MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	CENTERSTONE BVBA

Registered Office :	Pelikaanstraat 782018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	14.06.1993

Com. Reg. No.:	450343680

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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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 450343680

Company name CENTERSTONE BVBA

Address PELIKAANSTRAAT 782018 ANTWERPEN

Number of staff 1

Date of establishment 14/06/1993

Telephone number 032261151

Fax number 032260462

Commentary

The business was established over 21 years ago.

The business has 1 employee.

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

The credit rating for this business has decreased from 83 to 82.

The credit limit for this business has decreased from €115000 to €96000.

Pre-tax profits decreased by 55% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	--	8,029	1,065,353	997,617
31/12/2012	--	18,177	1,064,925	985,086
31/12/2011	--	9,679	1,053,375	1,002,698

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	1,817,297	1	18,600	21,429
31/12/2012	2,117,170	2	18,600	32,452
31/12/2011	2,246,363	2	18,600	24,501

Payment Expectations

Past payments Payment expectation days -

Industry average payment 125.39 Industry average day sales 143.75

expectation days outstanding

Day sales outstanding -

Company accounts

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	61,217,629	-
Total operating expenses	-	-	-	-	-	60,656,546	-
Operating result	29,984	15.33	25,997	-34.32	39,584	175,767	-82.94
Total financial income	178	7.47	166	-53.89	360	61,879	-99
Total financial expenses	22,133	177	7,987	-73.61	30,266	1 85,304	-88.06
Results on ordinary operations before taxation	8,029	-55.83	18,177	87.80	9,679	53,706	-85.05
Taxation	7,298	10.13	6,627	-12.09	7,538	23,544	-69.00
Results on ordinary operations after taxation	731	-93.67	11,550	439	2,141	36,697	-98.01
Extraordinary items	-303	-	0	-	0	7,204	-104
Other appropriations	0.00	-	0	-	0	-	-
Net result	428	-96.30	11,550	439	2,141	44,127	-99
OTHER INFORMATION
Gross Operating Margin	134,586	21.69	11 0,600	-15.06	1 30,204	36,411	269
Dividends	-	-	-	-	-	221,730	-
Director remuneration	-	-	-	-	-	128,969	-
Employee costs	81,065	31.79	61,509	-6.94	66,096	147,671	-45.10
Wages and salary	61,619	27.35	48,387	-7.43	52,272	116,217	-46.98
Employee pension costs	-	-	-	-	-	1,459	-
Social security contributions	13,340	40.42	9,500	-9.97	1 0,552	28,979	-53.97
Other employee costs	6,106	68.59	3,622	10.70	3,272	2,749	122
Amortization and depreciation

balance sheet

Annual accounts Weeks	31-12-2013 52	%	31-12-2012 52	%	31-12-2011 52	Industry average 2013	%
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,540	-100
Tangible fixed assets	59,095	-25.97	79,821	-18.16	97,536	198,193	-70.18
Land & building	-	-	-	-	-	395,520	-
Plant & machinery	44,238	-18.36	54,184	-11.22	61,031	28,625	54.54
Furniture & Vehicles	14,856	-42.05	25,637	-29.77	36,505	15,434 4,223	-3.74
Leasing & Other Similar Rights	-	-	-	-	-	41,563 20,725	-
Other tangible assets	0	-	0	-	0	9,102	-100
Financial fixed assets	11,605	0.00	11,605	0	11,605	247,915	-95.32
Total fixed assets	70,700	-22.67	91,427	-16.23	109,141	356,103	-80.15
Inventories	549,359	-10.26	612,162	-8.96	672,403	3,139,189	-82.50
Raw materials & consumables	-	-	-	-	-	7,018,384	-
Work in progress	0	-	0	-	0	1,400	-100
Finished goods	0	-	0	-	0	2,100,276	-100
Other stocks	549,359	-10.26	612,162	-8.96	672,403	444,782	23.51
Trade debtors	956,958	-14.46	1,118,711	-7.24	1,205,980	4,165,782	-77.03
Cash	230,620	-13.64	267,060	12.49	237,407	569,451,485	-99
other amounts receivable	4,805	-50.77	9,761	4.13	9,374	211,311	-97.73
Miscellaneous current assets	4,855	-73.10	18,049	49.68	12,058	-560,142,592	0.00
Total current assets	1,746,597	-13.78	2,025,743	-5.22	2,137,222	7,204,123	-75.76
Total Assets	1,817,297	-14.16	2,117,170	-5.75	2,246,363	7,520,084 1,174,471	-75.83

CURRENT LIABILITIES
Trade creditors	711,043	-29.22	1,004,603	-8.91	1,102,849	2,942,333	-75.83
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	40	-97.32	1,494	4,564,426 121,204	-
Current portion of long term debt	9,324	13.25	8,233	4.73	7,861	84,620 14,135	-88.98
Amounts Payable for Taxes, Remuneration & Social Security	20,530	10.79	18,531	44.55	12,820	7,759 -	-31.02
Miscellaneous current liabilities	8,083	-12.62	9,250	-2.63	9,500	-96.47	- -
Total current liabilities	748,980	-28.03	1,040,657	-8.27	1,134,524	5,144,357	-85.44
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,964	-74.42	11,588	-41.54	19,821	-99	- -
Deffered taxes	-	-	-	-	-	58,297 69,470	-
Provisions for Liabilities & Charges	0	-0		-0		5,303 0	-100
Other long term liabilities	0	-0		-100	38,643	239,187	-100
Total long term debts	2,964	-74.42	11,588	-80.18	58,464	664,109	-99
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	1,033,828	-98.20
Share premium account	-	-	-	-	-	86,926	-
Reserves	1,046,753	0.04	1,046,325	1.12	1,034,775	644,445	62.43
Revaluation reserve	-	-	-	-	-	907,399	-
Total shareholders equity	1,065,353	0.04	1,064,925	1.10	1,053,375	1,701,631	-37.39
Working capital	997,617	1.27	985,086	-1.76	1,002,698	2,059,766	-51.57
Cashflow	21,429	-33.97	32,452	32.45	24,501	58,572	-63.41
Net worth	1,065,353	0.04	1,064,925	1.10	1,053,375	1,700,090	-37.34

ratio analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-8,00	-
Return on capital employed	0.75	-55.62	1.69	94.25	0.87	-14,00	5.36
Return on total assets employed	0.44	-48.84	0.86	100	0.43	-5,00	8.80
Return on net assets employed	0.75	-56.14	1.71	85.87	0.92	-15,00	5.00
Sales / net working capital	-	-	-	-	-	169,00	-
Stock turnover ratio	-	-	-	-	-	50,00	-
Debtor days	-	-	-	-	-	143,75	-
Creditor days SHORT TERM STABILITY						125,39
Current ratio	2.33	19.49	1.95	3.72	1.88	4,00	-84.47
Liquidity ratio / acid ratio	1.60	17.65	1.36	5.43	1.29	3,00	-46.67
Current debt ratio	0.70	-28.57	0.98	-9.26	1.08	15,00	-95.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	1.15	-38.50	1.87	-32.49	2.77	251,00	-99
Equity in percentage	58.62	16.54	50.30	7.27	46.89	-258,00	22.72
Total debt ratio	0.71	-28.28	0.99	-12.39	1.13	16,00	-95.56

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 125.39

Industry average day sales

Outstanding 143.75

Industry quartile analysis

Payment expectations

Company result -

Lower 125.63

Median 77.57

Upper 48.73

Day sales outstanding

Company result -

Lower 105.23

Median 54.34

Upper 25.06

Shareholder Details

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director Details

Current director details

Name RAJENDER RAMESH GEHANI

Position Principal Manager

Start Date 31/08/2010

Street 160 MECHELSESTEENWEG 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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

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	450343680	Company name	CENTERSTONE BVBA
Fax number	032260462	Date founded	14/06/1993
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.0450.343.680 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment Expectations

Company Information

Company accounts

balance sheet

ratio analysis

Industry comparison

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director Details

Unit