MIRA INFORM REPORT

Report Date :

08.10.2013

IDENTIFICATION DETAILS

Name :	ROSY BLUE NV
Registered Office :	Hoveniersstraat 53, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	15.10.1973
Com. Reg. No.:	413178230
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	20

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

Company name & address

Business number	413178230
Company name	ROSY BLUE NV
Address	HOVENIERSSTRAAT 53
	2018 ANTWERPEN
Number of staff	20
Date of establishment	15/10/1973
Telephone number	032061600
Fax number	032061601

Ultimate holding company

Company name	Company Number
Rosy Blue Enterprises S.A.	B96232

Commentary

The business was established over 39 years ago.
The business has 20 employees.
The business is part of a group.
The business has been at the address for over 16 years.
Operating Result in the latest trading period increased 85% on the previous trading period.
The business saw a decrease in their Cash Balance of 37% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	1,394,587,107	4,966,125	22,005,643	123,952,107
31/12/2011	1,625,598,969	-3,775,408	21,416,659	138,490,079
31/12/2010	1,191,260,897	-3,261,713	20,440,777	131,417,519

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	313,467,615	20	22,179,925	1,548,862
31/12/2011	302,422,069	26	22,618,900	1,092,749
31/12/2010	229,355,658	26	21,901,908	1,423,720

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	14.84
Industry average payment expectation days	159.12	Industry average day sales outstanding	110.89
Day sales outstanding	31.30

Court data summary

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

Business number	413178230	Company name	ROSY BLUE NV
Fax number	032061601	Date founded	15/10/1973
Company status	active	Company type	Public Limited Liability Company (BE)
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.0413.178.230
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	20
Part-time Employees	3
Total Fte Employees	24
Number of hours worked
Full-time Employees	35,953
Part-time Employees	4,077
Total	40,030
Personnel Charges
Full-time Employees	1,101,656
Part-time Employees	111,928
Total	1,213,584
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	26
Actual working hours	41,694
Personnel Charges	1,321,540
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	20	3	22
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	12		1		13
Higher education (non university)	-		-		-
Higher education (university)	-		-		-
Women	Full-Time		Part-Time		Total Fte
Primary education	-		-		-
Secondairy education	8		2		10
Higher education (non university)	-		-		-
Higher education (university)	-		-		-
Working Category		Full-Time		Part-Time		Total Fte
Management		-		-		-
White collar worker		17		3		19
Blue collar worker		3		-		3
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	2	1		3
Leavers	6	1		7

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	3	3
Number of training hours	32	48
Net costs for enterprise	568	1,781
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	20 EMPLOYEES

Joint Industrial Committee

(JIC)

Significant Events

Event Date	24/05/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 24-05-2013: Herbenoemd als bestuurder voor een periode van zes jaar : Rajkumar Mehta.

comparison mode

average

median

Export accounts to CSV file

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	1,394,587,107	-14.21	1,625,598,969	36.46	1,191,260,897	34,340,815	3961
Total operating expenses	1,376,636,312	-14.81	1,615,924,691	36.63	1,182,690,007	34,029,008	3945
Operating result	17,950,795	85.55	9,674,278	12.87	8,570,890	124,562	14311
Total financial income	684,156	-70.10	2,288,167	74.18	1,313,651	94,924	620
Total financial expenses	13,668,826	-13.15	15,737,852	19.71	13,146,254	162,810	8295
Results on ordinary operations before taxation	4,966,125	131	-3,775,408	-15.75	-3,261,713	47,119	10439
Taxation	273,260	-	-	-	-28,593	21,264	1185
Results on ordinary operations after taxation	4,692,865	124	-3,775,408	-16.77	-3,233,120	31,975	14576
Extraordinary items	-3,719,392	-189	4,136,643	6.70	3,876,742	-4,142	-89697
Other appropriations	0	-	0	-	0	-	-
Net result	973,473	169	361,235	-43.87	643,622	27,843	3396
other information
Dividends	-	-	-	-	-	115,658	-
Director remuneration	-	-	-	-	-	116,635	-
Employee costs	1,213,584	-9.95	1,347,695	5.44	1,278,144	112,103	982
Wages and salary	888,621	-9.56	982,514	5.44	931,829	97,298	813
Employee pension costs	-	-	-	-	-	1,353	-
Social security contributions	273,605	-12.40	312,324	9.55	285,101	23,717	1053
Other employee costs	51,358	-2.84	52,857	-13.65	61,214	3,115	1548
Amortization and depreciation	575,389	-21.34	731,514	-6.23	780,098	15,263	3669

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	63,081	-	96,099	-	40,268	1,377	4481
Tangible fixed assets	5,588,930	-6.10	5,951,777	-1.27	6,028,386	163,655	3315
Land & building	1,754,247	-1.94	1,788,966	1.94	1,754,869	336,311	421
Plant & machinery	881,692	136	373,437	29.83	287,630	20,315	4240
Furniture & Vehicles	77,997	-84.09	490,280	12.50	435,812	15,7445,035	395
Leasing & Other Similar Rights	2,728,404	-13.37	3,149,602	-7.51	3,405,322	74,59225,719	3557
Other tangible assets	146,590	-1.94	149,492	3.27	144,753	8,783	1569
Financial fixed assets	364,465	-7.11	392,368	-3.67	407,320	55,423	557
Total fixed assets	6,016,476	-6.58	6,440,244	-0.55	6,475,973	191,685	3038
Inventories	-	-	-	-	-	2,222,907	-
Raw materials & consumables	-	-	-	-	-	7,494,338	-
Work in progress	0	-	0	-	0	2,896	-100
Finished goods	0	-	0	-	0	1,301,383	-100
Other stocks	0	-	0	-	0	510,373	-100
Trade debtors	119,581,235	86.88	63,987,998	-7.51	69,185,668	3,328,572	3492
Cash	15,374,351	-37.88	24,751,036	375	5,200,175	189,078	8031
other amounts receivable	157,090,583	-16.25	187,575,078	44.21	130,067,391	117,060	134096
Miscellaneous current assets	15,404,970	-21.67	19,667,713	6.74	18,426,451	14,813	103896
Total current assets	307,451,139	3.88	295,981,825	32.80	222,879,685	5,525,614	5464
Total Assets	313,467,615	3.65	302,422,069	31.86	229,355,658	5,701,3431,214,600	5398
current liabilities
Trade creditors	55,983,468	88.00	29,778,739	595	4,282,829	2,450,061	2184
Short term group loans	-	-	-	-	-	-	-
Financial debts	122,197,334	0.42	121,690,309	46.90	82,841,671	3,158,965147,688	3768
Current portion of long term debt	492,629	-0.24	493,805	6.63	463,102	118,84113,958	314
Amounts Payable for Taxes, Remuneration & Social Security	376,185	187	130,694	-4.81	137,293	8,500 -	1134
Miscellaneous current liabilities	4,449,416	-17.58	5,398,199	44.44	3,737,271	1474	- -
Total current liabilities	183,499,032	16.51	157,491,746	72.19	91,462,166	4,145,515	4326
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	102,400,528	-11.19	115,297,759	8.44	106,321,344	10931	- -
Deffered taxes	-	-	-	-	-	31,66213,634	-
Provisions for Liabilities & Charges	5,499,331	-32.27	8,119,806	-26.79	11,091,102	1,620 0	339364
Other long term liabilities	0	-	0	-100	1	117,904	-100
Total long term debts	107,899,859	-12.57	123,417,565	5.11	117,412,447	462,925	23208
shareholders equity
Issued share capital	22,179,925	-1.94	22,618,900	3.27	21,901,908	642,822	3350
Share premium account	-	-	-	-	-	120,825	-
Reserves	-111,201	10.05	-1,106,142	77.85	-1,420,863	416,708	-126
Revaluation reserve	-	-	-	-	-	847,347	-
Total shareholders equity	22,068,724	2.58	21,512,758	5.04	20,481,045	1,087,276	1929
Working capital	123,952,107	-10.50	138,490,079	5.38	131,417,519	1,380,099	8881
Cashflow	1,548,862	41.74	1,092,749	-23.25	1,423,720	40,426	3731
Net worth	22,005,643	2.75	21,416,659	4.77	20,440,777	1,084,574	1928

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.36	156	-0.23	85.19	-0.27	-27,00	1.33
Return on capital employed	3.82	146	-2.60	-9.70	-2.37	35,00	-89.09
Return on total assets employed	1.58	126	-1.25	88.03	-1.42	-247,00	0.64
Return on net assets employed	22.50	128	-17.55	-10.17	-15.93	17,00	32.35
Sales / net working capital	11.25	-4.17	11.74	29.58	9.06	49,00	-99
Stock turnover ratio	-	-	-	-	-	127,00	-
Debtor days	31.30	117	14.37	-32.22	21.20	137,00	-77.15
Creditor days	14.84	120	6.73	409	1.32	117,00	-87.32
short term stability
Current ratio	1.68	-10.64	1.88	-22.95	2.44	7,00	-79.00
Liquidity ratio / acid ratio	1.68	-10.64	1.88	-22.95	2.44	4,00	-58.00
Current debt ratio	8.31	13.52	7.32	63.76	4.47	8,00	3.88
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	1019.95	-7.61	1103.91	19.23	925.86	231,00	341
Equity in percentage	7.04	-1.12	7.12	-20.27	8.93	-3.822,00	0.18
Total debt ratio	13.20	1.07	13.06	28.04	10.20	9,00	46.67

Industry comparison

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	14.84
Day sales outstanding	31.30

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	159.12
Industry average day sales outstanding	110.89

Industry quartile analysis

Payment expectations
Company result	14.84
Lower	124.86
Median	79.76
Upper	44.10
Day sales outstanding
Company result	31.30
Lower	110.17
Median	58.46
Upper	27.59

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- ROSY BLUE ENTERPRISES S.A.	B96232	31-12-2011
- - ROSY BLUE NV	413178230	31-12-2012

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	%	Date of accounts
-	PETRA DIAMONDS	-	-
-	US DIAMONDS LTD	3.33	-

Protested bills

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

NSSO details

Business number	413178230
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	RAJKUMAR MEHTA
Position	Director
Start Date	10/07/2013
Date of birth	21/01/1971
Street	15 AHORNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	AMIT BHANUCHANDRA BHANSALI
Position	Director
Start Date	09/06/2010
Date of birth	09/12/1962
Street	11 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	AMIT BHANUCHANDRA BHANSALI
Position	Managing Director
Start Date	01/01/2009
Date of birth	09/12/1962
Street	11 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	RAJESH MEHTA
Position	Director
Start Date	09/06/2010

Former director details

Name	DILIP (DILIPKUMAR) RAMNIKLAL MEHTA
Position	Director
Start Date	09/06/2010
End Date	01/01/2012
Date of birth	13/11/1949
Street	50 KASTEELLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	DILIP (DILIPKUMAR) RAMNIKLAL MEHTA
Position	Managing Director
Start Date	09/06/2010
End Date	01/01/2012
Date of birth	13/11/1949
Street	50 KASTEELLEI BRASSCHAAT
Post code	2930
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.61.78
UK Pound	1	Rs.99.06
Euro	1	Rs.83.84

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.