MIRA INFORM REPORT

Report Date :

30.10.2014

IDENTIFICATION DETAILS

Name :	SARVIN BVBA
Registered Office :	Hoveniersstraat 2-Bus 319 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	04/04/1989
Com. Reg. No.:	436987968
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Belgium	A1	A2

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 436987968

Company name SARVIN BVBA

Address HOVENIERSSTRAAT 2-BUS 319

2018 ANTWERPEN

Number of staff 0

Date of establishment 04/04/1989

Telephone number 0475465219

Fax number 032266009

Commentary

The business was established over 25 years ago.

The business has 1 employees.

The business has been at the address for over 6 years.

Operating Result in the latest trading period increased 1545% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	PROFIT BEFORE TAX NET WORTH	WORKING CAPITAL
31/12/2013	12,494 1,568,214	1,486,809
31/12/2012	-9,612 1,558,126	1,499,246
31/12/2011	13,392 1,545,753	1,478,233

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
31/12/2013 31/12/2012 31/12/2011	2,413,148 2,327,810 2,047,904	0 18,600 0 18,600 0 18,600	40,525 39,013 36,075

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	124.87	Industry average day sales outstanding	141.76
Day sales outstanding	-

Company information

Business number	436987968	Company name	SARVIN BVBA
Fax number	032266009	Date founded	04/04/1989
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.0436.987.968 Check VAT number

Joint Industrial Committee (JIC)

JIC Code 218

Description Additional national joint committee for the employees

category

JIC Code 324

Description Joint committee for the industry and the trade in diamant

Profit & loss

Annual accounts		31-122013		%		31-122012		%		31-122011		Industry average 2013			%
Weeks		52				52				52
Currency		EUR				EUR				EUR
Turnover		-		-		-		-		-		55,715,604			-
Total operating expenses		-		-		-		-		-		55,253,388			-
	Operating result		24,493		1545		1,488		-94.04		24,949		149,463	-83.61
	Total financial income		27		-84.85		177		17603		1		64,508	-99
	Total financial expenses		12,025		6.64		11,277		-2.43		11,557		175,765	-93.16
	Results on ordinary operations before taxation		12,494		129		-9,612		-171		13,392		33,576	-62.79
	Taxation		2,406		-51.61		4,973		48.44		3,350		20,406	-88.21
	Results on ordinary operations after taxation		10,088		69.17		-14,584		-245		10,042		18,603	-45.77
	Extraordinary items		0		-100		26,957		-		0		5,146	-100
	Other appropriations		0.00		-		0.00		-		0		-	-
	Net result		10,088		-18.47		12,373		23.21		10,042		23,887	-57.77
	OTHER INFORMATION
	Gross Operating Margin		62,372		98.58		31,409		-43.08		55,182		32,106	94.27
	Dividends		-		-		-		-		-		229,930	-
	Director remuneration		-		-		-		-		-		124,122	-
	Employee costs		-		-		-		-		-		139,039	-
	Wages and salary		-		-		-		-		-		120,390	-
	Employee pension costs		-		-		-		-		-		23,129	-
	Social security contributions		-		-		-		-		-		29,758	-
	Other employee costs		0		-		0		-		0		3,985	-100
	Amortization and depreciation		30,437		14.25		26,640		2.33		26,033		17,981	69.27

balance sheet

Annual accounts	31-122013	%	31-122012	%	31-122011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,301	-100
Tangible fixed assets	251,128	31.79	190,547	-9.79	211,232	189,256	32.69
Land & building	118,161	-10.61	132,187	-9.59	146,212	369,659	-68.04
Plant & machinery	41,166	-22.15	52,879	-11.29	59,611	27,120	51.79
Furniture & Vehicles	5,790	5.64	5,481	1.33	5,409	15,707 4,508	-63.13
Leasing & Other Similar Rights	86,010	-	-	-	-	107,517 34,551	-20.00
Other tangible assets	0	-	0	-	0	9,253	-100
Financial fixed assets	50	0	50	0	50	172,343	-99
Total fixed assets	251,178	31.78	190,597	-9.79	211,282	293,711	-14.48
Inventories	803,767	-29.13	1,134,140	41.22	803,116	2,909,269	-72.37
Raw materials & consumables	-	-	-	-	-	6,545,857	-
Work in progress	0	-	0	-	0	1,160	-100
Finished goods	0	-	0	-	0	1,939,393	-100
Other stocks	803,767	-29.13	1,134,140	41.22	803,116	435,830	84.42
Trade debtors	845,647	72.53	490,141	-31.97	720,502	4,229,769	-80.01
Cash	504,712	-0.10	505,219	63.45	309,106	471,509,303	-99
other amounts receivable	3,936	-1.26	3,986	59.01	2,507	203,567	-98.07
Miscellaneous current assets	3,908	4.86	3,727	167	1,391	-464,010,815	0.00
Total current assets	2,161,970	1.16	2,137,214	16.37	1,836,622	7,089,446	-69.50
Total Assets	2,413,148	3.67	2,327,810	13.67	2,047,904	7,351,501 1,276,583	-67.17

CURRENT LIABILITIES

	Trade creditors	425,783	7.89	394,638	364	85,021	2,876,064	-85.20
Short term group loans - - - - - - -
	Financial debts	12,790	-69.73	42,253	695	5,314	4,400,592 129,710	-99
	Current portion of long term debt	24,863	106	12,045	5.27	11,442	76,428 13,806	-67.47
	Amounts Payable for Taxes, Remuneration & Social Security	9,268	67.11	5,546	-24.42	7,338	8,174 -	-69.79
	Miscellaneous current liabilities	202,458	10.34	183,486	-26.39	249,274	-16.01	- -
	Total current liabilities	675,161	5.83	637,967	78.01	358,389	5,054,731	-86.64
	LONG TERM DEBTS AND LIABILITIES
Long term group loans - - - - - - --
	Other long term loans	169,773	28.89	131,717	-8.38	143,762	-85.45	- -
	Deffered taxes	-	-	-	-	-	46,266 28,377	-
	Provisions for Liabilities & Charges	0	-	0	-	0	4,052 0	-100
	Other long term liabilities	0	-	0	-	0	249,909	-100
	Total long term debts SHAREHOLDERS EQUITY	169,773	28.89	131,717	-8.38	143,762	688,337	-75.34
	Issued share capital	18,600	0	18,600	0	18,600	972,464	-98.09
	Share premium account	-	-	-	-	-	124,160	-
	Reserves	1,549,614	0.66	1,539,526	0.81	1,527,153	608,222	154
	Revaluation reserve	-	-	-	-	-	872,766	-
	Total shareholders equity	1,568,214	0.65	1,558,126	0.80	1,545,753	1,601,941	-2.11
	Working capital	1,486,809	-0.83	1,499,246	1.42	1,478,233	2,034,715	-26.93
	Cashflow	40,525	3.88	39,013	8.15	36,075	38,525	5.19
	Net worth	1,568,214	0.65	1,558,126	0.80	1,545,753	1,600,641	-2.03

ratio analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-8,00	-
Return on capital employed	0.72	126	-0.57	-172	0.79	-8,00	9.00
Return on total assets employed	0.52	126	-0.41	-163	0.65	-8,00	6.50
Return on net assets employed	0.80	129	-0.62	-171	0.87	-8,00	10.00
Sales / net working capital	-	-	-	-	-	137,00	-
Stock turnover ratio	-	-	-	-	-	74,00	-
Debtor days	-	-	-	-	-	141,76	-
Creditor days	-	-	-	-	-	124,87	-
SHORT TERM STABILITY
Current ratio	3.20	-4.48	3.35	-34.57	5.12	4,00	-68.00
Liquidity ratio / acid ratio	2.01	28.03	1.57	-45.49	2.88	3,00	-33.00
Current debt ratio	0.43	4.88	0.41	78.26	0.23	10,00	-95.70
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	13.23	10.80	11.94	15.03	10.38	231,00	-94.27
Equity in percentage	64.99	-2.91	66.94	-11.31	75.48	-218,00	29.81
Total debt ratio	0.54	10.20	0.49	53.12	0.32	11,00	-95.09

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Payment Information

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry quartile analysis

Payment expectations

Company result -

Lower 123.48

Median 76.58

Upper 46.98

Day sales outstanding

Company result -

Lower 101.92

Median 54.26

Upper 24.60

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

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

Director details
Current director details
Name	ANJANA GANDHI
Position	Principal Manager
Start Date	03/07/2011
Street	97 BAUTERSEMSTRAAT KONTICH
Post code	2550
Country	Belgium
Name	ASIT GHANDI
Position	Principal Manager
Start Date	17/11/2008

Former director details

Name	ASIT,
Position	Principal Manager
Start Date	27/05/1997
End Date	Unknown date
Street	12 HOVENIERSSTRAAT 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.61.31
UK Pound	1	Rs.99.00
Euro	1	Rs.78.14

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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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.