ADDRESS

Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	United Arab Emirates
SHAREHOLDER NAME
Forename	ABHUBHAI	Middle name	-
Surname	DESAI
SHAREHOLDER DETAILS
Start date	22/03/1999	End date	-
Percentage owned	33.33%
SHAREHOLDER ADDRESS
Street name	NORTH-SOUTH ROAD	House number	9
Minor town	-	Postal town	BOMBAY
Post code	-	Country	India
SHAREHOLDER NAME
Forename	Amit	Middle name	-
Surname	Shah
SHAREHOLDER DETAILS
Start date	22/03/1999	End date	-
Percentage owned	33.33%
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	ANKIT NARESH MEHTA
Position	Managing Director
Start Date	02/05/2006
Street	157 PRINS BOUDEWIJNLAAN EDEGEM
Post code	2650
Country	Belgium

Position	Director
Start Date	21/12/1999
Street	157 PRINS BOUDEWIJNLAAN EDEGEM
Post code	2650
Country	Belgium

Name	KALPEN HARSHAD SHAH
Position	Director
Start Date	01/04/2011
End Date	28/06/2016
Street	157 PRINS BOUDEWIJNLAAN EDEGEM
Post code	2650
Country	Belgium

Former director details

Name	DILIP DESAI
Position	Managing Director
Start Date	02/05/2006
End Date	18/03/2011
Street	4 BLAUWMEESLAAN ANTWERPEN
Post code	2610
Country	Belgium

Position	Director
Start Date	26/01/2001
End Date	18/03/2011
Street	4 BLAUWMEESLAAN 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.63.57
UK Pound	1	Rs.99.67
Euro	1	Rs.70.83

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

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 summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Industry comparison

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

DIAMOND INDUSTRY – INDIA

Unit