MIRA INFORM REPORT

Report Date :

19.11.2014

IDENTIFICATION DETAILS

Name :	SUPERGEMS NV

Registered Office :	Schupstraat18-Bus 20, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	17.01.1972

Com. Reg. No.:	411987308

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesale of diamonds and other precious stones

No of Employees :	10

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 NAME & ADDRESS

Business number	411987308
Company name	SUPERGEMS NV
Address	SCHUPSTRAAT18-BUS 20 2018 ANTWERPEN
Number of staff	10
Date of establishment	17/01/1972
Telephone number	032336272
Fax number	032326907

Commentary

The business was established over 42 years ago.

The business has 5 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 3 years.

Pre-tax profits decreased by 21% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 61% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	117.216.661	178,763	23,243,807	22,535,668
31/12/2012	111.903.298	227,408	24,102,393	23,350,815
31/12/2011	133.751.581	794,598	24,347,448	23,599,156

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	48,409,888	10	1,564,139	254,635
31/12/2012	45,672,060	9	1,634,893	296,429
31/12/2011	54,580,570	10	1,667,250	858,640

Payment expectations
Past payments		Payment expectation days	47.67
Industry average payment expectation days	122.89	Industry average day sales outstanding	140.66
Day sales outstanding	88.32

Court data summary
BANKRUPTCY DETAILS
Court action tvpe	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	9
Part-time Employees	2
Total Fte Employees	10

Number of hours worked
Full-time Employees	14.789
Part-time Employees	1.796
Total	16,585

Personnel Charges
Full-time Employees	299.299
Part-time Employees	49.461
Total	348,759
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	9
Actual working hours	15,262
Personnel Charges	340,531
Benefits In Addition To Wages	-

Type of Contract Contracts	Full-Time	Part-Time	Total Fte
Unlimited Duration	9	2	10

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Secondairv education	4	-	4

Women	Full-Time	Part-Time	Total Fte
Secondairv education	5	2	6

Working Category	Full-Time	Part-Time	Total Fte
White collar worker	8	1	9
Blue collar worker	1	1	2

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	1	-	1

Personnel (NSSO classification)

Code -

Description -

Joint Industrial Committee (JIC)

Significant Events

Event Date 09/03/2012

Event Description re-appointment of director(s)

Event Details Commentaar 09-03-2012: Herbenoemd als bestuurder en gedelegeerd bestuurder tot na de jaarvergadering van 2017: Mehta Sachiv.

Profit & loss

Annual accounts	31-12-2013			%		31-12-2012	%		31-12-2011		Industry			%
											average 2013
Weeks	52					52			52
Currency	EUR					EUR			EUR
Turnover	117,216,661			4.75		111,903,298	-16.33		133,751,581		55,328,205			111
Total operating expenses	116,251,752			4.96		110,758,760	-16.16		132,112,167		54,868,834			111
Operating result	964,909			-15.69		1,144,538	-30.19		1,639,414		150,260			542
Total financial income		71,300	-11.80		80,842			-12.54		92,432		79,866	-10.73
Total financial expenses		857,445	-14.08		997,972			6.48		937,248		189,212	353
Results on ordinary operations before taxation		178,763	-21.39		227,408			-71.38		794,598		34,737	414
Taxation		-	-		-			-		-		21,510	-
Results on ordinary operations after taxation		178,763	-21.39		227,408			-71.38		794,598		18,965	842
Extraordinary items		5,742	9800		58			-94.74		1,103		5,388	6.57
Other appropriations		0	0		-1			-		0		-	-
Net result		184,505	-18.89		227,465			-71.41		795,701		24,489	653
OTHER INFORMATION
Gross Operating Margin		-	-		-			-		-		33,964	-
Dividends		-	-		-			-		-		234,766	-
Director remuneration		102,840	-1.75		104,674			-		-		123,682	-16.85
Employee costs		348,759	-2.02		355,935			-15.12		419,331		138,908	151
Wages and salary		264,883	-2.33		271,211			-12.92		311,458		119,904	120
Employee pension costs		-	-		-			-		-		23,129	-
Social security contributions		61,116	-2.91		62,946			-24.11		82,948		29,622	106
Other employee costs		22,760	4.51		21,777			-12.63		24,924		3,959	474
Amortization and depreciation		70,130	1.69		68,964			9.57		62,939		17,944	290

balance sheet

Annual accounts	31-12-2013	%	31-12-2012	%		31-12-2011		Industry average 2013		%
Weeks	52		52			52

Currency	EUR		EUR			EUR
Intangible fixed assets	0	-	0	-		0		1,279		-100
Tangible fixed assets	657,643	1.78	646,161	8.84		593,705		188,202		249
Land & building	429,866	-10.98	482,895	-8.32		526,702		367,736		16.90
Plant & machinery	151,786	-4.89	159,596	166		59,821		26,860		465
Furniture & Vehicles	75,996	1970	3,670	-48.91		7,183		15,845 4,585		379
Leasing & Other Similar Rights	-	-	-	-		-		107,517 34,551		-
Other tangible assets	0	-	0	0		-1		9,094		-100
Financial fixed assets	100,855	-4.33	105,417	-31.81		154,587		182,174		-44.64
Total fixed assets	758,503	0.92	751,578	0.44		748,292		299,980		152
Inventories	19,072,627	-6.71	20,444,615	-10.72		22,898,515		2,916,855		553
Raw materials & consumables	-	-	-	-		-		6,545,857		-
Work in progress	0	-	0	-		0		1,139		-100
Finished goods	19,072,627	-6.71	20,444,615	-10.72		22,898,515		1,929,990		888
Other stocks	0	-	0	-		0		451,920		-100
Trade debtors	28,364,207	17.44	24,151,737	-21.32		30,694,860		4,252,272		567
Cash	93,906	-61.58	244,414	41.55		172,670		462,729,962		-99
other amounts receivable	73,865	78.50	41,381	22.35		33,822		200,307		-63.12
Miscellaneous current assets	46,780	22.03	38,335	18.28		32,411		^155,490,233		0.01
Total current assets	47,651,385	6.08	44,920,482	-16.55		53,832,278		7,121,853		569
Total Assets	48,409,888	5.99	45,672,060	-16.32		54,580,570		7,388,670 1,283,429		555
CURRENT LIABILITIES
Trade creditors	15,184,151	12.51	13,495,809		2.24		13,200,053		2,891,455	425
Short term group loans	-	-	-		-		-		-	-
Financial debts	9,854,685	22.84	8,022,576		-52.50		16,890,977		4,406,634 143,582	123
Current portion of long term debt	16,298	-	-		-		-		76,213 13,806	-78.62
Amounts Payable for Taxes, Remuneration & Social Security	41,819	-2.03	42,686		-20.48		53,682 {		3,240 -	34.83
Miscellaneous current liabilities	18,764	118	8,596		-90.28		88,410		-92.21	--
Total current liabilities	25,115,717	16.44	21,569,667		-28.66		30,233,122		5,070,583	395
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-		-		-		-	--
Other long term loans	50,364	-	-		-		-		-95.66	--
Deffered taxes	-	-	-		-		-		46,266 28,377	-
Provisions for Liabilities & Charges	0	-	0		-		0		3,978 0	-100
Other long term liabilities	0	-	0		-		0		245,594	-100
Total long term debts	50,364	-	0		-		0		678,940	-92.58
SHAREHOLDERS EQUITY
Issued share capital	1,564,139	-4.33	1,634,893		-1.94		1,667,250		969,206	61.38
Share premium account	-	-	-		-		-		124,160	-
Reserves	21,679,668	-3.51	22,467,500		-0.94		22,680,198		641,097	3281
Revaluation reserve	-	-	-		-		-		872,766	-
Total shareholders equity	23,243,807	-3.56	24,102,393		-1.01		24,347,448		1,631,169	1324
Working capital	22,535,668	-3.49	23,350,815		-1.05		23,599,156		2,051,270	998
Cashflow	254,635	-14.10	296,429		-65.48		858,640		39,041	552
Net worth	23,243,807	-3.56	24,102,393		-1.01		24,347,448		1,629,890	1326

ratio analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.15	-25.00	0.20	-66.10	0.59	-8,00	1.88
Return on capital employed	0.77	-18.09	0.94	-71.17	3.26	-8,00	9.62
Return on total assets employed	0.37	-26.00	0.50	-65.75	1.46	-8,00	4.62
Return on net assets employed	0.77	-18.09	0.94	-71.17	3.26	-8,00	9.62
Sales / net working capital	5.20	8.56	4.79	-15.52	5.67	135,00	-99
Stock turnover ratio	16.27	-10.95	18.27	6.72	17.12	76,00	-78.59
Debtor days	88.32	12.11	78.78	-5.95	83.76	140,66	-37.21
Creditor days	47.67	7.20	44.47	21.94	36.47	122,89	-61.21
SHORT TERM STABILITY
Current ratio	1.90	-8.65	2.08	16.85	1.78	4,00	-81.00
Liquidity ratio / acid ratio	1.14	0.88	1.13	10.78	1.02	3,00	-62.00
Current debt ratio	1.08	21.35	0.89	-28.23	1.24	10,00	-89.20
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	42.68	28.21	33.29	-52.01	69.37	231,00	-81.52
Equity in percentage	48.01	-9.02	52.77	18.29	44.61	-213,00	22.54
Total debt ratio	1.08	21.35	0.89	-28.23	1.24	11,00	-90.18

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	47.67
Day sales outstanding	88.32

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	122.89
Industry average day sales outstanding	140.66

Industry quartile analysis

Payment expectations

Company result	47.67
Lower	122.66
Median	75.38
Upper	46.73

Day sales outstanding

Company result	88.32
Lower	101.92
Median	54.26
Upper	24.45

Shareholder Details

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- SUPERGEMS NV	411987308	31-12-2013
- - SUPERGEMS MANUFACTURING IN VEREFFENING N.	425768731	31-12-2010

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	%	Date of accounts
447811435	Sports Club of India NV	6	14/11/2013
447811485	Scorts Club of India NV	6	14/11/2013
447811485	Scorts Club of India NV	6	14/11/2013
447811485	Sports Club of India NV	6	14/11/2013

Companies that match this address

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies	2
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	SACHIV MEHTA
Position	Managing Director
Start Date	26/02/2003
Street	10 PALMENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Position	Director
Start Date	26/02/2003
Street	10 PALMENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	SUPERGEMS FAR EAST LIMITED BUITENLVEN
Position	Director
Start Date	09/03/2012
Street
Post code
Country	Hong Kong

Name	ASHA SHAH
Position	Legal Representative
Start Date	09/03/2012
Street
Post code
Country

Current mandates in other companies
Name	Supergems Manufacturing In Vereffening NV
Business number	425768731
Position	Director
Start Date	24/06/2000

Former director details

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.61.81
UK Pound	1	Rs.96.77
Euro	1	Rs.77.09

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SMN

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 NAME & ADDRESS

Commentary

Accounts

Accounts

Payment expectations

Court data summary

Company information

Social Balance Sheet Details

Personnel (NSSO classification)

Joint Industrial Committee (JIC)

Profit & loss

balance sheet

ratio analysis

Industry comparison

Payment Information

Shareholder Details

Director details

Unit