MIRA INFORM REPORT

Report Date :

04.04.2014

IDENTIFICATION DETAILS

Name :	SANKALP DIAM BVBA
Registered Office :	Hoveniersstraat, 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	06.02.2002
Com. Reg. No.:	476926333
Legal Form :	Private Limited Company
Line of Business :	Wholesaler 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 :	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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 & address

Business number 476926333

Company name SANKALP DIAM BVBA

Address HOVENIERSSTRAAT

30

2018 ANTWERPEN

Number of staff 0

Date of establishment 06/02/2002

Telephone number 034752302

Fax number 034752302

Commentary

The business was established over 12 years ago.
No employees are recorded for this business.
The business has been at the address for over 8 years.
Operating Result in the latest trading period decreased 135% on the previous trading period.
Net Worth increased by 22% during the latest trading period.
Pre-tax profits increased by 96% compared to the previous trading period.
The business saw an increase in their Cash Balance of 526% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	12,615,965	31,304	131,167	109,735
31/12/2011		15,945	106,960	90,435
31/12/2010		647	95,914	74,370

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	4,122,497	0	18,600	41,222
31/12/2011	5,090,723	0	18,600	28,688
31/12/2010	1,500,834	0	18,600	18,441

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	92.71
Industry average payment	164.15	Industry average day sales	119.90
expectation days		outstanding
Day sales outstanding	59.94
Court data summary

BANKRUPTCY DETAILS
Court action type	no

Company information

Business number	476926333	Company name	SANKALP DIAM BVBA
Fax number	034752302	Date founded	06/02/2002
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	Wholesaler of diamonds and other precious stones	VAT Number	BE.0476.926.333
Belgian Bullettin of Acts Publications	moniteur belge

Company accounts

Comparison Mode

· Average Median Export accounts to CSV File

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	12,615,965	-	-	-	-	46,537,630	72.89
Total operating expenses	12,660,168	-	-	-	-	46,145,645	72.56
Operating result	-44,203	-135	126,222	230	38,167	147,590	-129
Total financial income	534,338	74.60	306,029	60.20	191,031	97,743	446
Total financial expenses	458,831	10.21	416,306	82.15	228,551	204,361	124
Results on ordinary operations before taxation	31,304	96.32	15,945	2363	647	32,848	-4.70
Taxation	7,097	42.39	4,985	40790	12	20,918	66.07
Results on ordinary operations after taxation	24,207	120	10,961	1626	635	18,016	34.36
Extraordinary items	0	-100	86	1075	-8	-4,395	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	24,207	119	11,047	1661	627	13,640	77.47
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	-	-	-	-	-	125,948	-
Wages and salary	-	-	-	-	-	105,678	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,585	-
Other employee costs	0	-	0	-	0	4,360	-100
Amortization and depreciation	17,015	-3.55	17,641	-0.97	17,814	17,895	-4.92

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	1,553	-100
Tangible fixed assets	86,028	-7.47	92,972	15.49	110,019	185,189	53.55
Land & building	70,487	11.90	80,013	10.64	89,538	362,988	80.58
Plant & machinery	9,541	1713	526	66.12	1,553	22,664	57.90
Furniture & Vehicles	6,000	51.74	12,433	34.31	18,928	17,327 5,364	65.37
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,634	-100
Financial fixed assets	1,100	0	1,100	214	350	307,703	-99
Total fixed assets	87,128	-7.38	94,072	14.77	110,369	396,856	78.05
Inventories	1,755,639	67.48	1,048,279	92.55	544,417	3,093,934	43.26
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,399	-100
Finished goods	1,755,639	-	0	-	0	1,982,203	11.43
Other stocks	0	-100	1,048,279	92.55	544,417	571,885	-100
Trade debtors	2,071,735	47.05	3,912,895	832	419,668	4,167,122	50.28
Cash	205,860	526	32,877	90.69	353,030	226,208	-9.00
other amounts receivable	277	84.27	1,764	97.58	72,930	185,906	-99
Miscellaneous current assets	1,858	121	837	99	420	18,028	89.69
Total current assets	4,035,369	19.24	4,996,651	259	1,390,465	7,215,183	44.07
Total Assets	4,122,497	19.02	5,090,723	239	1,500,834	7,579,247 1,446,080	45.61
CURRENT LIABILITIES
Trade creditors	3,215,818	22.98	4,175,524	680	535,205	3,040,360	5.77
Short term group loans	-	-	-	-	-	-	-
Financial debts	558	89.17	5,154	49.62	10,230	4,261,350 189,666	-99
Current portion of long term debt	11,851	5.08	11,278	5.04	10,738	110,204 15,373	89.25
Amounts Payable for Taxes, Remuneration & Social Security	9,397	75.57	5,352	4667	112	9,709 -	72.33
Miscellaneous current liabilities	688,011	-2.95	708,908	-6.70	759,811	131	- -
Total current liabilities	3,925,635	19.99	4,906,217	272	1,316,095	5,342,128	26.52
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	65,695	15.28	77,546	12.70	88,825	-94.03	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,184 0	-100
Other long term liabilities	0	-	0	-	0	128,672	-100
Total long term debts	65,695	15.28	77,546	12.70	88,825	559,214	88.25
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	943,974	98.03
Share premium account	-	-	-	-	-	109,362	-
Reserves	112,567	27.40	88,360	14.29	77,314	690,619	83.70
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	131,167	22.63	106,960	11.52	95,914	1,664,274	92.12
Working capital	109,735	21.34	90,435	21.60	74,370	1,873,055	94.14
Cashflow	41,222	43.69	28,688	55.57	18,441	28,425	45.02
Net worth	131,167	22.63	106,960	11.52	95,914	1,661,040	92.10

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.25	-	-	-	-	-25,00	1.00
Return on capital employed	15.90	84.03	8.64	2368	0.35	29,00	-45.17
Return on total assets employed	0.76	145	0.31	675	0.04	-201,00	0.38
Return on net assets employed	23.87	60.09	14.91	2125	0.67	19,00	25.63
Sales / net working capital	114.97	-	-	-	-	45,00	-99
Stock turnover ratio	13.92	-	-	-	-	111,00	-87.46
Debtor days	59.94	-	-	-	-	133,00	-54.93
Creditor days	92.71	-	-	-	-	122,00	-24.01
SHORT TERM STABILITY
Current ratio	1.03	0.98	1.02	-3.77	1.06	7,00	-88.56
Liquidity ratio / acid ratio	0.58	-27.50	0.80	25.00	0.64	4,00	-85.50
Current debt ratio	29.93	-34.75	45.87	234	13.72	9,00	232
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	59.55	-32.22	87.86	-23.25	114.47	360,00	-83.46
Equity in percentage	3.18	51.43	2.10	-67.14	6.39	-3.211,00	0.10
Total debt ratio	30.43	-34.69	46.59	218	14.65	10,00	204

Industry comparison

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

Payment Information

Payment expectations
Payment expectation days	92.71
Day sales outstanding	59.94

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment expectation days	164.15
Industry average day sales outstanding	119.90

Industry quartile analysis

Payment expectations
Company result	92.71
Lower	134.34
Median	84.60
Upper	45.29
Day sales outstanding
Company result	59.94
Lower	112.48
Median	58.56
Upper	28.09

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Court data

NSSO details
Business number	476926333

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data

there is no data for this company

Director details

Current Director Details
Name	NILESH SAVANI
Position	Principal Manager
Start Date	04/08/2010
Street	7 JAN JANSSENSSTRAAT ANTWERPEN
Post code	2610
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.60.12
UK Pound	1	Rs.100.07
Euro	1	Rs.82.74

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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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.