MIRA INFORM REPORT

Report No. :	314340
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	SUPERSTONE DIAM BVBA
Registered Office :	Van Eycklei 51-Bus 15, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	22.05.2003
Com. Reg. No.:	480459905
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and Other Precious Stones
No of Employees :	01 (31.12.2013)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
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	A2	A2

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 480459905

Company name SUPERSTONE DIAM BVBA

Address VAN EYCKLEI 51-BUS 15

2018 ANTWERPEN

Number of staff 01 (31.12.2013)

Date of establishment 22/05/2003

Telephone number 032320863

Fax number 032320863

E-Mail superstonediam@yahoo.com

Commentary

The business was established over 11 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 138% on the previous trading period.
Net Worth increased by 42% during the latest trading period.
The business saw a decrease in their Cash Balance of 49% during the latest trading period.

Accounts

DATE OF LATEST

ACCOUNTS PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2013 8,269 34,335 34,192

31/12/2012 10,378 24,054 20,923

31/12/2011 694 20,463 14,111

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2013 1,612,767 01 18,600 10,383

31/12/2012 1,537,520 0 18,600 7,117

31/12/2011 455,629 0 18,600 694

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Industry average payment expectation days 126.83

Industry average day sales outstanding 185.78

Company information

Business number	480459905	Company name	SUPERSTONE DIAM BVBA
Fax number	032320863	Date founded	22/05/2003
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	Wholesaler of diamonds and other precious stones	VAT Number	BE.0480.459.905
Belgian Bullettin of Acts Publications	moniteur belge

Significant Events

Event Date 29/03/2013

Event Description re-registered as subject to VAT tax

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	143	-95.43	3,131	-50.71	6,352	0	6,352	0	6,352
Tangible fixed assets	143	-95.43	3,131	-50.71	6,352	0	6,352	0	6,352
Plant & machinery	-	-	-	-	474	0	474	-31.53	693
Furniture & Vehicles	143	-95.43	3,131	-46.74	5,878	0	5,878	3.86	5,659
Total current assets	1,612,624	5.10	1,534,389	241	449,277	0.15	448,583	-36.24	703,503
Inventories	750,130	-7.09	807,341	506	133,109	-46.53	248,921	307	61,057
Other stocks	750,130	-7.09	807,341	506	133,109	-46.53	248,921	307	61,057
Trade debtors	491,265	189	169,951	-21.68	216,993	34.40	161,457	34.12	120,387
Other amounts receivable	150,162	22.88	122,203	76.71	69,153	-	-	-	92,900
Cash	220,789	-49.23	434,894	1348	30,022	-21.42	38,204	-91.09	428,794
Miscellaneous current assets	278	-	0	-	0	-	0	-100	365
Total Assets	1,612,767	4.89	1,537,520	237	455,629	0.15	454,934	-35.91	709,855

Liabilities
Total shareholders equity	34,335	42.74	24,054	17.55	20,463	3.51	19,769	0	19,769
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Reserves	15,735	188	5,454	192	1,863	59.40	1,169	0	1,169
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Creditors	1,578,432	4.29	1,513,466	247	435,166	0	435,166	-36.94	690,087
Financial debts	1,667	0	1,667	-	-	-	-	-	-
Trade creditors	1,138,914	6.05	1,073,948	-	-	-	-	-	285,417
Amounts Payable for Taxes, Remuneration & Social Security	-	-	-	-	-	-	-	-	59
Miscellaneous current liabilities	437,851	0	437,851	0.62	435,166	0	435,166	7.55	404,611
Total current liabilities	1,578,432	4.29	1,513,466	247	435,166	0	435,166	-36.94	690,087
Total Liabilities	1,612,767	4.89	1,537,520	237	455,629	0.15	454,934	-35.91	709,855

Ratio Analysis

	31.12.2013	%	31.12.2012	%	31.12.2011	%	31.12.2010	%	31.12.2009
TRADING PERFORMANCE
Return on capital employed	24.08	-44.18	43.14	1172	3.39	-83.18	20.15	36.35	-55.43
Return on total assets employed	0.51	-23.88	0.67	346	0.15	-82.95	0.88	57.14	-1.54
Return on net assets employed	24.08	-44.18	43.14	1172	3.39	-83.18	20.15	36.35	-55.43
SHORT TERM STABILITY
Current ratio	1.02	0.99	1.01	-1.94	1.03	0	1.03	0.98	1.02
Liquidity ratio / acid ratio	0.55	14.58	0.48	-34.25	0.73	58.70	0.46	-50.54	0.93
Current debt ratio	45.97	-26.94	62.92	195	21.27	-3.36	22.01	-36.95	34.91
Cashflow	10,383	45.88	7,117	925	694	-82.57	3,983	51.61	-7,718
Net worth	34,335	42.74	24,054	17.55	20,463	3.51	19,769	0	19,769
LONG TERM STABILITY
Gearing	4.86	-29.87	6.93	---	---	---	---	---	---
Equity in percentage	2.13	36.54	1.56	-65.26	4.49	3.22	4.35	56.47	2.78
Total debt ratio	45.97	-26.94	62.92	195	21.27	-3.36	22.01	-36.95	34.91
Working Capital	34,192	63.42	20,923	48.28	14,111	5.17	13,417	0	13,417

Profit & Loss

Gross Operating Margin	-3,636	-126	13,741	84.61	-16,241	-507	3,983	-38.04	6,429
Employee costs	-	-	-	-	-	-	-	-	144
Other employee costs	0	-	0	-	0	-	0	-100	144
Amortization and depreciation	-	-	3,526	-	-	-	-	-	3,342
Operating result	-3,636	-138	9,550	58.80	-16,241	-507	3,983	40.24	-9,899
Total financial income	34,949	1981	1,679	-90.27	17,256	-	-	-	194
Total financial expenses	23,044	2607	851	164	322	-	-	-	1,252
Results on ordinary operations before taxation	8,269	-20.32	10,378	1394	694	-82.57	3,983	36.35	-10957
Extraordinary Income	2,114	270	570	-	-	-	-	-	-
Extraordinary items	2,114	270	570	-	0	-	0	-	0
Results for the Year Before Taxation	10,383	-5.16	10,948	1477	694	-82.57	3,983	36.35	-10,957
Taxation	-	-	7,357	-	-	-	-	-	104
Results on ordinary operations after taxation	8,269	173	3,021	335	694	-82.57	3,983	36.01	-11,061
Net result	10,383	189	3,591	417	694	-82.57	3,983	36.01	-11,061
Profit (Loss) for the Year to be appropriated	10,383	189	3,591	417	694	-82.57	3,983	36.01	-11,061

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 126.83

Industry average day sales

Outstanding 185.78

Industry quartile analysis

Payment expectations
Lower	120.34
Median	74.63
Upper	46.13

Day sales outstanding

Lower	102.27
Median	53.69
Upper	24.18

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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

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.62.29
UK Pound	1	Rs.93.02
Euro	1	Rs.67.36

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MNL

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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