Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	SHIVANI GEMS CVA

Registered Office :	Schupstraat 1, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12..2012

Date of Incorporation :	22.01.1982

Com. Reg. No.:	422531406

Legal Form :	Limited Partnership with shares (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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

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 summary

Business number 422531406

Company name SHIVANI GEMS CVA

Address SCHUPSTRAAT 1

2018 ANTWERPEN

Number of staff 1

Date of establishment 22/01/1982

Telephone number 0475610125

Fax number 032325852

Commentary

The business was established over 32 years ago.

The business has 1 employees.

The business has been at the address for over 8 years.

Net Worth increased by 49% during the latest trading period.

A 47% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 220% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	24,459,902	45,586	3,850,102	6,442,433
31/12/2011	26,262,430	39,761	2,568,887	5,308,828
31/12/2010	11,079,264	53,008	1,859,970	4,505,911

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	15,626,494	1	3,562,130	74,481
31/12/2011	10,573,290	1	2,318,700	58,711
31/12/2010	12,376,624	1	694,102	80,530

Payment expectations

Past payments		Payment expectation days	72.85
Industry average payment expectation days	165.12	Industry average day sales outstanding	126.96
Day sales outstanding	121.17
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	1
Part-time Employees	-
Total Fte Employees	1

Number of hours worked
Full-time Employees	1,930
Part-time Employees	-
Total	1,930

Personnel Charges
Full-time Employees	30,561
Part-time Employees	-
Total	30,561
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,930
Personnel Charges	29,959
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	-	1
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	-	-	-
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	-	-	-
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	-	-	-

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

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category Significant Events
Event Date	27/11/2012
Event Description	proposal of merger by absorption filed
Event Details	Commentaar 27-11-2012: Neerlegging fusievoorstel tussen de CVOA (opslorpende vennootschap) en BVBA Shivani Europe (opgeslorpte vennootschap).

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	24,459,902	-6.86	26,262,430	137	11,079,264	46,485,458	47.38
Total operating expenses	24,067,012	-6.84	25,835,248	140	10,749,133	46,114,879	47.81
Operating result	392,890	-8.03	427,182	29.40	330,131	140,644	179
Total financial income	469	23350	2	-99	357	97,700	-99
Total financial expenses	347,773	10.23	387,422	39.62	277,480	205,052	69.60
Results on ordinary operations before taxation	45,586	14.65	39,761	24.99	53,008	25,212	80.81
Taxation	3,677	64.73	10,425	141	4,318	20,811	82.33
Results on ordinary operations after taxation	41,909	42.86	29,336	39.75	48,690	10,416	302
Extraordinary items	731	40.43	-1,808	-	0	-3,982	18.36
Other appropriations	1	-	0	-	0	-	-
Net result	42,641	54.90	27,528	43.46	48,690	6,453	560
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	38,223	-1.02	38,615	13.22	34,105	112,544	66.04
Employee costs	30,561	0.03	30,552	5.01	29,094	126,172	75.78
Wages and salary	24,865	-0.67	25,033	4.93	23,857	105,771	76.49
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	5,208	4.16	5,000	7.39	4,656	26,708	80.50
Other employee costs	488	-5.97	519	10.67	581	4,356	88.80
Amortization and depreciation	31,840	2.11	31,183	-2.06	31,840	17,866	78.22

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	1,576	-100
Tangible fixed assets	459,288	-3.03	473,639	-2.34	484,981	184,536	148
Land & building	428,302	-6.71	459,088	-2.31	469,962	362,988	17.99
Plant & machinery	493	-	-	-	-	22,615	97.82
Furniture & Vehicles	30,493	109	14,551	-3.12	15,019	17,300 5,364	76.26
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,611	-100
Financial fixed assets	101,044	1471	6,431	3.39	6,220	306,761	67.06
Total fixed assets	560,332	16.72	480,070	-2.27	491,201	395,576	41.65
Inventories	6,060,181	40.15	4,324,041	-4.96	4,549,819	3,111,766	94.75
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,392	-100
Finished goods	6,060,181	40.15	4,324,041	-4.96	4,549,819	2,000,677	202
Other stocks	0	-	0	-	0	570,162	-100
Trade debtors	8,120,090	64.06	4,949,479	24.87	6,587,863	4,249,443	91.09
Cash	688,153	220	214,838	265	58,710	225,558	205
other amounts receivable	196,583	67.42	603,460	12.42	689,031	209,360	-6.10
Miscellaneous current assets	1,155	17.62	1,402	-	0	18,289	93.68
Total current assets	15,066,162	49.27	10,093,220	15.08	11,885,423	7,337,366	105
Total Assets	15,626,494	47.79	10,573,290	14.57	12,376,624	7,692,885 1,451,744	103
CURRENT LIABILITIES
Trade creditors	4,803,506	69.48	2,834,251	47.14	5,361,475	3,151,222	52.43
Short term group loans	-	-	-	-	-	-	-
Financial debts	3,618,114	133	1,546,345	0.45	1,539,360	4,297,815 189,666	15.82
Current portion of long term debt	25,558	27.20	20,092	0.29	20,034	110,204 15,373	76.81
Amounts Payable for Taxes, Remuneration & Social Security	4,399	74.33	17,140	24.55	13,762	9,727 -	87.05
Miscellaneous current liabilities	172,152	53.04	366,564	17.60	444,881	-41.96	- -
Total current liabilities	8,623,729	80.25	4,784,392	35.17	7,379,512	5,468,297	57.70
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	3,152,662	-2.09	3,220,011	2.64	3,137,142	183	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,174 0	-100
Other long term liabilities	1	-	0	-	0	128,284	-99
Total long term debts	3,152,663	-2.09	3,220,011	2.64	3,137,142	563,937	459
SHAREHOLDERS EQUITY
Issued share capital	3,562,130	53.63	2,318,700	234	694,102	967,079	268
Share premium account	-	-	-	-	-	109,362	-
Reserves	287,972	15.10	250,187	78.54	1,165,868	657,910	56.23
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	3,850,102	49.87	2,568,887	38.11	1,859,970	1,654,570	132
Working capital	6,442,433	21.35	5,308,828	17.82	4,505,911	1,869,068	244
Cashflow	74,481	26.86	58,711	27.09	80,530	21,225	250
Net worth	3,850,102	49.87	2,568,887	38.11	1,859,970	1,651,328	133

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.19	26.67	0.15	-68.75	0.48	-29,00	0.66
Return on capital employed	0.65	-5.80	0.69	-34.91	1.06	29,00	-97.76
Return on total assets employed	0.29	-23.68	0.38	-11.63	0.43	-201,00	0.14
Return on net assets employed	1.18	-23.87	1.55	-45.61	2.85	19,00	-93.79
Sales / net working capital	3.80	-23.23	4.95	101	2.46	44,00	-99
Stock turnover ratio	24.78	50.55	16.46	-59.92	41.07	116,00	-78.64
Debtor days	121.17	76.14	68.79	-68.30	217.03	143,00	-15.27
Creditor days	72.85	81.94	40.04	-78.01	182.06	125,00	-41.72
SHORT TERM STABILITY
Current ratio	1.75	-17.06	2.11	31.06	1.61	6,00	-80.56
Liquidity ratio / acid ratio	1.04	-14.05	1.21	22.22	0.99	4,00	-74.00
Current debt ratio	2.24	20.43	1.86	-53.15	3.97	9,00	-75.11
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	176.52	-5.26	186.32	-26.21	252.51	358,00	-50.69
Equity in percentage	24.64	1.40	24.30	61.68	15.03	-3.198,00	0.77
Total debt ratio	3.06	-1.92	3.12	-44.78	5.65	10,00	-69.40

Payment expectations
Payment expectation days	72.85
Day sales outstanding	121.17
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	165.12
Industry average day sales outstanding	126.96
Industry quartile analysis
Payment expectations
Company result	72.85
Lower	134.34
Median	84.93
Upper	45.55

Day sales outstanding
Company result	121.17
Lower	111.41
Median	58.70
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	422531406
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	HIMANSHU MEHTA
Position	Principal Manager
Start Date	27/07/2010
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Name	SHITAL SHAH
Position	Principal Manager
Start Date	27/07/2010
Street	213 MECHELSESTEENWEG 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.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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	422531406	Company name	SHIVANI GEMS CVA
Fax number	032325852	Date founded	22/01/1982
Company status	active	Company type	Limited Partnership with shares (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0422.531.406
Belgian Bullettin of Acts Publications	moniteur belge