MIRA INFORM REPORT

Report Date :

19.06.2014

IDENTIFICATION DETAILS

Name :	EDIAMOND BELGIUM BVBA
Registered Office :	Pelikaanstraat 54, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	09.11.2010
Com. Reg. No.:	831067294
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No of Employees :	04 (31.12.2012)

RATING & COMMENTS

MIRA’s Rating :

B

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	A1	A1

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 831067294

Company name EDIAMOND BELGIUM BVBA

Address PELIKAANSTRAAT 54

2018 ANTWERPEN

Number of staff 04 (31.12.2012)

Date of establishment 09/11/2010

Telephone number 032339049

Ultimate holding company

Company name

KIMBERLEY DIAMONDS LTD

Commentary

The business was established over 3 years ago.
The business has 4 employees.
Number of employees in the latest trading period increased 300% on the previous trading period.
The business is part of a group.
The business has been at the address for over 3 years.
Net Worth increased by 87% during the latest trading period.
A 42% growth in Total Assets occurred during the latest trading period.
The business saw an increase in their Cash Balance of 40% during the latest trading period.
Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST

ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2012 28,895,873 55,153 78,155 -52,984

31/12/2011 34,677,421 54,161 41,661 -107,095

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2012 465,743 4 6,200 52,911

31/12/2011 326,201 1 6,200 54,511

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Past payments

Payment expectation days 1.97

Industry average payment expectation days 164.62

Industry average day sales outstanding 125.68

Day sales outstanding 3.04

Court data summary

BANKRUPTCY DETAILS

Court action type no

Company information

Business number	831067294	Company name	EDIAMOND BELGIUM BVBA
Fax number		Date founded	09/11/2010
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	no
Activity description	Wholesaler of diamonds and other precious stones
Belgian Bullettin of Acts Publications -	moniteur belge

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	6,232
Part-time Employees	-
Total	6,232
Personnel Charges
Full-time Employees	178,843
Part-time Employees	-
Total	178,843
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,245
Personnel Charges	95,498
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	4	-	4
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondary education	-	-	-
Higher education (non university)	1	-	1
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondary education	-	-	-
Higher education (non university)	3	-	3
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	4	-	4
Blue collar worker	-	-	-
Other	-	-	-

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	3	-	3
Leavers	-	-	-

Personnel

(NSSO classification)

Description FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee

(JIC)

Significant Events

Event Date 02/04/2013

Event Details Rechtzetting akte dd 11-3-2013: in het mandaat van Ryan Millar wordt niet in

vervanving voorzien. Mark Louw wordt niet benoemd.

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

Profit & Loss

Annual accounts Weeks Currency	31-12-2012 52 EUR	%	31-12-2011 59 EUR
Turnover	28,895,873	-16.67	34,677,421
Total operating expenses	28,812,077	-16.71	34,593,534
Operating result	83,796	-0.11	83,887
Total financial income	262	-	---
Total financial expenses	28,905	-2.76	29,726
Results on ordinary operations before taxation	55,153	1.83	54,161
Taxation	18,659	-0.22	18,700
Results on ordinary operations after taxation	36,494	2.91	35,461
Extraordinary items	0	-	0
Other appropriations	0.00	-	0.00
Net result	36,494	2.91	35,461
OTHER INFORMATION
Gross Operating Margin	286,565	38.17	207,402
Dividends	-	-	---
Director remuneration	-	-	--
Employee costs	178,843	87.28	95,498
Wages and salary	131,673	104	64,306
Social security contributions	15,306	3.45	14,795
Other employee costs	31,865	94.34	16,397
Amortization and depreciation	16,417	-13.82	19,050

Balance Sheet

Annual accounts	31-12-2012	%	31-12-2011	%		Industry average	%
Weeks	52		59		-
Currency	EUR		EUR		-
Intangible fixed assets	0	0		-	-	-	-
Tangible fixed assets	128,700	-11.31	145,116	-	-	-	-
Land & building	22,262	-11.32	25,104	-	-	-	-
Plant & machinery	65,446	-11.30	73,788	-	-	-	-
Furniture & Vehicles	40,992	-11.32	46,225	-	-	--	-
Leasing & Other Similar Rights	-	-	-	-	-	--	-
Other tangible assets	0	-0		-	-	-	-
Financial fixed assets	2,440	-32.97	3,640	-	-	-	-
Total fixed assets	131,140	-11.84	148,756	-	-	-	-
Inventories	-	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-0		-	-	-	-
Finished goods	0	-0		-	-	-	-
Other stocks	0	-0		-	-	-	-
Trade debtors	240,515	178	86,334	-	-	-	-
Cash	9,788	40.58	6,963	-	-	-	-
other amounts receivable	20,291	8.14	18,764	-	-	-	-
Miscellaneous current assets	64,009	-2.10	65,384	-	-	-	-
Total current assets	334,603	88.57	177,444	-	-	-	-
Total Assets	465,743	42.78	326,201	-	-	--	-
CURRENT LIABILITIES
Trade creditors	155,881	1513	9,659	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	--	-
Current portion of long term debt	-	-	-	-	-	--	-
Amounts Payable for Taxes, Remuneration & Social Security	22,860	-64.86	65,059	-	-	- -	-
Miscellaneous current liabilities	208,847	-0.46	209,822	-	-	-	--
Total current liabilities	387,588	36.22	284,540	-	-	-	-
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	71,955	102	35,461	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	78,155	87.60	41,661	-	-	-	-
Working capital	-52,984	49.47	-107,095	-	-	-	-
Cashflow	52,911	-2.93	54,511	-	-	-	-
Net worth	78,155	87.60	41,661	-	-	-	-

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011
TRADING PERFORMANCE
Profit Before Tax	0.19	18.75	0.16
Return on capital employed	70.57	-45.72	130
Return on total assets employed	11.84	-28.67	16.60
Return on net assets employed	70.57	-45.72	130
Sales / net working capital	-545.37	-68.43	-323.80
Stock turnover ratio	-	-	-
Debtor days	3.04	234	0.91
Creditor days	1.97	1870	0.10
Current ratio	0.86	38.71	0.62
Liquidity ratio / acid ratio	0.86	38.71	0.62
Current debt ratio	4.96	-27.38	6.83
Liquidity ratio reprocessed	-	-	-
LONG TERM STABILITY
Gearing	-	-	-
Equity in percentage	16.78	31.40	12.77
Total debt ratio	4.96	-27.38	6.83

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones

Payment Information

Payment expectations

Payment expectation days 1.97

Day sales outstanding 3.04

Industry comparison

Activity code 46761

Activity description Wholesaler of diamonds and other precious stones

Industry average payment expectation days 164.62

Industry average day sales outstanding 125.68

Industry quartile analysis

Payment expectations

Company result 1.97

Lower 134.13

Median 84.62

Upper 45.33

Day sales outstanding

Company result 3.04

Lower 110.17

Median 58.70

Upper 28.58

Shareholder Details

Summary

Group - Number of Companies 2

Linkages - Number of Companies 0

Number of Countries 0

Group Structure

Company name Number Latest financials

KIMBERLEY DIAMONDS LTD -- --

EDIAMOND BELGIUM BVBA 831067294 31-12-2012

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies

Summary

Group - Number of Companies 2

Linkages - Number of Companies 0

Number of Countries 0

Court Data

NSSO details

Business number 831067294

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.60.12
UK Pound	1	Rs.102.00
Euro	1	Rs.81.43

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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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