MIRA INFORM REPORT

Report Date :

17.05.2014

IDENTIFICATION DETAILS

Name :	AFRICA'S ANGEL BVBA

Registered Office :	Hoveniersstraat 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	31.05.2007

Com. Reg. No.:	889952036

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	1

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
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 889952036

Company name AFRICA'S ANGEL BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 1

Date of establishment 31/05/2007

Telephone number 032255710

Commentary

The business was established over 6 years ago.

The business has 1 employees.

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

Net Worth increased by 36% during the latest trading period.

A 48% decline in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 64% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012		33,737	83,669	82,559
31/12/2011	11,768,295	35,657	61,292	61,292
31/12/2010		45,724	37,525	37,525

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	2,599,916	0	18,600	22,454
31/12/2011	-	0	18,600	23,767
31/12/2010	-	0	18,600	36,649

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	165.12	Industry average day sales outstanding	126.96
Day sales outstanding	-
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	-
Part-time Employees	0
Total Fte Employees	0

Number of hours worked
Full-time Employees	-
Part-time Employees	168
Total	168

Personnel Charges
Full-time Employees	-
Part-time Employees	1,776
Total	1,776
Benefits In Addition To Wages	-

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

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	1	0
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	-	1	0
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	1	0
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	-	1	0
Leavers	-	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Profit & loss

Annual accounts	31-122012		31-12-2011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	11,768,295	-	-	46,485,458	-
Total operating expenses	-	-	11,719,970	-	-	46,114,879	-
Operating result	52,703	9.06	48,325	16.51	57,880	140,644	62.53
Total financial income	1,724	327	404	5259	8	97,700	98.24
Total financial expenses	20,691	58.29	13,072	7.47	12,163	205,052	89.91
Results on ordinary operations before taxation	33,737	-5.39	35,657	22.02	45,724	25,212	33.81
Taxation	11,360	-4.45	11,890	31.02	9,075	20,811	45.41
Results on ordinary operations after taxation	22,377	-5.85	23,767	35.15	36,649	10,416	114
Extraordinary items	0	-	0	-	0	-3,982	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	22,377	-5.85	23,767	35.15	36,649	6,453	246
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	1,776	-	-	-	-	126,172	98.59
Wages and salary	1,759	-	-	-	-	105,771	98.34
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	17	-	-	-	-	26,708	-99
Other employee costs	0	-	0	-	0	4,356	-100
Amortization and depreciation	77	-	-	-	-	17,866	-99

balance sheet

Annual accounts	31-122012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,576	-100
Tangible fixed assets	1,110	-	-	-	-	184,536	-99
Land & building	-	-	-	-	-	362,988	-
Plant & machinery	1,110	-	-	-	-	22,615	95.09
Furniture & Vehicles	-	-	-	-	-	17,300 5,364	-
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,611	-100
Financial fixed assets	-	-	-	-	-	306,761	-
Total fixed assets	1,110	-	-	-	-	395,576	-99
Inventories	1,311,413	12.47	1,166,034	21.89	956,624	3,111,766	57.86
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,392	-100
Finished goods	0	-100	1,166,034	-	0	2,000,677	-100
Other stocks	1,311,413	-	0	-100	956,624	570,162	130
Trade debtors	1,219,052	68.15	3,827,497	106	1,857,066	4,249,443	71.31
Cash	27,659	64.87	78,723	78.31	362,908	225,558	87.74
other amounts receivable	40,681	287	10,501	290	2,691	209,360	80.57
Miscellaneous current assets	0	-100	795	-3.02	820	18,289	-100
Total current assets	2,598,805	48.88	5,083,550	59.85	3,180,109	7,337,366	64.58
Total Assets	2,599,916	48.86	5,083,550	59.85	3,180,109	7,692,885 1,451,744	66.20
CURRENT LIABILITIES
Trade creditors	2,498,726	50.01	4,997,997	59.71	3,129,487	3,151,222	20.71
Short term group loans	-	-	-	-	-	-	-
Financial debts	2,995	-	-	-	588	4,297,815 189,666	-99
Current portion of long term debt	-	-	-	-	-	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	11,603	45.30	21,214	133	9,075	9,727 -	65.83
Miscellaneous current liabilities	2,923	-4.06	3,046	11.28	3,433	-99	- -
Total current liabilities	2,516,247	49.90	5,022,258	59.81	3,142,584	5,468,297	53.98
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,174 0	-100
Other long term liabilities	0	-	0	-	0	128,284	-100
Total long term debts	0	-	0	-	0	563,937	-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	967,079	98.08
Share premium account	-	-	-	-	-	109,362	-
Reserves	65,069	52.41	42,692	125	18,925	657,910	90.11
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	83,669	36.51	61,292	63.34	37,525	1,654,570	94.94
Working capital	82,559	34.70	61,292	63.34	37,525	1,869,068	95.58
Cashflow	22,454	-5.53	23,767	35.15	36,649	21,225	5.79
Net worth	83,669	36.51	61,292	63.34	37,525	1,651,328	94.93

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	0.30	-	-	-29,00	-
Return on capital employed	40.32	-30.70	58.18	-52.25	121.85	29,00	39.03
Return on total assets employed	1.30	85.71	0.70	-51.39	1.44	-201,00	0.65
Return on net assets employed	40.32	-30.70	58.18	-52.25	121.85	19,00	112
Sales / net working capital	-	-	192	-	-	44,00	-
Stock turnover ratio	-	-	9.91	-	-	116,00	-
Debtor days	-	-	118.71	-	-	143,00	-
Creditor days	-	-	155.65	-	-	125,00	-
SHORT TERM STABILITY
Current ratio	1.03	1.98	1.01	0	1.01	6,00	-88.56
Liquidity ratio / acid ratio	0.51	-34.62	0.78	9.86	0.71	4,00	-87.25
Current debt ratio	30.07	-63.30	81.94	-2.16	83.75	9,00	234
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	3.58	-	-	-	1.57	358,00	-99.00
Equity in percentage	3.22	166	1.21	2.54	1.18	-3.198,00	0.10
Total debt ratio	30.07	-63.30	81.94	-2.16	83.75	10,00	200

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	165.12
Industry average day sales outstanding	126.96
Industry quartile analysis
Payment expectations
Company result	-
Lower	134.34
Median	84.93
Upper	45.55

Day sales outstanding
Company result	-
Lower	111.41
Median	58.70
Upper	28.09

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	889952036
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

Director details

Current director details

Name	YUVAL ASHKENAZI
Position	Principal Manager
Start Date	01/01/2011
Street	2 WAPENSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

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.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.72

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NNA

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	889952036	Company name	AFRICA'S ANGEL BVBA
Fax number		Date founded	31/05/2007
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
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0889.952.036
Belgian Bullettin of Acts Publications	moniteur belge