MIRA INFORM REPORT

Report Date :

01.08.2014

IDENTIFICATION DETAILS

Name :	MAAHIR GEMS BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	22.02.2005

Com. Reg. No.:	872384445

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other precious stones

No of Employees :	0

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow But Correct

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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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	872384445
Company name	MAAHIR GEMS BVBA
Address	HOVENIERSSTRAAT 2 2018 ANTWERPEN
Number of staff	0
Date of establishment	22/02/2005
Telephone number
Fax number

Commentary

The business was established over 9 years ago.

No employees are recorded for this business.

The business has been at the address for over 2 years.

There has been no significant change in the business's credit limit.

The credit rating for this business has increased from 52 to 54.

Operating Result in the latest trading period increased 30% on the previous trading period

Net Worth increased by 27% during the latest trading period.

A 99% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 26% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 52% during the latest trading period

Accounts

date of latest accounts	turnover	profit before tax	net worth	working capital
31/12/2012		23,426	81,814	18,117
31/12/2011		18,570	64,232	11,720
31/12/2010		15,834	52,340	47,851

Accounts

date of latest accounts	balance total	number of employees	capital	cash flow
31/12/2012	3,441,468	0	18,600	25,049
31/12/2011	1,721,317	0	18,600	19,817
31/12/2010	546,427	0	18,600	16,491

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	131.80	Industry average day sales outstanding	133.29
Day sales outstanding
Court data summary

Court data summary
BANKRUPTCY DETAILS
Court action type	No
PROTESTED BILLS
Bill amount	--
NSSO DETAILS
Date of summons	--

Company accounts

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry	%
						average 2012
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	39,987,425	-
Total operating expenses	-	-	-	-	-	39,672,896	-
Operating result	35,544	30.49	27,238	52.60	17,849	127,851	-72.20
Total financial income	87	180	31	38650	0	86,724	-99
Total financial expenses	12,205	40.30	8,699	331	2,016	178,017	-93.14
Results on ordinary operations before taxation	23,426	26.15	18,570	17.28	15,834	28,286	-17.18
Taxation	5,844	-12.49	6,678	62.08	4,120	20,867	-71.99
Results on ordinary operations after taxation	17,582	47.85	11,892	1.52	11,714	13,763	27.75
Extraordinary items	0	-	0	-	0	-3,728	0
Other appropriations	0	-	0	-	0.00	-	-
Net result	17,582	47.85	11,892	1.52	11,714	10,053	74.89
OTHER INFORMATION
Gross Operating Margin	46,374	18.92	38,995	58.15	24,658	51,993	-10.81
Dividends	-	-	-	-	-	168,887	-
Director remuneration	-	-	-	-	-	106,261	-
Employee costs	332	-57.49	781	7.34	728	140,335	-99
Wages and salary	-	-	-	-	-	120,465	-
Employee pension costs	-	-	-	-	-	12,737	-
Social security contributions	-	-	-	-	-	29,728	-
Other employee costs	332	-57.49	781	7.34	728	4,932	-93.27
Amortization and depreciation	7,467	-5.78	7,925	65.89	4,777	18,170	-58.90

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	1,200	-100
Tangible fixed assets	290,347	-0.97	293,180	6430	4,489	189,853	52.93
Land & building	285,312	-2.30	292,031	-	-	376,980	-24.32
Plant & machinery	4,286	273	1,149	179	411	25,403	-83.13
Furniture & Vehicles	749	-	-	-	4,078	16,800 5,083	-95.54
Leasing & Other Similar Rights	-	-	-	-	-	140,142 28,266	-
Other tangible assets	0	-	0	-	0	11,894	-100
Financial fixed assets	-	-	-	-	-	235,909	-
Total fixed assets	290,347	-0.97	293,180	6430	4,489	344,533	-15.73
Inventories	685,167	-19.84	854,713	251	243,310	2,720,052	-74.81
Raw materials & consumables	-	-	-	-	-	6,542,085	-
Work in progress	0	-	0	-	0	2,516	-100
Finished goods	0	-	0	-	0	1,756,199	-100
Other stocks	685,167	-19.84	854,713	251	243,310	458,730	49.36
Trade debtors	2,342,110	620	325,102	77.39	183,274	3,676,750	-36.30
Cash	113,482	-52.46	238,714	126	105,245	205,362	-44.74
other amounts receivable	8,218	4.54	7,861	-0.42	7,894	212,317	-96.13
Miscellaneous current assets	2,144	22.72	1,747	-21.14	2,215	15,293	-85.98
Total current assets	3,151,121	120	1,428,137	163	541,938	6,365,267	-50.50
Total Assets	3,441,468	99	1,721,317	215	546,427	6,670,515 1,214,600	-48.41

CURRENT LIABILITIES

Trade creditors	2,779,010	163	1,052,882	568	157,577	2,801,546	-0.80
Short term group loans	-	-	-	-	-	-	-
Financial debts	141	-	-	-	-	3,598,460 143,143	-99
Current portion of long term debt	14,017	6.85	13,118	208	4,256	89,138 14,194	-84.27
Amounts Payable for Taxes, Remuneration & Social Security	6,873	-31.60	10,048	129	4,376	8,500 -	-80.46
Miscellaneous current liabilities	332,963	-2.18	340,369	3.81	327,878	12.57	—
Total current liabilities	3,133,004	121	1,416,417	186	494,087	4,731,676	-33.79

LONG TERM DEBTS AND LIABILITIES

Long term group loans	-	-	-	-	-	-	—
Other long term loans	226,650	-5.82	240,668	-	-	-78.20	—
Deffered taxes	-	-	-	-	-	40,179 31,040	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,971 0	-100
Other long term liabilities	0	-	0	-	0	81,032	-100
Total long term debts	226,650	-5.82	240,668	-	0	487,429	-53.50

SHAREHOLDERS EQUITY

Issued share capital	18,600	0	18,600	0	18,600	877,181	-97.88
Share premium account	-	-	-	-	-	89,810	-
Reserves	63,214	38.53	45,632	35.25	33,740	542,632	-88.35
Revaluation reserve	-	-	-	-	-	927,466	-
Total shareholders equity	81,814	27.37	64,232	22.72	52,340	1,445,875	-94.34
Working capital	18,117	54.58	11,720	-75.51	47,851	1,633,591	-98.89
Cashflow	25,049	26.40	19,817	20.17	16,491	24,816	0.94
Net worth	81,814	27.37	64,232	22.72	52,340	1,443,144	-94.33

Ration Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-10,00	-
Return on capital employed	7.59	24.63	6.09	-79.87	30.25	39,00	-80.54
Return on total assets employed	0.68	-37.04	1.08	-62.76	2.90	-292,00	0.23
Return on net assets employed	28.63	-0.97	28.91	-4.43	30.25	27,00	6.04
Sales / net working capital	-	-	-	-	-	63,00	-
Stock turnover ratio	-	-	-	-	-	89,00	-
Debtor days	-	-	-	-	-	150,00	-
Creditor days	-	-	-	-	-	195,00	-
SHORT TERM STABILITY
Current ratio	1.01	0	1.01	-8.18	1.10	6,00	-89.90
Liquidity ratio / acid ratio	0.79	97.50	0.40	-33.33	0.60	4,00	-80.25
Current debt ratio	38.29	73.65	22.05	133	9.44	10,00	282
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	294.34	-25.50	395.11	4759	8.13	258,00	14.09
Equity in percentage	2.38	-36.19	3.73	-61.06	9.58	-3.367,00	0.07
Total debt ratio	41.06	59.15	25.80	173	9.44	11,00	273

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Payment Information

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	131.80
Industry average day sales	133.29
outstanding
Industry quartile analysis
Payment expectations
Company result
Lower	127.94
Median	77.55
Upper	45.55

Day sales outstanding
Company result
Lower	107.55
Median	55.41
Upper	26.51

Shareholder Details

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Court data

Protested bills

Drawee name -

Address -

Bill amount -

Bill currency -

Maturity of bill -

Name of drawer -

City of drawer -

NSSO details

Business number 872384445

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

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. 60.24
UK Pound	1	Rs. 101.92
Euro	1	Rs. 80.69

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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	872384445	Company name	MAAHIR GEMS BVBA
Fax number		Date founded	22/02/2005
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.0872.384.445 Check VAT number
Belgian Bullettin of Acts	moniteur beige
Publications

Contractor details

Registered contractor number	--
Contractor description	--
Date struck off register

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	--
Part-time Employees	--
Total Fte Employees	--

Number of hours worked
Full-time Employees	--
Part-time Employees	--
Total	--

Personnel Charges
Full-time Employees	--
Part-time Employees	--
Total	--
Benefits In Addition To Wages	--

During the previous reporting year	--
Average number employees in Fte	--
Actual working hours	--
Personnel Charges	--
Benefits In Addition To Wages	--