MIRA INFORM REPORT

Report Date :

29.08.2014

IDENTIFICATION DETAILS

Name :	SPARKDIAM BVBA

Registered Office :	Hoveniersstraat 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	14.07.2010

Com. Reg. No.:	827960623

Legal Form :	Private Limited Company

Line of business :	Wholesaler of diamonds and other precious stones

No. of Employees :	Not Available

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 :	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 827960623

Company name SPARKDIAM BVBA

Address HOVENIERSSTRAAT 30

2018 ANTWERPEN

Number of staff 0

Date of establishment 14/07/2010

Commentary

The business was established over 3 years ago.

No employees are recorded for this business.

The business has changed its registered name recently.

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

The business has been at the address for less than 6 months.

The business has changed address 1 times in the last year.

Operating Result in the latest trading period increased 44% on the previous trading period.

A 28% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 46% compared to the previous trading period.

Turnover in the latest trading period decreased 58% on the previous trading period.

Accounts

DATE OF LATEST TURNOVER PROFIT BEFORE TAX NET WORTH

ACCOUNTS

WORKING CAPITAL

31/12/2012 4,152,220 74,614 2,208,673

2,206,454

31/12/2011 9,934,113 50,920 2,134,020

2,134,020

Accounts
DATE OF LATEST BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL ACCOUNTS	CASHFLOW
31/12/2012 3,333,232 0 2,100,000	75,062
31/12/2011 - 0 2,100,000	34,945

Payment expectations

Past payments Payment expectation days 41.24

Industry average payment

expectation days 164.51

Industry average day sales

Outstanding 125.52

Day sales outstanding 280.38

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons –

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	Industry average
Weeks	52		76	-
Currency	EUR		EUR	-
Turnover	4,152,220	-58.20	9,934,113	-		-
Total operating expenses	4,067,648	-58.81	9,875,596	-		-
Operating result	84,571	44.52	58,517	-		-
Total financial income	-	-	-	-		-
Total financial expenses	9,957	31.07	7,597	-		-
Results on ordinary operations before taxation	74,614	46.53	50,920	-		-
Taxation	-76	-100	16,900	-		-
Results on ordinary operations after taxation	74,690	119	34,020	-		-
Extraordinary items	0	-	0	-		-
Other appropriations	0.00	-	0.00	-		-
Net result	74,690	119	34,020	-		-
OTHER INFORMATION
Gross Operating Margin	85,547	40.92	60,705	-		-
Dividends	-	-	-	-		-
Director remuneration	-	-	-	-		-
Employee costs	-	-	-	-		-
Wages and salary	-	-	-	-		-
Employee pension costs	-	-	-	-		-
Social security contributions	-	-	-	-		-
Other employee costs	0	-	0	-		-
Amortization and depreciation	372	-59.76	925	-		-

balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%		Industry average	%
Weeks	52		76	-
Currency	EUR		EUR	-
Intangible fixed assets	0	-	0	-	-	-	-
Tangible fixed assets	2,219	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-
Furniture & Vehicles	2,219	-	-	-	-	- -	-
Leasing & Other Similar Rights	-	-	-	-	-	- -	-
Other tangible assets	0	-	0	-	-	-	-
Financial fixed assets	-	-	-	-	-	-	-
Total fixed assets	2,219	-	-	-	-	-	-
Inventories	132,384	8.65	121,846	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	0	-	0	-	-	-	-
Other stocks	132,384	8.65	121,846	-	-	-	-
Trade debtors	3,189,582	-29.41	4,518,347	-	-	-	-
Cash	6,869	-9.43	7,584	-	-	-	-
other amounts receivable	2,179	246	628	-	-	-	-
Miscellaneous current assets	0	-	0	-	-	-	-
Total current assets	3,331,013	-28.34	4,648,405	-	-	-	-
Total Assets	3,333,232	-28.29	4,648,405	-	-	- -	-
Current Liabilities
Trade creditors	459,641	-79.43	2,234,510	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	- -	-
Current portion of long term debt	-	-	-	-	-	- -	-
Amounts Payable for Taxes, Remuneration & Social Security	4,700	-72.19	16,900	-	-	- -	-
Miscellaneous current liabilities	660,219	151	262,974	-	-	-	- -
Total current liabilities	1,124,559	-55.27	2,514,385	-	-	-	-
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	-	-	-	-
Total long term debts	0	-	0	-	-	-	-
Shareholders Equity
Issued share capital	2,100,000	0	2,100,000	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	108,673	219	34,020	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	2,208,673	3.50	2,134,020	-	-	-	-
Working capital	2,206,454	3.39	2,134,020	-	-	-	-
Cashflow	75,062	114	34,945	-	-	-	-
Net worth	2,208,673	3.50	2,134,020	-	-	-	-

ratio analysis

Annual accounts TRADING PERFORMANCE	31-12-2012	Change (%)	31-12-2011	Change (%)	Industry average	%
Profit Before Tax	1.80	252	0.51	-	- -	-
Return on capital employed	3.38	41.42	2.39	-	- -	-
Return on total assets employed	2.24	103	1.10	-	- -	-
Return on net assets employed	3.38	41.42	2.39	-	- -	-
Sales / net working capital	1.88	-59.66	4.66	-	- -	-
Stock turnover ratio	3.19	159	1.23	-	- -	-
Debtor days	280.38	68.89	166.01	-	- -	-
Creditor days	41.24	-50.07	82.59	-	- -	-
SHORT TERM STABILITY
Current ratio	2.96	60.0	1.85	-	- -	-
Liquidity ratio / acid ratio	2.84	57.78	1.80	-	- -	-
Current debt ratio	0.51	-56.78	1.18	-	- -	-
Liquidity ratio reprocessed	-	-	-	-	- -	-
LONG TERM STABILITY
Gearing	-	-	-	-	- -	-
Equity in percentage	66.26	44.33	45.91	-	- -	-
Total debt ratio	0.51	-56.78	1.18	-	- -	-

Payment Information

Payment expectations

Payment expectation days 41.24

Day sales outstanding 280.38

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 164.51

Industry average day sales

Outstanding 125.52

Industry quartile analysis

Payment expectations

Company result 41.24

Lower 133.74

Median 84.60

Upper 45.33

Day sales outstanding

Company result 280.38

Lower 110.17

Median 58.56

Upper 28.58

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME

Forename Rahul Middle name -

Surname Pansuria

SHAREHOLDER DETAILS

Start date 04/01/2012(estimated) End date -

Percentage owned -

SHAREHOLDER ADDRESS

Street name - House number -

Minor town - Postal town -

Post code - Country India

Court data

NSSO details

Business number 827960623

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.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SDA

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	827960623	Company name	SPARKDIAM BVBA
Fax number		Date founded	14/07/2010
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.0827.960.623 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Company information

Profit & loss

balance sheet

ratio analysis

Payment Information

Court data

Bankruptcy Data

Unit