MIRA INFORM REPORT

Report No. :	333862
Report Date :	01.08.2015

IDENTIFICATION DETAILS

Name :	SKD INTERNATIONAL BVBA

Registered Office :	HOVENIERSSTRAAT 2-BUS 210 2018 ANTWERPEN

Country :	Belgium

Financials (as on) :	30.06.2014

Date of Incorporation :	27.03.2006

Com. Reg. No.:	880292618

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 the budget deficit was 3.2% of GDP. 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 880292618

Branche Unit Number 2153348332

Company name SKD INTERNATIONAL BVBA

Address HOVENIERSSTRAAT 2-BUS 210

2018 ANTWERPEN

Number of staff 0

Date of establishment 27/03/2006

Telephone number 0484942777

Fax number 032264213

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
30/06/2014	9,678,904	48,911	441,669	440,472
30/06/2013	8,752,544	16,014	391,743	387,262
30/06/2012	6,931,767	11,651	376,854	370,817
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
30/06/2014	2,689,436	0	350,000	53,698
30/06/2013	2,836,210	0	350,000	19,061
30/06/2012	2,186,479	0	350,000	14,951
Trends
Profitability
Liquidity
Net worth

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company accounts

Assets

Annual accounts	30-06-2014	%	30-06-2013	%	30-06-2012	%	30-06-2011	%	30-06-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR

Total fixed assets	1,197	-73.29	4,481	-25.77	6,038	-31.78	8,850	-20.50	11,132

Intangible fixed assets	0	-	0	-	0	-	0	-	0

Tangible fixed assets	1,197	-73.29	4,481	-25.77	6,038	-31.78	8,850	-20.50	11,132
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	230	-50.0	460	-33.33	690
Furniture & Vehicles	1,197	-73.29	4,481	-22.83	5,808	-30.78	8,390	-19.65	10,442
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	2,688,239	-5.07	2,831,729	29.87	2,180,442	-22.46	2,812,118	60.45	1,752,696
Inventories	175,763	-62.08	463,539	113	216,856	-72.52	789,187	4.92	752,167
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	175,763	-62.08	463,539	113	216,856	-72.52	789,187	4.92	752,167

Trade debtors	2,495,379	6.65	2,339,785	25.45	1,865,125	15.25	1,618,299	75.04	924,541
Other amounts receivable	1,562	-46.46	2,917	-18.10	3,562	150	1,420	92.24	738

Cash	15,535	-30.45	22,338	-76.46	94,899	-76.46	403,212	435	75,250

Miscellaneous current assets	0	-100	3,150	-	0	-	0	-	0

Total Assets	2,689,436	-5.18	2,836,210	29.72	2,186,479	-22.49	2,820,967	59.93	1,763,828

Liabilities
Total shareholders equity	441,669	12.74	391,743	3.95	376,854	3.19	365,203	3.42	353,110
Issued share capital	350,000	0	350,000	0	350,000	0	350,000	0	350,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	91,669	119	41,743	26,854	76.64	15,203	15,203	388	3,110
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	2,247,767	-8.05	2,444,467	35.08	1,809,625	-26.31	2,455,764	74.08	1,410,718
Other long term loans	-	-	-	-	-		2,100	-69.78	6,948
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-100	2,100	-69.78	6,948
Current portion of long term debt	-	-	-	-	2,100	-56.68	4,848	5.65	4,589
Financial debts	153,756	-4.23	160,550	-3.75	166,799	-	-	-	-
Trade creditors	2,054,697	-8.61	2,248,336	39.34	1,613,543	-29.17	2,277,915	88.46	1,208,704
Amounts Payable for Taxes, Remuneration & Social Security	2,788	-41.43	4,760	280	1,250	0	1,250	0	1,250
Miscellaneous current liabilities	36,526	18.51	30,821	18.85	25,933	-84.71	169,651	-10.35	189,227
Total current liabilities	2,247,767	-8.05	2,444,467	35.08	1,809,625	-26.25	2,453,664	74.79	1,403,770
Total Liabilities	2,689,436	-5.18	2,836,210	29.72	2,186,479	-22.49	2,820,967	59.93	1,763,828

Ratio analysis

TRADING PERFORMANCE
Profit Before Tax	0.51	183	0.18	5.88	0.17	13.33	0.15	22.39	-0.67

Return on capital employed	11.07	170	4.09	32.36	3.09	-6.08	3.29	54.92	-5.99
Return on total assets employed	1.82	225	0.56	5.66	0.53	23.26	0.43	35.25	-1.22

Return on net assets employed	11.07	170	4.09	32.36	3.09	-6.65	3.31	54.17	-6.11
Sales / net working capital	21.97	-2.79	22.60	20.92	18.69	-17.85	22.75	145	9.25

Stock turnover ratio	1.82	-65.66	5.30	69.33	3.13	-67.67	9.68	-58.45	23.30

Creditor days	77.99	-17.07	94.04	10.39	85.19	-16.62	102.17	-24.80	135.87
Debtor days	94.10	-3.56	97.57	-0.65	98.21	35.57	72.44	-30.71	104.55
SHORT TERM STABILITY
Current ratio	1.20	3.45	1.16	-3.33	1.20	4.35	1.15	-8.00	1.25

Liquidity ratio / acid ratio	1.12	15.46	0.97	-11.01	1.09	32.93	0.82	15.49	0.71

Current debt ratio	5.09	-18.43	6.24	30.0	4.80	-28.57	6.72	68.84	3.98

Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	^-
Cashflow	53,698	181	19,061	27.49	14,951	-2.74	15,372	83.04	-18,512

Net worth	441,669	12.74	391,743	3.95	376,854	3.19	365,203	3.42	353,110
LONG TERM STABILITY
Gearing	34.81	-15.06	40.98	-8.57	44.82	2258	1.90	-41.90	3.27
Equity in percentage	16.42	18.90	13.81	-19.90	17.24	33.13	12.95	-35.31	20.02
Total debt ratio	5.09	-18.43	6.24	30.0	4.80	-28.57	6.72	68.00	4.00
Working capital	440,472	13.74	387,262	4.43	370,817	3.45	358,453	2.73	348,926

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	9,678,904	10.58	8,752,544	26.27	6,931,767	-14.99	8,154,424	152	3,227,692
Total operating expenses	9,616,390	10.20	8,726,235	26.22	6,913,402	-15.05	8,137,883	150	3,247,129
Gross Operating Margin	68,329	111	32,307	33.72	24,160	-17.56	29,305	8.31	27,057
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	3,772	-9.58	4,172	26.42	3,300	0.64	3,279	7.51	3,050
Operating result	62,514	137	26,310	43.26	18,365	11.03	16,541	85.10	-19,437
Total financial income	11	-87.68	88	-44.90	160	47.65	109	1524	7
Total financial expenses	13,614	31.11	10,384	51.07	6,874	50.87	4,556	113	2,131
Results on ordinary operations before	48,911	205	16,014	37.45	11,651	-3.65	12,093	56.09	-21,561
taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	48,911	205	16,014	37.45	11,651	-3.65	12,093	56.09	-21,561
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-1,015	-190	1,125	-	-	-	-	-	-
Results on ordinary operations after	49,926	235	14,889	27.79	11,651	-3.65	12,093	56.09	-21,561
taxation
Net result	49,926	235	14,889	27.79	11,651	-3.65	12,093	56.09	-21,561
Profit (Loss) for the Year to be	49,926	235	14,889	27.79	11,651	-3.65	12,093	56.09	-21,561

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 30-06-2014
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
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	-	-	-
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	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
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	-	-
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	46761
Activity description		Wholesale of diamonds and other precious stones

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	77.99
Day sales outstanding	94.10

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	104.46

Industry quartile analysis Payment expectations

Company result	77.99
Lower	118.32
Median	75.69
Upper	45.40

Day sales outstanding

Company result	94.10
Lower	102.27
Median	54.88
Upper	25.13

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 interests found

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	SAUMIL YOGESH JHAVERI
Position	Principal Manager
Start Date	09/01/2007
Street	168 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	CHETANKUMAR AMRATLAL SHAH
Position	Principal Manager
Start Date	27/03/2006
End Date	30/11/2010
Street	3 FLAMINGOLAAN ANTWERPEN
Post code	2610
Country	Belgium

Position	Non Statutory Partner
Start Date	27/03/2006
End Date	30/11/2010
Street	3 FLAMINGOLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.01
UK Pound	1	Rs.99.84
Euro	1	Rs.70.96

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TRU

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

Company summary

Company information

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit