MIRA INFORM REPORT

Report Date :

23.09.2013

IDENTIFICATION DETAILS

Name :	AFRICA'S ANGEL BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	31.05.2007
Legal Form :	Private Limited Company (BL/LX)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	Not Available

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 :	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 – 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 and address

Business number	889952036
Company name	AFRICA'S ANGEL BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	31/05/2007
Telephone number	032255710
Fax number

Commentary

The business was established over 6 years ago.
The business has 1 employees.
The business has changed its registered name recently.
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.
Net Worth increased by 63% during the latest trading period.
A 59% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 22% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 78% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	11,768,295	35,657	61,292	61,292
31/12/2010		45,724	37,525	37,525
31/12/2009		-4,663	876	876

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	-	0	18,600	23,767
31/12/2010	-	0	18,600	36,649
31/12/2009	-	0	18,600	-4,663

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	155.65
Industry average payment expectation days	162.95	Industry average day sales outstanding	111.61
Day sales outstanding	118.71

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	889952036		Company name	AFRICA'S ANGEL BVBA
Fax number			Date founded	31/05/2007
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.0889.952.036
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2011
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	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

comparison mode

average

median

Export accounts to CSV file

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	11,768,295	-	-	-	-	49,462,630	-76.21
Total operating expenses	11,719,970	-	-	-	-	48,831,324	-76.00
Operating result	48,325	-16.51	57,880	1406	-4,114	234,332	-79.38
Total financial income	404	5259	8	-	-	152,978	-99
Total financial expenses	13,072	7.47	12,163	2114	549	290,218	-95.50
Results on ordinary operations before taxation	35,657	-22.02	45,724	980	-4,663	81,427	-56.21
Taxation	11,890	31.02	9,075	-	-	37,665	-68.43
Results on ordinary operations after taxation	23,767	-35.15	36,649	785	-4,663	56,256	-57.75
Extraordinary items	0	-	0	-	0	2,688	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	23,767	-35.15	36,649	785	-4,663	58,829	-59.60
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	-	-	-	-	-	128,223	-
Wages and salary	-	-	-	-	-	108,857	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,184	-
Other employee costs	0	-	0	-	0	3,598	-100
Amortization and depreciation	-	-	-	-	-	18,399	-
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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	1,454	-100
Tangible fixed assets	-	-	-	-	-	176,950	-
Land & building	-	-	-	-	-	343,073	-
Plant & machinery	-	-	-	-	-	21,764	-
Furniture & Vehicles	-	-	-	-	-	19,576 7,262	-
Leasing & Other Similar Rights	-	-	-	-	-	141,158 33,937	-
Other tangible assets	0	-	0	-	0	7,962	-100
Financial fixed assets	-	-	-	-	-	273,940	-
Total fixed assets	-	-	-	-	-	360,981	-
Inventories	1,166,034	21.89	956,624	-	-	3,136,985	-62.83
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,446	-100
Finished goods	1,166,034	-	0	-	0	2,035,350	-42.71
Other stocks	0	-100	956,624	-	0	539,353	-100
Trade debtors	3,827,497	106	1,857,066	213	591,921	3,923,935	-2.46
Cash	78,723	-78.31	362,908	99174	366	240,146	-67.22
other amounts receivable	10,501	290	2,691	141	1,114	244,363	-95.70
Miscellaneous current assets	795	-3.02	820	-	0	21,262	-96.26
Total current assets	5,083,550	59.85	3,180,109	435	593,400	7,034,102	-27.73
Total Assets	5,083,550	59.85	3,180,109	435	593,400	7,358,700 1,364,003	-30.92
current liabilities
Trade creditors	4,997,997	59.71	3,129,487	430	589,703	2,904,321	72.09
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	588	172	216	4,169,406 232,967	-
Current portion of long term debt	-	-	-	-	-	100,846 14,063	-
Amounts Payable for Taxes, Remuneration & Social Security	21,214	133	9,075	-	-	9,925 -	-57.93
Miscellaneous current liabilities	3,046	-11.28	3,433	31.75	2,606	-99	- -
Total current liabilities	5,022,258	59.81	3,142,584	430	592,524	5,028,896	-0.13
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	45,017 37,431	-
Provisions for Liabilities & Charges	0	-	0	-	0	8,864 0	-100
Other long term liabilities	0	-	0	-	0	133,020	-100
Total long term debts	0	-	0	-	0	595,636	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,016,581	-98.17
Share premium account	-	-	-	-	-	108,219	-
Reserves	42,692	125	18,925	106	-17,724	689,227	-93.81
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	61,292	63.34	37,525	4182	876	1,727,009	-96.45
Working capital	61,292	63.34	37,525	4182	876	2,005,206	-96.94
Cashflow	23,767	-35.15	36,649	785	-4,663	73,953	-67.86
Net worth	61,292	63.34	37,525	4182	876	1,725,556	-96.45
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ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.30	-	-	-	-	-738,00	0.04
Return on capital employed	58.18	-52.25	121.85	22.90	-532.19	-13,00	447
Return on total assets employed	0.70	-51.39	1.44	182	-0.79	-33,00	2.12
Return on net assets employed	58.18	-52.25	121.85	22.90	-532.19	-12,00	484
Sales / net working capital	192	-	-	-	-	66,00	-99
Stock turnover ratio	9.91	-	-	-	-	67,00	-85.21
Debtor days	118.71	-	-	-	-	57.551,00	-99
Creditor days	155.65	-	-	-	-	329,00	-52.69
short term stability
Current ratio	1.01	0	1.01	1.00	1	4,00	-94.06
Liquidity ratio / acid ratio	0.78	9.86	0.71	-29.00	1	3,00	-74.00
Current debt ratio	81.94	-2.16	83.75	-87.61	676.19	17,00	382
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	1.57	-93.62	24.60	264,00	-
Equity in percentage	1.21	2.54	1.18	686	0.15	-1.072,00	0.11
Total debt ratio	81.94	-2.16	83.75	-87.61	676.19	19,00	331

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	155.65
Day sales outstanding	118.71

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	155.65
Lower	127.62
Median	80.22
Upper	44.11
Day sales outstanding
Company result	118.71
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

Click the company to view / order a report.

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	889952036
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	YUVAL ASHKENAZI
Position	Principal Manager
Start Date	01/01/2011
Street	2 WAPENSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Former director details

Name	MICHAEL TOLEDO
Position	Principal Manager
Start Date	31/05/2007
End Date	22/01/2009
Street	44 CHARLOTTALEI ANTWERPEN
Post code	2018
Country	Belgium

Name	NOVEL COLLECTION BVBA
Position	Principal Manager
Start Date	22/01/2009
End Date	31/12/2010
Date of birth	21/03/2006
Street	2 HOVENIERSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	NOVEL COLLECTION BVBA
Position	Legal Representative
Start Date	22/01/2009
End Date	-
Date of birth	21/03/2006
Street	2 HOVENIERSSTRAAT 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.62.24
UK Pound	1	Rs.99.89
Euro	1	Rs.84.22

INFORMATION DETAILS

Report Prepared by :

PDT

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.