MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	GEMMATA NV

Registered Office :	Hoveniersstraat 2 Bus 722 Antwerpen, Post 2018

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	16.02.1983

Com. Reg. No.:	423797948

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesaler of diamonds and other precious stones

No. of Employees :	03 employees

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Business number	423797948	Company name	GEMMATA NV
		Telephone number	032338757
Address	HOVENIERSSTRAAT 2 BUS 722 ANTWERPEN	Fax number	032329822
Post code	2018	Number of staff	3
Date of establishment	16/02/1983

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2011	36,897,503	33,190	3,099,916
31/12/2010	25,417,182	30,138	3,070,110
31/12/2009	8,712,912	-472,812	3,042,012

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2011	6,592,603	141,202	278,880	268,339	3
31/12/2010	6,994,591	150,012	278,880	1,290,565	3
31/12/2009	6,275,636	149,937	278,880	519,540	2

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	31.74
Industry average payment expectation days	178.09	Industry average day sales outstanding	111.26
Day sales outstanding	26.94

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	423797948	Company name	GEMMATA NV
Fax number	032329822	Date founded	16/02/1983
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0423.797.948
Belgian Bullettin of Acts Publications	moniteur belge

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

Significant Events

Event Date	23/12/2011
Event Description
Event Details	De vergadering heeft besloten de nominale waarde af te schaffen. De vergadering heeft besloten de aandelen aan toonder af te schaffen en te vervangen door aandelen op naam of gedematerialiseerde effecten.

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	36,897,503	45.17	25,417,182	191	8,712,912	57,532,825	-35.87
Total operating expenses	36,673,912	45.23	25,252,004	174	9,190,241	56,750,900	-35.38
Operating result	223,591	35.36	165,178	34.60	-477,329	288,175	-22.41
Total financial income	5,432	-32.48	8,046	-89.00	73,171	172,603	-96.85
Total financial expenses	195,833	36.86	143,086	108	68,653	331,730	-40.97
Results on ordinary operations before taxation	33,190	10.13	30,138	6.37	-472,812	111,485	-70.23
Taxation	1	-	-	-	-360	38,979	-99
Results on ordinary operations after taxation	33,189	10.12	30,138	6.38	-472,452	85,374	-61.13
Extraordinary items	-3,809	-	0	-	0	7,660	-149
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	29,379	-2.52	30,138	6.38	-472,452	92,942	-68.39
OTHER INFORMATION
Dividends	-	-	-	-	-	137,001	-
Director remuneration	-	-	-	-	-	127,368	-
Employee costs	133,295	20.29	110,814	3.93	106,621	157,855	-15.56
Wages and salary	101,751	19.82	84,918	2.23	83,062	133,789	-23.95
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	26,031	31.03	19,866	-2.87	20,453	33,114	-21.39
Other employee costs	5,512	-8.57	6,029	94.13	3,106	4,463	23.51
Amortization and depreciation	15,474	135	6,561	-63.24	17,850	20,711	-25.29

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	1,613	-	2,039	-	0	1,882	-14.28
Tangible fixed assets	89,171	1067	7,638	-41.76	13,115	199,980	-55.41
Land & building	-	-	-	-	-	373,239	-
Plant & machinery	17,477	134	7,446	-25.58	10,005	27,483	-36.41
Other tangible assets	71,694	37159	192	-93.81	3,109	29,652	141
Financial fixed assets	141,202	-5.87	150,012	0.05	149,937	305,300	-53.75
Total fixed assets	231,986	45.27	159,689	-2.06	163,051	408,788	-43.25
Inventories	3,034,946	13.47	2,674,737	-6.20	2,851,536	3,386,948	-10.39
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,420	-100
Finished goods	3,034,946	13.47	2,674,737	-6.20	2,851,536	2,327,732	30.38
Other stocks	0	-	0	-	0	465,264	-100
Trade debtors	2,723,249	5.43	2,582,962	2.92	2,509,686	4,286,973	-36.48
Cash	268,339	-79.21	1,290,565	148	519,540	312,716	-14.19
other amounts receivable	296,517	26.91	233,637	6.03	220,346	404,616	-26.72
Miscellaneous current assets	37,566	-29.12	53,001	361	11,477	39,753	-5.50
Total current assets	6,360,617	-6.94	6,834,902	11.82	6,112,585	7,861,339	-19.09
CURRENT LIABILITIES
Trade creditors	3,189,548	-18.18	3,898,409	21.30	3,213,745	2,855,322	11.71
Short term group loans	-	-	-	-	-	-	-
Other short term loans	275,382	98173	280	-80.70	1,452	2,367,701	-88.37
Miscellaneous current liabilities	26,144	10.07	23,752	28.90	18,427	-93.15	- -
Total current liabilities	3,491,074	-11.00	3,922,442	21.30	3,233,625	5,483,947	-36.34
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	285,984	-100
Total long term debts	0	-	0	-	0	901,776	-100
SHAREHOLDERS EQUITY
Issued share capital	278,880	0	278,880	0	278,880	1,008,787	-72.35
Share premium account	-	-	-	-	-	173,859	-
Reserves	2,822,649	1.05	2,793,269	1.09	2,763,131	803,785	251
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	3,101,529	0.96	3,072,150	0.99	3,042,012	1,836,798	68.86
Working capital	2,869,543	-1.47	2,912,461	1.16	2,878,960	2,377,392	20.70
Net worth	3,099,916	0.97	3,070,110	0.92	3,042,012	1,834,916	68.94

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
TRADING PERFORMANCE
Profit Before Tax	0.09	-25.00	0.12	2.21	-5.43	-719,00	0.01
Return on capital employed	1.07	9.18	0.98	6.31	-15.54	-14,00	7.64
Return on total assets employed	0.50	16.28	0.43	5.71	-7.53	-33,00	1.52
Return on net assets employed	1.07	9.18	0.98	6.31	-15.54	-22,00	4.86
Sales / net working capital	12.86	47.31	8.73	188	3.03	60,00	-99
Stock turnover ratio	8.23	-21.77	10.52	-67.86	32.73	42,00	-80.40
Debtor days	26.94	-27.37	37.09	-64.72	105.14	57.113,00	-99
Creditor days	31.74	-43.67	56.35	-55.85	127.64	252,00	-87.40
SHORT TERM STABILITY
Current ratio	1.82	4.60	1.74	-7.94	1.89	4,00	-89.29
Liquidity ratio / acid ratio	0.95	-10.38	1.06	4.95	1.01	3,00	-68.33
Current debt ratio	1.13	-11.72	1.28	20.75	1.06	17,00	-93.35
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	8.88	88700	0.01	-80.0	0.05	273,00	-96.75
Equity in percentage	47.06	7.12	43.93	-9.37	48.47	-1.058,00	4.45
Total debt ratio	1.13	-11.72	1.28	20.75	1.06	18,00	-93.72

Limit History

no limit history data found

Industry comparison

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	31.74
Day sales outstanding	26.94

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.09
Industry average day sales outstanding	111.26

Industry quartile analysis

Payment expectations
Company result	31.74
Lower	129.48
Median	75.51
Upper	42.51

Day sales outstanding
Company result	26.94
Lower	109.67
Median	57.40
Upper	24.94

Summary

Group - Number of Companies	3
Linkages - Number of Companies	1
Number of Countries	1

Group Structure

Company name	Number	Latest financials
- GEMMATA NV	423797948	31-12-2011
- - BOOBIJOU BVBA	879633810	31-12-2011
- - APHRODIAMANTE GMBH SOC.ETR. E.P.B.

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	%	Date of accounts
-	DIAMOND TECHNOLOGIES SOC.ETR. E.P.B.	29	-
464008408	Casa Gi International NV	13	31/07/2011

Linked Companies

NAME		NUMBER	LATEST KEY FINANCIALS	TURNOVER
CASA GI INTERNATIONAL NV		464008408	31.07.2011	-

Protested bills

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

NSSO details

Business number	423797948
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

Current director details

Name	DENNIS LEEMANS
Position	Director
Street	12 LEOPOLD GILISLAAN ANTWERPEN
Post code	2100
Country	Belgium

Name	STEFAAN LEEMANS
Position	Director
Street	12 LEOPOLD GILLESLAAN ANTWERPEN
Post code	2100
Country	Belgium

Name	JAN LEEMANS
Position	Managing Director
Street	0 THE RESIDENCES BD T2 PHASE 1 HALLE
Post code	1501
Country	Belgium

Former director details

Name	L. LEEMANS
Position	Managing Director
Street	2 HELENALEI WIJNEGEM
Post code	2110
Country	Belgium

Name	HENDRIK VAN CAKENBERGHE
Position	Commissioner
Street	37 LEOPOLDSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	ERIC LEEMANS
Position	Director
Street	134 HEIDEAARD BRASSCHAAT
Post code	2930
Country	Belgium

Name	JAN LEEMANS (13)
Position	Managing Director
Street	0 THE RESIDENCES BD T2 PHASE 1 HALLE
Post code	1501
Country	Belgium

Name	STEFAAN LEEMANS (13)
Position	Director
Street	31 VOSHOLLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	MONIQUE DE SMET
Position	Director
Street
Post code
Country	United Arab Emirates

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.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

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%)

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