MIRA INFORM REPORT

Report No. :	318784
Report Date :	23.04.2015

IDENTIFICATION DETAILS

Name :	TARANA GEMS BVBA

Registered Office :	Hoveniersstraat 53-Bus 322018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	26.09.1990

Com. Reg. No.:	441666734

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – 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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number	441666734
Branche Unit Number	2049895258
Company name	TARANA GEMS BVBA
Address	HOVENIERSSTRAAT 53-BUS 32
	2018 ANTWERPEN
Number of staff	0
Date of establishment	26/09/1990
Telephone number	032337088
Fax number	032337088

Commentary

The business was established over 24 years ago.

The business has 1 employees.

The business has been at the address for over 19 months.

Pre-tax profits decreased by 30% compared to the previous trading period.

The business saw an increase in their Cash Balance of 7608% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		11,535	367,675	1,058,019
31/12/2012	7,165,867	16,510	359,068	1,082,291
31/12/2011	9,043,583	31,089	342,419	686,648

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	3,464,113	0	281,146	15,740
31/12/2012	4,354,501	0	281,146	31,252
31/12/2011	4,295,305	0	281,146	45,152

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	126.58	Industry average day sales	185.59
expectation days		outstanding
Day sales outstanding	-

Court Data Summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount	-
NSSO DETAILS
Date of summons	-
Company information

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	58,605	-10.21	65,271	-17.73	79,338	-22.02	101,741	-12.05	115,676
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	53,022	-11.17	59,688	-19.07	73,755	-23.30	96,158	-16.45	115,093
Land & building	50,214	-3.78	52,186	-3.64	54,158	-3.51	56,130	-3.39	58,102
Plant & machinery	2,430	-64.22	6,792	-57.34	15,920	-47.94	30,578	-25.87	41,250
Furniture & Vehicles	379	-46.73	711	-80.66	3,677	-61.09	9,450	-39.96	15,741
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	0	-1	-	0	-	0	-	0
Financial fixed assets	5,583	-0.01	5,583	0.01	5,583	0	5,583	858	583
Total current assets	3,405,508	-20.60	4,289,230	1.74	4,215,968	18.30	3,563,760	27.06	2,804,840
Inventories	1,176,698	-39.67	1,950,299	-10.43	2,177,372	19.83	1,816,982	4.20	1,743,768
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-100	1,950,299	-10.43	2,177,372	-	0	-	0
Other stocks	1,176,698	-	0	-	0	-100	1,816,982	4.20	1,743,768
Trade debtors	2,127,272	-7.24	2,293,290	14.79	1,997,844	16.57	1,713,863	69.46	1,011,352
Other amounts receivable	40,144	38.14	29,060	231	8,756	-53.27	18,740	-31.92	27,525
Cash	51,264	7608	665	-96.11	17,105	476	2,967	97.07	1,505
Miscellaneous current assets	10,130	-36.35	15,916	6.89	14,890	32.84	11,209	-45.82	20,690
Total Assets	3,464,113	-20.45	4,354,501	1.38	4,295,305	17.18	3,665,501	25.51	2,920,516

Liabilities
Total shareholders equity	367,675	2.40	359,068	4.86	342,419	6.94	320,200	2.97	310,949
Issued share capital	281,146	0.00	281,146	0.00	281,146	0	281,146	0	281,146
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	86,529	11.05	77,922	27.17	61,273	56.90	39,054	31.04	29,804
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	3,096,439	-22.50	3,995,433	1.08	3,952,886	18.16	3,345,301	28.19	2,609,566
Other long term loans	602,094	-5.23	635,324	137	267,521	-12.20	304,698	-0.82	307,217
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	146,856	-4.12	153,170	-1.84	156,045	8.34	144,036	7.81	133,598
Total long term debts	748,949	-5.02	788,494	86.16	423,566	-5.61	448,733	1.80	440,815
Current portion of long term debt	6,983	4.59	6,676	-39.98	11,123	-42.72	19,419	9.13	17,795
Financial debts	994,194	-30.42	1,428,873	-7.27	1,540,948	3.51	1,488,640	44.91	1,027,255
Trade creditors	1,299,763	-25.16	1,736,770	-11.39	1,960,058	44.10	1,360,231	22.90	1,106,790
Amounts Payable for Taxes,	21,472	-29.37	30,401	132	13,081	-24.84	17,404	12.79	15,430
Remuneration & Social Security
Miscellaneous current liabilities		25,078	494	4,219	2.64	4,110	-62.20	10,875	633
Total current liabilities		2,347,489	-26.80	3,206,939	-9.13	3,529,320	21.84	2,896,568	33.56
Total Liabilities		3,464,113	-20.45	4,354,501	1.38	4,295,305	17.18	3,665,501	25.51

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	0.23	-32.35	0.34	-	-	-	-
Return on capital employed	1.03	-28.47	1.44	-64.53	4.06	115	1.88	-23.89	2.47
Return on total assets employed	0.33	-13.16	0.38	-47.22	0.72	84.62	0.39	-39.06	0.64
Return on net assets employed	3.14	-31.74	4.60	-49.34	9.08	100	4.52	-24.41	5.98
Sales / net working capital	-	-	6.62	-49.73	13.17	-	-	-	-
Stock turnover ratio	-	-	27.22	13.04	24.08	-	-	-	-
Creditor days	-	-	90.52	12.43	80.51	-	-	-	-
Debtor days	-	-	116.81	44.87	80.63	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.45	8.21	1.34	12.61	1.19	-3.25	1.23	-4.65	1.29
Liquidity ratio / acid ratio	0.95	30.14	0.73	25.86	0.58	-3.33	0.60	22.45	0.49
Current debt ratio	6.38	-28.56	8.93	-13.39	10.31	13.92	9.05	29.84	6.97
Liquidity ratio reprocessed	-	-		-	-	-	-	-	-
Cashflow	15,740	-49.64	31,252	-30.78	45,152	39.31	32,412	-0.98	32,732
Net worth	367,675	2.40	359,068	4.86	342,419	6.94	320,200	2.97	310,949
LONG TERM STABILITY
Gearing	436.06	-24.39	576.74	8.53	531.39	-6.14	566.13	30.18	434.88
Equity in percentage	10.61	28.61	8.25	3.51	7.97	-8.81	8.74	-17.93	10.65
Total debt ratio	8.42	-24.35	11.13	-3.55	11.54	10.43	10.45	24.55	8.39
Working capital	1,058,019	-2.24	1,082,291	57.62	686,648	2.92	667,192	4.89	636,088

Profit & loss
Operating Income	-	-	7,215,345	-20.64	9,091,951	-	-	-	-
Turnover	-	-	7,165,867	-20.76	9,043,583	-	-	-	-
Total operating expenses	-	-	7,002,729	-21.19	8,885,658	-	-	-	-
Gross Operating Margin	149,821	-	-	-	-	-	164,652	2.77	160,208
Operating Charges	-	-	7,052,208	-21.06	8,934,026	-	-	-	-
Employee costs	640	41.95	451	-51.03	921	85.32	497	-87.91	4,110
Wages and salary	-	-	-	-	-	-	-	-	2,885
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	599
Other employee costs	640	41.95	451	-51.03	921	85.32	497	-20.58	626
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	7,133	-51.15	14,603	-36.32	22,932	-0.99	23,162	-4.62	24,284
Operating result	138,278	-15.24	163,138	3.30	157,925	13.67	138,938	8.04	128,598
Total financial income	2,546	-13.68	2,949	8614	34	303	8	1685	0
Total financial expenses	129,289	-13.56	149,577	17.90	126,869	1.92	124,476	13.17	109,995
Results on ordinary operations before taxation	11,535	-30.14	16,510	-46.89	31,089	114	14,470	-22.22	18,604
Extraordinary Income	-	-	-	-	-	-	-	-	11,489
Extraordinary Charges	-	-	-	-	-	-	-	-	11,489
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	11,535	-30.14	16,510	-46.89	31,089	114	14,470	-22.22	18,604
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	2,928	2106	-139	-101	8,869	69.91	5,220	-48.60	10,156
Results on ordinary operations after taxation	8,606	-48.31	16,649	-25.07	22,220	140	9,250	9.49	8,448
Net result	8,606	-48.31	16,649	-25.07	22,220	140	9,250	9.49	8,448
Profit (Loss) for the Year to be appropiated	8,606	-48.31	16,649	-25.07	22,220	140	9,250	9.49	8,448
Dividend	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

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

Number of hours worked
Full-time Employees	-
Part-time Employees	-
Total	-

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

During the previous reporting year
Average number employees in Fte	-
Actual working hours	-
Personnel Charges	-
Benefits In Addition To Wages	-

Benefits In Addition To Wages
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	-	-
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

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

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

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

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	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	-
Day sales outstanding	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	126.58
Industry average day sales outstanding	185.59

Industry quartile analysis

Payment expectations
Company result	-
Lower	120.44
Median	74.61
Upper	45.88

Day sales outstanding

Company result	-
Lower	101.92
Median	54.07
Upper	24.18

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

No minority shareholders found

Individual Shareholders

SHAREHOLDER NAME

Forename	Sweta	Middle name	-
Surname	Shah
SHAREHOLDER DETAILS
Start date	10/02/2015(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

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	SAMIR HIMATLAL SHAH
Position	Principal Manager
Start Date	01/01/2014
Street	71 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

Name	SAMIR SHAH SAMIR
Position	Principal Manager
Start Date	01/01/2014
Street
Post code
Country

Former Director Details

Name	SHRENIK RASIKAI BHANSALI
Position	Principal Manager
Start Date	21/12/1998
End Date	Unknown date
Street	17 SNEEUWBESLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	SAMIR SHAH SWETA
Position	Principal Manager
Start Date	29/04/2010
End Date	31/12/2013
Name	SHRENIK RASIKAI BHANSALI
Position	Principal Manager
Start Date	29/04/2010
End Date	31/12/2013

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.82
UK Pound	1	Rs.93.85
Euro	1	Rs.67.57

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	VNT

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

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
category

Event Date	08/04/2014
Event Description
Event Details	De 460 nieuwe aandelen worden toegekend aan Shah Sweta.

MIRA INFORM REPORT

Company summary

Commentary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit