MIRA INFORM REPORT

Report Date :

27.08.2014

IDENTIFICATION DETAILS

Name :	SUSHANG EXPORTS NV
Registered Office :	Hoveniersstraat 2 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	04.03.1985
Com. Reg. No.:	426932236
Legal Form :	Public Limited Liability Company
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 :	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	A1	A1

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 name and address

Business number 426932236

Company name SUSHANG EXPORTS NV

Address HOVENIERSSTRAAT 2

2018 ANTWERPEN

Number of staff 1

Date of establishment 04/03/1985

Telephone number 032310404

Fax number 032252234

Commentary

The business was established over 29 years ago.

The business has 1 employees.

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

The business saw an increase in their Cash Balance of 252% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	25,059,600	134,762	4,354,512	4,279,302
31/12/2011	24,142,470	149,252	4,249,986	4,168,633
31/12/2010	29,963,846	130,735	4,134,923	4,045,643

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	11,602,933	1	3,830,000	111,329
31/12/2011	11,249,342	1	3,830,000	122,219
31/12/2010	12,614,583	1	3,830,000	111,267

Payment expectations

Past payments		Payment expectation days	64.33
Industry average payment	164.26	Industry average day sales	120.92
expectation days		outstanding
Day sales outstanding	83.75
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company information

Business number	426932236	Company name	SUSHANG EXPORTS NV
Office Address	Hoveniersstraat 2, 2018 Antwerpen, Room No 546, p.b. 220 belgium
Fax number	032252234	Date founded	04/03/1985
Company status	active	Company type	Public Limited Liability 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.0426.932.236
Belgian Bullettin of Acts Publications	moniteur belge
Contractor details			Check Article 30 Bis
Registered contractor number	-
Contractor description	-
Date struck off register

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	1,809
Part-time Employees	-
Total	1,809
Personnel Charges
Full-time Employees	44,768
Part-time Employees	-
Total	44,768
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	2,186
Personnel Charges	56,367
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	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
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
Significant Events
Event Date	03/02/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 03-02-2007: De mandaten van Kothari Mehul en van Kothari Shila worden verlengd tot de jaarvergadering van 2013.

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	25,059,600	3.80	24,142,470	19.43	29,963,846	46,612,575	46.24
Total operating expenses	24,704,755	3.60	23,845,668	19.84	29,745,978	46,221,128	46.55
Operating result	354,845	19.56	296,803	36.23	217,868	147,887	139
Total financial income	36,489	45.59	67,069	66.29	198,960	97,526	62.58
Total financial expenses	256,572	19.55	214,619	24.98	286,093	204,266	25.61
Results on ordinary operations before taxation	134,762	-9.71	149,252	14.16	130,735	33,065	307
Taxation	30,236	11.56	34,189	14.58	29,838	20,877	44.83
Results on ordinary operations after taxation	104,526	-9.16	115,063	14.04	100,897	18,249	472
Extraordinary items	0	-	0	-	0	-4,342	0
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	104,526	-9.16	115,063	14.04	100,897	13,926	650
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	44,768	20.58	56,367	-8.74	61,768	126,172	64.52
Wages and salary	37,818	22.07	48,527	2.20	47,482	105,771	64.24
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	5,765	24.60	7,646	16.97	9,208	26,708	78.42
Other employee costs	1,185	510	194	96.17	5,078	4,361	72.82
Amortization and depreciation	6,803	-4.94	7,156	30.99	10,370	17,886	61.97
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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	1,577	-100
Tangible fixed assets	72,721	-7.79	78,864	-7.79	85,525	184,763	60.64
Land & building	63,725	-4.76	66,912	-4.55	70,098	362,988	82.44
Plant & machinery	8,856	24.21	11,685	22.27	15,032	22,646	60.90
Furniture & Vehicles	140	47.72	267	32.33	395	17,300 5,364	-99
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,619	-100
Financial fixed assets	2,490	0	2,490	33.70	3,755	306,761	-99
Total fixed assets	75,210	-7.55	81,353	-8.88	89,280	396,027	81.01
Inventories	5,113,382	25.96	4,059,632	32.68	3,059,622	3,105,555	64.65
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,394	-100
Finished goods	5,113,382	25.96	4,059,632	32.68	3,059,622	1,991,166	156
Other stocks	0	-	0	-	0	570,732	-100
Trade debtors	5,749,900	12.47	6,569,379	26.38	8,923,005	4,248,295	35.35
Cash	124,510		35,344	16.15	30,428	225,847	44.87
other amounts receivable	537,356	7.18	501,347	0.29	499,913	187,129	187
Miscellaneous current assets	2,575	12.55	2,288	81.46	12,335	17,998	85.69
Total current assets	11,527,723	3.22	11,167,989	10.84	12,525,303	7,304,875	57.81
Total Assets	11,602,933	3.14	11,249,342	10.82	12,614,583	7,668,456 1,451,744	51.31
CURRENT LIABILITIES
Trade creditors	4,354,448	21.81	3,574,693	18.41	4,381,103	3,137,713	38.78
Short term group loans	-	-	-	-	-	-	-
Financial debts	2,878,990	15.38	3,402,269	16.56	4,077,533	4,243,670 187,578	32.16
Current portion of long term debt	-	-	-	-	-	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	4,429	69.96	14,744	30.76	11,276	9,727 -	86.96
Miscellaneous current liabilities	10,553	37.95	7,650	21.52	9,748	-96.44	- -
Total current liabilities	7,248,421	3.56	6,999,356	17.46	8,479,660	5,430,989	33.46
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	3,830,000	0	3,830,000	0	3,830,000	944,106	305
Reserves	524,512	24.89	419,986	37.74	304,923	691,870	24.19
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	4,354,512	2.46	4,249,986	2.78	4,134,923	1,665,598	161
Working capital	4,279,302	2.65	4,168,633	3.04	4,045,643	1,873,885	128
Cashflow	111,329	-8.91	122,219	9.84	111,267	28,711	287
Net worth	4,354,512	2.46	4,249,986	2.78	4,134,923	1,662,342	161
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ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.54	-12.90	0.62	40.91	0.44	-25,00	2.16
Return on capital employed	3.09	-11.97	3.51	11.08	3.16	29,00	-89.34
Return on total assets employed	1.16	-12.78	1.33	27.88	1.04	-201,00	0.58
Return on net assets employed	3.09	-11.97	3.51	11.08	3.16	19,00	-83.74
Sales / net working capital	5.86	1.21	5.79	-21.86	7.41	44,00	-99
Stock turnover ratio	20.40	21.28	16.82	64.74	10.21	110,00	-81.45
Debtor days	83.75	-15.68	99.32	-8.62	108.69	134,00	-37.50
Creditor days	64.33	17.56	54.72	1.79	53.76	123,00	-47.70
SHORT TERM STABILITY
Current ratio	1.59	-0.62	1.60	8.11	1.48	6,00	-82.33
Liquidity ratio / acid ratio	0.88	-13.73	1.02	-8.93	1.12	4,00	-78.00
Current debt ratio	1.66	0.61	1.65	-19.51	2.05	9,00	-81.56
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	66.12	-17.40	80.05	-18.82	98.61	358,00	-81.53
Equity in percentage	37.53	-0.66	37.78	15.25	32.78	-3.205,00	1.17
Total debt ratio	1.66	0.61	1.65	-19.51	2.05	10,00	-83.40

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment Information

Amount	-
Details	-
Payment expectations
Payment expectation days	64.33
Day sales outstanding	83.75
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	64.33
Lower	134.13
Median	83.75
Upper	45.33

Day sales outstanding
Company result	83.75
Lower	112.48
Median	58.70
Upper	27.62

Shareholder Details

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	426932236
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-
Bankruptcy details

Bankruptcy details

There is no bankruptcy data against this company

Court Data

there is no data for this company

Director details

Name	MEHUL ANANDLAL KOTHARI
Position	Director
Start Date	13/03/2007
Street	30 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium
Name	HIRAL PRAKASH JOGANI
Position	Director
Start Date	01/11/2013
Street	98 BELGIELEI 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.60.49
UK Pound	1	Rs.100.32
Euro	1	Rs.79.91

INFORMATION DETAILS

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%)

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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.