MIRA INFORM REPORT

Report No. :	344171
Report Date :	07.10.2015

IDENTIFICATION DETAILS

Name :	BELGIUM CROWN DIAMONDS BVBA

Registered Office :	Pelikaanstraat 78-Bus 101, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	27.11.1990

Com. Reg. No.:	442672861

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
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

Status :	Moderate

Payment Behaviour :	Unknown

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 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

BELGIUM CROWN DIAMONDS BVBA

Company summary

Business number	442672861
Branche Unit Number	2052428344
Company name	BELGIUM CROWN DIAMONDS BVBA
Address	PELIKAANSTRAAT 78-BUS 101
	2018 ANTWERPEN
Number of staff	1
Date of establishment	27/11/1990
Telephone number
Fax number

Ultimate holding company
Company name	Company Number
-	-

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2011	17,143,052	169,379	-142,496	1,951
31/12/2010	14,047,401	4,711	-311,876	-188,952
31/12/2009	11,819,577	39,425	-316,587	-185,115
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2011	3,960,104	1	18,592	196,054
31/12/2010	6,557,014	1	18,592	25,357
31/12/2009	5,180,193	1	18,592	33,144

Payment expectations

Past payments		Payment expectation days	80.96
Industry average payment	111.18	Industry average day sales	171.72
expectation days		outstanding
Day sales outstanding	75.69

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	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category

Company accounts

Assets
Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	%	31-12-2008	%	31-12-2007
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	70,308	-23.44	91,832	10.27	83,283	-34.02	126,225	-26.59	171,954
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	70,291	13.71	61,815	16.05	53,265	-25.42	71,418	-51.46	147,147
Land & building	-	-		-	-	-	-	-	-
Plant & machinery	27,844	-6.21	29,686	389	6,070	-18.17	7,418	-20.12	9,287
Furniture & Vehicles	42,447	32.11	32,129	-31.92	47,195	-26.26	63,999	-53.58	137,859
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-100	1	0	1
Financial fixed assets	17	-99	30,017	0.00	30,017	-45.23	54,807	120	24,807
Total current assets	3,889,796	-39.83	6,465,182	26.85	5,096,910	9.75	4,644,066	2.00	4,553,122
Inventories	232,855	-92.49	3,101,083	1.29	3,061,569	-11.89	3,474,641	25.11	2,777,199
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	232,855	-92.49	3,101,083	1.29	3,061,569	-	0	-	0
Other stocks	0	-	0	-	0	-100	3,474,641	25.11	2,777,199
Trade debtors	3,555,175	8.71	3,270,235	76.25	1,855,433	65.10	1,123,820	-30.56	1,618,469
Other amounts receivable	3,605	-86.21	26,140	11.51	23,442	184	8,226	-62.78	22,100
Cash	93,935	54.09	60,962	-59.08	148,991	396	30,036	-76.67	128,747
Miscellaneous current assets	4,227	-37.49	6,762	-9.55	7,476	1.81	7,343	11.12	6,608
Total Assets	3,960,104	-39.61	6,557,014	26.58	5,180,193	8.59	4,770,291	0.96	4,725,076

Liabilities
Total shareholders equity	-142,496	45.69	-311,876	98.51	-316,587	92.13	-343,618	-22.61	-280,251
Issued share capital	18,592	0	18,592	0.00	18,592	200	6,197	0	6,197
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	-161,088	48.75	-330,468	98.59	-335,179	95.82	-349,815	-22.12	-286,448
Provisions for Liabilities & Charges	0	-	0		0	-	0	-	0
Deffered taxes	-	-	-		-	-	-	-	-
Creditors	4,102,601	-40.27	6,868,890	24.96	5,496,780	7.49	5,113,909	2.17	5,005,327
Other long term loans	214,755	0	214,755	0.00	214,755	0	214,755	0	214,755
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	214,755	0	214,755	0.00	214,755	0	214,755	0	214,755
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	617	-	-	-	3,451	58.89	2,172	98.18	1,096
Trade creditors	3,760,232	-42.33	6,520,208	26.56	5,151,808	8.31	4,756,398	-0.13	4,762,553
Amounts Payable for Taxes,	5,274	3.02	5,119	-25.87	6,905	-14.04	8,033	293	2,044
Remuneration & Social Security
Miscellaneous current liabilities	121,722	-5.50	128,808	7.46	119,861	-9.57	132,551	432	24,879
Total current liabilities	3,887,845	-41.57	6,654,134	25.98	5,282,025	7.82	4,899,154	2.27	4,790,572
Total Liabilities	3,960,104	-39.61	6,557,014	26.58	5,180,193	8.59	4,770,291	0.96	4,725,076

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.99	3200	0.03	-90.91	0.33	-	-	-	-
Return on capital employed	234.41	4833	-4.85	12.53	-38.72	68.90	-56.20	-84.69	-30.43
Return on total assets employed	4.28	6014	0.07	-90.79	0.76	-50.0	1.52	261	0.42
Return on net assets employed	-118.87	-7772	-1.51	12.13	-12.45	59.06	-21.08	-196	-7.11
Sales / net working capital	8,786.35	11819	-74.34	-16.43	-63.85	-	-	-	-
Stock turnover ratio	1.36	-93.84	22.08	-14.75	25.90	-	-	-	-
Creditor days	80.96	-52.30	169.71	6.14	159.89	-	-	-	-
Debtor days	75.69	-10.92	84.97	48.29	57.30	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.00	3.09	0.97	1.04	0.96	1.05	0.95	0	0.95
Liquidity ratio / acid ratio	0.94	84.31	0.51	30.77	0.39	62.50	0.24	-35.14	0.37
Current debt ratio	-27.28	-27.84	-21.34	-27.94	-16.68	-16.97	-14.26	83.44	-17.09
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	196,054	673	25,357	-23.50	33,144	72.83	-45,511	-228	35,405
Net worth	-142,496	45.69	-311,876	98.51	-316,587	92.13	-343,618	-22.61	-280,251
LONG TERM STABILITY
Gearing	-151.14	-119	-68.86	99	-68.92	-9.17	-63.13	81.97	-77.02
Equity in percentage	-3.60	75.63	-4.76	77.91	-6.11	84.86	-7.20	-21.42	-5.93
Total debt ratio	-28.79	-30.74	-22.02	-26.84	-17.36	-16.67	-14.88	83.31	-17.86
Working capital	1,951	1.03	-188,952	-2.07	-185,115	72.57	-255,088	-7.43	-237,450

Profit & loss

Operating Income	17,146,366	22.06	14,047,680	18.85	11,819,682	-	-	-	-
Turnover	17,143,052	22.04	14,047,401	18.85	11,819,577	-	-	-	-
Total operating expenses	16,952,496	20.89	14,023,122	19.24	11,760,760	-	-	-	-
Gross Operating Margin	-	-	-	-	-	-	149,952	75.85	85,274
Operating Charges	16,955,811	20.91	14,023,401	19.24	11,760,865	-	-	-	-
Employee costs	37,705	2.73	36,703	0.51	36,517	-4.80	38,359	15.08	33,332
Wages and salary	29,321	4.90	27,952	-0.33	28,044	-8.07	30,505	19.61	25,504
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	6,403	7.70	5,945	-0.72	5,988	10.44	5,422	5.06	5,161
Other employee costs	1,981	-29.42	2,806	12.93	2,485	2.18	2,432	-8.85	2,668
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	26,674	29.20	20,646	11.55	18,508	3.66	17,855	15.40	15,472
Operating result	190,556	684	24,279	-58.72	58,817	-34.73	90,112	179	32,273
Total financial income	71	-30.07	101	4961	2	-99	697	289	179
Total financial expenses	21,247	8.02	19,669	1.42	19,394	5.48	18,386	46.88	12,518
Results on ordinary operations before	169,379	3495	4,711	-88.05	39,425	-45.56	72,423	263	19,933
taxation
Extraordinary Income	-	-	-	-	-	-	124,647	-	-
Extraordinary Charges	-	-	-	-	24,789	-90.48	260,437	-	-
Extraordinary items	0	-	0	0	-24,789	18.26	-135,790	-	0
Results for the Year Before Taxation	169,379	3495	4,711	-67.81	14,636	23.10	-63,366	-417	19,933
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Results on ordinary operations after	169,379	3495	4,711	-88.05	39,425	-45.56	72,423	263	19,933
taxation
Net result	169,379	3495	4,711	-67.81	14,636	23.10	-63,366	-417	19,933
Profit (Loss) for the Year to be appropiated	169,379	3495	4,711	-67.81	14,636	23.10	-63,366	-417	19,933

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2011
Full-time Employees		1
Part-time Employees		-
Total Fte Employees		1
Number of hours worked
Full-time Employees		1,847
Part-time Employees		-
Total		1,847
Personnel Charges
Full-time Employees		37,705
Part-time Employees		-
Total		37,705
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,930
Personnel Charges		36,703
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	-	-	-
Higher education (non	1	-	1
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	80.96
Day sales outstanding	75.69
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	111.18
expectation days
Industry average day sales	171.72
outstanding

Industry quartile analysis
Payment expectations
Company result	80.96
Lower	120.34
Median	74.93
Upper	45.40

Day sales outstanding

Company result	75.69
Lower	107.56
Median	54.51
Upper	24.84

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

Business	Company name	%	Date of
number			accounts
454375813	Tuymaada Diamond Belgium NV	40	31/12/2003

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

Position	Principal Manager
Start Date	01/10/2012
Street	9 MEZENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	IGAL SINAI

Former director details
Name	PAUL VAN DE WYNGAERT
Position	Principal Manager
Start Date	25/10/1997
End Date	Unknown date
Street	44 SMARAGDSTRAAT ANTWERPEN
Post code	2600
Country	Belgium
Name	MEIR BOUKRIS
Position	Principal Manager
Start Date	25/10/1997
End Date	Unknown date
Street	9 MEZENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	JOSEPH FREY
Position	Principal Manager
Start Date	02/06/1997
End Date	Unknown date
Date of birth	18/06/1944
Street	16 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.39
UK Pound	1	Rs.99.05
Euro	1	Rs.73.19

INFORMATION DETAILS

Analysis Done by :	DIV

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

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