MIRA INFORM REPORT

Report Date :

17.04.2014

IDENTIFICATION DETAILS

Name :	ROCK'N STONES BVBA

Registered Office :	Hoveniersstraat 2 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	05.01.2011

Com. Reg. No.:	833032040

Legal Form :	Private Limited Company

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employees	01

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 name and address

Business number 833032040

Company name ROCK'N STONES BVBA

Address HOVENIERSSTRAAT

2 2018 ANTWERPEN

Number of staff 1

Date of establishment 05/01/2011

Telephone number 032252850

Commentary

The business was established over 3 years ago.
The business has 1 employees.
The business has been at the address for over 3 years.
Operating Result in the latest trading period decreased 64% on the previous trading period.
Pre-tax profits decreased by 72% compared to the previous trading period.
The business saw an increase in their Cash Balance of 146% during the latest trading period.
Working Capital is a negative amount during the latest trading period.
Turnover in the latest trading period decreased 25% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	12,747,824	11,216	36,705	-120,200
31/12/2011	17,076,738	41,511	32,181	-131,833
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	4,005,159	1	7,214	18,960
31/12/2011	5,022,042	0	7,214	31,016

Payment expectations

Payment expectations
Past payments		Payment expectation days	111.41
Industry average payment	164.18	Industry average day sales	119.92
expectation days		outstanding
Day sales outstanding	43
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	1
Part-time Employees	-
Total Fte Employees	1

Number of hours worked
Full-time Employees	1,178
Part-time Employees	-
Total	1,178

Personnel Charges
Full-time Employees	22,477
Part-time Employees	-
Total	22,477
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	1	-	1
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	1	-	1
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	-	1
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	1	-	1
Leavers	-	-	-

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011			Industry average	%
Weeks	52		51		-
Currency	EUR		EUR		-
Turnover	12,747,824	-25.35	17,076,738	-	-	-	-
Total operating expenses	12,731,412	-25.24	17,030,469	-	-	-	-
Operating result	16,412	-64.53	46,269	-	-	-	-
Total financial income	269	13361	2	-	-	-	-
Total financial expenses	5,465	14.84	4,759	-	-	-	-
Results on ordinary operations before taxation	11,216	-72.98	41,511	-	-	-	-
Taxation	6,691	-59.56	16,545	-	-	-	-
Results on ordinary operations after taxation	4,524	-81.88	24,966	-	-	-	-
Extraordinary items	0	-	0	-	-	-	-
Other appropriations	0.00	-	0	-	-	-	-
Net result	4,524	-81.88	24,966	-	-	-	-
OTHER INFORMATION
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	22,477	-	-	-	-	-	-
Wages and salary	20,182	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	1,598	-	-	-	-	-	-
Other employee costs	698	-	0	-	-	-	-
Amortization and depreciation	14,436	138	6,050	-	-	-	-
						back to top

balance sheet

Annual accounts	31-12-2012		31-12-2011	%		Industry average	%
Weeks	52		51		-
Currency	EUR		EUR		-
Intangible fixed assets	0	-	0	-	-	-	-
Tangible fixed assets	156,705	-4.34	163,813	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	17,932	-5.45	18,965	-	-	-	-
Furniture & Vehicles	15,157	24.22	12,201	-	-	- -	-
Leasing & Other Similar Rights	123,616	-6.81	132,647	-	-	- -	-
Other tangible assets	0	-	0	-	-	-	-
Financial fixed assets	200	0	200	-	-	-	-
Total fixed assets	156,905	-4.33	164,013	-	-	-	-
Inventories	2,253,242	-42.08	3,889,948	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	0	-	0	-	-	-	-
Other stocks	2,253,242	-42.08	3,889,948	-	-	-	-
Trade debtors	1,501,775	67.49	896,646	-	-	-	-
Cash	87,841	146	35,626	-	-	-	-
other amounts receivable	2,659	-92.30	34,540	-	-	-	-
Miscellaneous current assets	2,738	115	1,269	-	-	-	-
Total current assets	3,848,254	-20.79	4,858,029	-	-	-	-
Total Assets	4,005,159	-20.25	5,022,042	-	-	- -	-
CURRENT LIABILITIES
Trade creditors	3,885,948	-20.14	4,865,923	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	- -	-
Current portion of long term debt	-	-	-	-	-	- -	-
Amounts Payable for Taxes, Remuneration & Social Security	14,790	-14.31	17,260	-	-	- -	-
Miscellaneous current liabilities	67,716	-36.52	106,679	-	-	-	- -
Total current liabilities	3,968,454	-20.47	4,989,862	-	-	-	-
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	- -	-
Provisions for Liabilities & Charges	0	-	0	-	-	- -	-
Other long term liabilities	0	0	-1	-	-	-	-
Total long term debts	0	0	-1	-	-	-	-
SHAREHOLDERS EQUITY
Issued share capital	7,214	0.01	7,214	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	29,491	18.12	24,967	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	36,705	14.06	32,181	-	-	-	-
Working capital	-120,200	91.18	-131,833	-	-	-	-
Cashflow	18,960	-38.87	31,016	-	-	-	-
Net worth	36,705	14.06	32,181	-	-	-	-

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)		Industry average	%
TRADING PERFORMANCE
Profit Before Tax	0.09	-62.50	0.24	-	-	-	-
Return on capital employed	30.56	-76.31	129	-	-	-	-
Return on total assets employed	0.28	-66.27	0.83	-	-	-	-
Return on net assets employed	30.56	-76.31	128.99	-	-	-	-
Sales / net working capital	-106.06	81.88	-129.53	-	-	-	-
Stock turnover ratio	17.68	-22.39	22.78	-	-	-	-
Debtor days	43	124	19.17	-	-	-	-
Creditor days	111.41	6.83	104.29	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.97	0	0.97	-	-	-	-
Liquidity ratio / acid ratio	0.40	110	0.19	-	-	-	-
Current debt ratio	108.12	-30.27	155.06	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	-
Equity in percentage	0.92	43.75	0.64	-	-	-	-
Total debt ratio	108.12	-30.27	155.06	-	-	-	-

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

Payment Information

Amount	-
Details	-
Payment expectations
Payment expectation days	111.41
Day sales outstanding	43
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.18
Industry average day sales outstanding	119.92
Industry quartile analysis
Payment expectations
Company result	111.41
Lower	134.34
Median	84.60
Upper	45.33

Day sales outstanding
Company result	43
Lower	112.48
Median	58.56
Upper	28.09

Shareholder Details

Group Structure

No group structure for this company

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Court data

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-
NSSO details
Business number	833032040
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-
Bankruptcy details

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Director details

Name	FABIANA CAROLINA ARTEMISIA RINALDUZZI
Position	Principal Manager
Start Date	21/01/2011
Street	130 OOSTERVELDLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	YOAV (JOAV) WEITMAN
Position	Principal Manager
Start Date	21/01/2011
Street	130 OOSTERVELDLAAN 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.60.23
UK Pound	1	Rs.100.79
Euro	1	Rs.83.29

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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	833032040	Company name	ROCK'N STONES BVBA
Office Address	Hoviensstraat 2, PO Box No -509 , 2018, Antwerpen, Belgium
Fax number		Date founded	05/01/2011
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
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0833.032.040
Belgian Bullettin of Acts Publications	moniteur belge
Contractor details			Check Article 30 Bis
Registered contractor number	-
Contractor description	-
Date struck off register