MIRA INFORM REPORT

Report No. :	318095
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	TWINKLEDIAM NV

Registered Office :	Hoveniersstraat 30-Bus 115, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	25.11.1986

Legal Form :	Public Limited Liability

Line of Business :	Wholesale of diamonds andother precious stones

No. of Employee :	2

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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	429873712
Branche Unit Number	2034567278
Company name	TWINKLEDIAM NV
Address	HOVENIERSSTRAAT 30-BUS 115
	2018 ANTWERPEN
Number of staff	2
Date of establishment	25/11/1986
Telephone number	032315978
Fax number	032329071

Commentary

The business was established over 28 years ago. The business has 1 employees.

The business has been at the address for over 19 months. Operating Result in the latest trading period increased 43% on the previous trading period. Pre-tax profits increased by 60% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	107,862,244	225,233	13,916,836	10,843,191
31/12/2012	95,519,886	140,478	14,400,421	7,765,862
31/12/2011	111,484,084	93,764	14,590,873	9,425,017
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	48,592,304	2	12,893,270	160,913
31/12/2012	45,709,792	3	13,476,499	115,351
31/12/2011	42,690,492	3	13,743,219	128,707

Payment expectations

Past payments		Payment expectation days	26.92
Industry average payment	127.02	Industry average day sales	185.93
expectation days		outstanding
Day sales outstanding	117.11

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount	-
NSSO DETAILS
Date of summons	-

Company ACCOUNTS

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	7,058,795	-4.47	7,389,427	-2.24	7,558,755	2.99	7,339,516	7.49	6,827,886
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	595,146	-6.04	633,394	-5.32	669,010	0.13	668,168	4.45	639,684
Land & building	584,233	-7.46	631,299	-5.04	664,838	0.10	664,142	4.60	634,947
Plant & machinery	10,420	397	2,096	-49.76	4,172	58.69	2,629	23.95	2,121
Furniture & Vehicles	492	-	-	-	-	-	1,397	-46.62	2,617
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	1	100	-1	-	0	-	0	0	-1
Financial fixed assets	6,463,649	-4.33	6,756,033	-1.94	6,889,745	3.27	6,671,348	7.81	6,188,202
Total current assets	41,533,509	8.38	38,320,365	9.08	35,131,737	18.57	29,630,282	3.94	28,508,346
Inventories	6,301,647	148	2,530,843	-49.54	5,015,507	505	828,337	-84.00	5,178,458
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	6,301,647	148	2,530,843	-49.54	5,015,507	505	828,337	-84.00	5,178,458
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	34,606,395	-1.57	35,157,317	19.23	29,486,465	7.38	27,460,366	22.71	22,377,590
Other amounts receivable	6,312	-10.59	7,060	-28.14	9,824	48.65	6,609	-83.28	39,531
Cash	611,472	3.02	593,561	-2.88	611,176	-53.97	1,327,829	46.13	908,635
Miscellaneous current assets	7,683	-75.68	31,585	260	8,765	22.74	7,141	72.82	4,132
Total Assets	48,592,304	6.31	45,709,792	7.07	42,690,492	15.47	36,969,798	4.62	35,336,232

Liabilities


Total shareholders equity	13,916,836	-3.36	14,400,421	-1.31	14,590,873	4.02	14,027,225	8.55	12,922,956
Issued share capital	12,893,270	-4.33	13,476,499	-1.94	13,743,219	3.27	13,307,576	7.81	12,343,826
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,023,566	10.78	923,922	9.00	847,654	17.79	719,649	24.26	579,130
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	34,675,468	10.75	31,309,371	11.42	28,099,618	22.48	22,942,573	2.36	22,413,276
Other long term loans	2,172,400	-	-	-	-	-	47,856	-62.13	126,356
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	1,812,750	140	754,868	-68.45	2,392,899	2.95	2,324,233	7.78	2,156,430
Total long term debts	3,985,150	427	754,868	-68.45	2,392,899	0.88	2,372,089	3.91	2,282,786
Current portion of long term debt	-	-	-	-	47,740	-39.18	78,494	5.75	74,229
Financial debts	22,743,139	3.07	22,065,713	102	10,900,230	9.54	9,950,809	-6.52	10,644,555
Trade creditors	7,874,764	-6.41	8,414,139	-42.67	14,676,161	40.69	10,431,789	12.28	9,290,720
Amounts Payable for Taxes,	24,996	-16.21	29,833	-35.63	46,345	-39.73	76,897	2.53	74,997
Remuneration & Social Security
Miscellaneous current liabilities	47,419	5.80	44,818	23.66	36,244	11.54	32,495	-29.34	45,989
Total current liabilities	30,690,318	0.44	30,554,503	18.86	25,706,720	24.97	20,570,484	2.19	20,130,490
Total Liabilities	48,592,304	6.31	45,709,792	7.07	42,690,492	15.47	36,969,798	4.62	35,336,232

ratio analysis

TRADING PERFORMANCE
Profit Before Tax	0.21	40.0	0.15	87.50	0.08	-55.56	0.18	-30.77	0.26
Return on capital employed	1.26	35.48	0.93	69.09	0.55	-35.29	0.85	-1.16	0.86
Return on total assets employed	0.46	48.39	0.31	40.91	0.22	-42.11	0.38	2.70	0.37
Return on net assets employed	1.62	65.31	0.98	53.12	0.64	-36.00	1.00	-0.99	1.01
Sales / net working capital	9.95	-19.11	12.30	3.97	11.83	38.04	8.57	42.83	6.00
Stock turnover ratio	5.84	120	2.65	-41.11	4.50	320	1.07	-89.61	10.30
Creditor days	26.92	-16.94	32.41	-32.83	48.25	-2.25	49.36	-27.62	68.20
Debtor days	117.11	-12.83	134.34	39.15	96.54	-25.26	129.17	-20.53	162.53
SHORT TERM STABILITY
Current ratio	1.35	8.00	1.25	-8.76	1.37	-4.86	1.44	1.41	1.42
Liquidity ratio / acid ratio	1.15	-1.71	1.17	0	1.17	-16.43	1.40	20.69	1.16
Current debt ratio	2.21	4.25	2.12	20.45	1.76	19.73	1.47	-5.77	1.56
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	160,913	39.50	115,351	-10.38	128,707	8.34	118,798	14.36	103,879
Net worth	13,916,836	-3.36	14,400,421	-1.31	14,590,873	4.02	14,027,225	8.55	12,922,956
LONG TERM STABILITY
Gearing	179.03	16.84	153.23	104	75.03	4.44	71.84	-14.39	83.92
Equity in percentage	28.64	-9.08	31.50	-7.84	34.18	-9.91	37.94	3.75	36.57
Total debt ratio	2.49	14.75	2.17	12.44	1.93	17.68	1.64	-5.20	1.73
Working capital	10,843,191	39.63	7,765,862	-17.60	9,425,017	4.03	9,059,798	8.14	8,377,856

Profit & loss

Operating Income	107,880,265	12.92	95,538,244	-14.32	111,507,023	43.70	77,599,307	54.41	50,254,725
Turnover	107,862,244	12.92	95,519,886	-14.32	111,484,084	43.67	77,598,427	54.41	50,254,725
Total operating expenses	106,759,727	12.67	94,753,739	-14.65	111,019,318	43.93	77,134,239	55.13	49,723,554
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	106,777,748	12.67	94,772,097	-14.65	111,042,258	43.96	77,135,118	55.13	49,723,554
Employee costs	120,555	0.45	120,017	-1.08	121,328	16.50	104,141	-5.78	110,524
Wages and salary	96,026	-0.01	96,037	-1.96	97,960	17.59	83,304	-8.61	91,150
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	23,376	3.79	22,523	3.95	21,667	11.23	19,480	4.95	18,562
Other employee costs	1,152	-20.93	1,457	-14.34	1,701	25.44	1,356	66.79	813
Director remuneration	21,633	-	-	-	-	-	24,815	2.42	24,229
Amortization and depreciation	21,284	-5.96	22,632	-6.72	24,262	3.26	23,495	7.02	21,953
Operating result	1,102,517	43.90	766,147	64.85	464,766	0.12	464,188	-12.61	531,171
Total financial income	171,129	44.58	118,360	-69.19	384,118	51.85	252,961	393	51,209
Total financial expenses	1,048,413	40.91	744,030	-1.47	755,119	30.85	577,072	27.63	452,140
Results on ordinary operations	225,233	60.33	140,478	49.82	93,764	-33.06	140,077	7.55	130,240
before taxation
Extraordinary Income	-	-	11,606	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	11,606	-	0	-	0	-	0
Results for the Year Before	225,233	48.10	152,084	62.20	93,764	-33.06	140,077	7.55	130,240
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	85,604	44.20	59,365	555	-10,681	-123	44,775	-7.32	48,314
Results on ordinary operations after taxation	139,629	72.14	81,113	-22.34	104,445	9.59	95,302	16.33	81,926
Net result	139,629	50.59	92,719	-11.23	104,445	9.59	95,303	16.33	81,926
Profit (Loss) for the Year to be appropiated	139,629	50.59	92,719	-11.23	104,445	9.59	95,303	16.33	81,926
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet				Total
During the reporting year
ended 31-12-2013
Full-time Employees				3
Part-time Employees				0
Total Fte Employees				3
Number of hours worked
Full-time Employees				4,970
Part-time Employees				132
Total				5,102
Personnel Charges
Full-time Employees				118,528
Part-time Employees				2,027
Total				120,555
Benefits In Addition To Wages				-
During the previous reporting year
Average number employees in Fte				3
Actual working hours				5,320
Personnel Charges				114,824
Benefits In Addition To Wages				-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	2	1	3
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	1	1
Secondairy education	1	-	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	1	2
Blue collar worker	1	-	1
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	1
Leavers	1	-	1

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

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 Information Summary
Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	26.92
Day sales outstanding	117.11

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	127.02
expectation days
Industry average day sales	185.93
outstanding

Industry quartile analysis
Payment expectations
Company result	26.92
Lower	120.44
Median	74.93
Upper	46.53

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

Business

Company name

Date of

number

accounts

M SURESH COMPANY PRIVATE

LIMITED SOC.ETR. E.P.B.

32.89

Companies that match this address

no Companies Match this address

Linked Companies

Summary

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	MANISH MEHTA
Position	Managing Director
Start Date	01/01/2014
Street
Post code
Country	Israël

Position	Director
Start Date	01/01/2014
Street
Post code
Country	Israël

Name	NILESH PETHANI
Position	Director
Start Date	01/04/2013
Street
Post code
Country	United Arab Emirates


Name	RASHMI PETHANI
Position	Director
Start Date	24/07/2013
Street
Post code
Country	United Arab Emirates
Former director details

Name	NILESH PETHANI
Position	Principal Manager
Start Date	16/09/1998
End Date	29/03/2002
Street
Post code
Country	United Arab Emirates

Position	Managing Director
Start Date	27/12/2005
End Date	30/09/2007
Country	United Arab Emirates

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.62.35
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

INFORMATION DETAILS

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.

Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade
category
Significant Events
Event Date	29/03/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 29-03-2013: Herbenoemd als bestuurders tot de jaarvergadering van 2018 : Parikh
	Hiren (tevens gedelegeerd bestuurder) en Pethani Rashmi.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company INFORMATION

Joint Industrial Committee (JIC)

Company ACCOUNTS

Liabilities

ratio analysis

Profit & loss

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholder Details

Summary

Director details

Unit