MIRA INFORM REPORT

Report No. :	347128
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	NETALDIAM BVBA

Registered Office :	Hoveniersstraat 2-Bus 239, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	08.02.1999

Com. Reg. No.:	465396201

Legal Form :	Private Limited Company

Line of Business :	Subject is wholesale of diamonds and other precious stones

No. of Employee :	Not Available

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 :	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 name

NETALDIAM BVBA

Company summary

Business number	465396201
Branche Unit Number	2093488741
Company name	NETALDIAM BVBA
Address	HOVENIERSSTRAAT 2-BUS 239
	2018 ANTWERPEN
Number of staff	0
Date of establishment	08/02/1999
Telephone number	032332410
Fax number

Commentary

The business was established over 16 years ago. No employees are recorded for this business. The business has been at the address for over 11 years. The business saw an increase in their Cash Balance of 237% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	24,731,317	197,073	1,382,037	1,669,817
31/12/2012	20,887,910	183,611	1,241,940	1,549,082
31/12/2011	20,535,703	246,685	1,112,053	1,443,174
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	8,067,871	0	830,000	157,576
31/12/2012	6,952,579	0	830,000	148,364
31/12/2011	5,640,448	0	830,000	177,534

Payment expectations

Past payments		Payment expectation days	55.75
Industry average payment	106.29	Industry average day sales	173.24
expectation days		outstanding
Day sales outstanding	100.37

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)

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	426,438	-3.59	442,332	10.25		401,221	2981	13,019		-2.22	13,314
Intangible fixed assets	0	-	0	-	0		-	0		-	0
Tangible fixed assets	421,438	-3.63	437,332	10.38		396,221	4841	8,019		-3.55	8,314
Land & building	416,853	-3.69	432,810	11.25		389,057	-	-		-	-
Plant & machinery	3,849	-14.87	4,522	-3.95	4,708		51.47	3,108		228	947
Furniture & Vehicles	736	-	-	-	2,456		-50.00	4,911		-33.34	7,367
Leasing & Other Similar Rights	-	-	-	-	-		-	-		-	-
Other tangible assets	0	-	0	-	0		-	0		-	0
Financial fixed assets	5,000	0	5,000	0	5,000		0	5,000		0	5,000
Total current assets	7,641,433	17.38	6,510,247	24.26		5,239,227	6.70		4,910,070	2.85	4,774,136
Inventories	745,446	65.78	449,653	49.81		300,140	57.51	190,558		2.15	186,547
Raw materials & consumables	-	-	-	-	-		-	-		-	-
Work in progress	0	-	0	-	0		-	0		-	0
Finished goods	745,446	65.78	449,653	49.81		300,140	57.51	190,558		-	0
Other stocks	0	-	0	-	0		-	0		-100	186,547
Trade debtors	6,800,582	12.90	6,023,287	22.55		4,915,118	4.93		4,684,173	2.55	4,567,837
Other amounts receivable	27,700	76.50	15,693	543	2,438		-81.24	12,994		973	1,210
Cash	66,443	237	19,699	-1.40		19,978	-6.74	21,421		15.53	18,542
Miscellaneous current assets	1,262	-34.11	1,916	23.35	1,553		68.07	924		-	0
Total Assets	8,067,871	16.04	6,952,579	23.26		5,640,448	14.57		4,923,089	2.83	4,787,450

Liabilities
Total shareholders equity	1,382,037	11.28	1,241,940	11.68	1,112,053	18.23	940,562	227	287,426
Issued share capital	830,000	0	830,000	0	830,000	0	830,000	4364	18,592
Share premium account	-	-		-	-	-		-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	552,037	34.01	411,940	46.05	282,053	155	110,562	-58.87	268,834
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	6,685,834	17.08	5,710,640	26.11	4,528,395	13.71	3,982,527	-11.50	4,500,024
Other long term loans	714,218	-4.70	749,474	2.34	732,342	95.71	374,200	149	150,000
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	714,218	-4.70	749,474	2.34	732,342	95.71	374,200	149	150,000
Current portion of long term debt	46,069	-0.43	46,269	182	16,374	-	-	-	-
Financial debts	2,182,508	5.76	2,063,616	87.34	1,101,520	-1.11	1,113,848	10.82	1,005,063
Trade creditors	3,720,844	31.03	2,839,586	8.30	2,621,981	6.85	2,453,981	-15.50	2,904,247
Amounts Payable for Taxes,	12,000	55.19	7,732	-81.08	40,878	138	17,125	26.85	13,500
Remuneration & Social Security
Miscellaneous current liabilities	10,194	157	3,962	-74.10	15,300	-34.54	23,373	-94.53	427,214
Total current liabilities	5,971,616	20.37	4,961,165	30.69	3,796,053	5.20	3,608,327	-17.05	4,350,024
Total Liabilities	8,067,871	16.04	6,952,579	23.26	5,640,448	14.57	4,923,089	2.83	4,787,450

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.80	-9.09	0.88	-26.67	1.20	41.18	0.85	-	-
Return on capital employed	9.40	1.95	9.22	-31.04	13.37	26.37	10.58	-44.49	19.06
Return on total assets employed	2.44	-7.58	2.64	-39.59	4.37	54.42	2.83	62.64	1.74
Return on net assets employed	14.26	-3.52	14.78	-33.36	22.18	49.97	14.79	-49.02	29.01
Sales / net working capital	14.81	9.87	13.48	-5.27	14.23	13.66	12.52	-	-
Stock turnover ratio	3.01	40.0	2.15	47.26	1.46	24.79	1.17	-	-
Creditor days	55.75	10.55	50.43	7.16	47.06	-15.53	55.71	-	-
Debtor days	100.37	-4.64	105.25	20.48	87.36	-16.74	104.93	-	-
SHORT TERM STABILITY
Current ratio	1.28	-2.29	1.31	-5.07	1.38	1.47	1.36	23.64	1.10
Liquidity ratio / acid ratio	1.15	-5.74	1.22	-6.15	1.30	-0.76	1.31	24.76	1.05
Current debt ratio	4.32	8.27	3.99	17.01	3.41	-11.20	3.84	-74.62	15.13
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	157,576	6.21	148,364	-16.43	177,534	67.24	106,155	68.27	63,087
Net worth	1,382,037	11.28	1,241,940	11.68	1,112,053	18.23	940,562	227	287,426
LONG TERM STABILITY
Gearing	212.93	-7.51	230.23	38.38	166.38	5.16	158.21	-60.63	401.86
Equity in percentage	17.13	-4.09	17.86	-9.43	19.72	3.19	19.11	218	6.00
Total debt ratio	4.84	5.22	4.60	13.02	4.07	-3.78	4.23	-72.99	15.66
Working capital	1,669,817	7.79	1,549,082	7.34	1,443,174	10.86	1,301,743	206	424,112

Profit & loss
Operating Income	24,749,117	18.40	20,903,810	1.79	20,535,703	26.03	16,293,766	-	-
Turnover	24,731,317	18.40	20,887,910	1.72	20,535,703	26.03	16,293,766	-	-
Total operating expenses	24,359,478	18.53	20,550,563	1.05	20,337,387	26.48	16,079,333	-	-
Gross Operating Margin	-	-	-	-	-	-	-	-	271,282
Operating Charges	24,377,278	18.53	20,566,463	1.13	20,337,387	26.48	16,079,333	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	17,478	-5.41	18,477	205	6,043	100	3,019	9.94	2,746
Operating result	371,839	10.22	337,347	70.11	198,316	-7.52	214,433	-19.52	266,442
Total financial income	1,641	-53.00	3,491	-97.67	149,842	529	23,807	264422	9
Total financial expenses	176,407	12.20	157,226	54.94	101,473	2.39	99,104	-45.87	183,083
Results on ordinary operations	197,073	7.33	183,611	-25.57	246,685	77.30	139,136	66.89	83,368
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	197,073	7.33	183,611	-25.57	246,685	77.30	139,136	66.89	83,368
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	56,975	6.05	53,724	-28.55	75,195	108	36,000	56.34	23,027
Results on ordinary operations after	140,098	7.86	129,887	-24.26	171,490	66.28	103,136	70.92	60,341
taxation
Net result	140,098	7.86	129,887	-24.26	171,490	66.28	103,136	70.92	60,341
Profit (Loss) for the Year to be appropiated	140,098	7.86	129,887	-24.26	171,490	66.28	103,136	70.92	60,341

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
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)	-	-	-
	Full-Time	Part-Time	Total Fte
Working Category	-	-	-
Management	-	-	-
White collar worker	-	-	-
Blue collar worker	-	-	-
Other
Temporary personnel		Total
Average number of temporary staf	f	-
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	55.75
Day sales outstanding	100.37
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	106.29
Industry average day sales outstanding	173.24

Industry quartile analysis Payment expectations

Company result	55.75
Lower	118.32
Median	76.07
Upper	45.73

Day sales outstanding
Company result	100.37
Lower	102.58
Median	55.56
Upper	25.25

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Devendra	Middle name	-
Surname	Sojitra
SHAREHOLDER DETAILS
Start date	28/01/1999	End date	-
Percentage owned	100%
SHAREHOLDER ADDRESS
Street name	Lange Herentalsestraat	House number	120
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

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	DEVENDRA KANTILAL SOJITRA
Position	Principal Manager
Start Date	16/08/2010
Date of birth	10/08/1976
Street	120 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	GIRDHARBHAL GAJERA
Position	Principal Manager
Start Date	01/01/2009
End Date	Unknown date
Street	122 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	GIRDHARBHAI KASTERBEN GAJERA
Position	Principal Manager
Start Date	14/09/2012
End Date	31/12/2012
Street	122 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	KASTURBEN GIRDHARBHAI GAJERA
Position	Principal Manager
Start Date	16/08/2010
End Date	31/10/2011
Street	122 LANGE HERENTALSESTRAAT 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.64.96
UK Pound	1	Rs.99.55
Euro	1	Rs.71.64

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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 name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit