MIRA INFORM REPORT

Report Date :

26.12.2013

IDENTIFICATION DETAILS

Name :	SHRENUJ NV
Registered Office :	Pelikaanstraat 62 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.03.2013
Date of Incorporation :	23.09.2005
Com. Reg. No.:	876762313
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	04

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 :	Slow but correct
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 and address

Business number	876762313
Company name	SHRENUJ NV
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	4
Date of establishment	23/09/2005
Telephone number	032316373
Fax number	032323236

Commentary

The business was established over 8 years ago.

The business has 1 employees.

The business has been at the address for over 7 years.

The credit rating for this business has increased from 80 to 89.

The credit limit for this business has increased from €9900000 to €11000000.

Operating Result in the latest trading period increased 87% on the previous trading period.

Net Worth increased by 65% during the latest trading period.

A 84% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 81% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 39% during the latest trading period.

Turnover in the latest trading period increased 38% on the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/03/2013	231,071,977	557,103	30,117,940	30,684,610
31/03/2012	166,669,691	306,876	18,160,590	18,713,263
31/03/2011	151,041,888	374,855	5,272,195	9,846,066

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/03/2013	139,926,336	4	28,524,425	596,206
31/03/2012	75,939,562	3	17,165,916	314,508
31/03/2011	68,264,720	4	4,594,657	317,701

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	64.13
Industry average payment expectation days	165.68	Industry average day sales outstanding	116.68
Day sales outstanding	196.20

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	876762313	Company name	SHRENUJ NV
Fax number	032323236	Date founded	23/09/2005
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/03/2013
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0876.762.313
Belgian Bullettin of Acts Publications	moniteur belge

Sales office

860, Diamant Club, Pelikaansstraat 62, 2018, Antwerpen Belgium

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-03-2013
Full-time Employees		3
Part-time Employees		-
Total Fte Employees		3
Number of hours worked
Full-time Employees		5,548
Part-time Employees		-
Total		5,548
Personnel Charges
Full-time Employees		145,945
Part-time Employees		-
Total		145,945
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		4
Actual working hours		6,532
Personnel Charges		142,688
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	4	-	4
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)	1	-	1
Women	Full-Time	Part-Time	Total Fte
Primary education	2	-	2
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	4	-	4
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	1	-	1
Leavers	-	-	-

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)

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	30/06/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 30-06-2011: Herbenoemd als bestuurder tot na de jaarvergadering van 2017: Doshi Apoorva (tevens als gedelegeerd bestuurder), Shah Jamir, Shah Kalpit en Van Binitkumar.

Profit & loss

	Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	Industry average 2013	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	231,071,977	38.64	166,669,691	10.35	151,041,888	115,261,487	100
	Total operating expenses	227,452,220	38.06	164,743,803	10.41	149,216,673	113,785,535	99
	Operating result	3,619,757	87.95	1,925,888	5.52	1,825,215	798,683	353
	Total financial income	55,878	67.42	33,375	209	10,767	370,554	-84.92
	Total financial expenses	3,118,532	88.73	1,652,388	13.09	1,461,126	953,916	226
	Results on ordinary operations before taxation	557,103	81.54	306,876	-18.13	374,855	186,817	198
	Taxation	12,298	-62.60	32,884	-61.37	85,136	39,430	-68.81
	Results on ordinary operations after taxation	544,805	98.84	273,992	-5.43	289,719	157,498	245
	Extraordinary items	11,257	-	0	-100	52	9,695	16.11
	Other appropriations	0	-	0	-	0.00	-	-
	Net result	556,062	102	273,992	-5.45	289,771	167,193	232
	other information
	Dividends	-	-	-	-	-	50,000	-
	Director remuneration	107,424	-1.97	109,585	-	-	109,381	-1.79
	Employee costs	145,945	6.68	136,805	17.59	116,344	161,555	-9.66
	Wages and salary	116,073	7.92	107,555	15.56	93,071	136,739	-15.11
	Employee pension costs	-	-	-	-	-	-	-
	Social security contributions	23,920	7.31	22,290	25.96	17,695	32,967	-27.44
	Other employee costs	5,952	-14.48	6,960	24.78	5,578	3,478	71.13
	Amortization and depreciation	40,144	-0.92	40,516	45.06	27,930	46,323	-13.34
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balance sheet

	Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	Industry average 2013	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	1,192	-100
	Tangible fixed assets	200,042	1.78	196,547	34.05	146,622	452,659	-55.81
	Land & building	-	-	-	-	-	1,173,922	-
	Plant & machinery	56,992	3.72	54,947	-7.70	59,532	63,782	-10.65
	Furniture & Vehicles	143,050	1.02	141,600	62.59	87,090	21,257 5,831	572
	Leasing & Other Similar Rights	-	-	-	-	-	204,658 20,725	-
	Other tangible assets	0	-	0	-	0	10,310	-100
	Financial fixed assets	15,541	227	4,746	6.36	4,462	59,785	-74.01
	Total fixed assets	215,583	7.10	201,293	33.23	151,084	437,150	-50.68
	Inventories	13,348,445	63.20	8,178,995	-49.29	16,129,116	13,236,982	0.84
	Raw materials & consumables	-	-	-	-	-	-	-
	Work in progress	0	-	0	-	0	0	-
	Finished goods	13,348,445	63.20	8,178,995	-49.29	16,129,116	10,322,879	29.31
	Other stocks	0	-	0	-	0	538,235	-100
	Trade debtors	124,210,677	85.22	67,059,665	29.83	51,649,927	21,707,217	472
	Cash	278,251	-39.56	460,403	56.49	294,199	1,033,403	-73.07
	other amounts receivable	22,470	102	11,105	-20.49	13,967	572,132	-96.07
	Miscellaneous current assets	1,850,910	6486	28,101	6.33	26,428	74,168	2395
	Total current assets	139,710,753	84.47	75,738,269	11.19	68,113,637	34,248,034	307
	Total Assets	139,926,336	84.26	75,939,562	11.24	68,264,720	34,640,348 5,161,577	303
	current liabilities
	Trade creditors	39,960,302	84.95	21,606,441	-24.52	28,624,659	12,623,738	216
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	68,841,166	95.34	35,241,395	19.59	29,468,907	20,816,079 5,052,128	230
	Current portion of long term debt	3,913	5.67	3,703	-56.86	8,584	91,841 16,340	-95.74
	Amounts Payable for Taxes, Remuneration & Social Security	50,680	-31.31	73,784	-23.92	96,976	29,454 -	-20.93
	Miscellaneous current liabilities	170,082	70.62	99,683	45.64	68,444	-45.32	- -
	Total current liabilities	109,026,143	91.19	57,025,006	-2.13	58,267,571	24,528,412	344
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	782,253	3.75	753,966	-84.04	4,724,955	-82.66	- -
	Deffered taxes	-	-	-	-	-	- -	-
	Provisions for Liabilities & Charges	0	-	0	-	0	4,641 0	-100
	Other long term liabilities	0	-	0	-	0	404,238	-100
	Total long term debts	782,253	3.75	753,966	-84.04	4,724,955	2,722,782	-71.27
	shareholders equity
	Issued share capital	28,524,425	66.17	17,165,916	273	4,594,657	6,086,048	368
	Share premium account	-	-	-	-	-	538,244	-
	Reserves	1,593,515	60.20	994,674	46.81	677,539	1,097,887	45.14
	Revaluation reserve	-	-	-	-	-	1,731,760	-
	Total shareholders equity	30,117,940	65.84	18,160,590	244	5,272,195	7,389,154	307
	Working capital	30,684,610	63.97	18,713,263	90.06	9,846,066	9,719,622	215
	Cashflow	596,206	89.57	314,508	-1.00	317,701	202,826	193
	Net worth	30,117,940	65.84	18,160,590	244	5,272,195	7,387,962	307
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ratio analysis

	Annual accounts	31-03-2013	change(%)	31-03-2012	change(%)	31-03-2011	Industry average 2013	%
	Trading performance
	Profit Before Tax	0.24	33.33	0.18	-28.00	0.25	33,00	-99
	Return on capital employed	1.80	11.11	1.62	-56.80	3.75	9,00	-80.00
	Return on total assets employed	0.40	0	0.40	-27.27	0.55	1,00	-60.00
	Return on net assets employed	1.85	9.47	1.69	-76.23	7.11	8,00	-76.88
	Sales / net working capital	7.53	-15.49	8.91	-41.92	15.34	26,00	-99
	Stock turnover ratio	5.78	17.72	4.91	-54.03	10.68	15,00	-61.47
	Debtor days	196.20	33.60	146.86	17.67	124.81	136,00	44.26
	Creditor days	64.13	33.97	47.87	-31.63	70.02	90,00	-28.74
	short term stability
	Current ratio	1.28	-3.76	1.33	13.68	1.17	9,00	-88.36
	Liquidity ratio / acid ratio	1.16	-1.69	1.18	32.58	0.89	7,00	-83.43
	Current debt ratio	3.62	15.29	3.14	-71.58	11.05	11,00	-67.09
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	231.18	16.62	198.23	-69.44	648.73	246,00	-6.02
	Equity in percentage	21.52	-10.00	23.91	209	7.72	16,00	34.50
	Total debt ratio	3.65	14.78	3.18	-73.39	11.95	11,00	-66.82

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	64.13
Day sales outstanding	196.20

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	165.68
Industry average day sales outstanding	116.68

Industry quartile analysis

Payment expectations
Company result	64.13
Lower	134.58
Median	84.97
Upper	45.29
Day sales outstanding
Company result	196.20
Lower	113.11
Median	59.42
Upper	28.58

Company result	64.13
Lower	134.58
Median	84.97
Upper	45.29

Company result	196.20
Lower	113.11
Median	59.42
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

NSSO details

Business number	876762313
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	VAN BINITKUMAR,
Position	Director
Start Date	23/09/2011
Street	40 CHARLOTTALEI ANTWERPEN
Post code	2018
Country	Belgium

Name	KALPIT SHAH
Position	Director
Start Date	01/01/2010
Street	75 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	JAMIR SEVANTILAL SHAH
Position	Director
Start Date	23/09/2011
Street	40 CHARLOTTALEI ANTWERPEN
Post code	2018
Country	Belgium

Name	APOORVA PRAKASH DOSHI
Position	Managing Director
Start Date	09/10/2010
Street	12 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	APOORVA PRAKASH DOSHI
Position	Director
Start Date	01/10/2006
Street	12 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	APOORVA PRAKASH DOSHI
Position	Legal Representative
Start Date	23/09/2005
Street	12 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SHAILESH CHAMPAKLAL MEHTA
Position	Director
Start Date	23/09/2005
Date of birth	09/12/1949
Street	65 GROENENBORGERLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	SHREYAS DOSHI
Position	Legal Representative
Start Date	01/10/2006
Street	37 NEELAMBER 16TH FLOOR
Post code	400026
Country	India

Name	VISHAL DOSHI
Position	Legal Representative
Start Date	23/09/2005
Street
Post code
Country

Former director details

Name	SHAILESH CHAMPAKLAL MEHTA
Position	Managing Director
Start Date	20/10/2006
End Date	15/09/2006
Date of birth	09/12/1949
Street	65 GROENENBORGERLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	SHRENUJ UK LIMITED SOC. ETRANGERE
Position	Director
Start Date	15/09/2006
End Date	04/12/2009
Street
Post code
Country	United Kingdom

Name	SHRENUJ U.K. LIMITED VENN. BRITS RECHT
Position	Director
Start Date	09/10/2010
End Date	31/03/2011
Street	150 STRAND
Post code	WC2E1JA
Country	United Kingdom

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.61.87
UK Pound	1	Rs.101.10
Euro	1	Rs.84.65

INFORMATION DETAILS

Report Prepared by :

NIS

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.