MIRA INFORM REPORT

Report Date :

24.07.2012

IDENTIFICATION DETAILS

Name :	SIMONI GEMS BVBA
Registered Office :	Schupstraat 1 Antwerpen 2018
Country :	Belgium
Financials (as on) :	30.06.2011
Date of Incorporation :	14.02.2001
Com. Reg. No.:	474128575
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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	A1	A1

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

Company name and address

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Business number		474128575	Company name	SIMONI GEMS BVBA
Telephone number	032313657
Address		SCHUPSTRAAT 1 ANTWERPEN	Fax number	032260461
Post code		2018	Number of staff	2
Date of establishment		14/02/2001

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
30/06/2011	21,738,011	89,619	1,326,216
30/06/2010	14,587,840	32,895	1,241,596
30/06/2009	11,456,980	24,936	1,208,688

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
30/06/2011	8,240,978	473	1,018,600	77,995	2
30/06/2010	8,298,055	473	1,018,600	98,465	2
30/06/2009	7,203,056	472	1,018,600	47,029	2

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	63.17
Industry average payment expectation days	190.60	Industry average day sales outstanding	144.65
Day sales outstanding	97.17

Court data summary

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

Business number	474128575	Company name	SIMONI GEMS BVBA
Fax number	032260461	Date founded	14/02/2001
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	30/06/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0474.128.575
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	30-06-2011	%	30-06-2010	%	30-06-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	21,738,011	49.01	14,587,840	27.33	11,456,980	52,268,221	-58.41
Total operating expenses	21,505,986	49.24	14,409,969	28.64	11,201,959	51,699,632	-58.40
Operating result	232,026	30.45	177,871	-30.25	255,021	283,058	-18.03
Total financial income	294	7260	4	-95.70	93	125,682	-99
Total financial expenses	142,701	-1.57	144,980	-37.01	230,178	306,098	-53.38
Results on ordinary operations before taxation	89,619	172	32,895	31.92	24,936	92,245	-2.85
Taxation	5,000	38461	-13	20.0	-65	35,146	-85.77
Results on ordinary operations after taxation	84,619	157	32,908	31.63	25,001	70,703	19.68
Extraordinary items	0	-	0	-	0	-4,644	0
Other appropriations	0.00	-	0	-	0	-	-
Net result	84,619	157	32,908	31.63	25,001	66,224	27.78
other information
Dividends	-	-	-	-	-	39,179	-
Director remuneration	67,995	1.88	66,737	-	-	103,749	-34.46
Employee costs	86,397	4.55	82,640	-4.26	86,316	143,806	-39.92
Wages and salary	67,417	0.09	67,354	-5.29	71,118	119,196	-43.44
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	17,282	28.33	13,466	-2.60	13,825	30,192	-42.76
Other employee costs	1,699	-6.67	1,820	32.56	1,373	3,484	-51.24
Amortization and depreciation	18,023	3.45	17,422	1.62	17,145	28,829	-37.48

balance sheet

Annual accounts	30-06-2011	%	30-06-2010	%	30-06-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	7,490	-100
Tangible fixed assets	180,033	-7.44	194,514	-7.53	210,359	276,474	-34.88
Land & building	163,882	-3.05	169,042	-2.96	174,202	609,458	-73.11
Plant & machinery	3,708	-36.70	5,857	-26.85	8,007	40,022	-90.74
Other tangible assets	12,444	-36.56	19,615	-30.32	28,150	33,172	-62.49
Financial fixed assets	473	-0.07	473	0.21	472	36,199	-98.69
Total fixed assets	180,506	-7.43	194,987	-7.52	210,831	297,149	-39.25
Inventories	2,191,511	15.97	1,889,751	-28.43	2,640,534	3,538,607	-38.07
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	0	-
Finished goods	2,191,511	15.97	1,889,751	-28.43	2,640,534	2,170,009	0.99
Other stocks	0	-	0	-	0	531,508	-100
Trade debtors	5,787,210	-5.32	6,112,664	42.09	4,302,010	7,488,220	-22.72
Cash	77,995	-20.79	98,465	109	47,029	385,255	-79.75
other amounts receivable	3,756	71.66	2,188	-17.50	2,652	196,190	-98.09
Miscellaneous current assets	0	-	0	-	0	13,278	-100
Total current assets	8,060,472	-0.53	8,103,068	15.89	6,992,225	10,780,317	-25.23
current liabilities
Trade creditors	3,721,731	17.23	3,174,824	8.15	2,935,599	3,463,667	7.45
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,816,742	-21.96	2,328,048	45.44	1,600,717	3,691,036	-50.78
Miscellaneous current liabilities	178,603	-4.38	186,777	57.93	118,264	-79.41	- -
Total current liabilities	5,717,076	0.48	5,689,649	22.24	4,654,580	7,873,357	-27.39
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,197,686	-12.37	1,366,810	2.02	1,339,788	-35.66	- -
Other long term liabilities	0	-	0	-	0	246,462	-100
Total long term debts	1,197,686	-12.37	1,366,810	2.02	1,339,788	1,147,134	4.41
shareholders equity
Issued share capital	1,018,600	0	1,018,600	0	1,018,600	1,415,889	-28.06
Share premium account	-	-	-	-	-	131,145	-
Reserves	307,616	37.95	222,996	17.31	190,088	542,182	-43.26
Revaluation reserve	-	-	-	-	-	1,268,236	-
Total shareholders equity	1,326,216	6.82	1,241,596	2.72	1,208,688	2,015,438	-34.20
Working capital	2,343,396	-2.90	2,413,419	3.24	2,337,645	2,906,960	-19.39
Net worth	1,326,216	6.82	1,241,596	2.72	1,208,688	2,007,949	-33.95

ratio analysis

Annual accounts	30-06-2011	change(%)	30-06-2010	change(%)	30-06-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.41	78.26	0.23	4.55	0.22	0,00	-
Return on capital employed	3.55	181	1.26	28.57	0.98	-2,00	177
Return on total assets employed	1.09	172	0.40	14.29	0.35	-17,00	6.41
Return on net assets employed	6.76	155	2.65	28.64	2.06	-2,00	338
Sales / net working capital	9.28	53.64	6.04	23.27	4.90	28,00	-99
Stock turnover ratio	10.08	-22.16	12.95	-43.82	23.05	22,00	-54.18
Debtor days	97.17	-36.47	152.94	11.59	137.05	111,00	-12.46
Creditor days	63.17	-21.45	80.42	-15.92	95.65	63,00	0.27
short term stability
Current ratio	1.41	-0.70	1.42	-5.33	1.50	4,00	-89.93
Liquidity ratio / acid ratio	1.03	-5.50	1.09	17.20	0.93	3,00	-65.67
Current debt ratio	4.31	-5.90	4.58	18.96	3.85	14,00	-69.21
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	227.30	-23.62	297.59	22.32	243.28	383,00	-40.65
Equity in percentage	16.09	7.55	14.96	-10.85	16.78	-283,00	5.69
Total debt ratio	5.21	-8.27	5.68	14.52	4.96	16,00	-67.44

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment expectations

Payment expectation days	63.17
Day sales outstanding	97.17

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	190.60
Industry average day sales outstanding	144.65

Industry quartile analysis

Company result	63.17
Lower	135.11
Median	89.39
Upper	47.10
Company result	97.17
Lower	118.09
Median	62.44
Upper	27.38

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

Individual Shareholders

Shareholder Name
Forename	Mayur	Middle name	-
Surname	Shah
Shareholder Details
Start date	13/12/2007	End date	-
Percentage owned	87.29%
Shareholder Address
Street name	Hanvant Bhuvan Walkeshwar Nepensea Road	House number	80
Minor town	-	Postal town	-
Post code	400006	Country	India

NSSO details

Business number

474128575

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	MAYUR DINESHCHANDRA SHAH
Position	Principal Manager
Street	18 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	MAYUR DINESHCHANDRA SHAH
Position	Non Statutory Partner
Street	18 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	SHAH MILAN DINESHCHANDRA
Position	Principal Manager

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.55.76
UK Pound	1	Rs.86.80
Euro	1	Rs.67.43

INFORMATION DETAILS

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%)

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.