MIRA INFORM REPORT

Report Date :

01.08.2014

IDENTIFICATION DETAILS

Name :	SAGAR EBVBA
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	26.10.1989
Com. Reg. No.:	438725654
Legal Form :	One Person Private Limited Company (BE)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees	01

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Unknown
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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Belgium	A1	A1

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 name and address

Business number 438725654

Company name SAGAR EBVBA

Address HOVENIERSSTRAAT 30

2018 ANTWERPEN

Number of staff 1

Date of establishment 26/10/1989

Telephone number 032561641

Commentary

The business was established over 24 years ago.

The business has 1 employees.

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

A 52% decline in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 166% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS TURNOVER	PROFIT BEFORE TAX NET WORTH	WORKING CAPITAL
31/12/2012	-16,341 386,091	461,924
31/12/2011	-22,238 397,433	473,515
31/12/2010	-38,462 407,192	451,865

Accounts

DATE OF LATEST ACCOUNTS BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
31/12/2012 1,379,027	1 18,600	3,840
31/12/2011 2,916,015	2 18,600	5,967
31/12/2010 3,398,241	3 18,600	-30,735

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	131.90	Industry average day sales outstanding	133.40

Company information

Business number	438725654	Company name	SAGAR EBVBA
Fax number		Date founded	26/10/1989
Company status	active	Company type	One Person Private Limited Company (BE)
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.0438.725.654 Check
			VAT number

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2012
Full-time Employees	1
Part-time Employees	2
Total Fte Employees	2
Number of hours worked
Full-time Employees	1,467
Part-time Employees	1,353
Total	2,820
Personnel Charges
Full-time Employees	14,481
Part-time Employees	22,495
Total	36,976
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte	3
Actual working hours	3,931
Personnel Charges	63,504
Benefits In Addition To Wages -

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	1	1
Limited Duration Contracts	1	-	1
Contracts For Specific - - -Work
Contracts Regarding	-	-	-
Substitution
Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non - - -university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education - - -
Secondairy education	-	1	1
Higher education (non university)	-	-	-
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	1	1
Blue collar worker	1	-	1
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	1	-	1
Leavers	1	2	2

Personnel (NSSO classification)

Code -

Description FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Description Additional national joint committee for the employees

Description Joint committee for the industry and the trade in diamant

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	-	-	-	-	-	38,826,483	-
Total operating expenses	-	-	-	-	-	38,525,127	-
Operating result	-10,344	95.84	-10,793	-6902	159	115,504	-108
Total financial income	20,394	48.60	13,724	18819	73	81,709	-75.04
Total financial expenses	26,391	4.86	25,169	-34.95	38,694	174,172	-84.85
Results on ordinary operations before taxation	-16,341	73.48	-22,238	57.82	-38,462	15,329	-206
Taxation	-3,790	-	-	-	4,103	19,024	-119
Results on ordinary operations after taxation	-12,551	56.44	-22,238	52.24	-42,566	2,120	-692
Extraordinary items	1,210	-90.31	12,479	2944	410	-3,623	33.39
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	-11,342	-16.22	-9,759	23.15	-42,156	-1,485	-663
Gross Operating Margin	54,048	-24.85	71,922	-35.30	111,164	51,859	4.22
Dividends	-	-	-	-	-	168,887	-
Director remuneration	-	-	-	-	-	106,311	-
Employee costs	36,976	-41.77	63,504	3.54	61,335	139,232	-73.44
Wages and salary	28,002	-45.55	51,429	-0.24	51,551	119,618	-76.59
Employee pension costs	-	-	-	-	-	12,737	-
Social security contributions	6,991	-31.27	10,172	17.22	8,678	29,482	-76.29
Other employee costs	1,984	4.26	1,903	71.97	1,107	4,916	-59.64
Amortization and depreciation	15,182	-3.46	15,726	37.70	11,421	17,798	-14.70

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	786	-100
Tangible fixed assets	109,516	-11.44	123,665	-11.28	139,392	185,261	-40.89
Land & building	83,211	-6.28	88,786	-5.91	94,360	368,491	-77.42
Plant & machinery	994	52.19	653	-48.96	1,279	24,120	-95.88
Furniture & Vehicles	25,311	-26.05	34,227	-21.77	43,753	16,031 4,983	57.89
Leasing & Other Similar Rights	-	-	-	-	-	140,142 28,266	-
Other tangible assets	0	-	0	-	0	11,820	-100
Financial fixed assets	744	0	744	0	744	237,061	-99
Total fixed assets	110,259	-11.37	124,409	-11.22	140,136	340,251	-67.59
Inventories	501,473	-67.46	1,540,952	-6.65	1,650,780	2,659,363	-81.14
Raw materials & consumables	-	-	-	-	-	6,542,085	-
Work in progress	0	-	0	-	0	2,529	-100
Finished goods	0	-	0	-	0	1,709,031	-100
Other stocks	501,473	-67.46	1,540,952	-6.65	1,650,780	455,694	10.05
Trade debtors	177,457	-80.79	923,620	-20.03	1,154,983	3,554,020	-95.01
Cash	278,856	166	104,780	-66.41	311,944	204,540	36.33
other amounts receivable	304,564	44.54	210,713	70.03	123,927	208,260	46.24
Miscellaneous current assets	6,418	-44.38	11,540	-29.94	16,471	15,306	-58.07
Total current assets	1,268,768	-54.55	2,791,606	-14.32	3,258,105	6,187,696	-79.50
Total Assets	1,379,027	-52.71	2,916,015	-14.19	3,398,241	6,489,201 1,214,410	-78.75

CURRENT LIABILITIES

CURRENT LIABILITIES
	Trade creditors	550,575	-75.53	2,249,874	-13.77	2,609,029	2,764,686	-80.09
Short term group loans - - - - - - -
	Financial debts	224,416	565	33,716	-78.53	157,064	3,394,915 141,000	-93.39
	Current portion of long term debt	14,400	4.51	13,779	106	6,659	88,357 14,229	-83.70
	Amounts Payable for Taxes, Remuneration & Social Security	13,817	-32.17	20,371	-21.20	25,850	8,477 -	-58.54
	Miscellaneous current liabilities	3,636	938	350	-95.42	7,637	-98.81	--
	Total current liabilities	806,844	-65.19	2,318,090	-17.40	2,806,240	4,615,934	-82.52
LONG TERM DEBTS AND LIABILITIES
	Long term group loans	-	-	-	-	-	-	--
	Other long term loans	186,092	-7.18	200,492	8.49	184,809	-81.43	--
	D effered taxes	-	-	-	-	-	40,179 31,040	-
	Provisions for Liabilities & Charges	0	-	0	-	0	3,968 0	-100
	Other long term liabilities	0	-	0	-	0	82,275	-100
	Total long term debts	186,092	-7.18	200,492	8.49	184,809	475,236	-60.84
SHAREHOLDERS EQUITY
	Issued share capital	18,600	0	18,600	0	18,600	865,075	-97.85
	Share premium account	-	-	-	-	-	89,810	-
	Reserves	367,491	-2.99	378,833	-2.51	388,592	501,620	-26.74
	Revaluation reserve	-	-	-	-	-	958,151	-
	Total shareholders equity	386,091	-2.85	397,433	-2.40	407,192	1,392,604	-72.28
	Working capital	461,924	-2.45	473,515	4.79	451,865	1,571,763	-70.61
	Cashflow	3,840	-35.64	5,967	19.42	-30,735	12,977	-70.41
	Net worth	386,091	-2.85	397,433	-2.40	407,192	1,390,335	-72.23

ratio 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	-2.86	76.88	-3.72	57.23	-6.50	40,00	-107
	Return on total assets employed	-1.18	-55.26	-0.76	67.26	-1.13	-294,00	0.40
	Return on net assets employed	-4.23	75.54	-5.60	59.26	-9.45	27,00	-115
	Sales / net working capital	-	-	-	-	-	63,00	-
	Stock turnover ratio	-	-	-	-	-	90,00	-
	Debtor days	-	-	-	-	-	150,00	-
	Creditor days	-	-	-	-	-	196,00	-
SHORT TERM STABILITY
	Current ratio	1.57	30.83	1.20	3.45	1.16	6,00	-84.30
	Liquidity ratio / acid ratio	0.95	75.93	0.54	-5.26	0.57	4,00	-76.25
	Current debt ratio	2.09	-64.15	5.83	-15.38	6.89	10,00	-79.10
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
	Gearing	110.05	76.36	62.40	-27.09	85.59	258,00	-57.34
	Equity in percentage	28	105	13.63	13.77	11.98	-3.386,00	0.83
	Total debt ratio	2.57	-59.46	6.34	-13.74	7.35	11,00	-76.64

Payment Information

INDUSTRY COMPARISON

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

INDUSTRY QUARTILE ANALYSIS

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

NSSO details

Business number 438725654

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.60.25
UK Pound	1	Rs.101.92
Euro	1	Rs.80.70

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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%)

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