MIRA INFORM REPORT

Report No. :	335226
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	DIFFERENT FACETS BVBA

Registered Office :	Mechelsesteenweg 245, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	29.10.1998

Com. Reg. No.:	464570117

Legal Form :	One Person Private Limited

Line of Business :	Subject is engaged in wholesale of diamonds and other precious stones

No. of Employee :	1

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name

DIFFERENT FACETS BVBA

Company summary

Business number	464570117
Branche Unit Number	2131839076
Company name	DIFFERENT FACETS BVBA
Address	MECHELSESTEENWEG 245
	2018 ANTWERPEN
Number of staff	1
Date of establishment	29/10/1998

Telephone number

Fax number

Commentary

The business was established over 16 years ago. The business has 1 employees.

The business has been at the address for over 6 years.

Operating Result in the latest trading period decreased 24% on the previous trading period. A 33% decline in Total Assets occurred during the latest trading period. Pre-tax profits decreased by 37% compared to the previous trading period. Net Worth is a negative amount during the latest trading period. Working Capital is a negative amount during the latest trading period. Turnover in the latest trading period decreased 45% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	7,154,294	17,682	-35,100	-23,894
31/12/2012	13,087,644	28,229	-52,782	-38,227
31/12/2011		11,151	-81,011	-66,629
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	4,940,427	1	18,592	17,870
31/12/2012	7,431,895	1	18,592	28,402
31/12/2011	6,832,687	1	18,592	11,179

Payment expectations

Past payments		Payment expectation days	247.70
Industry average payment	105.32	Industry average day sales	181.86
expectation days		outstanding
Day sales outstanding	108.28

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

13/11/2002

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	3,667	1051	319	-35.23	492	-	-	-	-
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	667	109	319	-35.23	492	-	-	-	-
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-	-	-
Furniture & Vehicles	667	109	319	-35.23	492	-	-	-	-
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	3,000	-	-	-	-	-	-	-	-
Total current assets	4,936,760	-33.57	7,431,576	8.77	6,832,195	-17.52	8,283,832	7.23	7,725,351
Inventories	2,596,889	-5.97	2,761,851	-21.59	3,522,220	34.07	2,627,145	11.85	2,348,857
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	2,596,889	-5.97	2,761,851	-	0	-	0	-100	2,348,857
Other stocks	0	-	0	-100	3,522,220	34.07	2,627,145	-	0
Trade debtors	2,122,429	-52.59	4,477,061	44.20	3,104,833	-43.77	5,521,940	4.72	5,273,247
Other amounts receivable	64,764	11.07	58,311	-1.99	59,494	0.84	59,001	0.45	58,734
Cash	151,735	13.86	133,269	-8.05	144,941	92.55	75,273	70.38	44,180
Miscellaneous current assets	942	-13.15	1,085	53.18	708	49.80	473	42.40	332
Total Assets	4,940,427	-33.52	7,431,895	8.77	6,832,687	-17.52	8,283,832	7.23	7,725,351

Liabilities

Total shareholders equity	-35,100	66.50	-52,782	65.15	-81,011	87.90	-92,162	97.72	-94,310
Issued share capital	18,592	0	18,592	0	18,592	0	18,592	0.00	18,592
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	-53,692	75.23	-71,374	71.66	-99,603	89.93	-110,754	98.10	-112,902
Provisions for Liabilities & Charges	14,874	0	14,874	0	14,874	0	14,874	0.00	14,874
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	4,960,654	-33.59	7,469,803	8.28	6,898,825	-17.49	8,361,121	7.13	7,804,787
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	14,874	0	14,874	0	14,874	0	14,874	0.00	14,874
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	13,108	-20.93	16,576	-44.38	29,805	127	13,111	2049	610
Trade creditors	4,836,900	-34.12	7,342,461	8.67	6,756,626	-18.05	8,245,160	7.07	7,700,661
Amounts Payable for Taxes,	7,942	3.02	7,709	-20.71	9,722	38788	25	-96.39	692
Remuneration & Social Security
Miscellaneous current liabilities	102,705	-0.34	103,056	0.38	102,671	-0.15	102,825	0.00	102,824
Total current liabilities	4,960,654	-33.59	7,469,803	8.28	6,898,825	-17.49	8,361,121	7.13	7,804,787
Total Liabilities	4,940,427	-33.52	7,431,895	8.77	6,832,687	-17.52	8,283,832	7.23	7,725,351

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.25	13.64	0.22	-	-	-	-	-	0.28
Return on capital employed	-87.42	-17.39	-74.47	-341	-16.86	-806	-1.86	25.48	-7.30
Return on total assets employed	0.36	-5.26	0.38	137	0.16	700	0.02	-75.00	0.08
Return on net assets employed	-50.38	94.20	-53.48	-288	-13.77	-782	-1.56	25.37	-6.15
Sales / net working capital	-299.42	87.46	-342.37	-	-	-	-	-	-25.90
Stock turnover ratio	36.30	72.04	21.10	-	-	-	-	-	114.15
Creditor days	247.70	20.64	205.33	-	-	-	-	-	1,372.90
Debtor days	108.28	-13.28	124.86	-	-	-	-	-	935.40
SHORT TERM STABILITY
Current ratio	1.00	1.01	0.99	0	0.99	0	0.99	0	0.99
Liquidity ratio / acid ratio	0.47	-25.40	0.63	31.25	0.48	-29.41	0.68	-1.45	0.69
Current debt ratio	-141.33	99	-141.52	-66.18	-85.16	93.87	-90.72	-9.62	-82.76
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	17,870	-37.08	28,402	154	11,179	420	2,147	-62.82	5,775
Net worth	-35,100	66.50	-52,782	65.15	-81,011	87.90	-92,162	97.72	-94,310
LONG TERM STABILITY
Gearing	-37.34	-18.88	-31.41	85.38	-36.79	-158	-14.23	-2089	-0.65
Equity in percentage	-0.71	0	-0.71	59.66	-1.19	-7.21	-1.11	90.98	-1.22
Total debt ratio	-141.75	99	-141.80	-66.16	-85.34	93.90	-90.88	-9.61	-82.91
Working capital	-23,894	62.50	-38,227	57.37	-66,629	86.21	-77,289	97.30	-79,436

Profit & loss
Operating Income	7,155,265	-45.33	13,088,625	-	-	-	-	-	2,058,618
Turnover	7,154,294	-45.34	13,087,644	-	-	-	-	-	2,057,656
Total operating expenses	7,127,512	-45.39	13,052,070	-	-	-	-	-	2,047,303
Gross Operating Margin	-	-	-	-	64,915	36.84	47,440	-	-
Operating Charges	7,128,484	-45.39	13,053,051	-	-	-	-	-	2,048,266
Employee costs	43,627	1.99	42,778	-7.67	46,330	10.17	42,053	3.60	40,591
Wages and salary	35,544	2.28	34,753	-10.09	38,655	18.56	32,603	1.02	32,275
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	7,737	0.41	7,705	4.39	7,381	3.70	7,118	-1.15	7,201
Other employee costs	346	8.37	319	8.77	294	-87.41	2,332	109	1,115
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	188	8.48	173	518	28	-	-	-	-
Operating result	26,781	-24.72	35,574	103	17,441	398	3,500	-66.20	10,353
Total financial income	465	110	221	-23.41	288	22.73	235	14.08	206
Total financial expenses	9,564	26.41	7,566	15.01	6,579	186	2,298	-51.71	4,759
Results on ordinary operations before	17,682	-37.36	28,229	153	11,151	676	1,437	-75.24	5,801
taxation
Extraordinary Income	-	-	-	-	-	-	692	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-100	692	-	0
Results for the Year Before Taxation	17,682	-37.36	28,229	153	11,151	423	2,129	-63.30	5,801
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-18	-173	25
Results on ordinary operations after taxation	17,682	-37.36	28,229	153	11,151	666	1,455	-74.81	5,776
Net result	17,682	-37.36	28,229	153	11,151	419	2,147	-62.82	5,775
Profit (Loss) for the Year to be appropiated	17,682	-37.36	28,229	153	11,151	419	2,147	-62.82	5,775
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		1
Part-time Employees		-
Total Fte Employees		1
Number of hours worked
Full-time Employees		1,756
Part-time Employees		-
Total		1,756
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,763
Personnel Charges		42,778
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	-	1
Contracts
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	-	-	-
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
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	-	-	-
Leavers	-	-	-

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

Payment Information
Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	247.70
Day sales outstanding	108.28
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	105.32
Industry average day sales outstanding	181.86

Industry quartile analysis Payment expectations

Company result	247.70
Lower	118.08
Median	75.64
Upper	45.40

Day sales outstanding
Company result	108.28
Lower	102.58
Median	55.28
Upper	25.25

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
Legal event type	Social Security Summons
Event date	13/11/2002
Court type	Court name
Creditor's name	3rd party type

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	AMISHKUMAR SHIRSHCHANDRA SHAH
Position	Principal Manager
Start Date	23/03/2005
Street	165 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium
Name	JACOBA JULIANA LOUISA HERTOGHS
Position	Principal Manager
Start Date	29/10/1998
Date of birth	05/11/1953
Street	4 SNOEKGRACHT GRIMBERGEN
Post code	1850
Country	Belgium
Name	ANKIT SHAN
Position	Principal Manager
Start Date	23/03/2005
Street	15 LAXMI ESTATE OLD NAGARDAS RD
Post code
Country	India
Name	ANKIT SHAH
Position	Principal Manager
Start Date	23/03/2005

Street

Post code

Country

Former director details

Name	HASMUKHAL RATILAL SONI
Position	Principal Manager
Start Date	30/06/2000
End Date	30/09/2013
Street	10 QUINTEN MATSIJSLEI 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.64.01
UK Pound	1	Rs.99.84
Euro	1	Rs.70.16

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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%)

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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

MIRA INFORM REPORT

Company name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Joint Industrial Committee (JIC)

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Director details

Unit