MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	TACHE-HSK BVBA

Registered Office :	Hoveniersstraat, 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	13.03.2006

Com. Reg. No.:	879919563

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other precious stones

No of Employees :	03 (31.12.2013)

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
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 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 879919563

Company name TACHE-HSK BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 3 (31.12.2012)

Date of establishment 13/03/2006

Telephone number 032250250

Fax number 032132667

Commentary

The business was established over 8 years ago.
The business has 3 employees.
The business has been at the address for over 8 years.
Operating Result in the latest trading period increased 43% on the previous trading period.
A 54% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 39% compared to the previous trading period.
The business saw an increase in their Cash Balance of 185% during the latest trading period.
Turnover in the latest trading period decreased 35% on the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	112,939,955	133,877	567,290	9,643,146
31/12/2011	175,952,914	222,057	498,756	9,750,956
31/12/2010	129,268,397	278,941	341,270	4,051,362

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	40,446,004	3	6,572	92,139
31/12/2011	26,123,130	2	6,702	160,839
31/12/2010	13,676,731	2	6,489	199,880

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Past payments Payment expectation days 24.02

Industry average payment expectation days 164.77

Industry average day sales outstanding 125.70

Day sales outstanding 79.51

Court data summary

Bankruptcy details

Court action type no

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year

ended 31-12-2012

Full-time Employees 3

Part-time Employees 1

Total Fte Employees 3

Number of hours worked

Full-time Employees 3,753

Part-time Employees 893

Total 4,646

Personnel Charges

Full-time Employees 88,123

Part-time Employees 25,991

Total 114,114

Benefits In Addition To Wages -

During the previous reporting year

Average number employees in Fte 3

Actual working hours 4,415

Personnel Charges 107,593

Benefits In Addition To Wages -

Type of Contract Full-Time Part-Time Total Fte

Unlimited Duration 3 1 4

Contracts

Gender and Education

Level

Men Full-Time Part-Time Total Fte

Primary education - - -

Secondary education 2 - 2

Higher education (non

university) ^-

Higher education

(university) ^-

Women Full-Time Part-Time Total Fte

Primary education 1 - 1

Secondary education - 1 1

Working Category Full-Time Part-Time Total Fte

Management - - -

White collar worker 2 1 3

Blue collar worker 1 - 1

Other - - -

New staff and leavers Full-Time Part-Time Total Fte

New Starters 1 - 1

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

COMPANY ACCOUNTS

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
Currency	EUR	EUR	EUR
Turnover	112,939,955 -35.81	175,952,914 36.11	129,268,397	46,485,458	142
Total Operating Expenses	111,883,477 -36.15	175,215,450 36.26	128,588,756	46,114,879	142
Operating result	1,056,478	43.26 737,464	8.51 679,641	140,820	650
Total financial income	16,818	-25.99 22,723	-36.97 36,053	98,771	-82.97
Total financial expenses	939,419	74.57 538,130	23.21 436,754	206,101	355
Results on ordinary operations before taxation	133,877	-39.71 222,057	-20.39 278,941	25,231	430
Taxation	55,664	-27.67 76,956	-17.82 93,645	20,807	167
Results on ordinary operations after taxation	78,213	-46.10 145,101	-21.69 185,296	10,456	648
Extraordinary items	0	-100 1,213	-27.23 1,667	-3,965	0
Other appropriations	0	0	0	-	-
Net result	78,213	-46.54 146,314	-21.74 186,963	6,510	1101
other information
Gross Operating Margin	-	-	-	56,746	-
Dividends	-	-	-	172,177	-
Director remuneration	-	-	-	112,544	-
Employee costs	114,114	4.00 109,722	25.81 87,211	125,946	-9.39
Wages and salary	90,956	3.62 87,777	23.59 71,022	105,550	-13.83
Employee pension costs	-	-	-	14,428	-
Social security contributions	19,531	0.35 19,462	40.81 13,821	26,656	-26.73
Other employee costs	3,627	46.07 2,483	4.86 2,368	4,340	-16.43
Amortization and depreciation	13,926	-4.12 14,525	12.45 12,917	17,811	-21.81

Balance Sheet

Annual accounts	31/12/2012 %	31/12/2011 %	31/12/2010	Industry Average	%
Weeks	52	52	52
Currency	EUR	EUR	EUR
Intangible fixed assets	0	0	0	1,570	-100
Tangible fixed assets	9,670	-57.21 22,601	-29.17 31,909	184,117	-94.75
Land & building	-	-	-	362,988	-
Plant & machinery	2,194	-43.57 3,888	-42.73 6,789	22,615	-90.30
Furniture & Vehicles	7,476	-60.05 18,713	-25.50 25,119	17,295 5,364	-56.77
Leasing & Other Similar Rights	-	-	-	142,153 32,369	-
Other tangible assets	0	0	-100 1	7,581	-100
Financial fixed assets	9,273	-	-	306,282	-96.97
Total fixed assets	18,943	-16.19 22,601	-29.17 31,909	394,259	-95.20
Inventories	13,415,722 123	6,004,046	3.65 5,792,793	3,098,414	332
Raw materials & consumables	-	-	-	7,209,884	-
Work in progress	0	0	0	2,382	-100
Finished goods	13,415,722 123	6,004,046	3.65 5,792,793	1,992,650	573
Other stocks	0	0	0	569,029	-100
Trade debtors	24,602,684 27.92	19,233,280 353	4,245,525	4,234,849	480
Cash	2,383,351 185	835,742	-76.72 3,590,568	227,014	949
other amounts receivable	15,458	-4.68 16,217	128 7,108	208,818	-92.60
Miscellaneous current assets	9,846	-12.43 11,244	27.37 8,828	18,217	-45.95
Total current assets	40,427,061 54.89	26,100,529 91.29	13,644,822	7,314,172	452
Total Assets	40,446,004 54.83	26,123,130 91.00	13,676,731	7,668,273 1,451,744	427
CURRENT LIABILITIES
Trade creditors	7,361,369 15.46	6,375,608 133	2,726,125	3,141,505	134
Financial debts	23,339,919 136	9,857,032 45.44	6,777,213	4,280,807 189,666	445
Current portion of long term debt	--	--	--	110,204 15,373	--
Amounts Payable for Taxes, Remuneration & Social Security	35,265 -55.22	78,759 9.92	71,653	9,727	3.75
Miscellaneous current liabilities	47,362 24.07	38,174 106	18,469	-84.08	--
Total current liabilities	30,783,915 88.29	16,349,573 70.42	9,593,460	5452181	464
LONG TERM DEBTS AND LIABILITIES
Deffered taxes	--	--	--	37,626 26,358	---
Provisions for Liabilities & Charges	0 --	0 ---	-- 0	3,162 0	-100
Other long term liabilities	9,094,799 -1.94	9,274,801 147	3,742,001	127,769	7,018
Total long term debts	9,094,799 -1.94	9,274,801 147	3742001	561675	1519
SHAREHOLDERS EQUITY
Issued share capital	6,572 -1.94	6,702 3.28	6,489	966,465	-99
Share premium account	--	--	--	109,362	--
Reserves	560,718 13.95	492,054 46.98	334,781	652,459	-14.06
Revaluation reserve	---	--	--	939,206	---
Total shareholders equity	567,290 13.74	498,756 46.15	341,270	1,648,380	-65.58
Working capital	9,643,146 -1.11	9,750,956 140	4,051,362	1,861,991	417
Cashflow	92,139 -42.71	160,839 -19.53	199,880	21,230	334
Net worth	567,290 13.74	498,756 46.15	341,270	1,645,157	-65.52

Ratio Analysis

Annual accounts	31/12/2010	Change (%)	31/12/2011	Change (%)	31/12/2010	Industry Average	%
Trading performance
Profit Before Tax	0.12	-7.69	0.13	-40.91	0.22	-29,00	0.41
Return on capital employed	1.39	-38.77	2.27	-66.76	6.83	29,00	-95.21
Return on total assets employed	0.33	-61.18	0.85	-58.33	2.04	-200,00	0.16
Return on net assets employed	23.60	-46.99	44.52	-45.53	81.74	19,00	24.21
Sales / net working capital	11.71	-35.09	18.04	-43.47	31.91	44,00	-99
Stock turnover ratio	11.88	248	3.41	-23.88	4.48	116,00	-89.76
Debtor days	79.51	99	39.90	232	11.99	143,00	-44.40
Creditor days	24.02	80.87	13.28	71.58	7.74	125,00	-80.78
short term stability
Current ratio	1.31	-18.12	1.60	12.68	1.42	6,00	-85.44
Liquidity ratio / acid ratio	0.88	-28.46	1.23	50.0	0.82	4,00	-78.00
Current debt ratio	54.26	65.53	32.78	16.61	28.11	9,00	502
long term stability
Gearing	4114.28	108	1976.32	-0.48	1985.88	357,00	1052
Equity in percentage	1.40	-26.70	1.91	-23.60	2.50	-3.185,00	0.04
Total debt ratio	70.30	36.82	51.38	31.47	39.08	11,00	539

Industry comparison

Activity code 46761

Activity description Wholesaler of diamonds and other precious stones

Payment expectations

Payment expectation days 24.02

Day sales outstanding 79.51

Industry comparison

Activity code 46761

Activity description Wholesaler of diamonds and other precious stones

Industry quartile analysis

Payment expectations

Company result 24.02

Lower 133.74

Median 84.93

Upper 45.33

Day sales outstanding

Company result 79.51

Lower 110.17

Median 59.01

Upper 28.11

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details

Business number 879919563

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy 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.59.72
UK Pound	1	Rs.102.35
Euro	1	Rs.81.38

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	DPT

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.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

TRENDS

Payment expectations

Court data summary

Company information

Social Balance Sheet Details

Personnel

Joint Industrial Committee

COMPANY ACCOUNTS

Industry comparison

Payment expectations

Industry comparison

Industry quartile analysis

Group Structure

Minority Shareholders

Minority Interests

NSSO details

Bankruptcy details

Bankruptcy Data

Unit