MIRA INFORM REPORT

Report Date :

07.02.2014

IDENTIFICATION DETAILS

Name :	FINE FACETS BVBA

Registered Office :	Bredabaan 460-Appt 1002 2930 Brasschaat

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	03.04.2003

Com. Reg. No.:	480039538

Legal Form :	Private limited liability company

Line of Business :	Wholesale of diamonds and precious stones

No. of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

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 – 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 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

REGISTERED NAME & COMPANY SUMMARY

Business number	480039538
Company name	FINE FACETS BVBA
Address	BREDABAAN 460-Appt 1002
	2930 BRASSCHAAT
Telephone number	032314636
Fax number	032310032

DIRECTORS/MANAGEMENT

Current director details

Name	MITUL SATLESH MEHTA
Position	Principal Manager
Start Date	13/12/2010
Street	19 GABRIËLLELEI BRASSCHAAT
Post code	2930
Country	Belgium

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	20/11/2012

NSSO details

Business number	480039538
Name of defendant	FINE FACETS
Legal form of defendant	Private limited liability company
Date of summons	26/10/2010
Labour court	ANTWERPEN
View more

Bankruptcy details

There is no bankruptcy data against this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Mitul	Middle name	-
Surname	Mehta
Shareholder Details
Start date	18/12/2006	End date	-
Percentage owned	16.67%
Shareholder Address
Street name	Fruithoflaan	House number	105
Minor town	Berchem	Postal town	Antwerpen
Post code	2600	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments
Industry average payment expectation days	167.59
Day sales outstanding	-

office address

Office 512, B-151, 9-11, Schupstraat, 2018 Antwerp Belgium

Industry comparison

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	167.59
Industry average day sales outstanding	121.06

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.36
Median	84.93
Upper	45.17

Day sales outstanding
Company result	-
Lower	113.11
Median	59.01
Upper	28.58

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number
Fiberic BVBA		883800751

Summary

Group - Number of Companies	3
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Click the company to view / order a report.
Company name	Number	Latest financials	Rating
- FIBERIC BVBA	883800751	31-12-2012	50
- - FINE FACETS BVBA	480039538	31-12-2012	59
- - LUCEE DIAMONDS BVBA	898262263	31-12-2012	61

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		3,009	267,950	266,678
31/12/2011		7,681	265,181	263,281
31/12/2010		4,508	268,275	264,825

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	2,065,915	0	118,600	3,397
31/12/2011	2,344,917	0	118,600	-1,544
31/12/2010	2,080,302	1	118,600	7,141

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	-
Part-time Employees	0
Total Fte Employees	0

Number of hours worked
Full-time Employees	-
Part-time Employees	164
Total	164

Personnel Charges
Full-time Employees	-
Part-time Employees	3,086
Total	3,086
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	1
Actual working hours	875
Personnel Charges	19,249
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	-	-
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	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

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

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	-	-

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	-	-	-	-	-	46,632,531	-
Total operating expenses	-	-	-	-	-	46,240,618	-
Operating result	636	-99	164,167	8535	1,901	147,817	-99
Total financial income	10,541	18.84	8,870	-16.27	10,593	97,084	-89.14
Total financial expenses	8,167	-95.06	165,356	1970	7,987	203,915	-95.99
Results on ordinary operations before taxation	3,009	-60.82	7,681	70.38	4,508	32,736	-90.81
Taxation	240	-97.77	10,774	786	1,216	20,918	-98.85
Results on ordinary operations after taxation	2,769	89.51	-3,094	-193	3,292	17,844	-84.48
Extraordinary items	0	-	0	-100	148	-4,553	0
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	2,769	89.51	-3,094	-189	3,440	13,309	-79.19
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	3,086	-83.97	19,249	54.96	12,422	126,646	-97.56
Wages and salary	2,004	-87.12	15,555	58.95	9,786	106,139	-98.11
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	809	-70.79	2,769	45.35	1,905	26,753	-96.98
Other employee costs	274	-70.39	925	26.40	732	4,402	-93.78
Amortization and depreciation	628	-59.49	1,550	-58.12	3,701	17,955	-96.50

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	1,570	-100
Tangible fixed assets	1,272	-33.05	1,900	-44.93	3,450	184,414	-99
Land & building	-	-	-	-	-	359,608	-
Plant & machinery	200	-65.06	571	-39.43	943	22,793	-99
Furniture & Vehicles	1,073	-19.28	1,329	-47.00	2,507	17,438 5,418	-93.85
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,711	-100
Financial fixed assets	-	-	-	-	-	294,763	-
Total fixed assets	1,272	-33.05	1,900	-44.93	3,450	387,230	-99
Inventories	778,777	1.69	765,850	108	367,100	3,092,433	-74.82
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,426	-100
Finished goods	0	-	0	-	0	1,981,611	-100
Other stocks	778,777	1.69	765,850	108	367,100	574,617	35.53
Trade debtors	846,792	-33.19	1,267,392	-13.92	1,472,382	4,172,397	-79.70
Cash	70,224	1048	6,112	-89.48	58,102	226,713	-69.03
other amounts receivable	368,121	22.89	299,547	67.42	178,917	184,589	99
Miscellaneous current assets	729	-82.28	4,115	1072	351	17,803	-95.90
Total current assets	2,064,643	-11.88	2,343,017	12.82	2,076,852	7,222,269	-71.41
Total Assets	2,065,915	-11.90	2,344,917	12.72	2,080,302	7,577,514 1,453,566	-72.74
current liabilities
Trade creditors	1,695,034	-17.16	2,046,226	15.38	1,773,405	3,066,773	-44.73
Short term group loans	-	-	-	-	-	-	-
Financial debts	64,337	-	-	-	13,531	4,242,556 192,320	-98.48
Current portion of long term debt	-	-	-	-	-	108,079 15,346	-
Amounts Payable for Taxes, Remuneration & Social Security	19,854	2.01	19,464	16394	118	9,423 -	-41.44
Miscellaneous current liabilities	18,740	33.41	14,046	-43.75	24,973	-93.75	- -
Total current liabilities	1,797,965	-13.55	2,079,736	14.77	1,812,027	5,360,460	-66.46
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deferred taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,220 0	-100
Other long term liabilities	0	-	0	-	0	129,765	-100
Total long term debts	0	-	0	-	0	562,577	-100
shareholders equity
Issued share capital	118,600	0	118,600	0	118,600	911,094	-86.98
Share premium account	-	-	-	-	-	109,362	-
Reserves	149,350	1.89	146,581	-2.07	149,675	699,735	-78.66
Revaluation reserve	-	-	-	-	-	968,672	-
Total shareholders equity	267,950	1.04	265,181	-1.15	268,275	1,640,673	-83.67
Working capital	266,678	1.29	263,281	-0.58	264,825	1,861,809	-85.68
Cashflow	3,397	220	-1,544	-121	7,141	28,110	-87.91
Net worth	267,950	1.04	265,181	-1.15	268,275	1,637,427	-83.64

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	-26,00	-
Return on capital employed	1.12	-61.38	2.90	72.62	1.68	29,00	-96.14
Return on total assets employed	0.15	-54.55	0.33	50.0	0.22	-203,00	0.07
Return on net assets employed	1.12	-61.38	2.90	72.62	1.68	19,00	-94.11
Sales / net working capital	-	-	-	-	-	45,00	-
Stock turnover ratio	-	-	-	-	-	111,00	-
Debtor days	-	-	-	-	-	133,00	-
Creditor days	-	-	-	-	-	122,00	-
short term stability
Current ratio	1.15	1.77	1.13	-1.74	1.15	7,00	-87.22
Liquidity ratio / acid ratio	0.72	-5.26	0.76	-19.15	0.94	4,00	-82.00
Current debt ratio	6.71	-14.41	7.84	16.15	6.75	9,00	-25.44
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	24.01	-	-	-	5.04	363,00	-93.39
Equity in percentage	12.97	14.68	11.31	-12.33	12.90	-3.247,00	0.40
Total debt ratio	6.71	-14.41	7.84	16.15	6.75	11,00	-39.00

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Number of staff	0
Date of establishment	03/04/2003

Business number	480039538	Company name	FINE FACETS BVBA
Fax number	032310032	Date founded	03/04/2003
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.0480.039.538
Belgian Bullettin of Acts Publications	moniteur belge

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Limit History

no limit history data found

Companies that match this address

no Companies Match this address

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	20/11/2012	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

Legal event type	Social Security Summons
Legal event sub type
Event date	26/10/2010	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

NOTES & COMMENTS

Commentary

The business was established over 10 years ago.
The business has 1 employees.
The business is part of a group.
The business has been at the address for over 23 months.
There has been no significant change in the business's credit limit.
Operating Result in the latest trading period decreased 99% on the previous trading period.
Pre-tax profits decreased by 60% compared to the previous trading period.
The business saw an increase in their Cash Balance of 1048% during the latest trading period.

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.62.50
UK Pound	1	Rs.101.92
Euro	1	Rs.84.50

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.