MIRA INFORM REPORT

Report No. :	344145
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	ANITA DIAMONDS BVBA

Registered Office :	Schupstraat 1-7 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	16.02.2011

Com. Reg. No.:	833802694

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones.

No. of Employees :	3

RATING & COMMENTS

MIRA’s Rating :

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 – 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 summary

Business number 833802694

Branche Unit Number 2196086730

Company name ANITA DIAMONDS BVBA

Address SCHUPSTRAAT 1-7

2018 ANTWERPEN

Number of staff 3

Date of establishment 16/02/2011

Telephone number 032324500

Fax number

Commentary

The business was established over 4 years ago.

The business has 1 employees.

The business has been at the address for over 4 years.

Operating Result in the latest trading period decreased 508% on the previous trading period.

Net Worth increased by 73% during the latest trading period.

A 29% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 25% compared to the previous trading period.

The business saw an increase in their Cash Balance of 33% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		91,314	215,538	173,979
31/12/2012	52,779,063	72,804	124,224	77,242
31/12/2011	40,287,017	48,312	66,912	17,525

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	28,193,867	3	18,600	108,044
31/12/2012	40,094,287	2	18,600	73,957
31/12/2011	24,654,210	1	18,600	54,755

Payment expectations

Past payments Payment expectation days -

Industry average payment expectation days 126.58 Industry average day sales outstanding 185.59

Day sales outstanding –

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

Company accounts

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011
Weeks	52		52		45
Currency	EUR		EUR		EUR

Total fixed assets	52,832	-23.58	69,137	-15.15	81,482
Intangible fixed assets	0	-	0	-	0
Tangible fixed assets	43,832	-27.11	60,137	-17.03	72,482
Land & building	-	-	-	-	-
Plant & machinery	7,138	-26.29	9,683	17.12	8,268
Furniture & Vehicles	36,694	-27.27	50,454	-21.43	64,214
Leasing & Other Similar Rights	-	-	-	-	-
Other tangible assets	0	-	0	-	0
Financial fixed assets	9,000	0	9,000	0	9,000
Total current assets	28,141,035	-29.69	40,025,149	62.88	24,572,728
Inventories	8,158,967	91.50	4,260,480	-15.45	5,039,034
Raw materials & consumables	-	-	-	-	-
Work in progress	0	-	0	-	0
Finished goods	0	-	0	-	0
Other stocks	8,158,967	91.50	4,260,480	-15.45	5,039,034
Trade debtors	16,331,773	-50.47	32,970,173	81.47	18,168,671
Other amounts receivable	450,909	9.55	411,593	1445	26,631
Cash	3,175,770	33.27	2,382,903	79.25	1,329,393
Miscellaneous current assets	7,326	-	0	-100	9,000
Total Assets	28,193,867	-29.68	40,094,287	62.63	24,654,210

Liabilities

Total shareholders equity	215,538	73.51	124,224	85.65	66.912
Issued share capital	18,600	0	18,600	0	18,600
Share premium account	-	-	-	-	-
Revaluation reserve	-	-	-	-	-
Provisions for Liabilities & Charges	0	-	0	-	0
Deffered taxes	-	-	-	-	-
Creditors	27,978,328	-30.00	39,970,062	62.56	24,587,298
Other long term loans	11,272	-49.12	22,155	-30.97	32,095
Long term group loans	-	-	-	-	-
Other long term liabilities	0	-	0	-	0
Total long term debts	11,272	-49.12	22,155	-30.97	32,095
Current portion of long term debt	10,882	9.48	9,940	9.48	9,079
Financial debts	27,955,008	-29.98	39,924,517	62.66	24,544,904
Trade creditors	-	-	-	-	-
Amounts Payable for Taxes, Remuneration & Social Security	1,165	-91.34	13,451	1002	1,220
Miscellaneous current liabilities	0	-	0	-	0
Total current liabilities	27,967,056	-29.99	39,947,908	62.69	24,555,204
Total Liabilities	28,193,867	-29.68	40,094,287	62.63	24,654,210

Ratio Analysis

TRADING PERFORMANCE	-	-	0.14	16.67	0.12
Profit Before Tax	40.26	-19.06	49.74	1.93	48.80
Return on capital employed	0.32	77.78	0.18	-10.0	0.20
Return on net assets employed	42.37	-27.71	58.61	-18.82	72.20
Sales / net working capital	-	-	683.30	-70.28	2,298.87
Stock turnover ratio	-	-	8.07	-35.49	12.51
Creditor days	-	-	276.54	22.07	226.54
Debtor days	-	-	228.01	38.52	164.61

SHORT TERM STABILITY

Current ratio	1.01	1.00	1.00	0	1.00
Liquidity ratio / acid ratio	0.71	-21.11	0.90	12.50	0.80
Current debt ratio	129.75	-59.65	321.58	-12.37	366.98
Liquidity ratio reprocessed	-	-	-	-
Cashflow	108,044	46.09	73,957	35.07	54,755
Net worth	215,538	73.51	124,224	85.65	66,912

LONG TERM STABILITY

Gearing	10.28	-60.22	25.84	-58.00	61.53
Equity in percentage	0.76	145	0.31	14.81	0.27
Total debt ratio	129.81	-59.66	321.76	-12.44	367.46
Working capital	173,979	125	77,242	340	17,525

Profit & loss
Operating Income	-	-	-	-	-
Turnover	-	-	52,779,063	31.01	40,287,017
Total operating expenses	-	-	52,694,983	33.25	39,545,822
Gross Operating Margin	-219,567	-219	183,761	-76.06	767,738
Operating Charges	-	-	-	-	-
Employee costs	101,218	32.59	76,340	568	11,427
Wages and salary	88,658	40.55	63,079	560	9,550
Employee pension costs	-	-	-	-	-
Social security contributions	10,797	-15.21	12,734	1130	1,035
Other employee costs	1,763	235	526	-37.56	843
Director remuneration	-	-	-	-	-
Amortization and depreciation	16,730	0.51	16,645	158	6,443
Operating result	-343,657	-508	84,080	-88.66	741,195
Total financial income	4,449,759	202	1,471,987	371	312,440
Total financial expenses	4,014,787	170	1,483,263	47.54	1,005,323
Results on ordinary operations before taxation	91,314	25.43	72,804	50.69	48,312
Extraordinary Income	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-
Extraordinary items	0	-	0	-	0

Results for the Year Before Taxation	91,314	25.43	72,804	50.69	48,312

Other appropriations	-	-	-	-	-
Taxation	-	-	15,492	-	-
Results on ordinary operations after taxation	91,314	59.33	57,312	18.63	48,312
Net result	91,314	59.33	57,312	18.63	48,312
Profit (Loss) for the Year to be appropiated	91,314	59.33	57,312	18.63	48,312
Dividends	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	2
Part-time Employees	1
Total Fte Employees	3

Number of hours worked
Full-time Employees	3,526
Part-time Employees	1,455
Total	4,981

Personnel Charges
Full-time Employees	79,896
Part-time Employees	21,322
Total	101,218
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,812
Personnel Charges	76,340
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	2	2	3
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	1	1	2
Higher education (non university)	-	-	-

Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	1	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	2	3
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	Full-Time	Part-Time	Total Fte
New Starters -	-	1	1
New staff and leavers Full-Time	-	-	-

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
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	-
Day sales outstanding	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.58

Industry average day sales	185.59
outstanding

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

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 KOMAL PRAVIN SHAH

Position Principal Manager

Start Date 16/02/2011

Street 37 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.64.82
UK Pound	1	Rs.100.12
Euro	1	Rs.73.75

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 summary

Commentary

Accounts

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Group Structure

Minority Shareholders

Minority Interests

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

DIAMOND INDUSTRY – INDIA

Unit