MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	SWINTU DIAM BVBA
Registered Office :	Hoveniersstraat 9-Bus 9, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	16.02.1998
Com. Reg. No.:	462600027
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No of Employees :	01

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 :	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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Belgium	A2	A2

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 462600027

Company name SWINTU DIAM BVBA

Address HOVENIERSSTRAAT 9-BUS 9

2018 ANTWERPEN

Number of staff 1

Date of establishment 16/02/1998

Telephone number 032313770

Fax number 032260602

Commentary

The business was established over 16 years ago.

The business has 1 employees.

The business has been at the address for over 13 years.

A 32% decline in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 69% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	92,382,612	110,080	9,791,084	14,816,042
31/12/2012	93,132,673	111,752	10,157,600	15,394,734
31/12/2011	109,507,366	137,068	10,287,670	11,727,750

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	41,754,443	1	9,443,365	98,210
31/12/2012	61,813,522	1	9,870,536	109,157
31/12/2011	32,580,914	1	10,065,889	115,696

Payment expectations

Past payments		Payment expectation days	44.85
Industry average payment expectation days	124.45	Industry average day sales outstanding	141.74
Day sales outstanding	89.65

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company information

Business number	462600027	Company name	SWINTU DIAM BVBA
Fax number	032260602	Date founded	16/02/1998
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0462.600.027 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Company accounts

Assets

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	195,762	-10.91	219,746	-16.90	264,449	27.70	207,079	1.44	204,131
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	195,382	-10.93	219,349	-16.93	264,044	27.68	206,809	1.44	203,881
Land & building	142,721	-7.20	153,800	-4.80	161,557	0.35	161,000	4.84	153,564
Plant & machinery	10,892	89.16	5,758	-35.31	8,901	-25.61	11,965	195	4,052
Furniture & Vehicles	41,769	-30.14	59,791	-36.11	93,585	176	33,844	-26.85	46,265
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-100	1	-	0	-	0
Financial fixed assets	380	-4.28	397	-1.98	405	50.56	269	7.60	250
Total current assets	41,558,681	-32.53	61,593,776	90.60	32,316,465	5.05	30,763,110	35.44	22,712,848
Inventories	16,860,815	-31.63	24,662,088	56.74	15,734,613	167	5,873,080	-34.01	8,899,539
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	16,860,815	-31.63	24,662,088	56.74	15,734,613	167	5,873,080	-34.01	8,899,539
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	22,691,703	-35.33	35,090,534	134	14,988,990	-35.86	23,367,903	88.91	12,369,630
Other amounts receivable	15,342	270	4,137	-1.52	4,201	-68.19	13,208	199	4,409
Cash	536,424	69.08	317,252	2989	10,268	-9.49	11,345	-9.75	12,571
Miscellaneous current assets	4,197	5.88	3,964	-87.84	32,594	4111	774	-97.98	38,389
Total Assets	41,754,443	-32.45	61,813,522	89.72	32,580,914	5.20	30,970,189	35.14	22,916,979
Liabilities
Total shareholders equity	9,791,084	-3.61	10,157,600	-1.26	10,287,670	4.14	9,878,404	8.78	9,081,479
Issued share capital	9,443,365	-4.33	9,870,536	-1.94	10,065,889	3.27	9,746,813	7.81	9,040,354
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-

Reserves	347,719	21.13	287,064	29.44	221,781	68.54	131,591	219	41,125
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-
Creditors	31,963,359	-38.12	51,655,922	131	22,293,244	5.70	21,091,785	52.45	13,835,500
Other long term loans	5,220,720	-4.33	5,456,880	220	1,704,529	2.27	1,666,723	6.66	1,562,704
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	5,220,720	-4.33	5,456,880	220	1,704,529	2.27	1,666,723	6.66	1,562,704
Current portion of long term debt	-	-	4,149	-74.22	16,094	5.05	15,320	5.05	14,583
Financial debts	14,654,299	-16.5S	17,569,252	4189	409,623	-96.61	12,088,522	64.98	7,327,161
Trade creditors	11,241,797	-60.51	28,467,175	41.64	20,097,720	178	7,225,286	48.87	4,853,439
Amounts Payable for Taxes,	26,599	-27.16	36,519	34.56	27,139	34.82	20,130	319	4,794
Remuneration & Social Security
Miscellaneous current liabilities	819,944	572	121,947	219	38,139	-49.69	75,804	4.10	72,819
Total current liabilities	26,742,639	-42.11	46,199,042	124	20,588,715	5.99	19,425,062	58.28	12,272,796
Total Liabilities	41,754,443	-32.45	61,813,522	89.72	32,580,914	5.20	30,970,189	35.14	22,916,979
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.12	0	0.12	-7.69	0.13	-7.14	0.14	-12.50	0.16
Return on capital employed	0.73	1.39	0.72	-36.84	1.14	8.57	1.05	110	0.50
Return on total assets employed	0.26	44.44	0.18	-57.14	0.42	7.69	0.39	69.57	0.23
Return on net assets employed	1.12	1.82	1.10	-17.29	1.33	8.13	1.23	108	0.59
Sales / net working capital	6.24	3.14	6.05	-35.22	9.34	19.90	7.79	148	3.14
Stock turnover ratio	18.25	-31.08	26.48	84.27	14.37	116	6.65	-75.48	27.12
Creditor days	44.85	-60.13	112.48	67.06	67.33	124	30.03	-44.87	54.47
Debtor days	89.65	-34.81	137.52	175	49.96	-48.24	96.53	-29.85	137.60
Current ratio	1.55	16.54	1.33	-15.29	1.57	-0.63	1.58	-14.59	1.85
Liquidity ratio / acid ratio	0.92	15.00	0.80	-1.23	0.81	-36.72	1.28	13.27	1.13
Current debt ratio	2.73	-40.0	4.55	127	2.00	1.52	1.97	45.93	1.35
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	98,210	-10.03	109,157	-5.65	115,696	4.23	110,998	96.12	56,596
Net worth	9,791,084	-3.61	10,157,600	-1.26	10,287,670	4.14	9,878,404	8.78	9,081,479
LONG TERM STABILITY
Gearing	202.99	-10.47	226.73	994	20.71	-85.14	139.40	42.17	98.05

Equity in percentage	23.45	42.73	16.43	-47.97	31.58	-1.00	31.90	-19.51	39.63
Total debt ratio	3.26	-35.95	5.09	134	2.17	1.40	2.14	40.79	1.52
Working capital	14,816,042	-3.76	15,394,734	31.27	11,727,750	3.44	11,338,048	8.60	10,440,052
Profit & loss
Operating Income	92,401,168	-0.79	93,138,996	-14.95	109,510,550	23.94	88,361,016	168	32,968,618
Turnover	92,382,612	-0.81	93,132,673	-14.95	109,507,366	23.93	88,360,911	169	32,810,821
Total operating expenses	91,490,688	-0.96	92,378,622	-15.22	108,956,739	24.06	87,827,569	170	32,523,705
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	91,509,244	-0.95	92,384,945	-15.21	108,959,923	24.06	87,827,674	168	32,681,502
Employee costs	72,630	42.99	50,794	-0.14	50,866	198	17,018	-	-
Wages and salary	58,529	41.92	41,240	-4.05	42,982	240	12,631	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	12,741	50.85	8,446	21.14	6,972	362	1,507	-	-
Other employee costs	1,360	22.63	1,109	21.47	913	-68.29	2,879	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	25,131	-36.49	39,570	32.72	29,814	25.55	23,746	16.61	20,364
Operating result	891,924	18.28	754,051	36.94	550,627	3.24	533,342	85.76	287,116
Total financial income	39	-98.96	3,766	-79.19	18,097	18556	97	79.63	54
Total financial expenses	781,883	21.02	646,066	49.67	431,656	4.75	412,065	76.52	233,438
Results on ordinary operations before taxation	110,080	-1.50	111,752	-18.47	137,068	12.93	121,375	125	53,732
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	110,080	-1.50	111,752	-18.47	137,068	12.93	121,375	125	53,732
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	37,001	-12.25	42,164	-17.63	51,186	50.00	34,123	94.98	17,501
Results on ordinary operations after taxation	73,079	5.02	69,588	-18.97	85,882	-1.57	87,252	140	36,231
Net result	73,079	5.02	69,587	-18.97	85,882	-1.57	87,252	140	36,232
Profit (Loss) for the Year to be appropiated	73,079	5.02	69,587	-18.97	85,882	-1.57	87,252	140	36,232
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	1
Part-time Employees	-
Total Fte Employees	1
Number of hours worked
Full-time Employees	1,771
Part-time Employees	-
Total	1,771
Personnel Charges
Full-time Employees	72,630
Part-time Employees	-
Total	72,630
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,786
Personnel Charges	48,596
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	-	1

Gender and Education Level

Women	Full-Time	Part-Time	Total Fte
Secondairy education	1	-	1

Working Category	Full-Time	Part-Time	Total Fte
White collar worker	1	-	1

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

industry average credit rating 64.48

Industry average credit limit 140177.31

Payment expectations
Payment expectation days	44.85
Day sales outstanding	89.65

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	124.45
Industry average day sales outstanding	141.74

Industry quartile analysis

Payment expectations

Company result 44.85

Lower 122.66

Median 75.69

Upper 46.98

Day sales outstanding

Company result 89.65

Lower 102.58

Median 54.52

Upper 24.07

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Summons

There is no data for this company

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

Name ARVINDKUMAR BHAVANBHAI MAVANI

Position Principal Manager

Start Date 05/08/2010

Street 9 JAN DE SADELERLAAN EDEGEM

Post code 2650

Country Belgium

Name DILIP RAMNIKLAL THAKKER

Position Principal Manager

Start Date 04/02/1998

Street 6 VAN EYCKLEI ANTWERPEN

Post code 2018

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.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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.