MIRA INFORM REPORT

Report No. :	316487
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	SHEETAL EUROPE BVBA

Registered Office :	Hoveniersstraat 30-Bus 135 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2014

Date of Incorporation :	17.12.2004

Com. Reg. No.:	870784539

Legal Form :	Private Limited Company (BL/LX)

LINE OF BUSINESS :	PREPARATION OF PRECIOUS STONES (EXCEPT DIAMONDS) AND SEMI-PRECIOUS STONES.

No. of Employee :	1

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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	870784539
Company name	SHEETAL EUROPE BVBA
Address	HOVENIERSSTRAAT 30-BUS 135
	2018 ANTWERPEN
Number of staff	1
Date of establishment	17/12/2004
Telephone number	0483048211
Fax number	032299543

Commentary

The business was established over 10 years ago.

The business has 1 employees.

The business has changed its registered name recently

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

The credit rating for this business has increased from 92 to 95.

The business saw an increase in their Cash Balance of 2798% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2014	116,216,853	557,651	5,763,295	5,727,421
31/03/2013	97,046,731	481,982	5,767,785	6,510,854
31/03/2012	68,566,895	719,474	2,966,889	3,698,754
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2014	27,458,587	1	3,731,018	414,153
31/03/2013	22,260,758	1	4,017,030	338,314
31/03/2012	24,319,580	1	2,358,405	501,884

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	14.84
Industry average payment	108.11	Industry average day sales	110.55
expectation days		outstanding
Day sales outstanding	68.77

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company accounts

ASSETS
Annual accounts	31-03-2014	%	31-03-2013	%	31-03-2012	%	31-03-2011	%	31-03-2010
Weeks	52		52		52		52		65
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	35,874	-5.17	37,831	124	16,835	164	6,376	-	-
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	35,874	-5.17	37,831	124	16,835	164	6,376	-	-
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	2,681	-	-	-	-	-	-	-	-
Furniture & Vehicles	31,700	-16.21	37,831	124	16,835	164	6,376	-	-
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	1,493	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	27,422,713	23.40	22,222,927	-8.56	24,302,745	305	5,996,450	64.15	3,652,931
Inventories	4,632,339	476	803,702	-50.11	1,611,009	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	4,632,339	476	803,702	-50.11	1,611,009	-	0	-	0
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	21,895,306	27.17	17,217,806	-23.63	22,544,040	277	5,975,844	70.24	3,510,188
Other amounts receivable	19,928	-39.01	32,673	747	3,855	171	1,420	-3.69	1,474
Cash	875,140	-79.01	4,168,745	2798	143,842	649	19,186	-86.42	141,269
Miscellaneous current assets	-1	-200	1	100	-1	-	0	-	0
Total Assets	27,458,587	23.35	22,260,758	-8.47	24,319,580	305	6,002,826	64.33	3,652,931

LIABILITIES

Total shareholders equity	5,763,295	-0.08	5,767,785	94.41	2,966,889	224	913,453	618	127,153
Issued share capital	3,731,018	-7.12	4,017,030	70.33	2,358,405	191	809,485	709	100,000
Share premium account	729,578	-7.12	785,505	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,302,699	34.96	965,250	58.63	608,484	485	103,968	282	27,153
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	21,695,292	31.54	16,492,973	-22.76	21,352,691	319	5,089,373	44.35	3,525,778
Other long term loans	-	-	780,900	4.30	748,700	6.36	703,900	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-100	1,407,800	-	0
Total long term debts	0	-100	780,900	4.30	748,700	-64.55	2,111,700	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	16,768,985	96.56	8,531,333	-37.68	13,688,951	1100	1,140,363	-	-
Trade creditors	4,670,726	-32.95	6,965,613	4.66	6,655,187	271	1,793,723	-49.08	3,522,878
Amounts Payable for Taxes, Remuneration & Social Security	178,369	14.86	155,293	-34.74	237,958	445	43,587	1403	2,900
Miscellaneous current liabilities	77,212	29.04	59,834	173	21,895	-	0	-	0
Total current liabilities	21,695,292	38.08	15,712,073	-23.74	20,603,991	591	2,977,673	-15.55	3,525,778
Total Liabilities	27,458,587	23.35	22,260,758	-8.47	24,319,580	305	6,002,826	64.33	3,652,931

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	0.48	-4.00	0.50	-52.38	1.05	45.83	0.72	1700	0.04
Return on capital employed	9.68	31.52	7.36	-61.98	19.36	352	4.28	-61.85	11.22
Return on total assets employed	2.03	-6.45	2.17	-26.69	2.96	37.04	2.16	453	0.39
Return on net assets employed	9.68	15.79	8.36	-65.53	24.25	71.26	14.16	26.20	11.22
Sales / net working capital	20.29	36.08	14.91	-19.58	18.54	213	5.91	-97.80	269.17
Stock turnover ratio	3.99	380	0.83	-64.68	2.35	-	-	-	-
Creditor days	14.84	-44.02	26.51	-26.24	35.94	-2.81	36.98	-1.68	37.61
Debtor days	68.77	6.19	64.76	-46.04	120.01	-1.81	122.22	226	37.44
SHORT TERM STABILITY
Current ratio	1.26	-10.64	1.41	19.49	1.18	-41.29	2.01	93.27	1.04
Liquidity ratio / acid ratio	1.05	-22.79	1.36	23.64	1.10	-45.27	2.01	93.27	1.04
Current debt ratio	3.76	38.24	2.72	-60.81	6.94	112	3.26	-88.24	27.73
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	414,153	22.42	338,314	-32.59	501,884	477	86,839	678	11,159
Net worth	5,763,295	-0.08	5,767,785	94.41	2,966,889	224	913,453	618	127,153
LONG TERM STABILITY
Gearing	290.96	80.22	161.45	-66.82	486.63	141	201.90	-	-
Equity in percentage	20.99	-18.99	25.91	112	12.20	-19.84	15.22	337	3.48
Total debt ratio	3.76	31.47	2.86	-60.28	7.20	29.26	5.57	-79.91	27.73
Working capital	5,727,421	-12.03	6,510,854	76.03	3,698,754	22.52	3,018,777	2274	127,153

PROFIT & LOSS

Operating Income	116,217,286	19.75	97,047,229	41.54	68,567,263	284	17,846,629	-	-
Turnover	116,216,853	19.75	97,046,731	41.54	68,566,895	284	17,846,603	-47.86	34,225,067
Total operating expenses	114,903,711	19.82	95,896,478	41.88	67,589,016	281	17,703,276	-48.22	34,190,668
Gross Operating Margin	-	-	-	-	-	-	-	-	36,101
Operating Charges	114,904,144	19.82	95,896,976	41.88	67,589,384	281	17,703,301	-	-
Employee costs	54,284	-13.42	62,699	20.05	52,227	1142	4,204	-	-
Wages and salary	44,664	-10.34	49,814	13.92	43,726	1020	3,901	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	8,749	-25.48	11,741	51.15	7,768	25793	30	-	-
Other employee costs	870	-24.02	1,145	56.21	733	167	274	-	0
Director remuneration	101,132	-	-	-	-	-	-	-	-
Amortization and depreciation	7,977	3.36	7,718	93.68	3,985	614	558	-	-
Operating result	1,313,142	14.16	1,150,253	17.63	977,879	582	143,327	316	34,399
Total financial income	2,564	218	805	-37.98	1,298	64800	2	-98.18	110
Total financial expenses	758,055	13.30	669,076	157	259,704	1759	13,963	-31.00	20,236
Results on ordinary operations before taxation	557,651	15.70	481,982	-33.01	719,474	456	129,367	806	14,272
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before	557,651	15.70	481,982	-33.01	719,474	456	129,367	806	14,272
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	151,475	0.06	151,386	-31.68	221,575	414	43,086	1283	3,114
Results on ordinary operations	406,176	22.86	330,596	-33.60	497,899	477	86,281	673	11,159
after taxation
Net result	406,176	22.86	330,596	-33.60	497,899	477	86,281	673	11,159
Profit (Loss) for the Year to be appropiated	406,176	22.86	330,596	-33.60	497,899	477	86,281	673	11,159
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-03-2014
Full-time Employees	1
Part-time Employees	-
Total Fte Employees	1
Number of hours worked
Full-time Employees	1,292
Part-time Employees	-
Total	1,292
Personnel Charges
Full-time Employees	54,284
Part-time Employees	-
Total	54,284
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,763
Personnel Charges	58,235
Benefits In Addition To Wages	181

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	-	1
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	1	-	1
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	-	1
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	-
Actual working hours	-
Cost of temporary staff	-

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

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

INDUSTRY COMPARISON

Activity code 32122

Activity description Preparation of precious stones (except diamonds) and semi-precious stones

industry average credit

rating 78.30

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	14.84
Day sales outstanding	68.77

Industry comparison
Activity code	32122
Activity description	Preparation of precious stones (except diamonds) and semi-precious stones
Industry average payment expectation days	108.11
Industry average day sales outstanding	110.55

INDUSTRY QUARTILE ANALYSIS

Payment expectations

Company result 14.84

Lower 127.94

Median 74.39

Upper 36.09

DAY SALES OUTSTANDING

Company result 68.77

Lower 106.32

Median 57.14

Upper 18.94

Shareholder Details

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

Group Structure

No group structure for this company.

Minority Shareholders

Business number	Company name	%	Date of
-	SHEETAL MANUFACTURING	-	-

Minority Interests

No minority interests found

Companies that match this address

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies 0

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	HITESH KAKADIYA
Position	Principal Manager
Start Date	12/09/2012
Street
Post code
Country	India
Name	SHEETAL GOLDEN WORKS PRIVATE LIMITED
Position	Principal Manager
Start Date	12/10/2010
Street	0 1001 PRASAD CHAMBERS, OPERA HOUSE
Post code	400004
Country	India
Name	SHEETAL GOLDEN WORKS (INDIA) PRIVATE LIMITED
Position	Non Statutory Partner
Start Date	17/12/2004
Street
Post code
Country	India
Name	GOVINDBHAI KAKADIA
Position	Legal Representative
Start Date	17/12/2004
Street
Post code
Country

FORMER DIRECTOR DETAILS

Name	JITENDRA ODHAVAJI BAGADIA
Position	Principal Manager
Start Date	17/12/2004
End Date	01/06/2013
Street	30 HOVENIERSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Positio	Non Statutory Partner
Start Date	17/12/2004
End Date	01/06/2013
Street	30 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.62.33
UK Pound	1	Rs.92.53
Euro	1	Rs.67.60

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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 summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit