MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	SANGHAVI JEWELS BVBA

Registered Office :	Hoveniersstraat 30-Bus 169, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	27.07.2001

Com. Reg. No.:	475439956

Legal Form :	Private Limited Company

Line of Business :	Wholesale of watches and jewellery

No of Employees :	From 1 To 4

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 :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 475439956

Company name SANGHAVI JEWELS BVBA

Address HOVENIERSSTRAAT 30-BUS 169

2018 ANTWERPEN

Number of staff 0

Date of establishment 27/07/2001

Commentary

The business was established over 13 years ago.

The business has 1 employees.

The business has been at the address for over 10 years.

The business saw an increase in their Cash Balance of 40% during the latest trading period.

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX NET WORTH	WORKING CAPITAL
31/12/2013	412,419	-3,758 74,964	74,680
31/12/2012	400,743	-15,915 78,722	73,811
31/12/2011	439,959	37,484 94,672	89,827

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
31/12/2013 31/12/2012 31/12/2011	1,709,961 1,465,806 1,546,788	0 18,600 0 18,600 0 18,600	-3,474 -15,164 25,643

Payment expectations
Past payments		Payment expectation days	1372.60
Industry average payment expectation days	244.90	Industry average day sales outstanding	355.62
Day sales outstanding	1215.97
Court data summary
BANKRUPTCY DETAILS
Court action type PROTESTED BILLS	no
Bill amount NSSO DETAILS	-
Date of summons	-
Company information

Personnel (NSSO classification)

Code -

Description FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date 10/02/2012

Event Description re-appointment of director(s)

Event Details Commentaar 10-02-2012: Herbenoemd als zaakvoerder : Shah Ishan.

Event Date 10/02/2012

Event Description re-appointment of director(s)

Event Details Commentaar 10-02-2012: Herbenoemd als zaakvoerder : Shah Ishan.

Event Date 19/04/2010

Event Description resignation-appointment of director(s)

Event Details Commentaar 19-04-2010: Wordt benoemd als zaakvoerder onder opschortende voorwaarde tot het bekomen van de beroepskaart: Shah Ishan Nileshkumar.

Event Date 19/04/2010

Event Description resignation-appointment of director(s)

Event Details Commentaar 19-04-2010: Wordt benoemd als zaakvoerder onder opschortende voorwaarde tot het bekomen van de beroepskaart: Shah Ishan Nileshkumar.

Event Date 19/04/2010

Event Description resignation-appointment of director(s)

Event Date 19/04/2010

Event Description resignation-appointment of director(s)

Company accounts

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		284		94.231		4,912		1.38		4,845		-23.05		6,296		426	1,195
Intangible fixed assets		0		-		0		-		0		-		0		-	0
Tangible fixed assets		284		-50.00		568		13.31		502		-50.0		1,003		660	132
Land & building		-		-		-		-		-		-		-		-	-
Plant & machinery		-		-		-		-		-		-		-		-	-
Furniture & Vehicles		284		-50.00		568		13.31		502		-50.0		1,003		660	132
Leasing & Other Similar Rights		-		-		-		-		-		-		-		-	-
Other tangible assets		0		-		0		-		0		-		0		-	0
Financial fixed assets		-		-		4,343		0		4,343		-17.94		5,293		397	1,063
Total current assets	1,709,677		17.03		1,460,894		-5.26		1,541,943		-5.25		1,627,332		-1.84		1,657,816
Inventories	110,242		-1.09		111,461		216		35,165		2.31		34,370		-14.09		40,008
Raw materials & consumables	-		-		-		-		-		-		-		-		-
Work in progress	0		-		0		-		0		-		0		-		0
Finished goods	0		-		0		-		0		-		0		-		0
Other stocks	110,242		-1.09		111,461		216		35,165		2.31		34,370		-14.09		40,008

Trade debtors	1,373,941		15.80		1,186,445		-11.45		1,339,910		-2.94		1,380,476		-5.49		1,460,716
Other amounts receivable	105,664		35.97		77,711		-11.52		87,832		-5.32		92,764		0.20		92,580

Cash	119,830		40.52		85,278		7.90		79,036		-33.98		119,722		85.58		64,512

Miscellaneous current assets	0		-		0		-		0		-		0		-		0

Total Assets	1,709,961		16.66		1,465,806		-5.24		1,546,788		-5.32		1,633,628		-1.53		1,659,011
LIABILITIES
Total shareholders equity	74,964		-4.77		78,722		-16.85		94,672		36.16		69,531		128		30,415
Issued share capital	18,600		0		18,600		0		18,600		0		18,600		0		18,600
Share premium account	-		-		-		-		-		-		-		-		-
Revaluation reserve	-		-		-		-		-		-		-		-		-

Reserves	56,364	-6.25	60,122	-20.97	76,072	49.36	50,931	331	11,815
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes - - - - - - - - -

Creditors	1,634,996	17.87	1,387,084	-4.48	1,452,116	-7.16	1,564,096	-3.96	1,628,596
Other long term loans	_-	_-	_-	_-	_-	_-	_-	_-
Long term group loans - - - - - - - - -
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	25,199	108	12,076	9102	131	442	24	-	-
Trade creditors	1,557,181	18.07	1,318,822	-4.65	1,383,206	-8.25	1,507,664	-4.98	1,586,612
Amounts Payable for Taxes, Remuneration & Social Security	3,750	212	1,200	-95.53	26,843	85.12	14,500	18978	76
Miscellaneous current liabilities	48,866	-11.13	54,986	31.12	41,936	0.06	41,909	0.00	41,908
Total current liabilities	1,634,996	17.87	1,387,084	-4.48	1,452,116	-7.16	1,564,096	-3.96	1,628,596

Total Liabilities	1,709,961	16.66	1,465,806	-5.24	1,546,788	-5.32	1,633,628	-1.53	1,659,011

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	-0.91	22.92	-3.97	-146	8.52	-6.99	9.16	4261	0.21
Return on capital employed	-5.01	24.78	-20.22	-151	39.59	-48.66	77.11	922	7.54
Return on total assets employed	-0.22	20.18	-1.09	-145	2.42	-26.22	3.28	2242	0.14
Return on net assets employed	-5.01	24.78	-20.22	-151	39.59	-48.66	77.11	922	7.54
Sales / net working capital	5.52	1.66	5.43	10.82	4.90	-47.08	9.26	-75.35	37.56
Stock turnover ratio	26.73	-3.88	27.81	248	7.99	36.12	5.87	60.82	3.65

Creditor days	1,372.60	18.26	1,160.70	-7.66	1,256.93	20.76	1,040.88	96.39	530.02
Debtor days	1,215.97	12.53	1,080.62	-2.79	1,111.62	29.12	860.89	77.20	485.83
SHORT TERM STABILITY
Current ratio	1.05	0	1.05	-0.94	1.06	1.92	1.04	1.96	1.02

Liquidity ratio / acid ratio	0.98	1.03	0.97	-6.73	1.04	1.96	1.02	3.03	0.99

Current debt ratio	21.81	23.78	17.62	14.86	15.34	-31.79	22.49	-58.00	53.55
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-

Cashflow	-3,474	22.91	-15,164	-159	25,643	-35.49	39,750	1210	3,033
Net worth	74,964	-4.77	78,722	-16.85	94,672	36.16	69,531	128	30,415
LONG TERM STABILITY
Gearing	33.61	119	15.34	10857	0.14	366	0.03	-	-

Equity in percentage	4.38	-18.44	5.37	-12.25	6.12	43.66	4.26	132	1.83
Total debt ratio	21.81	23.78	17.62	14.86	15.34	-31.79	22.49	-58.00	53.55
Working capital	74,680	1.18	73,811	-17.83	89,827	42.05	63,236	116	29,220

PROFIT & LOSS
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	412,419	2.91	400,743	-8.91	439,959	-24.83	585,293	-46.67	1,097,423
Total operating expenses	414,083	-0.15	414,724	3.25	401,670	-24.02	528,683	-51.61	1,092,630
Gross Operating Margin	-120	-101	6,143	-85.25	41,639	-32.49	61,680	817	6,725
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	284	-63.83	786	56.66	502	-20.79	633	-14.42	740
Operating result	-1,664	11.90	-13,980	-136	38,289	-32.36	56,610	1081	4,793
Total financial income	-	-	-	-	2,467	822276	0	-99	82
Total financial expenses	2,097	8.38	1,935	-40.88	3,272	9.33	2,993	15.92	2,582
Results on ordinary operations before taxation	-3,758	23.61	-15,915	-142	37,484	-30.09	53,617	2238	2,293
Extraordinary income	-	-	-	-	-	-	-	-	-
Extraordinary charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the year before taxation	-3,758	23.61	-15,915	-142	37,484	-30.09	53,617	2238	2,293
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	0	-99	35	-99	12,343	-14.88	14,500	-	-
Results on ordinary operations after taxation	-3,758	23.56	-15,950	-163	25,141	-35.73	39,117	1605	2,293
Net results	-3,758	23.56	-15,950	-163	25,141	-35.73	39,117	1605	2,293
Profit (loss) for the year to be appropriated	-3,758	23.56	-15,950	-163	25,141	-35.73	39,117	1605	2,293
Dividends	-	-	-	-	-	-	-	-	-

Industry comparison
Activity code	46480
Activity description	Whole of watches and jewellery

Payment expectations
Payment expectation days	1372.60
Day sales outstanding	1215.97

Industry comparison
Activity code	46480
Activity description	Whole of watches and jewellery
Industry average payment expectation days	244.90
Industry average day sales outstanding	355.62

Industry quartile analysis
Payment expectations
Company result	1372.60
Lower	127.92
Median	63.24
Upper	19.75
Day sales outstanding
Company result	1215.97
Lower	123.34
Median	56.14
Upper	21.03

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interest 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 ISHAN NILESHKUMAR SHAH

Position Principal Manager

Start Date 10/02/2012

Street 15 VAN EYCKLEI ANTWERPEN

Post code 2018

Country Belgium

Name SAMIR SHETH

Position Principal Manager

Start Date 13/09/2010

Street 4 VAN EYCKLEI 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.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	SUB

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	475439956	Company name	SANGHAVI JEWELS BVBA
Fax number		Date founded	27/07/2001
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46480	Liable for VAT	yes
Activity description	Wholesale of watches and jewellery	VAT Number	BE.0475.439.956 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Company information

Personnel (NSSO classification)

Joint Industrial Committee (JIC)

Company accounts

Director details

Unit