MIRA INFORM REPORT

Report Date :

17.01.2013

IDENTIFICATION DETAILS

Name :	S. VINODKUMAR (EUROPE) SALES BVBA

Registered Office :	Hoveniersstraat 30 Bus 227 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	30.07.2008

Com. Reg. No.:	899851479

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	4

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

(31.03.2011)

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 and address

Top of Form

Business number	899851479	Company name	S. VINODKUMAR (EUROPE) SALES BVBA
		Telephone number	0478670176
Address	HOVENIERSSTRAAT 30 BUS 227 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	4
Date of establishment	30/07/2008

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	16,954,781	30,693	94,632
31/12/2010	15,194,624	56,806	74,620
31/12/2009	8,368,529	47,541	48,611

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	17,328,934	400	18,600	241,712	4
31/12/2010	10,864,385	400	18,600	280,251	4
31/12/2009	-		18,600	190,153	3

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	185.39
Industry average payment expectation days	177.23	Industry average day sales outstanding	110.97
Day sales outstanding	164.22

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	20/12/2010

Business number	899851479	Company name	S. VINODKUMAR (EUROPE) SALES BVBA
Fax number	-	Date founded	30/07/2008
Company status	active	Company type	Private Limited Company (BL/LX)
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.0899.851.479
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

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Significant Events

Event Date	14/05/2012
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 14-05-2012: Benoemd als zaakvoerder-directeur : Shah Premal.

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		75
Currency	EUR		EUR		EUR
Turnover	16,954,781	11.58	15,194,624	81.57	8,368,529	57,266,207	-70.39
Total operating expenses	16,885,885	11.67	15,120,828	81.89	8,313,338	56,555,064	-70.14
Operating result	68,896	-6.64	73,796	33.71	55,190	268,560	-74.35
Total financial income	944	105	458	39076	1	168,721	-99
Total financial expenses	39,147	124	17,448	128	7,651	327,481	-88.05
Results on ordinary operations before taxation	30,693	-45.97	56,806	19.49	47,541	92,805	-66.93
Taxation	10,682	-31.57	15,610	-10.95	17,530	39,192	-72.75
Results on ordinary operations after taxation	20,012	-51.42	41,196	37.27	30,011	66,390	-69.86
Extraordinary items	0	0	-15,187	-	0	7,188	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	20,012	-23.06	26,010	-13.33	30,011	73,517	-72.78
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	121,186	-
Employee costs	174,505	5.19	165,894	-4.93	174,490	153,587	13.62
Wages and salary	137,509	3.76	132,532	-6.96	142,441	130,403	5.45
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	35,161	9.73	32,042	-0.02	32,049	32,081	9.60
Other employee costs	1,836	39.05	1,320	-	0	4,362	-57.92
Amortization and depreciation	245	-	-	-	-	21,191	-98.84

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		75
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,799	-100
Tangible fixed assets	1,145	-	-	-	-	204,914	-99
Land & building	-	-	-	-	-	376,477	-
Plant & machinery	1,145	-	-	-	-	27,275	-95.80
Other tangible assets	0	-	0	-	0	30,855	-100
Financial fixed assets	400	0	400	-	-	300,239	-99
Total fixed assets	1,545	286	400	-	-	408,204	-99
Inventories	9,445,473	120	4,287,623	17.42	3,651,622	3,356,688	181
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,296	-100
Finished goods	9,445,473	120	4,287,623	17.42	3,651,622	2,315,805	307
Other stocks	0	-	0	-	0	461,141	-100
Trade debtors	7,628,470	21.16	6,296,064	159	2,422,968	4,250,692	79.46
Cash	241,712	-13.75	280,251	47.38	190,153	307,328	-21.35
other amounts receivable	11,569	24468	47	-98.05	2,411	393,852	-97.06
Miscellaneous current assets	166	-	0	-100	363	38,848	-99
Total current assets	17,327,389	59.49	10,863,985	73.34	6,267,516	7,799,488	122
current liabilities
Trade creditors	8,576,502	-13.45	9,908,922	66.29	5,958,950	2,837,545	202
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	2,353,085	-100
Miscellaneous current liabilities	79,085	-45.24	144,426	129	62,815	-79.50	- -
Total current liabilities	8,655,587	-13.90	10,053,348	66.95	6,021,765	5,462,426	58.46
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	8,578,716	1064	736,417	273	197,140	476	- -
Other long term liabilities	0	-	0	-	0	285,550	-100
Total long term debts	8,578,716	1064	736,417	273	197,140	890,511	863
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,013,055	-98.16
Share premium account	-	-	-	-	-	173,859	-
Reserves	76,032	35.72	56,020	86.67	30,011	770,347	-90.13
Revaluation reserve	-	-	-	-	-	797,191	-
Total shareholders equity	94,632	26.82	74,620	53.51	48,611	1,807,783	-94.77
Working capital	8,671,802	969	810,637	229	245,751	2,337,062	271
Net worth	94,632	26.82	74,620	53.51	48,611	1,805,983	-94.76

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.18	-51.35	0.37	-35.09	0.57	-670,00	0.03
Return on capital employed	0.35	-95.00	7	-63.82	19.35	-13,00	2.69
Return on total assets employed	0.18	-65.38	0.52	-31.58	0.76	-31,00	0.58
Return on net assets employed	32.43	-57.40	76.13	-22.16	97.80	-20,00	162
Sales / net working capital	1.96	-89.54	18.74	-44.96	34.05	63,00	-99
Stock turnover ratio	55.71	97.41	28.22	-35.33	43.64	40,00	39.28
Debtor days	164.22	8.58	151.24	43.11	105.68	53.280,00	-99
Creditor days	185.39	-22.49	239.19	-8.58	261.63	238,00	-22.11
short term stability
Current ratio	2	85.19	1.08	3.85	1.04	4,00	-87.50
Liquidity ratio / acid ratio	0.91	40.0	0.65	51.16	0.43	3,00	-69.67
Current debt ratio	91.47	-32.11	134.73	8.76	123.88	16,00	471
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	9065.36	818	986.89	143	405.55	270,00	3257
Equity in percentage	0.55	-20.29	0.69	-11.54	0.78	-1.005,00	0.05
Total debt ratio	182.12	25.95	144.60	13.03	127.93	18,00	911

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	185.39
Day sales outstanding	164.22

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	177.23
Industry average day sales outstanding	110.97

Industry quartile analysis

Payment expectations
Company result	185.39
Lower	128.23
Median	74.09
Upper	41.71


Day sales outstanding
Company result	164.22
Lower	110.49
Median	57.26
Upper	24.94

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

NSSO details

Business number	899851479
Name of defendant	S.VINODKUMAR EUROPE SALES
Legal form of defendant	Private limited liability company
Date of summons	20/12/2010
Labour court	ANTWERPEN
View more

Bankruptcy details


There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	20/12/2010	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	NISHIT PRAKASHCHANDRA VARIA
Position	Principal Manager
Start Date	01/05/2012
Street	105 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	CHIRAG MOTANI
Position	Principal Manager
Start Date	14/05/2012
Street	106 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	ABHAYKUMAR SUMATILAL SHAH
Position	Principal Manager
Start Date	30/07/2008
End Date	30/06/2011
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	PREMAL JAYANTILAL SHAH
Position	Principal Manager
Start Date	01/07/2011
End Date	14/05/2012
Street	16 QUINTEN MATSIJSLEI 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.

- 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.54.82
UK Pound	1	Rs.87.99
Euro	1	Rs.72.83

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%)

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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.