MIRA INFORM REPORT

Report No. :	345862
Report Date :	15.10.2015

IDENTIFICATION DETAILS

Name :	BSD BVBA

Registered Office :	Hoveniersstraat 2-B 446, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	08.07.2005

Com. Reg. No.:	875319288

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones.

No. of Employees :	Not Available

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 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 government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. 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	875319288
Branche Unit Number	2148786065
Company name	BSD BVBA
Address	HOVENIERSSTRAAT 2-B 446
	2018 ANTWERPEN
Number of staff	0
Date of establishment	08/07/2005
Telephone number	032319682
Fax number

Commentary

The business was established over 9 years ago.

No employees are recorded for this business.

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

Operating Result in the latest trading period increased 93% on the previous trading period.

A 21% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 93% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 62% during the latest trading period.

Turnover in the latest trading period increased 102% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	20,401,003	37,940	332,892	328,927
31/12/2012	10,056,178	19,642	300,572	295,690
31/12/2011	11,370,522	22,307	274,851	266,787

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	4,239,145	0	6,200	33,725
31/12/2012	5,406,403	0	6,200	33,535
31/12/2011	6,628,134	0	6,200	17,048

Payment Expectations

Past payments		Payment expectation days	69.86
Industry average payment	126.32	Industry average day sales	184.98
expectation days		outstanding
Day sales outstanding	63.03

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons –

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	3,966	-18.76	4,882	-39.47	8,064	-47.51	15,363	-34.39	23,417
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	3,966	-18.76	4,882	-39.47	8,064	-47.51	15,363	-34.39	23,417
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	3,966	-12.54	4,534	36.02	3,334	-46.65	6,248	-37.61	10,015
Furniture & Vehicles	-	-	347	-92.66	4,731	-48.09	9,114	-31.99	13,402
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	4,235,179	-21.59	5,401,522	-18.41	6,620,070	-50.15	13,280,234	-2.09	13,564,381
Inventories	697,897	-66.94	2,111,318	20.45	1,752,790	-58.53	4,226,137	-43.76	7,514,077
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	697,897	-66.94	2,111,318	20.45	1,752,790	-58.53	4,226,137	-43.76	7,514,077
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	3,523,157	7.72	3,270,642	-32.59	4,851,823	-46.32	9,037,898	49.68	6,038,214
Other amounts receivable	11,974	-12.67	13,711	26.53	10,836	58.30	6,845	9.84	6,232
Cash	2,055	-62.89	5,539	49.85	3,696	-57.73	8,744	75.30	4,988
Miscellaneous current assets	96	-69.33	311	-66.31	925	51.79	609	-29.98	870
Total Assets	4,239,145	-21.59	5,406,403	-18.43	6,628,134	-50.15	13,295,597	-2.15	13,587,798
Liabilities
Total shareholders equity	332,892	10.75	300,572	9.36	274,851	3.27	266,157	6.92	248,938
Issued share capital	6,200	0	6,200	0	6,200	0	6,200	0	6,200
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	326,692	10.98	294,372	9.57	268,651	3.34	259,957	7.09	242,738
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	3,906,252	-23.49	5,105,832	-19.63	6,353,283	-51.24	13,029,439	-2.32	13,338,860
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	328	-	-	-	132	-	-	-	-
Trade creditors	3,895,624	-23.61	5,099,754	-19.54	6,338,068	-51.29	13,011,183	-1.78	13,246,695
Amounts Payable for Taxes,	9,575	66.16	5,763	-61.00	14,776	-13.37	17,056	-80.76	88,647
Remuneration & Social Security
Miscellaneous current liabilities	725	130	315	2.99	306	-74.50	1,201	-65.87	3,518
Total current liabilities	3,906,252	-23.49	5,105,832	-19.63	6,353,283	-51.24	13,029,439	-2.32	13,338,860
Total Liabilities	4,239,145	-21.59	5,406,403	-18.43	6,628,134	-50.15	13,295,597	-2.15	13,587,798
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.19	-5.00	0.20	0	0.20	11.11	0.18	-5.26	0.19
Return on capital employed	11.40	74.58	6.53	-19.58	8.12	99	4.08	-75.44	16.61
Return on total assets employed	0.89	147	0.36	5.88	0.34	325	0.08	-73.33	0.30
Return on net assets employed	11.40	74.58	6.53	-19.58	8.12	99	4.08	-75.44	16.61
Sales / net working capital	62.02	82.36	34.01	-20.20	42.62	78.40	23.89	-75.58	97.83
Stock turnover ratio	3.42	-83.71	21.00	36.19	15.42	-78.14	70.55	107	34.06
Creditor days	69.86	-62.35	185.56	-9.01	203.93	-74.33	794.38	261	219.64
Debtor days	63.03	-46.90	118.71	-23.78	155.75	-71.72	550.68	451	99.90
SHORT TERM STABILITY
Current ratio	1.08	1.89	1.06	1.92	1.04	1.96	1.02	0	1.02
Liquidity ratio / acid ratio	0.91	42.19	0.64	-16.88	0.77	11.59	0.69	53.33	0.45
Current debt ratio	11.73	-30.96	16.99	-26.51	23.12	-52.77	48.95	-8.64	53.58
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	33,725	0.57	33,535	96.71	17,048	-32.55	25,273	-35.05	38,913
Net worth	332,892	10.75	300,572	9.36	274,851	3.27	266,157	6.92	248,938
LONG TERM STABILITY
Gearing	0.10	-	-	-	0.05	-	-	-	-
Equity in percentage	7.85	41.19	5.56	33.98	4.15	107	2.00	9.29	1.83
Total debt ratio	11.73	-30.96	16.99	-26.51	23.12	-52.77	48.95	-8.64	53.58
Working capital	328,927	11.24	295,690	10.83	266,787	6.38	250,794	11.21	225,521
Profit & loss
Operating Income	20,401,127	102	10,057,306	-11.56	11,371,824	89.83	5,990,519	-72.85	22,061,722
Turnover	20,401,003	102	10,056,178	-11.56	11,370,522	89.81	5,990,519	-72.85	22,061,722
Total operating expenses	20,352,453	102	10,031,122	-11.57	11,344,103	89.75	5,978,336	-72.84	22,013,730
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	20,352,577	102	10,032,250	-11.57	11,345,406	89.78	5,978,336	-72.84	22,013,729
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	1,404	-82.04	7,815	-6.45	8,353	3.71	8,054	-3.54	8,350
Operating result	48,550	93.77	25,056	-5.16	26,418	116	12,183	-74.61	47,992
Total financial income	544	31.18	415	10.36	376	45758	1	-18.00	1
Total financial expenses	11,155	91.35	5,829	29.92	4,487	240	1,318	-80.16	6,642
Results on ordinary operations	37,940	93.16	19,642	-11.95	22,307	105	10,866	-73.72	41,352
before taxation
Extraordinary Income	3,753	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	3,753	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	41,693	112	19,642	-11.95	22,307	105	10,866	-73.72	41,352
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	9,372	154	-6,079	-144	13,613	214	-6,353	-158	10,789
Results on ordinary operations after	28,568	11.07	25,720	195	8,694	-49.51	17,219	-43.66	30,563
taxation
Net result	32,321	25.66	25,720	195	8,694	-49.51	17,219	-43.66	30,563
Profit (Loss) for the Year to be appropiated	32,321	25.66	25,720	195	8,694	-49.51	17,219	-43.66	30,563

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-

Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-

Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-

Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-

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

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
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	69.86
Day sales outstanding	63.03

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.32
Industry average day sales outstanding	184.98

Industry quartile analysis

Payment expectations

Company result	69.86
Lower	120.34
Median	74.35
Upper	45.68

Day sales outstanding
Company result	63.03
Lower	101.92
Median	54.07
Upper	24.31

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

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	MARCELL WOLF
Position	Principal Manager
Start Date	12/08/2011
Street	6 RUBENSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	PHILIPPE WOLF
Position	Principal Manager
Start Date	12/08/2011
Street	7 BEXSTRAAT 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.65.11
UK Pound	1	Rs.99.50
Euro	1	Rs.74.24

INFORMATION DETAILS

Analysis Done by :	DIV

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Payment Expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment INFORMATION

Shareholder Details

Linked Companies

Director details

Unit