MIRA INFORM REPORT

Report Date :

12.04.2014

IDENTIFICATION DETAILS

Name :	RISING STONE BVBA

Registered Office :	Hoveniersstraat, 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	28.11.2000

Com. Reg. No.:	473409983

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 :

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 473409983

Company name RISING STONE BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 0

Date of establishment 28/11/2000

Telephone number 032946779

Commentary

The business was established over 13 years ago.

No employees are recorded for this business.

The business has been at the address for over 5 years.

Operating Result in the latest trading period increased 28% on the previous trading period.

Net Worth increased by 21% during the latest trading period.

A 122% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 26% compared to the previous trading period.

The business saw an increase in their Cash Balance of 131% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	14,339,956	30,696	116,845	111,297
31/12/2011		24,190	96,169	89,260
31/12/2010		27,709	77,329	75,725

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	5,188,056	0	19,000	22,680
31/12/2011	2,329,266	0	19,000	20,497
31/12/2010	2,614,069	0	19,000	19,441

Payment expectations
Past payments		Payment expectation days	110.17
Industry average payment	164.01	Industry average day sales	119.76
expectation days		outstanding
Day sales outstanding	55.93
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Profit & loss

Annual accounts	31-12-2012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	14,339,956	-	-	-	-	46,537,630	-69.19
Total operating expenses	14,307,068	-	-	-	-	46,145,645	-69.00
Operating result	32,888	28.49	25,595	-13.83	29,705	147,590	-77.72
Total financial income	7	-42.62	13	218	4	97,743	-99
Total financial expenses	2,200	55.14	1,418	-29.09	2,000	204,361	-98.92
Results on ordinary operations before taxation	30,696	26.89	24,190	-12.70	27,709	32,848	-6.55
Taxation	6,003	12.20	5,350	-38.58	8,711	20,918	-71.30
Results on ordinary operations after taxation	24,693	31.07	18,840	-0.83	18,998	18,016	37.06
Extraordinary items	-4,017	-	0	-	0	-4,395	91.39
Other appropriations	0.00	-	0	-	0.00	-	-
Net result	20,676	9.75	18,840	-0.83	18,998	13,640	51.59
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	-	-	-	-	-	125,948	-
Wages and salary	-	-	-	-	-	105,678	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,585	-
Other employee costs	0	-	0	-	0	4,360	-100
Amortization and depreciation	2,003	20.91	1,657	273	443	17,895	-88.80

balance sheet

Annual accounts	31-122012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,553	-100
Tangible fixed assets	5,548	19.70	6,909	330	1,604	185,189	97.00
Land & building	-	-	-	-	-	362,988	-
Plant & machinery	2,618	13.85	3,039	114	1,418	22,664	88.45
Furniture & Vehicles	2,930	24.29	3,870	1981	186	17,327 5,364	83.09
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	5,548	19.70	6,909	330	1,604	396,856	98.60
Inventories	2,696,966	136	1,139,339	270	307,266	3,093,934	12.83
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,399	-100
Finished goods	2,696,966	-	0	-	0	1,982,203	36.06
Other stocks	0	-100	1,139,339	270	307,266	571,885	-100
Trade debtors	2,197,295	108	1,055,215	26.97	1,444,809	4,167,122	47.27
Cash	276,597	131	119,312	86.09	857,799	226,208	22.28
other amounts receivable	3,152	-7.48	3,407	31.46	2,592	185,906	98.30
Miscellaneous current assets	8,498	67.15	5,084	-	0	18,028	52.86
Total current assets	5,182,508	123	2,322,357	11.10	2,612,465	7,215,183	28.17
Total Assets	5,188,056	122	2,329,266	10.90	2,614,069	7,579,247 1,446,080	31.55
CURRENT LIABILITIES
Trade creditors	4,318,192	209	1,396,539	15.42	1,651,228	3,040,360	42.03
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	4,261,350 189,666	-
Current portion of long term debt	-	-	-	-	-	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	6,246	18.29	7,644	45.07	5,269	9,709 -	81.61
Miscellaneous current liabilities	746,773	-9.91	828,914	-5.83	880,242	151	- -
Total current liabilities	5,071,211	127	2,233,097	11.97	2,536,740	5,342,128	-5.07
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
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	0	-	0	-	0	559,214	-100
SHAREHOLDERS EQUITY
Issued share capital	19,000	0	19,000	0	19,000	943,974	-
							97.99
Share premium account	-	-	-	-	-	109,362	-
Reserves	97,845	26.79	77,169	32.30	58,329	690,619	85.83
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	116,845	21.50	96,169	24.36	77,329	1,664,274	92.98
Working capital	111,297	24.69	89,260	17.87	75,725	1,873,055	94.06
Cashflow	22,680	10.65	20,497	5.43	19,441	28,425	20.21
Net worth	116,845	21.50	96,169	24.36	77,329	1,661,040	92.97

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.21	-	-	-	-	-25,00	0.84
Return on capital employed	26.27	4.45	25.15	-29.81	35.83	29,00	-9.41
Return on total assets employed	0.59	-43.27	1.04	-1.89	1.06	-201,00	0.29
Return on net assets employed	26.27	4.45	25.15	-29.81	35.83	19,00	38.26
Sales / net working capital	128.84	-	-	-	-	45,00	-99
Stock turnover ratio	18.81	-	-	-	-	111,00	-83.05
Debtor days	55.93	-	-	-	-	133,00	-57.95
Creditor days	110.17	-	-	-	-	122,00	-9.70
SHORT TERM STABILITY
Current ratio	1.02	-1.92	1.04	0.97	1.03	7,00	-88.67
Liquidity ratio / acid ratio	0.49	-7.55	0.53	-41.76	0.91	4,00	-87.75
Current debt ratio	43.40	86.91	23.22	-29.21	32.80	9,00	382
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	-	360,00	-
Equity in percentage	2.25	-45.52	4.13	39.53	2.96	-3.211,00	0.07
Total debt ratio	43.40	86.91	23.22	-29.21	32.80	10,00	334

Payment expectations
Payment expectation days	110.17
Day sales outstanding	55.93
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	110.17
Lower	134.34
Median	84.60
Upper	45.33

Day sales outstanding
Company result	55.93
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

NSSO details
Business number	473409983
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

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.60.27
UK Pound	1	Rs.101.10
Euro	1	Rs.83.74

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	473409983	Company name	RISING STONE BVBA
Fax number		Date founded	28/11/2000
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.0473.409.983
Belgian Bullettin of Acts Publications	moniteur belge