MIRA INFORM REPORT

Report Date :

11.04.2014

IDENTIFICATION DETAILS

Name :	MISHAL NV

Registered Office :	Hoveniersstraat 2-B, 611, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	14.02.1989

Com. Reg. No.:	436734085

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesale of Diamonds and Other Precious Stones

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Belgium

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 summary

Business number 436734085

Company name MISHAL NV

Address HOVENIERSSTRAAT 2-B

611

2018 ANTWERPEN

Number of staff 5

Date of establishment 14/02/1989

Telephone number 032261217

Fax number 032261217

Commentary

The business was established over 25 years ago.

The business has 1 employees.

Number of employees in the latest trading period increased 150% on the previous trading period.

The business has been at the address for over 4 years.

Operating Result in the latest trading period increased 38% on the previous trading period.

A 56% growth in Total Assets occurred during the latest trading period.

Turnover in the latest trading period increased 26% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	268,115,580	332,978	10,461,160	25,941,836
31/12/2011	212,152,348	278,250	10,109,435	15,605,154
31/12/2010	185,217,582	260,853	9,831,809	15,337,199

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	101,499,333	5	8,623,500	370,994
31/12/2011	64,932,078	2	8,623,500	297,097
31/12/2010	53,045,569	1	8,623,500	282,771

Payment expectations

Past payments		Payment expectation days	39.48
Industry average payment expectation days	164.01	Industry average day sales outstanding	119.76
Day sales outstanding	98.87
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	4
Part-time Employees	-
Total Fte Employees	4

Number of hours worked
Full-time Employees	7,638
Part-time Employees	-
Total	7,638

Personnel Charges
Full-time Employees	132,864
Part-time Employees	-
Total	132,864
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	1
Actual working hours	2,044
Personnel Charges	43,938
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	5	-	5
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	2	-	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	2	-	2
Higher education (non university)	-	-	-
Higher education (university)	1	-	1

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	5	-	5
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	3	-	3
Leavers	-	-	-

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

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
Significant Events
Event Date	02/06/2012
Event Description	authority appointed
Event Details	Commentaar 02-06-2012: Opheffing van de volmachten van Kalpesh Patel.

Event Date	02/06/2012
Event Description
Event Details	Neerlegging van de notulen van de algemene vergadering van aandeelhouders houdende goekeuring van bepalingen die van toepassing zijn ingeval van een controlewijziging.

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	268,115,580	26.38	212,152,348	14.54	185,217,582	46,537,630	476
Total operating expenses	265,138,285	26.26	210,001,839	14.80	182,932,509	46,145,645	474
Operating result	2,977,296	38.45	2,150,509	-5.89	2,285,072	147,590	1917
Total financial income	291	16254	2	98.88	159	97,743	-99
Total financial expenses	2,644,609	41.25	1,872,261	-7.51	2,024,379	204,361	1194
Results on ordinary operations before taxation	332,978	19.67	278,250	6.67	260,853	32,848	913
Taxation	-1,500	-155	2,702	93.58	42,099	20,918	-107
Results on ordinary operations after taxation	334,478	21.39	275,548	25.96	218,754	18,016	1756
Extraordinary items	15,583	3671	413	90.91	4,545	-4,395	354
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	350,061	26.85	275,961	23.58	223,300	13,640	2466
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	78,600	-	-	-	-	114,302	31.23
Employee costs	132,864	202	43,938	33.46	66,037	125,948	5.49
Wages and salary	109,260	237	32,373	39.20	53,246	105,678	3.39
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	22,111	216	6,982	33.91	10,565	26,585	16.83
Other employee costs	1,493	-67.42	4,583	105	2,226	4,360	65.76
Amortization and depreciation	20,933	-0.96	21,136	64.46	59,472	17,895	16.97

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	4,994	-	6,658	-	8,323	1,553	221
Tangible fixed assets	886,324	29.38	1,255,042	-0.98	1,267,416	185,189	378
Land & building	847,951	31.16	1,231,814	0	1,231,814	362,988	133
Plant & machinery	12,545	21.54	15,989	47.69	30,569	22,664	44.65
Furniture & Vehicles	25,828	256	7,238	43.80	5,034	17,327 5,364	49.06
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,634	-100
Financial fixed assets	-	-	-	-	-	307,703	-
Total fixed assets	891,318	29.36	1,261,700	-1.10	1,275,739	396,856	124
Inventories	27,313,618	137	11,504,310	92.54	5,974,951	3,093,934	782
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,399	-100
Finished goods	27,313,618	137	11,504,310	92.54	5,974,951	1,982,203	1277
Other stocks	0	-	0	-	0	571,885	-100
Trade debtors	72,623,152	41.36	51,376,188	14.98	44,681,464	4,167,122	1642
Cash	647,607	16.08	771,707	29.82	1,099,665	226,208	186
other amounts receivable	10,392	33.85	7,764	65.86	4,681	185,906	94.41
Miscellaneous current assets	13,245	27.25	10,409	14.77	9,070	18,028	26.53
Total current assets	100,608,014	58.01	63,670,378	22.99	51,769,830	7,215,183	1294
Total Assets	101,499,333	56.32	64,932,078	22.41	53,045,569	7,579,247 1,446,080	1239
CURRENT LIABILITIES
Trade creditors	28,679,790	103	14,064,456	87.48	7,501,816	3,040,360	843
Short term group loans	-	-	-	-	-	-	-
Financial debts	45,170,633	38.01	32,729,843	16.57	28,076,942	4,261,350 189,666	960
Current portion of long term debt	-	-	32,540	-4.25	33,985	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	26,341	399	5,271	80.10	26,488	9,709 -	22.43
Miscellaneous current liabilities	789,414	35.98	1,233,114	55.42	793,401	165	- -
Total current liabilities	74,666,178	55.34	48,065,224	31.93	36,432,631	5,342,128	1297
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	16,367,000	142	6,750,760	-0.33	6,772,806	1387	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,184 0	-100
Other long term liabilities	0	-	0	-	0	128,672	-100
Total long term debts	16,367,000	142	6,750,760	-0.33	6,772,806	559,214	2826
SHAREHOLDERS EQUITY
Issued share capital	8,623,500	0	8,623,500	0	8,623,500	943,974	813
Share premium account	-	-	-	-	-	109,362	-
Reserves	1,842,654	23.45	1,492,593	22.68	1,216,632	690,619	166
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	10,466,154	3.46	10,116,093	2.80	9,840,132	1,664,274	528
Working capital	25,941,836	66.24	15,605,154	1.75	15,337,199	1,873,055	1285
Cashflow	370,994	24.87	297,097	5.07	282,771	28,425	1205
Net worth	10,461,160	3.48	10,109,435	2.82	9,831,809	1,661,040	529

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	-7.69	0.13	-7.14	0.14	-25,00	0.48
Return on capital employed	1.24	-24.85	1.65	5.10	1.57	29,00	-95.72
Return on total assets employed	0.33	-23.26	0.43	-12.24	0.49	-201,00	0.16
Return on net assets employed	3.18	15.64	2.75	3.77	2.65	19,00	-83.26
Sales / net working capital	10.34	-23.97	13.60	12.58	12.08	45,00	-99
Stock turnover ratio	10.19	88.01	5.42	67.80	3.23	111,00	-90.82
Debtor days	98.87	11.86	88.39	0.39	88.05	133,00	-25.66
Creditor days	39.48	61.47	24.45	63.33	14.97	122,00	-67.64
SHORT TERM STABILITY
Current ratio	1.35	2.27	1.32	-7.04	1.42	7,00	-85.00
Liquidity ratio / acid ratio	0.98	-10.09	1.09	-13.49	1.26	4,00	-75.50
Current debt ratio	7.13	50.11	4.75	28.38	3.70	9,00	-20.78
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	587.97	50.53	390.60	10.18	354.50	360,00	63.32
Equity in percentage	10.31	-33.83	15.58	-16.01	18.55	-3.211,00	0.32
Total debt ratio	8.70	60.52	5.42	23.46	4.39	10,00	-13.00

Payment expectations
Payment expectation days	39.48
Day sales outstanding	98.87
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.01
Industry average day sales outstanding	119.76
Industry quartile analysis
Payment expectations
Company result	39.48
Lower	134.34
Median	84.60
Upper	45.33

Day sales outstanding
Company result	98.87
Lower	112.48
Median	58.56
Upper	28.09

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

NSSO details
Business number	436734085
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

Director details

Current director details

Name	RAMESH PATEL
Position	Chairman of the Board
Start Date	29/09/1997
Date of birth	29/03/1969
Street	9 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	RAMESH PATEL
Position	Director
Start Date	29/09/1997
Date of birth	29/03/1969
Street	9 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	RAMESH PATEL
Position	Managing Director
Start Date	05/08/2010
Date of birth	29/03/1969
Street	9 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	SAROJ RAMESH PATEL
Position	Director
Start Date	05/08/2010
Street	9 BERKENLAAN ANTWERPEN
Post code	2610
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.60.21
UK Pound	1	Rs.101.05
Euro	1	Rs.83.33

INFORMATION DETAILS

Analysis Done by :	SUB

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

Business number	436734085	Company name	MISHAL NV
Fax number	032261217	Date founded	14/02/1989
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.0436.734.085
Belgian Bullettin of Acts Publications	moniteur belge