MIRA INFORM REPORT

Report No. :	345611
Report Date :	17.10.2015

IDENTIFICATION DETAILS

Name :	TWINKLEDIAM NV

Registered Office :	Hoveniersstraat 30-Bus 115 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	25.11.1986

Com. Reg. No.:	429873712

Legal Form :	Public Limited Liability

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES.

No. of Employees :	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 :	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 – 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 Summery

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 2 employees.

The business has been at the address for over 12 years.

Pre-tax profits decreased by 29% compared to the previous trading period.

The business saw an increase in their Cash Balance of 42% during the latest trading period.

Turnover in the latest trading period decreased 31% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	74,208,239	159,077	15,909,489	10,796,722
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

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	40,234,492	2	14,644,735	127,756
31/12/2013	48,592,304	2	12,893,270	160,913
31/12/2012	45,709,792	3	13,476,499	115,351

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	36.19
Industry average payment	106.29	Industry average day sales	173.24
expectation days		outstanding
Day sales outstanding	132.02

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
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.

Company accounts

ASSETS
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	7,992,074	13.22	7,058,795	-4.47	7,389,427	-2.24	7,558,755	2.99	7,339,516
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	650,381	9.28	595,146	-6.04	633,394	-5.32	669,010	0.13	668,168
Land & building	641,172	9.75	584,233	-7.46	631,299	-5.04	664,838	0.10	664,142
Plant & machinery	8,783	-15.71	10,420	397	2,096	-49.76	4,172	58.69	2,629
Furniture & Vehicles	427	-13.21	492	-	-	-	-	-	1,397
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	-1	-200	1	100	-1	-	0	-	0
Financial fixed assets	7,341,692	13.58	6,463,649	-4.33	6,756,033	-1.94	6,889,745	3.27	6,671,348
Total current assets	32,242,418	-22.37	41,533,509	8.38	38,320,365	9.08	35,131,737	18.57	29,630,282
Inventories	4,500,085	-28.59	6,301,647	148	2,530,843	-49.54	5,015,507	505	828,337
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	4,500,085	-28.59	6,301,647	148	2,530,843	-49.54	5,015,507	505	828,337
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	26,841,761	-22.44	34,606,395	-1.57	35,157,317	19.23	29,486,465	7.38	27,460,366
Other amounts receivable	20,383	222	6,312	-10.59	7,060	-28.14	9,824	48.65	6,609
Cash	871,020	42.45	611,472	3.02	593,561	-2.88	611,176	-53.97	1,327,829

Miscellaneous current assets	9,168	19.33	7,683	-75.68	31,585	260	8,765	22.74	7,141
Total Assets	40,234,492	-17.20	48,592,304	6.31	45,709,792	7.07	42,690,492	15.47	36,969,798

LIABILITIES
Total shareholders equity	15,909,489	14.32	13,916,836	-3.36	14,400,421	-1.31	14,590,873	4.02	14,027,225
Issued share capital	14,644,735	13.58	12,893,270	-4.33	13,476,499	-1.94	13,743,219	3.27	13,307,576
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,264,754	23.56	1,023,566	10.78	923,922	9.00	847,654	17.79	719,649
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges

Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	24,325,002	-29.85	34,675,468	10.75	31,309,371	11.42	28,099,618	22.48	22,942,573
Other long term loans	1,232,106	-43.28	2,172,400	-	-	-	-	-	47,856
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	1,647,201	-9.13	1,812,750	140	754,868	-68.45	2,392,899	2.95	2,324,233
Total long term debts	2,879,307	-27.75	3,985,150	427	754,868	-68.45	2,392,899	0.88	2,372,089
Current portion of long term debt	-	-	-	-	-	-	47,740	-39.18	78,494
Financial debts	14,077,481	-38.10	22,743,139	3.07	22,065,713	102	10,900,230	9.54	9,950,809
Trade creditors	7,268,904	-7.69	7,874,764	-6.41	8,414,139	-42.67	14,676,161	40.69	10,431,789
Amounts Payable for Taxes,	26,213	4.87	24,996	-16.21	29,833	-35.63	46,345	-39.73	76,897
Remuneration & Social Security

Miscellaneous current liabilities	73,098	54.15	47,419	5.80	44,818	23.66	36,244	11.54	32,495
Total current liabilities	21,445,696	-30.12	30,690,318	0.44	30,554,503	18.86	25,706,720	24.97	20,570,484
Total Liabilities	40,234,492	-17.20	48,592,304	6.31	45,709,792	7.07	42,690,492	15.47	36,969,798

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	0.21	0	0.21	40.0	0.15	87.50	0.08	-55.56	0.18
Return on capital employed	0.85	-32.54	1.26	35.48	0.93	69.09	0.55	-35.29	0.85
Return on total assets employed	0.40	-13.04	0.46	48.39	0.31	40.91	0.22	-42.11	0.38
Return on net assets employed	1.00	-38.27	1.62	65.31	0.98	53.12	0.64	-36.00	1.00
Sales / net working capital	6.87	-30.95	9.95	-19.11	12.30	3.97	11.83	38.04	8.57
Stock turnover ratio	6.06	3.77	5.84	120	2.65	-41.11	4.50	320	1.07
Creditor days	36.19	34.44	26.92	-16.94	32.41	-32.83	48.25	-2.25	49.36
Debtor days	132.02	12.73	117.11	-12.83	134.34	39.15	96.54	-25.26	129.17

SHORT TERM STABILITY
Current ratio	1.50	11.11	1.35	8.00	1.25	-8.76	1.37	-4.86	1.44
Liquidity ratio / acid ratio	1.29	12.17	1.15	-1.71	1.17	0	1.17	-16.43	1.40
Current debt ratio	1.35	-38.91	2.21	4.25	2.12	20.45	1.76	19.73	1.47
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	127,756	-20.61	160,913	39.50	115,351	-10.38	128,707	8.34	118,798
Net worth	15,909,489	14.32	13,916,836	-3.36	14,400,421	-1.31	14,590,873	4.02	14,027,225
LONG TERM STABILITY
Gearing	96.23	-46.25	179.03	16.84	153.23	104	75.03	4.44	71.84
Equity in percentage	39.54	38.06	28.64	-9.08	31.50	-7.84	34.18	-9.91	37.94
Total debt ratio	1.53	-38.55	2.49	14.75	2.17	12.44	1.93	17.68	1.64
Working capital	10,796,722	-0.43	10,843,191	39.63	7,765,862	-17.60	9,425,017	4.03	9,059,798
PROFIT & LOSS
Operating Income	74,231,526	-31.19	107,880,265	12.92	95,538,244	-14.32	111,507,023	43.70	77,599,307
Turnover	74,208,239	-31.20	107,862,244	12.92	95,519,886	-14.32	111,484,084	43.67	77,598,427
Total operating expenses	73,318,796	-31.32	106,759,727	12.67	94,753,739	-14.65	111,019,318	43.93	77,134,239
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	73,342,083	-31.31	106,777,748	12.67	94,772,097	-14.65	111,042,258	43.96	77,135,118
Employee costs	119,229	-1.10	120,555	0.45	120,017	-1.08	121,328	16.50	104,141
Wages and salary	95,895	-0.14	96,026	-0.01	96,037	-1.96	97,960	17.59	83,304
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	22,505	-3.73	23,376	3.79	22,523	3.95	21,667	11.23	19,480
Other employee costs	829	-28.04	1,152	-20.93	1,457	-14.34	1,701	25.44	1,356
Director remuneration	25,380	17.32	21,633	-	-	-	-	-	24,815
Amortization and depreciation	25,611	20.33	21,284	-5.96	22,632	-6.72	24,262	3.26	23,495
Operating result	889,443	-19.33	1,102,517	43.90	766,147	64.85	464,766	0.12	464,188
Total financial income	150,109	-12.28	171,129	44.58	118,360	-69.19	384,118	51.85	252,961
Total financial expenses	880,475	-16.02	1,048,413	40.91	744,030	-1.47	755,119	30.85	577,072
Results on ordinary operations before taxation	159,077	-29.37	225,233	60.33	140,478	49.82	93,764	-33.06	140,077
Extraordinary Income	-	-	-	-	11,606	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-100	11,606	-	0	-	0
Results for the Year Before Taxation	159,077	-29.37	225,233	48.10	152,084	62.20	93,764	-33.06	140,077
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	56,931	-33.49	85,604	44.20	59,365	555	-10,681	-123	44,775
Results on ordinary operations after taxation	102,146	-26.84	139,629	72.14	81,113	-22.34	104,445	9.59	95,302
Net result	102,145	-26.85	139,629	50.59	92,719	-11.23	104,445	9.59	95,303
Profit (Loss) for the Year to be appropiated	102,145	-26.85	139,629	50.59	92,719	-11.23	104,445	9.59	95,303
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2014
Full-time Employees	3
Part-time Employees	0
Total Fte Employees	3
Number of hours worked
Full-time Employees	4,378
Part-time Employees	161
Total	4,539
Personnel Charges
Full-time Employees	115,964
Part-time Employees	3,266
Total	119,229
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	3
Actual working hours	5,102
Personnel Charges	136,932
Benefits In Addition To Wages	-

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

Payment Information

PAYMENT INFORMATION SUMMARY
Total number of Invoices available	2
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	1
Total number of Invoices currently outstanding beyond the due date	0

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY
Amount	-
Details	-

PAYMENT EXPECTATIONS
Payment expectation days	36.19
Day sales outstanding	132.02

INDUSTRY COMPARISON

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	106.29
expectation days
Industry average day sales	173.24
outstanding

Industry quartile analysis

Payment expectations
Company result	36.19
Lower	118.32
Median	76.07
Upper	45.73

Day sales outstanding
Company result	132.02
Lower	102.58
Median	55.56
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

Business	Company name	%	Date of
number			accounts
-	M SURESH COMPANY PRIVATELIMITED SOC.ETR. E.P.B.	32.89	-

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

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		HIREN SURESH CHANDRA PARIKH
Position		Managing Director
Start Date		17/04/2010
End Date		Unknown date
Street		21 VAN EYCKLEI ANTWERPEN
Post code		2018
Country		Belgium

Position		Director
Start Date		24/07/2013
End Date		31/12/2013
Street		21 VAN EYCKLEI ANTWERPEN
Post code		2018
Country		Belgium

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
Street
Post code
Country	United Arab Emirates

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.97
UK Pound	1	Rs.100.55
Euro	1	Rs.73.99

INFORMATION DETAILS

Analysis Done by :	DIV

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 Summery

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

INDUSTRY COMPARISON

Industry quartile analysis

Shareholder Details

Linked Companies

Director details

Unit