MIRA INFORM REPORT

Report Date :

22.04.2014

IDENTIFICATION DETAILS

Name :	DIFFERENT FACETS BVBA
Registered Office :	Mechelsesteenweg 245, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	29.10.1998
Com. Reg. No.:	464570117
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	01 (31.12.2012)

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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	A1	A1

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 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	464570117
Company name	DIFFERENT FACETS BVBA
Address	MECHELSESTEENWEG 245
	2018 ANTWERPEN
Number of staff	1
Date of establishment	29/10/1998
Telephone number	032325422

Commentary

The business was established over 15 years ago.
The business has 1 employees.
The business has been at the address for over 4 years.
Operating Result in the latest trading period increased 103% on the previous trading period.
Pre-tax profits increased by 153% compared to the previous trading period.
Net Worth is a negative amount 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	13,087,644	28,229	-52,782	-38,227
31/12/2011		11,151	-81,011	-66,629
31/12/2010		1,437	-92,162	-77,289

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	7,431,895	1	18,592	28,402
31/12/2011	6,832,687	1	18,592	11,179
31/12/2010	-	1	18,592	2,147

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	205.33
Industry average payment expectation days	167.31	Industry average day sales outstanding	121.44
Day sales outstanding	124.86

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	464570117		Company name	DIFFERENT FACETS BVBA
Fax number			Date founded	29/10/1998
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	Wholesaler of diamonds and other precious stones		VAT Number	BE.0464.570.117
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		1
Part-time Employees		-
Total Fte Employees		1
Number of hours worked
Full-time Employees		1,763
Part-time Employees		-
Total		1,763
Personnel Charges
Full-time Employees		42,778
Part-time Employees		-
Total		42,778
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,771
Personnel Charges		46,330
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	-		-		-
Secondairy education	1		-		1
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	-	-		-
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	1 EMPLOYEES

Joint Industrial Committee

(JIC)

JIC Code	218
Description	Additional national joint committee for the employees

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	13,087,644	-	-	-	-	46,823,071	-72.05
Total operating expenses	13,052,070	-	-	-	-	46,428,758	-71.89
Operating result	35,574	103	17,441	398	3,500	148,441	-76.03
Total financial income	221	-23.41	288	22.73	235	97,476	-99
Total financial expenses	7,566	15.01	6,579	186	2,298	204,623	-96.30
Results on ordinary operations before taxation	28,229	153	11,151	676	1,437	32,975	-14.39
Taxation	-	-	-	-	-18	21,001	-
Results on ordinary operations after taxation	28,229	153	11,151	666	1,455	18,026	56.60
Extraordinary items	0	-	0	-100	692	-4,572	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	28,229	153	11,151	419	2,147	13,473	109
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	42,778	-7.67	46,330	10.17	42,053	127,421	-66.43
Wages and salary	34,753	-10.09	38,655	18.56	32,603	106,877	-67.48
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	7,705	4.39	7,381	3.70	7,118	26,901	-71.36
Other employee costs	319	8.77	294	-87.41	2,332	4,416	-92.77
Amortization and depreciation	173	518	28	-	-	17,743	-99

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	1,577	-100
Tangible fixed assets	319	-35.23	492	-	-	183,614	-99
Land & building	-	-	-	-	-	357,819	-
Plant & machinery	-	-	-	-	-	22,891	-
Furniture & Vehicles	319	-35.23	492	-	-	17,422 5,418	-98.17
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,743	-100
Financial fixed assets	-	-	-	-	-	289,553	-
Total fixed assets	319	-35.23	492	-	-	382,594	-99
Inventories	2,761,851	-21.59	3,522,220	34.07	2,627,145	3,099,232	-10.89
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,436	-100
Finished goods	2,761,851	-	0	-	0	1,983,299	39.26
Other stocks	0	-100	3,522,220	34.07	2,627,145	576,497	-100
Trade debtors	4,477,061	44.20	3,104,833	-43.77	5,521,940	4,182,523	7.04
Cash	133,269	-8.05	144,941	92.55	75,273	226,423	-41.14
other amounts receivable	58,311	-1.99	59,494	0.84	59,001	183,722	-68.26
Miscellaneous current assets	1,085	53.18	708	49.80	473	17,847	-93.92
Total current assets	7,431,576	8.77	6,832,195	-17.52	8,283,832	7,235,119	2.72
Total Assets	7,431,895	8.77	6,832,687	-17.52	8,283,832	7,586,1861,453,566	-2.03
current liabilities
Trade creditors	7,342,461	8.67	6,756,626	-18.05	8,245,160	3,073,622	138
Short term group loans	-	-	-	-	-	-	-
Financial debts	16,576	-44.38	29,805	127	13,111	4,249,499191,085	-99
Current portion of long term debt	-	-	-	-	-	108,183 15,032	-
Amounts Payable for Taxes, Remuneration & Social Security	7,709	-20.71	9,722	38788	25	9,574 -	-77.33
Miscellaneous current liabilities	103,056	0.38	102,671	-0.15	102,825	-65.68	- -
Total current liabilities	7,469,803	8.28	6,898,825	-17.49	8,361,121	5,374,601	38.98
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	14,874	0	14,874	0	14,874	3,233 0	360
Other long term liabilities	0	-	0	-	0	130,297	-100
Total long term debts	14,874	0	14,874	0	14,874	564,070	-97.36
shareholders equity
Issued share capital	18,592	0	18,592	0	18,592	901,532	-97.94
Share premium account	-	-	-	-	-	109,362	-
Reserves	-71,374	71.66	-99,603	89.93	-110,754	702,138	-110
Revaluation reserve	-	-	-	-	-	968,672	-
Total shareholders equity	-52,782	65.15	-81,011	87.90	-92,162	1,633,628	-103
Working capital	-38,227	57.37	-66,629	86.21	-77,289	1,860,517	-102
Cashflow	28,402	154	11,179	420	2,147	28,086	1.13
Net worth	-52,782	65.15	-81,011	87.90	-92,162	1,630,376	-103

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.22	-	-	-	-	-26,00	0.85
Return on capital employed	-74.47	-341	-16.86	-806	-1.86	29,00	-356
Return on total assets employed	0.38	137	0.16	700	0.02	-204,00	0.19
Return on net assets employed	-53.48	-288	-13.77	-782	-1.56	19,00	-381
Sales / net working capital	-342.37	-	-	-	-	45,00	-100
Stock turnover ratio	21.10	-	-	-	-	112,00	-81.16
Debtor days	124.86	-	-	-	-	134,00	-6.82
Creditor days	205.33	-	-	-	-	123,00	66.93
short term stability
Current ratio	0.99	0	0.99	0	0.99	7,00	-89.00
Liquidity ratio / acid ratio	0.63	31.25	0.48	-29.41	0.68	4,00	-84.25
Current debt ratio	-141.52	-66.18	-85.16	93.87	-90.72	9,00	-1672
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-31.41	85.38	-36.79	-158	-14.23	365,00	-108
Equity in percentage	-0.71	59.66	-1.19	-7.21	-1.11	-3.260,00	0.02
Total debt ratio	-141.80	-66.16	-85.34	93.90	-90.88	11,00	-1389

Industry comparison

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

Payment expectations

Payment expectation days	205.33
Day sales outstanding	124.86

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	167.31
Industry average day sales outstanding	121.44

Industry quartile analysis

Payment expectations
Company result	205.33
Lower	134.58
Median	84.93
Upper	45.29

Day sales outstanding
Company result	124.86
Lower	114.19
Median	61
Upper	28.62

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

NSSO details

Business number

464570117

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	JACOBA JULIANA LOUISA HERTOGHS
Position	Principal Manager
Start Date	29/10/1998
Date of birth	05/11/1953
Street	4 SNOEKGRACHT GRIMBERGEN
Post code	1850
Country	Belgium

Name	AMISHKUMAR SHAH
Position	Principal Manager
Start Date	23/03/2005
Street	165 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Name	ANKIT SHAN
Position	Principal Manager
Start Date	23/03/2005
Street	15 LAXMI ESTATE OLD NAGARDAS RD
Post code
Country	India

Former director details

Name	HASMUKHAL RATILAL SONI
Position	Principal Manager
Start Date	30/06/2000
End Date	30/09/2013
Street	10 QUINTEN MATSIJSLEI 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.60.34
UK Pound	1	Rs.101.41
Euro	1	Rs.83.38

INFORMATION DETAILS

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%)

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