MIRA INFORM REPORT

Report No. :	347118
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	DIANCO BVBA

Registered Office :	Hoveniersstraat 2-Bus 306, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	20.06.1984

Com. Reg. No.:	425866919

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones

No. of Employee :	4

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 name

DIANCO BVBA

Company summary

Business number	425866919
Branche Unit Number	2024899645
Company name	DIANCO BVBA
Address	HOVENIERSSTRAAT 2-BUS 306
	2018 ANTWERPEN
Number of staff	5
Date of establishment	20/06/1984
Telephone number	032329827
Fax number	032319683

Ultimate holding company
Company name	Company Number
-	-

Commentary

The business was established over 31 years ago. The business has 5 employees.

The business has been at the address for over 28 years. Operating Result in the latest trading period increased 47% on the previous trading period. A 31% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 176% compared to the previous trading period. The business saw a decrease in their Cash Balance of 60% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	142,978,468	192,367	7,044,696	15,612,852
31/12/2013	139,723,886	69,471	6,906,566	10,227,254
31/12/2012	135,293,396	150,011	6,838,359	11,582,005
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	59,257,401	5	5,269,519	197,217
31/12/2013	45,183,364	5	5,269,519	195,813
31/12/2012	48,469,532	5	5,269,519	183,372

Payment expectations

Past payments		Payment expectation days	48.75
Industry average payment	103.11	Industry average day sales	181.54
expectation days		outstanding
Day sales outstanding	124.20

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

17/11/2008

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade
category
Significant Events
Event Date	23/09/2014
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 31-12-2014: Ontslagen wordt als zaakvoerder de heer Mehta Saumil vanaf 31/12/2014.

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	555,173	-8.14	604,383	-8.16	658,088	-6.59	704,490	3.86	678,321
Intangible fixed assets	8,363	-11.72	9,473	-10.49	10,584	-	0	-	0
Tangible fixed assets	546,810	-8.09	594,909	-8.12	647,504	-8.09	704,490	3.86	678,321
Land & building	343,009	-4.47	359,076	-4.28	375,144	-4.11	391,211	-34.53	597,571
Plant & machinery	178,863	-14.61	209,465	-13.31	241,638	-10.85	271,059	556	41,301
Furniture & Vehicles	24,939	-5.42	26,368	-14.17	30,722	-27.23	42,219	7.03	39,448
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-100	1
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	58,702,229	31.68	44,578,981	-6.76	47,811,443	29.49	36,922,474	34.97	27,355,120
Inventories	8,636,228	2.69	8,410,051	-20.66	10,600,481	48.06	7,159,674	77.44	4,034,944
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	8,636,228	2.69	8,410,051	-20.66	10,600,481	48.06	7,159,674	77.44	4,034,944
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	48,651,142	44.86	33,584,710	-3.34	34,746,542	17.67	29,529,525	29.15	22,865,138
Other amounts receivable	457,732	94.41	235,451	8.78	216,448	29.09	167,670	300	41,819
Cash	925,813	-60.12	2,321,652	4.64	2,218,747	5634	38,689	-90.21	395,091
Miscellaneous current assets	31,313	15.47	27,117	-7.21	29,225	8.58	26,917	48.48	18,128
Total Assets	59,257,401	31.15	45,183,364	-6.78	48,469,532	28.82	37,626,964	34.22	28,033,441

Liabilities
Total shareholders equity	7,053,059	1.98	6,916,040	0.98	6,848,944	1.59	6,741,986	3.00	6,545,605
Issued share capital	5,269,519	0	5,269,519	0	5,269,519	0	5,269,519	0.00	5,269,519
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,783,540	8.32	1,646,521	4.25	1,579,425	7.26	1,472,467	15.39	1,276,086
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	35,322	-10.29	39,372	71.20	22,998
Creditors	52,204,343	36.42	38,267,324	-7.98	41,585,267	34.82	30,845,606	43.70	21,464,838
Other long term loans	-	-	-	-	-	-	-	-	12,768
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	9,114,966	132	3,915,597	-26.89	5,355,828	22.30	4,379,380	4338	98,669
Total long term debts	9,114,966	132	3,915,597	-27.37	5,391,150	22.01	4,418,752	3186	134,435
Current portion of long term debt	-	-	4,108,825	-	-	-	12,768	-35.93	19,928
Financial debts	23,960,463	36.20	17,592,097	-14.38	20,546,396	36.63	15,037,938	51.56	9,921,788
Trade creditors	18,912,539	50.95	12,529,322	-19.70	15,603,819	38.09	11,299,929	11.74	10,112,692
Amounts Payable for Taxes,	50,173	-9.33	55,336	-1.37	56,107	-46.48	104,835	45.60	72,001
Remuneration & Social Security
Miscellaneous current liabilities	166,202	151	66,147	186	23,117	114	10,756	-99	1,226,992
Total current liabilities	43,089,377	25.44	34,351,727	-5.18	36,229,438	36.89	26,466,226	23.94	21,353,401
Total Liabilities	59,257,401	31.15	45,183,364	-6.78	48,469,532	28.82	37,626,964	34.22	28,033,441

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.13	160	0.05	-54.55	0.11	-21.43	0.14	-33.33	0.21
Return on capital employed	1.19	85.94	0.64	-47.97	1.23	-20.65	1.55	-59.53	3.83
Return on total assets employed	0.32	113	0.15	-51.61	0.31	-32.61	0.46	-49.45	0.91
Return on net assets employed	2.73	173	1.00	-54.34	2.19	-14.45	2.56	-34.53	3.91
Sales / net working capital	9.16	-32.94	13.66	16.95	11.68	-3.31	12.08	-40.52	20.31
Stock turnover ratio	6.04	0.33	6.02	-23.21	7.84	38.27	5.67	71.30	3.31
Creditor days	48.75	47.95	32.95	-22.23	42.37	28.90	32.87	7.70	30.52
Debtor days	124.20	41.57	87.73	-6.41	93.74	9.82	85.36	24.65	68.48
SHORT TERM STABILITY
Current ratio	1.36	4.62	1.30	-1.52	1.32	-5.71	1.40	9.38	1.28
Liquidity ratio / acid ratio	1.16	10.48	1.05	1.94	1.03	-8.04	1.12	2.75	1.09
Current debt ratio	6.11	22.94	4.97	-6.05	5.29	34.61	3.93	20.55	3.26
Liquidity ratio reprocessed	-	-	-	-	-	-		-	-
Cashflow	197,217	0.72	195,813	6.78	183,372	-38.25	296,947	27.03	233,765
Net worth	7,044,696	2.00	6,906,566	1.00	6,838,359	1.43	6,741,986	3.00	6,545,605
LONG TERM STABILITY
Gearing	339.72	8.27	313.78	4.60	299.99	34.38	223.24	46.79	152.08
Equity in percentage	11.90	-22.27	15.31	8.35	14.13	-21.15	17.92	-23.25	23.35
Total debt ratio	7.40	33.82	5.53	-9.05	6.08	32.75	4.58	39.63	3.28
Working capital	15,612,852	52.66	10,227,254	-11.70	11,582,005	10.77	10,456,248	74.22	6,001,719

Profit & loss
Operating Income	142,983,675	2.33	139,728,568	3.27	135,299,146	7.15	126,268,207	3.60	121,880,320
Turnover	142,978,468	2.33	139,723,886	3.27	135,293,396	7.15	126,262,608	3.61	121,866,495
Total operating expenses	141,611,782	2.03	138,797,169	3.27	134,406,578	7.12	125,474,296	3.75	120,938,350
Gross Operating Margin	-	-		-		-	-	-	-
Operating Charges	141,616,989	2.03	138,801,852	3.27	134,412,329	7.12	125,479,895	3.74	120,952,175
Employee costs	250,262	2.20	244,873	1.05	242,330	11.18	217,968	18.74	183,569
Wages and salary	193,471	2.58	188,605	1.25	186,269	8.93	171,002	21.23	141,050
Employee pension costs	-	-		-		-	-	-	-
Social security contributions	47,440	2.30	46,372	0.43	46,176	14.39	40,367	16.30	34,709
Other employee costs	9,352	-5.49	9,895	0.11	9,885	49.78	6,599	-15.50	7,810
Director remuneration	189,420	-		-	153,697	-	-	-	-
Amortization and	60,198	0.13	60,121	-12.29	68,548	32.25	51,832	11.15	46,632
depreciation
Operating result	1,366,686	47.48	926,717	4.50	886,818	12.50	788,312	-15.07	928,145
Total financial income	16,948	123	7,573	1109	626	-91.53	7,391	2268	312
Total financial expenses	1,191,267	37.75	864,818	17.27	737,433	18.34	623,170	-7.32	672,417
Results on ordinary	192,367	176	69,471	-53.69	150,011	-13.05	172,533	-32.61	256,040
operations before taxation
Extraordinary Income	-	-	15,413	-	-	-	123,554	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	15,413	-	0	-100	123,554	-	0
Results for the Year Before	192,367	126	84,884	-43.41	150,011	-49.34	296,088	15.64	256,040
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	55,349	4.22	53,110	12.75	47,104	-43.48	83,333	19.14	69,944
Results on ordinary operations after taxation	137,019	737	16,361	-84.10	102,907	15.37	89,200	-52.07	186,096
Net result	137,019	0.98	135,692	18.17	114,824	-53.16	245,115	30.98	187,133
Profit (Loss) for the Year to be appropiated	137,019	0.98	135,692	18.17	114,824	-30.00	164,027	-13.28	189,147
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
Full-time Employees		5
Part-time Employees		-
Total Fte Employees		5
Number of hours worked
Full-time Employees		8,846
Part-time Employees		-
Total		8,846
Personnel Charges
Full-time Employees		250,262
Part-time Employees		-
Total		250,262
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		5
Actual working hours		8,584
Personnel Charges		244,873
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	4	-	4
Contracts
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Substitution
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	2	-	2
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	2	-	2
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	4	-	4
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	-	-	-
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	48.75
Day sales outstanding	124.20
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	103.11
expectation days
Industry average day sales	181.54
outstanding

Industry quartile analysis
Payment expectations
Company result	48.75
Lower	117.11
Median	74.61
Upper	45.68

Day sales outstanding

Company result	124.20
Lower	101.25
Median	53.69
Upper	24.60

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
Legal event type	Social Security Summons
Event date	17/11/2008
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons

Event date	20/10/2008
Court type	Court name	Antwerpen
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

Name	MANOJ KUMAR RASIKLAL MEHTA
Position	Principal Manager
Start Date	14/05/2014
Street	70 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium
Name	SAMEEP MEHTA
Position	Principal Manager
Start Date	17/01/2013
Street	48 PASTOOR DE CONINCKLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	SAUMIL MEHTA
Position	Principal Manager
Start Date	01/07/2009
Street	106 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	BIREN BIPINBHAI JHAVERI
Position	Principal Manager
Start Date	28/11/2013
Street	106 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Former director details
Name	PHILIPS BELGIUM NV
Position	Liquidator
Start Date	15/03/2010
End Date	31/12/2011
Street	80 TWEESTATIONSSTRAAT BRUSSEL
Post code	1070
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.64.96
UK Pound	1	Rs.99.54
Euro	1	Rs.71.64

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	SDA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.