MIRA INFORM REPORT

Report Date :

07.06.2014

IDENTIFICATION DETAILS

Name :	SHANI IMPEX BVBA
Registered Office :	Hoveniersstraat 2 Box 405 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	27.10.2004
Com. Reg. No.:	869693684
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No of Employees :	Not Available

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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 summary

Business number 869693684

Company name SHANI IMPEX BVBA

Address HOVENIERSSTRAAT 2

Box 405 2018 Antwerpen

2018 ANTWERPEN

Number of staff 0

Date of establishment 27/10/2004

Telephone number 0487938098

Commentary

The business was established over 9 years ago.
No employees are recorded for this business.
The business has been at the address for over 7 years.
Operating Result in the latest trading period decreased 30% on the previous trading period.
Net Worth increased by 1601% during the latest trading period.
Pre-tax profits increased by 37% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 71% during the latest trading period.

Accounts

DATE OF LATEST

ACCOUNTS PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2012 55,421 1,062,908 1,026,860

31/12/2011 40,356 62,457 46,430

31/12/2010 44,476 55,929 32,235

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL CAPITAL CASHFLOW

31/12/2012 2,948,760 1,000,000 59,794

31/12/2011 2,748,373 18,600 44,195

31/12/2010 2,445,423 18,600 45,172

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Past payments

Payment expectation days -

Industry average payment expectation days 165.08

Industry average day sales outstanding 126.18

Company information

Business number	869693684	Company name	"SHANI IMPEX" BVBA
		Date founded	27/10/2004
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	Liable for VAT	yes
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0869.693.684 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

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	-	-	-	-	-	46,485,458	-
Total operating expenses	-	-	-	-	-	46,114,879	-
Operating result	66,281	-30.59	95,489	-72.44	346,502	141,119	-53.03
Total financial income	267,018	22.23	218,447	-38.94	357,737	98,884	170
Total financial expenses	277,878	1.57	273,580	-58.53	659,763	206,523	34.55
Results on ordinary operations before taxation	55,421	37.33	40,356	-9.26	44,476	25,299	119
Taxation	6,370	66.42	3,828	-44.95	6,954	20,807	-69.38
Results on ordinary operations after taxation	49,051	34.28	36,528	-2.65	37,522	10,494	367
Extraordinary items	0	-	0	-	0	-3,973	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result OTHER INFORMATION	49,051	34.28	36,528	-2.65	37,522	6,539	650
Gross Operating Margin	78,938	-24.68	1 04,802	-70.47	354,939	56,922	38.68
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	-	-	-	-	-	125,946	-
Wages and salary	-	-	-	-	-	1 05,550	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,656	-
Other employee costs	0	-	0	-	0	4,349	-100
Amortization and depreciation	10,743	40.13	7,667	0.23	7,649	17,831	-39.75

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			1,573	-100
Tangible fixed assets		34,173	141			14,152	-35.14	21,819			184,117	-81.44
Land & building		-	-			-	-	-			362,988	-
Plant & machinery		31,840	412			6,218	-24.95	8,285			22,615	40.79
Furniture & Vehicles		2,333	-70.59			7,933	-41.38	13,533			17,295 5,364	-86.51
Leasing & Other Similar Rights		-	-			-	-	-			142,153 32,369	-
Other tangible assets		0	-			0	-	0			7,596	-100
Financial fixed assets		1,875	0			1,875	0	1,875			306,761	-99
Total fixed assets		36,048	124			16,027	-32.36	23,694			394,708	-90.87
Inventories		1,831,027	79.33			1,021,056	-3.14	1,054,181			3,105,524	-41.04
Raw materials & consumables		-	-			-	-	-			7,209,884	-
Work in progress		0	-			0	-	0			2,387	-100
Finished goods		0	-			0	-	0			1,996,655	-100
Other stocks		1,831,027	79.33			1,021,056	-3.14	1,054,181			569,977	221
Trade debtors		824,110	5.54			780,823	19.66	652,527			4,243,347	-80.58
Cash		192,548	-71.93			685,979	45.89	470,213			227,473	-15.35
other amounts receivable		58,317	-76.09			243,929	-0.12	244,226			209,176	-72.12
Miscellaneous current assets		6,711	1098			560	-3.95	583			18,254	-63.23
Total current assets		2,912,712	6.60			2,732,346	12.83	2,421,729			7,328,597	-60.26
Total Assets		2,948,760	7.29			2,748,373	12.39	2,445,423			7,683,424 1,454,122	-61.62
Current liabilities
Trade creditors	1,319,490			99	662,609		73.74		381,379	3,148,030		-58.09
Short term group loans	-			-	-		-		-	-		-
Financial debts	215,899			-52.22	451,860		-6.38		482,645	4,280,807 189,666		-94.96
Current portion of long term debt	-			-	-		-		3,656	110,204 15,373		-
Amounts Payable for Taxes, Remuneration & Social Security	7,600			73.27	4,386		9.66		4,000	9,740 -		-77.67
Miscellaneous current liabilities	342,863			-78.12	1,567,060		3.24		1,517,815	15.07		- -
Total current liabilities	1,885,852			-29.79	2,685,916		12.41		2,389,494	5,462,976		-65.48
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	3,168 0		-100
Other long term liabilities	0			-	0		-		0	128,026		-100
Total long term debts	0				0				0	562,804		-100
SHAREHOLDERS EQUITY
Issued share capital	1,000,000			5276	18,600		0		18,600	967,968		3.31
Share premium account	-			-	-		-		-	109,362		-
Reserves	62,908			43.44	43,857		17.49		37,329	654,096		-90.38
Revaluation reserve	-			-	-		-		-	939,206		-
Total shareholders equity	1,062,908			1601	62,457		11.67		55,929	1,651,582		-35.64
Working capital	1,026,860			2111	46,430		44.04		32,235	1,865,621		-44.96
Cashflow	59,794			35.30	44,195		-2.16		45,172	21,288		180
Net worth	1,062,908			1601	62,457		11.67		55,929	1,648,350		-35.52

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-29,00	-
Return on capital employed	5.21	-91.94	64.61	-18.75	79.52	29,00	-82.03
Return on total assets employed	1.88	27.89	1.47	-19.23	1.82	-200,00	0.94
Return on net assets employed	5.21	-91.94	64.61	-18.75	79.52	19,00	-72.58
Sales / net working capital	-	-	-	-	-	44,00	-
Stock turnover ratio	-	-	-	-	-	116,00	-
Debtor days	-	-	-	-	-	143,00	-
Creditor days SHORT TERM STABILITY						125,00
Current ratio	1.54	50.98	1.02	0.99	1.01	6,00	-82.89
Liquidity ratio / acid ratio	0.57	-10.94	0.64	12.28	0.57	4,00	-85.75
Current debt ratio	1.77	-95.88	43	0.66	42.72	9,00	-80.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	20.31	-97.19	723.47	-16.79	869.50	357,00	-94.31
Equity in percentage	36.05	1488	2.27	-0.87	2.29	-3.192,00	1.13
Total debt ratio	1.77	-95.88	43	0.66	42.72	11,00	-83.91

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment	165.08
expectation days
Industry average day sales	126.18
outstanding

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.13
Median	84.93
Upper	45.55

Day sales outstanding
Company result	-
Lower	110.17
Median	59.01
Upper	28.11

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME
Forename	Anil	Middle name	-
Surname	Soni

SHAREHOLDER DETAILS
Start date	16/01/2008(estimated)	End date	-
Percentage owned	-

SHAREHOLDER ADDRESS
Street name	Belgielei	House number	139
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

NSSO details

Business number 869693684

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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.