MIRA INFORM REPORT

Report No. :	352134
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	DIA-VEER EBVBA

Registered Office :	Hoveniersstraat 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	09.03.1992

Com. Reg. No.:	446886423

Legal Form :	Single-person limited liability company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	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 :	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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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 a 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 summary

Business number	446886423
Branche Unit Number	2056976060
Company name	DIA - VEER EBVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	1
Date of establishment	09/03/1992
Telephone number	032133982
Fax number	032263815

Commentary

The business was established over 23 years ago.

The business has 1 employees.

The business has been at the address for over 22 years.

Operating Result in the latest trading period increased 143% on the previous trading period.

The business saw a decrease in their Cash Balance of 66% during the latest trading period.

Turnover in the latest trading period increased 22% on the previous trading period.

ACCOUNTS

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	16,068,107	90,428	979,946	1,164,658
31/12/2013	13,146,606	79,920	913,604	1,112,050
31/12/2012	16,265,641	22,337	853,597	1,091,161
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	8,352,880	1	600,000	91,252
31/12/2013	7,513,735	0	600,000	85,011
31/12/2012	9,108,700	0	600,000	18,638

Payment expectations

Past payments		Payment expectation days	151.24
Industry average payment	194.06	Industry average day sales outstanding	194.73
expectation days
Day sales outstanding	134.37

COURT DATA SUMMARY

BANKRUPTCY DETAILS

Court action type

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%		31-12-2011	%	31-12-2010
Weeks	52		52		52		52			52
Currency	EUR		EUR		EUR		EUR			EUR
Total fixed assets	220,288	-10.02	244,813	-9.23	269,703	-8.49		294,720	-4.75	309,415
Intangible fixed assets	0	-	0	-	0	-	0		-	0
Tangible fixed assets	215,623	-10.21	240,148	-9.39	265,037	-8.62		290,054	-4.82	304,750
Land & building	207,136	-7.94	224,994	-7.35	242,853	-6.85		260,712	-2.68	267,896
Plant & machinery	1,035	-19.74	1,289	-28.00	1,791	-26.00	2,420		-28.87	3,402
Furniture & Vehicles	7,452	-46.25	13,864	-32.02	20,394	-24.25	26,923		-19.52	33,452
Leasing & Other Similar Rights	0	-	0	-	0	-	0		-	0
Other tangible assets	0	-	0	-	0	-	0		-	0
Financial fixed assets	4,665	0	4,665	0	4,665	0	4,665		0.01	4,665
Total current assets	8,132,592	11.88	7,268,921	-17.76	8,838,997	47.73		5,983,069	-16.15	7,135,041
Inventories	1,367,746	-38.90	2,238,528	-16.17	2,670,260	124		1,187,078	-17.72	1,442,730
Raw materials & consumables	0	-	0	-	0	-	0		-	0
Work in progress	0	-	0	-	0	-	0		-	0
Finished goods	1,367,746	-38.90	2,238,528	-16.17	2,670,260	124		1,187,078	-17.72	1,442,730
Other stocks	0	-	0	-	0	-	0		-	0
Trade debtors	5,915,064	34.24	4,406,289	-22.93	5,717,295	29.69		4,408,346	-19.97	5,508,141
Other amounts receivable	640,834	2069	29,538	-8.29	32,209	360	7,000		-31.55	10,227
Cash	197,710	-66.18	584,523	43.20	408,195	10.47		369,505	125	164,114
Miscellaneous current assets	11,238	11.90	10,043	-9.02	11,038	-0.92	11,141		13.35	9,829
Total Assets	8,352,880	11.17	7,513,735	-17.51	9,108,700	45.09		6,277,789	-15.67	7,444,456

Liabilities
Total shareholders’ equity	979,946	7.26	913,604	7.03	853,597	-0.74	859,976	3.92	827,534
Issued share capital	600,000	0	600,000	0	600,000	0	600,000	0	600,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	379,946	21.15	313,604	23.66	253,597	-2.45	259,976	14.26	227,534
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	7,372,934	11.71	6,600,131	-20.05	8,255,103	52.37	5,417,812	-18.12	6,616,922
Other long term loans	405,000	-8.63	443,260	-12.62	507,267	-6.95	545,163	-3.00	562,005
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	405,000	-8.63	443,260	-12.62	507,267	-6.95	545,163	-3.00	562,005
Current portion of long term debt	13,362	-44.57	24,109	4.83	22,999	4.81	21,944	4.66	20,966
Financial debts	0	-100	58,446	-28.54	81,791	-1.02	82,635	12954	633
Trade creditors	6,573,683	18.27	5,558,083	-26.91	7,604,718	63.27	4,657,749	-20.63	5,868,303
Amounts Payable for Taxes, Remuneration & Social Security	13,046	53.34	8,507	-42.13	14,700	122	6,619	-40.15	11,060
Miscellaneous current liabilities	367,843	-27.55	507,725	2048	23,628	-77.22	103,702	-32.64	153,955
Total current liabilities	6,967,934	13.17	6,156,871	-20.53	7,747,836	59.01	4,872,649	-19.53	6,054,917
Total Liabilities	8,352,880	11.17	7,513,735	-17.51	9,108,700	45.09	6,277,789	-15.67	7,444,456

Ratio Analysis
TRADING PERFORMANCE
Profit Before Tax	0.56	-8.20	0.61	335	0.14	-72.55	0.51	-28.17	0.71
Return on capital employed	6.53	10.87	5.89	259	1.64	-60.39	4.14	-25.81	5.58
Return on total assets employed	1.08	1.89	1.06	324	0.25	-73.12	0.93	-10.58	1.04
Return on net assets employed	9.23	5.49	8.75	233	2.62	-61.30	6.77	-27.83	9.38
Sales / net working capital	13.80	16.75	11.82	-20.72	14.91	44.06	10.35	1.77	10.17
Stock turnover ratio	8.51	-50.03	17.03	3.71	16.42	58.95	10.33	-21.39	13.14
Creditor days	151.24	-2.61	155.30	-9.50	171.60	15.42	148.68	-24.98	198.19
Debtor days	134.37	9.83	122.34	-4.65	128.30	-8.35	139.99	-23.54	183.09

SHORT TERM STABILITY
Current ratio	1.17	-0.85	1.18	3.51	1.14	-7.32	1.23	4.24	1.18
Liquidity ratio / acid ratio	0.97	18.29	0.82	2.50	0.80	-18.37	0.98	4.26	0.94
Current debt ratio	7.11	5.49	6.74	-25.77	9.08	60.14	5.67	-22.54	7.32
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	91,252	7.34	85,011	356	18,638	-68.06	58,349	-19.71	72,676
Net worth	979,946	7.26	913,604	7.03	853,597	-0.74	859,976	3.92	827,534

LONG TERM STABILITY
Gearing	42.69	-25.82	57.55	-19.74	71.70	-5.10	75.55	7.13	70.52
Equity in percentage	11.73	-3.54	12.16	29.78	9.37	-31.61	13.70	23.20	11.12
Total debt ratio	7.52	4.16	7.22	-25.34	9.67	53.49	6.30	-21.25	8.00
Working capital	1,164,658	4.73	1,112,050	1.91	1,091,161	-1.73	1,110,420	2.80	1,080,124

Profit & loss
Operating Income	16,094,507	22.18	13,173,006	-19.14	16,292,041	41.42	11,520,600	4.67	11,006,935
Turnover	16,068,107	22.22	13,146,606	-19.18	16,265,641	41.51	11,494,200	4.68	10,980,535
Total operating expenses	15,865,131	21.45	13,063,132	-19.24	16,175,328	41.46	11,434,848	5.81	10,807,323
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	15,891,531	21.41	13,089,532	-19.21	16,201,728	41.36	11,461,248	5.79	10,833,723
Employee costs	17,536	-9.25	19,323	4.08	18,565	5.04	17,675	2.84	17,187
Wages and salary	14,940	-4.79	15,691	3.80	15,116	3.48	14,608	2.49	14,253
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	2,454	-25.44	3,291	14.89	2,865	2.25	2,802	6.16	2,639
Other employee costs	142	-58.29	341	-41.61	584	120	265	-10.11	295
Director remuneration	90,240	0	90,240	0	90,240	0	90,240	0	90,240
Amortization and depreciation	24,910	-0.38	25,005	-0.05	25,017	-3.44	25,907	92.76	13,440
Operating result	202,976	143	83,474	-7.57	90,312	52.16	59,352	-65.73	173,212
Total financial income	14,706	-55.98	33,410	77.89	18,781	-45.00	34,149	136497	25
Total financial expenses	127,254	244	36,964	-57.39	86,756	146	35,264	-63.13	95,655
Results on ordinary operations before taxation	90,428	13.15	79,920	257	22,337	-61.64	58,237	-24.93	77,582
Extraordinary Income	-	-	-	-	-	-	-	-	455
Extraordinary Charges	-	-	-	-	-	-	18,689	-	-
Extraordinary items	-	-	0	-	0	0	-18,689	-4207	455
Results for the Year Before Taxation	90,428	13.15	79,920	257	22,337	-43.52	39,548	-49.32	78,037
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	24,086	20.95	19,913	-30.65	28,716	304	7,106	-62.20	18,801
Results on ordinary operations after taxation	66,342	10.56	60,006	940	-6,379	-112	51,131	-13.01	58,781
Net result	66,342	10.56	60,006	940	-6,379	-119	32,442	-45.23	59,236
Profit (Loss) for the Year to be Appropriated	66,342	10.56	60,006	940	-6,379	-119	32,442	-45.23	59,236

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2014
Full-time Employees	-
Part-time Employees	1
Total Fte Employees	1
Number of hours worked
Full-time Employees	-
Part-time Employees	768
Total	768
Personnel Charges
Full-time Employees	-
Part-time Employees	17,536
Total	17,536
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	924
Personnel Charges	19,323
Benefits In Addition To Wages	-

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

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

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Payment Information Summary
Total number of Invoices available	1
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	0
Total number of Invoices currently outstanding beyond the due date	0

Payment expectations

Payment expectation days	151.24
Day sales outstanding	134.37

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	194.06
expectation days
Industry average day sales	194.73
outstanding

Industry quartile analysis

Payment expectations
Company result	151.24
Lower	134.75
Median	60.71
Upper	28.62

Day sales outstanding

Company result	134.37
Lower	131.59
Median	86.08
Upper	48.13

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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

Position	Manager
Start Date	01/07/1999
Street	19 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	Vipul Parekh

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.66.81
UK Pound	1	Rs.100.37
Euro	1	Rs.70.68
EUR	1	Rs.70.53

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SNT

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

Payment expectations

Company information

Joint Industrial Committee (JIC)

Company accounts

Social Balance Sheet Details

Gender and Education

Industry comparison

Payment Information

Payment expectations

Industry comparison

Industry quartile analysis

Day sales outstanding

Director details

Unit