MIRA INFORM REPORT

Report Date :

10.04.2014

IDENTIFICATION DETAILS

Name :	SHREE DIMON BVBA

Registered Office :	Pelikaanstraat 62-Bureel 522, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	13.06.2003

Com. Reg. No.:	860762954

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not Available

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 :	Moderate
Payment Behaviour :	Slow
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

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 summary

Business number 860762954

Company name SHREE DIMON BVBA

Address PELIKAANSTRAAT 62-

bureel 522

2018 ANTWERPEN

Number of staff 0

Date of establishment 13/06/2003

Telephone number 032326893

Fax number 032326893

Commentary

The business was established over 10 years ago.

No employees are recorded for this business.

The business has been at the address for over 4 years.

Operating Result in the latest trading period decreased 172% on the previous trading period.

Pre-tax profits decreased by 208% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 39% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012		-16,216	61,619	51,213
31/12/2011		14,967	75,127	63,531
31/12/2010		8,252	64,270	61,286

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	1,214,459	0	18,600	-3,262
31/12/2011	1,482,995	0	18,600	19,103
31/12/2010	1,488,276	0	18,600	11,353

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	164.13	Industry average day sales outstanding	119.88
Day sales outstanding	-
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Profit & loss

Annual accounts	31-122012	%	31-122011	%	31-122010		Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-		46,537,630	-
Total operating expenses	-	-	-	-	-		46,145,645	-
Operating result	-13,456	-172	18,455	93.72	9,527		147,475	-109
Total financial income	225	13962	2	-77.99	7		97,632	-99
Total financial expenses	2,985	-14.46	3,490	172	1,282		204,174	-98.54
Results on ordinary operations before taxation	-16,216	-208	14,967	81.37	8,252		32,827	-149
Taxation	186	-96.16	4,845	110	2,301		20,891	-99
Results on ordinary operations after taxation	-16,402	-262	10,122	70.08	5,951		18,008	-191
Extraordinary items	2,894	294	734	-	0		-4,391	65.91
Other appropriations	0	-	0.00	-	0.00		-	-
Net result	-13,508	-224	10,857	82.42	5,951		13,636	-199
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177		-
Director remuneration	-	-	-	-	-	114,302		-
Employee costs	-	-	-	-	-	125,755		-
Wages and salary	-	-	-	-	-	105,491		-
Employee pension costs	-	-	-	-	-	14,428		-
Social security contributions	-	-	-	-	-	26,536		-
Other employee costs	0	-	0	-	0	4,357		-100
Amortization and depreciation	10,246	24.24	8,247	52.67	5,402	17,879		-42.69

balance sheet

Annual accounts	31-122012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,551	-100
Tangible fixed assets	32,228	23.33	42,037	2847	1,426	185,003	82.58
Land & building	-	-	-	-	-	362,988	-
Plant & machinery	385	-	-	-	168	22,634	98.30
Furniture & Vehicles	31,843	24.25	42,037	3241	1,258	17,350 5,402	83.53
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,627	-100
Financial fixed assets	1,559	0.03	1,559	0	1,559	307,221	-99
Total fixed assets	33,787	22.50	43,595	1360	2,985	396,443	91.48
Inventories	189,205	-2.57	194,197	0.96	192,359	3,091,473	93.88
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,396	-100
Finished goods	0	-	0	-	0	1,980,203	-100
Other stocks	189,205	-2.57	194,197	0.96	192,359	572,343	66.94
Trade debtors	508,315	-7.17	547,592	53.59	1,179,808	4,163,906	87.79
Cash	362,709	39.99	604,459	873	62,098	225,977	60.51
other amounts receivable	116,762	32.21	88,315	86.87	47,260	185,728	37.13
Miscellaneous current assets	3,681	23.90	4,837	28.41	3,767	18,012	79.56
Total current assets	1,180,672	17.97	1,439,400	-3.09	1,485,292	7,209,940	83.62
Total Assets	1,214,459	18.11	1,482,995	-0.35	1,488,276	7,573,663 1,449,923	83.96
CURRENT LIABILITIES
Trade creditors	594,350	28.74	834,100	-8.75	914,081	3,037,628	80.43
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	778	-	-	4,252,580 189,481	-
Current portion of long term debt	8,619	4.75	8,228	-	-	109,869 15,359	92.16
Amounts Payable for Taxes, Remuneration & Social Security	2,557	53.93	5,550	74.75	21,977	9,703 -	92.46
Miscellaneous current liabilities	523,933	-0.62	527,213	8.05	487,948	76.03	- -
Total current liabilities	1,129,459	17.91	1,375,869	-3.38	1,424,006	5,338,046	78.84
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	23,381	26.93	31,999	-	-	-97.87	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,181 0	-100
Other long term liabilities	0	-	0	-	0	128,748	-100
Total long term debts	23,381	26.93	31,999	-	0	558,869	95.82
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	943,041	98.03
Share premium account	-	-	-	-	-	109,362	-
Reserves	43,019	23.90	56,527	23.77	45,670	690,451	93.77
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	61,619	17.98	75,127	16.89	64,270	1,663,141	96.30
Working capital	51,213	19.39	63,531	3.66	61,286	1,871,894	97.26
Cashflow	-3,262	-117	19,103	68.27	11,353	28,412	-111
Net worth	61,619	17.98	75,127	16.89	64,270	1,659,911	96.29

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-25,00	-
Return on capital employed	-19.08	-236	13.97	8.80	12.84	29,00	-165
Return on total assets employed	-1.34	-232	1.01	83.64	0.55	-201,00	0.67
Return on net assets employed	-26.32	-232	19.92	55.14	12.84	19,00	-238
Sales / net working capital	-	-	-	-	-	45,00	-
Stock turnover ratio	-	-	-	-	-	111,00	-
Debtor days	-	-	-	-	-	133,00	-
Creditor days	-	-	-	-	-	122,00	-
SHORT TERM STABILITY
Current ratio	1.05	0	1.05	0.96	1.04	6,00	-88.33
Liquidity ratio / acid ratio	0.88	-3.30	0.91	0	0.91	4,00	-78.00
Current debt ratio	18.33	0.11	18.31	-17.37	22.16	9,00	103
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	51.93	-4.86	54.58	-	-	359,00	-85.53
Equity in percentage	5.07	0	5.07	17.36	4.32	-3.208,00	0.16
Total debt ratio	18.71	-0.16	18.74	-15.43	22.16	10,00	87.10

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.13
Industry average day sales outstanding	119.88
Industry quartile analysis
Payment expectations
Company result	-
Lower	134.34
Median	84.60
Upper	45.17

Day sales outstanding
Company result	-
Lower	112.48
Median	58.56
Upper	28.09

Group Structure

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	860762954
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

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	SHASHIKANT DEVANI
Position	Principal Manager
Start Date	18/11/2010
Street	121 PIETER VAN DEN BEMDENLN EDEGEM
Post code	2650
Country	Belgium

Name	MANAN DEVANI
Position	Principal Manager
Start Date	01/04/2009
Street	121 PIETER VAN DEN BEMDENLAAN EDEGEM
Post code	2650
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.60.07
UK Pound	1	Rs.100.56
Euro	1	Rs.82.79

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NNA

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.

Business number	860762954	Company name	SHREE DIMON BVBA
Office Address	Office 524, Pelikaanstraat 62, 2018 Antwerp, Belgium
Fax number	032326893	Date founded	13/06/2003
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.0860.762.954
Belgian Bullettin of Acts Publications	moniteur belge