MIRA INFORM REPORT

Report Date :

19.12.2011

IDENTIFICATION DETAILS

Name :	DIFFERENT FACETS BVBA
Registered Office :	Mechelsesteenweg 245 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	29.10.1998
Com. Reg. No.:	464570117
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	One persons

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
Payment Behaviour :	Slow
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Belgium	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company summary

Business number	464570117	Company name	DIFFERENT FACETS BVBA
Safe number	BE00401960	Telephone number	032325422
Address	MECHELSESTEENWEG 245 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	1
Date of establishment	29/10/1998

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010		1,437	-92,162
31/12/2009	2,057,656	5,801	-94,310
31/12/2008		-40,250	-100,085

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	-		18,592	75,273	1
31/12/2009	-		18,592	44,180	1
31/12/2008	7,957,092	4,250	18,592	64,157	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	193.53	Industry average day sales outstanding	144.61
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	464570117	Company name	DIFFERENT FACETS BVBA
Fax number	-	Date founded	29/10/1998
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0464.570.117
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	2,057,656	-	-	48,856,035	-
Total operating expenses	-	-	2,047,303	-	-	48,242,701	-
Operating result	3,500	-66.20	10,353	28.65	-36,139	210,539	-98.34
Total financial income	235	14.08	206	-0.05	206	158,661	-99
Total financial expenses	2,298	-51.71	4,759	10.24	4,317	324,032	-99
Results on ordinary operations before taxation	1,437	-75.24	5,801	14.41	-40,250	28,884	-95.03
Taxation	-18	-173	25	35.80	18	15,605	-100
Results on ordinary operations after taxation	1,455	-74.81	5,776	14.34	-40,268	18,296	-92.05
Extraordinary items	692	-	0	-	0	9,807	-92.94
Other appropriations	0.00	0.00	-1	-	0.00	-	-
Net result	2,147	-62.82	5,775	14.34	-40,268	28,097	-92.36
OTHER INFORMATION
Dividends	-	-	-	-	-	108,456	-
Director remuneration	-	-	-	-	-	114,409	-
Employee costs	42,053	3.60	40,591	15.46	35,156	146,491	-71.29
Wages and salary	32,603	1.02	32,275	17.42	27,486	123,500	-73.60
Employee pension costs	-	-	-	-	-	3,441	-
Social security contributions	7,118	-1.15	7,201	5.96	6,796	29,646	-75.99
Other employee costs	2,332	109	1,115	27.69	873	2,630	-11.35
Amortization and depreciation	-	-	-	-	-	20,756	-

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,624	-100
Tangible fixed assets	-	-	-	-	-	197,302	-
Land & building	-	-	-	-	-	371,285	-
Plant & machinery	-	-	-	-	-	26,272	-
Other tangible assets	0	-	0	-	0	27,441	-100
Financial fixed assets	-	-	-	-	4,250	353,045	-
Total fixed assets	-	-	-	-	4,250	440,033	-
Inventories	2,627,145	11.85	2,348,857	1.12	2,322,948	3,122,138	-15.85
Raw materials & consumables	-	-	-	-	-	2,155,796	-
Work in progress	0	-	0	-	0	2,160	-100
Finished goods	0	-100	2,348,857	-	0	1,839,725	-100
Other stocks	2,627,145	-	0	-100	2,322,948	744,989	252
Trade debtors	5,521,940	4.72	5,273,247	-4.23	5,505,995	3,912,848	41.12
Cash	75,273	70.38	44,180	-31.14	64,157	267,030	-71.81
other amounts receivable	59,001	0.45	58,735	-0.04	58,757	344,857	-82.89
Miscellaneous current assets	473	42.40	332	-66.30	985	42,094	-98.88
Total current assets	8,283,832	7.23	7,725,351	-2.86	7,952,842	7,167,313	15.58
CURRENT LIABILITIES
Trade creditors	8,245,160	7.07	7,700,661	-2.80	7,922,877	2,714,901	203
Short term group loans	-	-	-	-	-	-	-
Other short term loans	13,111	2049	610	-66.05	1,797	1,982,104	-99
Miscellaneous current liabilities	102,850	-0.64	103,516	-12.00	117,630	108	- -
Total current liabilities	8,361,121	7.13	7,804,787	-2.95	8,042,303	4,485,065	86.42
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	14,874	0.00	14,874	0.00	14,874	749,623	-98.02
Total long term debts	14,874	0.00	14,874	0.00	14,874	1,329,610	-98.88
SHAREHOLDERS EQUITY
Issued share capital	18,592	0.00	18,592	0.00	18,592	990,515	-98.12
Share premium account	-	-	-	-	-	190,609	-
Reserves	-110,754	98.10	-112,902	95.13	-118,677	734,311	-115
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	-92,162	97.72	-94,310	94.23	-100,085	1,744,315	-105
Working capital	-77,289	97.30	-79,436	88.79	-89,461	2,682,247	-102
Net worth	-92,162	97.72	-94,310	94.23	-100,085	1,742,691	-105

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	-	-	0.28	-	-	-2,00	-
Return on capital employed	-1.86	25.48	-7.30	-115	47.24	17,00	-110
Return on total assets employed	0.02	-75.00	0.08	15.69	-0.51	-82,00	0.02
Return on net assets employed	-1.56	25.37	-6.15	-115	40.22	18,00	-108
Sales / net working capital	-	-	-25.90	-	-	37,00	-
Stock turnover ratio	-	-	114.15	-	-	64,00	-
Debtor days	-	-	935.40	-	-	164,00	-
Creditor days	-	-	1372.90	-	-	167,00	-
SHORT TERM STABILITY
Current ratio	0.99	0	0.99	0	0.99	8,00	-87.62
Liquidity ratio / acid ratio	0.68	-1.45	0.69	-1.43	0.70	5,00	-86.40
Current debt ratio	-90.72	-9.62	-82.76	-3.00	-80.35	8,00	-1234
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-14.23	-2089	-0.65	36.11	-1.80	156,00	-109
Equity in percentage	-1.11	90.98	-1.22	96.83	-1.26	-1.568,00	0.07
Total debt ratio	-90.88	-9.61	-82.91	-2.99	-80.50	9,00	-1109

Limit History

no limit history data found

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average credit limit	140177.31

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	193.53
Industry average day sales outstanding	144.61

Industry quartile analysis

Payment expectations
Company result	-
Lower	135.53
Median	90.20
Upper	47.11
Day sales outstanding
Company result	-
Lower	120.32
Median	62.78
Upper	28.40

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	Limit	Date of accounts
453647620	KAIZEN BELGIUM NV	-	-
453647620	KAIZEN BELGIUM NV	-	-
727226717	HOUDMONT ALEXANDER	-	-
896760941	VME TE ANTWERPEN, MECHELSESTEENWEG 245 VME	1000	-

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	464570117
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	JACOBA JULIANA LOUISA HERTOGHS
Position	Principal Manager
Date of birth	05/11/1953
Street	4 SNOEKGRACHT GRIMBERGEN
Post code	1850
Country	Belgium
Name	AMISHKUMAR SHAH
Position	Principal Manager
Street	165 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Name	HASMUKHAL RATILAL SONI
Position	Principal Manager
Street	10 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	ANKIT SHAN
Position	Principal Manager
Street	15 LAXMI ESTATE OLD NAGARDAS RD
Post code
Country	India

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.81

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.