MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	BLUE GEMS NV
Registered Office :	Hoveniersstraat 30 Bus 161 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	17.03.1994
Reg. No.:	452299419
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	3

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Belgium	A1	A1

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

BLUE GEMS NV

Business number	452299419	Company name	BLUE GEMS NV
Telephone number	032260174
Address	HOVENIERSSTRAAT 30 BUS 161 ANTWERPEN	Fax number	032262865
Post code	2018	Number of staff	3
Date of establishment	17/03/1994

Ultimate holding company

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
31/12/2011	106,664,445	163,268	10,217,435
31/12/2010	68,885,099	335,521	10,054,169
31/12/2009	33,872,423	248,090	11,018,109

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	41,848,015	124	8,403,000	824,731	3
31/12/2010	33,663,198	124	8,403,000	135,436	4
31/12/2009	29,010,426	69,539	4,953,000	173,201	5

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	38.86
Industry average payment expectation days	178.53	Industry average day sales outstanding	110.98
Day sales outstanding	109.79

what you will get back in return.

Court data summary

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

Business number	452299419	Company name	BLUE GEMS NV
Fax number	032262865	Date founded	17/03/1994
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.0452.299.419
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	29/11/2007
Event Description	new co-ordinated text of the statutes filed
Event Details	Commentaar 21-11-2007: Aanpassing en coordinatie statuten.

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	106,664,445	54.84	68,885,099	103	33,872,423	57,473,792	85.59
	Total operating expenses	105,931,777	57.19	67,389,768	114	31,411,018	56,687,612	86.87
	Operating result	732,667	-51.00	1,495,332	-39.25	2,461,405	289,257	153
	Total financial income	410,797	7578	5,350	3857	135	173,233	137
	Total financial expenses	980,196	-15.87	1,165,161	-47.36	2,213,450	333,755	193
	Results on ordinary operations before taxation	163,268	-51.34	335,521	35.24	248,090	111,227	46.79
	Taxation	3	15.87	-19	-193	20	38,852	-99
	Results on ordinary operations after taxation	163,265	-51.34	335,540	35.26	248,070	85,202	91.62
	Extraordinary items	0	-100	520	-	0	7,593	-100
	Other appropriations	0.00	-	0.00	-	0.00	-	-
	Net result	163,265	-51.42	336,060	35.47	248,070	92,703	76.12
	other information
	Dividends	-	-	-	-	-	137,001	-
	Director remuneration	187,030	-31.97	274,919	1.23	271,578	126,807	47.49
	Employee costs	192,369	-20.96	243,372	-18.23	297,639	157,194	22.38
	Wages and salary	150,174	-20.99	190,071	-19.71	236,729	133,416	12.56
	Employee pension costs	-	-	-	-	-	8,542	-
	Social security contributions	41,099	-22.73	53,190	-12.46	60,761	33,013	24.49
	Other employee costs	1,096	892	111	-25.63	149	4,448	-75.35
	Amortization and depreciation	59,858	-1.44	60,731	2.61	59,185	20,971	185

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	0	-	0	-	0	1,871	-100
	Tangible fixed assets	1,574,338	9.67	1,435,577	18.12	1,215,338	202,564	677
	Land & building	1,527,006	8.52	1,407,180	20.62	1,166,578	370,492	312
	Plant & machinery	792	-47.18	1,499	-49.24	2,952	27,495	-97.12
	Other tangible assets	46,540	73.02	26,899	-41.28	45,808	31,354	48.44
	Financial fixed assets	124	0	124	-99	69,539	303,813	-99
	Total fixed assets	1,574,462	9.67	1,435,701	11.74	1,284,877	410,070	283
	Inventories	6,997,213	3.43	6,765,192	-2.15	6,913,620	3,401,474	105
	Raw materials & consumables	-	-	-	-	-	3,184,382	-
	Work in progress	0	-	0	-	0	2,406	-100
	Finished goods	6,997,213	3.43	6,765,192	-2.15	6,913,620	2,336,826	199
	Other stocks	0	-	0	-	0	465,191	-100
	Trade debtors	32,084,546	29.34	24,806,774	28.06	19,371,265	4,284,193	648
	Cash	824,731	508	135,436	-21.80	173,201	313,202	163
	other amounts receivable	333,037	-30.97	482,451	-61.75	1,261,194	407,283	-18.23
	Miscellaneous current assets	34,026	-9.61	37,644	500	6,268	39,765	-14.43
	Total current assets	40,273,553	24.97	32,227,497	16.24	27,725,548	7,870,597	411
	current liabilities
	Trade creditors	11,277,270	131	4,880,903	-24.11	6,431,332	2,845,618	296
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	19,413,910	11.47	17,416,596	65.58	10,518,517	2,375,455	717
	Miscellaneous current liabilities	104,722	-79.66	514,921	363	111,155	-72.53	- -
	Total current liabilities	30,795,901	35.00	22,812,421	33.71	17,061,004	5,482,509	461
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	834,679	4.78	796,608	-14.46	931,312	-45.06	- -
	Other long term liabilities	0	-	0	-	0	284,342	-100
	Total long term debts	834,679	4.78	796,608	-14.46	931,312	900,736	-7.33
	shareholders equity
	Issued share capital	8,403,000	0	8,403,000	69.65	4,953,000	1,011,981	730
	Share premium account	-	-	-	-	-	173,859	-
	Reserves	1,814,435	9.89	1,651,169	-72.78	6,065,109	813,872	122
	Revaluation reserve	-	-	-	-	-	772,031	-
	Total shareholders equity	10,217,435	1.62	10,054,169	-8.75	11,018,109	1,849,940	452
	Working capital	9,477,652	0.66	9,415,076	-11.72	10,664,544	2,388,088	296
	Net worth	10,217,435	1.62	10,054,169	-8.75	11,018,109	1,848,069	452

ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	0.15	-69.39	0.49	-32.88	0.73	-717,00	0.02
	Return on capital employed	1.48	-52.10	3.09	48.56	2.08	-14,00	10.57
	Return on total assets employed	0.39	-61.00	1	16.28	0.86	-32,00	1.22
	Return on net assets employed	1.60	-52.10	3.34	48.44	2.25	-22,00	7.27
	Sales / net working capital	11.25	53.69	7.32	130	3.18	60,00	-99
	Stock turnover ratio	6.56	-33.20	9.82	-51.89	20.41	42,00	-84.38
	Debtor days	109.79	-16.47	131.44	-37.03	208.74	56.949,00	-99
	Creditor days	38.86	46.97	26.44	-64.62	74.73	251,00	-84.52
	short term stability
	Current ratio	1.31	-7.09	1.41	-13.50	1.63	4,00	-92.29
	Liquidity ratio / acid ratio	1.08	-3.57	1.12	-8.20	1.22	3,00	-64.00
	Current debt ratio	3.01	32.60	2.27	46.45	1.55	17,00	-82.29
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	198.18	9.40	181.15	74.32	103.92	272,00	-27.14
	Equity in percentage	24.42	-18.25	29.87	-21.35	37.98	-1.052,00	2.32
	Total debt ratio	3.10	31.91	2.35	44.17	1.63	18,00	-82.78

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	38.86
Day sales outstanding	109.79

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.53
Industry average day sales outstanding	110.98

Industry quartile analysis

Payment expectations
Company result	38.86
Lower	129.09
Median	75.20
Upper	41.95
Day sales outstanding
Company result	109.79
Lower	109.67
Median	57.26
Upper	24.45

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

Protested bills

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

NSSO details

Business number	452299419
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	SUBODCHANDRA SHAH
Position	Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	NARESHKUMAR MANEKLAL SHAH
Position	Managing Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	NARESHKUMAR MANEKLAL SHAH
Position	Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	MIHIR SHAH
Position	Managing Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	MIHIR SHAH
Position	Director
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	MIHIR SHAH
Position	Principal Manager
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

Name	CHODHARI MIHIR
Position	Principal Manager
Street	7 QUINTEN MATSIJSDOORGANG ANTWERPEN
Post code	2000
Country	Belgium
Name	NARESHKUMAR MANEKLAL SHAH
Position	Principal Manager
Street	31 DENNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.69
UK Pound	1	Rs.89.19
Euro	1	Rs.72.10

INFORMATION DETAILS

Report Prepared by :

SDA

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.