MIRA INFORM REPORT

Report No. :	342340
Report Date :	24.09.2015

IDENTIFICATION DETAILS

Name :	LUKHI DIAM BVBA

Registered Office :	Hoveniersstraat 30-Bus 103, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	28.04.2005

Com. Reg. No.:	873539438

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in wholesale of diamonds and other precious stones

No. of Employee :	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 :	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 – 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 volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

Source : CIA

Company name

LUKHI DIAM BVBA

Business number	873539438
Branche Unit Number	2148015015
Company name	LUKHI DIAM BVBA
Address	HOVENIERSSTRAAT 30-BUS 103
	2018 ANTWERPEN
Number of staff	0
Date of establishment	28/04/2005
Telephone number	032322820
Fax number	032909495

Ultimate holding company
Company name	Company Number
-	-

Commentary

The business was established over 9 years ago. The business has 1 employees.

The business has been at the address for over 18 months. Operating Result in the latest trading period increased 34% on the previous trading period. The business saw a decrease in their Cash Balance of 94% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	48,221,678	134,934	1,769,980	4,842,913
31/12/2012	46,848,672	122,769	1,666,406	3,426,892
31/12/2011	56,633,377	129,583	1,570,915	1,801,550
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	16,305,432	0	1,254,792	138,767
31/12/2012	15,012,166	0	1,254,792	114,332
31/12/2011	9,554,311	0	1,254,792	123,689

Payment expectations

Past payments		Payment expectation days	38.57
Industry average payment	126.57	Industry average day sales	185.54
expectation days		outstanding
Day sales outstanding	98.52

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	-

Joint Industrial Committee (JIC)

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	905,361	205	296,391	-5.57	313,865	-5.12	330,804	10.81	298,525
Intangible fixed assets	0	-	0	-100	585	-55.53	1,315	-35.72	2,045
Tangible fixed assets	903,201	206	294,231	-5.43	311,121	-4.95	327,329	11.08	294,670
Land & building	874,138	241	255,681	-2.24	261,551	-2.19	267,420	-2.15	273,290
Plant & machinery	1,998	-76.08	8,354	-12.56	9,554	-5.80	10,142	65.82	6,116
Furniture & Vehicles	27,065	-10.37	30,196	-24.54	40,016	-19.59	49,767	226	15,265
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	0	-1
Financial fixed assets	2,160	0	2,160	0	2,160	0	2,160	19.34	1,810
Total current assets	15,400,071	4.65	14,715,775	59.25	9,240,446	7.07	8,630,376	46.84	5,877,543
Inventories	2,356,234	9.86	2,144,857	9.91	1,951,463	64.82	1,184,001	-30.16	1,695,284
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	2,356,234	9.86	2,144,857	9.91	1,951,463	64.82	1,184,001	-30.16	1,695,284
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	13,015,540	5.30	12,360,424	70.69	7,241,433	0.95	7,173,604	71.96	4,171,579
Other amounts receivable	16,271	86.86	8,708	-19.81	10,859	-59.46	26,784	353	5,909
Cash	12,026	-94.04	201,786	562	30,451	-87.31	239,912	5045	4,663
Miscellaneous current assets	0	-	0	-100	6,240	2.71	6,075	5525	108
Total Assets	16,305,432	8.61	15,012,166	57.12	9,554,311	6.62	8,961,180	45.10	6,176,068

Liabilities
Total shareholders equity	1,769,980	6.22	1,666,406	6.04	1,571,499	6.82	1,471,167	573	218,386
Issued share capital	1,254,792	0.00	1,254,792	0	1,254,792	0	1,254,792	1957	61,000
Share premium account	-	-	-	-		-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	515,188	25.16	411,613	29.97	316,707	46.37	216,375	37.48	157,386
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	14,535,452	8.91	13,345,760	67.18	7,982,812	6.58	7,490,013	25.72	5,957,682
Other long term loans	3,978,294	93.41	2,056,878	278	543,916	-2.28	556,596	-64.27	1,557,781
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	3,978,294	93.41	2,056,878	278	543,916	-2.28	556,596	-64.27	1,557,781
Current portion of long term debt	46,377	85.98	24,937	8.41	23,003	5.36	21,833	56.85	13,920
Financial debts	5,357,476	41.81	3,777,853	-1.71	3,843,508	68.45	2,281,629	-	-
Trade creditors	5,046,573	-32.03	7,424,677	280	1,949,462	-57.53	4,589,741	5.82	4,337,493
Amounts Payable for Taxes,	65,165	72.08	37,870	35.49	27,950	28.35	21,776	81.69	11,985
Remuneration & Social Security
Miscellaneous current liabilities	41,567	76.54	23,545	-98.52	1,594,973	8550	18,438	-49.49	36,503
Total current liabilities	10,557,158	-6.48	11,288,883	51.75	7,438,896	7.29	6,933,416	57.58	4,399,901
Total Liabilities	16,305,432	8.61	15,012,166	57.12	9,554,311	6.62	8,961,180	45.10	6,176,068

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.28	7.69	0.26	13.04	0.23	-8.00	0.25	0	0.25
Return on capital employed	2.35	-28.79	3.30	-46.17	6.13	55.98	3.93	70.13	2.31
Return on total assets employed	0.83	1.22	0.82	-39.71	1.36	52.81	0.89	34.85	0.66
Return on net assets employed	7.62	3.39	7.37	-10.67	8.25	52.50	5.41	-71.16	18.76
Sales / net working capital	9.96	-27.14	13.67	-56.52	31.44	67.06	18.82	68.04	11.20
Stock turnover ratio	4.89	6.77	4.58	32.75	3.45	-7.01	3.71	-63.80	10.25
Creditor days	38.57	-33.82	58.28	361	12.64	-76.03	52.74	-45.10	96.07
Debtor days	98.52	2.31	96.30	106	46.67	-43.07	81.98	-10.91	92.02
SHORT TERM STABILITY
Current ratio	1.46	12.31	1.30	4.84	1.24	0	1.24	-7.46	1.34
Liquidity ratio / acid ratio	1.24	11.71	1.11	13.27	0.98	-8.41	1.07	12.63	0.95
Current debt ratio	5.96	-11.96	6.77	43.13	4.73	0.42	4.71	-76.63	20.15
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	138,767	21.37	114,332	-7.57	123,689	74.44	70,905	39.72	50,748
Net worth	1,769,980	6.22	1,666,406	6.08	1,570,915	6.88	1,469,853	579	216,341
LONG TERM STABILITY
Gearing	530.07	50.74	351.64	25.29	280.65	44.36	194.41	-72.99	719.69
Equity in percentage	10.86	-2.16	11.10	-32.52	16.45	0.18	16.42	363	3.54
Total debt ratio	8.21	2.50	8.01	57.68	5.08	-0.20	5.09	-81.34	27.28
Working capital	4,842,913	41.32	3,426,892	90.22	1,801,550	6.16	1,696,960	14.84	1,477,642

Profit & loss
Operating Income	48,221,678	2.93	46,849,913	-17.28	56,633,554	77.32	31,939,348	93.03	16,546,597
Turnover	48,221,678	2.93	46,848,672	-17.28	56,633,377	77.32	31,939,348	93.03	16,546,597
Total operating expenses	47,758,913	2.70	46,503,701	-17.42	56,310,987	77.28	31,764,558	92.75	16,479,431
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	47,758,913	2.70	46,504,943	-17.41	56,311,163	77.28	31,764,558	92.75	16,479,430
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	69,662	-	-	-	-	-	-	-	-
Amortization and depreciation	35,192	81.16	19,426	3.02	18,857	58.25	11,916	11.12	10,724
Operating result	462,765	34.15	344,971	7.00	322,391	84.44	174,790	160	67,166
Total financial income	80	144	33	-99	6,504	146711	4	-99	450
Total financial expenses	327,911	47.55	222,234	11.50	199,312	109	95,199	257	26,645
Results on ordinary operations	134,934	9.91	122,769	-5.26	129,583	62.80	79,596	94.27	40,971
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before	134,934	9.91	122,769	-5.26	129,583	62.80	79,596	94.27	40,971
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	31,359	12.55	27,863	12.58	24,750	20.11	20,607	2076	947
Results on ordinary operations	103,575	9.13	94,906	-9.47	104,832	77.72	58,988	47.38	40,024
after taxation
Net result	103,575	9.13	94,906	-9.47	104,832	77.72	58,988	47.38	40,024
Profit (Loss) for the Year to be appropiated	103,575	9.13	94,906	-9.47	104,832	77.72	58,988	47.38	40,024

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

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	38.57
Day sales outstanding	98.52
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.57
Industry average day sales outstanding	185.54

Industry quartile analysis Payment expectations

Company result	38.57
Lower	120.34
Median	74.63
Upper	46.13

Day sales outstanding
Company result	98.52
Lower	102.27
Median	53.69
Upper	24.18

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Sanjaykumar	Middle name	-
Surname	Bodara
SHAREHOLDER DETAILS
Start date	21/10/2014(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Lange Herentalsestraat	House number	120
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium
SHAREHOLDER NAME
Forename	Chetankumar	Middle name	-
Surname	Kevadiya
SHAREHOLDER DETAILS
Start date	21/10/2014(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

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	CHETANKUMAR KALUBHAI KEVADIYA
Position	Principal Manager
Start Date	31/05/2012
Street	12 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	SANJAYKUMAR NARANBHAI BODARA
Position	Principal Manager
Start Date	06/10/2011
Street	120 LANGE HERENTALSESTRAAT 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.65.97
UK Pound	1	Rs.101.19
Euro	1	Rs.73.38

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TRU

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

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Group Structure

Minority Shareholders

Minority Interests

Individual Shareholders

SHAREHOLDER NAME

Linked Companies

Summary

Summons

Protested Bills

Bankruptcy and other legal events

Director details

DIAMOND INDUSTRY – INDIA

Unit