MIRA INFORM REPORT

Report Date :

04.08.2011

IDENTIFICATION DETAILS

Name :	S.V. GEMS NV
Registered Office :	Hoveniersstraat 30 Antwerp Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	13.06.1997
Com. Reg. No.:	460857886
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones

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 :	Unknown
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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company summary

Business number	460857886	Company name	S.V. GEMS NV
Address	HOVENIERSSTRAAT 30 ANTWERP	Telephone number	0478670176
Post code	2018	Fax number	-
Date of establishment	13/06/1997	Number of staff	1

Bottom of Form

Crdit information

Company status	active
purchase limit	7.800.000

Holding company

Safe Number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	95,430,527	168,007	871,078
31/12/2009	52,071,403	165,622	699,108
31/12/2008	59,632,959	-352,606	533,939

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	17.10
Industry average payment expectation days	223.89	Industry average day sales outstanding	161.24
Day sales outstanding	85.61

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	15/01/2007

Business number	460857886	Company name	S.V. GEMS NV
Fax number	-	Date founded	13/06/1997
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0460.857.886
Belgian Bullettin of Acts Publications	moniteur belge

Latest branch details

Street	BELGIELEI	Entry date	01/07/1997
House or po box number	106	Trade register number	323529
City	ANTWERPEN
Post code	2000

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

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	24/06/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 24-06-2011: Herbenoemd als bestuurder en gedelegeerd bestuurder tot na de jaarvergadering van 2017: Shah Abhaykumar.

profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	95,430,527	83.27	52,071,403	-12.68	59,632,959	33,454,876	185
Total operating expenses	94,732,095	83.89	51,515,734	-12.73	59,028,799	33,062,612	186
Operating result	698,432	25.69	555,669	-8.03	604,160	143,224	387
Total financial income	13,479	0.63	13,395	92.93	6,943	130,209	-89.65
Total financial expenses	543,904	34.82	403,443	-58.14	963,709	212,603	155
Results on ordinary operations before taxation	168,007	1.44	165,622	46.97	-352,606	50,078	235
Taxation	-	-	452	15.21	-2,974	14,146	-
Results on ordinary operations after taxation	168,007	1.72	165,170	47.24	-349,632	40,932	310
Extraordinary items	3,963	-	0	-100	1,589	1,449	173
Other appropriations	0.00	-	0.00	-100	1	-	-
Net result	171,970	4.12	165,170	47.46	-348,042	42,386	305
OTHER INFORMATION
Dividends	-	-	-	-	-	122,763	-
Director remuneration	31,112	-26.48	42,315	-34.62	64,722	128,409	-75.77
Employee costs	107,690	-0.73	108,487	-60.46	274,352	156,500	-31.19
Wages and salary	83,043	3.34	80,358	-62.79	215,957	135,814	-38.86
Employee pension costs	-	-	-	-	-	1,470	-
Social security contributions	19,384	-16.92	23,333	-55.25	52,137	31,582	-38.62
Other employee costs	5,263	9.74	4,796	-23.35	6,257	3,092	70.22
Amortization and depreciation	36,150	-15.03	42,545	3.65	41,047	20,881	73.12

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	890	-100
Tangible fixed assets	443,092	-7.14	477,163	-8.05	518,943	182,976	142
Land & building	355,183	-3.02	366,253	-2.93	377,324	379,361	-6.37
Plant & machinery	83,241	-19.85	103,861	-20.39	130,469	22,646	267
Other tangible assets	4,668	-33.78	7,048	-36.79	11,150	26,750	-82.55
Financial fixed assets	58,172	59.50	36,472	0.00	36,472	40,237	44.57
Total fixed assets	501,263	-2.41	513,634	-7.52	555,415	196,383	155
Inventories	10,044,145	17.12	8,575,863	-37.24	13,664,025	2,166,965	363
Raw materials & consumables	-	-	-	-	-	1,034,173	-
Work in progress	0	-	0	-	0	6,463	-100
Finished goods	10,044,145	17.12	8,575,863	-37.24	13,664,025	1,346,311	646
Other stocks	0	-	0	-	0	431,397	-100
Trade debtors	22,383,391	29.89	17,232,407	9.51	15,735,997	3,058,410	631
Cash	148,621	44.43	102,899	-50.96	209,807	264,549	-43.82
other amounts receivable	3,700,133	35.48	2,731,138	53.18	1,783,004	81,897	4418
Miscellaneous current assets	7,763	77.53	4,373	-74.68	17,273	34,824	-77.71
Total current assets	36,284,054	26.66	28,646,680	-8.80	31,410,106	5,222,335	594
CURRENT LIABILITIES
Trade creditors	4,436,859	-5.00	4,670,301	-49.76	9,296,591	2,047,435	116
Short term group loans	-	-	-	-	-	-	-
Other short term loans	12,797,300	82.59	7,008,815	-37.50	11,214,215	1,352,285	846
Miscellaneous current liabilities	1,111,327	6.76	1,040,993	-7.27	1,122,645	185	- -
Total current liabilities	18,345,486	44.22	12,720,109	-41.20	21,633,451	3,704,206	395
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	168,664	-98.32	10,014,317	158	3,870,130	-83.10	- -
Other long term liabilities	17,400,090	203	5,726,781	-3.39	5,928,001	175,842	9795
Total long term debts	17,568,753	11.61	15,741,097	60.65	9,798,131	575,153	2954
SHAREHOLDERS EQUITY
Issued share capital	640,000	0	640,000	0	640,000	636,758	0.51
Share premium account	-	-	-	-	-	149,859	-
Reserves	231,078	290	59,108	55.73	-106,061	458,908	-49.65
Revaluation reserve	-	-	-	-	-	879,438	-
Total shareholders equity	871,078	24.60	699,108	30.93	533,939	1,112,996	-21.74
Working capital	17,938,568	12.63	15,926,571	62.90	9,776,655	1,518,129	1081
Net worth	871,078	24.60	699,108	30.93	533,939	1,112,106	-21.67

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	0.18	-43.75	0.32	54.24	-0.59	-9,00	2.00
Return on capital employed	0.91	-9.90	1.01	29.62	-3.41	6,00	-84.83
Return on total assets employed	0.46	-19.30	0.57	51.82	-1.10	-25,00	1.84
Return on net assets employed	19.29	-18.57	23.69	35.87	-66.04	22,00	-12.32
Sales / net working capital	5.32	62.69	3.27	-46.39	6.10	57,00	-99
Stock turnover ratio	10.53	-36.07	16.47	-28.11	22.91	79,00	-86.67
Debtor days	85.61	-29.12	120.79	25.40	96.32	121,00	-29.25
Creditor days	17.10	-48.32	33.09	-42.43	57.48	198,00	-91.36
SHORT TERM STABILITY
Current ratio	1.98	-12.00	2.25	55.17	1.45	14,00	-83.50
Liquidity ratio / acid ratio	1.43	-9.49	1.58	92.68	0.82	5,00	-71.40
Current debt ratio	21.06	15.78	18.19	-55.11	40.52	12,00	75.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	1488.50	-38.87	2434.98	-13.81	2825.11	339,00	339
Equity in percentage	2.37	-1.25	2.40	43.71	1.67	-28,00	8.46
Total debt ratio	41.23	1.28	40.71	-30.85	58.87	14,00	194

Limit History

date	Credit limit
01/07/2011	0

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average credit limit	140177.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	17.10
Day sales outstanding	85.61

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	223.89
Industry average day sales outstanding	161.24

Industry quartile analysis

Payment expectations	----
Company result	17.10
Lower	161.36
Median	99.90
Upper	49.45
Day sales outstanding	----
Company result	85.61
Lower	148.78
Median	72.41
Upper	30.15

Summary

Group - Number of Companies	1
Linkages - Number of Companies	0
Number of Countries	0

Holding company

No holding companies found

Companies that match this address

Business number	Company name	Limit	Date of accounts
446464868	SIMPLEX DIAM NV	2550000	31/12/2010
446464868	SIMPLEX DIAM NV	2550000	31/12/2010
478160609	DIVINE GEMS BVBA	0	31/12/2009
869835622	MUNIC GEMS INVESTMENT NV	0	31/12/2009
870281030	WORLD SHINER BELGIUM BVBA	0	31/12/2009
870784539	SHEETAL EUROPE BVBA	285000	31/03/2010

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	460857886
Name of defendant	SV GEMS
Legal form of defendant	Limited company
Date of summons	15/01/2007
Labour court	ANTWERPEN

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	ABHAYKUMAR SUMATILAL SHAH
Position	Managing Director
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	ABHAYKUMAR SUMATILAL SHAH
Position	Director
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	ABHAYKUMAR SUMATILAL SHAH
Position	Chairman of the Board
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	S. VINODKUMAR INTERNATIONAL PTE. LTD.
Position	Director
Street	25 RAFFUES PLACE
Post code	048624
Country	Singapore

Name	S. VINODKUMAR INTERNATIONAL PTE. LIMITED
Position	Director
Street
Post code
Country
Name	AMISHKUMAR SHAH
Position	Legal Representative
Street
Post code
Country

Name	ABHAYKUMAR SHAH
Position	Managing Director
Street
Post code
Country
Name	ABHAYKUMAR SHAH
Position	Director
Street
Post code
Country

Former director details

Name	ABHAYKUMAR SUMATILAL SHAH
Position	Principal Manager
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.72.21
Euro	1	Rs.62.87

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.