MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	GEMASIA BVBA

Registered Office :	Hoveniersstraat 53-Bus 49 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	12.06.1991

Com. Reg. No.:	444382041

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	05

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 and address

Business number 444382041

Company name GEMASIA BVBA

Address HOVENIERSSTRAAT 53-BUS 49

2018 ANTWERPEN

Number of staff 5

Date of establishment 12/06/1991

Telephone number 032326731

Fax number 032326731

Commentary

The business was established over 23 years ago.

The business has 5 employees.

The business has been at the address for over 12 years.

Pre-tax profits increased by 22% compared to the previous trading period.

The business saw an increase in their Cash Balance of 64% during the latest trading period.

Turnover in the latest trading period increased 25% on the previous trading period

Accounts

DATE OF LATEST ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2013	254,128,968	311,957	4,178,064	9,988,221
31/12/2012	203,077,100	253,696	3,971,557	10,025,003
31/12/2011	267,161,693	328,854	3,801,978	9,795,776

Accounts

DATE OF LATEST ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2013 54,332,817	5 3,100,000	245,823
31/12/2012 49,675,316	6 3,100,000	219,850
31/12/2011 47,903,269	5 3,100,000	276,555

Payment expectations
Past payments	Payment expectation days	31.50
Industry average payment 123.11 expectation days	Industry average day sales outstanding	141.36

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
Full-time Employees	5
Part-time Employees -
Total Fte Employees	5

Number of hours worked
Full-time Employees	9,260
Part-time Employees -
Total	9,260

Personnel Charges
Full-time Employees	206,279
Part-time Employees -
Total	206,279
Benefits In Addition To Wages -

During the previous reporting year
Average number employees in Fte	6
Actual working hours	9,524
Personnel Charges	213,960
Benefits In Addition To Wages -
I J

Type of Contract Full-Time	Part-Time	Total Fte
Unlimited Duration 5	-	5
Contracts
Limited Duration Contracts - - -
Contracts For Specific Work - - -
Contracts Regarding -	-	-
Substitution

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	1	-	1
Higher education (non university)	2	-	2

Profit & loss

Profits loss
Annual accounts			31-12-2013		%	31-12-2012		%		31-12-2011		Industry average 2013		%
Weeks			52			52				52
Currency			EUR			EUR				EUR
Turnover			254,128,968		25.14	203,077,100		-23.99		267,161,693		54,328,773		367
Total operating expenses			252,743,471		25.27	201,751,524		-24.11		265,831,764		53,874,825		369
Operating result			1,385,497		4.52	1,325,576		-0.33		1,329,929		149,823		824
Total financial income			737		-95.21	15,366		56.29		9,832		83,179		-99
Total financial expenses			1,074,277		-1.19	1,087,246		7.55		1,010,907		191,543		460
	Results on ordinary operations before taxation	311,957		22.96			253,696		-22.85		328,854		34,909		793
	Taxation	105,449		25.36			84,117		-25.66		113,153		21,734		385
	Results on ordinary operations after taxation	206,508		21.78			169,579		-21.38		215,701		18,939		990
	Extraordinary items	0		-			0		-		0		5,365		-100
	Other appropriations	0.00		-			0.00		-		0.00		-		-
	Net result	206,508		21.78			169,579		-21.38		215,701		24,438		745
	OTHER INFORMATION
	Gross Operating Margin	-		-			-		-		-		33,409		-
	Dividends	-		-			-		-		-		234,766		-
	Director remuneration	237,606		0.40			236,659		47.63		160,302		126,036		88.52
	Employee costs	206,279		-3.59			213,960		2.61		208,509		139,048		48.35
	Wages and salary	161,733		-4.47			169,305		3.53		163,537		119,968		34.81
	Employee pension costs	-		-			-		-		-		23,129		-
	Social security contributions	40,228		-0.33			40,361		1.21		39,879		29,614		35.84
	Other employee costs	4,319		0.58			4,294		-15.70		5,093		3,979		8.53
	Amortization and depreciation	39,315		-21.79			50,271		-17.39		60,855		17,896		119

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	1,298	-100
Tangible fixed assets	537,247	-5.06	565,865	-7.05	608,778	189,680	183
Land & building	489,089	-4.55	512,400	-4.99	539,322	369,885	32.23
Plant & machinery	4,308	33.64	3,224	115	1,499	26,893	-83.98
Furniture & Vehicles	43,850	-12.72	50,241	-26.07	67,957	15,771 4,585	178
Leasing & Other Similar Rights	-	-	-	-	-	107,517 34,551	-
Other tangible assets	0	-	0	-	0	9,057	-100
Financial fixed assets	2,113	0	2,113	0	2,113	179,439	-98.82
Total fixed assets	539,360	-5.04	567,978	-7.02	610,891	299,919	79.84
Inventories	12,002,832	69.46	7,082,808	-57.37	16,613,243	2,927,814	309
Raw materials & consumables	-	-	-	-	-	6,545,857	-
Work in progress	0	-	0	-	0	1,123	-100
Finished goods	12,002,832	69.46	7,082,808	-57.37	16,613,243	1,943,728	517
Other stocks	0	-	0	-	0	451,609	-100
Trade debtors	39,961,903	-2.34	40,920,675	34.93	30,326,852	4,241,844	842
Cash	1,784,103	64.75	1,082,929	326	254,017	456,237,237	-99
other amounts receivable	36,070	177	13,000	-75.28	52,581	181,821	-80.16
Miscellaneous current assets	8,550	7.87	7,926	-82.65	45,685	-449,184,062	0.00
Total current assets	53,793,457	9.54	49,107,338	3.84	47,292,377	7,131,127	654
Total Assets	54,332,817	9.38	49,675,316	3.70	47,903,269	7,398,361 1,291,835	634

CURRENT LIABILITIES

Trade creditors	21,810,579	23.17	17,708,278	-3.75	18,397,517	2,898,098	652
Short term group loans	-	-	-	-	-	-	-
Financial debts	21,430,311	3.56	20,694,413	11.28	18,597,071	4,392,180 148,601	387
Current portion of long term debt	10,252	4.75	9,787	-59.27	24,029	81,130 14,053	-87.36
Amounts Payable for Taxes, Remuneration & Social Security	289,469	-15.32	341,856	31.20	260,562	8,507 -	814
Miscellaneous current liabilities	264,624	-19.32	328,000	50.86	217,422	9.70	--
Total current liabilities	43,805,236	12.08	39,082,335	4.23	37,496,601	5,071,474	763
Long term group loans	-	-	-	-	-	-	--
Other long term loans	6,349,517	-4.11	6,621,424	0.25	6,604,690	441	--
Deffered taxes	-	-	-	-	-	46,266 28,377	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,923 0	-100
Other long term liabilities	0	-	0	-	0	243,305	-100
Total long term debts	6,349,517	-4.11	6,621,424		6,604,690	679,953	833
Issued share capital	3,100,000	0	3,100,000	0	3,100,000	963,005	221
Share premium account	-	-	-	-	-	124,160	-
Reserves	1,078,064	23.69	871,557	24.16	701,978	653,401	64.99
Revaluation reserve	-	-	-	-	-	881,530	-
Total shareholders equity	4,178,064	5.20	3,971,557	4.46	3,801,978	1,639,055	154
Working capital	9,988,221	-0.37	10,025,003	2.34	9,795,776	2,059,653	384
Cashflow	245,823	11.81	219,850	-20.50	276,555	38,980	530
Net worth	4,178,064	5.20	3,971,557	4.46	3,801,978	1,637,757	155

ratio analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.12	0	0.12	0	0.12	-7,00	1.71
Return on capital employed	2.96	23.85	2.39	-24.37	3.16	-7,00	42.29
Return on total assets employed	0.57	11.76	0.51	-26.09	0.69	-8,00	7.12
Return on net assets employed	7.47	16.90	6.39	-26.13	8.65	-6,00	124
Sales / net working capital	25.44	25.57	20.26	-25.71	27.27	132,00	-99
Stock turnover ratio	4.72	35.24	3.49	-43.89	6.22	76,00	-93.79
Debtor days	57.40	-21.96	73.55	77.53	41.43	141,36	-59.39
Creditor days	31.50	-1.69	32.04	26.84	25.26	123,11	-74.41
SHORT TERM STABILITY
Current ratio	1.23	-2.38	1.26	0	1.26	4,00	-87.70
Liquidity ratio / acid ratio	0.95	-12.04	1.08	31.71	0.82	3,00	-68.33
Current debt ratio	10.48	6.50	9.84	-0.20	9.86	10,00	4.80
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	665.14	-3.33	688.03	3.70	663.49	229,00	190
Equity in percentage	7.69	-3.88	8	0.76	7.94	-210,00	3.66
Total debt ratio	12	4.26	11.51	-0.78	11.60	11,00	9.09

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Payment Information

Payment expectations
Payment expectation days	31.50
Day sales outstanding	57.40
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	123.11
expectation days
Industry average day sales	141.36

Industry quartile analysis

Payment expectations

Company result 31.50

Lower 122.34

Median 75.38

Upper 46.73

Day sales outstanding

Company result 57.40

Lower 101.92

Median 54.50

Upper 24.07

Shareholder Details

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

Protested Bills

there is no data for this company

Bankruptcy and other legal events

there is no data for this company

Summons
Legal event type Event	Social Security Summons
date	27/01/2014
Court type	Court name		Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	05/09/2011
Court type			Court name	Antwerpen
Creditor's name	Rijksdienst voor Sociale Zekerheid		3rd party type	Summoning Party
Legal event type	Social Security Summons
Event date	27/06/2011
Court type	Court name		Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	01/03/2005
Court type	Court name		Antwerpen
Creditor's name	3rd party type
Legal event type Event	Social Security Summons		Antwerpen
date Court	01/02/2005		type
Creditor's name			3rd party type
Legal event type	Social Security Summons
Event date Court type	12/04/1999	Court name
Creditor's name		3rd party type

Director details

Current director details

Name HARSHAD JAYANTILAL SHAH

Position Principal Manager

Start Date 01/10/2010

Street 147 BELGIËLEI ANTWERPEN

Post code 2018

Country Belgium

Name	SAMIR ZAVERI
Position	Principal Manager
Start Date	19/12/2001
Street	33 QUINTEN MATSIJSLEI 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.61.92
UK Pound	1	Rs.97.12
Euro	1	Rs.76.93

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIS

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	444382041	Company name	GEMASIA BVBA
Fax number	032326731	Date founded	12/06/1991
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.0444.382.041 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company name and address

Commentary

Accounts

Accounts

Payment expectations

Company information

Social Balance Sheet Details

Profit & loss

balance sheet

CURRENT LIABILITIES

ratio analysis

Industry comparison

Payment Information

Industry quartile analysis

Day sales outstanding

Shareholder Details

Summons

Director details

Unit