MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	AFTERGUT N. EN ZONEN BVBA
Registered Office :	Hoveniersstraat 2-Bus 415 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	23.02.1995
Com. Reg. No.:	454626132
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	04

RATING & COMMENTS

MIRA’s Rating :

B

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	A1	A1

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 454626132

Company name AFTERGUT N. EN ZONEN BVBA

Address HOVENIERSSTRAAT 2-BUS 415

2018 ANTWERPEN

Number of staff 4

Date of establishment 23/02/1995

Telephone number 0486282856

Fax number 032336473

Commentary

The business was established over 19 years ago.

The business has 4 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 19 years.

Operating Result in the latest trading period decreased 60% on the previous trading period.

Pre-tax profits increased by 398% compared to the previous trading period.

The business saw an increase in their Cash Balance of 14349% during the latest trading period.

Turnover in the latest trading period decreased 25% on the previous trading period

Accounts

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	102,427,387	338,171	38,748,718	30,752,651
31/12/2011	138,138,906	67,857	39,233,179	35,174,599
31/12/2010	87,776,622	137,025	35,125,451	31,155,487

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	77,378,628	4	41,067,512	322,276
31/12/2011	69,822,653	4	41,880,301	39,135
31/12/2010	61,006,402	3	37,498,909	148,209

Payment expectations

Past payments		Payment expectation days	18.87
Industry average payment expectation days	123.06	Industry average day sales outstanding	140.65
Day sales outstanding	144.16

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons 07/02/2012

Company information

Business number	454626132	Company name	AFTERGUT N. EN ZONEN BVBA
Fax number	032336473	Date founded	23/02/1995
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

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2012
Full-time Employees	4
Part-time Employees -
Total Fte Employees	4
Number of hours worked
Full-time Employees	7,144
Part-time Employees -
Total	7,144
Personnel Charges
Full-time Employees	136,602
Part-time Employees -
Total	136,602
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte	4
Actual working hours	7,539
Personnel Charges	143,270
Benefits In Addition To Wages -
Type of Contract Full-Time	Part-Time	Total Fte
Unlimited Duration 3	-	3
Contracts
Limited Duration Contracts 1	-	1
Contracts For Specific Work - - -
Contracts Regarding -	-	-
Substitution

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

Joint Industrial Committee (JIC)

JIC Code 218

Description Additional national joint committee for the employees

JIC Code 324.02

Description JSC small merchandisers in the diamant industry and trade

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	102,427,387	-25.85	138,138,906	57.38	87,776,622	42,279,470	142
Total operating expenses	101,286,013	-25.10	135,234,432	55.07	87,210,656	42,017,403	141
Operating result	1,141,374	-60.70	2,904,474	413	565,966	116,066	883
Total financial income	1,413,123	-4.55	1,480,446	4047	35,693	109,981	1184
Total financial expenses	2,216,325	-48.66	4,317,063	829	464,634	214,248	934
Results on ordinary operations before taxation	338,171	398	67,857	-50.48	137,025	959	35162
Taxation	61,218	-4.84	64,330	1540	3,921	21,604	183
Results on ordinary operations after taxation	276,953	7752	3,527	-97.35	133,104	-14,359	1928
Extraordinary items	0	-	0	-	0	-4,756	0
Other appropriations	0	-	0	-	0.00	-	-
Net result	276,953	7752	3,527	-97.35	133,104	-19,083	1451
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	54,406	-
Dividends	-	-	-	-	-	160,835	-
Director remuneration	-	-	-	-	60,118	102,945	-
Employee costs	136,602	-6.50	146,106	10.39	132,354	139,250	-1.90
Wages and salary	110,338	-5.81	117,148	10.80	105,726	119,918	-7.99
Employee pension costs	-	-	-	-	-	11,791	-
Social security contributions	24,142	-7.32	26,048	12.52	23,150	29,301	-17.61
Other employee costs	2,122	-27.08	2,910	-16.33	3,478	4,880	-56.52
Amortization and depreciation	45,323	27.28	35,608	135	15,105	18,646	143

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	-	113	1,147	-100
Tangible fixed assets	996,104	-5.48	1,053,858	35.19	779,550	195,572	409
Land & building	968,138	-5.21	1,021,377	34.04	761,987	382,506	153
Plant & machinery	17,430	-10.94	19,572	29.29	15,138	26,915	-35.24
Furniture & Vehicles	10,536	-18.38	12,909	432	2,425	17,750 5,481	-40.64
Leasing & Other Similar Rights	-	-	-	-	-	93,260 25,719	-
Other tangible assets	0	-	0	-	0	11,521	-100
Financial fixed assets	9,976,661	64.99	6,046,917	9.44	5,525,289	227,981	4276
Total fixed assets	10,972,766	54.53	7,100,775	12.62	6,304,951	345,186	3078
Inventories	22,383,604	-9.22	24,656,226	-5.77	26,166,496	3,013,869	642
Raw materials & consumables	-	-	-	-	-	7,018,491	-
Work in progress	0	-	0	-	0	2,416	-100
Finished goods	22,383,604	-9.22	24,656,226	-5.77	26,166,496	2,024,580	1005
Other stocks	0	-	0	-	0	446,335	-100
Trade debtors	40,455,902	20.43	33,592,690	29.85	25,871,160	3,919,877	932
Cash	877,099	14349	6,070	-89.93	60,267	214,770	308
other amounts receivable	1,744,670	-56.95	4,052,842	92.42	2,106,278	236,534	637
Miscellaneous current assets	359,075	-13.28	414,051	-16.73	497,250	20,017	1693
Total current assets	66,405,862	5.87	62,721,878	14.66	54,701,451	6,928,035	858
Total Assets	77,378,628	10.82	69,822,653	14.45	61,006,402	7,243,362 1,285,604	968

CURRENT LIABILITIES

	Trade creditors	5,237,294	153	2,067,926	-70.46	7,000,177	2,965,875	76.59
Short term group loans - - - - - - -
	Financial debts Current portion of long term debt	30,021,629 65,264	19.53 5.68	25,115,674 61,755	53.45 402	16,366,909 12,282	3,975,417 185,252 87,901 14,305	655 -25.75
	Amounts Payable for Taxes, Remuneration & Social Security	157,483	88.69	83,462	5.19	79,346	9,084 -	328
	Miscellaneous current liabilities	171,541	-21.48	218,462	150	87,250	-39.00	- -
	Total current liabilities	35,653,211	29.43	27,547,279	16.99	23,545,964	5,056,404	605
LONG TERM DEBTS AND LIABILITIES
Long term group loans - - - - - - - -
	Other long term loans	2,426,715	-2.63	2,492,164	39.63	1,784,874	121	- -
	Deffered taxes	-	-	-	-	-	37,501 26,358	-
	Provisions for Liabilities & Charges	0	-	0	-	0	3,570 0	-100
	Other long term liabilities	549,984	-0.01	550,031	0.01	550,000	232,024	137
	Total long term debts	2,976,699	-2.15	3,042,195	30.29	2,334,874	662,659	349
	SHAREHOLDERS EQUITY
	Issued share capital	41,067,512	-1.94	41,880,301	11.68	37,498,909	981,829	4082
	Share premium account	-	-	-	-	-	87,723	-
	Reserves	-2,462,422	88.15	-2,793,593	-11.54	-2,504,493	504,675	-587
	Revaluation reserve	143,628	-1.94	146,471	11.68	131,147	911,481	-84.24
	Total shareholders equity	38,748,718	-1.23	39,233,179	11.69	35,125,564	1,511,099	2464
	Working capital	30,752,651	-12.57	35,174,599	12.90	31,155,487	1,871,632	1543
	Cashflow	322,276	723	39,135	-73.59	148,209	-3,851	8368
	Net worth	38,748,718	-1.23	39,233,179	11.69	35,125,451	1,508,415	2468

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.33	560	0.05	-68.75	0.16	-29,00	1.14
Return on capital employed	0.81	406	0.16	-56.76	0.37	37,00	-97.81
Return on total assets employed	0.44	340	0.10	-54.55	0.22	-281,00	0.16
Return on net assets employed	0.87	411	0.17	-56.41	0.39	26,00	-96.65
Sales / net working capital	3.33	-15.27	3.93	39.36	2.82	62,00	-99
Stock turnover ratio	21.85	22.41	17.85	-40.12	29.81	144,00	-84.83
Debtor days	144.16	62.42	88.76	-17.49	107.58	140,65	2.50
Creditor days	18.87	238	5.58	-80.96	29.30	123,06	-84.67
SHORT TERM STABILITY
Current ratio	1.86	-18.42	2.28	-1.72	2.32	8,00	-81.40
Liquidity ratio / acid ratio	1.23	-10.87	1.38	14.05	1.21	5,00	-75.40
Current debt ratio	0.92	31.43	0.70	4.48	0.67	10,00	-90.80
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	83.91	18.97	70.53	36.40	51.71	260,00	-67.73
Equity in percentage	50.08	-10.87	56.19	-2.41	57.58	-3.235,00	1.55
Total debt ratio	1	28.21	0.78	5.41	0.74	11,00	-90.91

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

Payment Information

Payment expectations
Payment expectation days 18.87
Day sales outstanding	144.16

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry quartile analysis

Payment expectations

Company result 18.87

Lower 122.66

Median 75.38

Upper 46.98

idustry quartile analysis

Payment expectations

Company result 18.87

Lower 122.66

Median 75.38

Upper 46.98

Shareholder Details

Summary

Group - Number of Companies 2

Linkages - Number of Companies 0

Number of Countries 0

Minority Shareholders

No minority shareholders found

Companies that match this address

no Companies Match this address

Linked Companies

Summary

Group - Number of Companies 2

Linkages - Number of Companies 0

Number of Countries 0

Summons

Legal event type Social Security Summons

Event date 07/02/2012

Court type Court name Antwerpen

Creditor's name 3rd party type

Legal event type Social Security Summons

Event date 13/05/2008

Court type Court name Antwerpen

Creditor's name 3rd party type

Legal event type Social Security Summons

Event date 23/10/2007

Court type Court name Antwerpen

Creditor's name 3rd party type

Legal event type Social Security Summons

Event date 02/10/2007

Court type Court name Antwerpen

Creditor's name 3rd party type

Legal event type Social Security Summons

Event date 04/09/2007

Court type Court name Antwerpen

Creditor's name 3rd party type

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 CHAIM AFTERGUT

Position Principal Manager

Start Date 27/10/2010

Street 140 BELGIELEI ANTWERPEN

Post code 2018

Country Belgium

Name MAURICE AFTERGUT

Position Principal Manager

Start Date 23/02/1995

Street 25 ALBERTSTRAAT 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.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Analysis Done by :	RAS
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.