MIRA INFORM REPORT

Report Date :

06.11.2012

IDENTIFICATION DETAILS

Name :	TOUCH STONE BVBA

Registered Office :	Schupstraat 9 Bus 9 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	07.09.2000

Com. Reg. No.:	472800467

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other precious stones

No. of Employees :	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 :	No Complaints
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Business number	472800467	Company name	TOUCH STONE BVBA
		Telephone number	032338119
Address	SCHUPSTRAAT 9 BUS 9 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	0
Date of establishment	07/09/2000

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2011		11,741	57,068
31/12/2010		8,898	48,344
31/12/2009		3,388	41,523

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2011	1,307,795	1,562	18,600	628,462	0
31/12/2010	1,237,975	1,562	18,600	114,775	0
31/12/2009	816,714	1,562	18,600	64,530	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	178.80	Industry average day sales outstanding	112.01
Day sales outstanding	-

Court data summary

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

Business number	472800467	Company name	TOUCH STONE BVBA
Fax number	-	Date founded	07/09/2000
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0472.800.467
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)

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	57,746,193	-
Total operating expenses	-	-	-	-	-	56,960,227	-
Operating result	13,393	16.95	11,452	78.92	6,401	289,680	-95.38
Total financial income	65	-42.98	114	893	11	173,085	-99
Total financial expenses	1,717	-35.65	2,668	-11.75	3,024	333,620	-99
Results on ordinary operations before taxation	11,741	31.96	8,898	162	3,388	111,955	-89.51
Taxation	3,016	45.25	2,076	119	944	39,010	-92.27
Results on ordinary operations after taxation	8,725	27.91	6,821	179	2,444	85,747	-89.82
Extraordinary items	0	-	0	-	0	7,706	-100
Other appropriations	-1	-	0.00	-	0.00	-	-
Net result	8,724	27.90	6,821	179	2,444	93,361	-90.66
OTHER INFORMATION
Dividends	-	-	-	-	-	137,001	-
Director remuneration	-	-	-	-	-	127,368	-
Employee costs	-	-	656	-	-	158,379	-
Wages and salary	-	-	-	-	-	134,285	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	33,244	-
Other employee costs	0	-100	656	-	0	4,494	-100
Amortization and depreciation	2,542	206	830	3.70	801	20,762	-87.76

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,893	-100
Tangible fixed assets	10,415	7.95	9,648	1265	707	200,958	-94.82
Land & building	-	-	-	-	-	374,065	-
Plant & machinery	2,969	1741	161	-67.00	488	27,556	-89.23
Other tangible assets	7,446	-21.51	9,487	4246	218	29,766	-74.98
Financial fixed assets	1,562	0.02	1,562	0	1,562	307,136	-99
Total fixed assets	11,977	6.85	11,209	394	2,268	410,381	-97.08
Inventories	465,640	-2.61	478,131	23.82	386,160	3,391,867	-86.27
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,434	-100
Finished goods	0	-	0	-	0	2,332,792	-100
Other stocks	465,640	-2.61	478,131	23.82	386,160	467,416	-0.38
Trade debtors	195,683	-68.94	630,034	75.02	359,974	4,303,794	-95.45
Cash	628,462	447	114,775	77.86	64,530	313,257	100
other amounts receivable	4,586	73.34	2,646	-16.80	3,180	406,919	-98.87
Miscellaneous current assets	1,447	22.53	1,181	96.16	602	39,955	-96.38
Total current assets	1,295,818	5.63	1,226,766	50.63	814,446	7,888,853	-83.57
CURRENT LIABILITIES
Trade creditors	984,859	5.87	930,268	71.61	542,093	2,855,886	-65.51
Short term group loans	-	-	-	-	-	-	-
Other short term loans	2,996	-13.04	3,445	-	0	2,381,342	-99
Miscellaneous current liabilities	262,872	3.93	252,922	8.50	233,098	-31.27	- -
Total current liabilities	1,250,727	5.40	1,186,636	53.08	775,192	5,498,054	-77.25
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	2,996	-	-	-	- -
Other long term liabilities	0	-	0	-	0	287,645	-100
Total long term debts	0	-100	2,996	-	0	906,565	-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	1,014,550	-98.17
Share premium account	-	-	-	-	-	173,859	-
Reserves	38,468	29.33	29,744	29.76	22,923	808,423	-95.24
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	57,068	18.05	48,344	16.43	41,523	1,847,340	-96.91
Working capital	45,091	12.36	40,130	2.23	39,254	2,390,799	-98.11
Net worth	57,068	18.05	48,344	16.43	41,523	1,845,447	-96.91

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-723,00	-
Return on capital employed	20.57	18.70	17.33	112	8.16	-14,00	146
Return on total assets employed	0.90	25.00	0.72	75.61	0.41	-33,00	2.73
Return on net assets employed	20.57	11.79	18.40	125	8.16	-22,00	93.50
Sales / net working capital	-	-	-	-	-	60,00	-
Stock turnover ratio	-	-	-	-	-	43,00	-
Debtor days	-	-	-	-	-	57.444,00	-
Creditor days	-	-	-	-	-	252,00	-
SHORT TERM STABILITY
Current ratio	1.04	0.97	1.03	-1.90	1.05	4,00	-93.88
Liquidity ratio / acid ratio	0.66	4.76	0.63	14.55	0.55	3,00	-78.00
Current debt ratio	21.92	-10.71	24.55	31.49	18.67	17,00	28.94
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	5.25	-60.59	13.32	-	-	274,00	-98.08
Equity in percentage	4.36	11.51	3.91	-23.03	5.08	-1.061,00	0.41
Total debt ratio	21.92	-10.93	24.61	31.82	18.67	18,00	21.78

Limit History

no limit history data found

Industry comparison

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	178.80
Industry average day sales outstanding	112.01

Industry quartile analysis

Payment expectations
Company result	-
Lower	129.48
Median	75.69
Upper	42.51

Day sales outstanding
Company result	-
Lower	109.67
Median	57.40
Upper	24.94

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

Protested bills

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

NSSO details

Business number	472800467
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	MANISH NAVNITLAL SHAH
Position	Principal Manager
Street	49 EUGENIO PACELLILAAN EDEGEM
Post code	2650
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.

- 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.54.08
UK Pound	1	Rs.86.69
Euro	1	Rs.69.37

INFORMATION DETAILS

Report Prepared by :

MNL

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.