MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	NETALDIAM BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	28.01.1999

Com. Reg. No.:	465396201

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
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 465396201

Company name NETALDIAM BVBA

Address HOVENIERSSTRAAT 2

2018 ANTWERPEN

Number of staff 0

Date of establishment 28/01/1999

Telephone number 032332410

Commentary

The business was established over 15 years ago.

No employees are recorded for this business.

The business has been at the address for over 10 years.

Operating Result in the latest trading period increased 70% on the previous trading period.

A 23% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 25% compared to the previous trading period.

Accounts

DATE OF

LATEST ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2012 20,887,910 183,611 1,241,940 1,549,082

31/12/2011 20,535,703 246,685 1,112,053 1,443,174

31/12/2010 16,293,766 139,136 940,562 1,301,743

Accounts

DATE OF

LATEST ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2012 6,952,579 0 830,000 148,364

31/12/2011 5,640,448 0 830,000 177,534

31/12/2010 4,923,089 0 830,000 106,155

Payment expectations

Past payments Payment expectation days 50.43

Industry average payment

expectation days 165.24 Industry average day sales

outstanding 126.31

Day sales outstanding 105.25

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons –

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	20,887,910	1.72	20,535,703	26.03	16,293,766	46,485,458	-55.07
Total operating expenses	20,550,563	1.05	20,337,387	26.48	16,079,333	46,114,879	-55.44
Operating result	337,347	70.11	198,316	-7.52	214,433	141,119	139
Total financial income	3,491	-97.67	149,842	529	23,807	98,884	-96.47
Total financial expenses	157,226	54.94	101,473	2.39	99,104	206,523	-23.87
Results on ordinary operations before taxation	183,611	-25.57	246,685	77.30	1 39,136	25,299	625
Taxation	53,724	-28.55	75,195	108	36,000	20,807	158
Results on ordinary operations after taxation	129,887	-24.26	171,490	66.28	1 03,136	10,494	11 37
Extraordinary items	0	-	0	-	0	-3,973	0
Other appropriations	0.00	-	0.00	-	0	-	-
Net result OTHER INFORMATION	129,887	-24.26	171,490	66.28	1 03,136	6,539	1886
Gross Operating Margin	-	-	-	-	-	56,922	-
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	-	-	-	-	-	125,946	-
Wages and salary	-	-	-	-	-	1 05,550	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,656	-
Other employee costs	0	-	0	-	0	4,349	-100
Amortization and depreciation	18,477	205	6,043	100	3,019	17,831	3.62

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	1,573	-100
Tangible fixed assets	437,332	10.38	396,221	4841	8,019	184,117	137
Land & building	432,810	11.25	389,057	-	-	362,988	19.24
Plant & machinery	4,522	-3.95	4,708	51.47	3,108	22,615	-80.00
Furniture & Vehicles	-	-	2,456	-50.00	4,911	17,295 5,364	-
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,596	-100
Financial fixed assets	5,000	0	5,000	0	5,000	306,761	-98.37
Total fixed assets	442,332	10.25	401,221	2981	13,019	394,708	12.07
Inventories	449,653	49.81	300,140	57.51	190,558	3,105,524	-85.52
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,387	-100
Finished goods	449,653	49.81	300,140	57.51	190,558	1,996,655	-77.48
Other stocks	0	-	0	-	0	569,977	-100
Trade debtors	6,023,287	22.55	4,915,118	4.93	4,684,173	4,243,347	41.95
Cash	19,699	-1.40	19,978	-6.74	21,421	227,473	-91.34
other amounts receivable	15,693	543	2,438	-81.24	12,994	209,176	-92.50
Miscellaneous current assets	1,916	23.35	1,553	68.07	924	18,254	-89.51
Total current assets	6,510,247	24.26	5,239,227	6.70	4,910,070	7,328,597	-11.17
Total Assets	6,952,579	23.26	5,640,448	14.57	4,923,089	7,683,424 1,454,122	-9.51
CURRENT LIABILITIES
Trade creditors	2,839,586	8.30	2,621,981	6.85	2,453,981	3,148,030	-9.80
Short term group loans	-	-	-	-	-	-	-
Financial debts	2,063,616	87.34	1,101,520	-1.11	1,113,848	4,280,807 189,666	-51.79
Current portion of long term debt	46,269	182	16,374	-	-	110,204 15,373	-58.01
Amounts Payable for Taxes, Remuneration & Social Security	7,732	-81.08	40,878	138	17,125	9,740 -	-77.28
Miscellaneous current liabilities	3,962	-74.10	15,300	-34.54	23,373	-98.67	--
Total current liabilities	4,961,165	30.69	3,796,053	5.20	3,608,327	5,462,976	-9.19
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	-
Other long term loans	749,474	2.34	732,342	95.71	374,200	-32.72	-
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,168 0	-100
Other long term liabilities	0	-	0	-	0	128,026	-100
Total long term debts	749,474	2.34	732,342	95.71	374,200	562,804	33.17
SHAREHOLDERS EQUITY
Issued share capital	830,000	0	830,000	0	830,000	967,968	-14.25
Share premium account	-	-	-	-	-	109,362	-
Reserves	411,940	46.05	282,053	155	110,562	654,096	-37.02
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	1,241,940	11.68	1,112,053	18.23	940,562	1,651,582	-24.80
Working capital	1,549,082	7.34	1,443,174	10.86	1,301,743	1,865,621	-16.97
Cashflow	148,364	-16.43	177,534	67.24	106,155	21,288	596
Net worth	1,241,940	11.68	1,112,053	18.23	940,562	1,648,350	-24.66

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.88	-26.67	1.20	41.18	0.85	-29,00	3.03
Return on capital employed	9.22	-31.04	13.37	26.37	10.58	29,00	-68.21
Return on total assets employed	2.64	-39.59	4.37	54.42	2.83	-200,00	1.32
Return on net assets employed	14.78	-33.36	22.18	49.97	14.79	19,00	-22.21
Sales / net working capital	13.48	-5.27	14.23	13.66	12.52	44,00	-99
Stock turnover ratio	2.15	47.26	1.46	24.79	1.17	116,00	-98.15
Debtor days	105.25	20.48	87.36	-16.74	104.93	143,00	-26.40
Creditor days SHORT TERM STABILITY	50.43	7.16	47.06	-15.53	55.71	125,00	-59.66
Current ratio	1.31	-5.07	1.38	1.47	1.36	6,00	-85.44
Liquidity ratio / acid ratio	1.22	-6.15	1.30	-0.76	1.31	4,00	-69.50
Current debt ratio	3.99	17.01	3.41	-11.20	3.84	9,00	-55.67
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	230.23	38.38	166.38	5.16	158.21	357,00	-35.51
Equity in percentage	17.86	-9.43	19.72	3.19	19.11	-3.192,00	0.56
Total debt ratio	4.60	13.02	4.07	-3.78	4.23	11,00	-58.18

Payment expectations
Payment expectation days	50.43
Day sales outstanding	105.25
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	165.24
expectation days
Industry average day sales	126.31
outstanding
Industry quartile analysis
Payment expectations
Company result	50.43
Lower	134.13
Median	84.97
Upper	45.81

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

SHAREHOLDER NAME

Forename	Devendra	Middle name	-
Surname SHAREHOLDER DETAILS	Sojitra
Start date	28/01/1999	End date	-
Percentage owned SHAREHOLDER ADDRESS	100%
Street name	Lange Herentalsestraat	House number	120
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

NSSO details

Business number 465396201

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

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.61.34
UK Pound	1	Rs.103.44
Euro	1	Rs.81.96

INFORMATION DETAILS

Analysis Done by :	SUB

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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	465396201	Company name	NETALDIAM BVBA
Fax number		Date founded	28/01/1999
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.0465.396.201 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge