MIRA INFORM REPORT

Report No. :	345161
Report Date :	13.10.2015

IDENTIFICATION DETAILS

Name :	DIABLUE BVBA

Registered Office :	Hoveniersstraat 9 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	27.11.1986

Com. Reg. No.:	429873613

Legal Form :	Private limited liability company

Line of Business :	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 :	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 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 summary

Business number 429873613

Branche Unit Number 2034564706

Company name DIABLUE BVBA

Address HOVENIERSSTRAAT 9

2018 ANTWERPEN

Number of staff 1

Date of establishment 27/11/1986

Telephone number 032340525

Fax number 032269301

Commentary

The business was established over 28 years ago.

The business has 1 employees.

The business has been at the address for over 4 years.

Operating Result in the latest trading period increased 65% on the previous trading period.

Pre-tax profits increased by 91% compared to the previous trading period.

The business saw an increase in their Cash Balance of 1497% 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	29,244,773	179,476	2,194,325	4,020,092
31/12/2013	23,938,607	93,607	2,015,398	3,605,959
31/12/2012	30,622,026	42,876	1,932,070	3,619,839
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	13,569,895	1	1,784,137	201,104
31/12/2013	11,516,505	1	1,784,137	111,911
31/12/2012	13,074,914	-	1,784,137	64,369

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	49.27
Industry average payment	193.20	Industry average day sales	195.06
expectation days		outstanding
Day sales outstanding	83.51

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount --

NSSO DETAILS

Date of summons 18/09/2000

Contractor details

Registered contractor

Number --

Contractor description --

Date struck off register

PERSONNEL (NSSO CLASSIFICATION)

Code --

Description –

JOINT INDUSTRIAL COMMITTEE (JIC)

---

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	590,025	-3.75	613,017	-1.95	625,191	-2.73	642,731	21076	3,035
Intangible fixed assets	6,653	-10.91	7,468	400	1,493	-	0	-	0
Tangible fixed assets	583,372	-3.66	605,549	-2.91	623,699	-2.96	642,731	21076	3,035
Land & building	568,176	-2.41	582,217	-2.35	596,258	-2.30	610,299	-	0
Plant & machinery	9,738	-35.36	15,066	-13.34	17,384	-22.34	22,384	-	0
Furniture & Vehicles	5,457	-33.98	8,267	-17.80	10,057	0.08	10,049	231	3,035
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0	-	0
Total current assets	12,979,871	19.04	10,903,488	-12.42	12,449,723	89.70	6,562,697	11733	55,457
Inventories	5,860,053	21.94	4,805,857	-34.10	7,292,768	113	3,423,070	-	0
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	5,860,053	21.94	4,805,857	-34.10	7,292,768	113	3,423,070	-	0
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	6,690,786	12.29	5,958,552	17.97	5,051,063	66.10	3,040,980	-	0
Other amounts receivable	117,474	1.26	116,016	45.45	79,763	65.27	48,263	216	15,256
Cash	307,564	1497	19,251	-16.41	23,032	-47.69	44,033	11.31	39,558
Miscellaneous current assets	3,994	4.76	3,812	23.09	3,097	-51.24	6,351	886	644
Total Assets	13,569,895	17.83	11,516,505	-11.92	13,074,914	81.46	7,205,428	12218	58,493

LIABILITIES

Total shareholders equity	2,200,978	8.80	2,022,866	4.62	1,933,563	2.27	1,890,687	3241	56,582
Issued share capital	1,784,137	0	1,784,137	0.00	1,784,137	0.00	1,784,137	9492	18,600
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	416,841	74.61	238,729	59.76	149,426	40.24	106,551	180	37,982
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	11,368,917	19.75	9,493,639	-14.79	11,141,351	109	5,314,741	278021	1,911
Other long term loans	350,000	-8.70	383,333	-8.00	416,667	-7.41	450,000	-	0
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	2,059,138	13.59	1,812,776	-4.33	1,894,800	-1.93	1,932,143	-	0
Total long term debts	2,409,138	9.70	2,196,110	-4.99	2,311,467	-2.97	2,382,143	-	0
Current portion of long term debt	33,333	0	33,333	0.00	33,333	0.00	33,333	-	0
Financial debts	5,019,358	23.11	4,076,985	49.66	2,724,225	38.40	1,968,352	-	0
Trade creditors	3,887,089	22.38	3,176,117	-47.42	6,040,034	571	900,096	84418	1,065
Amounts Payable for Taxes,	12,020	48.21	8,110	280	2,129	-64.80	6,048	614	846
Remuneration & Social Security
Miscellaneous current liabilities	7,978	167	2,983	-90.11	30,163	21.78	24,769	-	0
Total current liabilities	8,959,779	22.78	7,297,529	-17.35	8,829,884	201	2,932,598	153363	1,911
Total Liabilities	13,569,895	17.83	11,516,505	-11.92	13,074,914	81.46	7,205,428	12218	58,493

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	0.61	56.41	0.39	178	0.14	-56.25	0.32	-	-
Return on capital employed	3.89	75.23	2.22	119	1.01	-36.08	1.58	-97.44	61.61
Return on total assets employed	1.32	62.96	0.81	145	0.33	-64.89	0.94	-98.42	59.59
Return on net assets employed	8.15	76.03	4.63	108	2.22	-37.82	3.57	-94.21	61.61
Sales / net working capital	7.27	9.49	6.64	-21.51	8.46	45.86	5.80	-	-
Stock turnover ratio	20.04	-0.20	20.08	-15.70	23.82	46.58	16.25	-	-
Creditor days	49.27	0.59	48.98	-32.50	72.56	362	15.68	-	-
Debtor days	83.51	-8.08	90.85	50.89	60.21	14.29	52.68	-	-
SHORT TERM STABILITY
Current ratio	1.45	-2.68	1.49	5.67	1.41	-37.05	2.24	-92.28	29.02
Liquidity ratio / acid ratio	0.79	-5.95	0.84	44.83	0.58	-45.79	1.07	-96.31	29.02
Current debt ratio	4.07	12.74	3.61	-21.01	4.57	194	1.55	5066	0.03
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	201,104	79.70	111,911	73.86	64,369	-18.47	78,948	94.18	40,658
Net worth	2,194,325	8.88	2,015,398	4.31	1,932,070	2.19	1,890,687	3241	56,582
LONG TERM STABILITY
Gearing	245.47	10.50	222.14	35.32	164.16	26.60	129.67	-	-
Equity in percentage	16.23	-7.68	17.58	18.86	14.79	-43.64	26.24	-72.87	96.73
Total debt ratio	5.17	10.23	4.69	-18.58	5.76	104	2.81	9266	0.03
Working capital	4,020,092	11.48	3,605,959	-0.38	3,619,839	-0.28	3,630,099	6679	53,547

PROFIT & LOSS

Operating Income	29,250,929	22.16	23,945,085	-21.82	30,627,731	45.35	21,071,294	-	-
Turnover	29,244,773	22.17	23,938,607	-21.83	30,622,026	45.34	21,069,918	-	-
Total operating expenses	28,794,800	21.67	23,666,580	-22.10	30,381,595	45.03	20,948,366	-	-
Gross Operating Margin	-	-	-	-	-	-	-	-	43,103
Operating Charges	28,800,957	21.66	23,673,059	-22.10	30,387,300	45.05	20,949,742	-	-
Employee costs	37,272	24.88	29,847	22.75	24,316	66.88	14,571	-	-
Wages and salary	32,041	14.75	27,921	35.22	20,649	61.26	12,805	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	4,675	321	1,109	-20.71	1,399	343	315	-	-
Other employee costs	556	-31.84	816	-63.99	2,267	56.25	1,451	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	22,993	1.70	22,608	5.19	21,493	107	10,379	78.95	5,800
Operating result	449,972	65.41	272,026	13.14	240,431	97.80	121,552	242	35,519
Total financial income	231	-89.68	2,239	404	444	388	91	680	12
Total financial expenses	270,727	49.86	180,658	-8.76	197,999	265	54,170	7946	673
Results on ordinary operations before	179,476	91.73	93,607	118	42,876	-36.45	67,472	93.56	34,858
taxation
Extraordinary Income	166	-99	56,412	-	-	-	1,097	-	-
Extraordinary Charges	-	-	60,716	-	-	-	-	-	-
Extraordinary items	166	3.86	-4,304	-	0	-100	1,097	-	0
Results for the Year Before Taxation	179,642	101	89,303	108	42,876	-37.47	68,570	96.71	34,858
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	1,530	-	-	-	-	-	1	-	-
Results on ordinary operations after	177,946	90.10	93,607	118	42,876	-36.45	67,472	93.56	34,858
taxation
Net result	178,112	99	89,303	108	42,876	-37.47	68,569	96.71	34,858
Profit (Loss) for the Year to be appropiated	178,112	99	89,303	108	42,876	-37.47	68,569	96.71	34,858
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2014
Full-time Employees	1
Part-time Employees	-
Total Fte Employees	1
Number of hours worked
Full-time Employees	2,242
Part-time Employees	30
Total	2,272
Personnel Charges
Full-time Employees	36,140
Part-time Employees	1,132
Total	37,272
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,932
Personnel Charges	29,847
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	-	1
Contracts
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

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

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

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 rating	68.87
Industry average credit limit	224810.72

Payment Information

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

Amount	-
Details	-

PAYMENT EXPECTATIONS

Payment expectation days	49.27
Day sales outstanding	83.51

INDUSTRY COMPARISON

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	193.20
Industry average day sales outstanding	195.06

Industry quartile analysis

PAYMENT EXPECTATIONS

Company result 49.27

Lower 137.99

Median 60.30

Upper 28.62

DAY SALES OUTSTANDING

Company result 83.51

Lower 131.59

Median 85.12

Upper 47.22

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

Legal event type	Social Security Summons
Event date	18/09/2000
Court type		Court name
Creditor's name		3rd party type

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	01/02/2011
Street	4 BLAUWMEESLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	Dilip Desai

FORMER DIRECTOR DETAILS

Name	Kalpen Shah
Position	Manager
Start Date	01/10/2007
End Date	31/03/2011
Street
Post code
Country
Name	Ankit Shah
Position	Manager
Start Date	01/12/2006
End Date	30/09/2009

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.64.73
UK Pound	1	Rs.99.30
Euro	1	Rs.73.60

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	ANK

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.

Business number	429873613	Company name	DIABLUE BVBA
Fax number	032269301	Date founded	27/11/1986
Company status	active	Company type	Private limited liability
			company
Currency	Euro (€)	Date of latest accounts	31/12/2014
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0429.873.613 Check VAT number
Belgian Bullettin of Acts	moniteur belge