MIRA INFORM REPORT

Report Date :

20.09.2013

IDENTIFICATION DETAILS

Name :	FANCY JEWELS BVBA
Registered Office :	Hoveniersstraat 30-Bus 269, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	21.10.2004
Com. Reg. No.:	869779006
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 :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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

Company name & address

Business number	869779006
Company name	FANCY JEWELS BVBA
Address	HOVENIERSSTRAAT 30-bus 269
	2018 ANTWERPEN
Number of staff	0
Date of establishment	21/10/2004
Telephone number	032336742

Commentary

The business was established over 8 years ago.
No employees are recorded for this business.
The business has been at the address for over 3 years.
There has been no significant change in the business's credit rating.
There has been no significant change in the business's credit limit.
Operating Result in the latest trading period decreased 29% on the previous trading period.
Net Worth increased by 21% during the latest trading period.
Pre-tax profits decreased by 33% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 63% during the latest trading period.
Working Capital is a negative amount during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	13,446,095	15,898	63,655	-152,358
31/12/2011	11,444,913	23,879	52,451	-167,713
31/12/2010		17,501	34,706	-190,889

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	8,404,233	0	18,600	24,494
31/12/2011	7,847,769	0	18,600	29,850
31/12/2010	6,710,600	0	18,600	23,256

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	224.38
Industry average payment expectation days	162.95	Industry average day sales outstanding	111.61
Day sales outstanding	97.76

Court data summary

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

Business number	869779006	Company name	FANCY JEWELS BVBA
Fax number		Date founded	21/10/2004
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.0869.779.006
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-
Type of Contract	Full-Time		Part-Time	Total Fte
Unlimited Duration Contracts	-		-	-
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	-		-		-
Higher education (non university)	-		-		-
Higher education (university)	-		-		-
Working Category		Full-Time		Part-Time		Total Fte
Management		-		-		-
White collar worker		-		-		-
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	-	-		-

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	-

Joint Industrial Committee

(JIC)

Significant Events

Event Date	04/06/2009
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 30-07-2009: Eervol ontslag van Patel Mansukh vanaf 30/07/09 als zaakvoerder

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	13,446,095	17.49	11,444,913	-	-	35,448,161	-62.07
Total operating expenses	13,412,496	17.68	11,397,287	-	-	35,123,623	-61.81
Operating result	33,599	-29.45	47,625	41.62	33,629	128,235	-73.80
Total financial income	7,744	1080	656	-51.67	1,358	91,970	-91.58
Total financial expenses	25,445	4.27	24,403	39.56	17,486	163,136	-84.40
Results on ordinary operations before taxation	15,898	-33.42	23,879	36.44	17,501	48,153	-66.98
Taxation	4,694	-23.46	6,133	233	1,838	21,410	-78.07
Results on ordinary operations after taxation	11,203	-36.87	17,746	13.30	15,663	32,774	-65.82
Extraordinary items	0	-	0	-	0	-4,315	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	11,203	-36.87	17,746	13.30	15,663	28,470	-60.65
other information
Dividends	-	-	-	-	-	124,629	-
Director remuneration	90,464	-	-	-	-	116,635	-22.44
Employee costs	-	-	-	-	-	111,991	-
Wages and salary	-	-	-	-	-	97,059	-
Employee pension costs	-	-	-	-	-	1,353	-
Social security contributions	-	-	-	-	-	23,620	-
Other employee costs	0	-	0	-	0	3,229	-100
Amortization and depreciation	13,290	9.80	12,104	59.41	7,593	15,530	-14.42

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	1,396	-100
Tangible fixed assets	215,588	-2.08	220,165	-2.41	225,595	165,045	30.62
Land & building	178,691	-2.10	182,524	-2.06	186,358	340,366	-47.50
Plant & machinery	28,573	10.96	25,751	-13.83	29,883	20,281	40.89
Furniture & Vehicles	8,324	-29.99	11,890	27.11	9,354	15,723 5,038	-47.06
Leasing & Other Similar Rights	-	-	-	-	-	74,592 25,719	-
Other tangible assets	0	-	0	-	0	8,633	-100
Financial fixed assets	425	-	-	-	-	55,058	-99
Total fixed assets	216,013	-1.89	220,165	-2.41	225,595	193,651	11.55
Inventories	4,309,904	9.04	3,952,663	-4.42	4,135,398	2,240,714	92.35
Raw materials & consumables	-	-	-	-	-	6,681,978	-
Work in progress	0	-	0	-	0	3,014	-100
Finished goods	4,309,904	9.04	3,952,663	-	0	1,351,509	218
Other stocks	0	-	0	-100	4,135,398	491,244	-100
Trade debtors	3,601,294	5.50	3,413,640	54.38	2,211,200	3,410,448	5.60
Cash	78,580	-63.81	217,114	59.11	136,453	189,382	-58.51
other amounts receivable	182,627	517	29,580	9859	297	113,127	61.44
Miscellaneous current assets	15,814	8.27	14,607	781	1,658	15,208	3.99
Total current assets	8,188,219	7.35	7,627,604	17.62	6,485,005	5,622,166	45.64
Total Assets	8,404,233	7.09	7,847,769	16.95	6,710,600	5,800,3231,251,869	44.89
current liabilities
Trade creditors	8,245,324	7.05	7,701,972	16.28	6,623,829	2,472,968	233
Short term group loans	-	-	-	-	-	-	-
Financial debts	39,104	-34.31	59,528	192	20,371	3,232,510150,000	-98.79
Current portion of long term debt	-	-	-	-	-	97,295 13,918	-
Amounts Payable for Taxes, Remuneration & Social Security	32,109	241	9,407	-4.78	9,879	8,500 -	4.71
Miscellaneous current liabilities	24,040	-1.52	24,411	11.90	21,816	-91.54	- -
Total current liabilities	8,340,578	6.99	7,795,318	16.77	6,675,894	4,210,285	98.10
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	31,662 13,634	-
Provisions for Liabilities & Charges	0	-	0	-	0	1,686 0	-100
Other long term liabilities	0	-	0	-	0	115,548	-100
Total long term debts	0	-	0	-	0	471,038	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	653,255	-97.15
Share premium account	-	-	-	-	-	120,825	-
Reserves	45,055	33.10	33,851	110	16,106	430,890	-89.54
Revaluation reserve	-	-	-	-	-	847,347	-
Total shareholders equity	63,655	21.36	52,451	51.13	34,706	1,113,052	-94.28
Working capital	-152,358	90.84	-167,713	87.86	-190,889	1,411,880	-110
Cashflow	24,494	-17.94	29,850	28.35	23,256	41,320	-40.72
Net worth	63,655	21.36	52,451	51.13	34,706	1,110,243	-94.27

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.12	-42.86	0.21	-	-	-28,00	0.43
Return on capital employed	24.97	-45.16	45.53	-9.72	50.43	36,00	-30.64
Return on total assets employed	0.19	-36.67	0.30	15.38	0.26	-257,00	0.07
Return on net assets employed	24.97	-45.16	45.53	-9.72	50.43	17,00	46.88
Sales / net working capital	-88.25	-29.32	-68.24	-	-	52,00	-100
Stock turnover ratio	32.05	-7.21	34.54	-	-	132,00	-75.72
Debtor days	97.76	-10.20	108.87	-	-	138,00	-29.16
Creditor days	224.38	-9.03	246.66	-	-	116,00	93.43
short term stability
Current ratio	0.98	0	0.98	1.03	0.97	7,00	-87.75
Liquidity ratio / acid ratio	0.46	-2.13	0.47	34.29	0.35	4,00	-88.50
Current debt ratio	131.03	-11.84	148.62	-22.74	192.36	8,00	1537
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	61.43	-45.87	113.49	93.37	58.69	238,00	-74.19
Equity in percentage	0.76	13.43	0.67	28.85	0.52	-3.975,00	0.02
Total debt ratio	131.03	-11.84	148.62	-22.74	192.36	9,00	1355

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Suspension of payments

moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	224.38
Day sales outstanding	97.76

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	162.95
Industry average day sales outstanding	111.61

Industry quartile analysis

Payment expectations
Company result	224.38
Lower	127.62
Median	80.22
Upper	44.11
Day sales outstanding
Company result	97.76
Lower	111.41
Median	59.01
Upper	27.59

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	869779006
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	NILESH DESAI
Position	Principal Manager
Start Date	01/07/2010
Street	40 QUELLINSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	PARESH DHANJIBAL RAKHOLIYA
Position	Principal Manager
Start Date	03/08/2010
Street	31 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	CHANDULAL KORAT
Position	Principal Manager
Start Date	01/01/2012
Street	35 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	MANSUKHAL VALLABHDAS PATEL
Position	Principal Manager
Start Date	21/10/2004
End Date	30/07/2009
Date of birth	15/06/1958
Street	25 BELGIËLEI ANTWERPEN
Post code	2018
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.61.75
UK Pound	1	Rs.99.56
Euro	1	Rs.83.55

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.