MIRA INFORM REPORT

Report Date :

03.04.2014

IDENTIFICATION DETAILS

Name :	SWETGEMS BVBA

Registered Office :	Hoveniersstraat, 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	27.02.1991

Com. Reg. No.:	443359779

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 :

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 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 summary

Business number 443359779

Company name SWETGEMS BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 1

Date of establishment 27/02/1991

Telephone number 032561641

Fax number 032341864

Commentary

The business was established over 23 years ago.
The business has 1 employees.
The business has been at the address for over 18 years.
Operating Result in the latest trading period increased 21% on the previous trading period.
A 28% decline in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 78% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 80% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012		22,163	602,975	856,004
31/12/2011		12,407	579,761	829,396
31/12/2010		15,092	567,354	805,563

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	2,508,011	0	518,600	40,105
31/12/2011	3,501,572	0	518,600	28,485
31/12/2010	2,385,202	0	518,600	30,613

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	168.55	Industry average day sales	120.31
expectation days		outstanding
Day sales outstanding	-
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

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	324.02
Description category	JSC small merchandisers in the diamant industry and trade

Significant Events

Event Date	23/12/2009
Event Description
Event Details	De 990 nieuwe aandelen, uitgegeven tgv de kapitaalsverhoging worden toegekend aan Harsahd Jayantilal Shah.

Profit & loss

Annual accounts	31-122012		31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	46,632,531	-
Total operating expenses	-	-	-	-	-	46,240,618	-
Operating result	55,364	21.32	45,635	34.52	69,695	147,437	62.45
Total financial income	3,579	357800	1	-99	108	96,719	96.30
Total financial expenses	36,780	10.69	33,229	39.26	54,710	203,284	81.91
Results on ordinary operations before taxation	22,163	78.63	12,407	17.79	15,092	32,681	32.18
Taxation	150	-	-	-	276	20,882	-99
Results on ordinary operations after taxation	22,013	77.42	12,407	16.26	14,816	17,817	23.55
Extraordinary items	1,201	-	0	-	0	-4,540	26.45
Other appropriations	0	-	0	-	0.00	-	-
Net result	23,214	87.10	12,407	16.26	14,816	13,296	74.59
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	253	-70.85	868	-3.24	897	126,448	-99
Wages and salary	-	-	-	-	-	105,952	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,633	-
Other employee costs	253	-70.85	868	-3.24	897	4,389	94.24
Amortization and depreciation	16,891	5.06	16,078	1.78	15,797	17,911	-5.69

balance sheet

Annual accounts	31-122012	%	31-122011			%		31-122010	Industry average 2012		%
Weeks	52		52					52
Currency	EUR		EUR					EUR
Intangible fixed assets	0	-	0			-		0	1,565		-100
Tangible fixed assets	146,699	-2.26	150,092			-7.07		161,518	184,800		20.62
Land & building	132,846	-5.64	140,791			-5.34		148,735	360,961		63.20
Plant & machinery	11,525	150	4,604			422		880	22,835		49.53
Furniture & Vehicles	2,327	50.47	4,698			60.53		11,903	17,442 5,418		86.66
Leasing & Other Similar Rights	-	-	-			-		-	142,153 32,369		-
Other tangible assets	1	100	-1			-		0	7,688		-99
Financial fixed assets	273	0	273			0.11		273	294,756		-99
Total fixed assets	146,972	-2.26	150,365			-7.06		161,791	386,873		62.01
Inventories	1,663,832	32.50	2,465,096			50.58		1,637,063	3,089,252		46.14
Raw materials & consumables	-	-	-			-		-	7,209,884		-
Work in progress	0	-	0			-		0	2,418		-100
Finished goods	0	-	0			-		0	1,975,557		-100
Other stocks	1,663,832	32.50	2,465,096			50.58		1,637,063	573,316		190
Trade debtors	491,368	28.69	689,079			60.56		429,161	4,160,042		88.19
Cash	4,039	80.37	20,580			58.35		49,413	226,005		98.21
other amounts receivable	198,043	13.53	174,437			64.99		105,726	184,477		7.35
Miscellaneous current assets	3,757	86.45	2,015			-1.65		2,049	17,757		78.84
Total current assets	2,361,039	29.55	3,351,207			50.72		2,223,412	7,201,508		67.21
Total Assets	2,508,011	28.37	3,501,572			46.80		2,385,202	7,556,495 1,451,744		66.81
CURRENT LIABILITIES
Trade creditors	936,040	50.32	1,884,244			120		855,075	3,057,099		69.38
Short term group loans	-	-	-			-		-	-		-
Financial debts	483,589	-8.51	528,564			17.14		451,228	4,241,610 189,851		88.60
Current portion of long term debt	-	-	-			-		5,764	108,079 15,346		-
Amounts Payable for Taxes, Remuneration & Social Security	4,553	64.96	2,760			-6.21		2,943	9,445 -		86.57
Miscellaneous current liabilities	80,853	23.90	106,243			3.31		102,838	-73.03		- -
Total current liabilities	1,505,035	40.32	2,521,811			77.86		1,417,849	5,344,776		71.84
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-			-		-	-		- -
Other long term loans	400,000	0	400,000			0		400,000	-63.62		- -
Deffered taxes	-	-	-			-		-	37,626 26,358		-
Provisions for Liabilities & Charges	0	-	0			-		0	3,210 0		-100
Other long term liabilities	1	-	0			-		0	129,368		-99
Total long term debts	400,001	0.00	400,000			0		400,000	560,859		28.68
SHAREHOLDERS EQUITY
Issued share capital	518,600	0		518,600	0		518,600		909,386	42.97
Share premium account	-	-		-	-		-		109,362	-
Reserves	84,375	37.96		61,161	25.45		48,754		698,004	87.91
Revaluation reserve	-	-		-	-		-		968,672	-
Total shareholders equity	602,975	4.00		579,761	2.19		567,354		1,637,138	63.17
Working capital	856,004	3.21		829,396	2.96		805,563		1,856,732	53.90
Cashflow	40,105	40.79		28,485	-6.95		30,613		28,070	42.87
Net worth	602,975	4.00		579,761	2.19		567,354		1,633,906	63.10

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-26,00	-
Return on capital employed	2.21	74.02	1.27	-18.59	1.56	29,00	-92.38
Return on total assets employed	0.88	151	0.35	-44.44	0.63	-203,00	0.43
Return on net assets employed	3.68	71.96	2.14	-19.55	2.66	19,00	-80.63
Sales / net working capital	-	-	-	-	-	45,00	-
Stock turnover ratio	-	-	-	-	-	111,00	-
Debtor days	-	-	-	-	-	133,00	-
Creditor days	-	-	-	-	-	122,00	-
SHORT TERM STABILITY
Current ratio	1.57	18.05	1.33	-15.29	1.57	7,00	-82.56
Liquidity ratio / acid ratio	0.46	31.43	0.35	-14.63	0.41	4,00	-88.50
Current debt ratio	2.50	-42.53	4.35	74.00	2.50	9,00	-72.22
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	146.54	-8.50	160.16	6.03	151.05	363,00	-59.63
Equity in percentage	24.04	45.17	16.56	-30.39	23.79	-3.238,00	0.74
Total debt ratio	3.16	-37.30	5.04	57.50	3.20	11,00	-71.27

Industry comparison

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

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	168.55
Industry average day sales outstanding	120.31

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.36
Median	84.93
Upper	45.29

Day sales outstanding

Company result	-
Lower	112.48
Median	58.70
Upper	28.11

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No Minority Interests found

Individual Shareholders

SHAREHOLDER NAME
Forename	Harshad	Middle name	-
Surname	Shah
SHAREHOLDER DETAILS
Start date	04/02/2010(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Belgielei	House number	147
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium


SHAREHOLDER NAME
Forename	Marc	Middle name	-
Surname	Schwalb
SHAREHOLDER DETAILS
Start date	11/04/1997(estimated)	End date	-
Percentage owned	1%
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

NSSO details

Business number	443359779
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-
Bankruptcy details

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

Current director details

Name HARSHAD JAYANTILAL SHAH

Position Principal Manager

Start Date 01/05/2007

Street 147 BELGIËLEI 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.59.65
UK Pound	1	Rs.99.21
Euro	1	Rs.82.39

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

Business number	443359779	Company name	SWETGEMS BVBA
Fax number	032341864	Date founded	27/02/1991
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.0443.359.779
Belgian Bullettin of Acts Publications	moniteur belge
Contractor details			Check Article 30 Bis
Registered contractor number	-
Contractor description	-
Date struck off register

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Accounts

Payment expectations

Company information

Personnel (NSSO classification)

Joint Industrial Committee (JIC)

Significant Events

Profit & loss

balance sheet

ratio analysis

Industry comparison

Industry comparison

Industry quartile analysis

Day sales outstanding

Individual Shareholders

NSSO details

Current director details

Unit