MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	KOMAL GEMS NV
Registered Office :	Hoveniersstraat 2-/619, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	01.03.1989
Com. Reg. No.:	436733986
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

B

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	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

Business number	436733986
Company name	KOMAL GEMS NV
Address	HOVENIERSSTRAAT 2-/619
	2018 ANTWERPEN
Number of staff	2
Date of establishment	01/03/1989
Telephone number	032264281
Fax number	032269673

Ultimate holding company

Company name	Company Number
Komal Gems NV	436733986

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	127,657,416	258,232	11,515,046	15,928,558
31/12/2010	137,710,378	227,796	9,927,673	15,525,604
31/12/2009	89,031,575	176,556	9,743,736	11,410,895

Accounts & ratios

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	64,024,168	2	11,106,000	238,408
31/12/2010	46,016,861	2	1,721,001	218,677
31/12/2009	41,291,220	2	1,721,001	175,020

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	73.26
Industry average payment expectation days	176.02	Industry average day sales outstanding	109.85
Day sales outstanding	117.49

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	08/01/2013

Business number	436733986	Company name	KOMAL GEMS NV
Fax number	032269673	Date founded	01/03/1989
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.0436.733.986
Belgian Bullettin of Acts Publications	moniteur belge

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

Significant Events

Event Date	06/09/2011
Event Description
Event Details	Afschaffing van de aandelen aan toonder en omvorming naar aandelen op naam. Toekenning van 3044 nieuwe aandelen aan Gajera Rakesh.

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	127,657,416	-7.30	137,710,378	54.68	89,031,575	49,761,740	156
Total operating expenses	126,418,122	-6.99	135,914,490	55.25	87,547,053	49,123,405	157
Operating result	1,239,294	-30.99	1,795,888	20.97	1,484,522	238,603	419
Total financial income	377,846	2242	16,129	2995	521	149,585	152
Total financial expenses	1,358,908	-14.22	1,584,221	21.07	1,308,487	288,402	371
Results on ordinary operations before taxation	258,232	13.36	227,796	29.02	176,556	84,405	205
Taxation	56,296	18.18	47,635	61.29	29,534	37,989	48.19
Results on ordinary operations after taxation	201,937	12.09	180,161	22.54	147,022	59,079	241
Extraordinary items	0	-100	3,776	-	0	3,117	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	201,937	9.79	183,937	25.11	147,022	62,080	225
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,336	-
Employee costs	166,441	12.56	147,866	17.25	126,109	128,224	29.80
Wages and salary	132,886	22.22	108,724	18.15	92,019	108,712	22.24
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	29,895	21.45	24,615	21.09	20,328	27,245	9.73
Other employee costs	3,660	-74.81	14,527	5.56	13,762	3,584	2.11
Amortization and depreciation	36,471	4.98	34,740	24.08	27,998	18,442	97.76

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	1,450	-100
Tangible fixed assets	538,322	-5.43	569,223	-2.00	580,835	178,076	202
Land & building	469,574	-3.37	485,963	-3.26	502,353	346,516	35.51
Plant & machinery	23,978	-1.12	24,249	6.84	22,696	21,793	10.03
Other tangible assets	44,770	-24.13	59,011	5.78	55,786	24,790	80.59
Financial fixed assets	14,880	0	14,880	0	14,880	278,374	-94.65
Total fixed assets	553,202	-5.29	584,103	-1.95	595,715	364,754	51.66
Inventories	15,189,450	271	4,089,497	-52.37	8,585,834	3,060,539	396
Raw materials & consumables	-	-	-	-	-	4,164,364	-
Work in progress	0	-	0	-	0	2,472	-100
Finished goods	15,189,450	271	4,089,497	-52.37	8,585,834	2,044,928	642
Other stocks	0	-	0	-	0	470,710	-100
Trade debtors	41,090,720	-0.11	41,135,367	28.82	31,931,922	3,902,239	953
Cash	7,161,945	3760	185,503	7.41	172,699	240,042	2883
other amounts receivable	12,404	-4.28	12,959	276	3,443	247,223	-94.98
Miscellaneous current assets	16,447	74.37	9,432	486	1,607	21,335	-22.91
Total current assets	63,470,966	39.70	45,432,758	11.64	40,695,505	6,961,083	811
current liabilities
Trade creditors	25,373,182	110	12,028,055	-8.81	13,189,559	2,785,370	810
Short term group loans	-	-	-	-	-	-	-
Other short term loans	20,065,696	16.78	17,182,101	11.21	15,449,486	1,895,573	958
Miscellaneous current liabilities	2,103,529	201	696,998	7.97	645,565	466	- -
Total current liabilities	47,542,408	58.97	29,907,154	2.13	29,284,610	4,934,638	863
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	4,966,714	-19.66	6,182,034	173	2,262,874	330	- -
Other long term liabilities	0	-	0	-	0	143,491	-100
Total long term debts	4,966,714	-19.66	6,182,034	173	2,262,874	600,351	727
shareholders equity
Issued share capital	11,106,000	545	1,721,001	0	1,721,001	1,026,338	982
Share premium account	-	-	-	-	-	108,219	-
Reserves	409,046	-95.02	8,206,672	2.29	8,022,735	698,963	-41.48
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	11,515,046	15.99	9,927,673	1.89	9,743,736	1,746,733	559
Working capital	15,928,558	2.60	15,525,604	36.06	11,410,895	2,026,445	686
Cashflow	238,408	9.02	218,677	24.94	175,020	77,294	208
Net worth	11,515,046	15.99	9,927,673	1.89	9,743,736	1,745,283	559

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.20	17.65	0.17	-15.00	0.20	-748,00	0.03
Return on capital employed	1.57	11.35	1.41	-4.08	1.47	-14,00	11.21
Return on total assets employed	0.40	-20.0	0.50	16.28	0.43	-34,00	1.18
Return on net assets employed	2.24	-2.18	2.29	26.52	1.81	-13,00	17.23
Sales / net working capital	8.01	-9.70	8.87	13.72	7.80	67,00	-99
Stock turnover ratio	11.90	300	2.97	-69.19	9.64	67,00	-82.24
Debtor days	117.49	7.76	109.03	-16.71	130.91	58.397,00	-99
Creditor days	73.26	126	32.30	-41.26	54.99	330,00	-77.80
short term stability
Current ratio	1.34	-11.84	1.52	9.35	1.39	4,00	-92.56
Liquidity ratio / acid ratio	1.02	-26.09	1.38	25.45	1.10	3,00	-66.00
Current debt ratio	4.13	37.21	3.01	0	3.01	18,00	-77.06
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	217.39	-7.63	235.34	29.46	181.78	265,00	-17.97
Equity in percentage	17.99	-16.60	21.57	-8.60	23.60	-1.083,00	1.66
Total debt ratio	4.56	25.27	3.64	12.35	3.24	19,00	-76.00

Industry comparison

Payment expectations

Payment expectation days	73.26
Day sales outstanding	117.49

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	176.02
Industry average day sales outstanding	109.85

Industry quartile analysis

Payment expectations
Company result	73.26
Lower	121.46
Median	73.03
Upper	41.43
Day sales outstanding
Company result	117.49
Lower	106.41
Median	54.84
Upper	24.41

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- KOMAL GEMS NV	436733986	31-12-2011
- - LAXMI JEWEL (BELGIUM) BVBA	862915067	31-12-2011

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Rakesh Girdharlal	Middle name	-
Surname	Gajera
Shareholder Details
Start date	05/10/2011(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	Van Eycklei	House number	45
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Girdharbhai	Middle name	-
Surname	Gajera
Shareholder Details
Start date	29/09/1998	End date	-
Percentage owned	-
Shareholder Address
Street name	Van Eycklei	House number	45
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Shaileshkumar	Middle name	-
Surname	Gajera
Shareholder Details
Start date	29/09/1998	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

Shareholder Name
Forename	Lalithbhai	Middle name	-
Surname	Bhardia
Shareholder Details
Start date	29/09/1998	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

NSSO details

Business number	436733986
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	08/01/2013	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

Current director details

Name	KASTURBEN GAJERA
Position	Director
Start Date	09/09/2010
End Date	04/06/2016
Street	45 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	RAKESH GIRDHARLAL GAJERA
Position	Director
Start Date	06/09/2011
Street	45 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	LAXMI JEWEL (BELGIUM) BVBA
Position	Director
Start Date	14/09/2012
Date of birth	15/01/2004
Street	2 HOVENIERSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	LAXMI JEWEL (BELGIUM) BVBA
Position	Legal Representative
Start Date	02/06/2007
Date of birth	15/01/2004
Street	2 HOVENIERSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	GIRDHARBHAI HARIBHAI GAJERA
Position	Director
Start Date	30/06/2011
Street	45 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	GIRDHARBHAI HARIBHAI GAJERA
Position	Managing Director
Start Date	09/09/2010
End Date	04/06/2016
Street	45 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	JATINKUMAR GIRDHARLAL GAJERA
Position	Director
Start Date	05/10/2011
Street
Post code
Country	United Arab Emirates
Name	RAKESH GAJERA
Position	Director
Start Date	06/09/2011
Street
Post code
Country

Former director details

Name	GIRDHARBHAI HARIBHAI GAJERA
Position	Principal Manager
Start Date	02/11/1993
End Date	29/09/1998
Street	45 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	DIRK EILERS
Position	Director
Start Date	29/09/1998
End Date	-
Street	37 SINT-HUBERTUSLAAN SCHILDE
Post code	2970
Country	Germany

Name	LALITHBHAI BHARDIA
Position	Director
Start Date	31/12/1999
End Date	-
Street
Post code
Country
Name	SHAILESHKUMAR GAJERA
Position	Director
Start Date	31/12/1999
End Date	-
Street
Post code
Country

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.67.70
UK Pound	1	Rs.105.14
Euro	1	Rs.90.03

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.