MIRA INFORM REPORT

Report Date :

01.04.2014

IDENTIFICATION DETAILS

Name :	ALMAZI INTERNATIONAL BVBA
Registered Office :	Hoveniersstraat 53 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	07.01.1987
Com. Reg. No.:	430000010
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

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 :	Moderate
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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 and address

Business number 430000010

Company name ALMAZI INTERNATIONAL BVBA

Address HOVENIERSSTRAAT 53

2018 ANTWERPEN

Number of staff 0

Date of establishment 07/01/1987

Telephone number 0474703969

Fax number 032349300

Commentary

The business was established over 27 years ago.

No employees are recorded for this business.

The business has been at the address for over 17 years.

Operating Result in the latest trading period decreased 95% on the previous trading period.

Pre-tax profits decreased by 92% compared to the previous trading period.

The business saw an increase in their Cash Balance of 56% during the latest trading period.

Turnover in the latest trading period decreased 53% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	71,547,390	36,591	3,790,184	3,772,431
31/12/2011	155,351,244	504,840	3,843,316	3,811,348
31/12/2010	69,212,744	204,665	3,364,130	3,328,875

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	27,580,743	0	2,437,852	22,002
31/12/2011	32,568,715	0	2,486,101	382,365
31/12/2010	24,718,778	0	2,407,294	171,130

Payment expectations

Past payments		Payment expectation days 119.87
Industry average payment expectation days	168.37	Industry average day sales 120.23 outstanding
Day sales outstanding	138.30
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Company information

Business number	430000010	Company name	ALMAZI INTERNATIONAL BVBA
Fax number	032349300	Date founded	07/01/1987
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0430.000.010
Belgian Bullettin of Acts Publications	moniteur belge
Contractor details			Check Article 30 Bis

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

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	71,547,390	53.94	155,351,244	124	69,212,744	46,788,819	52.92
Total operating expenses	71,525,005	53.80	154,815,739	124	69,017,159	46,394,806	54.17
Operating result	22,385	95.82	535,505	173	195,585	148,448	84.92
Total financial income	65,383	517	10,582	86.76	79,907	98,246	33.45
Total financial expenses	51,177	24.07	41,247	41.76	70,827	205,370	75.08
Results on ordinary operations before taxation	36,591	92.75	504,840	146	204,665	32,991	10.91
Taxation	3,340	97.54	135,783	192	46,421	20,939	84.05
Results on ordinary operations after taxation	33,251	90.99	369,057	133	158,244	18,080	83.91
Extraordinary items	-11,794	-	0	-	0	-4,535	-160
Other appropriations	0	-	0	-	0	-	-
Net result	21,457	94.19	369,057	133	158,244	13,564	58.19
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	-	-	-	-	-	126,470	-
Wages and salary	-	-	-	-	-	105,963	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,627	-
Other employee costs	0	-	0	-	0	4,387	-100
Amortization and depreciation	545	95.90	13,308	3.27	12,886	17,945	96.96
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balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,564	-100
Tangible fixed assets	17,752	60.54	44,987	20.30	56,447	185,821	90.45
Land & building	-	-	-	-	-	362,952	-
Plant & machinery	-	-	-	-	-	22,827	-
Furniture & Vehicles	5,491	83.10	32,484	26.74	44,340	17,432 5,433	68.50
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	12,261	-1.94	12,503	3.27	12,107	7,680	59.65
Financial fixed assets	-	-	-	-	-	310,124	-
Total fixed assets	17,752	60.54	44,987	20.30	56,447	399,140	95.55
Inventories	-	-	-	-	-	3,112,414	-
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,416	-100
Finished goods	0	-	0	-	0	1,996,318	-100
Other stocks	0	-	0	-	0	572,733	-100
Trade debtors	27,109,282	15.97	32,262,970	31.45	24,543,201	4,196,966	545
Cash	320,459	56.09	205,299	96.74	104,351	226,680	41.37
other amounts receivable	131,992	148	53,166	325	12,495	186,660	29.29
Miscellaneous current assets	1,258	45.14	2,293	0.39	2,284	18,104	93.05
Total current assets	27,562,991	15.25	32,523,728	31.88	24,662,331	7,261,736	279
Total Assets	27,580,743	15.32	32,568,715	31.76	24,718,778	7,627,670 1,453,566	261
CURRENT LIABILITIES
Trade creditors	23,490,496	17.12	28,342,770	33.65	21,206,974	3,059,411	667
Short term group loans	-	-	-	-	-	-	-
Financial debts	298,300	101	148,054	96.39	75,389	4,295,770 191,085	93.06
Current portion of long term debt	-	-	8,173	4.85	7,795	107,941 15,359	-
Amounts Payable for Taxes, Remuneration & Social Security	-	-	167,067	364	36,000	9,574 -	-
Miscellaneous current liabilities	1,764	96.19	46,316	534	7,298	-99	- -
Total current liabilities	23,790,560	17.14	28,712,380	34.59	21,333,456	5,375,608	342
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	13,020	38.56	21,192	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,207 0	-100
Other long term liabilities	-1	0	-1	-	0	129,796	-100
Total long term debts	-1	-100	13,019	38.57	21,192	563,316	-100
SHAREHOLDERS EQUITY
Issued share capital	2,437,852	-1.94	2,486,101	3.27	2,407,294	950,239	156

Reserves	1,352,332	-0.36	1,357,215	41.84	956,836	694,788	94.64
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	3,790,184	-1.38	3,843,316	14.24	3,364,130	1,674,930	126
Working capital	3,772,431	-1.02	3,811,348	14.49	3,328,875	1,886,128	100
Cashflow	22,002	94.25	382,365	123	171,130	28,369	22.44
Net worth	3,790,184	-1.38	3,843,316	14.24	3,364,130	1,671,662	126
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ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.05	-84.38	0.32	6.67	0.30	-26,00	0.19
Return on capital employed	0.97	-92.59	13.09	116	6.05	29,00	-96.66
Return on total assets employed	0.13	-91.61	1.55	86.75	0.83	-203,00	0.06
Return on net assets employed	0.97	-92.62	13.14	116	6.08	19,00	-94.89
Sales / net working capital	18.97	-53.46	40.76	96.06	20.79	45,00	-99
Stock turnover ratio	-	-	-	-	-	111,00	-
Debtor days	138.30	82.45	75.80	-41.44	129.43	133,00	3.98
Creditor days	119.87	79.39	66.82	-40.42	112.15	122,00	-1.75
SHORT TERM STABILITY
Current ratio	1.16	2.65	1.13	-2.59	1.16	7,00	-87.11
Liquidity ratio / acid ratio	1.16	2.65	1.13	-2.59	1.16	4,00	-71.00
Current debt ratio	6.28	-15.93	7.47	17.82	6.34	9,00	-30.22
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	7.87	78.86	4.40	41.94	3.10	363,00	-97.83
Equity in percentage	13.74	16.44	11.80	-13.30	13.61	-3.234,00	0.42
Total debt ratio	6.28	-15.93	7.47	17.64	6.35	11,00	-42.91

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	119.87
Day sales outstanding	138.30
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	168.37
Industry average day sales outstanding	120.23

Industry quartile analysis

Payment expectations
Company result	119.87
Lower	134.58
Median	84.62
Upper	45.29

Day sales outstanding
Company result	138.30
Lower	112.48
Median	58.56
Upper	28.58

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	430000010
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-
Bankruptcy details

Bankruptcy details

There is no bankruptcy data against this company

Court Data

there is no data for this company

Director details

Current director details
Name	RAYMOND EVENS
Position	Principal Manager
Start Date	27/08/2007
Street	61 DELLA FAILLELAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	KARIM RAYANI
Position	Principal Manager
Start Date	27/08/2007
Street	5 JEAN-LOUIS CAUTREELSLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	KAUSHIK KIRTILAL MEHTA
Position	Principal Manager
Start Date	26/07/2004
Street	25 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	KUNAL MEHTA
Position	Principal Manager
Start Date	26/07/2004
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.

- 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.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Report Prepared by :

NIS

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.