MIRA INFORM REPORT

Report Date :

12.12.2013

IDENTIFICATION DETAILS

Name :	AJARI GEMS BVBA
Registered Office :	Hoveniersstraat 30-B 171
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	22.09.1997
Com. Reg. No.:	461487891
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	1

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

Company name & address

Business number	461487891
Company name	AJARI GEMS BVBA
Address	HOVENIERSSTRAAT 30-B 171
	2018 ANTWERPEN
Number of staff	1
Date of establishment	22/09/1997
Telephone number	032333664

Commentary

The business was established over 16 years ago.

The business has 1 employees.

The business has been at the address for over 14 years.

The credit rating for this business has increased from 89 to 91.

The credit limit for this business has increased from €645000 to €660000.

Operating Result in the latest trading period decreased 22% on the previous trading period.

A 26% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 35% compared to the previous trading period.

The business saw an increase in their Cash Balance of 34% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	26,044,774	37,534	1,523,080	954,299
31/12/2011	32,038,394	57,780	1,493,766	915,620
31/12/2010	48,179,773	75,264	1,452,537	877,271

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	11,584,421	1	18,600	75,828
31/12/2011	9,164,812	2	18,600	90,360
31/12/2010	12,399,505	1	18,600	177,530

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	125.44
Industry average payment expectation days	166.66	Industry average day sales outstanding	117.92
Day sales outstanding	95.09

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	461487891		Company name	AJARI GEMS BVBA
Fax number			Date founded	22/09/1997
Company status	active		Company type	Private Limited Company (BL/LX)
Currency	Euro (€)		Date of latest accounts	31/12/2012
Activity code	46761		liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones		VAT Number	BE.0461.487.891
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		1
Part-time Employees		-
Total Fte Employees		1
Number of hours worked
Full-time Employees		2,280
Part-time Employees		-
Total		2,280
Personnel Charges
Full-time Employees		51,281
Part-time Employees		-
Total		51,281
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		2
Actual working hours		2,979
Personnel Charges		63,072
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	-	1
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	-	1
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel			Total
Average number of temporary staff			-
Actual working hours			-
Cost of temporary staff			-
New staff and leavers	Full-Time	Part-Time		Total Fte
New Starters	-	-		-
Leavers	1	-		1

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	07/05/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 07-05-2012: Herbenoemd als zaakvoerder : Sanghvi Bharat en Golchna Manish.

comparison mode

average

median

Export accounts to CSV file

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011		%	31-12-2010		Industry average 2012		%
Weeks	52		52			52
Currency	EUR		EUR			EUR
Turnover	26,044,774	-18.71	32,038,394		-33.50	48,179,773		46,267,848		-43.71
Total operating expenses	25,979,433	-18.70	31,953,935		-33.59	48,115,704		45,870,796		-43.36
Operating result	65,340	-22.64	84,459		31.82	64,070		149,616		-56.33
Total financial income	271	557	41		-99	44,078		98,980		-99
Total financial expenses	28,078	5.08	26,720		-18.74	32,883		206,568		-86.41
Results on ordinary operations before taxation	37,534	-35.04	57,780		-23.23	75,264		33,221		12.98
Taxation	11,061	-38.00	17,840		-35.97	27,862		21,020		-47.38
Results on ordinary operations after taxation	26,473	-33.72	39,940		-15.74	47,402		18,270		44.90
Extraordinary items	1,553	-	0		-100	132,777		-4,694		33.10
Other appropriations	1288.34	0	1288.34		3.17	-40581.63		-		-
Net result	29,315	-28.90	41,229		-70.47	139,598		13,593		115
other information
Dividends	-	-	-	-		-	172,177		-
Director remuneration	80,390	-	-	-		-	114,096		-29.54
Employee costs	51,281	-18.69	63,072	-4.04		65,730	128,844		-60.20
Wages and salary	41,709	-18.82	51,379	-1.58		52,205	107,570		-61.23
Employee pension costs	-	-	-	-		-	14,428		-
Social security contributions	7,865	-24.65	10,438	7.13		9,743	27,113		-70.99
Other employee costs	1,708	36.11	1,255	-66.82		3,782	4,487		-61.94
Amortization and depreciation	46,513	-5.33	49,131	29.52		37,932	17,612		164

balance sheet

Annual accounts	31-12-2012		%	31-12-2011	%	31-12-2010			Industry average 2012	%
Weeks	52			52		52
Currency	EUR			EUR		EUR
Intangible fixed assets	0		-	0	-	0			1,497	-100
Tangible fixed assets	879,670		-1.93	897,000	1.30	885,525			179,878	389
Land & building	786,387		-3.42	814,236	-3.31	842,085			352,266	123
Plant & machinery	6,573		-11.71	7,445	98.83	3,745			22,362	-70.60
Furniture & Vehicles	86,710		15.12	75,319	89.75	39,694			17,417 5,402	397
Leasing & Other Similar Rights	-		-	-	-	-			142,15332,369	-
Other tangible assets	0		-	0	-	0			7,949	-100
Financial fixed assets	-		-	-	-	-			298,194	-
Total fixed assets	879,670		-1.93	897,000	1.30	885,525			384,869	128
Inventories	3,286,932		-12.31	3,748,358	-39.28	6,172,795			3,082,856	6.62
Raw materials & consumables	-		-	-	-	-			7,209,884	-
Work in progress	0		-	0	-	0			2,502	-100
Finished goods	3,286,932		-12.31	3,748,358	-39.28	6,172,795			1,959,515	67.74
Other stocks	0		-	0	-	0			581,425	-100
Trade debtors	6,785,169		107	3,269,794	-28.43	4,568,424			4,147,200	63.61
Cash	587,676		34.81	435,945	1174	34,199			224,243	162
other amounts receivable	6,639		-99	809,667	10.61	731,984			185,203	-96.42
Miscellaneous current assets	38,335		846	4,048	-38.46	6,579			18,041	112
Total current assets	10,704,751		29.48	8,267,812	-28.19	11,513,981			7,182,489	49.04
Total Assets	11,584,421		26.40	9,164,812	-26.09	12,399,505			7,535,7901,449,923	53.73
current liabilities
Trade creditors	8,928,373	61.95		5,512,899	-46.95	10,392,831			3,009,327		196
Short term group loans	-	-		-	-	-			-		-
Financial debts	1,485	-		-	-	42			4,255,040189,666		-99
Current portion of long term debt	31,367	15.39		27,184	136	11,507			109,21814,984		-71.28
Amounts Payable for Taxes, Remuneration & Social Security	30,645	-54.92		67,984	93.79	35,082			9,289 -		-10.02
Miscellaneous current liabilities	758,581	-56.51		1,744,125	784	197,248			153		- -
Total current liabilities	9,750,452	32.62		7,352,192	-30.88	10,636,709			5,305,338		83.79
Long term debts and liabilities
Long term group loans	-	-		-	-	-		-			- -
Other long term loans	272,884	-2.39		279,561	3.67	269,677		-75.61			- -
Deffered taxes	38,005	-3.28		39,293	-3.17	40,582		35,14124,730			8.15
Provisions for Liabilities & Charges	0	-		0	-	0		3,248 0			-100
Other long term liabilities	0	-		0	-	0		133,880			-100
Total long term debts	310,889	-2.50		318,854	2.77	310,259		571,515			-45.60
shareholders equity
Issued share capital	18,600	0		18,600	0		18,600		917,123		-97.97
Share premium account	-	-		-	-		-		109,362		-
Reserves	1,504,480	1.99		1,475,166	2.88		1,433,937		699,807		114
Revaluation reserve	-	-		-	-		-		934,864		-
Total shareholders equity	1,523,080	1.96		1,493,766	2.84		1,452,537		1,644,789		-7.40
Working capital	954,299	4.22		915,620	4.37		877,271		1,877,151		-49.16
Cashflow	75,828	-16.08		90,360	-49.10		177,530		28,105		169
Net worth	1,523,080	1.96		1,493,766	2.84		1,452,537		1,641,558		-7.22

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.14	-22.22	0.18	12.50	0.16	-27,00	0.52
Return on capital employed	2.05	-35.74	3.19	-25.29	4.27	31,00	-93.39
Return on total assets employed	0.32	-49.21	0.63	3.28	0.61	-214,00	0.15
Return on net assets employed	2.46	-36.43	3.87	-25.29	5.18	21,00	-88.29
Sales / net working capital	27.29	-22.01	34.99	-36.29	54.92	45,00	-99
Stock turnover ratio	12.62	7.86	11.70	-8.67	12.81	116,00	-89.12
Debtor days	95.09	155	37.25	7.63	34.61	138,00	-31.09
Creditor days	125.44	99	62.97	-20.13	78.84	126,00	-0.44
short term stability
Current ratio	1.10	-1.79	1.12	3.70	1.08	7,00	-87.78
Liquidity ratio / acid ratio	0.76	24.59	0.61	22.00	0.50	4,00	-81.00
Current debt ratio	6.40	30.08	4.92	-32.79	7.32	9,00	-28.89
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	20.07	-2.29	20.54	6.10	19.36	372,00	-94.60
Equity in percentage	13.15	-19.33	16.30	39.20	11.71	-3.350,00	0.39
Total debt ratio	6.61	28.60	5.14	-31.83	7.54	11,00	-39.91

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

Payment expectations

Payment expectation days	125.44
Day sales outstanding	95.09

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	166.66
Industry average day sales outstanding	117.92

Industry quartile analysis

Payment expectations
Company result	125.44
Lower	134.36
Median	84.62
Upper	44.80
Day sales outstanding
Company result	95.09
Lower	112.48
Median	59.01
Upper	28.58

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

Protested bills

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

NSSO details

Business number	461487891
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	MANISH SHAH
Position	Principal Manager
Start Date	01/07/2012
Street	34 JACOB JORDAENSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	MANISH GOLCHHA
Position	Principal Manager
Start Date	08/10/2013
Street	25 SNEEUWBESLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	BHARAT SANGHVI
Position	Principal Manager
Start Date	08/10/2013
Street	118 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.33
UK Pound	1	Rs.100.79
Euro	1	Rs.84.38

INFORMATION DETAILS

Report Prepared by :

NNA

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.