MIRA INFORM REPORT

Report Date :

28.08.2014

IDENTIFICATION DETAILS

Name :	SREDIAM BVBA

Registered Office :	Van Eycklei 42 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	09.10.1987

Com. Reg. No.:	431672665

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees	01

RATING & COMMENTS

MIRA’s Rating :

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 – 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 name and address

Business number	431672665
Company name	SREDIAM BVBA
Address	VAN EYCKLEI 42
	2018 ANTWERPEN
Number of staff	0
Date of establishment	09/10/1987
Telephone number	032274020
Fax number	032329760

Commentary

The business was established over 27 years ago.

The business has 1 employees.

The business has been at the address for over 2 years.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	9,1 63,51 3	20,593	1,090,892	837,002
31/12/2011	7,906,363	-96,264	1,072,152	2,080,418
31/12/2010	9,935,364	22,231	1,055,612	1,846,315

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	5,291,748	0	18,600	29,581
31/12/2011	5,222,255	0	18,600	27,143
31/12/2010	5,538,098	0	18,600	32,162

Payment expectations

Past payments Payment expectation days 116.83

Industry average payment

expectation days 127.79 Industry average day sales

outstanding 143.76

Day sales outstanding 175.09

Social Balance Sheet Details

During the previous reporting year TOTAL

Average number employees in Fte 0

Actual working hours 524

Personnel Charges 10,942

Benefits In Addition To Wages –

Personnel (NSSO classification)

Description FROM 1 TO 4 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 23/01/2013

Event Description

Event Detail s Toekenning van 533 nieuwe aandelen aan Godhani Minaxiben.

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	9,163,513	1 5.90	7,906,363	-20.42	9,935,364	41,421,400	-77.88
Total operating expenses	9,128,882	1 4.61	7,965,424	-18.45	9,767,280	41,075,606	-77.78
Operating result	34,631	58.64	-59,061	-135	168,084	142,887	-75.76
Total financial income	11	-99	2,848	284668	1	94,618	-99
Total financial expenses	14,048	-64.92	40,051	-72.54	145,853	197,047	-92.87
Results on ordinary operations before taxation	20,593	21.39	-96,264	-533	22,231	31,108	-33.80
Taxation	2,451	52.53	1,607	-74.87	6,395	21,082	-88.37
Results on ordinary operations after taxation	18,142	1 8.54	-97,871	-718	15,836	16,319	11.17
Extraordinary items	597	-99	114,411	-	0	-5,071	11.78
Other appropriations	0.00	-	0.00	-	0	-	-
Net result OTHER INFORMATION	18,739	13.30	16,540	4.44	15,836	11,283	66.09
Gross Operating Margin	-	-	-	-	-	51,258	-
Dividends	-	-	-	-	-	160,835	-
Director remuneration	-	-	-	-	-	102,030	-
Employee costs	38	-99	8,612	-48.55	16,739	136,324	-99
Wages and salary	38	-99	7,161	-44.75	12,962	11 7,289	-99
Employee pension costs	-	-	-	-	-	11,791	-
Social security contributions	-	-	1,337	-34.43	2,039	28,625	-
Other employee costs	0	-100	114	-93.47	1,738	4,831	-100
Amortization and depreciation	10,841	2.25	10,603	-35.05	16,326	18,306	-40.78

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	1,140	-100
Tangible fixed assets	253,766	-3.42	262,757	-43.57	465,595	191,598	32.45
Land & building	251,963	-3.95	262,332	-43.63	465,389	372,817	-32.42
Plant & machinery	1,280	201	425	106	206	25,469	-94.97
Furniture & Vehicles	522	2612300	0	-	-	17,240 5,033	-96.97
Leasing & Other Similar Rights	-	-	-	-	-	139,170 30,812	-
Other tangible assets	0	-	0	-	0	10,963	-100
Financial fixed assets	1 24	0	124	-0.04	124	232,882	-99
Total fixed assets	253,890	-3.42	262,881	-43.55	465,719	344,927	-26.39
Inventories	475,426	-64.42	1,336,172	-10.15	1,487,134	2,886,109	-83.53
Raw materials & consumables	-	-	-	-	-	7,018,491	-
Work in progress	0	-	0	-	0	2,505	-100
Finished goods	475,426	-64.42	1,336,172	-10.15	1,487,134	1,901,964	-75.00
Other stocks	0	-	0	-	0	451,842	-100
Trade debtors	4,395,653	27.75	3,440,761	-2.53	3,530,192	3,821,391	15.03
Cash	156,128	10.14	141,753	561	21,416	209,501	-25.48
other amounts receivable	7,540	-79.98	37,669	17.05	32,183	221,786	-96.60
Miscellaneous current assets	3,112	3.13	3,018	107	1,454	16,471	-81.10
Total current assets	5,037,859	1.58	4,959,374	-2.23	5,072,379	6,673,970	-24.51
Total Assets	5,291,748	1.33	5,222,255	-5.70	5,538,098	6,981,143 1,251,869	-24.20

CURRENT LIABILITIES

Trade creditors	2,921,920	4.80	2,788,047	8.58	2,567,833	2,836,648	3.01
Short term group loans	-	-	-	-	-	-	-
Financial debts	111,588	82.16	61,257	-90.12	620,311	3,813,627 158,051	-97.07
Current portion of long term debt	-	-	26,405	13.75	23,212	90,468 14,229	-
Amounts Payable for Taxes, Remuneration & Social Security	3,399	4.66	3,247	-76.99	14,116	8,707 -	-90.55
Miscellaneous current liabilities	1,163,950	-	0	-100	592	335	- -
Total current liabilities	4,200,857	45.92	2,878,956	-10.76	3,226,064	4,853,539	-13.45
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	34,575	-41.39	58,996	-	- -
Deffered taxes	-	-	-	-	-	37,532 30,840	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,701 0	-100
Other long term liabilities	0	-100	1,236,572	3.27	1,197,426	215,240	-100
Total long term debts	0	-100	1,271,147	1.17	1,256,422	626,868	-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	927,053	-97.99
Share premium account	-	-	-	-	-	58,654	-
Reserves	1,072,292	1.78	1,053,552	1.59	1,037,012	542,282	97.74
Revaluation reserve	-	-	-	-	-	927,466	-
Total shareholders equity	1,090,892	1.75	1,072,152	1.57	1,055,612	1,494,949	-27.03
Working capital	837,002	-59.77	2,080,418	12.68	1,846,315	1,820,430	-54.02
Cashflow	29,581	8.98	27,143	-15.61	32,162	26,210	12.86
Net worth	1,090,892	1.75	1,072,152	1.57	1,055,612	1,492,232	-26.90

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.22	18.03	-1.22	-654	0.22	-9,00	2.44
Return on capital employed	1.89	45.99	-4.11	-528	0.96	39,00	-95.15
Return on total assets employed	0.39	21.20	-1.84	-560	0.40	-291,00	0.13
Return on net assets employed	1.89	21.05	-8.98	-525	2.11	26,00	-92.73
Sales / net working capital	10.95	188	3.80	-29.37	5.38	63,00	-99
Stock turnover ratio	5.19	-69.29	16.90	12.89	14.97	86,00	-93.97
Debtor days	175.09	10.23	158.84	22.48	129.69	143,76	21.79
Creditor days SHORT TERM STABILITY	116.83	-8.56	127.76	33.14	95.96	127,79	-8.58
Current ratio	1.20	-30.23	1.72	9.55	1.57	8,00	-88.00
Liquidity ratio / acid ratio	1.09	-13.49	1.26	13.51	1.11	5,00	-78.20
Current debt ratio	3.85	43.12	2.69	-12.09	3.06	10,00	-61.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	10.23	-10.26	11.40	-82.87	66.55	260,00	-96.07
Equity in percentage	20.61	0.39	20.53	7.71	19.06	-3.353,00	0.61
Total debt ratio	3.85	-0.52	3.87	-8.94	4.25	11,00	-65.00

Industry comparison

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

Payment Information

Payment expectations
Payment expectation days	116.83
Day sales outstanding	175.09
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	127.79
Industry average day sales outstanding	143.76

Industry quartile analysis

Payment expectations

Company result 116.83

Lower 127.33

Median 76.58

Upper 46.44

Day sales outstanding

Company result 175.09

Lower 105.23

Median 55.21

Upper 25.71

Shareholder Details

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME

Forename Minaxiben Middle name -

Surname Godhani

SHAREHOLDER DETAILS

Start date 06/02/2013(estimated) End date -

Percentage owned -

SHAREHOLDER ADDRESS

Street name Van Eycklei House number 42

Minor town - Postal town Antwerpen

Post code 2018 Country Belgium

Protested Bills

there is no data for this company

Bankruptcy and other legal events

there is no data for this company

Director details

Current director details

Position Principal Manager

Start Date 29/02/2012

Street 49 QUINTEN MATSIJSLEI ANTWERPEN

Post code 2018

Country Belgium

Name BABULAL ODHABBEL GODHANI

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.60.46
UK Pound	1	Rs.100.14
Euro	1	Rs.79.65

INFORMATION DETAILS

Analysis Done by :	DIV

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.

MIRA INFORM REPORT

Company name and address

Commentary

Accounts

Accounts

Payment expectations

Company information

Social Balance Sheet Details

Personnel (NSSO classification)

Joint Industrial Committee (JIC)

Significant Events

Profit & loss

balance sheet

CURRENT LIABILITIES

ratio analysis

Industry comparison

Payment Information

Industry quartile analysis

Day sales outstanding

Shareholder Details

Individual Shareholders

Director details

Unit