MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	BLOOMING STAR BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	14.10.1991
Com. Reg. No.:	445451516
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

Ba

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Belgium	A1	A1

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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	445451516
Company name	BLOOMING STAR BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	1
Date of establishment	14/10/1991
Telephone number	032268014
Fax number	032268014

DIRECTORS/MANAGEMENT

Current director details

Name	MANOJ KUMAR RASIKLAL MEHTA
Position	Principal Manager
Start Date	07/11/2009
Street	70 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

Name	SAMIR JOGANI
Position	Principal Manager
Start Date	01/04/2010
Street	122 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium

Name	MAYANK MEHTA
Position	Principal Manager
Start Date	10/05/2013

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	445451516	Company name	BLOOMING STAR BVBA
Fax number	032268014	Date founded	14/10/1991
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0445.451.516
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Protested bills

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

NSSO details

Business number	445451516
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	32.71
Industry average payment expectation days	165.54	Industry average day sales outstanding	116.45
Day sales outstanding	95.01

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	32.71
Day sales outstanding	95.01

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	165.54
Industry average day sales outstanding	116.45

Industry quartile analysis

Payment expectations
Company result	32.71
Lower	134.36
Median	84.93
Upper	44.93

Day sales outstanding
Company result	95.01
Lower	112.73
Median	59.01
Upper	28.58

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	19,587,135	-38,929	1,087,062	1,756,829
31/12/2011	21,605,546	74,684	1,054,328	1,422,757
31/12/2010	17,764,205	47,602	999,831	976,520

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	6,355,750	0	428,134	41,152
31/12/2011	6,247,640	0	428,134	62,344
31/12/2010	3,803,641	0	428,134	40,650

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	19,587,135	-9.34	21,605,546	21.62	17,764,205	46,354,280	-57.74
Total operating expenses	19,477,639	-9.02	21,408,410	21.57	17,610,353	45,960,199	-57.62
Operating result	109,496	-44.46	197,136	28.13	153,852	149,299	-26.66
Total financial income	2,335	297	587	-54.83	1,299	98,474	-97.63
Total financial expenses	150,759	22.53	123,039	14.40	107,550	206,049	-26.83
Results on ordinary operations before taxation	-38,929	-152	74,684	56.89	47,602	33,073	-217
Taxation	8,872	-56.05	20,187	40.05	14,414	20,878	-57.51
Results on ordinary operations after taxation	-47,801	-187	54,497	64.21	33,187	18,219	-362
Extraordinary items	80,535	-	0	-	0	-4,731	1702
Other appropriations	0	-	0.00	-	0.00	-	-
Net result	32,734	-39.93	54,497	64.21	33,187	13,505	142
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	49,031	-	-	-	-	112,756	-56.52
Employee costs	31,239	-11.46	35,281	110	16,734	128,209	-75.63
Wages and salary	24,858	-18.96	30,674	112	14,412	106,943	-76.76
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	5,415	37.26	3,945	130	1,708	26,960	-79.91
Other employee costs	966	45.84	662	7.93	614	4,447	-78.28
Amortization and depreciation	8,418	7.27	7,847	5.15	7,463	17,659	-52.33

Balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,599	-100
Tangible fixed assets	10,068	-35.90	15,706	-26.89	21,484	183,469	-94.51
Land & building	-	-	-	-	-	357,447	-
Plant & machinery	8,494	7.93	7,870	-1.08	7,956	22,553	-62.34
Furniture & Vehicles	1,573	-79.93	7,836	-42.07	13,527	17,380 5,418	-90.95
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	1	-	0	-	0	7,857	-99
Financial fixed assets	2,294	0.02	2,294	0	2,294	294,591	-99
Total fixed assets	12,361	-31.33	17,999	-24.30	23,777	385,406	-96.79
Inventories	952,193	-9.53	1,052,535	-23.44	1,374,696	3,084,234	-69.13
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,474	-100
Finished goods	952,193	-9.53	1,052,535	-23.44	1,374,696	1,969,752	-51.66
Other stocks	0	-	0	-	0	575,356	-100
Trade debtors	5,098,722	7.79	4,730,243	139	1,973,186	4,156,596	22.67
Cash	241,578	-41.12	410,308	-3.94	427,145	222,496	8.58
other amounts receivable	39,053	16.59	33,495	5626	585	184,388	-78.82
Miscellaneous current assets	11,843	287	3,060	-28.03	4,252	17,970	-34.10
Total current assets	6,343,389	1.83	6,229,641	64.81	3,779,864	7,192,452	-11.80
Total Assets	6,355,750	1.73	6,247,640	64.25	3,803,641	7,546,608 1,454,122	-15.78
current liabilities
Trade creditors	1,745,460	-28.75	2,449,812	49.96	1,633,615	3,016,229	-42.13
Short term group loans	-	-	-	-	-	-	-
Financial debts	2,775,024	19.68	2,318,608	106	1,122,605	4,237,715 193,728	-34.52
Current portion of long term debt	-	-	467	-91.40	5,426	107,545 15,189	-
Amounts Payable for Taxes, Remuneration & Social Security	30,595	6.37	28,763	254	8,106	9,398 -	-9.96
Miscellaneous current liabilities	35,481	284	9,233	-72.51	33,591	-88.26	- -
Total current liabilities	4,586,560	-4.58	4,806,884	71.47	2,803,344	5,323,948	-13.85
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	682,128	76.52	386,429	82694	467	-38.73	- -
Deffered taxes	-	-	-	-	-	35,141 24,730	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,211 0	-100
Other long term liabilities	0	-	0	-	0	129,944	-100
Total long term debts	682,128	76.52	386,429	82694	467	567,386	20.22
shareholders equity
Issued share capital	428,134	0.00	428,134	0	428,134	911,754	-53.04
Share premium account	-	-	-	-	-	109,362	-
Reserves	658,928	5.23	626,194	9.53	571,697	699,073	-5.74
Revaluation reserve	-	-	-	-	-	968,672	-
Total shareholders equity	1,087,062	3.10	1,054,328	5.45	999,831	1,641,262	-33.77
Working capital	1,756,829	23.48	1,422,757	45.70	976,520	1,868,504	-5.98
Cashflow	41,152	-33.99	62,344	53.37	40,650	28,055	46.68
Net worth	1,087,062	3.10	1,054,328	5.45	999,831	1,637,953	-33.63

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-0.20	-157	0.35	29.63	0.27	-26,00	0.77
Return on capital employed	-2.20	-142	5.18	8.82	4.76	31,00	-107
Return on total assets employed	-0.61	-150	1.20	-4.00	1.25	-212,00	0.29
Return on net assets employed	-3.58	-150	7.08	48.74	4.76	20,00	-117
Sales / net working capital	11.15	-26.60	15.19	-16.49	18.19	45,00	-99
Stock turnover ratio	4.86	-0.21	4.87	-37.08	7.74	113,00	-95.70
Debtor days	95.01	18.90	79.91	97.11	40.54	134,00	-29.10
Creditor days	32.71	-21.69	41.77	23.36	33.86	123,00	-73.41
short term stability
Current ratio	1.38	6.15	1.30	-3.70	1.35	7,00	-84.67
Liquidity ratio / acid ratio	1.18	9.26	1.08	25.58	0.86	4,00	-70.50
Current debt ratio	4.22	-7.46	4.56	62.86	2.80	9,00	-53.11
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	318.03	23.94	256.61	127	112.87	371,00	-14.28
Equity in percentage	17.10	1.30	16.88	-35.79	26.29	-3.312,00	0.52
Total debt ratio	4.85	-1.62	4.93	76.07	2.80	11,00	-55.91

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	-
Part-time Employees	2
Total Fte Employees	1
Number of hours worked
Full-time Employees	-
Part-time Employees	1,648
Total	1,648
Personnel Charges
Full-time Employees	-
Part-time Employees	31,239
Total	31,239
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,807
Personnel Charges	35,281
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	1	0
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	-	1	0
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

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

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	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

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

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Significant Events

Event Date	29/01/2013
Event Description
Event Details	Wijziging van het maatschappelijk doel.

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453740165	I.C.O. CHANGE BVBA	-	-	-
453786289	RARE GEMS BVBA	92	740000	31/12/2012
453928425	MIDAGEM BVBA	92	240000	31/12/2012
454010379	INTERDIAM BVBA	31	0	30/06/2012
454587926	SAPFIR DIAMOND MANUFACTURING NV	39	0	31/12/2012
454764605	CHATILA DIAMONDS BVBA	-	-	31/12/2000
455919004	EXPRESS ARRIVAL SERVICE (BELGIUM) IN VEREFFENING N	-	-	-
456608296	LOTUS GEMS BVBA	79	280000	31/12/2012
458250566	GENERAL TRADING DIAMOND COMPANY BVBA	83	21000	31/12/2012
458259771	D-GOLDI BVBA	91	1250000	31/12/2012
458427938	DIAROUGH EUROPEAN SALES NV	91	1300000	31/12/2012
458428037	KIRAN EXPORTS BVBA	97	7700000	31/03/2012
458912245	B.S. GEMS BVBA	64	235000	31/12/2012
459037058	BRIGHT STAR BELGIUM BVBA	-	-	-
459870763	ABHIDIMON BVBA	96	1450000	31/12/2012
459929854	ANKUR DIAMONDS NV	82	1550000	31/12/2012
460264802	A.C. DIAM BVBA	97	4850000	31/03/2013
460312411	SHINE STAR IN VEREFFENING BVBA	-	-	31/12/1999
460581041	PRIYANKA GEMS BVBA	87	380000	30/06/2012
460857886	S.V. GEMS NV	97	4000000	31/12/2012
461114442	SRB DIAM P/A BTW CLÚ 7 BVBA	-	-	31/12/2009
461522238	M.S.D. NV	88	480000	31/12/2012
461869854	GLORIOUS GEMS BVBA	99	5900000	31/12/2012
461938447	GLOBAL INTERNATIONAL DIAMONDS BVBA	-	-	31/12/2000
462514212	MARJAN DIAMONDS NV	95	445000	31/12/2012
462514806	SUPER DIAM BVBA	88	1200000	31/12/2012
462624672	AYMAN UNIVERSAL DIAMONDS IN VEREFFENING NV	-	-	31/12/1998
462799074	BELGIAN GEMS TRADING CO. IN VEREFFENING NV	-	-	31/12/2009
462951108	JEWEL IMPEX BVBA	75	315000	31/12/2012
463100863	DOMINION DIAMOND MARKETING NV	97	1100000	30/06/2012
463527960	A.K. INTERNATIONAL BVBA	67	38000	31/12/2012
464235367	BELGIUM INVESTMENTS IN VEREFFENING NV	-	-	31/05/2006
464577540	DOMINION DIAMOND INTERNATIONAL NV	88	750000	31/01/2013
465648993	DANYDIAM BVBA	81	110000	31/12/2012
465976320	POCL IN VEREFFENING BVBA	-	-	31/05/2006
466186948	MI AMOR IN VEREFFENING NV	-	-	31/03/2013
466361647	BHP TRANSPORT BELGIUM IN VEREFFENING NV	-	-	05/06/2003
466604246	D.A.JHAVERI BVBA	96	2200000	31/03/2013
466974628	WORLD-WIDE TRADE COMPANY BVBA	0	0	31/12/2011
467061235	DAVIDONA DIAMONDS BVBA	-	-	-
472014470	PASMI DIMON BVBA	-	-	31/12/2008
472528471	HSK BVBA	83	215000	31/12/2012
472531045	FIRST E DIAMOND IN VEREFFENING NV	-	-	31/12/2001
472800368	MIKISA GEMS BVBA	86	335000	31/12/2012
473072463	ANTWERP DIAMOND HOUSE II NV	-	-	30/11/2012
473753542	UNIGLO BVBA	94	870000	31/12/2012
475439956	SANGHAVI JEWELS BVBA	71	94000	31/12/2012
476926333	SANKALP DIAM BVBA	71	160000	31/12/2012
477670263	SUNSTAR BVBA	39	0	31/12/2012
477689960	DHARM DIAM BVBA	93	12600000	31/12/2012
478160609	DIVINE GEMS BVBA	78	260000	31/12/2012
478360547	ALISAR GEMS BVBA	83	325000	31/12/2012
478554943	CHINTAN GEMS BVBA	87	2050000	30/06/2012
478820209	MUNIC JEWELS BVBA	43	0	31/12/2012
479109724	NSOULI NV	50	0	31/12/2011
479419728	NOUR DIAM NV	-	-	31/12/2011
479511679	ENVY EBVBA	66	91000	31/12/2012
480759516	ELÉGANCE JEWELLERY BVBA	50	0	31/12/2012
500868210	T.W.W. BVBA	30	0	-
501560670	MI AMOR JEWELS BVBA	62	9000	31/03/2013
501770310	CRAFT DIAMONDS BVBA	29	0	-
502598669	ARSLANIAN GROUP NV	27	0	-
506334951	SEMERCIYAN KIRKOR	-	-	-
506494111	KHALIL NABIL	-	-	-
506500940	JOGANI ARUN JAYANTILAL	-	-	-
506514105	TENENBAUM EFRAÏM	-	-	-
506525684	BIBRING KARNI	-	-	-
509922070	CUYPERS CHRISTEL	-	-	-
806224804	MIRACLE BVBA	44	0	31/12/2012
806632994	MOXDIAM BVBA	65	22000	31/12/2012
811814873	CRAFTED BY INFINITY BVBA	0	0	31/12/2012
819313468	GREEN SOLAR BVBA	-	-	31/03/2012
819437885	FIRE STONE BVBA	51	0	31/12/2012
822903854	MUNIC SOURCING NV	82	270000	31/12/2012
825193351	CONCEPT DIAMONDS BVBA	69	185000	31/12/2012
826601039	SV JEWELS BVBA	52	0	31/12/2012
828631903	KALP DIAMONDS BVBA	72	235000	31/12/2012
830516968	ARJUDIAM BVBA	50	0	31/12/2012
830908730	ARKOT DIAMONDS BVBA	69	995000	31/12/2012
831314645	GITANJALI RESOURCES BVBA	68	1150000	31/03/2013
834566125	SHANKAR (EUROPE) BVBA	59	0	31/03/2012
838169278	FORTUNE JEWEL BVBA	55	0	31/12/2012
840118483	ZAIDAN GEMS BVBA	52	0	31/12/2012
840333665	ZURI STAR BVBA	52	0	31/12/2012
840926355	DB EUROPEAN SALES BVBA	57	0	31/12/2012
843673831	KP SANGHVI EUROPE BVBA	64	260000	31/03/2013
845843067	HELICS GEMB BVBA	55	0	31/12/2012
846750414	BHAVANI EUROPE BVBA	60	365000	31/03/2013
847737537	TIARA GEMS BVBA	84	3000	-
848641914	DIANINE STAR BVBA	28	0	-
851316738	V.M.E. HOVENIERSSTRAAT 30 PRF-INTRPRF VEN.	90	3000	-
860708021	BEL-AR DIAMONDS BVBA	8	0	31/12/2012
860718810	PROTEA GEM DIAMONDS JEWELRY BVBA	23	0	31/12/2011
860742960	KARMA INVEST BVBA	5	0	31/12/2012
861159268	LUCKY DIAMONDS BVBA	77	20500	31/12/2012
861938733	JEWEL GOLDI BVBA	63	145000	31/12/2012
861953579	BLUE ICE BVBA	77	175000	31/12/2012
862455308	JEWELS ERA BVBA	88	1050000	31/12/2012
862908139	K.P.SANGHVI ( BELGIUM) IN VEREFFENING BVBA	-	-	31/12/2010
863210621	CIEMME IN VEREFFENING BVBA	-	-	31/03/2011
863211710	VEERA DIMON BVBA	46	0	31/12/2012
863637619	DIAMBEL JEWELLERY BVBA	41	0	31/12/2012
863930597	DERCO MANUFACTURING BVBA	-	-	31/12/2006
864822702	AMAZING DIAMONDS BVBA	49	0	31/12/2012
864940387	R.D. DIAMONDS IN VEREFFENING BVBA	-	-	31/12/2010
865620278	VEEDIAM BVBA	99	3050000	31/12/2012
865979673	A.C. JEWELS BVBA	-	-	31/03/2011
866079247	AARYAA DIMON BVBA	80	270000	31/12/2012
866324717	PARV BVBA	79	380000	31/12/2012
866380838	REGAL INVESTMENTS II NV	51	0	31/12/2012
867397160	VENUS JEWEL (BELGIUM) BVBA	-	-	31/12/2009
867624220	ENCHANTE FINE JEWELRY BELGIUM BVBA	32	0	31/12/2012
869689726	VME GEB ANTWERPEN HOVENIERSSTRAAT 30-38 VME	72	1500	-
870281030	DIVINE JEWELLERY BVBA	20	0	31/12/2012
870589054	SNP CREATIONS IN VEREFFENING BVBA	-	-	31/12/2009
873165789	NISHANT GEMS BVBA	56	0	31/12/2012
873539438	LUKHI DIAM BVBA	70	860000	31/12/2012
874131435	INDIGO JEWELLERY (BELGIUM) BVBA	34	0	31/12/2012
874376410	ALIZA IN VEREFFENING BVBA	-	-	30/06/2008
875091042	SHINING STAR BVBA	12	0	31/12/2012
876095189	V3-GEMS BVBA	71	240000	31/12/2012
877266911	EGON JEWELLERY S.A.	76	1500	-
877296209	VICTOR DIAMONDS BVBA	82	185000	31/12/2012
877548112	DIAMOND MINES BVBA	-	-	31/12/2010
877774873	BELLATAIRE BVBA	53	0	31/05/2012
878308769	DE TOLEDO DIAMONDS INTERNATIONAL BVBA	69	47000	31/12/2012
881342790	SHESHIL DIAM BVBA	9	0	31/12/2012
882360005	ALLURE DIAM BVBA	85	1500000	31/12/2012
883800751	FIBERIC BVBA	50	0	31/12/2012
883901612	V.R. DIAMONDS BVBA	50	0	31/12/2012
884052951	SAMDIMON JEWELLERY BVBA	22	0	31/12/2012
885272379	KALPATARU BVBA	77	205000	31/12/2012
885506268	G. DIAM BVBA	95	2150000	31/12/2012
886659281	SHOWBIZZ DIAMONDS P/A BTW CLÚ 7 BVBA	-	-	-
887954529	SUN & MONO GEMS BVBA	54	0	31/12/2012
888557810	RIWAGEM BVBA	64	1000	31/12/2012
889635005	BHANSALI DIAMONDS N.V. NV	59	0	31/12/2012
889952036	AFRICA'S ANGEL BVBA	58	0	31/12/2012
890927281	HED DIAMONDS BVBA	-	-	31/12/2010
891051896	STONEWORKS (ANTWERP) P/A BTW-KAN BVBA	-	-	30/06/2009
891939645	BHP BILLITON PETROLEUM LTD	86	3000	-
892650220	LOKKA SUITES BVBA	22	0	31/12/2012
894561714	SHANE CREATIONS BVBA	-	-	31/12/2011
894781943	H.V.DIAM BVBA	72	1300000	31/12/2012
895820536	DIASQUA EUROPE BVBA	66	275000	31/12/2012
896638009	BHP MINERALS EUROPE LTD	-980	0	-
898750134	NAMGEM TRADING BVBA	45	0	31/05/2012
899849105	S.V. DIAM IN VEREFFENING BVBA	-	-	-
899851479	S. VINODKUMAR (EUROPE) SALES BVBA	72	580000	31/12/2012

NOTES & COMMENTS

Commentary

The business was established over 22 years ago.
The business has 1 employees.
The business has been at the address for over 10 months.
The business has changed address 1 times in the last year.
Operating Result in the latest trading period decreased 44% on the previous trading period.
Pre-tax profits decreased by 152% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 41% during the latest trading period.

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.61.96
UK Pound	1	Rs.101.14
Euro	1	Rs.85.33

INFORMATION DETAILS

Report Prepared by :

NNA

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%)

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