MIRA INFORM REPORT

Report No. :	348906
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	SNEHDIAM EBVBA

Registered Office :	Pelikaanstraat 62 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	21.10.1992

Com. Reg. No.:	448544826

Legal Form :	Single-person limited liability 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 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 a 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	448544826
Branche Unit Number	2059548837
Company name	SNEHDIAM EBVBA
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	-
Date of establishment	21/10/1992
Telephone number	0486747171
Fax number	032268126

Commentary

The business was established over 23 years ago.

No employees are recorded for this business.

The business has been at the address for over 12 years.

Operating Result in the latest trading period increased 51% on the previous trading period.

The business saw a decrease in their Cash Balance of 28% during the latest trading period.

Turnover in the latest trading period decreased 24% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	4,548,295	3,635	119,905	114,861
31/12/2013	6,000,720	3,651	116,270	114,431
31/12/2012	3,859,456	3,803	112,619	110,371
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	1,571,562	-	18,592	4,949
31/12/2013	1,814,525	-	18,592	4,061
31/12/2012	1,774,782	-	18,592	4,509

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	66.82
Industry average payment	192.91	Industry average day sales	194.94
expectation days		outstanding
Day sales outstanding	87.24

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	5,045	174	1,839	-18.23	2,249	-7.01	2,418	82.10	1,328
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	3,847	500	641	-39.01	1,051	-13.90	1,220	837	130
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	0	-	0	-	0	-	0	-	0
Furniture & Vehicles	3,847	500	641	-39.01	1,051	-13.90	1,220	837	130
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	1,198	0	1,198	0	1,198	0	1,198	0	1,198
Total current assets	1,566,517	-13.58	1,812,686	2.27	1,772,534	22.18	1,450,755	1.03	1,436,029
Inventories	316,321	-40.23	529,263	-3.32	547,445	-42.30	948,833	65.16	574,500
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	316,321	-40.23	529,263	-3.32	547,445	-42.30	948,833	65.16	574,500
Trade debtors	1,087,059	1.22	1,073,922	-1.64	1,091,801	136	460,770	-37.36	735,548
Other amounts receivable	13,008	2048	605	-76.51	2,577	7.95	2,387	103	1,175
Cash	148,990	-28.29	207,755	60.34	129,571	244	37,624	-69.58	123,666
Miscellaneous current assets	1,140	0	1,140	0	1,140	0	1,140	0	1,140
Total Assets	1,571,562	-13.39	1,814,525	2.24	1,774,782	22.13	1,453,174	1.10	1,437,357
Liabilities
Total shareholders equity	119,905	3.13	116,270	3.24	112,619	3.50	108,816	8.14	100,629
Issued share capital	18,592	0	18,592	0	18,592	0	18,592	0	18,592
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	101,313	3.72	97,678	3.88	94,027	4.22	90,224	9.98	82,037
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	1,451,657	-14.52	1,698,254	2.17	1,662,163	23.64	1,344,358	0.57	1,336,728
Other long term loans	0	-	0	-	0	-	0	-	0
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	0	-	0	-	0	-	0	-	0
Financial debts	2,515	-60.60	6,384	6186	102	-97.70	4,407	207	1,433
Trade creditors	830,853	-10.46	927,917	-10.09	1,032,029	50.56	685,472	0.83	679,844
Amounts Payable for Taxes,	300	20.0	250	0	250	0	250	-71.59	880
Remuneration & Social Security
Miscellaneous current liabilities	617,988	-19.08	763,704	21.26	629,783	-3.74	654,228	-0.05	654,571
Total current liabilities	1,451,657	-14.52	1,698,254	2.17	1,662,163	23.64	1,344,358	0.57	1,336,728
Total Liabilities	1,571,562	-13.39	1,814,525	2.24	1,774,782	22.13	1,453,174	1.10	1,437,357

Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.08	33.33	0.06	-40.0	0.10	-50.0	0.20	-37.50	0.32
Return on capital employed	3.03	-3.50	3.14	-7.10	3.38	-51.30	6.94	-12.70	7.95
Return on total assets employed	0.23	15.00	0.20	-4.76	0.21	-59.62	0.52	-7.14	0.56
Return on net assets employed	3.03	-3.50	3.14	-7.10	3.38	-51.30	6.94	-12.70	7.95
Sales / net working capital	39.60	-24.49	52.44	49.96	34.97	-2.94	36.03	41.35	25.49
Stock turnover ratio	6.95	-21.20	8.82	-37.80	14.18	-42.71	24.75	9.08	22.69
Creditor days	66.82	18.27	56.50	-42.22	97.79	49.41	65.45	-33.55	98.49
Debtor days	87.24	33.56	65.32	-36.74	103.25	135	43.87	-58.63	106.05
SHORT TERM STABILITY
Current ratio	1.08	0.93	1.07	0	1.07	-0.93	1.08	0.93	1.07
Liquidity ratio / acid ratio	0.86	13.16	0.76	2.70	0.74	100	0.37	-42.19	0.64
Current debt ratio	12.11	-17.11	14.61	-1.02	14.76	19.51	12.35	-7.00	13.28
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	4,949	21.87	4,061	-9.95	4,509	-45.35	8,252	2.29	8,067
Net worth	119,905	3.13	116,270	3.24	112,619	3.50	108,816	8.14	100,629
LONG TERM STABILITY
Gearing	2.10	-61.75	5.49	6000	0.09	-97.78	4.05	185	1.42
Equity in percentage	7.63	19.03	6.41	0.94	6.35	-15.22	7.49	7.00	7.00
Total debt ratio	12.11	-17.11	14.61	-1.02	14.76	19.51	12.35	-7.00	13.28
Working capital	114,861	0.38	114,431	3.68	110,371	3.73	106,398	7.15	99,301
Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	4,548,295	-24.20	6,000,720	55.48	3,859,456	0.68	3,833,482	51.43	2,531,527
Total operating expenses	4,538,193	-24.29	5,994,073	55.61	3,852,082	0.77	3,822,822	51.74	2,519,352
Gross Operating Margin	11,703	41.69	8,260	-20.63	10,406	-2.98	10,726	-28.51	15,003
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	-	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	1,314	220	410	-41.94	706	984	65	0	65
Operating result	10,101	51.97	6,647	-9.86	7,374	-30.83	10,661	-12.43	12,174
Total financial income	-	-	-	-	-	-	-	-	-
Total financial expenses	6,466	115	2,996	-16.10	3,571	15.05	3,104	-25.60	4,172
Results on ordinary operations before	3,635	-0.43	3,651	-4.01	3,803	-49.67	7,557	-5.57	8,002
taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	3,635	-0.43	3,651	-4.01	3,803	-49.67	7,557	-5.57	8,002
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-630	-	-
Results on ordinary operations after	3,635	-0.43	3,651	-4.01	3,803	-53.54	8,187	2.31	8,002
taxation
Net result	3,635	-0.43	3,651	-4.01	3,803	-53.54	8,187	2.31	8,002
Profit (Loss) for the Year to be appropiated	3,635	-0.43	3,651	-4.01	3,803	-53.54	8,187	2.31	8,002

Social Balance Sheet Details

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
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 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	-	-	-

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	66.82
Day sales outstanding	87.24
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	192.91
Industry average day sales outstanding	194.94

Industry quartile analysis Payment expectations

Company result	66.82
Lower	134.78
Median	60.30
Upper	28.62

Day sales outstanding
Company result	87.24
Lower	131.59
Median	85.12
Upper	47.22

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

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

Position	Manager
Start Date	29/10/1992
Street	94 BELGIELEI Antwerpen
Post code	2018
Country	Belgium
Name	Samir Mehta

Former director details

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.66.17
UK Pound	1	Rs.100.66
Euro	1	Rs.70.97

INFORMATION DETAILS

Analysis Done by :	DIV

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.

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit