MIRA INFORM REPORT

Report Date :

24.04.2014

IDENTIFICATION DETAILS

Name :	MARVIN IMPEX BVBA

Registered Office :	Hoveniersstraat, 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	11.10.2007

Com. Reg. No.:	893074644

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 :

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 893074644

Company name MARVIN IMPEX BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 0

Date of establishment 11/10/2007

Telephone number 033373880

Commentary

The business was established over 6 years ago.

No employees are recorded for this business.

The business has been at the address for over 1 month.

The business has been at the address for less than 6 months.

Operating Result in the latest trading period increased 60% on the previous trading period.

A 75% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 43% compared to the previous trading period.

The business saw an increase in their Cash Balance of 314% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	27,304,756	80,500	1,003,497	996,823
31/12/2011	32,454,588	55,934	942,210	934,742
30/06/2010		41,961	103,287	96,969

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	18,614,907	0	805,444	62,428
31/12/2011	10,613,313	0	805,444	53,383
30/06/2010	5,794,774	0	18,600	29,777

Payment expectations
Past payments		Payment expectation days	163.69
Industry average payment	164.26	Industry average day sales	120.92
expectation days		outstanding
Day sales outstanding	234.76
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	30-062010	Industry average 2012	%
Weeks	52		78		52
Currency	EUR		EUR		EUR
Turnover	27,304,756	-15.87	32,454,588	-	-	46,612,575	-41.42
Total operating expenses	27,083,761	-16.19	32,316,984	-	-	46,221,128	-41.40
Operating result	220,995	60.60	137,604	213	43,825	147,887	49.43
Total financial income	595	-12.53	681	99975	1	97,526	-99
Total financial expenses	141,090	71.33	82,351	4316	1,865	204,266	-30.93
Results on ordinary operations before taxation	80,500	43.92	55,934	33.30	41,961	33,065	143
Taxation	19,213	398	3,855	-72.40	13,966	20,877	-7.97
Results on ordinary operations after taxation	61,287	17.68	52,079	86.03	27,994	18,249	235
Extraordinary items	0	-	0	-	0	-4,342	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	61,287	17.68	52,079	86.03	27,994	13,926	340
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	63,250	-	-	112,544	-
Employee costs	-	-	-	-	-	126,172	-
Wages and salary	-	-	-	-	-	105,771	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,708	-
Other employee costs	0	-	0	-	0	4,361	-100
Amortization and depreciation	1,141	-12.51	1,304	-26.85	1,782	17,886	-93.62

balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	30-062010	Industry average 2012	%
Weeks	52		78		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,577	-100
Tangible fixed assets	2,074	27.67	2,868	67.00	1,717	184,763	98.88
Land & building	-	-	-	-	-	362,988	-
Plant & machinery	2,074	27.67	2,868	67.00	1,717	22,646	90.84
Furniture & Vehicles	-	-	-	-	-	17,300 5,364	-
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,619	-100
Financial fixed assets	4,600	0	4,600	0	4,600	306,761	98.50
Total fixed assets	6,674	10.62	7,468	18.21	6,317	396,027	98.31
Inventories	846,639	17.31	1,023,910	26.78	807,651	3,105,555	72.74
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,394	-100
Finished goods	846,639	17.31	1,023,910	-	0	1,991,166	57.48
Other stocks	0	-	0	-100	807,651	570,732	-100
Trade debtors	17,561,727	84.30	9,528,659	94.05	4,910,469	4,248,295	313
Cash	166,786	314	40,239	-1.65	40,915	225,847	26.15
other amounts receivable	30,797	209	9,965	56.10	22,697	187,129	83.54
Miscellaneous current assets	2,283	25.67	3,072	54.32	6,725	17,998	87.31
Total current assets	18,608,232	75.45	10,605,845	83.22	5,788,457	7,304,875	154
Total Assets	18,614,907	75.39	10,613,313	83.15	5,794,774	7,668,456 1,451,744	142
CURRENT LIABILITIES
Trade creditors	12,145,837	154	4,776,661	-1.87	4,867,480	3,137,713	287
Short term group loans	-	-	-	-	-	-	-
Financial debts	2,804,305	81.37	1,546,189	-	-	4,243,670 187,578	33.92
Current portion of long term debt	-	-	-	-	-	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	19,489	124	8,675	38.18	14,033	9,727 -	42.62
Miscellaneous current liabilities	2,641,779	20.89	3,339,578	312	809,976	790	- -
Total current liabilities	17,611,410	82.10	9,671,103	69.92	5,691,488	5,430,989	224
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	3,178 0	-100
Other long term liabilities	0	-	0	-	0	128,413	-100
Total long term debts	0	-	0	-	0	558,087	-100
SHAREHOLDERS EQUITY
Issued share capital	805,444	0	805,444	4230	18,600	944,106	14.69
Share premium account	-	-	-	-	-	109,362	-
Reserves	198,053	44.81	136,766	61.50	84,687	691,870	71.37
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	1,003,497	6.50	942,210	812	103,287	1,665,598	39.75
Working capital	996,823	6.64	934,742	863	96,969	1,873,885	46.80
Cashflow	62,428	16.94	53,383	79.28	29,777	28,711	117
Net worth	1,003,497	6.50	942,210	812	103,287	1,662,342	39.63

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	30-06-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.29	70.59	0.17	-	-	-25,00	1.16
Return on capital employed	8.02	35.02	5.94	-85.38	40.63	29,00	-72.34
Return on total assets employed	0.43	-18.87	0.53	-26.39	0.72	-201,00	0.21
Return on net assets employed	8.02	35.02	5.94	-85.38	40.63	19,00	-57.79
Sales / net working capital	27.39	-21.11	34.72	-	-	44,00	-99
Stock turnover ratio	3.10	-1.59	3.15	-	-	110,00	-97.18
Debtor days	234.76	119	107.16	-	-	134,00	75.19
Creditor days	163.69	203	53.95	-	-	123,00	33.08
SHORT TERM STABILITY
Current ratio	1.06	-3.64	1.10	7.84	1.02	6,00	-88.22
Liquidity ratio / acid ratio	1.01	2.02	0.99	12.50	0.88	4,00	-74.75
Current debt ratio	17.55	71.05	10.26	-81.38	55.10	9,00	95.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	279.45	70.29	164.10	-	-	358,00	-21.94
Equity in percentage	5.39	-39.30	8.88	398	1.78	-3.205,00	0.17
Total debt ratio	17.55	71.05	10.26	-81.38	55.10	10,00	75.50

Payment expectations
Payment expectation days	163.69
Day sales outstanding	234.76
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.26
Industry average day sales outstanding	120.92
Industry quartile analysis
Payment expectations
Company result	163.69
Lower	134.13
Median	83.75
Upper	45.33

Day sales outstanding
Company result	234.76
Lower	112.48
Median	58.70
Upper	27.62

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	Pareshkumar	Middle name	-
Surname	Golakiya
SHAREHOLDER DETAILS
Start date	07/10/2010(estimated)	End date	-
Percentage owned	91.27%
SHAREHOLDER ADDRESS
Street name	Quinten Matsijslei	House number	37
Minor town	-	Postal town	Antwerp
Post code	2018	Country	Belgium

NSSO details
Business number	893074644
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	PARESHKUMAR VITTHALBHAI GOLAKIYA
Position	Principal Manager
Start Date	20/05/2010
Street	37 QUINTEN MATSIJSLEI 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.61.07
UK Pound	1	Rs.102.77
Euro	1	Rs.84.49

INFORMATION DETAILS

Analysis Done by :	SUB

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	893074644	Company name	MARVIN IMPEX BVBA
Fax number		Date founded	11/10/2007
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.0893.074.644
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)
Significant Events
Event Date	08/09/2010
Event Description
Event Details	De heer Pareshkumar Vitthal B. schrijft in op de 1045 nieuwe aandelen.