MIRA INFORM REPORT

Report No. :	302812
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	ROSEDIAM BVBA

Registered Office :	Hoveniersstraat 2-Bus 127 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2014

Date of Incorporation :	23.10.1985

Com. Reg. No.:	427999929

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of watches and jewellery.

No. of Employee :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 427999929

Branche Unit Number 2028786672

Company name ROSEDIAM BVBA

Address HOVENIERSSTRAAT 2-BUS 127

2018 ANTWERPEN

Safe number BE00154385

Number of staff 1

Date of establishment 23/10/1985

Telephone number 032342475

Fax number 032261908

Ultimate holding company

Safe number Company name Company Number

- - -

Commentary

The business was established over 29 years ago.

The business has 1 employees.

The business has been at the address for over 17 years.

The credit rating for this business has decreased from 91 to 89.

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

The business saw a decrease in their Cash Balance of 58% during the latest trading period.

ACCOUNTS

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2014	53,878,157	57,675	4,156,646	6,091,938
31/03/2013	58,299,303	66,336	2,235,601	1,811,366
31/03/2012	50,342,584	6,782	2,182,900	1,779,755

ACCOUNTS

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2014	21,974,536	1	3,617,256	65,351
31/03/2013	25,369,650	2	18,600	67,547
31/03/2012	23,344,461	1	18,600	21,042

PAYMENT EXPECTATIONS

Past payments		Payment expectation days	63.98
Industry average payment expectation days	243.57	Industry average day sales outstanding	360.36
Day sales outstanding	96.58

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code -

Description -

Joint Industrial Committee (JIC)

JIC Code 218

Description Additional national joint committee for the employees

Significant Events

Event Date 20/09/2013

Event Description --

Event Details De heer Sanghvi Jitendrakumar Devichandji schrijft in op de 643 nieuwe aandelen.

Company accounts

Assets Annual accounts	31-03-2014	%	31-03-2013	%	31-03-2012	%	31-03-2011	%	31-03-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	421,830	-0.57	424,235	5.23	403,144	-2.78	414,686	0.06	414,443
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	417,628	-0.57	420,033	5.29	398,942	-2.81	410,484	0.06	410,241
Land & building	370,878	-2.06	378,690	-2.02	386,502	-1.98	394,314	-1.94	402,126
Plant & machinery	46,454	13.81	40,818	242	11,928	-21.34	15,163	115	7,029
Furniture & Vehicles	296	-43.72	525	2.48	513	-49.09	1,007	-7.30	1,086
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	4,202	0	4,202	0	4,202	0	4,202	0	4,202
Total current assets Inventories	21,552,706 7,115,607	-13.60 -21.26	24,945,415 9,037,350	8.74 6.22	22,941,316 8,507,914	8.69 7.25	21,106,734 7,932,971	23.68 19.31	17,066,208 6,648,947
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	7,115,607	-21.26	9,037,350	6.22	8,507,914	7.25	7,932,971	19.31	6,648,947
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	14,256,033	-9.88	15,818,915	10.52	14,312,875	8.89	13,144,894	28.61	10,220,533
Other amounts receivable	152,315	1318	10,735	108	5,149	20.54	4,272	30.87	3,264

Cash	23,854	-58.46	57,428	-40.72	96,870	515	15,734	-91.65	188,513

Miscellaneous current assets	4,896 -76.67 20,987				18,508	108	8,863	79.04	4,951
Total Assets	21,974,536 -13.38 25,369,650 8.68				23,344,461	8.47	21,521,420	23.12	17,480,651
Liabilities
Total shareholders equity	4,156,646	85.93	2,235,601	2.41	2,182,900	0.40	2,174,139	1.46	2,142,801
Issued share capital	3,617,256	19347	18,600	0	18,600	0	18,600	0	18,600
Share premium account	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	226,715	0	226,715	0	226,715	0	226,715
Reserves	539,390	-72.90	1,990,286	2.72	1,937,584	0.45	1,928,823	1.65	1,897,486
Provisions for Liabilities & Charges 0		-	0	-	0	-	0	-	0

Deffered taxes - - - - - - - - -
Creditors	17,817,890	-22.98	23,134,049	9.32	21,161,561	9.38	19,347,281	26.14	15,337,850
Other long term loans	2,357,122	-	-	-	-	-	-	-	-
Long term group loans - - - - - - - - -
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	2,357,122	-	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-
Financial debts	4,717,483	-49.48	9,337,339	19.77 7,796,174		-6.13	8,305,318	11.95	7,418,948
Trade creditors	9,372,454	-23.90	12,315,366	3.08	11,946,896	23.38	9,683,319	49.17	6,491,324
Amounts Payable for Taxes, Remuneration & Social Security	29,004	3.03	28,151	208	9,123	-53.23	19,507	-0.24	19,554
Miscellaneous current liabilities	1,341,827	-7.66	1,453,193	3.11	1,409,367	5.24	1,339,138	-4.89	1,408,024
Total current liabilities	15,460,768	-33.17	23,134,049	9.32	21,161,561	9.38	19,347,281	26.14	15,337,850

Total Liabilities	21,974,536	-13.38	25,369,650	8.68	23,344,461	8.47	21,521,420	23.12	17,480,651

Profit Before Tax	0.11	0	0.11	1000	0.01	-85.71	0.07	16.67	0.06
Return on capital employed	0.89	-70.03	2.97	858	-82.08	-82.08	1.73	71.29	1.01
Return on total assets employed	0.26	0	0.26	766	0.03	-83.33	0.18	50.0	0.12
Return on net assets employed	1.39	-53.20	2.97	858	0.31	-82.08	1.73	71.29	1.01
Sales / net working capital	8.84	-72.54	32.19	13.79	28.29	-6.57	30.28	49.53	20.25
Stock turnover ratio	13.21	-14.77	15.50	-8.28	16.90	13.50	14.89	-21.63	19.00
Creditor days	63.98	-17.68	77.72	-10.94	87.27	30.66	66.79	-2.31	68.37
Debtor days	96.58	-2.48	99.04	-4.56	103.77	15.25	90.04	-15.53	106.60

SHORT TERM STABILITY
Current ratio	1.39	28.70	1.08	0	1.08	-0.92	1.09	-1.80	1.11
Liquidity ratio / acid ratio	0.93	34.78	0.69	1.47	0.68	0	0.68	0	0.68

Current debt ratio	3.72	-64.06	10.35	6.81	9.69		8.88	8.90	7.16
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	65,351	-3.25	67,547	221	21,042	-51.80	43,658	35.3	32,269
Net worth	4,156,646	85.93	2,235,601	2.41	2,182,900	0.40	2,174,139	1.46	2,142,801

LONG TERM STABILITY
Gearing	170.20	-59.25	417.67	16.95	357.15	-6.51	382.00	10.33	346.23
Equity in percentage	18.92	114	8.81	-5.78	9.35	-7.43	10.10	-17.62	12.26
Total debt ratio	4.29	-58.55	10.35	6.81	9.69	8.88	8.90	24.30	7.16
Working capital	6,091,938	236	1,811,366	1.78	1,779,755	1.15	1,759,452	1.80	1,728,359

PROFIT & LOSS

Operating Income	53,879,312	-7.58	58,300,755	15.80	50,344,607	-5.52	53,284,068	52.27	34,994,097
Turnover	53,878,157	-7.58	58,299,303	15.81	50,342,584	-5.52	53,283,588	52.26	34,994,077
Total operating expenses	53,471,386	-7.54	57,833,605	15.75	49,965,385	-5.58	52,915,972	52.69	34,655,560
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	53,472,540	-7.54	57,835,057	15.75	49,967,408	-5.57	52,916,452	52.69	34,655,580
Employee costs	-	-	-	-	-	-	-	-	-
Social security contributions	8,732	84.72	4,727	-18.23	5,781	-25.35	7,745	0.32	7,720
Other employee costs	1,135	-26.19	1,538	26.75	1,214	0.02	1,213	-25.96	1,639
Director remuneration	152,898	25.20	122,126	9.53	111,500	0.05	111,440	0	111,440
Amortization and depreciation	15,984	7.67	14,845	20.89	12,281	-0.33	12,321	-6.08	13,118
Operating result	406,772	-12.65	465,698	23.46	377,199	2.61	367,616	8.60	338,516

Total financial income	10	-99	1,513	1906	75	-93.37	1,137	725	138
Total financial expenses	349,106	-12.91	400,875	8.20	370,493	11.90	331,080	4.41	317,097
Results on ordinary operations	57,675	-13.06	66,336	878	6,782	-82.00	37,672	74.75	21,557
before taxation
Extraordinary Income	-		4,959	140	2,066	-	-	-	-
Extraordinary Charges	-		4,403	-	-	-	-	-	-
Extraordinary items	0	-100	555	-73.12	2,066	-	0	-	0
Results for the Year Before	57,675	-13.78	66,892	656	8,848	-76.51	37,672	74.75	21,557
Taxation
Other appropriations	-	-	-	-	-		-	-	-
Taxation	8,309	-41.45	14,190	16304	87	-98.63	6,335	163	2,407
Results on ordinary operations	49,367	-5.33	52,146	678	6,695	-78.64	31,337	63.63	19,151
after taxation
Net result	49,367	-6.33	52,702	501	8,761	-72.04	31,337	63.63	19,151
Profit (Loss) for the Year to be appropiated	49,367	-6.33	52,702	501	8,761	-72.04	31,337	63.63	19,151
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-03-2014
Full-time Employees	1
Part-time Employees	1
Total Fte Employees	2

Number of hours worked
Full-time Employees	1,809
Part-time Employees	1,624
Total	3,433
Personnel Charges
Full-time Employees	29,737
Part-time Employees	24,265
Total	54,002
Benefits In Addition To Wages -

During the previous reporting year
Average number employees in Fte	2
Actual working hours	2,133
Personnel Charges	39,578
Benefits In Addition To Wages -

Type of Contract Full-Time	Part-Time	Total Fte
Unlimited Duration 1 Contracts	1	2
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	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
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 - - -

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	46480
Activity description	Wholesale of watches and jewellery
industry average credit rating	61.07
Industry average credit limit	7967.53

Payment Information

Suspension of payments / moratorium history

Amount –

Details -

Payment expectations

Payment expectation days 63.98

Day sales outstanding 96.58

Industry comparison

Activity code 46480

Activity description Wholesale of watches and jewellery

Industry average payment 243.57

expectation days

Industry average day sales 360.36

outstanding

Industry quartile analysis

Payment expectations

Company result 63.98

Lower 127.92

Median 63.24

Upper 18.68

Day sales outstanding

Company result 96.58

Lower 118.84

Median 55.41

Upper 21.23

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

Individual Shareholders

Forename Jitendrakumar	Middle name	-
Surname Sanghvi
SHAREHOLDER DETAILS
Start date 14/10/2013(estimated)	End date	-
Percentage owned -
SHAREHOLDER ADDRESS
Street name -	House number	-
Minor town -	Postal town	-
Post code -	Country	India
Companies that match this address

Companies that match this address

No Companies Match this address

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

Name	RAJESH KUMAR JAIN
Position	Principal Manager
Start Date	06/12/2014
Street	47 MOLENVELDLAAN EDEGEM
Post code	2650
Country	Belgium
Name	ANILKUMAR SANGHVI
Position	Principal Manager
Start Date	07/11/2010
Street	35 PLANTIN EN MORETUSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	ASHOKKUMAR JAVERCHAND KANKARIYA
Position	Principal Manager
Start Date	07/11/2010
Street	96 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium
Name	RAJENDRAKUMAR JAIN
Position	Principal Manager
Start Date	26/06/1998
FORMER DIRECTOR DETAILS
Name	RANJEEMAT,
Position	Principal Manager
Start Date	23/05/1997
End Date	Unknown date
Street	0 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.62.39
UK Pound	1	Rs.94.17
Euro	1	Rs.73.61

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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.

MIRA INFORM REPORT

Company summary

Commentary

Court data summary

Company information

Contractor details

Personnel (NSSO classification)

Joint Industrial Committee (JIC)

Significant Events

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Linked Companies

Director details

Unit