MIRA INFORM REPORT

Report Date :

03.04.2014

IDENTIFICATION DETAILS

Name :	SUPERGEMS NV
Registered Office :	Schupstraat 18, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	17.01.1972
Com. Reg. No.:	411987308
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees	09 (31.12.2012)

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 411987308

Company name SUPERGEMS NV

Address SCHUPSTRAAT 18

2018 ANTWERPEN

Number of staff 9 (31.12.2012)

Date of establishment 17/01/1972

Telephone number 032326907

Fax number 032326907

Ultimate holding company

Company name	Company Number
Supergems NV	411987308

Commentary

The business was established over 42 years ago.
The business has 9 employees.
The business is part of a group.
This business has a foreign parent business.
The business has been at the address for over 3 years.
Operating Result in the latest trading period decreased 30% on the previous trading period.
Pre-tax profits decreased by 71% compared to the previous trading period.
The business saw an increase in their Cash Balance of 41% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	111,903,298	227,408	24,102,393	23,350,815
31/12/2011	133,751,581	794,598	24,347,448	23,599,156
31/12/2010	77,685,892	242,074	22,805,186	22,064,406

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	45,672,060	9	1,634,893	296,429
31/12/2011	54,580,570	10	1,667,250	858,640
31/12/2010	46,836,437	7	1,614,400	274,662

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	44.47
Industry average payment	168.35	Industry average day sales	120.21
expectation days		outstanding

Court data summary

BANKRUPTCY DETAILS
Court action type	no

Company information

Business number	411987308	Company name	SUPERGEMS NV
Fax number	032326907	Date founded	17/01/1972
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0411.987.308
Belgian Bullettin of Acts Publications	moniteur belge (Belgian monitor)

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	8
Part-time Employees	2
Total Fte Employees	9
Number of hours worked
Full-time Employees	13,459
Part-time Employees	1,803
Total	15,262
Personnel Charges
Full-time Employees	309,682
Part-time Employees	46,254
Total	355,935
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	9
Actual working hours	14,861
Personnel Charges	411,193
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	8	2	9
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondary education	4	-	4
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondary education	4	2	5
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	7	1	8
Blue collar worker	1	1	2
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	2	-	2
Leavers	3	-	3

Personnel

(NSSO classification)

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee

(JIC)

Significant Events
Event Date	09/03/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 09-03-2012: Herbenoemd als bestuurder en gedelegeerd bestuurder tot na de jaarvergadering van 2017: Mehta Sachiv.

Company accounts

Comparison Mode

· Average Median Export accounts to CSV File

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	111,903,298	-16.33	133,751,581	72.17	77,685,892	46,788,819	139
Total operating expenses	110,758,760	-16.16	132,112,167	71.69	76,950,122	46,394,806	138
Operating result	1,144,538	-30.19	1,639,414	122	735,770	148,098	672
Total financial income	80,842	-12.54	92,432	2092	4,215	98,058	-17.56
Total financial expenses	997,972	6.48	937,248	88.24	497,911	204,982	386
Results on ordinary operations before taxation	227,408	-71.38	794,598	228	242,074	32,874	591
Taxation	-	-	-	-	-	20,907	-
Results on ordinary operations after taxation	227,408	-71.38	794,598	228	242,074	17,996	1163
Extraordinary items	58	-94.74	1,103	3.86	-28,608	-4,526	1.28
Other appropriations	-1	-	0	0	-1	-	-
Net result	227,465	-71.41	795,701	272	213,465	13,489	1586
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	104,674	-	-	-	-	114,302	-8.42
Employee costs	355,935	-15.12	419,331	7.03	391,800	126,363	181
Wages and salary	271,211	-12.92	311,458	9.28	285,001	105,854	156
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	62,946	-24.11	82,948	-0.89	83,694	26,598	136
Other employee costs	21,777	-12.63	24,924	7.87	23,105	4,380	397
Amortization and depreciation	68,964	9.57	62,939	2.85	61,197	17,934	284

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	1,561				-100
Tangible fixed assets		646,161		8.84	593,705		-3.24		613,611	185,388				248
Land & building		482,895		-8.32	526,702		-3.03		543,169	362,952				33.05
Plant & machinery		159,596		166	59,821		0.94		59,261	22,760				601
Furniture & Vehicles		3,670		48.91	7,183		35.76		11,181	17,415 5,433				78.93
Leasing & Other Similar Rights		-		-	-		-		-	142,153 32,369				-
Other tangible assets		0		0	-1		-		0	7,664				-100
Financial fixed assets		105,417		31.81	154,587		21.56		127,169	309,151				65.90
Total fixed assets		751,578		0.44	748,292		1.01		740,780	398,254				88.72
Inventories		20,444,615		10.72	22,898,515		-9.96		25,432,811	3,108,260				557
Raw materials & consumables		-		-	-		-		-	7,209,884				-
Work in progress		0		-	0		-		0	2,411				-100
Finished goods		20,444,615		10.72	22,898,515		-9.96		25,432,811	1,992,265				926
Other stocks		0		-	0		-		0	574,368				-100
Trade debtors		24,151,737		21.32	30,694,860		52.73		20,097,977	4,189,589				476
Cash		244,414		41.55	172,670		67.19		526,270	226,840				7.75
other amounts receivable		41,381		22.35	33,822		208		10,976	186,814				77.85
Miscellaneous current assets		38,335		18.28	32,411		17.33		27,623	18,076				112
Total current assets		44,920,482		16.55	53,832,278		16.78		46,095,657	7,252,094				519
Total Assets		45,672,060		16.32	54,580,570		16.53		46,836,437	7,617,297 1,454,678				499
CURRENT LIABILITIES
Trade creditors		13,495,809		2.24	13,200,053		87.37		7,044,745	3,057,888				341
Short term group loans		-		-	-		-		-	-				-
Financial debts		8,022,576		52.50	16,890,977		0.43		16,818,923	4,287,536 192,320				87.11
Current portion of long term debt		-		-	-		-		29,747	107,941 15,359				-
Amounts Payable for Taxes, Remuneration & Social Security		42,686		20.48	53,682		18.75		45,207	9,445 -				25.51
Miscellaneous current liabilities		8,596		90.28	88,410		-4.55		92,629	-97.13				- -
Total current liabilities		21,569,667		28.66	30,233,122		25.81		24,031,251	5,370,007				301
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-		-	-		-		-	-				- -
Other long term loans		-		-	-		-		-	-				- -
Deffered taxes		-		-	-		-		-	37,626 26,358				-
Provisions for Liabilities & Charges		0		-	0		-		0	3,200 0				-100
Other long term liabilities		0		-	0		-		0	129,533				-100
Total long term debts		0		-	0		-		0	562,172				-100
SHAREHOLDERS EQUITY
Issued share capital		1,634,893		-1.94	1,667,250			3.27	1,614,400		948,360			72.39
Share premium account		-		-	-			-	-		109,362			-
Reserves	22,467,500		-0.94			22,680,198		7.03	21,190,786			693,149	3141
Revaluation reserve	-		-			-		-	-			939,206	-
Total shareholders equity	24,102,393		-1.01			24,347,448		6.76	22,805,186			1,671,347	1342
Working capital	23,350,815		-1.05			23,599,156		6.96	22,064,406			1,882,087	1140
Cashflow	296,429		65.48			858,640		212	274,662			28,291	947
Net worth	24,102,393		-1.01			24,347,448		6.76	22,805,186			1,668,090	1344

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012
TRADING PERFORMANCE
Profit Before Tax	0.20	-66.10	0.59	90.32	0.31	-26,00	0.77
Return on capital employed	0.94	-71.17	3.26	207	1.06	29,00	-96.76
Return on total assets employed	0.50	-65.75	1.46	180	0.52	-202,00	0.25
Return on net assets employed	0.94	-71.17	3.26	207	1.06	19,00	-95.05
Sales / net working capital	4.79	-15.52	5.67	61.08	3.52	45,00	-99
Stock turnover ratio	18.27	6.72	17.12	-47.71	32.74	111,00	-83.54
Debtor days	78.78	-5.95	83.76	-11.30	94.43	133,00	-40.77
Creditor days	44.47	21.94	36.47	9.13	33.42	122,00	-63.55
SHORT TERM STABILITY
Current ratio	2.08	16.85	1.78	-7.29	1.92	7,00	-76.89
Liquidity ratio / acid ratio	1.13	10.78	1.02	18.60	0.86	4,00	-71.75
Current debt ratio	0.89	-28.23	1.24	18.10	1.05	9,00	-90.11
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	33.29	-52.01	69.37	-6.10	73.88	361,00	-90.78
Equity in percentage	52.77	18.29	44.61	-8.38	48.69	-3.228,00	1.63
Total debt ratio	0.89	-28.23	1.24	18.10	1.05	10,00	-91.10

Industry comparison

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

Payment Information

Payment expectations
Payment expectation days	44.47
Day sales outstanding	78.78

Industry comparison
Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment expectation days	168.35
Industry average day sales outstanding	120.21

Industry quartile analysis
Payment expectations
Company result	44.47
Lower	134.36
Median	84.62
Upper	45.29

Day sales outstanding
Company result	78.78
Lower	112.48
Median	58.56
Upper	28.58

Shareholder Details

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

Group Structure

Company name	Number	Latest financials
-SUPERGEMS NV	411987308	31-12-2012
- - SUPERGEMS MANUFACTURING IN VEREFFENING N...	425768731	31-12-2010

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Summary

Group - Number of Companies 2

Linkages - Number of Companies 0

Number of Countries 0

Court data

NSSO details
Business number	411987308

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data

there is no data for this company

Director details

Current Director Details

Name	SACHIV MEHTA
Position	Director
Start Date	26/02/2003
Street	10 PALMENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	SACHIV MEHTA
Position	Managing Director
Start Date	26/02/2003
Street	10 PALMENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	SUPERGEMS FAR EAST LIMITED BUITENL.VEN
Position	Director
Start Date	09/03/2012
Country	Hong Kong
Name	ASHA SHAH
Position	Legal Representative
Start Date	09/03/2012

Mandates in other companies
Name	Supergems Manufacturing In Vereffening NV
Business number	425768731
Position	Director
Start Date	24/06/2000

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.59.64
UK Pound	1	Rs.99.21
Euro	1	Rs.82.39

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

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.