MIRA INFORM REPORT

Report Date :

21.04.2014

IDENTIFICATION DETAILS

Name :	SAMDIMON BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
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 (31.12.2012)

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 & address

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

Commentary

The business was established over 28 years ago.
The business has 6 employees.
The business has been at the address for over 16 years.
Operating Result in the latest trading period increased 93% on the previous trading period.
Pre-tax profits decreased by 37% compared to the previous trading period.
The business saw an increase in their Cash Balance of 135% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	125,718,059	123,190	4,949,293	7,999,079
31/12/2011	127,725,550	196,593	4,865,445	7,942,477
31/12/2010	85,751,172	114,788	4,731,986	7,662,383

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	50,464,915	6	62,000	126,387
31/12/2011	49,940,120	6	62,000	187,641
31/12/2010	35,748,510	5	62,000	138,590

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	40.98
Industry average payment expectation days	167.34	Industry average day sales outstanding	121.35
Day sales outstanding	119.88

Court data summary

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

Company summary

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	31/12/2012
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

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		6
Part-time Employees		2
Total Fte Employees		7
Number of hours worked
Full-time Employees		10,527
Part-time Employees		1,526
Total		12,053
Personnel Charges
Full-time Employees		293,126
Part-time Employees		49,567
Total		342,693
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		6
Actual working hours		10,551
Personnel Charges		262,798
Benefits In Addition To Wages		-
Type of Contract	Full-Time		Part-Time	Total Fte
Unlimited Duration Contracts	6		2	7
Limited Duration Contracts	-		-	-
Contracts For Specific Work	-		-	-
Contracts Regarding Substitution	-		-	-

Gender and Education Level
Men	Full-Time		Part-Time		Total Fte
Primary education	-		-		-
Secondary education	3		-		3
Higher education (non university)	-		-		-
Higher education (university)	1		-		1
Women	Full-Time		Part-Time		Total Fte
Primary education	1		-		1
Secondary education	1		2		2
Higher education (non university)	-		-		-
Higher education (university)	-		-		-
Working Category		Full-Time		Part-Time		Total Fte
Management		-		-		-
White collar worker		4		1		5
Blue collar worker		2		1		2
Other		-		-		-

Temporary personnel			Total
Average number of temporary staff			-
Actual working hours			-
Cost of temporary staff			-
New staff and leavers	Full-Time	Part-Time		Total Fte
New Starters	-	-		-
Leavers	-	-		-

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel

(NSSO classification)

Code	-
Description	06 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

Export accounts to CSV file

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	125,718,059	-1.57	127,725,550	48.95	85,751,172	46,632,531	169
Total operating expenses	124,434,476	-2.07	127,061,445	48.79	85,398,577	46,240,618	169
Operating result	1,283,583	93.28	664,105	88.35	352,595	147,817	768
Total financial income	1,352	203	446	-7.02	480	97,084	-98.61
Total financial expenses	1,161,745	148	467,958	96.38	238,287	203,915	469
Results on ordinary operations before taxation	123,190	-37.34	196,593	71.27	114,788	32,736	276
Taxation	40,958	-35.35	63,358	116	29,307	20,918	95.80
Results on ordinary operations after taxation	82,232	-38.28	133,234	55.87	85,480	17,844	360
Extraordinary items	1,601	-	0	-100	185	-4,553	35.17
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	83,833	-37.08	133,234	55.53	85,665	13,309	529
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	60,634	-12.47	69,274	-65.17	198,864	114,302	-46.95
Employee costs	342,693	25.42	273,227	2.59	266,325	126,646	170
Wages and salary	260,069	25.54	207,154	0.65	205,807	106,139	145
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	69,273	28.83	53,771	0.75	53,368	26,753	158
Other employee costs	13,350	8.52	12,302	72.06	7,150	4,402	203
Amortization and depreciation	42,554	-21.79	54,407	2.80	52,925	17,955	137

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	-	15	-	240	1,570	-100
Tangible fixed assets	274,231	-10.65	306,933	-14.65	359,599	184,414	48.70
Land & building	244,533	-4.49	256,025	-4.30	267,518	359,608	-32.00
Plant & machinery	24,297	-34.50	37,095	-46.94	69,915	22,793	6.60
Furniture & Vehicles	5,402	-60.89	13,813	-37.68	22,166	17,438 5,418	-69.02
Leasing & Other Similar Rights	-	-	-	-	-	142,15332,369	-
Other tangible assets	0	-	0	-	0	7,711	-100
Financial fixed assets	7,664	2.68	7,464	29.42	5,767	294,763	-97.40
Total fixed assets	281,896	-10.34	314,413	-14.00	365,607	387,230	-27.20
Inventories	7,864,772	-6.03	8,369,047	-3.24	8,649,417	3,092,433	154
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,426	-100
Finished goods	7,864,772	-6.03	8,369,047	-3.24	8,649,417	1,981,611	296
Other stocks	0	-	0	-	0	574,617	-100
Trade debtors	41,292,255	1.62	40,635,958	53.84	26,414,606	4,172,397	889
Cash	650,345	135	276,696	2601	10,244	226,713	186
other amounts receivable	365,075	10.42	330,638	9.54	301,855	184,589	97.78
Miscellaneous current assets	10,572	-20.92	13,368	97.09	6,783	17,803	-40.62
Total current assets	50,183,019	1.12	49,625,708	40.25	35,382,904	7,222,269	594
Total Assets	50,464,915	1.05	49,940,120	39.70	35,748,510	7,577,5141,453,566	565
current liabilities
Trade creditors	13,972,100	17.77	11,863,512	-20.21	14,869,007	3,066,773	355
Short term group loans	-	-	-	-	-	-	-
Financial debts	27,919,387	-5.17	29,440,473	135	12,497,729	4,242,556192,320	558
Current portion of long term debt	-	-	-	-	-	108,07915,346	-
Amounts Payable for Taxes, Remuneration & Social Security	76,973	-24.43	101,851	69.50	60,088	9,423 -	127
Miscellaneous current liabilities	215,481	-22.32	277,395	-5.55	293,697	-28.08	- -
Total current liabilities	42,183,940	1.20	41,683,231	50.37	27,720,521	5,360,460	686
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	37,62626,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,220 0	-100
Other long term liabilities	3,331,681	-1.76	3,391,429	2.90	3,295,764	129,765	2467
Total long term debts	3,331,681	-1.76	3,391,429	2.90	3,295,764	562,577	492
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	911,094	-93.19
Share premium account	-	-	-	-	-	109,362	-
Reserves	4,887,293	1.75	4,803,460	2.85	4,670,226	699,735	598
Revaluation reserve	-	-	-	-	-	968,672	-
Total shareholders equity	4,949,293	1.72	4,865,460	2.82	4,732,226	1,640,673	201
Working capital	7,999,079	0.71	7,942,477	3.66	7,662,383	1,861,809	329
Cashflow	126,387	-32.64	187,641	35.39	138,590	28,110	349
Net worth	4,949,293	1.72	4,865,445	2.82	4,731,986	1,637,427	202

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.10	-33.33	0.15	15.38	0.13	-26,00	0.38
Return on capital employed	1.49	-37.39	2.38	66.43	1.43	29,00	-94.86
Return on total assets employed	0.24	-38.46	0.39	21.88	0.32	-203,00	0.12
Return on net assets employed	2.49	-38.37	4.04	66.26	2.43	19,00	-86.89
Sales / net working capital	15.72	-2.24	16.08	43.70	11.19	45,00	-99
Stock turnover ratio	6.26	-4.43	6.55	-35.08	10.09	111,00	-94.36
Debtor days	119.88	3.24	116.12	3.28	112.43	133,00	-9.86
Creditor days	40.98	20.25	34.08	-46.37	63.55	122,00	-66.41
short term stability
Current ratio	1.19	0	1.19	-7.03	1.28	7,00	-86.78
Liquidity ratio / acid ratio	1	1.01	0.99	3.12	0.96	4,00	-75.00
Current debt ratio	8.52	-0.58	8.57	46.25	5.86	9,00	-5.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	564.11	-6.77	605.09	129	264.10	363,00	55.40
Equity in percentage	9.81	0.72	9.74	-26.44	13.24	-3.247,00	0.30
Total debt ratio	9.20	-0.65	9.26	41.37	6.55	11,00	-16.36

Industry comparison

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

Payment expectations

Payment expectation days	40.98
Day sales outstanding	119.88

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	167.34
Industry average day sales outstanding	121.35

Industry quartile analysis

Payment expectations
Company result	40.98
Lower	134.58
Median	84.93
Upper	45.17

Day sales outstanding
Company result	119.88
Lower	112.48
Median	58.70
Upper	28.11

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

NSSO details

Business number

428516306

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
Start Date	01/10/2011
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	NITIN SANGHVI
Position	Managing Director
Start Date	06/05/2007
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	KAMLESH KUMAR PRABHULAL AGRAWAL
Position	Principal Manager
Start Date	12/07/2012
Street	155 HEISTRAAT ANTWERPEN
Post code	2610
Country	Belgium

Former director details

Name	CHADRAKANT BHANSALI KAUSHIK
Position	Principal Manager
Start Date	12/08/1997
End Date	-
Street	18 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	NITIN HAJARIMAL SANGHVI
Position	Director
Start Date	16/11/2007
End Date	28/02/2011
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	NITIN HAJARIMAL SANGHVI
Position	Managing Director
Start Date	16/07/2011
End Date	31/12/2011
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	SONAL NITIN SANGHVHI
Position	Director
Start Date	01/10/2011
End Date	30/11/2011
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	SONAL NITIN SANGHVHI
Position	Principal Manager
Start Date	30/11/2011
End Date	06/07/2012
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	NITIN SANGHVI
Position	Director
Start Date	06/05/1997
End Date	-
Street	3 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	KAMLESH KUMAR PRABHULAL AGRAWAL
Position	Managing Director
Start Date	21/10/2011
End Date	30/11/2011
Street	155 HEISTRAAT ANTWERPEN
Post code	2610
Country	Belgium

Name	KAMLESH KUMAR PRABHULAL AGRAWAL
Position	Director
Start Date	10/04/1996
End Date	30/11/2011
Street	155 HEISTRAAT ANTWERPEN
Post code	2610
Country	Belgium

Name	SONAL SANGHVI
Position	Principal Manager
Start Date	30/11/2011
End Date	-

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.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

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.