MIRA INFORM REPORT

Report Date :

15.04.2014

IDENTIFICATION DETAILS

Name :	PRIYANKA GEMS BVBA
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	30.06.2012
Date of Incorporation :	29.04.1997
Com. Reg. No.:	460581041
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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

REGISTERED NAME & COMPANY SUMMARY

Business number	460581041
Company name	PRIYANKA GEMS BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	29/04/1997
Telephone number	032133804
Fax number	032133804

DIRECTORS/MANAGEMENT

Current director details

Name	DIPAK BATUKBHAI JIVANI
Position	Principal Manager
Start Date	22/08/2002
Street	19 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	ROHITKUMAR VALLABHBHAI JIVANI
Position	Principal Manager
Start Date	17/09/2008
Street	19 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

NEGATIVE INFORMATION

data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	460581041	Company name	PRIYANKA GEMS BVBA
Fax number	032133804	Date founded	29/04/1997
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	30/06/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0460.581.041
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	460581041
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	36.49
Industry average payment expectation days	166.66	Industry average day sales outstanding	117.92
Day sales outstanding	89.50

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	36.49
Day sales outstanding	89.50

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	166.66
Industry average day sales outstanding	117.92

Industry quartile analysis

Payment expectations
Company result	36.49
Lower	134.36
Median	84.62
Upper	44.80

Day sales outstanding
Company result	89.50
Lower	112.48
Median	59.01
Upper	28.58

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

\csukserver01002INT'L CREDIT REPORT2013.11.002013.11.23servicescompany_searchaccounts.aspx?CompanyNumber=460581041Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
30/06/2012	18,217,348	37,363	1,548,677	1,443,471
30/06/2011	15,666,946	29,761	1,318,444	1,288,543
30/06/2010	15,127,667	32,991	1,519,626	1,514,176

\csukserver01002INT'L CREDIT REPORT2013.11.002013.11.23servicescompany_searchaccounts.aspx?CompanyNumber=460581041Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
30/06/2012	8,185,846	0	1,309,006	79,202
30/06/2011	9,027,984	0	1,140,251	30,315
30/06/2010	7,768,544	0	1,342,955	32,170

Profit & loss

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	18,217,348	16.28	15,666,946	3.56	15,127,667	46,267,848	-60.63
Total operating expenses	17,955,692	16.29	15,440,960	3.37	14,937,063	45,870,796	-60.86
Operating result	261,656	15.78	225,986	18.56	190,604	149,616	74.89
Total financial income	41	-28.07	57	-83.33	342	98,980	-99
Total financial expenses	224,334	14.29	196,281	24.26	157,955	206,568	8.60
Results on ordinary operations before taxation	37,363	25.54	29,761	-9.79	32,991	33,221	12.47
Taxation	2,257	43.48	1,573	-54.10	3,427	21,020	-89.26
Results on ordinary operations after taxation	35,106	24.54	28,188	-4.65	29,564	18,270	92.15
Extraordinary items	0	-	0	-	0	-4,694	0
Other appropriations	0	-100	1	-	0	-	-
Net result	35,106	24.54	28,189	-4.65	29,564	13,593	158
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	73,388	0.00	73,386	-	-	114,096	-35.68
Employee costs	12,032	17.97	10,199	-22.85	13,220	128,844	-90.66
Wages and salary	10,231	11.35	9,188	-25.14	12,274	107,570	-90.49
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	1,520	88.82	805	-6.40	860	27,113	-94.39
Other employee costs	281	36.41	206	139	86	4,487	-93.74
Amortization and depreciation	44,096	1974	2,126	-18.42	2,606	17,612	150

Balance sheet

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,497	-100
Tangible fixed assets	439,476	1442	28,484	653	3,780	179,878	144
Land & building	414,721	1520	25,598	-	-	352,266	17.73
Plant & machinery	11,392	-	-	-	-	22,362	-49.06
Furniture & Vehicles	10,489	353	2,311	-2.49	2,370	17,417 5,402	-39.78
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	2,874	399	575	-59.22	1,410	7,949	-63.84
Financial fixed assets	635	-55.19	1,417	-15.10	1,669	298,194	-99
Total fixed assets	440,111	1371	29,901	448	5,449	384,869	14.35
Inventories	3,264,006	-2.11	3,334,203	-2.75	3,428,542	3,082,856	5.88
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,502	-100
Finished goods	3,264,006	-2.11	3,334,203	-2.75	3,428,542	1,959,515	66.57
Other stocks	0	-	0	-	0	581,425	-100
Trade debtors	4,466,889	-21.06	5,658,836	32.03	4,285,883	4,147,200	7.71
Cash	10,439	129	4,548	-90.10	45,952	224,243	-95.34
other amounts receivable	4,401	787	496	-81.75	2,718	185,203	-97.62
Miscellaneous current assets	0	-	0	-	0	18,041	-100
Total current assets	7,745,735	-13.92	8,998,083	15.91	7,763,095	7,182,489	7.84
Total Assets	8,185,846	-9.33	9,027,984	16.21	7,768,544	7,535,790 1,449,923	8.63
current liabilities
Trade creditors	1,795,192	-50.64	3,636,884	83.32	1,983,868	3,009,327	-40.35
Short term group loans	-	-	-	-	-	-	-
Financial debts	4,367,805	9.64	3,983,778	18.12	3,372,539	4,255,040 189,666	2.65
Current portion of long term debt	29,827	-	-	-	-	109,218 14,984	-72.69
Amounts Payable for Taxes, Remuneration & Social Security	8,714	16.79	7,461	-7.36	8,054	9,289 -	-74.41
Miscellaneous current liabilities	100,726	23.72	81,417	-90.79	884,458	-66.34	- -
Total current liabilities	6,302,264	-18.25	7,709,540	23.37	6,248,919	5,305,338	18.79
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	334,905	-	-	-	-	-70.07	- -
Deffered taxes	-	-	-	-	-	35,141 24,730	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,248 0	-100
Other long term liabilities	0	-	0	0	-1	133,880	-100
Total long term debts	334,905	-	0	0	-1	571,515	-41.40
shareholders equity
Issued share capital	1,309,006	14.80	1,140,251	-15.09	1,342,955	917,123	42.73
Share premium account	-	-	-	-	-	109,362	-
Reserves	239,671	34.50	178,193	0.86	176,671	699,807	-65.75
Revaluation reserve	-	-	-	-	-	934,864	-
Total shareholders equity	1,548,677	17.46	1,318,444	-13.24	1,519,626	1,644,789	-5.84
Working capital	1,443,471	12.02	1,288,543	-14.90	1,514,176	1,877,151	-23.10
Cashflow	79,202	161	30,315	-5.77	32,170	28,105	181
Net worth	1,548,677	17.46	1,318,444	-13.24	1,519,626	1,641,558	-5.66

Ratio analysis

Annual accounts	30-06-2012	change(%)	30-06-2011	change(%)	30-06-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.21	10.53	0.19	-13.64	0.22	-27,00	0.78
Return on capital employed	1.98	-12.39	2.26	4.15	2.17	31,00	-93.61
Return on total assets employed	0.46	39.39	0.33	-21.43	0.42	-214,00	0.21
Return on net assets employed	2.41	6.64	2.26	4.15	2.17	21,00	-88.52
Sales / net working capital	12.62	3.78	12.16	21.72	9.99	45,00	-99
Stock turnover ratio	17.92	-15.79	21.28	-6.09	22.66	116,00	-84.55
Debtor days	89.50	-32.11	131.84	27.49	103.41	138,00	-35.14
Creditor days	36.49	-57.55	85.97	77.33	48.48	126,00	-71.04
short term stability
Current ratio	1.23	5.13	1.17	-5.65	1.24	7,00	-86.33
Liquidity ratio / acid ratio	0.71	-2.74	0.73	5.80	0.69	4,00	-82.25
Current debt ratio	4.07	-30.43	5.85	42.34	4.11	9,00	-54.78
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	305.59	1.14	302.16	36.15	221.93	372,00	-17.85
Equity in percentage	18.92	29.59	14.60	-25.36	19.56	-3.350,00	0.56
Total debt ratio	4.29	-26.67	5.85	42.34	4.11	11,00	-61.00

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 30-06-2012
Full-time Employees	-
Part-time Employees	1
Total Fte Employees	0
Number of hours worked
Full-time Employees	-
Part-time Employees	693
Total	693
Personnel Charges
Full-time Employees	-
Part-time Employees	12,032
Total	12,032
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	0
Actual working hours	697
Personnel Charges	8,652
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	1	0
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)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	1	0
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	1	0
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	-	-	-
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

Significant Events

Event Date	26/01/2012
Event Description	proposal to change address filed
Event Details

NOTES & COMMENTS

Commentary

The business was established over 16 years ago.
The business has 1 employees.
The business has been at the address for over 21 months.
There has been no significant change in the business's credit rating.
There has been no significant change in the business's credit limit.
Pre-tax profits increased by 25% compared to the previous trading period.
The business saw an increase in their Cash Balance of 129% during the latest trading period.

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.60.26
UK Pound	1	Rs.101.09
Euro	1	Rs.83.73

INFORMATION DETAILS

Report Prepared by :

PDT

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.