MIRA INFORM REPORT

Report Date :

04.12.2014

IDENTIFICATION DETAILS

Name :	L.D. GEMS BVBA

Registered Office :	Hovenierstraat 2-Bus 309, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	18.06.1997

Com. Reg. No.:	461031003

Legal Form :	Private Limited Company

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employees :	2

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 461031003

Company name L.D. GEMS BVBA

Address HOVENIERSSTRAAT 2-BUS 309

2018 ANTWERPEN

Number of staff 2

Date of establishment 18/06/1997

Telephone number 0489769278

Fax number 032311634

Commentary

The business was established over 17 years ago.

The business has 1 employees.

Number of employees in the latest trading period increased 100% on the previous trading period.

The business has been at the address for over 4 years.

Operating Result in the latest trading period increased 63% on the previous trading period.

Net Worth increased by 28% during the latest trading period.

A 32% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 115% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 76% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		17,485	46,713	6,948
31/12/2012		8,096	36,213	20,717
31/12/2011		25,569	34,878	19,507

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	2,195,334	2	18,600	19,062
31/12/2012	3,258,523	1	18,600	13,640
31/12/2011	2,989,119	1	18,600	27,540

Payment expectations

Past payments

Payment expectation days -

Industry average payment

expectation days 124.35

Industry average day sales

Outstanding 141.72

Day sales outstanding -

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	39,765	156	15,495	-10.77	17,366	-26.20	23,531	13.42	20,748

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

Tangible fixed assets	38,665	168	14,395	-11.50	16,266	-27.48	22,431	8.11	20,748
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	14,226	238	4,202	-43.42	7,427	-1.82	7,565	427	1,435
Furniture & Vehicles	24,439	139	10,193	15.33	8,839	-40.55	14,866	-23.02	19,312
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	1,100	0	1,100	0	1,100	0	1,100	-
Total current assets	2,155,569	-33.53	3,243,028	9.13	2,971,753	77.38	1,675,321	246	483,390
Inventories	521,884	-45.81	963,042	0.23	960,843	158	372,165	84.83	201,352
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	521,884	-45.81	963,042	0.23	960,843	158	372,165	84.83	201,352

Trade debtors	1,471,830	-20.93	1,861,328	13.96	1,633,355	31.49	1,242,186	730	149,636
Other amounts receivable	59,318	388	12,133	-72.76	44,535	3137	1,376	-	-

Cash	95,260	-76.44	404,355	23.31	327,905	491	55,469	-57.04	129,115

Miscellaneous current assets	7,277	235	2,169	-57.61	5,116	24.01	4,125	25.51	3,287
Total Assets	2,195,334	-32.63	3,258,523	9.01	2,989,119	75.95	1,698,852	236	504,137

Liabilities

Total shareholders equity 46,713 29.00 36,213 3.83 34,878 104 17,043 49.17 11,425

Issued share capital 18,600 0 18,600 0 18,600 0 18,600 0 18,600

Share premium account - - - - - - - - -

Revaluation reserve - - - - - - - - -

Reserves 28,113 59.62 17,613 8.20 16,278 1045 -1,557 21.70 -7,175

Provisions for Liabilities & Charges 0 - 0 - 0 - 0 - 0

Deffered taxes - - - - - - - - -

Creditors 2,148,622 -33.32 3,222,310 9.07 2,954,241 75.66 1,681,809 241 492,712

Other Long Term Loan	-	-	-	-	1,995	-74.39	7,789	-41.47	13,307
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-100	1,995	-74.39	7,789	-41.47	13,307
Current portion of long term debt	-	-	1,995	-65.57	5,794	4.99	5,519	4.99	5,256
Financial debts	-	-	-	-	8	-99	1,374	-	-
Trade creditors	1,883,488	-33.46	2,830,472	4.34	2,712,861	87.97	1,443,277	467	254,402
Amounts Payable for Taxes, Remuneration & Social Security	51,307	161	19,608	81.00	10,833	37.38	7,885	-48.40	15,281

Miscellaneous current liabilities	213,827	-42.25	370,235	66.21	222,750	3.14	215,965	5.62	204,465
Total current liabilities	2,148,622	-33.32	3,222,310	9.15	2,952,246	76.36	1,674,020	249	479,405
Total Liabilities	2,195,334	-32.63	3,258,523	9.01	2,989,119	75.95	1,698,852	236	504,137

Ratio Analysis

TRADING PERFORMANCE

Profit Before Tax - - - - - - - - -

Return on capital employed 37.43 67.40 22.36 -67.75 69.34 97.21 35.16 -5.05 37.03

Return on total assets employed 0.80 220 0.25 -70.93 0.86 68.63 0.51 -71.98 1.82

Return on net assets employed 37.43 67.40 22.36 -69.50 73.31 43.07 51.24 -36.08 80.16

Sales / net working capital - - - - - - - - -

Stock turnover ratio - - - - - - - - -

Creditor days - - - - - - - - -

Debtor days - - - - - - - - -

Short Term Stability

Current ratio	1.00	-0.99	1.01	0	1.01	1.00	1.00	-0.99	1.01

Liquidity ratio / acid ratio	0.76	7.04	0.71	4.41	0.68	-12.82	0.78	32.20	0.59

Current debt ratio	46.00	-48.30	88.98	5.13	84.64	-13.83	98.22	134	41.96

Liquidity Ratio Reprocessed	-	-	-	-	-	-	-	-	-

Cashflow	19,062	39.75	13,640	-50.47	27,540	92.52	14,305	16.34	12,296

Net worth	46,713	29.00	36,213	3.83	34,878	104	17,043	49.17	11,425
LONG TERM STABILITY
Gearing	-	-	5.51	-75.35	22.35	-74.05	86.14	-46.98	162.48

Equity in percentage	2.13	91.89	1.11	-5.13	1.17	17.00	1.00	-55.95	2.27

Total debt ratio	46.00	-48.30	88.98	5.05	84.70	-14.17	98.68	128	43.13

Working capital	6,948	-66.46	20,717	6.20	19,507	1399	1,301	-67.35	3,985

Profit & loss

Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	80,649	9.74	73,489	52.23	48,274	29.04	37,411	42.61	26,234
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	42,444	98.03	21,433	391	4,362	1357	299	138	125
Wages and salary	40,257	95.81	20,559	378	4,292	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	1,745	136	737	1969	36		-	-	-
Other employee costs	442	223	136	305	34	-88.76 299		138	125
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	8,562	-30.42	12,305	26.79	9,705	11.72	8,687	31.25	6,619
Operating result	25,073	63.76	15,311	-51.27	31,419	99	15,746	13.54	13,868
Total financial income	153	-6.82	164	-91.34	1,890	701	236	3560	6
Total financial expenses	7,741	4.91	7,379	-4.67	7,740	6.76	7,249	53.70	4,717
Results on ordinary operations before taxation	17,485	115	8,096	-68.34	25,569	192	8,732	-4.65	9,158
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	386	-	-	-	-	-	-	-	—----
Extraordinary items	-386	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	17,099	111	8,096	-68.34	25,569	192	8,732	-4.65	9,158
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	6,599	-2.40	6,761	-12.58	7,735	148	3,114	-10.53	3,481
Results on ordinary operations after taxation	10,886	715	1,335	-92.52	17,835	217	5,618	-1.05	5,678
Net result	10,500	686	1,335	-92.52	17,835	217	5,618	-1.05	5,678
Profit (Loss) for the Year to be appropiated	10,500	686	1,335	-92.52	17,835	217	5,618	-1.05	5,678
Dividend	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	2
Part-time Employees	-
Total Fte Employees	2

Number of hours worked
Full-time Employees	2,736
Part-time Employees	-
Total	2,736

Personnel Charges
Full-time Employees	42,444
Part-time Employees	-
Total	42,444
Benefits In Addition To Wages -

During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,786
Personnel Charges	26,101
Benefits In Addition To Wages	-


Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	-	1
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education

Level

Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
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	2	-	2
Blue collar worker	-	-	-
Other	-	-	-

New Staff and Leavers	Full-Time	Part-Time	Total Fte
New Starters	1	-	1
Leavers	-	-	-

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

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days -

Day sales outstanding -

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 124.35

Industry average day sales

Outstanding 141.72

Industry quartile analysis

Payment expectations

Company result -

Lower 122.66

Median 76.39

Upper 46.98

Day sales outstanding

Company result -

Lower 102.84

Median 54.50

Upper 24.07

Shareholders 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

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

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 DIPESH LALITKUMAR SHAH

Position Principal Manager

Start Date 07/11/2009

Street 58 PLANTIN EN MORETUSLEI ANTWERPEN

Post code 2018

Country Belgium

Name DIPESH SHAH

Position Principal Manager

Start Date 01/04/2001

Street --

Post code --

Country --

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.61.87
UK Pound	1	Rs.96.83
Euro	1	Rs.76.57

INFORMATION DETAILS

Analysis Done by :	RAS

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.

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Company Accounts

Social Balance Sheet Details

Payment Information

Shareholders Details

Linked Companies

Director details

Unit