MIRA INFORM REPORT

Report No. :	344467
Report Date :	12.10.2015

IDENTIFICATION DETAILS

Name :	DIAMOND VAULT NV

Registered Office :	Schupstraat 1, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2015

Date of Incorporation :	18.10.2010

Com. Reg. No.:	830513208

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 – 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

DIAMOND VAULT NV

Company summary

Business number	830513208
Branche Unit Number	2194631136
Company name	DIAMOND VAULT NV
Address	SCHUPSTRAAT 1
	2018 ANTWERPEN
Number of staff	1
Date of establishment	18/10/2010
Telephone number Fax number

Ultimate holding company
Company name	Company Number
-	-

Commentary

The business was established over 4 years ago. The business has 1 employees.

The business has been at the address for over 3 years. Pre-tax profits decreased by 22% compared to the previous trading period. The business saw an increase in their Cash Balance of 40% during the latest trading period. Turnover in the latest trading period increased 113% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2015	26,137,139	61,457	2,483,923	3,308,919
31/03/2014	12,235,173	79,229	2,425,133	3,233,470
31/03/2013	8,964,569	81,371	2,349,531	2,349,531
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2015	6,936,489	1	2,262,425	59,788
31/03/2014	-	1	2,262,425	75,602
31/03/2013	-	0	2,262,425	80,707

Payment expectations

Past payments		Payment expectation days	46.47
Industry average payment	111.37	Industry average day sales	172.04
expectation days		outstanding
Day sales outstanding	62.25

Court data summary

BANKRUPTCY DETAILS

Court action type no

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)
Significant Events
Event Date	24/02/2011
Event Description	Registered as a basic management company
Event Details

Company accounts

ASSETS
Annual accounts	31-03-2015	%	31-03-2014	%	31-03-2013	%	31-03-2012
Weeks	52		52		52		76
Currency	EUR		EUR		EUR		EUR
Total fixed assets	5,339	-	-	-	-	-	-
Intangible fixed assets	0	-	0	-	0	-	0
Tangible fixed assets	5,339	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	2,422	-	-	-	-	-	-
Furniture & Vehicles	2,917	-	-	-	-	-	-
Leasing & Other Similar Rights	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-
Total current assets	6,931,150	1.75	6,811,772	94.63	3,499,774	-11.14	3,938,691
Inventories	2,403,409	80.96	1,328,109	7.30	1,237,759	-3.90	1,287,999
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0
Finished goods	2,403,409	80.96	1,328,109	-	0	-	0
Other stocks	0	-	0	-100	1,237,759	-3.90	1,287,999
Trade debtors	4,457,559	-17.80	5,422,968	140	2,256,259	1392	151,199
Other amounts receivable	10,032	-44.63	18,119	1202	1,391	-99	2,492,164
Cash	53,044	40.14	37,850	774	4,328	-40.71	7,299
Miscellaneous current assets	7,105	50.34	4,726	12324	38	27.69	30
Total Assets	6,936,489	1.83	6,811,772	94.63	3,499,774	-11.14	3,938,691

LIABILITIES

Total shareholders equity	2,483,923	2.42	2,425,133	3.22	2,349,531	3.56	2,268,824
Issued share capital	2,262,425	0	2,262,425	0	2,262,425	0	2,262,425
Share premium account	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Reserves	221,498	36.13	162,708	86.79	87,106	1261	6,399
Provisions for Liabilities & Charges	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-
Creditors	4,452,565	1.50	4,386,639	281	1,150,244	-31.12	1,669,867
Other long term loans	275,000	-26.67	375,000	-	-	-	-
Long term group loans	-	-	-	-	-	-	-
Other long term liabilities	555,335	28.15	433,337	-	0	-	0
Total long term debts	830,335	2.72	808,337	-	0	-	0
Current portion of long term debt	100,000	-20.0	125,000	-	-	-	-
Financial debts	718	-95.96	17,786	-	-	-	-
Trade creditors	3,315,627	-2.91	3,415,000	197	1,148,959	-30.91	1,663,080
Amounts Payable for Taxes, Remuneration & Social Security	12,453	-36.52	19,616	2827	670	-55.33	1,500
Miscellaneous current liabilities	193,432	21402	900	46.48	614	-88.39	5,288
Total current liabilities	3,622,230	1.23	3,578,302	211	1,150,244	-31.12	1,669,867
Total Liabilities	6,936,489	1.83	6,811,772	94.63	3,499,774	-11.14	3,938,691

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	0.24	-63.08	0.65	-28.57	0.91	213	0.29
Return on capital employed	1.85	-24.49	2.45	-29.19	3.46	888	0.35
Return on total assets employed	0.89	-23.28	1.16	-50.21	2.33	1065	0.20
Return on net assets employed	2.47	-24.46	3.27	-5.49	3.46	888	0.35
Sales / net working capital	7.90	108	3.78	-1.05	3.82	223	1.18
Stock turnover ratio	9.20	-15.21	10.85	-21.43	13.81	-71.25	48.04
Creditor days	46.47	-54.70	102.58	117	47.19	-79.19	226.77
Debtor days	62.25	-61.52	161.78	76.10	91.87	346	20.58
SHORT TERM STABILITY
Current ratio	1.91	0.53	1.90	-37.50	3.04	28.81	2.36
Liquidity ratio / acid ratio	1.25	-18.30	1.53	-22.34	1.97	23.90	1.59
Current debt ratio	1.46	-1.35	1.48	202	0.49	-33.78	0.74
Liquidity ratio reprocessed	-	-	-	-	-	-	-
Cashflow	59,788	-20.92	75,602	-6.32	80,707	1010	7,265
Net worth	2,483,923	2.42	2,425,133	3.22	2,349,531	3.56	2,268,824
LONG TERM STABILITY
Gearing	15.13	-29.13	21.35	-	-	-	-
Equity in percentage	35.81	0.59	35.60	-46.97	67.13	16.55	57.60
Total debt ratio	1.79	-1.10	1.81	269	0.49	-33.78	0.74
Working capital	3,308,919	2.33	3,233,470	37.62	2,349,531	3.56	2,268,824

PROFIT & LOSS
Operating Income	26,137,552	113	12,236,906	-	-	-	-
Turnover	26,137,139	113	12,235,173	36.48	8,964,569	234	2,680,997
Total operating expenses	26,040,700	114	12,151,281	36.73	8,887,374	232	2,676,868
Gross Operating Margin	-	-	-	-	78,113	974	7,268
Operating Charges	26,041,112	114	12,153,014	-	-	-	-
Employee costs	48,192	571	7,178	-	-	-	-
Wages and salary	42,288	585	6,171	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	4,993	444	917	-	-	-	-
Other employee costs	911	909	90	-	0	-	0
Director remuneration	-	-	46,200	-	-	-	-
Amortization and depreciation	998	-	-	-	-	-	866
Operating result	96,439	14.96	83,892	8.68	77,194	1769	4,129
Total financial income	1,204	115	557	-89.83	5,481	41.23	3,881
Total financial expenses	36,186	593	5,220	300	1,304	1074	111
Results on ordinary operations before taxation	61,457	-22.43	79,229	-2.63	81,371	930	7,899
Extraordinary Income	1,154	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-
Extraordinary items	1,154	-	0	-	0	-	0
Results for the Year Before Taxation	62,611	-20.98	79,229	-2.63	81,371	930	7,899
Other appropriations	-	-	-	-	-	-	-
Taxation	3,821	5.34	3,627	445	664	-55.70	1,500
Results on ordinary operations after taxation	57,637	-23.76	75,602	-6.32	80,707	1161	6,399
Net result	58,790	-22.24	75,602	-6.32	80,707	1161	6,399
Profit (Loss) for the Year to be appropiated	58,790	-22.24	75,602	-6.32	80,707	1161	6,399
Dividends	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-03-2015
Full-time Employees		1
Part-time Employees		1
Total Fte Employees		2
Number of hours worked
Full-time Employees		1,224
Part-time Employees		1,428
Total		2,652
Personnel Charges
Full-time Employees		48,192
Part-time Employees		-
Total		48,192
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		0
Actual working hours		365
Personnel Charges		7,178
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	1	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	-	-	-
Secondairy education	-	-	-
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	1	-	1
Blue collar worker	-	1	1
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	1	-	1
Leavers	1	-	1

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

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	46.47
Day sales outstanding	62.25
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	111.37
Industry average day sales outstanding	172.04

Industry quartile analysis Payment expectations

Company result	46.47
Lower	120.34
Median	74.93
Upper	45.49

Day sales outstanding
Company result	62.25
Lower	108.56
Median	54.50
Upper	24.79

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

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	Managing Director
Start Date	01/03/2013
Street	28 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	GIRISH KUMAR KADEL
Position	Director
Start Date	01/03/2013
Street	28 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	GIRISH KADEL
Position	Managing Director
Start Date	01/03/2013
Street	28 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Position	Director
Start Date	01/03/2013
Street	28 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	RAVI SHAH AKA SHETH
Position	Director
Start Date	01/04/2015
Street	75 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

FORMER DIRECTOR DETAILS

Name	PARAS SNEHAL DANI
Position	Director
Start Date	01/04/2013
End Date	30/06/2014
Street	10 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	RITESH MEHTA
Position	Director
Start Date	18/10/2010
End Date	28/02/2013
Street	105 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	EURO DISTRIBUTORS DIAMONDS BVBA
Position	Chairman of the Board
Start Date	18/10/2010
End Date	28/02/2013
Date of birth	02/04/2002
Street	1 SCHUPSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Position	Managing Director
Start Date	18/10/2010
End Date	28/02/2013
Date of birth	02/04/2002
Street	1 SCHUPSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Position	Director
Start Date	18/10/2010
End Date	28/02/2013
Date of birth	02/04/2002
Street	1 SCHUPSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Position	Legal Representative
Start Date	18/10/2010
End Date	28/02/2013
Date of birth	02/04/2002
Street	1 SCHUPSTRAAT ANTWERPEN
Post code	2018
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.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	HEN

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

Company name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

GROUP STRUCTURE

Linked Companies

Director Details

Unit