MIRA INFORM REPORT

Report Date :

11.05.2013

IDENTIFICATION DETAILS

Name :	SHIVANI GEMS CVA
Registered Office :	Schupstraat 1, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	22.01.1982
Com. Reg. No.:	422531406
Legal Form :	Limited Partnership with shares
Line of Business :	Wholesaler of Diamonds and Other Precious Stones
No. of Employees :	01

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 (31.03.2012)	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 & address

Business number	422531406
Company name	SHIVANI GEMS CVA
Address	SCHUPSTRAAT 1
	2018 ANTWERPEN
Number of staff	1
Date of establishment	22/01/1982
Telephone number	0475610125
Fax number	032325852

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2011	26,262,430	39,761	2,568,887	5,308,828
31/12/2010	11,079,264	53,008	1,859,970	4,505,911
31/12/2009	3,799,805	4,490	1,811,280	4,232,857

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2011	10,573,290	1	2,318,700	58,711
31/12/2010	12,376,624	1	694,102	80,530
31/12/2009	7,064,838	1	694,102	46,383

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	40.04
Industry average payment expectation days	175.13	Industry average day sales outstanding	108.97
Day sales outstanding	68.79

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company summary

Business number	422531406	Company name	SHIVANI GEMS CVA
Fax number	032325852	Date founded	22/01/1982
Company status	active	Company type	Limited Partnership with shares (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.0422.531.406
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

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	27/11/2012
Event Description	proposal of merger by absorption filed
Event Details	Commentaar 27-11-2012: Neerlegging fusievoorstel tussen de CVOA (opslorpende vennootschap) en BVBA Shivani Europe (opgeslorpte vennootschap).

Export accounts to CSV file

comparison mode

averagemedian

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	26,262,430	137	11,079,264	191	3,799,805	49,655,111	-47.11
Total operating expenses	25,835,248	140	10,749,133	203	3,544,019	49,016,171	-47.29
Operating result	427,182	29.40	330,131	29.07	255,786	238,897	78.81
Total financial income	2	-99	357	-90.45	3,740	149,300	-99
Total financial expenses	387,422	39.62	277,480	8.80	255,036	288,281	34.39
Results on ordinary operations before taxation	39,761	-24.99	53,008	1080	4,490	84,603	-53.00
Taxation	10,425	141	4,318	1348	298	37,883	-72.48
Results on ordinary operations after taxation	29,336	-39.75	48,690	1061	4,192	59,360	-50.58
Extraordinary items	-1,808	-	0	-100	350	3,207	-156
Other appropriations	0	-	0	-	0	-	-
Net result	27,528	-43.46	48,690	971	4,542	62,451	-55.92
OTHER INFORMATION
Dividends	-	-	-	-	-	147,735	-
Director remuneration	38,615	13.22	34,105	-1.12	34,493	115,275	-66.50
Employee costs	30,552	5.01	29,094	0.10	29,065	128,470	-76.22
Wages and salary	25,033	4.93	23,857	-0.17	23,897	108,961	-77.03
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	5,000	7.39	4,656	-2.02	4,752	27,252	-81.65
Other employee costs	519	-10.67	581	39.66	416	3,613	-85.64
Amortization and depreciation	31,183	-2.06	31,840	-23.90	41,841	18,348	69.95

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	1,465	-100
Tangible fixed assets	473,639	-2.34	484,981	-5.36	512,436	178,069	165
Land & building	459,088	-2.31	469,962	-5.37	496,654	346,034	32.67
Plant & machinery	-	-	-	-	-	21,851	-
Other tangible assets	14,551	-3.12	15,019	-4.83	15,782	24,659	-40.99
Financial fixed assets	6,431	3.39	6,220	0	6,220	277,747	-97.68
Total fixed assets	480,070	-2.27	491,201	-5.29	518,656	364,422	31.73
Inventories	4,324,041	-4.96	4,549,819	19.61	3,803,853	3,066,899	40.99
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,467	-100
Finished goods	4,324,041	-4.96	4,549,819	19.61	3,803,853	2,053,327	110
Other stocks	0	-	0	-	0	470,262	-100
Trade debtors	4,949,479	-24.87	6,587,863	224	2,029,299	3,895,452	27.06
Cash	214,838	265	58,710	186	20,512	239,949	-10.47
other amounts receivable	603,460	-12.42	689,031	-0.46	692,187	245,621	145
Miscellaneous current assets	1,402	-	0	-100	331	21,423	-93.46
Total current assets	10,093,220	-15.08	11,885,423	81.56	6,546,182	6,955,994	45.10
CURRENT LIABILITIES
Trade creditors	2,834,251	-47.14	5,361,475	181	1,903,465	2,782,980	1.84
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,566,437	0.45	1,559,394	1164	123,301	1,899,178	-17.52
Miscellaneous current liabilities	383,704	-16.34	458,643	60.05	286,559	3.78	- -
Total current liabilities	4,784,392	-35.17	7,379,512	219	2,313,325	4,934,433	-3.04
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	3,220,011	2.64	3,137,142	6.70	2,940,233	180	- -
Other long term liabilities	0	-	0	-	0	143,210	-100
Total long term debts	3,220,011	2.64	3,137,142	6.70	2,940,233	599,127	437
SHAREHOLDERS EQUITY
Issued share capital	2,318,700	234	694,102	0	694,102	1,024,362	126
Share premium account	-	-	-	-	-	108,219	-
Reserves	250,187	-78.54	1,165,868	4.36	1,117,178	696,760	-64.09
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	2,568,887	38.11	1,859,970	2.69	1,811,280	1,742,511	47.42
Working capital	5,308,828	17.82	4,505,911	6.45	4,232,857	2,021,562	162
Cashflow	58,711	-27.09	80,530	73.62	46,383	77,576	-24.32
Net worth	2,568,887	38.11	1,859,970	2.69	1,811,280	1,741,046	47.55

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	-68.75	0.48	300	0.12	-746,00	0.02
Return on capital employed	0.69	-34.91	1.06	1077	0.09	-14,00	4.93
Return on total assets employed	0.38	-11.63	0.43	616	0.06	-34,00	1.12
Return on net assets employed	1.55	-45.61	2.85	1040	0.25	-13,00	11.92
Sales / net working capital	4.95	101	2.46	173	0.90	66,00	-99
Stock turnover ratio	16.46	-59.92	41.07	-58.98	100.11	67,00	-75.43
Debtor days	68.79	-68.30	217.03	11.34	194.93	58.225,00	-99
Creditor days	40.04	-78.01	182.06	-7.13	196.04	329,00	-87.83
SHORT TERM STABILITY
Current ratio	2.11	31.06	1.61	-43.11	2.83	4,00	-88.28
Liquidity ratio / acid ratio	1.21	22.22	0.99	-16.81	1.19	3,00	-59.67
Current debt ratio	1.86	-53.15	3.97	210	1.28	18,00	-89.67
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	186.32	-26.21	252.51	49.29	169.14	265,00	-29.69
Equity in percentage	24.30	61.68	15.03	-41.38	25.64	-1.081,00	2.25
Total debt ratio	3.12	-44.78	5.65	94.83	2.90	19,00	-83.58

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	40.04
Day sales outstanding	68.79

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	175.13
Industry average day sales outstanding	108.97

Industry quartile analysis

Payment expectations
Company result	40.04
Lower	122.08
Median	73.03
Upper	41.66
Day sales outstanding
Company result	68.79
Lower	105.69
Median	54.84
Upper	24.18

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	422531406
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	SHITAL SHAH
Position	Principal Manager
Start Date	27/07/2010
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium
Name	HIMANSHU MEHTA
Position	Principal Manager
Start Date	27/07/2010
Street	213 MECHELSESTEENWEG 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.54.54
UK Pound	1	Rs.84.19
Euro	1	Rs.71.11

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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