MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	SAMDIMON BVBA
Registered Office :	Hoveniersstraat 30 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	05.02.1986
Com. Reg. No.:	428516306
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	06 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Business number	428516306	Company name	SAMDIMON BVBA
		Telephone number	032329300
Address	HOVENIERSSTRAAT 30 ANTWERPEN	Fax number	032329316
Post code	2018	Number of staff	6
Date of establishment	05/02/1986

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2011	127,725,550	196,593	4,865,445
31/12/2010	85,751,172	114,788	4,731,986
31/12/2009	61,844,492	70,709	4,646,096

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2011	49,940,120	7,464	62,000	276,696	6
31/12/2010	35,748,510	5,767	62,000	10,244	5
31/12/2009	15,328,563	5,767	62,000	10,878	6

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	34.08
Industry average payment expectation days	178.09	Industry average day sales outstanding	111.26
Day sales outstanding	116.12

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	428516306	Company name	SAMDIMON BVBA
Fax number	032329316	Date founded	05/02/1986
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0428.516.306
Belgian Bullettin of Acts Publications	moniteur belge

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

Significant Events

Event Date	21/10/2011
Event Description
Event Details	Neerlegging van de eenparige schriftelrjke beslurtvorming van de aandeeihouders dd. 21 oktober 2011 houdende goedkeuring, in overeenstemming met artikel 556 van het Wetboek van vennootschappen, van bepalingen die van toepassing zijn ingev

Event Date	21/10/2011
Event Description
Event Details	l van een controlewijziging.

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	127,725,550	48.95	85,751,172	38.66	61,844,492	57,532,825	122
Total operating expenses	127,061,445	48.79	85,398,577	38.64	61,598,161	56,750,900	123
Operating result	664,105	88.35	352,595	43.14	246,331	288,175	130
Total financial income	446	-7.02	480	-81.01	2,526	172,603	-99
Total financial expenses	467,958	96.38	238,287	33.76	178,147	331,730	41.07
Results on ordinary operations before taxation	196,593	71.27	114,788	62.34	70,709	111,485	76.34
Taxation	63,358	116	29,307	53.71	19,067	38,979	62.55
Results on ordinary operations after taxation	133,234	55.87	85,480	65.52	51,643	85,374	56.06
Extraordinary items	0	-100	185	16.80	-1,100	7,660	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	133,234	55.53	85,665	69.49	50,543	92,942	43.35
OTHER INFORMATION
Dividends	-	-	-	-	-	137,001	-
Director remuneration	69,274	-65.17	198,864	0	198,864	127,368	-45.61
Employee costs	273,227	2.59	266,325	-7.85	289,024	157,855	73.09
Wages and salary	207,154	0.65	205,807	-7.06	221,443	133,789	54.84
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	53,771	0.75	53,368	-10.39	59,559	33,114	62.38
Other employee costs	12,302	72.06	7,150	-10.86	8,021	4,463	175
Amortization and depreciation	54,407	2.80	52,925	-9.68	58,594	20,711	162

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	15	-	240	-	465	1,882	-99
Tangible fixed assets	306,933	-14.65	359,599	-8.71	393,899	199,980	53.48
Land & building	256,025	-4.30	267,518	-4.12	279,010	373,239	-31.40
Plant & machinery	37,095	-46.94	69,915	-23.23	91,070	27,483	34.97
Other tangible assets	13,813	-37.68	22,166	-6.94	23,820	29,652	-53.42
Financial fixed assets	7,464	29.42	5,767	0	5,767	305,300	-97.56
Total fixed assets	314,413	-14.00	365,607	-8.63	400,132	408,788	-23.09
Inventories	8,369,047	-3.24	8,649,417	178	3,102,460	3,386,948	147
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,420	-100
Finished goods	8,369,047	-3.24	8,649,417	178	3,102,460	2,327,732	259
Other stocks	0	-	0	-	0	465,264	-100
Trade debtors	40,635,958	53.84	26,414,606	129	11,524,330	4,286,973	847
Cash	276,696	2601	10,244	-5.83	10,878	312,716	-11.52
other amounts receivable	330,638	9.54	301,855	7.23	281,495	404,616	-18.28
Miscellaneous current assets	13,368	97.09	6,783	-26.81	9,268	39,753	-66.37
Total current assets	49,625,708	40.25	35,382,904	137	14,928,431	7,861,339	531
CURRENT LIABILITIES
Trade creditors	11,863,512	-20.21	14,869,007	160	5,715,626	2,855,322	315
Short term group loans	-	-	-	-	-	-	-
Other short term loans	29,440,473	135	12,497,729	728	1,508,714	2,367,701	1143
Miscellaneous current liabilities	379,246	7.20	353,784	-6.61	378,841	-0.68	- -
Total current liabilities	41,683,231	50.37	27,720,521	264	7,603,181	5,483,947	660
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	3,391,429	2.90	3,295,764	7.05	3,078,821	285,984	1085
Total long term debts	3,391,429	2.90	3,295,764	7.05	3,078,821	901,776	276
SHAREHOLDERS EQUITY
Issued share capital	62,000	0	62,000	0	62,000	1,008,787	-93.85
Share premium account	-	-	-	-	-	173,859	-
Reserves	4,803,460	2.85	4,670,226	1.87	4,584,561	803,785	497
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	4,865,460	2.82	4,732,226	1.84	4,646,561	1,836,798	164
Working capital	7,942,477	3.66	7,662,383	4.60	7,325,250	2,377,392	234
Net worth	4,865,445	2.82	4,731,986	1.85	4,646,096	1,834,916	165

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
TRADING PERFORMANCE
Profit Before Tax	0.15	15.38	0.13	18.18	0.11	-719,00	0.02
Return on capital employed	2.38	66.43	1.43	55.43	0.92	-14,00	17.00
Return on total assets employed	0.39	21.88	0.32	-30.43	0.46	-33,00	1.18
Return on net assets employed	4.04	66.26	2.43	59.87	1.52	-22,00	18.36
Sales / net working capital	16.08	43.70	11.19	32.58	8.44	60,00	-99
Stock turnover ratio	6.55	-35.08	10.09	100	5.02	42,00	-84.40
Debtor days	116.12	3.28	112.43	65.29	68.02	57.113,00	-99
Creditor days	34.08	-46.37	63.55	87.63	33.87	252,00	-86.48
SHORT TERM STABILITY
Current ratio	1.19	-7.03	1.28	-34.69	1.96	4,00	-93.00
Liquidity ratio / acid ratio	0.99	3.12	0.96	-38.46	1.56	3,00	-67.00
Current debt ratio	8.57	46.25	5.86	257	1.64	17,00	-49.59
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	605.09	129	264.10	713	32.47	273,00	121
Equity in percentage	9.74	-26.44	13.24	-56.32	30.31	-1.058,00	0.92
Total debt ratio	9.26	41.37	6.55	184	2.30	18,00	-48.56

Limit History

no limit history data found

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	34.08
Day sales outstanding	116.12

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.09
Industry average day sales outstanding	111.26

Industry quartile analysis

Payment expectations
Company result	34.08
Lower	129.48
Median	75.51
Upper	42.51

Day sales outstanding
Company result	116.12
Lower	109.67
Median	57.40
Upper	24.94

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

Protested bills

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

NSSO details

Business number	428516306
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	SONAL NITIN SANGHVI
Position	Principal Manager
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	NITIN SANGHVI
Position	Managing Director
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	KAMLESH KUMAR PRABHULAL AGRAWAL
Position	Principal Manager
Street	155 HEISTRAAT ANTWERPEN
Post code	2610
Country	Belgium

Former director details

Name	CHADRAKANT BHANSALI KAUSHIK
Position	Principal Manager
Street	18 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	NITIN HAJARIMAL SANGHVI
Position	Director
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	NITIN HAJARIMAL SANGHVI
Position	Managing Director
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	SONAL NITIN SANGHVHI
Position	Director
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	SONAL NITIN SANGHVHI
Position	Principal Manager
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	NITIN SANGHVI
Position	Director
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	KAMLESH KUMAR PRABHULAL AGRAWAL
Position	Managing Director
Street	155 HEISTRAAT ANTWERPEN
Post code	2610
Country	Belgium
Name	KAMLESH KUMAR PRABHULAL AGRAWAL
Position	Director
Street	155 HEISTRAAT ANTWERPEN
Post code	2610
Country	Belgium

Name	SONAL SANGHVI
Position	Principal Manager
Street
Post code
Country

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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

MNL

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.