MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	N SHAH & CO B.V.B.A

Registered Office :	Hoveniersstraat 53-Bus 6 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	23.11.1982

Com. Reg. No.:	423306119

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones.

No. of Employees :	NIL

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 :	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 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 423306119

Company name N. SHAH EN CO BVBA

Address HOVENIERSSTRAAT 53-BUS 6

2018 ANTWERPEN

Number of staff 0

Date of establishment 23/11/1982

Telephone number 032335816

Fax number 032337159

Commentary

The business was established over 32 years ago.

The business has 1 employees.

The business has been at the address for over 18 years.

The business saw a decrease in their Cash Balance of 30% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	44,927,961	100,309	4,008,056	7,154,370
31/12/2012	41,892,005	100,499	3,953,879	7,247,013
31/12/2011	36,090,946	96,550	3,904,820	7,250,451

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	20,160,711	0	142,600	101,328
31/12/2012	21,714,466	0	142,600	106,766
31/12/2011	29,929,105	0	142,600	114,723

Payment expectations

Past payments		Payment expectation days	53.21
Industry average payment expectation days	124.39	Industry average day sales outstanding	141.74
Day sales outstanding	77.57

Court Data Summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount --

NSSO DETAILS

Date of summons –

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	336,447		-2.61		345,473			-5.07	363,927		-6.16	387,804		-5.96		412,390

Intangible fixed assets	0		-		0			-	0		-	0		-		0

Tangible fixed assets	336,150		-2.62		345,176			-5.07	363,630		-6.16	387,507		-5.97		412,092
Land & building	328,750		-4.50		344,240			-4.31	359,729		-4.13	375,219		-3.96		390,708
Plant & machinery	-		-		-			-	-		-	2,556		-51.48		5,268
Furniture & Vehicles	7,400		690		936			-75.99	3,900		-59.92	9,733		-39.61		16,117
Leasing & Other Similar Rights	-		-		-			-	-		-	-		-		-
Other tangible assets	0		-		0			-	0		-	0		-		0

Financial fixed assets	297		0		297			0	297		0	297		0		297

Total current assets	19,824,264		-7.23		21,368,993			-27.72	29,565,178		30.15	22,716,618		41.22		16,085,714
Inventories	10,264,018		-17.53		12,445,354			-5.16	13,122,132		23.84	10,596,176		45.86		7,264,546
Raw materials & consumables	-		-		-			-	-		-	-		-		-
Work in progress	0		-		0			-	0		-	0		-		0
Finished goods	9,458,996		-18.69		11,633,856			-0.65	11,710,465		27.03	9,218,553		26.90		7,264,546
Other stocks	805,022		-0.80		811,498			-42.51	1,411,667		2.47	1,377,623		-		0

Trade debtors	9,548,727		7.28		8,900,399			-45.77	16,413,320		35.73	12,092,471		45.29		8,323,218
Other amounts receivable	3,207		-54.25		7,009			-5.35	7,405		455	1,332		-5.77		1,414

Cash	1,735		-30.96		2,513			-64.54	7,086		-42.83	12,394		-97.45		485,759

Miscellaneous current assets	6,577		-52.05		13,718			-9.96	15,236		6.95	14,245		32.18		10,777
Total Assets	20,160,711		-7.16		21,714,466			-27.45	29,929,105		29.54	23,104,422		40.04		16,498,104

Liabilities
Total Shareholders Equity	4,008,056		1.37		3,953,879			1.26	3,904,820		1.33	3,853,495		1.29		3,804,562


Issued share capital		142,600		0		142,600	0			142,600	0		142,600		0		142,600
Share premium account - - - - - - - - -
Revaluation reserve		-		-		-	-				-		-		-
Reserves		3,865,456		1.42		3,811,279	1.30			3,762,220	1.38		3,710,895		1.34		3,661,962
Provisions for Liabilities & Charges		0		-		0	-			0	-		0		-		0
Deffered taxes - - - - - - - - -
Creditors		16,152,656		-9.05		17,760,587	-31.75			26,024,285	35.18		19,250,927		51.66		12,693,541
Other long term loans		2,175,332		-4.33		2,273,761	-1.93			2,318,572	3.27		2,245,173		30.42		1,721,505
Long term group loans		-		-		-	-			-	-		-		-		-
Other long term liabilities		1,307,429		-4.21		1,364,846	-1.88			1,390,986	3.18		1,348,170		7.57		1,253,257
Total long term debts		3,482,761		-4.28		3,638,607	-1.91			3,709,558	3.23		3,593,343		20.79		2,974,762
Current portion of long term debt		-		-		-	-			-	-		-		-
Financial debts		5,589,087		-12.80		6,409,158	-3.05			6,610,975	15.56		5,720,988		22.63		4,665,109
Trade creditors		6,476,641		-11.18		7,292,021	-51.55			15,049,376	56.51		9,615,325		98.59		4,841,886
Amounts Payable for Taxes,		16,622		45.94		11,390	31.56			8,657	-0.27		8,680		215		2,753
Remuneration & Social Security

Miscellaneous current liabilities		587,545		43.51		409,411	-36.60			645,718	106		312,591		49.54		209,031
Total current liabilities		12,669,895		-10.28		14,121,980	-36.71			22,314,727	42.52		15,657,584		61.11		9,718,779
Total Liabilities		20,160,711		-7.16		21,714,466	-27.45			29,929,105	29.54		23,104,422		40.04		16,498,104

ratio analysis
Profit Before Tax	0.22	-8.33	0.24	-11.11	0.27	-3.57	0.28	-22.22	0.36
Return on capital employed	1.34	1.52	1.32	3.94	1.27	-8.63	1.39	-3.47	1.44
Return on total assets employed	0.50	8.70	0.46	43.75	0.32	-28.89	0.45	-23.73	0.59
Return on net assets employed	2.50	-1.57	2.54	2.83	2.47	-8.18	2.69	4.67	2.57
Sales / net working capital	6.28	8.65	5.78	16.06	4.98	-3.49	5.16	19.44	4.32
Stock turnover ratio	22.85	-23.09	29.71	-18.29	36.36	24.95	29.10	10.23	26.40
Creditor days	53.21	-17.32	64.36	-58.28	154.26	57.94	97.67	49.50	65.33
Debtor days	77.57	0.03	77.55	-53.28	165.99	36.93	121.22	9.81	110.39
Current ratio	1.56	3.31	1.51	14.39	1.32	-8.97	1.45	-12.65	1.66
Liquidity ratio / acid ratio	0.75	19.05	0.63	-14.86	0.74	-3.90	0.77	-15.38	0.91
Current debt ratio	3.16	-11.48	3.57	-37.48	5.71	40.64	4.06	59.22	2.55
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	101,328	-5.09	106,766	-6.94	114,723	-1.12	116,019	1.74	114,036
Net worth	4,008,056	1.37	3,953,879	1.26	3,904,820	1.33	3,853,495	1.29	3,804,562
LONG TERM STABILITY
Gearing	193.72	-11.79	219.61	-3.97	228.68	10.62	206.73	23.15	167.87
Equity in percentage	19.88	9.17	18.21	39.54	13.05	-21.76	16.68	-27.67	23.06
Total debt ratio	4.03	-10.24	4.49	-32.58	6.66	33.20	5.00	49.70	3.34
Working capital	7,154,370	-1.28	7,247,013	-0.05	7,250,451	2.71	7,059,033	10.87	6,366,934

Profit & loss
Operating Income	44,947,021	7.11	41,964,926	16.07	36,156,077	-0.87	36,472,771	32.21	27,586,089
Turnover	44,927,961	7.25	41,892,005	16.07	36,090,946	-0.88	36,409,621	32.31	27,519,162
Total operating expenses	44,424,133	7.43	41,352,134	16.13	35,609,292	-0.91	35,934,752	32.84	27,050,510
Gross Operating Margin - - - - - - - - -

Operating Charges	44,443,193	7.29	41,425,055	16.12	35,674,423	-0.90	35,997,902	32.75	27,117,437
Employee costs	-	-	-	-	-	-	-	-	277
Wages and salary - - - - - - - - -
Employee pension costs - - - - - - - - -
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-100	277
Director remuneration - - - - - - - - -
Amortization and depreciation	16,152	-15.91	19,207	-21.28	24,398	-0.76	24,585	0.10	24,561

Operating result	503,828	-6.68	539,871	12.09	481,654	1.43	474,868	1.33	468,652
Total financial income	1,107	183	391	22.04	320	-68.06	1,002	-71.48	3,515
Total financial expenses	404,626	-7.99	439,763	14.10	385,424	3.55	372,221	-0.56	374,325

Results on ordinary operations before taxation	100,309	-0.19	100,499	4.09	96,550	-6.85	103,650	5.94	97,842
Extraordinary Income	8,975	-	-	-	3,420	-	-	-	1,653
Extraordinary Charges	9,002	-	-	-	-	-	-	-	-
Extraordinary items	-27	-	0	-100	3,420	-	0	-100	1,653
Results for the Year Before Taxation	100,282	-0.22	100,499	0.53	99,970	-3.55	103,650	4.18	99,495

Other appropriations - - - - - - - - -

Taxation	15,106	16.73	12,940	34.17	9,645	-21.05	12,217	21.92	10,020
Results on ordinary operations after taxation	85,203	-2.69	87,559	0.75	86,905	-4.95	91,433	4.11	87,822
Net result	85,176	-2.72	87,559	-3.06	90,325	-1.21	91,433	2.19	89,475

Profit (Loss) for the Year to be appropiated	85,176	-2.72	87,559	-3.06	90,325	-1.21	91,433	2.19	89,475
Dividends	-	-	-	-	-	-	-	-	-

Industry Comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

industry average credit 64.48
rating

Industry average credit limit 140177.31

Payment Information

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations
Payment expectation days	53.21
Day sales outstanding	77.57

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 53.21

Lower 122.66

Median 76.39

Upper 46.98

Day sales outstanding

Company result 77.57

Lower 102.84

Median 54.50

Upper 24.07

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

Companies that match this address

No Companies Match this address

Linked Companies

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 NARESH SHAH

Position Principal Manager

Start Date 06/08/2012

Date of birth 21/11/1956

Street 95 INGENIEUR HAESAERTSLAAN ANTWERPEN

Post code 2610

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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	423306119	Company name	N. SHAH EN CO BVBA
Fax number	032337159	Date founded	23/11/1982
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.0423.306.119 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment expectations

Court Data Summary

Company Information

Company Accounts

Industry Comparison

Payment Information

Shareholder Details

Linked Companies

Director details

Unit