MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	ANITA DIAMONDS BVBA

Registered Office :	Schupstraat 1-7, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	16.02.2011

Com. Reg. No.:	833802694

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones.

No of Employees :	2

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 :	Unknown
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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 833802694

Company Name ANITA DIAMONDS BVBA

Address SCHUPSTRAAT 1-7

2018 ANTWERPEN

Number of Staff 2

Date of Establishment 16/02/2011

Telephone Number 032324500

Commentary

The business was established over 3 years ago.

The business has 1 employee.

Number of employees in the latest trading period increased 100% on the previous trading period.

The business has been at the address for over 3 years.

Operating Result in the latest trading period decreased 88% on the previous trading period.

Net Worth increased by 85% during the latest trading period.

A 62% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 50% compared to the previous trading period.

The business saw an increase in their Cash Balance of 79% during the latest trading period.

Turnover in the latest trading period increased 31% on the previous trading period.

ACCOUNTS

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	52,779,063	72,804	124,224	77,242
31/12/2011	40,287,017	48,312	66,912	17,525

ACCOUNTS

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	40,094,287	2	18,600	73,957
31/12/2011	24,654,210	1	18,600	54,755

Payment expectations
Past payments		Payment expectation days	276.54
Industry average payment expectation days	127.32	Industry average day sales outstanding	131.80
Day sales outstanding	228.01
Court data summary
BANKRUPTCY DETAILS
Court action type	No
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

SOCIAL BALANCE SHEET DETAILS

Social Balance Sheet	Total
During the reporting year
ended 31-12-2012	-
Full-time Employees	2
Part-time Employees	0
Total Fte Employees	2

Number of hours worked
Full-time Employees	3,442
Part-time Employees	370
Total	3,812

Personnel Charges
Full-time Employees	69,919
Part-time Employees	6,421
Total	76,340
Benefits In Addition To Wages

During the previous reporting year
Average number employees in Fte	1
Actual working hours	896
Personnel Charges	11,427
Benefits In Addition To Wages

Type of Contract Full-Time Part-Time Total FTE

Unlimited Duration 2 1 3

Contract

Gender and Education

Level

Men Full-Time Part-Time Total FTE

Secondairy Education 1 1 2

Women Full-Time Part-Time Total FTE

Secondairy Education 1 - 1

Working Category Full-Time Part-Time Total FTE

White Collar Worker 2 1 3

New Staff and Leavers Full-Time Part-Time Total FTE

New Starters 1 1 2

Joint Industrial Committee (JIC)
JIC Code	218
Description Category	Additional national joint committee for the employees

Company accounts

PROFIT & LOSS

Annual accounts	31-12-2012	%	31-12-2011	%	Industry average 2012	%
Weeks	52		52
Currency	EUR		EUR
Turnover	52,779,063	31.01	40,287,017	-	-40,580,747	30.06
Total operating expenses	52,694,983	33.25	39,545,822	-	-40,261,947	30.88
Operating result	84,080	-88.66	741,195	-	-130,841	-35.74
Total financial income	1,471,987	371	312,440	-	-92,506	1491
Total financial expenses	1,483,263	47.54	1,005,323	-	-184,637	703
Results on ordinary operations before taxation	72,804	50.69	48,312	-	-29.336	148
Taxation	15,492	-	-	-	-21,183	-26.87
Results on ordinary operations after taxation	57,312	18,63	48,312	-	14,566	293
Extraordinary items	0	-	0	-	-4,108	0
Other appropriations	0.00	-	0.00	-	-	-
Net result	57,312	18.63	48,312	-	-10,480	446
OTHER INFORMATION
Gross Operating Margin	183,761	-76.06	767,738	-	-51.649	255
Dividends	-	-	-	-	-158,038	-
Director remuneration	-	-	-	-	-108,060	-
Employee costs	76,340	568	11,427	-	-138,862	-45.02
Wages and salary	63,079	560	9,550	-	-119,143	-47.06
Employee pension costs	-	-	-	-	-11,791	-
Social security contributions	12,734	1130	1,035	-	-29,680	-57.09
Other employee costs	526	-37.56	843	-	-4,881	-89.22
Amortization and depreciation	16,645	158	6,443	-	-18,160	-8.34

BALANCE SHEET

Annual accounts	31-12-2012	%	31-12-2011	%	Industry average 2012	%
Weeks	52	-	45		-	-
Currency	EUR		EUR
Intangible fixed assets	0	-	0	-	-1,194	-100
Tangible fixed assets	60,137	-17.03	72,482	-	-189,138	-68.20
Land & building	-	-	-	-	-369,958	-
Plant & machinery	9,683	17.12	8,268	-	-25,320	-61.76
Furniture & Vehicles	50,454	-21.43	64,214	-	-17,035 5,058	196
Leasing & Other Similar Rights	-	-	-	-	-139,170 30,812	-
Other tangible assets	0	-	0	-	-11,139	-100
Financial fixed assets	9,000	0	9,000	-	-233,269	-96.14
Total fixed assets	69,137	-15.15	81,482	-	-342,910	-79.84
Inventories	4,260,480	-15.45	5,039,034	-	-2,722,008	56.52
Raw materials & consumables	-	-	-	-	-7,018,491	-
Work in progress	0	-	0	-	-2,505	-100
Finished goods	0	-	0	-	-1,763,693	-100
Other stocks	4,260,480	-15.45	5,039,034	-	-453,189	840
Trade debtors	32,970,173	81.47	18,168,671	-	3,731,902	783
Cash	2,382,903	79.25	1,329,393	-	-207,202	1050
other amounts receivable	411,593	1445	26,631	-	211,594	94.52
Miscellaneous current assets	0	-100	9,000	-	-14,768	-100
Total current assets	40,025,149	62.88	24,572,728	-	-6,433,180	522
Total Assets	40,094,0287	62.63	24,654,210	-	-6,737,983 -1,220,826	495

CURRENT LIABILITIES

Trade creditors	39,924,517	62.66	24,544,904	-	-2,805,133	1323
Short term group loans	-	-	-	-	-	-
Financial debts	-	-	-	-	-3,670,287 150,514	-
Current portion of long term debt	9,940	9.48	9,079	-	-89,873 14,128	88.94
Amounts Payable for Taxes, Remuneration & Social Security	13,451	1002	1,220	-	-8,672 -	-62.13
Miscellaneous current liabilities	0	-	0	-	-100	--
Total current liabilities	39,947,908	62.69	24,555,204	-	-4,779,667	735
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-
Other long term loans	22,155	-30.97	32,095	-	-97.87	--
Deffered taxes	-	-	-	-	-40,313 31,040	-
Provisions for Liabilities & Charges	0	-	0	-	-3,951 0	-100
Other long term liabilities	0	-	0	-	-92,453	-100
Total long term debts	22,155	-30.97	32,095	-	-501,905	-95.59
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	-	-82,588	-97.89
Share premium account	-	-	-	-	-89,810	-
Reserves	105,624	118	48,312	-	-542,288	-80.52
Revaluation reserve	-	-	-	-	-927,466	-
Total shareholders equity	124,224	85.65	66,912	-	-1,450,833	-91.44
Working capital	77,242	340	17,525	-	-1,653,513	-95.33
Cash flow	73,957	35.07	54,755	-	-25,268	192
Net worth	124,224	85.65	66,912	-	-1,448,109	-91.42

RATIO ANALYSIS

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.14	16.67	0.12	-	-9,00	1.56
Return on capital employed	49.74	1.93	48.80	-	-39,00	27.54
Return on total assets employed	0.18	-10.0	0.20	-	-291,00	0.06
Return on net assets employed	58.61	-18.82	72.20	-	-27,00	117
Sales / net working capital	683.30	-70.28	2298.87	-	-63,00	-99
Stock turnover ratio	8.07	-35.49	12.51	-	-87,00	-90.72
Debtor days	228.01	38.52	164.61	-	-131,80	73.00
Creditor days	276.54	22.07	226.54	-	-127,32	117
SHORT TERM STABILITY
Current ratio	1	0	1	-	-6,00	-90.91
Liquidity ratio / acid ratio	0.90	12.50	0.80	-	-4,00	-77.50
Current debt ratio	321.58	-12.37	366.98	-	-11,00	2823
Liquidity ratio reprocessed	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	25.84	-58.00	61.53	-	-258,00	-89.98
Equity in percentage	0.31	14.81	0.27	-	-3.353,00	0.01
Total debt ratio	321.76	-12.44	367.46	-	-12,00	2581

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones.
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment Information

Payment expectations
Payment expectation days	276.54
Day sales outstanding	228.01
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones.
Industry average payment expectation days	127.32
Industry average day sales outstanding	131.80

Industry quartile analysis
Payment expectations
Company result	276.54
Lower	127.58
Median	76.58
Upper	45.69

Day sales outstanding
Company result	228.01
Lower	105.23
Median	55.21
Upper	25.72

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

court data

There is no data for this company

Director details

Current director details

Name KOMAL PRAVIN SHAH

Position Principal Manager

Start Date 16/02/2011

Street 37 QUINTEN MATSIJSLEI ANTWERPEN

Post code 2018

Country Belgium

Former director details

Name ALAIN EGGERMONT

Position Principal Manager

Start Date 02/04/2012

End Date 01/04/2013

Street 3 RUBENSLEI ANTWERPEN

Post code 2018

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.60.61
UK Pound	1	Rs.100.49
Euro	1	Rs.79.56

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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	833802694	Company name	ANITA DIAMONDS BVBA
Fax number		Date founded	16/02/2011
Company status	active	Company type	Private Limited Company
			(BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	Yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0833.802.694 Check
Belgian Bullettin of Acts Publications	moniteur beige