MIRA INFORM REPORT

Report No. :	341363
Report Date :	19.09.2015

IDENTIFICATION DETAILS

Name :	S.R. DIAMOND BVBA

Registered Office :	Pelikaanstraat 62, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	03/01/2008

Com. Reg. No.:	894975250

Legal Form :	Private Limited Company

Line of Business :	Manufacture of Jewellery

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 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	894975250
Branche Unit Number	2167952176
Company name	S.R. DIAMOND BVBA
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	0
Date of establishment	03/01/2008
Telephone number	032343201
Fax number	32320863

Commentary

The business was established over 7 years ago.

No employees are recorded for this business.

The business has been at the address for over 7 years.

Operating Result in the latest trading period increased 154% on the previous trading period.

Net Worth increased by 314% during the latest trading period.

Pre-tax profits decreased by 42% compared to the previous trading period.

The business saw an increase in their Cash Balance of 25% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014		15,438	20,355	1,173
31/12/2013		26,860	4,916	-22,582
31/12/2012		32,340	-10,705	-14,401
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	1,483,458	0	18,600	24,141
31/12/2013	1,782,843	0	18,600	24,195
31/12/2012	3,075,716	0	18,600	-58,430

Payment expectations

Past payments

Payment expectation days

Industry average payment

expectation days

116.13

Industry average day sales

outstanding

118.57

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)
Significant Events
Event Date	28/02/2009
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 28-02-2009: Ontslag aan Chanchpara Rajeshkumar vanaf 28/02/2009.

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	19,182	-30.25	27,499	643	3,697	0	3,697	0	3,697
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	18,215	-31.35	26,532	871	2,730	0	2,730	0	2,730
Land & building	1,440	-25.00	1,920	-20.0	2,400	0	2,400	0	2,400
Plant & machinery	-	-	-	-	-	-	-	-	-
Furniture & Vehicles	16,775	-31.84	24,612	7363	330	0	330	0	330
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	967	0	967	0	967	0	967	0	967
Total current assets	1,464,276	-16.58	1,755,344	-42.86	3,072,020	1.40	3,029,657	46.29	2,070,927
Inventories	939,592	-9.47	1,037,844	-29.13	1,464,500	262	403,938	-15.05	475,499
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	939,592	-9.47	1,037,844	-29.13	1,464,500	262	403,938	-15.05	475,499
Trade debtors	333,682	-40.61	561,816	-59.76	1,396,216	-34.60	2,134,979	57.90	1,352,102
Other amounts receivable	161	-95.28	3,414	0.24	3,406	215	1,079	-93.27	16,040
Cash	190,841	25.33	152,269	-26.76	207,898	-57.54	489,661	115	227,286
Miscellaneous current assets	0	-	0	-	0	-	0	-	0
Total Assets	1,483,458	-16.79	1,782,843	-42.03	3,075,716	1.40	3,033,353	46.21	2,074,624

LIABILITIES

Total shareholders equity	20,355	314	4,916	45.93	-10,705	-122	47,726	34.26	35,548
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,755	12.82	-13,684	46.69	-29,305	-200	29,126	71.85	16,948
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	1,463,103	-17.71	1,777,926	-42.40	3,086,421	3.38	2,985,628	46.42	2,039,076
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	-	-	11,819	-	-	-	-	-	-
Trade creditors	307,985	-70.34	1,038,395	-55.31	2,323,543	12.53	2,064,891	80.59	1,143,420
Amounts Payable for Taxes,	24,979	-	-	-	32,633	831	3,502	-	-
Remuneration & Social Security
Miscellaneous current liabilities	1,130,140	55.30	727,713	-0.35	730,245	-20.39	917,235	2.41	895,656
Total current liabilities	1,463,103	-17.71	1,777,926	-42.40	3,086,421	3.38	2,985,628	46.42	2,039,076
Total Liabilities	1,483,458	-16.79	1,782,843	-42.03	3,075,716	1.40	3,033,353	46.21	2,074,624

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	75.85	-86.12	546.33	180	-302.12	-1283	25.52	-33.83	38.57
Return on total assets employed	1.04	-31.13	1.51	43.81	1.05	162	0.40	-39.39	0.66
Return on net assets employed	75.85	-86.12	546.33	180	-302.12	-1283	25.52	-33.83	38.57
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.00	1.01	0.99	-1.00	1.00	-0.99	1.01	-0.98	1.02
Liquidity ratio / acid ratio	0.36	-10.0	0.40	-23.08	0.52	-40.91	0.88	12.82	0.78
Current debt ratio	71.88	-80.12	361.63	125	-288.33	-560	62.56	9.07	57.36
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	24,141	-0.23	24,195	41.41	-58,430	-579	12,178	19.27	10,210
Net worth	20,355	314	4,916	45.93	-10,705	-122	47,726	34.26	35,548
LONG TERM STABILITY
Gearing	-	-	240.40	-	-	-	-	-	-
Equity in percentage	1.37	389	0.28	80.0	-0.35	-122	1.57	-8.19	1.71
Total debt ratio	71.88	-80.12	361.63	125	-288.33	-560	62.56	9.07	57.36
Working capital	1,173	5.19	-22,582	-56.81	-14,401	-132	44,029	38.23	31,852

PROFIT & LOSS
Operating Income	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-
Gross Operating Margin	24,337	16,073	-78.54	74,900	253	-29,527	-147	62,606
Operating Charges	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-
Other employee costs	0	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-
Amortization and depreciation	8,703	8,574	-	-	-	-	-	-
Operating result	14,337	5,640	-92.41	74,297	240	-30,947	-150	61,404
Total financial income	30,675	126,080	-7.06	135,656	-17.04	163,522	37.31	119,088
Total financial expenses	29,574	104,860	-40.96	177,613	47.52	120,397	-27.81	166,780
Results on ordinary operations before taxation	15,438	26,860	-16.95	32,340	165	12,178	-11.19	13,712
Extraordinary Income	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	90,771	-	-	-	-
Extraordinary items	0	0	0	-90,771	-	0	-	0
Results for the Year Before Taxation	15,438	26,860	45.97	-58,430	-579	12,178	-11.19	13,712
Other appropriations	-	-	-	-	-	-	-	-
Taxation	-	11,239	-	-	-	-	-	3,502
Results on ordinary operations after taxation	15,438	15,621	-51.70	32,340	165	12,178	19.27	10,210
Net result	15,438	15,621	26.73	-58,430	-579	12,178	19.27	10,210
Profit (Loss) for the Year to be appropiated	15,438	15,621	26.73	-58,430	-579	12,178	19.27	10,210
Dividends	-	-	-	-	-	-	-	-

Industry comparison

Activity code	32123
Activity description	Manufacture of Jewellery
industry average credit rating	78.30
Industry average credit limit	9475.63

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	-
Day sales outstanding	-

Industry comparison
Activity code	32123
Activity description	Manufacture of jewellery
Industry average payment expectation days	116.13
Industry average day sales outstanding	118.57

INDUSTRY QUARTILE ANALYSIS

PAYMENT EXPECTATIONS

Company result	-
Lower	127.94
Median	74.08
Upper	34.34

DAY SALES OUTSTANDING
Company result	-
Lower	99.31
Median	53.69
Upper	18.94

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

Position	Principal Manager
Start Date	10/09/2014
Street	62 PELIKAANSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	MITESHKUMAR DAHYABHAI SHAH

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.

DIAMOND INDUSTRY – INDIA

- 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.

- 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.

- Excerpts from Times of India dated 30^th October 2010 is as under –

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.93
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

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.

Business number	894975250	Company name	S.R. DIAMOND BVBA
Fax number	32320863	Date founded	03/01/2008
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2014
Activity code	32123	Liable for VAT	yes
Activity description number	Manufacture of jewellery	VAT Number	BE.0894.975.250 Check VAT
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Industry comparison

Payment Information

Shareholder Details

Linked Companies

Director details

Unit