MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	EURASIA GEMS BVBA

Registered Office :	Hoveniersstraat 30-Bus 179, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	09.05.1985

Com. Reg. No.:	427338349

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No of Employees :	From 1 to 4

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 427338349

Company name EURASIA GEMS BVBA

Address HOVENIERSSTRAAT 30-BUS 179

2018 ANTWERPEN

Number of staff 0

Date of establishment 09/05/1985

Telephone number 032329088

Fax number 032329088

Commentary

The business was established over 29 years ago.

The business has 1 employees.

The business has been at the address for over 24 years.

Operating Result in the latest trading period increased 292% on the previous trading period.

The business saw an increase in their Cash Balance of 26% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	8,666,097	19,415	2,194,143	2,970,150
31/12/2012	8,821,348	16,933	2,180,883	2,995,129
31/12/2011	10,183,478	31,257	2,170,671	3,021,935

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	3,648,390	0	24,789	32,138
31/12/2012	4,610,737	0	24,789	27,655
31/12/2011	4,361,991	0	24,789	27,555

Payment expectations
Past payments		Payment expectation days		3.77
Industry average payment expectation days	124.39	Industry average day sales outstanding		141.74

Court data summary
Bankruptcy details
Court action type	No

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	126,458	-12.08	143,836	59.36	90,260	54.19	58,538	-6.07	62,323
Intangible fixed assets	0	-	0	-	0	-	0	-	0

Tangible fixed assets	124,958	-13.12	143,836	59.36	90,260	54.19	58,538	-6.07	62,323
Land & building	80,171	-4.82	84,227	-4.59	88,283	56.84	56,289	-5.07	59,295
Plant & machinery	1,592	-33.81	2,405	21.66	1,977	-12.12	2,249	-25.71	3,028
Furniture & Vehicles	43,195	-24.49	57,204	-	-	-	-	-	-
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0

Financial fixed assets	1,500	-	-	-	-	-	-	-	-

Total current assets	3,521,933	-21.15	4,466,901	4.57	4,271,731	3.87	4,112,692	-11.65	4,655,092
Inventories	1,705,861	-18.74	2,099,302	157	814,631	-51.74	1,688,017	-6.09	1,797,440
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	1,705,861	-18.74	2,099,302	157	814,631	-51.74	1,688,017	-6.09	1,797,440
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	1,523,349	-28.68	2,135,962	-31.12	3,100,795	124	1,383,218	-46.81	2,600,455
Other amounts receivable	1,425	5.07	1,356	94.90	696	-64.04	1,935	136	818

Cash	289,570	26.74	228,483	-35.39	353,631	-65.90	1,037,100	309	253,280

Miscellaneous current assets	1,412	-4.68	1,481	-10.81	1,661	-21.14	2,106	-24.30	2,782

Total Assets	3,648,390	-20.87	4,610,737	5.70	4,361,991	4.57	4,171,230	-11.58	4,717,415
Liabilities
Total shareholders equity	2,194,143		0.61 2,180,883 0.47 2,170,671 1.11				2,146,915 0.79		2,130,154

Issued share capital	24,789		0 24,789 0		24,789	0	24,789	0.00	24,789
Share premium account	-		- -	-	-	-	-	-

Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	2,169,354	0.62	2,156,093	0.48	2,145,882	1.12	2,122,125	0.80	2,105,365
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-
Creditors	1,454,247	-40.15	2,429,854	10.89	2,191,319	8.25	2,024,316	-21.76	2,587,261
Other long term loans	902,465	-5.81	958,082	1.76	941,524	4.32	902,521	2.68	878,941
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	902,465	-5.81	958,082	1.76	941,524	4.32	902,521	2.68	878,941
Current portion of long term debt	32,651	4.47	31,254	-93.16	456,973	-29.95	652,385	-28.44	911,692
Financial debts	370,612	-50.17	743,777	8755	8,399	-	-	-	16,633
Trade creditors	88,105	-85.87	623,412	-10.12	693,626	81.71	381,729	-44.83	691,910
Amounts Payable for Taxes,	7,759	-12.15	8,832	-39.41	14,575	118	6,683	4606	142
Remuneration & Social Security
Miscellaneous current liabilities	52,657	-18.36	64,498	-15.38	76,223	-5.89	80,997	-7.90	87,943
Total current liabilities	551,783	-62.51	1,471,772	17.76	1,249,796	11.41	1,121,795	-34.33	1,708,320

Total Liabilities	3,648,390	-20.87	4,610,737	5.70	4,361,991	4.57	4,171,230	-11.58	4,717,415

Ratio Analysis

TRADING PERFORMANCE

Profit Before Tax 0.22 15.79 0.19 -38.71 0.31 14.81 0.27 42.11 0.19

Return on capital employed 0.63 16.67 0.54 -46.00 1.00 14.94 0.87 85.11 0.47

Return on total assets employed 0.53 43.24 0.37 -48.61 0.72 14.29 0.63 110 0.30

Return on net assets employed 0.88 12.82 0.78 -45.83 1.44 17.07 1.23 83.58 0.67

Sales / net working capital 2.92 -1.02 2.95 -12.46 3.37 3.37 3.26 31.45 2.48

Stock turnover ratio 19.68 -17.31 23.80 197 8.00 -53.76 17.30 -29.62 24.58

Creditor days 3.77 -85.44 25.90 3.39 25.05 77.28 14.13 -59.58 34.96

Debtor days 64.16 -27.40 88.38 -20.48 111.14 114 51.73 -60.15 129.80

SHORT TERM STABILITY

Current ratio 6.38 109 3.04 -11.11 3.42 -6.81 3.67 34.93 2.72

Liquidity ratio / acid ratio 3.29 104 1.61 -41.88 2.77 28.24 2.16 29.34 1.67

Current debt ratio 0.25 -62.69 0.67 15.52 0.58 11.54 0.52 -35.00 0.80

Liquidity ratio reprocessed - - - - - - - - -

Cashflow 32,138 16.21 27,655 0.36 27,555 34.12 20,545 190 7,070

Net worth 2,194,143 0.61 2,180,883 0.47 2,170,671 1.11 2,146,915 0.79 2,130,154

LONG TERM STABILITY

Gearing 59.51-25.12 79.4722.62 64.81-10.52 72.43-14.63 84.84

Equity in percentage 60.14 27.15 47.30 -4.94 49.76 -3.32 51.47 13.97 45.16

Total debt ratio 0.66 -40.54 1.11 9.90 1.01 7.45 0.94 -22.31 1.21

Working capital 2,970,150 -0.83 2,995,129 -0.89 3,021,935 1.04 2,990,897 1.50 2,946,772

Profit & Loss

Operating Income	8,712,830	-1.67	8,860,835	-13.29	10,219,517	4.41	9,788,061	33.44	7,335,152
Turnover	8,666,097	-1.76	8,821,348	-13.38	10,183,478	4.35	9,759,060	33.46	7,312,470
Total operating expenses	8,531,785	-2.91	8,787,124	-13.05	10,105,840	2.48	9,860,919	36.51	7,223,356
Gross Operating Margin	-	-	-	-	-	-	-	-	-

Operating Charges	8,578,518	-2.81	8,826,612	-12.97	10,141,880	2.55	9,889,920	36.49	7,246,037
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	18,878	8.23	17,443	359	3,799	0.38	3,784	-0.65	3,809

Operating result	134,312	292	34,224	-55.92	77,637	76.22	-101,859	-214	89,114
Total financial income	274,114	-37.34	437,494	-8.66	478,998	-33.42	719,410	83.18	392,727

Total financial expenses	389,012	-14.46	454,784	-13.44	525,378	-11.13	591,170	26.41	467,647

Results on ordinary operations before taxation	19,415	14.65	16,933	-45.83	31,257	18.48	26,381	85.86	14,194

Extraordinary Income	-	-	-	-	-	-	-	-	-

Extraordinary Charges	-	-	-	-	-	-	-	-	-

Extraordinary items	0	-	0	-	0	-	0	-	0

Results for the Year Before Taxation	19,415	14.65	16,933	-45.83	31,257	18.48	26,381	85.86	14,194

Other appropriations	-	-	-	-	-	-	-	-	^-
Taxation	6,155	-8.44	6,722	-10.38	7,500	-22.04	9,621	-12.01	10,934
Results on ordinary operations after taxation	13,260	29.86	10,211	-57.02	23,757	41.74	16,761	414	3,260

Net result	13,260	29.86	10,211	-57.02	23,757	41.74	16,761	413	3,261

Profit (Loss) for the Year to be appropiated	13,260	29.86	10,211	-57.02	23,757	41.74	16,761	413	3,261
Dividends

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Payment Information

Payment expectations

Payment expectation days 3.77

Day sales outstanding 64.16

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days

124.39

Industry average day sales

Outstanding 141.74

Industry quartile analysis

Payment expectations

Company result 3.77

Lower 122.66

Median 76.39

Upper 46.98

Day sales outstanding

Company result 64.16

Lower 102.84

Median 54.50

Upper 24.07

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details
Current director details
Name	SANJAY MEHTA
Position	Principal Manager
Start Date	04/08/2010
Street	6 LUITHAGENLAAN MORTSEL
Post code	2640
Country	Belgium
Former director details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.97.69
Euro	1	Rs.77.37

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TPT

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	427338349	Company name	EURASIA GEMS BVBA
Fax number	032329088	Date founded	09/05/1985
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0427.338.349 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Company information

Company accounts

Industry comparison

Payment Information

Director details

Unit