MIRA INFORM REPORT

Report Date :

25.07.2013

IDENTIFICATION DETAILS

Name :	STONE CRÉATIONS BVBA
Registered Office :	Bredabaan 460-Appt.1002 2930 Brasschaat
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	09.08.2006
Com. Reg. No.:	882993176
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Manufacture of jewellery
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Moderate
Payment Behaviour :	Unknown
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

Company name	STONE CRÉATIONS BVBA
Address	BREDABAAN 460-Appt.1002
	2930 BRASSCHAAT
Number of staff	0
Date of establishment	09/08/2006
Telephone number	-
Fax number	-

DIRECTORS/MANAGEMENT

Current director details

Name	SHWETA MEHTA
Position	Principal Manager
Start Date	03/09/2012
Street	19 GABRIËLLELEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	SHWETA MEHTA
Position	Non Statutory Partner
Start Date	09/08/2006
Street	19 GABRIËLLELEI BRASSCHAAT
Post code	2930
Country	Belgium

Former director details

Name	MEHTA VARSHA SAILESH
Position	Principal Manager
Start Date	29/07/2010
End Date	31/12/2010
Street	19 GABRIËLLELEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	VARSHA SAILESH MEHTA
Position	Principal Manager
Start Date	03/09/2011
End Date	31/12/2011
Street	19 GABRIËLLELEI BRASSCHAAT
Post code	2930
Country	Belgium

NEGATIVE INFORMATION

\csukserver01002INT'L CREDIT REPORT2013.07.00servicescompany_searchcourt_data.aspx?CompanyNumber=882993176Court data summary

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

Business number	882993176	Company name	STONE CRÉATIONS BVBA
Fax number	-	Date founded	09/08/2006
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	32123	liable for VAT	yes
Activity description	Manufacture of jewellery	VAT Number	BE.0882.993.176
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

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	882993176
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

\csukserver01002INT'L CREDIT REPORT2013.07.00servicescompany_searchpayment_information.aspx?CompanyNumber=882993176Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	71.24	Industry average day sales outstanding	106.77
Day sales outstanding	-

Industry comparison

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

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	71.24
Industry average day sales outstanding	106.77

Industry quartile analysis

Payment expectations
Company result	-
Lower	133.78
Median	70.12
Upper	22.11

Day sales outstanding
Company result	-
Lower	110.49
Median	36.88
Upper	14.97

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

\csukserver01002INT'L CREDIT REPORT2013.07.00servicescompany_searchaccounts.aspx?CompanyNumber=882993176Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011		13,669	11,096	3,696
31/12/2010		14,126	2,027	1,439
31/12/2009		2,093	-6,129	-6,530

\csukserver01002INT'L CREDIT REPORT2013.07.00servicescompany_searchaccounts.aspx?CompanyNumber=882993176Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	966,374	0	6,200	9,203
31/12/2010	349,362	0	6,200	14,189
31/12/2009	86,227	0	6,200	2,227

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	-	-	-	-	-	589,234	-
Total operating expenses	-	-	-	-	-	584,744	-
Operating result	46,340	239	13,635	2369	552	30,041	54.26
Total financial income	-	-	9,218	437	1,715	4,655	-
Total financial expenses	32,672	274	8,726	4913	174	14,011	133
Results on ordinary operations before taxation	13,669	-3.24	14,126	574	2,093	20,208	-32.36
Taxation	4,600	6401	71	-	-	11,894	-61.33
Results on ordinary operations after taxation	9,069	-35.48	14,055	571	2,093	13,194	-31.27
Extraordinary items	0	-	0	-	0	261	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	9,069	-35.48	14,055	571	2,093	13,545	-33.05
other information
Dividends	-	-	-	-	-	48,734	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	164,546	-
Wages and salary	-	-	-	-	-	117,734	-
Employee pension costs	-	-	-	-	-	5,447	-
Social security contributions	-	-	-	-	-	42,466	-
Other employee costs	0	-	0	-	0	4,193	-100
Amortization and depreciation	134	0	134	0	134	22,766	-99

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	5,738	-100
Tangible fixed assets	134	-50.0	268	-33.33	401	127,061	-99
Land & building	-	-	-	-	-	188,903	-
Plant & machinery	-	-	-	-	-	38,371	-
Other tangible assets	134	-50.0	268	-33.33	401	28,698	-99
Financial fixed assets	7,266	2168	320	-	-	8,079	-10.07
Total fixed assets	7,400	1158	588	46.45	401	135,118	-94.52
Inventories	300,154	29.83	231,189	778	26,322	277,831	8.03
Raw materials & consumables	-	-	-	-	-	410,406	-
Work in progress	0	-	0	-	0	1,101	-100
Finished goods	0	-	0	-	0	6,459	-100
Other stocks	300,154	29.83	231,189	778	26,322	230,240	30.37
Trade debtors	521,415	404	103,256	112	48,591	105,249	395
Cash	95,339	1413	6,298	875	646	48,723	95.68
other amounts receivable	42,066	423	8,032	-21.77	10,267	25,451	65.28
Miscellaneous current assets	0	-	0	-	0	8,363	-100
Total current assets	958,974	174	348,774	306	85,825	426,030	125
current liabilities
Trade creditors	804,302	152	318,524	297	80,218	122,218	558
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-100	119	50,036	-100
Miscellaneous current liabilities	150,976	424	28,812	139	12,018	28.87	- -
Total current liabilities	955,278	175	347,335	276	92,355	282,353	238
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	14,673	-100
Total long term debts	0	-	0	-	0	130,348	-100
shareholders equity
Issued share capital	6,200	0	6,200	0	6,200	67,908	-90.87
Share premium account	-	-	-	-	-	0	-
Reserves	4,896	117	-4,173	33.85	-12,329	67,561	-92.75
Revaluation reserve	-	-	-	-	-	100,790	-
Total shareholders equity	11,096	447	2,027	33.07	-6,129	138,053	-91.96
Working capital	3,696	156	1,439	22.04	-6,530	143,677	-97.43
Cashflow	9,203	-35.14	14,189	537	2,227	34,414	-73.26
Net worth	11,096	447	2,027	33.07	-6,129	132,315	-91.61

Ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-18,00	-
Return on capital employed	123.19	-82.32	696.95	2040	-34.15	0,00	-
Return on total assets employed	1.41	-65.10	4.04	66.26	2.43	-5,00	28.20
Return on net assets employed	123.19	-82.32	696.95	2040	-34.15	-61,00	201
Sales / net working capital	-	-	-	-	-	1,00	-
Stock turnover ratio	-	-	-	-	-	83,00	-
Debtor days	-	-	-	-	-	55,00	-
Creditor days	-	-	-	-	-	-29,00	-
short term stability
Current ratio	1	0	1	7.53	0.93	6,00	-90.0
Liquidity ratio / acid ratio	0.69	102	0.34	-46.88	0.64	5,00	-86.20
Current debt ratio	86.10	-49.76	171.37	1137	-15.07	10,00	761
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-1.94	666,00	-
Equity in percentage	1.15	98.28	0.58	8.16	-7.11	-2,00	57.50
Total debt ratio	86.10	-49.76	171.37	1137	-15.07	13,00	562

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	30/06/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 01-07-2011: Herbenoemd als zaakvoerder: Mehta Shweta.

Companies that match this address

no Companies Match this address

NOTES & COMMENTS

Commentary

The business was established over 6 years ago.
No employees are recorded for this business.
The business has been at the address for over 16 months.
There has been no significant change in the business's credit limit.
The credit rating for this business has increased from 45 to 48.
Operating Result in the latest trading period increased 239% on the previous trading period.
Net Worth increased by 447% during the latest trading period.
A 176% growth in Total Assets occurred during the latest trading period.
The business saw an increase in their Cash Balance of 1413% 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.59.44
UK Pound	1	Rs.91.24
Euro	1	Rs.78.43

INFORMATION DETAILS

Report Prepared by :

SDA

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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