MIRA INFORM REPORT

Report No. :	330951
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	SDE GROUP BVBA

Registered Office :	Pelikaanstraat 78, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	3.1.12.2013

Date of Incorporation :	09.05.1994

Com. Reg. No.:	452672076

Legal Form :	Private Limited Company

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

No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

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 name and correct

Business number	452672076
Branche Unit Number	2067041195
Company name	SDE GROUP BVBA
Address	PELIKAANSTRAAT 78
	2018 ANTWERPEN
Number of staff	1
Date of establishment	09/05/1994
Telephone number	032268005
Fax number	032268009

Commentary

The business was established over 21 years ago.

The business has 1 employees.

The business has been at the address for over 19 years. There has been no significant change in the business's credit rating. There has been no significant change in the business's credit limit. A 429% growth in Total Assets occurred during the latest trading period. The business saw an increase in their Cash Balance of 78% during the latest trading period.

Net Worth is a negative amount during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		26,217	-16,304	-27,142
31/12/2012		-101,113	-42,527	-42,527
31/12/2011		-55,605	74,255	74,255
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	1,161,181	1	6,205	26,884
31/12/2012	-	0	6,205	-116,782
31/12/2011	352,308	0	6,205	-52,559

Payment expectations

Past payments

Payment expectation days

Industry average payment

expectation days

103.11

Industry average day sales

outstanding

181.54

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	10,838	-	-	-	0	-99	442	-70.87	1,519
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	10,838	-	-	-	0	-99	442	-70.87	1,519
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	10,838	-	-	-	-	-	103	-87.72	841
Furniture & Vehicles	-	-	-	-	0	-99	339	-49.97	678
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	1,150,343	424	219,132	-37.80	352,308	-9.96	391,274	-17.67	475,245
Inventories	985,657	452	178,251	-41.14	302,854	3.27	293,267	-22.75	379,614
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	985,657	452	178,251	-41.14	302,854	3.27	293,267	-22.75	379,614
Trade debtors	77,677	-	0	-	0	-100	51,665	-12.19	58,837
Other amounts receivable	1,519	25.60	1,209	-29.31	1,710	181	607	30.25	466
Cash	70,742	78.32	39,671	-15.82	47,129	6.92	44,078	27.29	34,629
Miscellaneous current assets	14,748	1474676	1	-99	614	-62.91	1,656	-2.52	1,699
Total Assets	1,161,181	429	219,132	-37.80	352,308	-10.06	391,716	-17.84	476,764

LIABILITIES

Total shareholders equity	-16,304	38.34	-42,527	-157	74,255	-41.65	127,257	3.18	123,338
Issued share capital	6,205	0.01	6,205	-0.01	6,205	0	6,205	0.01	6,205
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	-22,509	46.19	-48,732	-171	68,050	-43.78	121,052	3.35	117,133
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	1,177,485	350	261,659	-5.90	278,052	5.14	264,459	-25.17	353,426
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	-	-	51	-	-	-	-	-	-
Trade creditors	1,102,182	495	184,952	-6.73	198,291	7.19	184,998	-33.78	279,389
Amounts Payable for Taxes, Remuneration & Social Security	2,511	-	-	-	201	-	-	-	-
Miscellaneous current liabilities	72,793	-5.04	76,656	-3.65	79,560	0.12	79,461	7.33	74,037
Total current liabilities	1,177,485	350	261,659	-5.90	278,052	5.14	264,459	-25.17	353,426
Total Liabilities	1,161,181	429	219,132	-37.80	352,308	-10.06	391,716	-17.84	476,764

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	-160.80	-167	237.76	317	-74.88	-2523	3.09	33.15	-9.32
Return on total assets employed	2.26	4.90	-46.14	-192	-15.78	-1678	1.00	41.49	-2.41
Return on net assets employed	-160.80	-167	237.76	317	-74.88	-2523	3.09	33.15	-9.32
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.98	16.67	0.84	-33.86	1.27	-14.19	1.48	10.45	1.34
Liquidity ratio / acid ratio	0.14	-12.50	0.16	-11.11	0.18	-51.35	0.37	37.04	0.27
Current debt ratio	-72.22	-1074	-6.15	-264	3.74	79.81	2.08	-27.53	2.87
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	26,884	23.02	-116,782	-122	-52,559	-1152	4,996	47.99	-10,411
Net worth	-16,304	38.34	-42,527	-157	74,255	-41.65	127,257	3.18	123,338
LONG TERM STABILITY
Gearing	-	-	-0.12	-	-	-	-	-	-
Equity in percentage	-1.40	7.21	-19.41	-192	21.08	-35.12	32.49	25.59	25.87
Total debt ratio	-72.22	-1074	-6.15	-264	3.74	79.81	2.08	-27.53	2.87
Working capital	-27,142	63.82	-42,527	-157	74,255	-41.45	126,815	4.10	121,819

PROFIT & LOSS

Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	48,442	319	11,535	1035	-1,114	-119	5,627	62.93	-8,942
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	16,793	-	-	-	-	-	-	-	-
Wages and salary	15,729	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	778	-	-	-	-	-	-	-	-
Other employee costs	285	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	662	-	-	-	442	-58.91	1,077	-0.01	1,077
Operating result	28,229	27.99	-100,861	-81.17	-55,671	-1497	3,983	34.92	-11,406
Total financial income	49	-50.63	99	5.25	94	1.49	93	-4.45	97
Total financial expenses	2,061	487	351	1179	27	-80.80	143	-21.05	181
Results on ordinary operations before taxation	26,217	25.93	-101,113	-81.84	-55,605	-1513	3,933	34.23	-11,490
Extraordinary Income	-	-	1,000	-61.79	2,617	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	1,000	-61.79	2,617	-	0	-	0
Results for the Year Before Taxation	26,217	26.19	-100,113	-88.94	-52,988	-1447	3,933	34.23	-11,490
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-6	-100	16,669	118036	14	1.51	14	695	-2
Results on ordinary operations after taxation	26,223	22.26	-117,782	-111	-55,619	-1519	3,919	34.11	-11,488
Net result	26,223	22.45	-116,782	-120	-53,002	-1452	3,919	34.11	-11,488
Profit (Loss) for the Year to be appropiated	26,223	22.45	-116,782	-120	-53,002	-1452	3,919	34.11	-11,488
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		958
Part-time Employees		-
Total		958
Personnel Charges
Full-time Employees		16,793
Part-time Employees		-
Total		16,793
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	1	-	1
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	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	1	-	1
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
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	-
Day sales outstanding	-
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	103.11
Industry average day sales outstanding	181.54

INDUSTRY QUARTILE ANALYSIS

PAYMENT EXPECTATIONS

Company result	-
Lower	117.11
Median	74.61
Upper	45.68

Day sales outstanding
Company result	-
Lower	101.25
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	DIDIER STEIN
Position	Principal Manager
Start Date	01/07/2013
Street	51 AHAD HAAM STREET
Post code	43210
Country	Israël

Name	MARCEL STEIN
Position	Principal Manager
Start Date	15/12/2014
Street
Post code
Country

FORMER DIRECTOR DETAILS

Name	ELIE CHODOS
Position	Principal Manager
Start Date	03/01/1995
End Date	30/06/2013
Street	166 BELGIËLEI 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%)

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 category	Additional national joint committee for the employees
JIC Code	324
Description category	Joint committee for the industry and the trade in diamant

MIRA INFORM REPORT

Company name and correct

Commentary

Accounts

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit