MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	HARMONY GEMS BVBA

Registered Office :	Jacob Jacobsstraat 3 --3aantwerpen

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	27.10.2005

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not Available

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 – September 30, 2011

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	877298781	Company name	HARMONY GEMS BVBA
		Telephone number	032269297
Address	JACOB JACOBSSTRAAT 3 --3AANTWERPEN	Fax number	032130900
Post code	2018	Number of staff	0
Date of establishment	27/10/2005
Business number	877298781	Company name	HARMONY GEMS BVBA
Fax number	032130900	Date founded	27/10/2005
Company status	active	Company type	Private Limited Company (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.0877.298.781
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	ABHAY NANAVATI
Position	Principal Manager
Street	7 KWIKSTAARTLAAN ANTWERPEN
Post code	2610
Country	Belgium

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	20/12/2011

Protested bills

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

NSSO details

Business number	877298781
Name of defendant	HARMONY GEMS
Legal form of defendant	Private limited liability company
Date of summons	22/02/2011
Labour court	ANTWERPEN
View more

Bankruptcy details

There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	20/12/2011	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

Legal event type	Social Security Summons
Legal event sub type
Event date	23/11/2010	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

Legal event type	Social Security Summons
Legal event sub type
Event date	26/10/2010	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

Legal event type	Social Security Summons
Legal event sub type
Event date	28/09/2010	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	192.03	Industry average day sales outstanding	145.35
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		30,680	74,175
31/12/2009		15,317	56,671
31/12/2008		6,403	50,627

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	9,579,963	4,463	18,600	10,553	0
31/12/2009	9,034,840		18,600	972	0
31/12/2008	9,997,913		18,600	43,723	0

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	-	-	-	-	-	46,617,247	-
Total operating expenses	-	-	-	-	-	46,014,303	-
Operating result	48,526	29.96	37,340	49.58	24,963	210,944	-77.00
Total financial income	1,063	1522	65	-96.57	1,910	157,613	-99
Total financial expenses	18,908	-14.40	22,088	7.91	20,469	310,678	-93.91
Results on ordinary operations before taxation	30,680	100	15,317	139	6,403	41,382	-25.86
Taxation	13,177	42.09	9,274	382	-2,423	15,182	-13.21
Results on ordinary operations after taxation	17,504	189	6,044	-31.52	8,826	31,062	-43.65
Extraordinary items	0	-	0	-	0	2,683	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	17,504	189	6,044	-31.52	8,826	33,741	-48.12
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	20,690	227	6,324	1060	545	144,629	-85.69
Wages and salary	18,681	244	5,426	-	-	127,195	-85.31
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	1,898	140	791	-	-	30,922	-93.86
Other employee costs	111	3.87	107	-80.45	545	3,150	-96.49
Amortization and depreciation	915	5.79	865	6.91	809	21,805	-95.80
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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	1,698	-100
Tangible fixed assets	2,940	-7.23	3,169	6.00	2,990	193,915	-98.48
Land & building	-	-	-	-	-	358,991	-
Plant & machinery	-	-	194	-58.37	465	27,296	-
Other tangible assets	2,940	-1.19	2,976	17.85	2,525	27,401	-89.27
Financial fixed assets	4,463	-	-	-	-	313,717	-98.58
Total fixed assets	7,403	133	3,169	6.00	2,990	407,483	-98.18
Inventories	8,747,147	20.70	7,247,120	-5.96	7,706,031	3,150,674	177
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,064	-100
Finished goods	0	-	0	-	0	2,084,860	-100
Other stocks	8,747,147	20.70	7,247,120	-5.96	7,706,031	521,832	1576
Trade debtors	706,535	-58.43	1,699,524	-21.65	2,169,048	3,856,232	-81.68
Cash	10,553	985	972	-97.78	43,723	265,532	-96.03
other amounts receivable	107,869	28.33	84,055	10.42	76,121	369,286	-70.79
Miscellaneous current assets	456	-	0	-	0	42,735	-98.93
Total current assets	9,572,560	5.99	9,031,671	-9.64	9,994,923	7,159,764	33.70
current liabilities
Trade creditors	1,974,560	-20.08	2,470,777	-22.02	3,168,671	2,706,664	-27.05
Short term group loans	-	-	-	-	-	-	-
Other short term loans	221,284	1.33	218,380	-17.03	263,201	1,927,304	-88.52
Miscellaneous current liabilities	7,309,945	16.23	6,289,012	-3.47	6,515,414	8683	- -
Total current liabilities	9,505,788	5.88	8,978,169	-9.74	9,947,286	4,443,228	113
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	718,896	-100
Total long term debts	0	-	0	-	0	1,351,089	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,028,500	-98.19
Share premium account	-	-	-	-	-	183,372	-
Reserves	55,575	45.98	38,071	18.87	32,027	682,432	-91.86
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	74,175	30.89	56,671	11.94	50,627	1,728,724	-95.71
Working capital	66,772	24.80	53,502	12.31	47,637	2,716,536	-97.54
Net worth	74,175	30.89	56,671	11.94	50,627	1,727,026	-95.71
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ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	-2,00	-
Return on capital employed	41.36	53.02	27.03	113	12.65	18,00	129
Return on total assets employed	0.32	88.24	0.17	183	0.06	-78,00	0.41
Return on net assets employed	41.36	53.02	27.03	113	12.65	19,00	117
Sales / net working capital	-	-	-	-	-	35,00	-
Stock turnover ratio	-	-	-	-	-	67,00	-
Debtor days	-	-	-	-	-	168,00	-
Creditor days	-	-	-	-	-	174,00	-
short term stability
Current ratio	1.01	0	1.01	1.00	1	8,00	-87.38
Liquidity ratio / acid ratio	0.09	-55.00	0.20	-13.04	0.23	5,00	-98.20
Current debt ratio	128.15	-19.11	158.43	-19.37	196.48	8,00	1501
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	298.33	-22.58	385.35	-25.88	519.88	121,00	146
Equity in percentage	0.77	22.22	0.63	23.53	0.51	-1.498,00	0.05
Total debt ratio	128.15	-19.11	158.43	-19.37	196.48	9,00	1323

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

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)

Rating History

no rating history data found

Limit History

no limit history data found

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

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	192.03
Industry average day sales outstanding	145.35

Industry quartile analysis

Payment expectations	View graph
Company result	-
Lower	135.47
Median	90.04
Upper	47.22

Day sales outstanding	View graph
Company result	-
Lower	118.09
Median	62.37
Upper	27.78

Summary

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

Companies that match this address

no Companies Match this address

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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.64

INFORMATION DETAILS

Report Prepared by :

PDT

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.