MIRA INFORM REPORT

Report Date :

24.04.2014

IDENTIFICATION DETAILS

Name :	TWINKLEDIAM NV

Registered Office :	Hoveniersstraat, 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	25.11.1986

Com. Reg. No.:	429873712

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	3

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 :	Slow but correct
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
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 summary

Business number 429873712

Company name TWINKLEDIAM NV

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 3

Date of establishment 25/11/1986

Telephone number 032315978

Fax number 032329071

Commentary

The business was established over 27 years ago.

The business has 1 employees.

The business has been at the address for over 9 months.

Operating Result in the latest trading period increased 64% on the previous trading period.

Pre-tax profits increased by 49% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	95,519,886	140,478	14,400,421	7,765,862
31/12/2011	111,484,084	93,764	14,590,873	9,425,017
31/12/2010	77,598,427	140,077	14,027,225	9,059,798

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	45,709,792	3	13,476,499	115,351
31/12/2011	42,690,492	3	13,743,219	128,707
31/12/2010	36,969,798	3	13,307,576	118,798

Payment expectations
Past payments		Payment expectation days	32.41
Industry average payment	164.26	Industry average day sales	120.92
expectation days		outstanding
Day sales outstanding	134.34
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	3
Part-time Employees	-
Total Fte Employees	3

Number of hours worked
Full-time Employees	5,320
Part-time Employees	-
Total	5,320

Personnel Charges
Full-time Employees	120,018
Part-time Employees	-
Total	120,018
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	3
Actual working hours	5,274
Personnel Charges	118,973
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	3	-	3
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
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)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	-	2
Blue collar worker	1	-	1
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	-	-	-

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
category

JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade
category
Significant Events
Event Date	29/03/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 29-03-2013: Herbenoemd als bestuurders tot de jaarvergadering van 2018 : Parikh Hiren (tevens gedelegeerd bestuurder) en Pethani Rashmi.

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	95,519,886	14.32	111,484,084	43.67	77,598,427	46,612,575	104
Total operating expenses	94,753,739	14.65	111,019,318	43.93	77,134,239	46,221,128	105
Operating result	766,147	64.85	464,766	0.12	464,188	147,887	418
Total financial income	118,360	69.19	384,118	51.85	252,961	97,526	21.36
Total financial expenses	744,030	-1.47	755,119	30.85	577,072	204,266	264
Results on ordinary operations before taxation	140,478	49.82	93,764	33.06	140,077	33,065	324
Taxation	59,365	555	-10,681	-123	44,775	20,877	184
Results on ordinary operations after taxation	81,113	22.34	104,445	9.59	95,302	18,249	344
Extraordinary items	11,606	-	0	-	0	-4,342	267
Other appropriations	0	-	0	-100	1	-	-
Net result	92,719	11.23	104,445	9.59	95,303	13,926	565
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	24,815	112,544	-
Employee costs	120,017	-1.08	121,328	16.50	104,141	126,172	-4.88
Wages and salary	96,037	-1.96	97,960	17.59	83,304	105,771	-9.20
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	22,523	3.95	21,667	11.23	19,480	26,708	15.67
Other employee costs	1,457	14.34	1,701	25.44	1,356	4,361	66.59
Amortization and depreciation	22,632	-6.72	24,262	3.26	23,495	17,886	26.53

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	633,394	-5.32	669,010	0.13	668,168	184,763	242
Land & building	631,299	-5.04	664,838	0.10	664,142	362,988	73.92
Plant & machinery	2,096	49.76	4,172	58.69	2,629	22,646	90.74
Furniture & Vehicles	-	-	-	-	1,397	17,300 5,364	-
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	-1	-	0	-	0	7,619	-100
Financial fixed assets	6,756,033	-1.94	6,889,745	3.27	6,671,348	306,761	2102
Total fixed assets	7,389,427	-2.24	7,558,755	2.99	7,339,516	396,027	1765
Inventories	2,530,843	49.54	5,015,507	505	828,337	3,105,555	18.51
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,394	-100
Finished goods	2,530,843	49.54	5,015,507	505	828,337	1,991,166	27.10
Other stocks	0	-	0	-	0	570,732	-100
Trade debtors	35,157,317	19.23	29,486,465	7.38	27,460,366	4,248,295	727
Cash	593,561	-2.88	611,176	53.97	1,327,829	225,847	162
other amounts receivable	7,059	28.15	9,824	48.65	6,609	187,129	96.23
Miscellaneous current assets	31,585	260	8,765	22.74	7,141	17,998	75.49
Total current assets	38,320,365	9.08	35,131,737	18.57	29,630,282	7,304,875	424
Total Assets	45,709,792	7.07	42,690,492	15.47	36,969,798	7,668,456 1,451,744	496
CURRENT LIABILITIES
Trade creditors	8,414,139	42.67	14,676,161	40.69	10,431,789	3,137,713	168
Short term group loans	-	-	-	-	-	-	-
Financial debts	22,065,713	102	10,900,230	9.54	9,950,809	4,243,670 187,578	419
Current portion of long term debt	-	-	47,740	39.18	78,494	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	29,833	35.63	46,345	39.73	76,897	9,727 -	12.16
Miscellaneous current liabilities	44,818	23.66	36,244	11.54	32,495	-84.89	- -
Total current liabilities	30,554,503	18.86	25,706,720	24.97	20,570,484	5,430,989	462
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	47,856	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,178 0	-100
Other long term liabilities	754,868	68.45	2,392,899	2.95	2,324,233	128,413	487
Total long term debts	754,868	68.45	2,392,899	0.88	2,372,089	558,087	35.26
SHAREHOLDERS EQUITY
Issued share capital	13,476,499	-1.94	13,743,219	3.27	13,307,576	944,106	1327
Share premium account	-	-	-	-	-	109,362	-
Reserves	923,922	9.00	847,654	17.79	719,649	691,870	33.54
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	14,400,421	-1.31	14,590,873	4.02	14,027,225	1,665,598	764
Working capital	7,765,862	17.60	9,425,017	4.03	9,059,798	1,873,885	314
Cashflow	115,351	10.38	128,707	8.34	118,798	28,711	301
Net worth	14,400,421	-1.31	14,590,873	4.02	14,027,225	1,662,342	766

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012
TRADING PERFORMANCE
Profit Before Tax	0.15	87.50	0.08	-55.56	0.18	-25,00	0.60
Return on capital employed	0.93	69.09	0.55	-35.29	0.85	29,00	-96.79
Return on total assets employed	0.31	40.91	0.22	-42.11	0.38	-201,00	0.15
Return on net assets employed	0.98	53.12	0.64	-36.00	1	19,00	-94.84
Sales / net working capital	12.30	3.97	11.83	38.04	8.57	44,00	-99
Stock turnover ratio	2.65	-41.11	4.50	320	1.07	110,00	-97.59
Debtor days	134.34	39.15	96.54	-25.26	129.17	134,00	0.25
Creditor days	32.41	-32.83	48.25	-2.25	49.36	123,00	-73.65
SHORT TERM STABILITY
Current ratio	1.25	-8.76	1.37	-4.86	1.44	6,00	-86.11
Liquidity ratio / acid ratio	1.17	0	1.17	-16.43	1.40	4,00	-70.75
Current debt ratio	2.12	20.45	1.76	19.73	1.47	9,00	-76.44
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	153.23	104	75.03	4.44	71.84	358,00	-57.20
Equity in percentage	31.50	-7.84	34.18	-9.91	37.94	-3.205,00	0.98
Total debt ratio	2.17	12.44	1.93	17.68	1.64	10,00	-78.30

Payment expectations
Payment expectation days	32.41
Day sales outstanding	134.34
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.26
Industry average day sales outstanding	120.92
Industry quartile analysis
Payment expectations
Company result	32.41
Lower	134.13
Median	83.75
Upper	45.33

Day sales outstanding
Company result	134.34
Lower	112.48
Median	58.70
Upper	27.62

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	%	Date of accounts
-	M SURESH COMPANY PRIVATE LIMITED SOC.ETR. E.P.B.	32.89	-

NSSO details
Business number	429873712
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	HIREN SURESCHANDRA PARIKH
Position	Managing Director
Start Date	17/04/2010
Street	21 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	MANISH MEHTA
Position	Director
Start Date	01/01/2014
Country	Israel

Name	MANISH MEHTA
Position	Managing Director
Start Date	01/01/2014
Country	Israel

Name	NILESH PETHANI
Position	Director
Start Date	01/04/2013
Country	United Arab Emirates

Name	RASHMI PETHANI
Position	Director
Start Date	24/07/2013
Country	United Arab Emirates

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.61.07
UK Pound	1	Rs.102.77
Euro	1	Rs.84.49

INFORMATION DETAILS

Analysis Done by :	DIV

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.