MIRA INFORM REPORT

Report Date :

01.10.2014

IDENTIFICATION DETAILS

Name :	NEMIDEEP BVBA

Registered Office :	Schupstraat 1-/7, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	27.05.2008

Com. Reg. No.:	898193274

Legal Form :	Private Limited Company

Line of Business :	Manufacture of Jewellery.

No of Employees :	Not Available

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 :	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	898193274
Company name	NEMIDEEP BVBA
Address	SCHUPSTRAAT 1-/7
	2018 ANTWERPEN
Number of staff	0
Date of establishment	27/05/2008
Telephone number	034010580
Fax number	034010581
Credit information

Commentary

The business was established over 6 years ago.
No employees are recorded for this business.
The business has been at the address for over 3 years.
Operating Result in the latest trading period increased 52% on the previous trading period.
Net Worth increased by 31% during the latest trading period.
Pre-tax profits increased by 93% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 50% during the latest trading period.
Turnover in the latest trading period decreased 21% on the previous trading period.

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	15,712,277	28,452	54,165	42,758
31/12/2011	19,948,820	14,742	41,256	2,076
31/12/2010	--	21,617	36,344	-14,885

Accounts DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CAPITAL	CASHFLOW
31/12/2012	5,427,531	0	18,600	15,628
31/12/2011	4,643,652	0	18,600	18,837
31/12/2010	3,987,475	0	18,600	24,973

Payment expectations
Past payments		Payment expectation days	124.47
Industry average payment expectation days	95.29	Industry average day sales outstanding	115.95
Day sales outstanding	103.41
Court data summary
BANKRUPTCY DETAILS
Court action type	No
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company accounts

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	15,712,277	-21.24	1 9,948,820	-	-	17,373,046	-9.56
Total operating expenses	15,681,248	-21.31	1 9,928,527	-	-	18,171,287	-13.70
Operating result	31,030	52.91	20,293	-19.71	25,274	-112,461	27.59
Total financial income	1,032	187	359	15369	2	23,495	-95.61
Total financial expenses	3,609	-38.93	5,911	61.53	3,659	50,319	-92.83
Results on ordinary operations before taxation	28,452	93.01	14,742	-31.81	21,617	-141,407	20.12
Taxation	6,259	-36.32	9,829	0.09	9,820	18,420	-66.02
Results on ordinary operations after taxation	22,193	351	4,913	-58.36	11,797	-154,058	14.41
Extraordinary items	-9,285	-	0	-	0	720	-1389
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	12,908	162	4,913	-58.36	11,797	-153,331	8.42
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	40,698	103,211	-
Dividends	-	-	-	-	-	72,443	-
Director remuneration	-	-	-	-	-	80,530	-
Employee costs	-	-	-	-	270	144,614	-
Wages and salary	-	-	-	-	-	108,504	-
Employee pension costs	-	-	-	-	-	440	-
Social security contributions	-	-	-	-	-	36,362	-
Other employee costs	0	-	0	-100	270	2,488	-100
Amortization and depreciation	2,720	-80.47	13,924	5.68	13,176	19,772	-86.24

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	4,385	-100
Tangible fixed assets	11,407	-70.89	39,181	-23.52	51,228	11 0,428	-89.67
Land & building	-	-	-	-	-	167,496	-
Plant & machinery	4,729	13.33	4,173	-2.35	4,273	25,755	-81.64
Furniture & Vehicles	6,678	-80.92	35,008	-25.44	46,955	16,364 5,232	-59.19
Leasing & Other Similar Rights	-	-	-	-	-	121,741 29,450	-
Other tangible assets	0	-	0	-	0	8,752	-100
Financial fixed assets	-	-	-	-	-	34,403	-
Total fixed assets	11,407	-70.89	39,181	-23.52	51,228	1 30,645	-91.27
Inventories	776,003	118	355,784	11.76	318,346	1,098,260	-29.34
Work in progress	0	-	0	-	0	0	-
Finished goods	776,003	118	355,784	-	0	659,723	17.63
Other stocks	0	-	0	-100	318,346	257,506	-100
Trade debtors	4,451,349	14.39	3,891,494	16.39	3,343,443	1,259,198	253
Cash	168,312	-50.16	337,722	26.76	266,434	69,479	142
other amounts receivable	11,541	31.64	8,767	388	1,794	238,037	-95.15
Miscellaneous current assets	8,919	-16.68	10,704	71.83	6,230	29,098	-69.35
Total current assets	5,416,124	17.63	4,604,471	16.98	3,936,246	2,509,223	115
Total Assets	5,427,531	16.88	4,643,652	16.46	3,987,475	2,629,819 1 99,386	106

CURRENT LIABILITIES

Trade creditors	5,347,699	16.82	4,577,878	16.79	3,919,892	699,929	664
Short term group loans	-	-	-	-	-	-	-
Financial debts	13,968	26.40	11,050	-28.61	15,479	1,829,437 12,096	-99
Current portion of long term debt	-	-	-	-	-	23,520 13,089	-
Amounts Payable for Taxes, Remuneration & Social Security	11,047	-17.97	13,467	-2.32	13,787	7,396 -	-52.12
Miscellaneous current liabilities	654	-	0	-100	1,973	-99	- -
Total current liabilities	5,373,367	16.75	4,602,396	16.48	3,951,131	1,653,751	224
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	221 221	-
Provisions for Liabilities & Charges	0	-	0	-	0	2,346 0	-100
Other long term liabilities	0	-	0	-	0	226,229	-100
Total long term debts	0		0		0	610,342	-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	505,822	-96.32
Share premium account	-	-	-	-	-	139,492	-
Reserves	35,565	56.97	22,656	27.69	17,744	-141,634	25.11
Revaluation reserve	-	-	-	-	-	496	-
Total shareholders equity	54,165	31.29	41,256	13.52	36,344	365,726	-85.19
Working capital	42,758	1960	2,076	13.94	-14,885	855,473	-95.00
Cashflow	15,628	-17.03	18,837	-24.57	24,973	-135,624	11.52
Net worth	54,165	31.29	41,256	13.52	36,344	361,341	-85.01

RATIO ANALYSIS

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.18	157	0.07	-	-	-2,00	9.00
Return on capital employed	52.53	47.02	35.73	-39.93	59.48	11,00	377
Return on total assets employed	0.52	62.50	0.32	-40.74	0.54	1,00	-48.00
Return on net assets employed	52.53	47.02	35.73	-39.93	59.48	12,00	337
Sales / net working capital	367.47	-96.18	9611.34	-	-	24,00	-99
Stock turnover ratio	4.94	177	1.78	-	-	25,00	-80.24
Debtor days	103.41	45.24	71.20	-	-	115,95	-10.82
Creditor days SHORT TERM STABILITY	124.47	48.44	83.85			95,29	30.62
Current ratio	1.01	1.00	1	0	1	13,00	-49.50
Liquidity ratio / acid ratio	0.86	-6.52	0.92	0	0.92	11,00	-92.18
Current debt ratio	99.20	-11.08	111.56	2.61	108.72	2,00	4860
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	25.79	-3.70	26.78	-37.12	42.59	654,00	-96.06
Equity in percentage	1	12.36	0.89	-2.20	0.91	-57,00	1.75
Total debt ratio	99.20	-11.08	111.56	2.61	108.72	7,00	1317

Industry comparison
Activity code	32123
Activity description	Manufacture of jewellery
industry average credit rating	78.30
Industry average credit limit	9475.63
Payment Information
Suspension of payments / moratorium history
Amount -
Details -
Payment expectations
Payment expectation days	124.47
Day sales outstanding	103.41

INDUSTRY COMPARISON

Activity code 32123

Activity description Manufacture of jewellery

Industry average payment 95.29 expectation days

Industry average day sales 115.95 outstanding

INDUSTRY QUARTILE ANALYSIS

PAYMENT EXPECTATIONS

Company Result 124.47

Lower 127.94

Median 71.68

Upper 38.52

DAY SALES OUTSTANDING

Company Result 103.41

Lower 108.98

Median 59.65

Upper 20.53

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 DEEPA VIMESH SHAH

Position Principal Manager

Start Date 27/05/2008

Street 6 JAN JANSSENSTRAAT 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.61.61
UK Pound	1	Rs.100.27
Euro	1	Rs.78.21

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TPT

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

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