MIRA INFORM REPORT

Report Date :

22.08.2014

IDENTIFICATION DETAILS

Name :	SAMIR GEMS NV

Formerly Known As :

Registered Office :

Country :	Belgium

Financials (as on) :

Date of Incorporation :

Com. Reg. No.:

Legal Form :

Line of Business :

No. of Employees :

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 423673729

Company name SAMIR GEMS NV

Address ^{HOVENIERSSTRAAT}

2018 ANTWERPEN

Safe number BE00129802

Number of staff 2

Date of establishment 01/04/1982

Telephone number 032275853

Fax number 032264549

Commentary

The business was established over 31 years ago.

The business has 1 employees.

The business has been at the address for over 3 years.

The credit rating for this business has decreased from 89 to 84.

The credit limit for this business has decreased from €4900000 to €4650000.

A 38% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 188% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	191,552,565	330,932	24,995,866	26,673,403
31/12/2011	174,837,311	295,488	24,800,692	26,911,703
31/12/2010	113,159,559	159,690	24,609,401	26,660,445

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	93,805,441	2	20,000,000	293,861
31/12/2011	67,971,294	2	20,000,000	292,956
31/12/2010	47,948,150	2	20,000,000	178,367

Payment expectations

JIC Code Description category

324

Joint committee for the industry and the trade in diamant

Significant Events

Event Date Event Description

Event Details

15/05/2013

De heer Samir Bhansali schrijft in op 61 nieuwe aandelen en de heer Anjal Bhansali schrijft in op 671 nieuwe aandelen.

				2012
Weeks	52	52	52
Currency	EUR	EUR	EUR
Turnover	191,552,565 9.56 174,837,311 54.51 113,159,559 39,029,323				390
_Q[j] Total operating expenses	189,863,922 9.62 173,199,565 54.59 112,040,485 38,660,226				391
_&o0 Operating result	1,688,643	3.11 1,637,746	46.35 1,119,074	109,625	1440
nflfl Total financial income	1,153	-65.76 3,367	-24.10 4,436	66,253	-98.26
, J Total financial expenses	1,358,864	0.98 1,345,625	39.61 963,820	248,929	445
\| Results on ordinary operations before taxation	330,932	11.99 295,488	85.04 159,690	-76,921	430
„nfl Taxation	135,758	30.29 104,197	96.34 53,070	15,383	782
^i Results on ordinary operations after taxation	195,174	2.03 191,291	79.41 106,620	-87,085	224
r.nf] Extraordinarv items	0	0	0	-22,121	0
,,fj] Other appropriations	0.00	0.00	0	-	-
jJJ Net result	195,174	2.03 191,291	79.41 106,620	-109,133	178
	other information
_r,nf] Gross Operating Margin	-	-	-	63,396	-
_r,fj] Dividends	-	-	-	137,637	-
_r.rfl Director remuneration	102,036	-8.85 111,938	4.70 106,913	114,347	-10.77
_u(fl Employee costs	73,416	-14.01 85,382	7.00 79,793	222,604	-67.02
Wages and salary	59,601	-16.46 71,344	8.65 65,666	172,827	-65.51
Employee pension costs	-	-	-	3,154	-
Social security contributions	12,212	-7.88 13,256	7.70 12,308	46,223	-73.58
Other employee costs	1,603	104 782	-57.00 1,819	6,114	-73.78
Amortization and depreciation	98,687	-2.93 101,664	41.70 71,747	23,816	314

Annual accounts 31-12-2012 % 31-12-2011 % 31-12-2010 average

2012

Intangible fixed assets 0 - 0 - 0 4,058 -100

Tangible fixed assets 3,299,814 -1.62 3,354,002 -2.76 3,449,242 201,019 1541

Land & building 3,158,060 -0.86 3,185,433 -2.09 3,253,334 376,355 739

Plant & machinery 11,501 -19.98 14,372 -21.51 18,311 24,305 -52.68

Furniture & Vehicles 130,254 -15.53 154,196 -13.18 177,597 20,845 8,230 524

Other tangible assets 0 - 0 - 0 10,421 -100

Financial fixed assets 262,264 2038 12,264 0.00 12,264 581,115 -54.87

Total fixed assets 3,562,078 5.82 3,366,266 -2.75 3,461,506 557,112 539

Inventories 33,947,904 47.29 23,047,918 49.94 15,371,592 1,932,521 1656

Raw materials & consumables - - - - - 5,256,220 -

Work in progress 0 - 0 - 0 352 -100

Finished goods 33,947,904 47.29 23,047,918 49.94 15,371,592 1,188,337 2756

Other stocks 0 - 0 - 0 295,544 -100

Trade debtors 55,129,437 34.84 40,885,500 42.48 28,694,915 2,667,060 1967

Cash 901,577 188 312,953 180 111,570 184,057 389

other amounts receivable 263,895 -26.42 358,657 16.23 308,567 392,421 -32.75

Miscellaneous current assets 550 - 0 - 0 57,580 -99

Total current assets 90,243,362 39.68 64,605,028 45.22 44,486,644 4,825,819 1770

J	Trade creditors	12,576,255	122	5,659,278	221	1,758,047	1,352,020	830
J	Short term group loans	-	-	-	-	-	-	-
J	Financial debts	50,669,461	59.52 31,764,694		100	15,830,264	5,094,423 37,143	894
J	Current portion of long term debt	139,689	-13.22 160,962		-13.14 185,308		100,793 16,884	38.59
J	Amounts Payable for Taxes. Remuneration & Social Security	127,404	231	38,460	314	9,286	10,916-	209
J	Miscellaneous current liabilities	57,151	-18.28 69,931		61.53	43,294	-88.26	--
J	Total current liabilities	63,569,959	68.65	37,693,325	111	17,826,199 3,643,205		1644
		Long term debts and liabilities
J	Long term group loans	-	-	-	-	-	-	--
J	Other long term loans	5,239,615	-4.34	5,477,276	-0.64	5,512,550	450	--
J	Deffered taxes	-	-	-	-	-	41,956 23,311	-
utfl	Provisions for Liabilities & Charges	0	-	0	-	0	15,054 0	-100
	Other long term liabilities	0	-	0	-	0	266,905	-100
J	Total long term debts	5,239,615	-4.34	5,477,276	-0.64	5,512,550	659,913	693
		shareholders equity
J	Issued share capital	20,000,000	0	20,000,000	0	20,000,000 683,338		2826
J	Share premium account	-	-	-	-	-	255,692	-
J	Reserves	4,672,866	4.36	4,477,692	4.46	4,286,401	311,470	1400
J	Revaluation reserve	323,000	0	323,000	0	323,000	526,518	-38.65
J	Total shareholders equity	24,995,866	0.79	24,800,692	0.78	24,609,401	1,011,534	2371
J	Working capital	26,673,403	-0.89	26,911,703 0.94		26,660,445	1,182,614	2155
	Cashflow	293,861	0.31	292,956	64.24	178,367	-89,631	327
J	Net worth	24,995,866	0.79	24,800,692 0.78		24,609,401	1,007,476	2381

\|] Profit Before Tax	0.17	0	0.17	21.43	0.14	-122,00	0.14
Return on capital employed	1.09	11.22	0.98	84.91	0.53	333,00	-99
j Return on total assets employed	0.35	-18.60	0.43	30.30	0.33	-11,00	3.18
lQ] Return on net assets employed	1.32	10.92	1.19	83.08	0.65	336,00	-99
, if\| Sales / net working capital	7.18	10.46	6.50	53.30	4.24	1,00	-99
i n] Stock turnover ratio	17.72	34.45	13.18	-2.95	13.58	629,00	-97.18
Debtor days	105.05	23.08	85.35	-7.79	92.56	232,00	-54.72
Creditor days	24.18	102	11.93	108	5.73	154,00	-84.30
		short term stability
, fil Current ratio	1.42	-16.96	1.71	-31.60	2.50	66,00	-98.35
, fil Liquidity ratio / acid ratio	0.89	-19.09	1.10	-32.52	1.63	59,00	-98.49
Current debt ratio	2.54	67.11	1.52	111	0.72	86,00	-97.05
j\\ Liquidity ratio reprocessed	_:	-	-	-	-	-	-
		long term stability
, Gearing	224.23	48.68	150.81	72.39	87.48	261,00	-14.09
i-nl Equity in percentage	26.65	-26.97	36.49	-28.91	51.33	-1.227,00	2.17
_r "j] Total debt ratio	2.75	58.05	1.74	83.16	0.95	86,00	-96.80

Industry comparison

Activity code 46480

Activity description Wholesale of watches and jewellery

industry average credit

rating 61.07

Industry average credit

limit 7967.53

Payment Information

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days 24.18

Day sales outstanding 105.05

Industry comparison

Activity code 46480

Activity description Wholesale of watches and jewellery

Industry average payment

expectation days 256.22

Industry average day sales

outstanding 298.84

Industry quartile analysis

Payment expectations

Company result 24.18

Lower 125.80

Median 57.54

Upper 17.14

Day sales outstanding

Company result 105.05

Lower 123.34

Median 55.69

Upper 22.32

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Group Structure

Click the company to view / order a report.

No group structure for this company.

Individual Shareholders

Shareholder Name

Forename Anjal Middle name -

Surname Bhansali

Shareholder Details

Start date 03/06/2013(estimated) End date -

Percentage owned -

Shareholder Address

Street name Flamingolaan House number 5

Minor town Wilrijk Postal town Antwerpen

Post code 2610 Country Belgium

Shareholder Name

Forename Samir Middle name -

Surname Bhansali

Shareholder Details

Start date 03/11/1999(estimated) End date -

Percentage owned -

Shareholder Address

Street name Flamingolaan House number 5

Minor town Wilrijk Postal town Antwerpen

Post code 2610 Country Belgium

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Legal events

court data

there is no data for this company

Director details

Current director details

Name SAMIR JAYANTILAL BHANSALI

Position Director

Start Date 27/03/1996

Street 5 FLAMINGOLAAN ANTWERPEN

Post code 2610

Country Belgium

Name SAMIR JAYANTILAL BHANSALI

Position Chairman of the Board

Start Date 27/03/1996

Street 5 FLAMINGOLAAN ANTWERPEN

Post code 2610

Country Belgium

Name SAMIR JAYANTILAL BHANSALI

Position Managing Director

Start Date 28/04/2007

Street 5 FLAMINGOLAAN ANTWERPEN

Post code 2610

Country Belgium

Name ANJAL BHANSALI

Position Managing Director

Start Date 27/04/2013

Street 5 FLAMINGOLAAN ANTWERPEN

Post code 2610

Country Belgium

Name ANJAL BHANSALI

Position Director

Start Date 27/04/2013

Street 5 FLAMINGOLAAN ANTWERPEN

Post code 2610

Country Belgium

Former director details

Name SUNIL ARVINDKUMAR SHAH

Position Director

Start Date 28/04/2007

End Date 27/04/2013

Street 102 BELGIËLEI ANTWERPEN

Post code 2018

Country Belgium

Name MEERA ZAVERI

Position Director

Start Date 28/04/2007

End Date 28/04/2013

Street 5 FLAMINGOLAAN ANTWERPEN

Post code 2018

Country Belgium

Name ZAVERI MEERA

Position Director

Start Date 28/04/2007

End Date 31/12/2010

Street 5 FLAMINGOLAAN ANTWERPEN

Post code 2610

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.76
UK Pound	1	Rs.100.72
Euro	1	Rs.80.55

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	PDT

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.

MIRA INFORM REPORT

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