MIRA INFORM REPORT

Report No. :	319781
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	SUNNY GEMS BVBA

Registered Office :	Schupstraat 1, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	11.02.1985

Com. Reg. No.:	427205816

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in wholesale of diamonds and other 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 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 name

SUNNY GEMS BVBA

Company summary

Business number	427205816
Branche Unit Number	2026933576
Company name	SUNNY GEMS BVBA
Address	SCHUPSTRAAT 1
	2018 ANTWERPEN
Number of staff	0
Date of establishment	11/02/1985
Telephone number	032261325
Fax number	032261325

Commentary

The business was established over 30 years ago. The business has 1 employees.

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

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		71,008	495,245	443,689
31/12/2012		70,102	494,237	438,817
31/12/2011		70,855	494,135	434,626
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	1,584,900	0	18,592	74,873
31/12/2012	1,359,626	0	18,592	75,165
31/12/2011	1,395,701	0	18,592	74,855

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	126.70	Industry average day sales	185.83
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)

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	51,556	-6.97	55,420		-6.87	59,509		-7.54	64,364		-6.20	68,621
Intangible fixed assets	0	-	0		-	0		-	0		-	0
Tangible fixed assets	44,854	-7.93	48,718		-7.74	52,807		-8.42	57,662		-6.88	61,919
Land & building	43,177	-4.73	45,319		-4.51	47,460		-4.32	49,602		-4.14	51,744
Plant & machinery	1,677	-50.67	3,400		-36.42	5,347		-33.66	8,060		-20.79	10,175
Furniture & Vehicles	-	-	-		-	-		-	-		-	-
Leasing & Other Similar Rights	-	-	-		-	-		-	-		-	-
Other tangible assets	0	-	0		-	0		-	0		-	0
Financial fixed assets	6,702	0	6,702		0	6,702		0	6,702		0.00	6,702
Total current assets	1,533,344	17.57	1,304,206		-2.39	1,336,191		-11.59		1,511,330	26.04	1,199,090
Inventories	729,948	12.59	648,309		3.95	623,696		0.29		621,899	-12.19	708,207
Raw materials & consumables	-	-	-		-	-		-	-		-	-
Work in progress	0	-	0		-	0		-	0		-	0
Finished goods	0	-	0		-	0		-	0		-	0
Other stocks	729,948	12.59	648,309		3.95	623,696		0.29		621,899	-12.19	708,207
Trade debtors	599,114	35.27	442,913		-19.70	551,577		-14.48		644,935	48.23	435,096
Other amounts receivable	1,671	114	777		-61.52	2,020		-22.73	2,614		66.82	1,567
Cash	196,504	-3.60	203,851		33.64	152,539		-35.05		234,855	402	46,738
Miscellaneous current assets	6,107	-26.91	8,356		31.40	6,359		-9.51	7,027		-6.08	7,482
Total Assets	1,584,900	16.57	1,359,626		-2.58	1,395,701		-11.42		1,575,694	24.29	1,267,711

Liabilities
Total shareholders equity	495,245	0.20	494,237	0.02	494,135	0.20	493,135	2.14	482,823
Issued share capital	18,592	0	18,592	0	18,592	0	18,592	0.00	18,592
Share premium account	-	-		-		-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	476,653	0.21	475,645	0.02	475,543	0.21	474,543	2.22	464,231
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	1,089,655	25.92	865,389	-4.01	901,565	-16.72	1,082,558	37.93	784,889
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	0	-1
Total long term debts	0	-	0	-	0	-	0	0	-1
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	170,401	-34.85	261,546	44.01	181,621	-	-	-	-
Trade creditors	672,917	93.32	348,093	-22.29	447,924	-43.08	786,977	69.84	463,367
Amounts Payable for Taxes,	-	-	-	-	660	191	226	-	-
Remuneration & Social Security
Miscellaneous current liabilities	246,337	-3.68	255,749	-5.75	271,360	-8.12	295,355	-8.14	321,522
Total current liabilities	1,089,655	25.92	865,389	-4.01	901,565	-16.72	1,082,558	37.93	784,889
Total Liabilities	1,584,900	16.57	1,359,626	-2.58	1,395,701	-11.42	1,575,694	24.29	1,267,711

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	14.34	1.13	14.18	-1.12	14.34	-6.09	15.27	11.79	13.66
Return on total assets employed	4.48	-13.18	5.16	1.57	5.08	6.28	4.78	-8.08	5.20
Return on net assets employed	14.34	1.13	14.18	-1.12	14.34	-6.09	15.27	11.79	13.66
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.41	-6.62	1.51	2.03	1.48	5.71	1.40	-8.50	1.53
Liquidity ratio / acid ratio	0.74	-2.63	0.76	-3.80	0.79	-3.66	0.82	30.16	0.63
Current debt ratio	2.20	25.71	1.75	-3.85	1.82	-17.27	2.20	34.97	1.63
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	74,873	-0.39	75,165	0.41	74,855	-6.47	80,029	13.14	70,734
Net worth	495,245	0.20	494,237	0.02	494,135	0.20	493,135	2.14	482,823
LONG TERM STABILITY
Gearing	34.41	-34.98	52.92	43.96	36.76	-	-	-	-
Equity in percentage	31.25	-14.03	36.35	2.68	35.40	13.10	31.30	-17.83	38.09
Total debt ratio	2.20	25.71	1.75	-3.85	1.82	-17.27	2.20	34.97	1.63
Working capital	443,689	1.11	438,817	0.96	434,626	1.37	428,771	3.52	414,201

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	79,523	-7.48	85,953	-3.60	89,163	2.59	86,911	31.15	66,267
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-102
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	0	-102
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	3,864	-23.67	5,063	4.28	4,855	2.94	4,716	-1.38	4,782
Operating result	73,580	-5.68	78,013	-2.45	79,976	0.28	79,753	33.93	59,550
Total financial income	42,161	-44.97	76,621	-53.24	163,860	18.80	137,932	-14.13	160,622
Total financial expenses	44,733	-47.08	84,532	-51.13	172,981	21.50	142,372	-7.68	154,219
Results on ordinary operations before taxation	71,008	1.29	70,102	-1.06	70,855	-5.92	75,313	14.19	65,953
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	71,008	1.29	70,102	-1.06	70,855	-5.92	75,313	14.19	65,953
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	855	-	-	-	1
Results on ordinary operations after taxation	71,008	1.29	70,102	0.15	70,000	-7.05	75,313	14.19	65,952
Net result	71,008	1.29	70,102	0.15	70,000	-7.05	75,313	14.19	65,952
Profit (Loss) for the Year to be appropiated	71,008	1.29	70,102	0.15	70,000	-7.05	75,313	14.19	65,952
Dividends	-	-	-	-	-	-	-	-	-

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		-
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
Men	Full-Time	Part-Time	Total Fte
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		-
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	-	-

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 expectation days	126.70
Industry average day sales outstanding	185.83

Industry quartile analysis Payment expectations

Company result	-
Lower	120.34
Median	74.61
Upper	45.69

Day sales outstanding
Company result	-
Lower	101.92
Median	54.08
Upper	24.12

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

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	ASHISH MUKESH SARAIYA
Position	Principal Manager
Start Date	01/10/2013
Street	112 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Former director details
Name	SARAIYA MUKESH RASIKLAL
Position	Principal Manager
Start Date	16/07/2011
End Date	31/12/2011
Street	112 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	RASHIKLAL MUKESH
Position	Principal Manager
Start Date	07/09/1997
End Date	Unknown date
Street	112 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.20
UK Pound	1	Rs.97.01
Euro	1	Rs.69.34

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 name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Industry quartile analysis Payment expectations

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit