MIRA INFORM REPORT

Report Date :

19.04.2014

IDENTIFICATION DETAILS

Name :	CRYSTAL GEMS BVBA

Registered Office :	Hoveniersstraat 2-B, 229, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	01.07.1982

Com. Reg. No.:	422952068

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

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 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 422952068

Company name CRYSTAL GEMS BVBA

Address HOVENIERSSTRAAT 2-B

229

2018 ANTWERPEN

Number of staff 1

Date of establishment 01/07/1982

Telephone number 032250685

Fax number 032328176

Commentary

The business was established over 31 years ago.

The business has 1 employees.

The business has been at the address for over 4 years.

Operating Result in the latest trading period decreased 78% on the previous trading period.

Net Worth increased by 36% during the latest trading period.

Pre-tax profits increased by 42% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 96% during the latest trading period.

Turnover in the latest trading period increased 49% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	14,379,815	25,952	1,058,201	1,460,933
31/12/2011	9,640,517	18,196	777,341	1,524,467
31/12/2010	7,307,119	15,826	763,095	1,495,047

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	5,621,366	0	18,592	22,112
31/12/2011	4,980,555	0	18,592	16,646
31/12/2010	3,729,860	0	18,592	15,896

Payment expectations
Past payments		Payment expectation days	46.71
Industry average payment	164.01	Industry average day sales	119.76
expectation days		outstanding
Day sales outstanding	91.55
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Profit & loss

Annual accounts	31-12-2012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	14,379,815	49.16	9,640,517	31.93	7,307,119	46,537,630	69.10
Total operating expenses	14,357,520	50.57	9,535,594	32.57	7,192,826	46,145,645	68.89
Operating result	22,295	78.75	104,924	-8.20	114,294	147,590	84.89
Total financial income	105,646	5319	1,949	223971	1	97,743	8.09
Total financial expenses	101,989	15.01	88,677	-9.94	98,469	204,361	50.09
Results on ordinary operations before taxation	25,952	42.63	18,196	14.98	15,826	32,848	20.99
Taxation	6,418	62.49	3,950	22.20	3,232	20,918	69.32
Results on ordinary operations after taxation	19,534	37.12	14,246	13.12	12,593	18,016	8.42
Extraordinary items	0	-	0	-	0	-4,395	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	19,534	37.12	14,246	13.12	12,593	13,640	43.21
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	50,151	7.71	46,560	-	-	114,302	56.12
Employee costs	-	-	80	-61.35	207	125,948	-
Wages and salary	-	-	-	-	-	105,678	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,585	-
Other employee costs	0	-100	80	-61.35	207	4,360	-100
Amortization and depreciation	2,578	7.38	2,401	-27.31	3,302	17,895	85.60

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	1,553	-100
Tangible fixed assets	291,629	822	31,610	8.73	29,072	185,189	57.48
Land & building	283,898	1086	23,937	-5.40	25,302	362,988	21.79
Plant & machinery	6,426	8.77	5,907	340	1,341	22,664	71.65
Furniture & Vehicles	1,305	26.08	1,766	27.27	2,428	17,327 5,364	92.47
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,634	-100
Financial fixed assets	706	0	706	0	706	307,703	-99
Total fixed assets	292,335	804	32,316	8.52	29,777	396,856	26.34
Inventories	1,560,077	24.22	1,255,880	11.70	1,422,218	3,093,934	49.58
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,399	-100
Finished goods	1,560,077	24.22	1,255,880	11.70	1,422,218	1,982,203	21.30
Other stocks	0	-	0	-	0	571,885	-100
Trade debtors	3,606,625	13.20	3,186,146	80.22	1,767,879	4,167,122	13.45
Cash	11,645	96.88	372,985	11.19	419,975	226,208	94.85
other amounts receivable	147,263	13.72	129,493	51.66	85,385	185,906	20.79
Miscellaneous current assets	3,421	-8.42	3,735	19.24	4,625	18,028	81.02
Total current assets	5,329,031	7.70	4,948,239	33.73	3,700,082	7,215,183	26.14
Total Assets	5,621,366	12.87	4,980,555	33.53	3,729,860	7,579,247 1,446,080	25.83
CURRENT LIABILITIES
Trade creditors	1,837,515	11.16	2,068,377	86.29	1,110,299	3,040,360	39.56
Short term group loans	-	-	-	-	-	-	-
Financial debts	1,861,655	57.52	1,181,832	26.04	937,634	4,261,350 189,666	56.31
Current portion of long term debt	-	-	-	-	-	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	14,387	15.67	17,061	194	5,794	9,709 -	57.63
Miscellaneous current liabilities	154,542	-1.25	156,502	3.43	151,308	-47.99	- -
Total current liabilities	3,868,098	12.98	3,423,772	55.27	2,205,035	5,342,128	27.59
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	657,170	11.29	740,799	2.28	724,310	-40.27	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,184 0	-100
Other long term liabilities	37,896	-1.93	38,643	3.27	37,420	128,672	70.55
Total long term debts	695,066	10.83	779,442	2.33	761,730	559,214	24.29
SHAREHOLDERS EQUITY
Issued share capital	18,592	0	18,592	0	18,592	943,974	98.03
Share premium account	-	-	-	-	-	109,362	-
Reserves	778,283	2.57	758,749	1.91	744,503	690,619	12.69
Revaluation reserve	261,327	-	-	-	-	939,206	72.18
Total shareholders equity	1,058,201	36.13	777,341	1.87	763,095	1,664,274	36.42
Working capital	1,460,933	-4.17	1,524,467	1.97	1,495,047	1,873,055	22.00
Cashflow	22,112	32.83	16,646	4.72	15,896	28,425	22.21
Net worth	1,058,201	36.13	777,341	1.87	763,095	1,661,040	36.29

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.18	-5.26	0.19	-13.64	0.22	-25,00	0.72
Return on capital employed	1.48	26.50	1.17	12.50	1.04	29,00	-94.90
Return on total assets employed	0.46	24.32	0.37	-11.90	0.42	-201,00	0.23
Return on net assets employed	2.45	4.70	2.34	13.04	2.07	19,00	-87.11
Sales / net working capital	9.84	55.70	6.32	29.24	4.89	45,00	-99
Stock turnover ratio	10.85	-16.73	13.03	-33.04	19.46	111,00	-90.23
Debtor days	91.55	-24.11	120.63	36.60	88.31	133,00	-31.17
Creditor days	46.71	-41.00	79.17	40.52	56.34	122,00	-61.71
SHORT TERM STABILITY
Current ratio	1.38	-4.83	1.45	-13.69	1.68	7,00	-84.67
Liquidity ratio / acid ratio	0.97	-10.19	1.08	4.85	1.03	4,00	-75.75
Current debt ratio	3.66	-16.82	4.40	52.25	2.89	9,00	-59.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	238.03	-3.76	247.33	13.56	217.79	360,00	-33.88
Equity in percentage	18.82	20.56	15.61	-23.70	20.46	-3.211,00	0.59
Total debt ratio	4.31	-20.33	5.41	39.07	3.89	10,00	-56.90

Payment expectations
Payment expectation days	46.71
Day sales outstanding	91.55
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.01
Industry average day sales outstanding	119.76
Industry quartile analysis
Payment expectations
Company result	46.71
Lower	134.34
Median	84.60
Upper	45.33

Day sales outstanding
Company result	91.55
Lower	112.48
Median	58.56
Upper	28.09

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	422952068
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

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	SHREYANCE SHAH
Position	Principal Manager
Start Date	09/09/2011
Street	16 KWIKSTAARTLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	SACHIN SHAH
Position	Principal Manager
Start Date	01/07/2009
Street	16 KWIKSTAARTLAAN ANTWERPEN
Post code	2610
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.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

Analysis Done by :	DIV

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.

Code	-
Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
Significant Events
Event Date	30/06/2009
Event Description
Event Details	Rechtzetting aan de publicatie neergelegd op 24-03-1986, dient gelezen te worden: Hoveniersstraat 2 bus 229 bureel 618 te 2018 Antwerpen.

Business number	422952068	Company name	CRYSTAL GEMS BVBA
Fax number	032328176	Date founded	01/07/1982
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.0422.952.068
Belgian Bullettin of Acts Publications	moniteur belge