MIRA INFORM REPORT

Report No. :	345786
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	SMETS DIAMANT BVBA

Registered Office :	Paashoekstraat 48 2560 Nijlen

Country :	Belgium

Financials (as on) :	31.05.2014

Date of Incorporation :	21.12.1987

Com. Reg. No.:	432849236

Legal Form :	Private limited liability Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employee :	8

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	432849236
Branche Unit Number	2034667545
Company name	SMETS DIAMANT BVBA
Address	PAASHOEKSTRAAT 48
	2560 NIJLEN
Number of staff	8
Date of establishment	21/12/1987
Telephone number	034817802
Fax number	-

Commentary

The business was established over 27 years ago. The business has 8 employees.

The business has been at the address for over 25 years. The credit rating for this business has increased from 83 to 91. The credit limit for this business has decreased from €71000 to €65000. Operating Result in the latest trading period increased 894% on the previous trading period. Pre-tax profits increased by 40% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/05/2014		35,276	345,623	829,947
31/05/2013		25,186	310,483	276,924
31/05/2012		24,053	279,415	267,565

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/05/2014	3,314,392	8	19,000	48,723
31/05/2013	3,200,253	8	19,000	39,106
31/05/2012	3,395,225	1	19,000	26,263

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	192.91	Industry average day sales	194.90
expectation days		outstanding
Day sales outstanding	-

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	-
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Company accounts

Assets
Annual accounts	31-05-2014	%	31-05-2013	%	31-05-2012	%	31-05-2011	%	31-05-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	49,426	47.28	33,559	183	11,850	124	5,271	25.20	4,210
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	44,704	55.02	28,837	250	8,238	396	1,659	177	598
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	6,733	11.10	6,060	-20.69	7,641	841	812	-	0
Furniture & Vehicles	37,971	66.71	22,777	3715	597	-29.52	847	41.64	598
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	4,722	0	4,722	30.73	3,612	0	3,612	0	3,612
Total current assets	3,264,966	3.10	3,166,694	-6.40	3,383,375	-1.36	3,430,135	-13.61	3,970,477
Inventories	2,538,041	10.91	2,288,307	-12.93	2,628,249	7.12	2,453,618	0.06	2,452,107
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	2,538,041	10.91	2,288,307	-12.93	2,628,249	7.12	2,453,618	0.06	2,452,107
Trade debtors	665,055	-19.32	824,269	14.67	718,815	-19.26	890,235	-31.98	1,308,856
Other amounts receivable	2,652	1604	156	-87.24	1,219	100	607	863	63
Cash	55,253	10.39	50,051	55.53	32,181	-61.11	82,746	-60.09	207,343
Miscellaneous current assets	3,965	1.38	3,911	34.35	2,911	-0.61	2,929	38.95	2,108
Total Assets	3,314,392	3.57	3,200,253	-5.74	3,395,225	-1.17	3,435,406	-13.57	3,974,687

Liabilities

Total shareholders equity	345,623	11.32	310,483	11.12	279,415	9.42	255,361	13.63	224,723
Issued share capital	19,000	0	19,000	0	19,000	0	19,000	0	19,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	326,623	12.06	291,483	11.93	260,415	10.18	236,361	14.89	205,723
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	2,968,769	2.73	2,889,770	-7.25	3,115,810	-2.02	3,180,045	-15.20	3,749,964
Other long term loans	533,750	-	0	-	0	-	0	-	0
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	533,750	-	0	-	0	-	0	-	0
Current portion of long term debt	61,000	-82.37	345,994	-4.64	362,815	15.98	312,826	-14.45	365,646
Financial debts	0	-100	266,725	40.49	189,851	-28.98	267,326	-12.86	306,768
Trade creditors	1,561,656	9.46	1,426,630	-11.30	1,608,445	-9.10	1,769,538	-15.53	2,094,849
Amounts Payable for Taxes, Remuneration & Social Security	12,009	14.38	10,499	270	2,837	-72.65	10,372	160	3,976

Miscellaneous current liabilities	800,354	-4.71	839,922	-11.76	951,862	16.08	819,983	-16.22	978,725
Total current liabilities	2,435,019	-15.74	2,889,770	-7.25	3,115,810	-2.02	3,180,045	-15.20	3,749,964
Total Liabilities	3,314,392	3.57	3,200,253	-5.74	3,395,225	-1.17	3,435,406	-13.57	3,974,687

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	4.01	-50.55	8.11	-5.81	8.61	-28.25	12.00	-58.86	29.17
Return on total assets employed	1.06	34.18	0.79	11.27	0.71	-20.22	0.89	-46.06	1.65
Return on net assets employed	10.21	25.89	8.11	-5.81	8.61	-28.25	12.00	-58.86	29.17
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.34	21.82	1.10	0.92	1.09	0.93	1.08	1.89	1.06
Liquidity ratio / acid ratio	0.30	0	0.30	25.00	0.24	-22.58	0.31	-22.50	0.40
Current debt ratio	7.05	-24.27	9.31	-16.50	11.15	-10.44	12.45	-25.40	16.69
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	48,723	24.59	39,106	48.90	26,263	-15.53	31,091	-55.27	69,503
Net worth	345,623	11.32	310,483	11.12	279,415	9.42	255,361	13.63	224,723
LONG TERM STABILITY
Gearing	172.08	-12.80	197.34	-0.23	197.79	-12.94	227.19	-24.07	299.22
Equity in percentage	10.43	7.53	9.70	17.86	8.23	10.77	7.43	31.50	5.65
Total debt ratio	8.59	-7.73	9.31	-16.50	11.15	-10.44	12.45	-25.40	16.69
Working capital	829,947	199	276,924	3.50	267,565	6.99	250,090	13.41	220,513

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-05-2014
Full-time Employees		7
Part-time Employees		1
Total Fte Employees		8
Number of hours worked
Full-time Employees		6,500
Part-time Employees		440
Total		6,940
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		100,510
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		7
Actual working hours		6,192
Personnel Charges		84,743
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	7	1	8
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	6	1	7
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	-	2
Blue collar worker	5	1	6
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	2	-	2

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	-
Day sales outstanding	-
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	194.90

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

Business number	Company name	Date of accounts
427343297	KOENDIAM BVBA	31/12/2014

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	01/10/2012
Date of birth	01/02/1979
Street	71 EIKENLEI GROBBENDONK
Post code	2280
Country	Belgium

Name	Tom Smets
Name	Koenraad Smets
Position	Manager
Start Date	21/12/1987
Date of birth	03/05/1955
Street	48 PAASHOEKSTRAAT NIJLEN
Post code	2560
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.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	SDA

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.

Business number	432849236	Company name	SMETS DIAMANT BVBA
Fax number	-	Date founded	21/12/1987
Company status	active	Company type	Private limited liability company
Currency	Euro (€)	Date of latest accounts	31/05/2014
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0432.849.236 Check VAT number
Belgian Bullettin of Acts	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Companies that match this address

Linked Companies

Director details

Unit