MIRA INFORM REPORT

Report Date :

16.08.2012

IDENTIFICATION DETAILS

Name :	SHIVANI GEMS CVA

Registered Office :	Schupstraat 1 Bus 44 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	22.01.1982

Com. Reg. No.:	422531406

Legal Form :	Limited Partnership with shares (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	1

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 :	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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Belgium

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

REGISTERED NAME & COMPANY SUMMARY

Business number	422531406	Company name	SHIVANI GEMS CVA
		Telephone number	0475610125
Address	SCHUPSTRAAT 1 BUS 44 ANTWERPEN	Fax number	032325852
Post code	2018	Number of staff	1
Date of establishment	22/01/1982

DIRECTORS/MANAGEMENT

Current director details

Name	SHITAL SHAH
Position	Principal Manager
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Name	HIMANSHU MEHTA
Position	Principal Manager
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Former director details

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	422531406	Company name	SHIVANI GEMS CVA
Fax number	032325852	Date founded	22/01/1982
Company status	active	Company type	Limited Partnership with shares (BL/LX)
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.0422.531.406
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

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
Description	Joint committee for the industry and the trade in diamant
category

Significant Events

Event Date	09/12/2011
Event Description
Event Details	Alle bestaande aandelen aan toonder worden omgezet in aandelen op naam of gedematerialiseerde aandelen

Protested bills

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

NSSO details

Business number	422531406
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	182.06
Industry average payment expectation days	195.79	Industry average day sales outstanding	134.19
Day sales outstanding	217.03

Export accounts to CSV file

comparison mode

average

median

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	182.06
Day sales outstanding	217.03

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	195.79
Industry average day sales outstanding	134.19

Industry quartile analysis

Payment expectations
Company result	182.06
Lower	132.92
Median	85.19
Upper	42.72
Day sales outstanding
Company result	217.03
Lower	112.15
Median	55.62
Upper	25.95

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number
-		-

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	11,079,264	53,008	1,859,970
31/12/2009	3,799,805	4,490	1,811,280
31/12/2008	12,855,411	23,516	1,806,738

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	12,376,624	6,220	694,102	58,710	1
31/12/2009	7,064,838	6,220	694,102	20,512	1
31/12/2008	10,536,754	6,220	694,102	4,177	1

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	11,079,264	191	3,799,805	-70.44	12,855,411	46,740,522	-76.30
Total operating expenses	10,749,133	203	3,544,019	-71.50	12,434,645	46,135,968	-76.70
Operating result	330,131	29.07	255,786	-39.21	420,766	209,875	57.30
Total financial income	357	-90.45	3,740	431	704	156,621	-99
Total financial expenses	277,480	8.80	255,036	-35.91	397,954	309,269	-10.28
Results on ordinary operations before taxation	53,008	1080	4,490	-80.91	23,516	40,902	29.60
Taxation	4,318	1348	298	-	-	15,146	-71.49
Results on ordinary operations after taxation	48,690	1061	4,192	-82.17	23,516	30,615	59.04
Extraordinary items	0	-100	350	-	0	2,674	-100
Other appropriations	0	-	0	-	0	-	-
Net result	48,690	971	4,542	-80.69	23,516	33,286	46.28
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	34,105	-1.12	34,493	-	-	113,424	-69.93
Employee costs	29,094	0.10	29,065	3.77	28,008	144,633	-79.88
Wages and salary	23,857	-0.17	23,897	5.30	22,694	127,233	-81.25
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	4,656	-2.02	4,752	9.64	4,334	30,910	-84.94
Other employee costs	581	39.66	416	-57.55	980	3,131	-81.44
Amortization and depreciation	31,840	-23.90	41,841	-1.98	42,687	21,860	45.65

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	1,693	-100
Tangible fixed assets	484,981	-5.36	512,436	-7.55	554,277	194,031	149
Land & building	469,962	-5.37	496,654	-5.15	523,638	359,645	30.67
Plant & machinery	-	-	-	-	1,711	27,542	-
Other tangible assets	15,019	-4.83	15,782	-45.44	28,928	27,350	-45.09
Financial fixed assets	6,220	0	6,220	0	6,220	313,797	-98.02
Total fixed assets	491,201	-5.29	518,656	-7.46	560,497	407,445	20.56
Inventories	4,549,819	19.61	3,803,853	-27.30	5,232,162	3,144,767	44.68
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,057	-100
Finished goods	4,549,819	19.61	3,803,853	-27.30	5,232,162	2,077,589	118
Other stocks	0	-	0	-	0	520,583	-100
Trade debtors	6,587,863	224	2,029,299	-56.56	4,670,962	3,844,184	71.37
Cash	58,710	186	20,512	391	4,177	265,307	-77.87
other amounts receivable	689,031	-0.46	692,187	925	67,483	369,925	86.26
Miscellaneous current assets	0	-100	331	-77.53	1,473	42,580	-100
Total current assets	11,885,423	81.56	6,546,182	-34.38	9,976,257	7,139,390	66.48
current liabilities
Trade creditors	5,361,475	181	1,903,465	-52.29	3,989,403	2,697,968	98.72
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,559,394	1164	123,301	-89.73	1,200,588	1,922,196	-18.87
Miscellaneous current liabilities	458,643	60.05	286,559	-38.40	465,178	558	- -
Total current liabilities	7,379,512	219	2,313,325	-59.09	5,655,169	4,432,177	66.50
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	3,137,142	6.70	2,940,233	-4.38	3,074,847	99	- -
Other long term liabilities	0	-	0	-	0	716,389	-100
Total long term debts	3,137,142	6.70	2,940,233	-4.38	3,074,847	1,346,377	133
shareholders equity
Issued share capital	694,102	0	694,102	0	694,102	1,024,975	-32.28
Share premium account	-	-	-	-	-	183,372	-
Reserves	1,165,868	4.36	1,117,178	0.41	1,112,636	681,170	71.16
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	1,859,970	2.69	1,811,280	0.25	1,806,738	1,723,878	7.89
Working capital	4,505,911	6.45	4,232,857	-2.04	4,321,088	2,707,213	66.44
Net worth	1,859,970	2.69	1,811,280	0.25	1,806,738	1,722,185	8.00

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.48	300	0.12	-33.33	0.18	-2,00	24.00
Return on capital employed	1.06	1077	0.09	-81.25	0.48	17,00	-93.76
Return on total assets employed	0.43	616	0.06	-72.73	0.22	-78,00	0.55
Return on net assets employed	2.85	1040	0.25	-80.77	1.30	19,00	-85.00
Sales / net working capital	2.46	173	0.90	-69.80	2.98	35,00	-99
Stock turnover ratio	41.07	-58.98	100.11	145	40.70	67,00	-38.70
Debtor days	217.03	11.34	194.93	46.98	132.62	167,00	29.96
Creditor days	182.06	-7.13	196.04	67.41	117.10	171,00	6.47
short term stability
Current ratio	1.61	-43.11	2.83	60.80	1.76	8,00	-82.11
Liquidity ratio / acid ratio	0.99	-16.81	1.19	41.67	0.84	5,00	-80.20
Current debt ratio	3.97	210	1.28	-59.11	3.13	9,00	-55.89
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	252.51	49.29	169.14	-28.52	236.64	123,00	105
Equity in percentage	15.03	-41.38	25.64	49.50	17.15	-1.493,00	1.01
Total debt ratio	5.65	94.83	2.90	-39.96	4.83	9,00	-37.22

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NOTES & COMMENTS

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.64
UK Pound	1	Rs.87.31
Euro	1	Rs.68.81

INFORMATION DETAILS

Report Prepared by :

PRL

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.