MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	SWINTU DIAM BVBA
Registered Office :	Hoveniersstraat 9 -Bus 9antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	16.02.1998
Com. Reg. No.:	462600027
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of Diamonds and Other Precious Stones
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Small Company
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year''s end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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 and address

Top of Form

Business number	462600027	Company name	SWINTU DIAM BVBA
		Telephone number	032313770
Address	HOVENIERSSTRAAT 9 -BUS 9ANTWERPEN	Fax number	032260602
Post code	2018	Number of staff	1
Date of establishment	16/02/1998

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	109,507,366	137,068	10,287,670
31/12/2010	88,360,911	121,375	9,878,404
31/12/2009	32,810,821	53,732	9,081,479

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	32,580,914	405	10,065,889	10,268	1
31/12/2010	30,970,189	269	9,746,813	11,345	1
31/12/2009	22,916,979	250	9,040,354	12,571	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	67.33
Industry average payment expectation days	177.52	Industry average day sales outstanding	110.56
Day sales outstanding	49.96

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	462600027	Company name	SWINTU DIAM BVBA
Fax number	032260602	Date founded	16/02/1998
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.0462.600.027
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Export accounts to CSV file

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	109,507,366	23.93	88,360,911	169	32,810,821	57,477,666	90.52
Total operating expenses	108,956,739	24.06	87,827,569	170	32,523,705	56,751,982	91.99
Operating result	550,627	3.24	533,342	85.76	287,116	270,247	103
Total financial income	18,097	18556	97	79.63	54	171,480	-89.45
Total financial expenses	431,656	4.75	412,065	76.52	233,438	331,102	30.37
Results on ordinary operations before taxation	137,068	12.93	121,375	125	53,732	93,138	47.17
Taxation	51,186	50.00	34,123	94.98	17,501	38,780	31.99
Results on ordinary operations after taxation	85,882	-1.57	87,252	140	36,231	67,104	27.98
Extraordinary items	0	-	0	-	0	7,428	-100
Other appropriations	0	-	0	-100	1	-	-
Net result	85,882	-1.57	87,252	140	36,232	74,443	15.37
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	124,228	-
Employee costs	50,866	198	17,018	-	-	156,315	-67.46
Wages and salary	42,982	240	12,631	-	-	132,384	-67.53
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	6,972	362	1,507	-	-	32,686	-78.67
Other employee costs	913	-68.29	2,879	-	0	4,386	-79.18
Amortization and depreciation	29,814	25.55	23,746	16.61	20,364	21,240	40.37

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	0	-	0	-	0	1,829	-100
Tangible fixed assets	264,044	27.68	206,809	1.44	203,881	205,781	28.31
Land & building	161,557	0.35	161,000	4.84	153,564	376,403	-57.08
Plant & machinery	8,901	-25.61	11,965	195	4,052	27,548	-67.69
Other tangible assets	93,586	176	33,844	-26.85	46,265	30,894	202
Financial fixed assets	405	50.56	269	7.60	250	305,339	-99
Total fixed assets	264,449	27.70	207,079	1.44	204,131	412,635	-35.91
Inventories	15,734,613	167	5,873,080	-34.01	8,899,539	3,372,978	366
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,341	-100
Finished goods	15,734,613	167	5,873,080	-34.01	8,899,539	2,321,282	577
Other stocks	0	-	0	-	0	466,789	-100
Trade debtors	14,988,990	-35.86	23,367,903	88.91	12,369,630	4,260,907	251
Cash	10,268	-9.49	11,345	-9.75	12,571	310,085	-96.69
other amounts receivable	1,550,000	2.65	1,510,008	8.42	1,392,719	400,204	287
Miscellaneous current assets	32,594	4111	774	-97.98	38,389	39,297	-17.06
Total current assets	32,316,465	5.05	30,763,110	35.44	22,712,848	7,822,103	313
current liabilities
Trade creditors	20,097,720	178	7,225,286	48.87	4,853,439	2,845,606	606
Short term group loans	-	-	-	-	-	-	-
Other short term loans	425,717	-96.48	12,103,842	64.86	7,341,744	2,364,844	-82.00
Miscellaneous current liabilities	65,278	-31.96	95,934	23.61	77,613	-83.09	- -
Total current liabilities	20,588,715	5.99	19,425,062	58.28	12,272,796	5,479,992	275
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,704,529	2.27	1,666,723	6.66	1,562,704	14.93	- -
Other long term liabilities	0	-	0	-	0	279,096	-100
Total long term debts	1,704,529	2.27	1,666,723	6.66	1,562,704	881,173	93.44
shareholders equity
Issued share capital	10,065,889	3.27	9,746,813	7.81	9,040,354	1,020,741	886
Share premium account	-	-	-	-	-	173,859	-
Reserves	221,781	68.54	131,591	219	41,125	780,333	-71.58
Revaluation reserve	-	-	-	-	-	797,191	-
Total shareholders equity	10,287,670	4.14	9,878,404	8.78	9,081,479	1,825,932	463
Working capital	11,727,750	3.44	11,338,048	8.60	10,440,052	2,342,111	400
Net worth	10,287,670	4.14	9,878,404	8.78	9,081,479	1,824,103	463

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.13	-7.14	0.14	-12.50	0.16	-693,00	0.02
Return on capital employed	1.14	8.57	1.05	110	0.50	-13,00	8.77
Return on total assets employed	0.42	7.69	0.39	69.57	0.23	-32,00	1.31
Return on net assets employed	1.33	8.13	1.23	108	0.59	-20,00	6.65
Sales / net working capital	9.34	19.90	7.79	148	3.14	63,00	-99
Stock turnover ratio	14.37	116	6.65	-75.48	27.12	41,00	-64.95
Debtor days	49.96	-48.24	96.53	-29.85	137.60	55.054,00	-99
Creditor days	67.33	124	30.03	-44.87	54.47	245,00	-72.52
short term stability
Current ratio	1.57	-0.63	1.58	-14.59	1.85	4,00	-90.76
Liquidity ratio / acid ratio	0.81	-36.72	1.28	13.27	1.13	3,00	-73.00
Current debt ratio	2	1.52	1.97	45.93	1.35	17,00	-88.24
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	20.71	-85.14	139.40	42.17	98.05	266,00	-92.21
Equity in percentage	31.58	-1.00	31.90	-19.51	39.63	-1.025,00	3.08
Total debt ratio	2.17	1.40	2.14	40.79	1.52	18,00	-87.94

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment expectations

Payment expectation days	67.33
Day sales outstanding	49.96

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	177.52
Industry average day sales outstanding	110.56

Industry quartile analysis

Payment expectations
Company result	67.33
Lower	127.34
Median	74.09
Upper	41.66
Day sales outstanding
Company result	49.96
Lower	112.04
Median	57.26
Upper	24.94

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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

NSSO details

Business number	462600027
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	DILIP RAMNIKLAL THAKKER
Position	Principal Manager
Start Date	04/02/1998
Street	68 FRILINGLEI BRASSCHAAT
Post code	2930
Country	Belgium
Name	ARVINDKUMAR BHAVANBHAI MAVANI
Position	Principal Manager
Start Date	05/08/2010
Street	9 JAN DE SADELERLAAN EDEGEM
Post code	2650
Country	Belgium

Name	RAMNIKLAL THAKKER DILIP
Position	Principal Manager
Start Date	05/08/2010
Street	68 FRILINGLEI BRASSCHAAT
Post code	2930
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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Report Prepared by :

NLM

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%)