MIRA INFORM REPORT

Report Date :

25.09.2014

IDENTIFICATION DETAILS

Name :	TOUCH STONE BVBA

Registered Office :	Schupstraat 9, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	07.09.2000

Com. Reg. No.:	472800467

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other precious stones

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 :	No Complaints
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 1, 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 472800467

Company name TOUCH STONE BVBA

Address SCHUPSTRAAT 9

2018 ANTWERPEN

Number of staff 0

Date of establishment 07/09/2000

Telephone number 032338119

Commentary

The business was established over 13 years ago.

The business has 1 employees.

The business has been at the address for over 7 years.

Operating Result in the latest trading period increased 86% on the previous trading period.

A 33% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 101% compared to the previous trading period.

Accounts

DATE OF LATEST

ACCOUNTS PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2012 23,614 58,090 47,929

31/12/2011 11,741 57,068 45,091

31/12/2010 8,898 48,344 40,130

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2012 1,740,660 0 18,600 4,402

31/12/2011 1,307,795 0 18,600 11,266

31/12/2010 1,237,975 0 18,600 7,652

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Industry average payment expectation days 164.62

Industry average day sales outstanding 125.68

Day sales outstanding -

Court data summary

BANKRUPTCY DETAILS

Court action type no

Personnel

(NSSO classification)

Description FROM 1 TO 4 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		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	46,485,458	-
Total operating expenses	-	-	-	-	-	46,114,879	-
Operating result	25,033	86.91	13,393	16.95	11,452	140,820	-82.22
Total financial income	720	1007	65	-42.98	114	98,771	-99
Total financial expenses	2,140	24.64	1,717	-35.65	2,668	206,101	-98.96
Results on ordinary operations before taxation	23,614	101	11,741	31.96	8,898	25,231	-6.41
Taxation	21,740	620	3,016	45.25	2,076	20,807	4.48
Results on ordinary operations after taxation	1,874	-78.52	8,725	27.91	6,821	10,456	-82.08
Extraordinary items	-851	-	0	-	0	-3,965	21.46
Other appropriations	-1	0	-1	-	0.00	-	-
Net result	1,022	-88.29	8,724	27.90	6,821	6,510	-84.30
OTHER INFORMATION
Gross Operating Margin	149,503	765	17,276	22.00	14,161	56,746	163
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	-	-	-	-	656	125,946	-
Wages and salary	-	-	-	-	-	1 05,550	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,656	-
Other employee costs	0	-	0	-100	656	4,340	-100
Amortization and depreciation	3,380	32.97	2,542	206	830	17,811	-81.02

Balance Sheet

Annual accounts	31-12-2012		%	31-12-2011	%		31-12-2010			Industry average 2012	%
Weeks	52			52			52
Currency	EUR			EUR			EUR
Intangible fixed assets	0		-	0	-		0			1,570	-100
Tangible fixed assets	8,600		-17.43	10,415	7.95		9,648			184,117	-95.33
Land & building	-		-	-	-		-			362,988	-
Plant & machinery	2,339		-21.22	2,969	1741		161			22,615	-89.66
Furniture & Vehicles	6,261		-15.93	7,447	-21.50		9,487			17,295 5,364	-63.80
Leasing & Other Similar Rights	-		-	-	-		-			142,153 32,369	-
Other tangible assets	0		0	-1	-		0			7,581	-100
Financial fixed assets	1,562		0	1,562	0.02		1,562			306,282	-99
Total fixed assets	10,162		-15.15	11,977	6.85		11,209			394,259	-97.42
Inventories	593,708		27.50	465,640	-2.61		478,131			3,098,414	-80.84
Raw materials & consumables	-		-	-	-		-			7,209,884	-
Work in progress	0		-	0	-		0			2,382	-100
Finished goods	0		-	0	-		0			1,992,650	-100
Other stocks	593,708		27.50	465,640	-2.61		478,131			569,029	4.34
Trade debtors	358,942		83.43	195,683	-68.94		630,034			4,234,849	-91.52
Cash	768,946		22.35	628,462	447		114,775			227,014	238
other amounts receivable	4,929		7.48	4,586	73.34		2,646			208,818	-97.64
Miscellaneous current assets	3,973		174	1,447	22.53		1,181			18,217	-78.19
Total current assets	1,730,498		33.54	1,295,818	5.63		1,226,766			7,314,172	-76.34
Total Assets	1,740,660		33.10	1,307,795	5.64		1,237,975			7,668,273 1,451,744	-77.30
Current liabilities
Trade creditors	1,450,112		47.24	984,859		5.87		930,268	3,141,505		-53.84
Short term group loans	-		-	-		-		-	-		-
Financial debts	-		-	-		-		-	4,280,807 189,666		-
Current portion of long term debt	-		-	2,996		-13.04		3,445	110,204 15,373		-
Amounts Payable for Taxes, Remuneration & Social Security	9,296		192	3,174		20.02		2,645	9,727 -		-72.65
Miscellaneous current liabilities	223,161		-14.07	259,698		3.76		250,278	-24.98		- -
Total current liabilities	1,682,569		34.53	1,250,727		5.40		1,186,636	5,452,181		-69.14
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-	-	-		-		-	-		- -
Other long term loans		-	-	-		-		2,996	-		- -
Deffered taxes		-	-	-		-		-	37,626 26,358		-
Provisions for Liabilities & Charges		0	-	0		-		0	3,162 0		-100
Other long term liabilities		1	-	0		-		0	127,769		-99
Total long term debts SHAREHOLDERS EQUITY		1		0		-100		2,996	561,675		-99
Issued share capital		18,600	0	18,600		0		18,600	966,465		-98.08
Share premium account		-	-	-		-		-	109,362		-
Reserves		39,490	2.66	38,468		29.33		29,744	652,459		-93.95
Revaluation reserve		-	-	-		-		-	939,206		-
Total shareholders equity		58,090	1.79	57,068		18.05		48,344	1,648,380		-96.48
Working capital		47,929	6.29	45,091		12.36		40,130	1,861,991		-97.43
Cashflow		4,402	-60.93	11,266		47.24		7,652	21,230		-79.27
Net worth		58,090	1.79	57,068		18.05		48,344	1,645,157		-96.47

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-29,00	-
Return on capital employed	40.65	97.62	20.57	18.70	17.33	29,00	40.17
Return on total assets employed	1.36	51.11	0.90	25.00	0.72	-200,00	0.68
Return on net assets employed	40.65	97.62	20.57	11.79	18.40	19,00	113
Sales / net working capital	-	-	-	-	-	44,00	-
Stock turnover ratio	-	-	-	-	-	116,00	-
Debtor days	-	-	-	-	-	143,00	-
Creditor days						125,00
SHORT TERM STABILITY
Current ratio	1.03	-0.96	1.04	0.97	1.03	6,00	-88.56
Liquidity ratio / acid ratio	0.68	3.03	0.66	4.76	0.63	4,00	-83.00
Current debt ratio	28.96	32.12	21.92	-10.71	24.55	9,00	221
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	5.25	-60.59	13.32	357,00	-
Equity in percentage	3.34	-23.39	4.36	11.51	3.91	-3.185,00	0.10
Total debt ratio	28.96	32.12	21.92	-10.93	24.61	11,00	163

Industry comparison

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

Industry quartile analysis

Payment expectations
Lower	134.13
Median	84.62
Upper	45.33

Day sales outstanding

Lower 110.17

Median 58.70

Upper 28.58

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Court data

NSSO details

Business number 472800467

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.61.03
UK Pound	1	Rs.99.99
Euro	1	Rs.78.37

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%)

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.

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	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0472.800.467 Check VAT number
Belgian Bullettin of Acts Publications -	moniteur belge