MIRA INFORM REPORT

Report No. :	509429
Report Date :	21.05.2018

IDENTIFICATION DETAILS

Name :	H.D. DIAM BVBA

Registered Office :	Hoveniersstraat 2-Bus 502, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2015

Date of Incorporation :	04.10.2007

Com. Reg. No.:	892903014

Legal Form :	Private limited liability company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Unknown

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation 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 labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company summary

Business number	892903014
Branche Unit Number	2165885878
Company name	H.D. DIAM BVBA
Address	HOVENIERSSTRAAT 2-BUS 502
	2018 ANTWERPEN
Date of establishment	04/10/2007
Telephone number	3232887791
Mobile number	32478223359
Fax number	032939625
Liable for VAT	yes
VAT Number	BE.0892.903.014 Check VAT number

Commentary

The business was established over 10 years ago.

No employees are recorded for this business.

The business has been at the address for over 7 years.

Net Worth increased by 102% during the latest trading period.

Pre-tax profits decreased by 53% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 29% during the latest trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2015	71,203,307	63,805	8,563,203	10,263,745
31/12/2014	59,133,230	137,968	4,230,149	8,008,993
31/12/2013	48,801,109	193,065	2,574,040	6,223,308
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2015	31,799,237	-	7,606,479	106,799
31/12/2014	27,462,618	1	3,434,880	163,144
31/12/2013	22,901,589	-	1,899,727	174,797

Payment expectations

Past payments		Payment expectation days	55.26
Industry average payment	202.81	Industry average day sales	211.91
expectation days		outstanding
Day sales outstanding	87.88

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount	-
NSSO DETAILS
Date of summons	-

Financials

Company accounts

Assets
Annual accounts	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	659,500	-10.34	735,571	-2.73	756,202	18.88	636,091	0.42	633,405
Intangible fixed assets	211	-40.58	355	-31.86	521	-24.16	687	-	0
Tangible fixed assets	658,981	-10.34	734,941	-2.71	755,406	18.94	635,129	0.32	633,130
Land & building	558,239	-10.78	625,683	-3.47	648,196	32.26	490,088	-3.60	508,388
Plant & machinery	83,072	-4.21	86,723	-8.44	94,716	6.00	89,354	-12.37	101,963
Furniture & Vehicles	17,671	-21.59	22,535	80.38	12,493	-77.56	55,687	144	22,778
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	-1	-	0	-	0	-	0	-	0
Financial fixed assets	307	11.64	275	0	275	0	275	0	275
Total current assets	31,139,737	16.51	26,727,047	20.69	22,145,387	52.78	14,494,802	27.15	11,399,944
Inventories	13,583,864	54.40	8,797,967	-5.24	9,284,350	38.00	6,727,877	1.74	6,612,500
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	13,583,864	54.40	8,797,967	-5.24	9,284,350	38.00	6,727,877	1.74	6,612,500
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	17,143,459	-0.90	17,299,995	35.32	12,784,603	67.23	7,645,123	63.12	4,686,687
Other amounts receivable	5,979	-89.98	59,667	11.01	53,751	-1.55	54,597	-0.39	54,809
Cash	391,285	-29.81	557,502	5615	9,754	-65.52	28,286	141	11,696
Miscellaneous current assets	15,150	27.15	11,915	-7.84	12,929	-66.78	38,919	13.62	34,253
Total Assets	31,799,237	15.79	27,462,618	19.92	22,901,589	51.36	15,130,894	25.74	12,033,349
Liabilities
Total shareholders equity	8,563,414	102	4,230,504	64.32	2,574,561	25.30	2,054,652	4.05	1,974,753
Issued share capital	7,606,479	121	3,434,880	80.81	1,899,727	25.10	1,518,600	0	1,518,600
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	956,935	20.27	795,624	17.90	674,834	25.89	536,052	17.52	456,153
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	23,235,823	0.02	23,232,114	14.29	20,327,028	55.45	13,076,242	30.00	10,058,595
Other long term loans	2,359,830	-47.72	4,514,060	2.48	4,404,949	100	2,194,919	41.82	1,547,725
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	2,359,830	-47.72	4,514,060	2.48	4,404,949	100	2,194,919	41.82	1,547,725
Current portion of long term debt	55,182	0.42	54,951	5.64	52,018	-13.31	60,002	14.51	52,400
Financial debts	10,059,952	6.25	9,468,347	108	4,531,462	55.81	2,908,412	52.26	1,910,222
Trade creditors	10,662,691	17.31	9,088,974	-19.40	11,276,978	44.18	7,821,701	20.79	6,475,390
Amounts Payable for Taxes,	39,332	-50.69	79,767	42.34	56,039	-35.82	87,319	26.37	69,098
Remuneration & Social Security
Miscellaneous current liabilities	58,835	126	26,015	366	5,582	43.53	3,889	3.43	3,760
Total current liabilities	20,875,992	11.53	18,718,054	17.56	15,922,079	46.32	10,881,323	27.85	8,510,870
Total Liabilities	31,799,237	15.79	27,462,618	19.92	22,901,589	51.36	15,130,894	25.74	12,033,349

Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.09	-60.87	0.23	-42.50	0.40	29.03	0.31	-53.73	0.67
Return on capital employed	0.58	-63.29	1.58	-42.96	2.77	25.91	2.20	-70.03	7.34
Return on total assets employed	0.20	-60.0	0.50	-40.48	0.84	35.48	0.62	-71.16	2.15
Return on net assets employed	0.75	-76.99	3.26	-56.53	7.50	64.84	4.55	-65.24	13.09
Sales / net working capital	6.94	-5.96	7.38	-5.87	7.84	-6.89	8.42	-36.50	13.26
Stock turnover ratio	19.08	28.23	14.88	-21.77	19.02	-14.01	22.12	28.08	17.27
Creditor days	55.26	-2.64	56.76	-33.45	85.29	-10.02	94.79	51.98	62.37
Debtor days	87.88	-17.70	106.78	11.67	95.62	4.24	91.73	105	44.67
SHORT TERM STABILITY
Current ratio	1.49	4.20	1.43	2.88	1.39	4.51	1.33	-0.75	1.34
Liquidity ratio / acid ratio	0.84	-12.50	0.96	18.52	0.81	14.08	0.71	26.79	0.56
Current debt ratio	2.44	-44.80	4.42	-28.48	6.18	16.60	5.30	22.97	4.31
Cashflow	106,799	-34.54	163,144	-6.67	174,797	41.80	123,273	-48.02	237,149
Net worth	8,563,203	102	4,230,149	64.34	2,574,040	25.32	2,053,965	4.01	1,974,753
LONG TERM STABILITY
Gearing	145.68	-56.10	331.81	-4.96	349.12	38.93	251.30	41.37	177.76
Equity in percentage	26.93	74.87	15.40	37.01	11.24	-17.23	13.58	-17.25	16.41
Total debt ratio	2.71	-50.64	5.49	-30.51	7.90	24.21	6.36	24.95	5.09
Working capital	10,263,745	28.15	8,008,993	28.69	6,223,308	72.22	3,613,480	25.07	2,889,074

Profit & loss
Operating Income	71,203,803	20.41	59,133,947	21.17	48,801,605	60.42	30,420,433	-20.57	38,297,518
Turnover	71,203,307	20.41	59,133,230	21.17	48,801,109	60.43	30,419,665	-20.57	38,295,985
Total operating expenses	70,423,097	20.49	58,446,569	21.11	48,259,883	60.24	30,117,898	-20.52	37,895,407
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	70,423,593	20.49	58,447,287	21.11	48,260,379	60.23	30,118,665	-20.52	37,896,940
Employee costs	94	-99	23,477	-	-	-	-	-	-
Wages and salary	-	-	22,144	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	979	-	-	-	-	-	-
Other employee costs	94	-73.45	354	-	0	-	0	-	0
Director remuneration	-	-	62,320	-	-	-	-	-	-
Amortization and depreciation	37,104	-12.40	42,355	17.61	36,014	-16.97	43,374	-10.73	48,589
Operating result	780,210	13.62	686,660	26.87	541,226	79.35	301,768	-24.67	400,578
Total financial income	79,345	9798	802	220	250	-48.31	484	2.68	471
Total financial expenses	795,750	44.82	549,494	57.71	348,410	66.87	208,789	46.42	142,601
Results on ordinary operations before taxation	63,805	-53.75	137,968	-28.54	193,065	106	93,462	-63.84	258,449
Extraordinary Income	11,254	-	-	-	-	-	783	-	-
Extraordinary Charges	524	-	-	-	14,277	738	1,702	-	-
Extraordinary items	10,730	-	-	-	-14,277	-1453	-919	-	0
Results for the Year Before Taxation	74,535	-45.98	137,968	-22.83	178,788	93.19	92,543	-64.19	258,449
Taxation	4,840	-71.83	17,179	-57.06	40,006	216	12,645	-81.91	69,888
Results on ordinary operations after taxation	58,965	-51.18	120,790	-21.08	153,059	89.39	80,817	-57.14	188,560
Net result	69,695	-42.30	120,790	-12.96	138,782	73.70	79,898	-57.63	188,560
Profit (Loss) for the Year to be appropiated	69,695	-42.30	120,790	-12.96	138,782	73.70	79,898	-57.63	188,560
Dividends	-	-	-	-	-	-	-	-	-

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	55.26
Day sales outstanding	87.88
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	202.81
expectation days
Industry average day sales	211.91
outstanding

Industry quartile analysis
Payment expectations
Company result	55.26
Lower	132.91
Median	58.70
Upper	25.15

Day sales outstanding

Company result	87.88
Lower	136.36
Median	81.15
Upper	44.49

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	Manager
Start Date	01/01/2014
Street	120 LANGE ACHTEROMSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	Mayur Desai
Name	Dharmeshkumar Patel
Position	Manager
Start Date	09/07/2008
Street	41 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Former director details
Name	Dharmeshkumar Patel
Position	Permanent representative legal entity
Start Date	04/10/2007
End Date	08/07/2008
Street	41 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	HARI DARSHAN EXPORTS BO
Position	Manager
Start Date	04/10/2007
End Date	09/07/2008
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.96
UK Pound	1	INR 91.88
Euro	1	INR 80.26
Euro	1	INR 80.01

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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	-
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Event Date	24/06/2014
Event Description
Event Details	Toekenning van 60 nieuwe aandelen aan de vennootschap naar het recht van de Verenigde Arabische Emiraten Shan Gems DMCC.
Event Date	04/10/2007
Event Description	Legal creation
Event Details

MIRA INFORM REPORT

Company summary

Company information

Financials

Payment Information

Shareholder Details

Group Structure

Minority Shareholders

Minority Interests

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit