MIRA INFORM REPORT

Report No. :	318797
Report Date :	24.04.2015

IDENTIFICATION DETAILS

Name :	SIMONA NV

Registered Office :	Pelikaanstraat 78 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	21.02.1974

Com. Reg. No.:	414041332

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of watches and 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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number	414041332
Branche Unit Number	2010500291
Company name	SIMONA NV
Address	PELIKAANSTRAAT 78
	2018 ANTWERPEN
Number of staff	0
Date of establishment	21/02/1974
Telephone number	032334526
Fax number	32334075

Commentary

The business was established over 41 years ago.

The business has 1 employees.

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

Operating Result in the latest trading period increased 75% on the previous trading period.

The business saw a decrease in their Cash Balance of 52% during the latest trading period.

Turnover in the latest trading period increased 194% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	844,533	1,164	117,637	64,854
31/12/2012	286,453	-8,109	116,525	110,208
31/12/2011	1,988,076	7,921	124,860	119,195

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	283,835	0	65,000	8,625
31/12/2012	301,092	0	65,000	-6,869
31/12/2011	517,626	0	65,000	29,521

Payment Expectations

Past payments		Payment expectation days	17.70
Industry average payment	248.76	Industry average day sales	507.05
expectation days		outstanding
Day sales outstanding	-

Court Data Summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

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	52,783	735	6,317	11.52	5,665	22.89	4,610	-81.72	25,211
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	48,859	1941	2,394	37.46	1,741	153	686	-96.78	21,288
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	1,271	-25.00	1,695	-	-	-	-	-	-
Furniture & Vehicles	3,881	455	699	-59.85	1,741	153	686	-33.33	1,029
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	43,707	-	0	-	0	-	0	-100	20,258
Financial fixed assets	3,923	0	3,923	0	3,923	0	3,923	0	3,923
Total current assets	231,052	-21.62	294,775	-42.42	511,961	-47.85	981,667	101	486,825
Inventories	184,586	4.29	176,986	-44.54	319,126	-44.04	570,309	41.31	403,581
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	184,586	4.29	176,986	-44.54	319,126	-44.04	570,309	41.31	403,581
Trade debtors	0	-100	28,698	131	12,390	-96.84	391,497	491	66,147
Other amounts receivable	3,432	178	1,232	-40.28	2,063	-1.50	2,094	-33.43	3,146
Cash	41,600	-52.50	87,584	-50.63	177,417	948	16,927	21.33	13,952
Miscellaneous current assets	1,435	421	275	-71.50	965	14.89	840	-	0
Total Assets	283,835	-5.73	301,092	-41.83	517,626	-47.52	986,277	92.62	512,036

Liabilities
Total shareholders equity	117,637	0.95	116,525	-6.68	124,860	29.55	96,381	71.24	56,285
Issued share capital	65,000	0	65,000	0	65,000	0	65,000	0	65,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	52,637	2.16	51,525	-13.92	59,860	90.75	31,381	360	-8,715
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	166,198	-9.95	184,567	-53.01	392,766	-55.86	889,896	95.26	455,751
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	120,844	0	120,844	-61.33	312,500	-12.56	357,406	-7.03	384,424
Trade creditors	40,823	-31.04	59,198	-2.09	60,464	-88.56	528,736	715	64,863
Amounts Payable for Taxes, Remuneration &	4,139	11.83	3,701	-80.48	18,955	609	2,672	26.50	2,112
Social Security
Miscellaneous current liabilities	392	-52.38	824	-2.66	847	-21.73	1,082	-75.14	4,351
Total current liabilities	166,198	-9.95	184,567	-53.01	392,766	-55.86	889,896	95.26	455,751
Total Liabilities	283,835	-5.73	301,092	-41.83	517,626	-47.52	986,277	92.62	512,036

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.14	4.95	-2.83	-807	0.40	-85.71	2.80	11.16	-25.08
Return on capital employed	0.99	14.22	-6.96	-209	6.34	-84.76	41.60	30.35	-137.09
Return on total assets employed	0.41	15.24	-2.69	-275	1.53	-62.41	4.07	27.01	-15.07
Return on net assets employed	0.99	14.22	-6.96	-209	6.34	-84.76	41.60	30.35	-137.09
Sales / net working capital	13.02	400	2.60	-84.41	16.68	6.72	15.63	57.88	9.90
Stock turnover ratio	21.86	-64.62	61.79	284	16.05	-59.63	39.76	-69.68	131.15
Creditor days	17.70	-76.66	75.83	575	11.23	-91.97	139.88	119	63.76
Debtor days	-	-	36.57	1511	2.27	-97.72	99.62	26.97	78.46
SHORT TERM STABILITY
Current ratio	1.39	-13.12	1.60	23.08	1.30	18.18	1.10	2.80	1.07
Liquidity ratio / acid ratio	0.28	-56.25	0.64	30.61	0.49	6.52	0.46	155	0.18
Current debt ratio	1.41	-10.76	1.58	-49.84	3.15	-65.87	9.23	13.95	8.10
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	8,625	125	-6,869	-123	29,521	-27.00	40,439	1110	3,340
Net worth	117,637	0.95	116,525	-6.68	124,860	29.55	96,381	71.24	56,285
LONG TERM STABILITY
Gearing	102.73	-0.94	103.71	-58.56	250.28	-32.51	370.83	-45.70	682.99
Equity in percentage	41.45	7.11	38.70	60.45	24.12	146	9.77	-11.10	10.99
Total debt ratio	1.41	-10.76	1.58	-49.84	3.15	-65.87	9.23	13.95	8.10
Working capital	64,854	-41.15	110,208	-7.54	119,195	29.88	91,771	195	31,074

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	844,533	194	286,453	-85.59	1,988,076	38.59	1,434,468	366	307,721
Total operating expenses	841,892	195	284,945	-85.51	1,965,927	42.49	1,379,709	271	371,312
Gross Operating Margin	44,664	31.30	34,015	-35.86	53,030	-43.99	94,680	409	-23,126
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	33,372	11.34	29,973	6.34	28,187	-26.62	38,413	8.20	35,501
Wages and salary	26,233	12.43	23,334	5.80	22,054	-24.85	29,346	7.50	27,298
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	5,462	12.10	4,872	10.07	4,426	-38.35	7,180	11.19	6,458
Other employee costs	1,677	-5.08	1,767	3.57	1,706	-9.62	1,888	8.09	1,746
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	7,513	412	1,466	40.65	1,042	203	343	-91.72	4,146
Operating result	2,641	75.13	1,508	-93.19	22,148	-59.55	54,759	86.11	-63,591
Total financial income	-	-	-	-	4,862	17755	27	-	-
Total financial expenses	1,477	-84.64	9,617	-49.62	19,089	29.94	14,690	8.24	13,572
Results on ordinary operations before taxation	1,164	14.36	-8,109	-202	7,921	-80.24	40,095	51.96	-77,163
Extraordinary Income	-	-	-	-	32,858	-	-	-	76,357
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-100	32,858	-	0	-100	76,357
Results for the Year Before Taxation	1,164	14.36	-8,109	-119	40,779	1.71	40,095	4973	-806
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	52	-77.06	226	-98.16	12,300	-	-	-	-
Results on ordinary operations after taxation	1,112	13.34	-8,335	-90.36	-4,379	-110	40,095	51.96	-77,163
Net result	1,112	13.34	-8,335	-129	28,479	-28.97	40,095	4973	-806
Profit (Loss) for the Year to be appropiated	1,112	13.34	-8,335	-129	28,479	-28.97	40,095	4973	-806
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		-
Part-time Employees		1
Total Fte Employees		1

Number of hours worked
Full-time Employees		-
Part-time Employees		1,468
Total		1,468

Personnel Charges
Full-time Employees		-
Part-time Employees		33,372
Total		33,372
Benefits In Addition To Wages		-

During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	1	1
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	1	1
Higher education (university)	-	-	-

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

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	59

Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison
Activity code	46480
Activity description	Wholesale of watches and jewellery
industry average credit	61.07
rating
Industry average credit limit	7967.53

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	17.70
Day sales outstanding	-

Industry comparison
Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	248.76
Industry average day sales	507.05

Industry quartile analysis

Payment expectations	17.70
Lower	127.87
Median	63.15
Upper	19.14

Day sales outstanding
Company result	-
Lower	120.17
Median	55.15
Upper	20.56

Shareholder Details

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

Linked Companies

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

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	PAULETTE FUCHS
Position	Director
Start Date	27/05/2011
Date of birth	23/08/1946
Street	9 BEXSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	MARCUS SCHWALB
Position	Managing Director
Start Date	14/09/2010
Date of birth	27/08/1942
Street
Post code
Country

Position	Director
Start Date	12/07/2004
Date of birth	27/08/1942
Street
Post code
Country

Former Director Details

Name	JAMES ADAM NAGEL
Position	Director
Start Date	30/05/2003
End Date	27/05/2011
Street	30 NORFOLK ROAD LONDEN
Post code	NW 8
Country
Name	WILLY NAGEL
Position	Director
Start Date	01/09/1998
End Date	27/05/2011
Street	8 ACACIA GARDEN LONDEN
Post code
Country

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.63.19
UK Pound	1	Rs.94.94
Euro	1	Rs.67.66

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	VNT

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category

Significant Events
Event Date	03/04/2013
Event Description	proposal to change address filed
Event Details

MIRA INFORM REPORT

Company summary

Commentary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

DIAMOND INDUSTRY – INDIA

Unit