MIRA INFORM REPORT

Report No. :	341849
Report Date :	21.09.2015

IDENTIFICATION DETAILS

Name :	SANA DIAM NV

Registered Office :	Hoveniersstraat 2 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	19.05.1976

Com. Reg. No.:	416298264

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of watches and jewellery.

No. of Employees :	3 (2014)

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 summary

Business number	416298264
Branche Unit Number	2012274304
Company name	SANA DIAM NV
Address	HOVENIERSSTRAAT 2 2018 ANTWERPEN
Number of staff	3
Date of establishment	19/05/1976
Telephone number	032323965
Fax number	032334574

Commentary

The business was established over 39 years ago.

The business has 3 employees.

Number of employees in the latest trading period decreased 57% on the previous trading period.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 28 years.

Operating Result in the latest trading period increased 245% on the previous trading period.

Pre-tax profits increased by 61% compared to the previous trading period.

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

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	52,937,958	127,007	6,719,090	6,517,810
31/12/2013	42,661,009	78,481	6,593,015	6,371,421
31/12/2012	47,153,676	139,489	6,517,272	6,287,174

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	12,634,561	3	6,000,000	154,992
31/12/2013	12,570,325	7	6,000,000	104,049
31/12/2012	14,423,197	6	6,000,000	176,008

Payment expectations

Past payments		Payment expectation days	11.97
Industry average payment	330.71	Industry average day sales	500.64
expectation days		outstanding
Day sales outstanding	13.26

Court data summary

BANKRUPTCY DETAILS

Court action type no

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	201,280	-9.17	221,594	-3.70	230,098	4.95	219,242	2.78	213,311
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	188,166	-9.74	208,479	-3.92	216,983	5.27	206,128	2.96	200,196
Land & building	109,090	0.12	108,955	-3.59	113,009	-5.09	119,076	-2.60	122,254
Plant & machinery	68,982	-19.94	86,162	-2.28	88,176	37.26	64,242	-0.70	64,692
Furniture & Vehicles	10,093	-24.46	13,362	-15.42	15,798	-30.74	22,810	72.15	13,250
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	13,114	0	13,114	0	13,114	0.00	13,114	0.00	13,114
Total current assets	12,433,281	0.68	12,348,732	-12.99	14,193,099	13.19	12,539,266	31.50	9,535,415
Inventories	10,286,322	11.66	9,212,477	-25.52	12,368,498	33.47	9,266,998	49.34	6,205,334
Raw materials & consumables	10,286,322	11.66	9,212,477	-25.52	12,368,498	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-100	9,266,998	49.34	6,205,334
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	1,923,075	-34.21	2,923,189	86.87	1,564,309	-49.39	3,090,627	-4.21	3,226,620
Other amounts receivable	193,163	6.66	181,094	7.92	167,808	34.04	125,190	75.29	71,417
Cash	14,188	-17.93	17,288	-77.62	77,238	96.47	39,314	111	18,574
Miscellaneous current assets	16,533	12.58	14,685	-3.68	15,246	-11.04	17,137	27.24	13,469
Total Assets	12,634,561	0.51	12,570,325	-12.85	14,423,197	13.05	12,758,508	30.87	9,748,725
Liabilities
Total shareholders’ equity	6,719,090	1.91	6,593,015	1.16	6,517,272	2.35	6,367,785	3.76	6,137,049
Issued share capital	6,000,000	0	6,000,000	0	6,000,000	0	6,000,000	0	6,000,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	719,090	21.26	593,015	14.64	517,272	40.65	367,785	168	137,049
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	5,915,471	-1.03	5,977,311	-24.39	7,905,925	23.71	6,390,723	76.95	3,611,677
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	3,294,622	-24.41	4,358,565	9.46	3,981,778	21.88	3,267,000	-	-
Financial debts	838,261	122	376,386	-56.64	867,996	-50.30	1,746,591	-47.05	3,298,432
Trade creditors	1,708,100	50.09	1,138,032	-61.54	2,958,830	128	1,296,460	359	282,020
Amounts Payable for Taxes,	31,647	-33.74	47,760	11.49	42,838	39.11	30,795	121	13,930
Remuneration & Social Security
Miscellaneous current liabilities	42,841	-24.27	56,568	3.83	54,482	9.23	49,877	188	17,293
Total current liabilities	5,915,471	-1.03	5,977,311	-24.39	7,905,925	23.71	6,390,723	76.95	3,611,677
Total Liabilities	12,634,561	0.51	12,570,325	-12.85	14,423,197	13.05	12,758,508	30.87	9,748,725
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.24	33.33	0.18	-40.0	0.30	-21.05	0.38	80.95	0.21
Return on capital employed	1.89	58.82	1.19	-44.39	2.14	-45.69	3.94	164	1.49
Return on total assets employed	1.01	62.90	0.62	-36.08	0.97	-50.76	1.97	109	0.94
Return on net assets employed	1.89	58.82	1.19	-44.39	2.14	-45.69	3.94	164	1.49
Sales / net working capital	8.12	21.19	6.70	-10.67	7.50	-29.91	10.70	42.48	7.51
Stock turnover ratio	19.43	-10.00	21.59	-17.69	26.23	86.16	14.09	1.00	13.95
Creditor days	11.97	22.27	9.79	-57.53	23.05	217	7.25	212	2.32
Debtor days	13.26	-46.98	25.01	106	12.11	-29.39	17.15	-35.23	26.48
SHORT TERM STABILITY
Current ratio	2.10	1.45	2.07	15.00	1.80	-8.16	1.96	-25.76	2.64
Liquidity ratio / acid ratio	0.36	-30.77	0.52	126	0.23	-54.90	0.51	-44.57	0.92
Current debt ratio	0.88	-3.30	0.91	-24.79	1.21	21.00	1.00	69.49	0.59
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	154,992	48.96	104,049	-40.88	176,008	-31.62	257,398	10.60	232,727
Net worth	6,719,090	1.91	6,593,015	1.16	6,517,272	2.35	6,367,785	3.76	6,137,049
LONG TERM STABILITY
Gearing	61.51	-14.36	71.82	-3.48	74.41	-5.49	78.73	46.47	53.75
Equity in percentage	53.18	1.39	52.45	16.07	45.19	-9.46	49.91	-20.71	62.95
Total debt ratio	0.88	-3.30	0.91	-24.79	1.21	21.00	1.00	69.49	0.59
Working capital	6,517,810	2.30	6,371,421	1.34	6,287,174	2.25	6,148,543	3.79	5,923,738
Profit & loss
Operating Income	52,946,223	24.10	42,663,190	-9.53	47,159,071	-28.32	65,793,602	47.93	44,476,154
Turnover	52,937,958	24.09	42,661,009	-9.53	47,153,676	-28.32	65,787,830	47.93	44,472,101
Total operating expenses	52,086,252	22.80	42,414,717	-9.49	46,861,838	-28.16	65,234,828	46.80	44,436,498
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	52,094,517	22.82	42,416,899	-9.50	46,867,233	-28.16	65,240,599	46.80	44,440,552
Employee costs	241,086	-13.73	279,457	15.72	241,488	40.95	171,325	7.01	160,102
Wages and salary	188,201	-13.77	218,249	14.51	190,598	39.22	136,904	16.93	117,083
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	47,560	-14.60	55,692	21.02	46,019	44.21	31,912	-20.47	40,127
Other employee costs	5,326	-3.46	5,517	13.26	4,871	94.13	2,509	-13.24	2,892
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	28,916	2.15	28,306	6.73	26,521	-0.53	26,662	-7.67	28,878
Operating result	851,706	245	246,291	-15.61	291,838	-47.23	553,002	1453	35,602
Total financial income	16,030	-90.00	160,292	65.86	96,644	1222	7,310	-99	1,155,584
Total financial expenses	740,729	125	328,103	31.77	248,993	-19.57	309,576	-71.85	1,099,809
Results on ordinary operations	127,007	61.83	78,481	-43.74	139,489	-44.37	250,736	174	91,377
before taxation
Extraordinary items	0	-	0	-	0	-	0	-100	15,539
Results for the Year Before	127,007	61.83	78,481	-43.74	139,489	-44.37	250,736	134	106,916
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	931	-65.99	2,738	27.38	-9,998	-149	20,000	20.63	-96,932
Results on ordinary operations	126,076	66.45	75,743	-49.33	149,487	-35.21	230,736	22.53	188,310
after taxation
Net result	126,076	66.45	75,743	-49.33	149,487	-35.21	230,736	13.19	203,849
Profit (Loss) for the Year to be appropiated	126,076	66.45	75,743	-49.33	149,487	-35.21	230,736	13.19	203,849
Dividends	-	-	-	-	-	-	-	-	-

Social BALANCE SHEET DETAILS

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		4
Part-time Employees		1
Total Fte Employees		5
Number of hours worked
Full-time Employees		7,615
Part-time Employees		714
Total		8,329
Personnel Charges
Full-time Employees		220,419
Part-time Employees		20,667
Total		241,086
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		7
Actual working hours		10,848
Personnel Charges		279,457
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	3	1	3
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution		4

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	2	1	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	3	-	3
Blue collar worker	-	1	0
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	4	-	4

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	46480
Activity description	Wholesale of watches and jewellery

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	11.97
Day sales outstanding	13.26

Industry comparison
Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	330.71
Industry average day sales outstanding	500.64

Industry Quartile Analysis

Payment expectations
Company result	11.97
Lower	127.50
Median	62.32
Upper	22.28

Day sales outstanding
Company result	13.26
Lower	123.40
Median	56.97
Upper	20.56

Shareholder Details

Summary
Group - Number of Companies	2
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	2
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	Director
Start Date	02/09/2011
End Date	31/05/2018
Street	3 JEAN-LOUIS CAUTREELSLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	FIDAA NASSER
Name	OSSAMA HANI NASSER
Position	Managing Director
Start Date	02/09/2011
End Date	31/05/2018
Street	82 PEETERSSTRAAT EDEGEM
Post code	2650
Country	Belgium

Position	Director
Start Date	27/09/2006
Street	82 PEETERSSTRAAT EDEGEM
Post code	2650
Country	Belgium

Former director details

Name	MOHAMAD JAOUDAT NASSER
Position	Principal Manager
Start Date	19/05/1997
End Date	07/12/1998
Street	15 JOS RATINCKXSTRAAT ANTWERPEN
Post code	2600
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.66.93
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	VNT

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)
Event Date	22/05/2013
Event Details	Rechtzetting ivm publicatie 2000-04-28/235, de maatschappelijke zetel zou gevestigd zijn op Hoveniersstraat 3, dit betreft een materiële vergissing. Rechtzetting ivm de publicaties 2004-1119/0159046, 2006-09-27/0148473, 2008-05-28/0078057
Event Date	22/05/2013
Event Description
Event Details	en 2013-04-04/0052567 dit betreft een materiële fout en dient de zetel te zijn Hoveniersstraat 2.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Accounts

Payment expectations

Company information

Company accounts

Social BALANCE SHEET DETAILS

Payment Information

Industry Quartile Analysis

Shareholder Details

Group Structure

Minority Shareholders

Minority Interests

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

DIAMOND INDUSTRY – INDIA

Unit