MIRA INFORM REPORT

Report Date :

01.12.2011

IDENTIFICATION DETAILS

Name :	SUNDIAMOND BVBA

Registered Office :	Hoveniersstraat 19 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	11.01.1984

Com. Reg. No.:	425163569

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	5 Persons

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

REGISTERED NAME & COMPANY SUMMARY

Business number	425163569	Company name	SUNDIAMOND BVBA
Address	HOVENIERSSTRAAT 19 ANTWERPEN	Telephone number	032341930
Post code	2018	Fax number	032310528
Date of establishment	11/01/1984	Number of staff	5

Business number	425163569	Company name	SUNDIAMOND BVBA
Fax number	032310528	Date founded	11/01/1984
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2009
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0425.163.569
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	THEO VAN HERCK BEDRIJFSREVISOR BVBA
Position	Commissioner
Date of birth	20/03/1991
Street	645 HERENTALSEBAAN WOMMELGEM
Post code	2160
Country	Belgium

Name	HÉLÈNE HIRSCH
Position	Principal Manager
Street	353 LANGE LEEMSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	CHAIM RYDLEWICZ
Position	Principal Manager
Street	7 OOSTERVELDLAAN ANTWERPEN
Post code	2020
Country	Belgium

Former director details

Name	YTSHAK RYDLEWICZ
Position	Principal Manager
Street	353 LANGE LEEMSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	11/10/2011

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 5 TO 9 EMPLOYEES

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

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	425163569
Name of defendant	SUNDIAMOND
Legal form of defendant	Private limited liability company
Date of summons	01/03/2011
Labour court	ANTWERPEN

Bankruptcy Details

There is no bankruptcy data against this company

Court Data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	129.55
Industry average payment expectation days	193.86	Industry average day sales outstanding	144.58
Day sales outstanding	576.89

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	129.55
Day sales outstanding	576.89

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe Number	Company name		Company Number	View linked companies from outside this company's group structure
BE00138804	Sundiamond BVBA		425163569	No linked companies have been found.

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Safe number	Latest financials
- SUNDIAMOND BVBA	425163569	BE00138804	31-12-2009
- SUNDIAMOND USA SOC.ETR. E.P.B.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2009	17,358,907	15,084	1,424,110
31/12/2008	37,936,105	47,542	1,421,398
31/12/2007	76,880,000	152,000	1,398,000

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2009	47,398,195	9,350,812	24,541	246,235	6
31/12/2008	48,484,329	9,351,970	24,541	26,903	6
31/12/2007	47,768,000	9,347,000	25,000	87,000	6

Profit & loss

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	17,358,907	-54.24	37,936,105	-50.66	76,880,000	30,856,570	-43.74
Total operating expenses	15,923,733	-56.35	36,480,375	-51.23	74,803,000	30,391,174	-47.60
Operating result	1,435,174	-1.41	1,455,730	-29.91	2,077,000	99,027	1349
Total financial income	1,131	-92.80	15,702	-50.93	32,000	180,654	-99
Total financial expenses	1,421,221	-0.19	1,423,889	72.76	-1,957,000	281,967	404
Results on ordinary operations before taxation	15,084	-68.27	47,542	-68.72	152,000	-23,048	65.45
Taxation	10,022	-59.33	24,644	37.91	-65,000	13,429	-25.37
Results on ordinary operations after taxation	5,062	-77.89	22,898	-89.45	217,000	-32,435	15.61
Extraordinary items	-2,350	-462	649	-78.36	3,000	5,637	-141
Other appropriations	0.00	-	0.00	0.00	-130000	0	-
Net result	2,712	-88.48	23,547	-73.84	90,000	-26,886	10.09
other information
Dividends	-	-	-	-	-	535,811	-
Director remuneration	-	-	50,122	-15.05	59,000	118,437	-
Employee costs	490,924	-2.02	501,070	-1.56	509,000	150,625	225
Wages and salary	390,160	1.27	385,285	-3.44	399,000	129,212	201
Employee pension costs	-	-	-	-	-	208,543	-
Social security contributions	100,367	-13.04	115,416	7.87	107,000	32,082	212
Other employee costs	397	7.23	370	-81.49	2,000	2,931	-86.46
Amortization and depreciation	81,329	-13.13	93,621	-8.21	102,000	25,416	219

Balance Sheet

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	7,765	-100
Tangible fixed assets	1,358,135	-5.99	1,444,698	-5.88	1,535,000	189,459	616
Land & building	1,128,808	-0.43	1,133,731	-0.46	1,139,000	348,731	223
Plant & machinery	225,647	-24.99	300,840	-20.20	377,000	28,346	696
Other tangible assets	3,680	-63.66	10,127	-46.70	19,000	26,716	-86.22
Financial fixed assets	9,350,812	-0.01	9,351,970	0.05	9,347,000	308,977	2926
Total fixed assets	10,708,947	-0.81	10,796,668	-0.78	10,882,000	401,954	2564
Inventories	8,763,989	16.61	7,515,651	-9.96	8,347,000	3,078,798	184
Raw materials & consumables	-	-	-	-	-	2,184,771	-
Work in progress	0	-	0	-	0	4,035	-100
Finished goods	8,763,989	16.61	7,515,651	-9.96	8,347,000	2,054,432	326
Other stocks	0	-	0	-	0	492,824	-100
Trade debtors	27,435,917	-8.56	30,005,793	6.12	28,276,000	3,302,222	730
Cash	246,235	815	26,903	-69.08	87,000	238,876	3.08
other amounts receivable	234,030	80.38	129,742	39.51	93,000	364,057	-35.72
Miscellaneous current assets	9,078	-5.16	9,572	-88.47	83,000	31,820	-71.47
Total current assets	36,689,248	-2.65	37,687,661	2.17	36,886,000	6,515,642	463
current liabilities
Trade creditors	5,651,792	-13.46	6,530,865	-12.71	7,482,000	2,488,360	127
Short term group loans	-	-	-	-	-	0	-
Other short term loans	19,158,369	-1.69	19,487,170	7.44	18,137,000	1,693,331	1031
Miscellaneous current liabilities	517,466	5.82	489,004	28.69	380,000	13.13	- -
Total current liabilities	25,327,626	-4.45	26,507,039	1.95	25,999,000	4,535,773	458
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	20,646,459	0.44	20,555,893	0.91	20,371,000	1247	- -
Other long term liabilities	0	-	0	-	0	229,666	-100
Total long term debts	20,646,459	0.44	20,555,893	0.91	20,371,000	832,752	2379
shareholders equity
Issued share capital	24,541	0	24,541	-1.83	25,000	794,393	-96.91
Share premium account	-	-	-	-	-	147,436	-
Reserves	633,896	0.43	631,183	3.98	607,000	684,015	-7.33
Revaluation reserve	765,673	0	765,673	-0.04	766,000	641,538	19.35
Total shareholders equity	1,424,110	0.19	1,421,398	1.67	1,398,000	1,498,331	-4.95
Working capital	11,361,622	1.62	11,180,622	2.70	10,887,000	1,979,869	473
Net worth	1,424,110	0.19	1,421,398	1.67	1,398,000	1,490,566	-4.46

ratio analysis

Annual accounts	31-12-2009	change(%)	31-12-2008	change(%)	31-12-2007	Industry average 2009	%
Trading performance
Profit Before Tax	0.09	-30.77	0.13	-35.00	0.20	-9,00	1.00
Return on capital employed	0.07	-68.18	0.22	-68.57	0.70	-15,00	0.47

Return on total assets employed	0.03	-70.0	0.10	-68.75	0.32	-5,00	0.60
Return on net assets employed	1.06	-68.26	3.34	-69.27	10.87	6,00	-82.33
Sales / net working capital	1.53	-54.87	3.39	-51.98	7.06	25,00	-99
Stock turnover ratio	50.49	154	19.81	82.41	10.86	179,00	-71.79
Debtor days	576.89	99	288.70	115	134.24	645,00	-10.56
Creditor days	129.55	98.27	65.34	78.96	36.51	85,00	52.41
short term stability
Current ratio	1.45	2.11	1.42	0	1.42	13,00	72.50
Liquidity ratio / acid ratio	1.10	-3.51	1.14	3.64	1.10	5,00	-78.00
Current debt ratio	17.78	-4.66	18.65	0.27	18.60	-2,00	889
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	2795.07	-0.78	2817.16	2.27	2754.51	96,00	2811
Equity in percentage	3	2.39	2.93	0	2.93	-61,00	4.92
Total debt ratio	32.28	-2.51	33.11	-0.18	33.17	-2,00	1614

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Limit History

no limit history data found

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average credit limit	140177.31

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	193.86
Industry average day sales outstanding	144.58

Industry quartile analysis

Payment expectations
Company result	129.55
Lower	137.60
Median	91.36
Upper	47.15

Day sales outstanding
Company result	576.89
Lower	123.28
Median	63
Upper	29.27

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name	Limit	Date of accounts
404933230	BELAMCO BVBA	-	31/12/2006
404957380	GEMCO BVBA	240000	31/12/2010
404981532	G. POLAKIEWICZ PVBA IN VEREFFENING	-	-
416750897	Y RYDLEWICZ DIAMONDS BVBA IN VEREFFENING	-	-
418737914	B.D.M. BVBA	-	31/12/2004
418737914	B.D.M. BVBA	-	31/12/2004
419270028	BELAMCO BUILDING COMPANY NV	-	31/12/2010
421104615	JAYDIACO PVBA IN VEREFFENING	-	-
423081534	BELAMCO TRADING COMPANY IN VEREFFENING NV	-	31/12/2006
426297677	BELGISCHE DIAMANT- EN EXPLOITATIEMAATSCHAPPIJ NV I	-	-
428119297	REALCO NV	0	30/06/2010
436253936	AMIT REAL ESTATE NV	7000	31/12/2010
436569086	VETS ALPHI DIAMONDS MANUFACTURIN BVBA	450000	30/06/2010
450582816	RICHOLD BELGIUM BVBA	96000	31/01/2011
450662790	MADELYN'S BVBA	0	31/12/2010
506505789	BLEICHFELD PINKAS	-	-
850501344	VME HOVENIERSSTRAAT 19 PRF-INTRPRF VEN.	0	-
877771707	DIAMOND LOVE BOND BVBA	0	31/12/2010
879258478	BELGIAN MANUFACTURING WORKS BVBA	0	31/12/2010

NOTES & COMMENTS

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.17
UK Pound	1	Rs.81.29
Euro	1	Rs.69.47

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.