MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	SAMDIMON BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
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 (31.12.2013)

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Belgium	A1	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 name & address

Business number 428516306

Company name SAMDIMON BVBA

Address HOVENIERSSTRAAT 30

2018 ANTWERPEN

Number of staff 6 (31.12.2013)

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 17 years.
Net Worth increased by 34% during the latest trading period.
Pre-tax profits increased by 36% compared to the previous trading period.
The business saw an increase in their Cash Balance of 217% during the latest trading period.

Accounts

DATE OF LATEST

ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2013 134,708,722 168,480 6,645,492 12,213,913

31/12/2012 125,718,059 123,190 4,949,293 7,999,079

31/12/2011 127,725,550 96,593 4,865,445 7,942,477

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF CAPITAL EMPLOYEES		CASHFLOW
31/12/2013	46,362,567	6	81,803	146,090
31/12/2012	50,464,915	6	62,000	126,387
31/12/2011	49,940,120	6	62,000	187,641

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Payment expectation days 30.63

Industry average payment expectation days 124.39

Industry average day sales outstanding 141.74

Day sales outstanding 92.64

Company information

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	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0428.516.306 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee

(JIC)

JIC Code 218

Description Additional national joint committee for the employees

category

JIC Code 324

Description Joint committee for the industry and the trade in diamant

Category

Significant Events

Event Date 21/10/2011

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 Details l van een controlewijziging.

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	345,309	22.50	281,896	-10.34	341,413	-14.00	365,607	-8.63	400,132
Intangible fixed assets	0	-	0	-100	15	-93.83	240	-48.41	465
Tangible fixed assets	334,739	22.06	274,231	-10.65	306,933	-14.65	359,599	-8.71	393,899
Land & building	307,473	25.74	244,533	-4.49	256,025	-4.30	267,518	-4.12	279,010
Plant & machinery	24,720	1.74	24,297	-34.50	37,095	-46.94	69,915	-23.23	91,070
Furniture & Vehicles	2,546	-52.87	5,402	-60.89	13,813	-37.68	22,166	-6.94	23,820
Financial fixed assets	10,570	37.91	7,664	2.68	7,464	29.42	5,767	0	5,767
Total Current assets	46,017,258	-8.30	50,183,019	1.12	49,625,708	40.25	35,385,904	137	14,928,431
Inventories	9,236,869	17.45	7,864,772	-6.03	8,369,047	-3.24	8,649,417	178	3,102,460
Raw materials & consumables	9,236,869	17.45	7,864,772	-6.03	8,369,047	-3.24	8,649,417	178	3,102,460
Trade debtors	34191431	-17.20	41292255	1.62	40,635,958	53.84	26,414,606	129	11,524,330
Other amounts receivable	510485	39.83	365075	10.42	330,638	9.54	301,855	7.23	281,495
Cash	2067918	217	650345	135	276,696	2601	10,244	-5.83	10,878
Miscellaneous current assets	10555	-0.16	10572	-20.92	13,368	97.09	6,783	-26.81	9,268
Total Assets	46362567	-8.13	50464915	1.05	49,940,120	39.70	35,748,510	133	15,328,563
Liabilities
Total shareholders equity	6,645,492	34.27	4,949,293	1.72	4,865,460	2.82	4,732,226	1.84	4,646,561
Issued share capital	81,803	31.94	62,000	0	62,000	0	62,000	0	62,000
Reserves	6,563,689	34.30	4,887,293	1.75	4,803,460	2.85	4,670,226	1.87	4,584,561
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Creditors	39,717,075	-12.74	45,515,621	0.98	45,074,660	45.33	31,016,284	190	10,682,002
Other long term liabilities	5,913,730	77.50	3,331,681	-1.76	3,391,429	2.90	3,295,764	7.05	3,078,821
Total long term debts	5,913,730	77.50	3,331,681	-1.76	3,391,429	2.90	3,295,764	7.05	3,078,821
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	22,288,403	-20.17	27,919,387	-5.17	29,440,473	135	12,497,729	728	1,508,714
Trade creditors	11,187,156	-19.93	13,972,100	17.77	11,863,512	-20.21	14,869,007	160	5,715,626
Amounts Payable for Taxes, Remuneration & Social Security	67,658	-12.10	76,973	-24.43	101,851	69.50	60,088	-45.03	109,308
Miscellaneous current liabilities	260,128	20.72	215,481	-22.32	277,395	-5.55	293,697	8.96	269,533
Total current liabilities	33,803,345	-19.87	42,183,940	1.20	41,683,231	50.37	27,720,521	264	7,603,181
Total Liabilities	46,362,567	-8.13	50,464,915	1.05	49,940,120	39.70	35,748,510	133	15,328,563

Ratio Analysis

	31.12.2013	%	31.12.2012	%	31.12.2011	%	31.12.2010	%	31.12.2009
TRADING PERFORMANCE
Profit Before Tax	0.13	30.0	0.10	-33.33	0.15	15.38	0.13	18.18	0.11
Return on capital employed	1.34	-10.07	1.49	-37.39	2.38	66.43	1.43	55.43	0.92
Return on total assets employed	0.36	50.0	0.24	-38.46	0.39	21.88	0.32	-30.43	0.46
Return on net assets employed	2.54	2.01	2.49	-38.37	4.04	66.26	2.43	59.87	1.52
Sales / net working capital	11.03	-29.83	15.72	-2.24	16.08	43.70	11.19	32.58	8.44
Stock turnover ratio	6.86	9.58	6.26	-4.43	6.55	-35.08	10.09	100	5.02
Creditor days	30.63	-25.26	40.98	20.25	34.08	-46.37	63.55	87.63	33.87
Debtor days	92.64	-22.72	119.88	3.24	116.12	3.28	112.43	65.29	68.02
SHORT TERM STABILITY
Current ratio	1.36	14.29	1.19	0	1.19	-7.03	1.28	-34.69	1.96
Liquidity ratio / acid ratio	1.09	9.00	1.00	1.01	0.99	3.12	0.96	-38.46	1.56
Current debt ratio	5.09	-40.26	8.52	-0.58	8.57	46.25	5.86	257	1.64
Cashflow	146,090	15.59	126,387	-32.64	187,641	35.39	138,590	26.99	109,137
Net worth	6,645,492	34.27	4,949,293	1.72	4,865,445	2.82	4,731,986	1.85	4,646,096
LONG TERM STABILITY
Gearing	335.39	-40.55	564.11	-6.77	605.09	129	264.10	713	32.47
Equity in percentage	14.33	46.08	9.81	0.72	9.74	-26.44	13.24	-56.32	30.31
Total debt ratio	5.98	-35.00	9.20	0.65	9.26	41.37	6.55	184	2.30
Working Capital	12,213,913	52.69	7,999,079	0.71	7,942,477	3.66	7,662,383	4.60	7,325,250

Profit & Loss

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
Operating Income	134,713,088	7.14	125,733,087	-1.57	127,737,338	48.95	85,756,149	38.66	61,844,492
Turnover	134,708,722	7.15	125,718,059	-1.57	127,725,550	48.95	85,751,172	38.66	61,844,492
Total Operating Expense	133,310,953	7.13	124,434,476	-2.07	127,061,445	48.79	85,398,577	38.64	61,598,161
Operating Charges	133,316,319	7.12	124,449,504	-2.06	127,073,234	48.79	82,403,554	38.65	61,598,161
Employees Costs	401,092	17.04	342,693	25.42	273,227	2.59	266,325	-7.85	289,024
Wages & Salary	-	--	260,069	25.54	207,154	0.65	205,807	-7.06	221,443
Social security Contribution	--	--	69,273	28.83	53,771	0.75	53,368	-10.39	59,559
Other Employees Costs	--	-100	13,350	8.52	12,302	72.06	7,150	-10.86	8,021
Director remuneration	--	--	60,634	-12.47	69,274	-65.17	198,864	0	198,864
Amortization & Depreciation	30,696	-27.87	42,554	-21.79	54,407	2.80	52,925	-9.68	58,594
Operating result	1397,769	8.90	1,283,583	93.28	664,105	88.35	352,595	43.14	246,331
Total financial income	168,431	12358	1352	203	446	-7.02	480	-81.01	2,526
Total financial expenses	1397,720	20.31	1,161,745	148	467,958	96.38	238,287	33.76	178,147
Results on ordinary operations	168,480	36.76	123,190	-37.34	196,593	71.27	114,788	62.34	70,709
Extra ordinary Income	50,000	3022	1,601	--	--	--	17,279	--	---
Extra ordinary Charges	---	---	--	--	--	--	17,094	1454	1,100
Extraordinary Items	50,000	3022	1,601	--	--	-100	185	16.80	-1,100
Results for the year Before Taxation	168,480	35.01	124,791	-36.52	196,593	70.99	114,972	65.17	69,609
Taxation	53,086	29.61	40,958	-35.35	63,358	116	29,307	53.71	19,067
Result on ordinary Operations after taxation	115,394	40.33	82,232	-38.28	133,234	55.87	85,480	65.52	51,643
Net result	115,394	37.65	83,833	-37.08	133,234	55.53	85,665	69.49	50,543
Profit (Loss) for the year to be appropriated	115,394	37.65	83,833	-37.08	133,234	55.53	85,665	69.49	50,543

Payment expectations

Payment expectation days 30.63

Day sales outstanding 92.64

Industry comparison

Activity code 46761

Activity description Wholesaler of diamonds and other precious stones

Industry average payment

expectation days 124.39

Industry average day sales

Outstanding 141.74

Industry quartile analysis

Payment expectations

Company result 30.63

Lower 122.66

Median 76.39

Upper 46.98

Day sales outstanding

Company result 92.64

Lower 102.84

Median 54.50

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

Current director details

Name KAMLESH KUMAR PRABHULAL AGRAWAL

Position Principal Manager

Start Date 12/07/2012

Street 155 HEISTRAAT ANTWERPEN

Post code 2610

Country Belgium

Name NITIN SANGHVI

Position Managing Director

Start Date 06/05/2007

Street 3 KASTANJELAAN ANTWERPEN

Post code 2020

Country Belgium

Former director details

Name SONAL SANGHVI

Position Principal Manager

Start Date 30/11/2011

End Date Unknown date

Position Managing Director

Start Date 21/10/2011

End Date 30/11/2011

Street 155 HEISTRAAT ANTWERPEN

Post code 2610

Country Belgium

Position Director

Start Date 10/04/1996

End Date 30/11/2011

Street 155 HEISTRAAT ANTWERPEN

Post code 2610

Country Belgium

Name NITIN SANGHVI

Position Director

Start Date 06/05/1997

End Date Unknown date

Street 3 KASTANJELAAN ANTWERPEN

Post code 2020

Country Belgium

Name SONAL NITIN SANGHVI

Position Principal Manager

Start Date 01/10/2011

End Date 06/07/2012

Street 3 KASTANJELAAN ANTWERPEN

Post code 2020

Country Belgium

Name CHADRAKANT BHANSALI KAUSHIK

Position Principal Manager

Start Date 12/08/1997

End Date Unknown date

Street 18 EEKHOORNLAAN ANTWERPEN

Post code 2610

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.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

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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