MIRA INFORM REPORT

Report No. :	330748
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	SANKET DIAMONDS BVBA

Registered Office :	Hoveniersstraat 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	16.05.1990

Com. Reg. No.:	440709701

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones.

No. of Employees :	2

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 – 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	440709701
Branche Unit Number	2048573187
Company name	SANKET DIAMONDS BVBA
Address	HOVENIERSSTRAAT 53
	2018 ANTWERPEN
Number of staff	0
Date of establishment	16/05/1990
Telephone number	0475449093
Fax number	032329560

Commentary

The business was established over 25 years ago.

The business has 1 employees.

The business has been at the address for over 13 years. Operating Result in the latest trading period increased 24% on the previous trading period. A 30% decline in Total Assets occurred during the latest trading period. Pre-tax profits increased by 43% compared to the previous trading period. The business saw a decrease in their Cash Balance of 82% during the latest trading period. Turnover in the latest trading period decreased 27% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	1,019,615	30,319	141,613	177,029
31/12/2012	1,415,850	21,055	117,983	144,777
31/12/2011	1,335,701	51,896	101,099	90,271
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	378,434	0	18,600	25,645
31/12/2012	545,644	0	18,600	18,263
31/12/2011	733,445	0	18,600	39,151

PAYMENT EXPECTATIONS

Past payments

Payment expectation days

53.45

Industry average payment

expectation days

124.16

Industry average day sales

outstanding

181.35

Day sales outstanding

56.74

COURT DATA SUMMARY

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

CONTRACTOR DETAILS

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO Classification)
Code	-
Description	From 1 to 4 Employees

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

JIC Code	324
Description Category	Joint committee for the industry and the trade in diamant

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	5,732	-65.65	16,688	26.87	13,154	127	5,770	1.75	5,671
Intangible fixed assets	1,266	-29.51	1,796	-22.78	2,326	75.56	1,325	-	0
Tangible fixed assets	4,376	-24.73	5,814	116	2,688	672	348	-	-
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	1,134	-19.94	1,416	-35.22	2,187	-	-	-	-
Furniture & Vehicles	3,242	-26.28	4,397	776	502	44.20	348	-	-
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	90	-99	9,078	11.54	8,139	98.65	4,097	-27.75	5,671
Total current assets	372,702	-29.54	528,956	-26.56	720,291	56.46	460,367	33.23	345,551
Inventories	184,946	-27.01	253,389	11.54	227,180	11.98	202,877	336	46,447
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	184,946	-27.01	253,389	11.54	227,180	11.98	202,877	336	46,447
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	158,502	-31.48	231,310	-45.15	421,728	99	211,360	-9.57	233,732
Other amounts receivable	3,528	-67.91	10,996	-47.87	21,096	47682	44	-98.54	3,027
Cash	3,725	-82.43	21,206	-41.47	36,231	-21.35	46,068	-26.09	62,332
Miscellaneous current assets	22,001	82.51	12,055	-14.24	14,056	82293	17	31.23	13
Total Assets	378,434	-30.64	545,644	-25.61	733,445	57.35	466,137	32.72	351,222

Liabilities

Total shareholders equity	142,879	19.29	119,779	15.81	103,425	59.30	64,923	8.46	59,858
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	124,279	22.83	101,179	19.28	84,825	83.12	46,323	12.28	41,258
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	235,554	-44.69	425,865	-32.40	630,020	57.03	401,214	37.70	291,364
Other long term loans	39,881	-4.33	41,686	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	39,881	-4.33	41,686	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	144,237	-50.79	293,127	-48.20	565,848	63.70	345,672	73.33	199,426
Amounts Payable for Taxes, Remuneration & Social Security	13,188	-13.62	15,267	-44.57	27,543	40.59	19,591	15.42	16,974
Miscellaneous current liabilities	38,248	-49.53	75,785	106	36,629	1.88	35,952	-52.04	74,964
Total current liabilities	195,673	-49.07	384,179	-39.02	630,020	57.03	401,214	37.70	291,364
Total Liabilities	378,434	-30.64	545,644	-25.61	733,445	57.35	466,137	32.72	351,222

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	2.97	99	1.49	-61.70	3.89	897	0.39	-82.19	2.19
Return on capital employed	16.59	27.22	13.04	-74.01	50.18	710	6.19	-71.01	21.35
Return on total assets employed	8.01	107	3.86	-45.48	7.08	723	0.86	-76.37	3.64
Return on net assets employed	21.22	20.71	17.58	-64.97	50.18	710	6.19	-71.01	21.35
Sales / net working capital	5.76	-41.10	9.78	-33.92	14.80	-15.09	17.43	62.14	10.75
Stock turnover ratio	18.14	1.34	17.90	5.23	17.01	-13.57	19.68	146	7.97
Creditor days	53.45	-30.66	77.08	-52.22	161.32	30.86	123.28	-3.92	128.31
Debtor days	56.74	-4.85	59.63	-48.26	115.24	54.00	74.83	-48.90	146.44
SHORT TERM STABILITY
Current ratio	1.90	37.68	1.38	21.05	1.14	-0.87	1.15	-3.36	1.19
Liquidity ratio / acid ratio	0.96	33.33	0.72	-7.69	0.78	21.88	0.64	-37.86	1.03
Current debt ratio	1.37	-57.32	3.21	-47.29	6.09	-1.46	6.18	26.90	4.87
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	25,645	40.42	18,263	-53.35	39,151	660	5,148	-22.68	6,658
Net worth	141,613	20.03	117,983	16.70	101,099	58.97	63,598	6.25	59,858
LONG TERM STABILITY
Gearing	27.91	-19.80	34.80	-	-	-	-	-	-
Equity in percentage	37.88	72.03	22.02	55.62	14.15	1.29	13.97	-18.02	17.04
Total debt ratio	1.65	-53.65	3.56	-41.54	6.09	-1.46	6.18	26.90	4.87
Working capital	177,029	22.28	144,777	60.38	90,271	52.61	59,153	9.16	54,187

PROFIT & LOSS

Operating Income	1,026,115	-27.84	1,422,081	6.33	1,337,431	29.73	1,030,915	76.96	582,569
Turnover	1,019,615	-27.99	1,415,850	6.00	1,335,701	29.56	1,030,915	76.96	582,569
Total operating expenses	985,035	-29.04	1,388,111	8.42	1,280,263	25.09	1,023,477	80.42	567,285
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	991,535	-28.89	1,394,342	8.76	1,281,994	25.26	1,023,477	80.42	567,285
Employee costs	28,490	6.54	26,740	-	-	-	-	-	-
Wages and salary	23,733	-0.45	23,841	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	4,034	71.68	2,349	-	-	-	-	-	-
Other employee costs	723	31.46	550	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	2,545	33.32	1,909	194	649	685	83	-	-
Operating result	34,580	24.66	27,739	-49.96	55,437	645	7,438	-51.34	15,284
Total financial income	167	-79.77	826	-10.51	923	56.84	588	185	206
Total financial expenses	4,428	-41.04	7,509	68.20	4,464	11.35	4,009	48.00	2,709
Results on ordinary operations before taxation	30,319	44.00	21,055	-59.43	51,896	1191	4,017	-68.57	12,781
Extraordinary Income	-	-	9,111	-	-	-	-	-	43,593
Extraordinary Charges	-	-	8,884	-	-	-	-	-	46,939
Extraordinary items	0	-100	227	-	0	-	0	0	-3,346
Results for the Year Before Taxation	30,319	42.46	21,282	-58.99	51,896	1191	4,017	-57.43	9,436
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	7,219	46.47	4,928	-63.20	13,393	1277	-1,048	-137	2,777
Results on ordinary operations after taxation	23,100	43.24	16,127	-58.12	38,502	660	5,065	-49.37	10,004
Net result	23,100	41.25	16,354	-57.52	38,502	660	5,065	-23.92	6,658
Profit (Loss) for the Year to be appropiated	23,100	41.25	16,354	-57.52	38,502	660	5,065	-23.92	6,658
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2013
Full-time Employees		1
Part-time Employees		-
Total Fte Employees		1
Number of hours worked
Full-time Employees		524
Part-time Employees		-
Total		524
Personnel Charges
Full-time Employees		28,490
Part-time Employees		-
Total		28,490
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
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 University)	-	-	-
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	1	-	1

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
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	53.45
Day sales outstanding	56.74
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	124.16
Industry average day sales outstanding	181.35

INDUSTRY QUARTILE ANALYSIS

PAYMENT EXPECTATIONS

Company result	53.45
Lower	117.11
Median	74.61
Upper	45.49

DAY SALES OUTSTANDING
Company result	56.74
Lower	101.52
Median	53.69
Upper	24.60

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	RAJIV SHASHIKANT KOTHARI
Position	Principal Manager
Start Date	12/08/2011
Street	26 ARENDSNESTLAAN EDEGEM
Post code	2650
Country	Belgium

Name	NARESH JAIN
Position	Principal Manager
Start Date	12/08/2011
Street	41 VAN EYCKLEI 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.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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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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

Commentary

Accounts

PAYMENT EXPECTATIONS

COURT DATA SUMMARY

Company information

CONTRACTOR DETAILS

COMPANY ACCOUNTS

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholder Details

Linked Companies

DIRECTOR DETAILS

Unit