MIRA INFORM REPORT

Report Date :

14.01.2014

IDENTIFICATION DETAILS

Name :	KED DIAMONDS BVBA

Registered Office :	Schupstraat 1—7 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	06.09.2010

Reg. No.:	829058505

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Preparation of diamonds

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 – 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	829058505
Company name	KED DIAMONDS BVBA
Address	SCHUPSTRAAT 1--7
	2018 ANTWERPEN
Number of staff	0
Date of establishment	06/09/2010
Telephone number	032337027
Fax number

Business number	829058505	Company name	KED DIAMONDS BVBA
Fax number		Date founded	06/09/2010
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	32121	liable for VAT
Activity description	Preparation of diamonds	VAT Number	BE.0829.058.505
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	ALPALM BVBA BVBA
Position	Legal Representative
Start Date	06/09/2010
Date of birth	09/04/2008
Street	129 KALMTHOUTSESTEENWEG KAPELLEN
Post code	2950
Country	Belgium

Name	ALPALM BVBA BVBA
Position	Non Statutory Partner
Start Date	06/09/2010
Date of birth	09/04/2008
Street	129 KALMTHOUTSESTEENWEG KAPELLEN
Post code	2950
Country	Belgium

Name	ALPALM BVBA BVBA
Position	Principal Manager
Start Date	06/09/2010
Date of birth	09/04/2008
Street	129 KALMTHOUTSESTEENWEG KAPELLEN
Post code	2950
Country	Belgium

Name	DAVID GEYSKENS
Position	Principal Manager
Start Date	01/11/2011
Street	1 PASTOOR VAN DE WOUWERSTRAAT ANTWERPEN
Post code	2600
Country	Belgium

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	829058505
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	14.21
Industry average payment expectation days	94.83	Industry average day sales outstanding	110.18
Day sales outstanding	12.02

Industry comparison

Activity code	32121
Activity description	Preparation of diamonds
industry average credit rating	78.30
Industry average credit limit	9475.63

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	14.21
Day sales outstanding	12.02

Industry comparison

Activity code	32121
Activity description	Preparation of diamonds
Industry average payment expectation days	94.83
Industry average day sales outstanding	110.18

Industry quartile analysis

Payment expectations
Company result	14.21
Lower	131.34
Median	68.57
Upper	23.93

Day sales outstanding
Company result	12.02
Lower	88.02
Median	44.66
Upper	14.21

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	9,399,219	18,444	41,037	13,752
31/12/2011	13,228,485	35,383	29,070	-1,461

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	1,001,337	0	6,200	19,875
31/12/2011	634,727	0	6,200	29,876

Social Balance Sheet Details

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

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

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

During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,467
Personnel Charges	57,949
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	-	-	-

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	-	-

Financials

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%		Industry average	%
Weeks	52		69		-
Currency	EUR		EUR		-
Turnover	9,399,219	-28.95	13,228,485	-	-	-	-
Total operating expenses	9,400,443	-28.84	13,210,302	-	-	-	-
Operating result	-1,225	-106	18,183	-	-	-	-
Total financial income	29,005	-5.41	30,663	-	-	-	-
Total financial expenses	9,336	-30.65	13,463	-	-	-	-
Results on ordinary operations before taxation	18,444	-47.87	35,383	-	-	-	-
Taxation	6,477	-48.24	12,513	-	-	-	-
Results on ordinary operations after taxation	11,967	-47.67	22,870	-	-	-	-
Extraordinary items	0	-	0	-	-	-	-
Other appropriations	0.00	-	0.00	-	-	-	-
Net result	11,967	-47.67	22,870	-	-	-	-
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	57,949	-	-	-	-
Wages and salary	-	-	48,783	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	7,118	-	-	-	-
Other employee costs	0	-100	2,049	-	-	-	-
Amortization and depreciation	7,908	12.88	7,006	-	-	-	-

balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%		Industry average	%
Weeks	52		69		-
Currency	EUR		EUR		-
Intangible fixed assets	0	-	0	-	-	-	-
Tangible fixed assets	24,777	-11.58	28,023	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	24,505	-12.56	28,023	-	-	-	-
Furniture & Vehicles	272	-	-	-	-	- -	-
Leasing & Other Similar Rights	-	-	-	-	-	- -	-
Other tangible assets	0	-	0	-	-	-	-
Financial fixed assets	2,508	0	2,508	-	-	-	-
Total fixed assets	27,285	-10.63	30,531	-	-	-	-
Inventories	444,247	-8.01	482,929	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	0	-	0	-	-	-	-
Other stocks	444,247	-8.01	482,929	-	-	-	-
Trade debtors	309,577	519	49,971	-	-	-	-
Cash	192,162	318	45,896	-	-	-	-
other amounts receivable	22,648	4.71	21,629	-	-	-	-
Miscellaneous current assets	5,418	43.65	3,772	-	-	-	-
Total current assets	974,052	61.21	604,196	-	-	-	-
Total Assets	1,001,337	57.76	634,727	-	-	- -	-
current liabilities
Trade creditors	365,909	287	94,437	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	- -	-
Current portion of long term debt	-	-	-	-	-	- -	-
Amounts Payable for Taxes, Remuneration & Social Security	-	-	-	-	-	- -	-
Miscellaneous current liabilities	594,390	16.27	511,220	-	-	-	- -
Total current liabilities	960,300	58.56	605,657	-	-	-	-
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	6,200	0	6,200	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	34,837	52.33	22,870	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	41,037	41.17	29,070	-	-	-	-
Working capital	13,752	941	-1,461	-	-	-	-
Cashflow	19,875	-33.47	29,876	-	-	-	-
Net worth	41,037	41.17	29,070	-	-	-	-

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)		Industry average	%
Trading performance
Profit Before Tax	0.20	-25.93	0.27	-	-	-	-
Return on capital employed	44.95	-63.07	121.71	-	-	-	-
Return on total assets employed	1.84	-66.97	5.57	-	-	-	-
Return on net assets employed	44.95	-63.07	121.71	-	-	-	-
Sales / net working capital	683.47	7.55	-9053.17	-	-	-	-
Stock turnover ratio	4.73	29.59	3.65	-	-	-	-
Debtor days	12.02	771	1.38	-	-	-	-
Creditor days	14.21	444	2.61	-	-	-	-
short term stability
Current ratio	1.01	1.00	1	-	-	-	-
Liquidity ratio / acid ratio	0.55	175	0.20	-	-	-	-
Current debt ratio	23.40	12.34	20.83	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	-	-
Equity in percentage	4.10	-10.48	4.58	-	-	-	-
Total debt ratio	23.40	12.34	20.83	-	-	-	-

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

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.
The credit rating for this business has increased from 67 to 73.
The credit limit for this business has increased from €6500 to €38000.
Operating Result in the latest trading period decreased 106% on the previous trading period.
Net Worth increased by 41% during the latest trading period.
A 57% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 47% compared to the previous trading period.
The business saw an increase in their Cash Balance of 318% during the latest trading period.
Turnover in the latest trading period decreased 28% on the previous trading period.

Trends

Profitability
Liquidity
Net worth

Significant Events

Event Date	23/11/2011
Event Description
Event Details	Rechzettingsakte dd.23-11-2011: benoeming van Geyskens David per 1-1-2011 dient gelezen te worden als 1-11-2011.

NOTES & COMMENTS

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.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

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%)

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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.