MIRA INFORM REPORT

Report No. :	356923
Report Date :	26.12.2015

IDENTIFICATION DETAILS

Name :	SAURAJ DIAMONDS NV

Registered Office :	Hoveniersstraat 2-Bus, Room 348, P. B. 316, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	08.03.1983

Com. Reg. No.:	423731731

Legal Form :	Public Limited Liability

LINE OF BUSINESS :	SUBJECT IS ENGAGED IN WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employee :	3

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 :	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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 the budget deficit was 3.2% of GDP. 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

SAURAJ DIAMONDS NV

Company summary

Business number	423731731
Branche Unit Number	2021969453
Company name	SAURAJ DIAMONDS NV
Address	HOVENIERSSTRAAT 2-BUS, ROOM 348, P. B. 316
	2018 ANTWERPEN
Number of staff	3
Date of establishment	08/03/1983
Telephone number	032337891
Fax number	032314968

Ultimate holding company

Company name

Company Number

Sauraj Diamonds NV

423731731

Commentary

The business was established over 32 years ago. The business has 3 employees.

The business is part of a group.

This business has a foreign parent business. The business has been at the address for over 22 years. The business has changed address 1 times in the last year. Operating Result in the latest trading period decreased 32% on the previous trading period. Pre-tax profits increased by 61% compared to the previous trading period. The business saw an increase in their Cash Balance of 2614% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	68,501,050	110,288	5,706,933	11,629,236
31/12/2013	63,991,493	68,399	5,614,826	10,934,044
31/12/2012	74,440,429	129,127	5,550,810	11,052,963
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	31,900,495	3	4,900,000	104,762
31/12/2013	30,509,177	3	4,900,000	80,910
31/12/2012	36,491,289	3	4,900,000	121,654

Payment expectations

Past payments		Payment expectation days	19.66
Industry average payment	104.64	Industry average day sales	182.73
expectation days		outstanding
Day sales outstanding	158.38

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	-
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
category
Significant Events
Event Date	30/06/2014
Event Description	re-appointment of director(s)
Event Details	Commentaar 30-06-2014: Worden herbenoemd als bestuurders tot de jaarvergadering te houden in
	2020: Jhaveri Sohil (tevens als gedelegeerd bestuurder), Zaveri Shehul en Shah Aparna.

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	119,897	-8.74	131,383	-9.54	145,246	-8.53	158,785	-6.91	170,574
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	119,897	-8.74	131,383	-9.54	145,246	-8.53	158,785	-6.91	170,574
Land & building	112,829	-5.51	119,404	-5.22	125,979	-4.96	132,554	-4.73	139,130
Plant & machinery	5,989	-18.03	7,306	-2.86	7,521	14.75	6,554	196	2,207
Furniture & Vehicles	1,080	-76.89	4,673	-60.22	11,746	-40.30	19,676	-29.41	27,874
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-100	1,363
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	31,780,597	4.62	30,377,795	-16.42	36,346,043	-16.02	43,281,068	53.97	28,110,214
Inventories	1,917,011	-62.33	5,089,464	90.18	2,676,082	-28.74	3,755,584	-19.72	4,678,246
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	1,917,011	-62.33	5,089,464	90.18	2,676,082	-28.74	3,755,584	-19.72	4,678,246
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	29,724,269	17.70	25,253,460	-24.96	33,652,703	-14.82	39,505,888	69.23	23,343,982
Other amounts receivable	24,531	4.18	23,546	340	5,346	-54.91	11,855	-84.16	74,863
Cash	107,360	2614	3,956	15.38	3,428	4038	83	-97.50	3,312
Miscellaneous current assets	7,426	0.78	7,369	-13.14	8,484	10.77	7,659	-21.94	9,811
Total Assets	31,900,495	4.56	30,509,177	-16.39	36,491,289	-16.00	43,439,853	53.60	28,280,788

Liabilities
Total shareholders equity	5,706,933	1.64	5,614,826	1.15	5,550,810	1.93	5,445,521	2.56	5,309,472
Issued share capital	4,900,000	0	4,900,000	0	4,900,000	0	4,900,000	0	4,900,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	806,933	12.89	714,826	9.84	650,810	19.30	545,521	33.23	409,472
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	26,193,562	5.22	24,894,351	-19.54	30,940,480	-18.57	37,994,332	65.40	22,971,316
Other long term loans	6,042,200	10.85	5,450,600	-3.48	5,647,400	9.94	5,136,800	47.03	3,493,600
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	6,042,200	10.85	5,450,600	-3.48	5,647,400	9.94	5,136,800	47.03	3,493,600
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	16,197,142	10.44	14,666,185	-22.20	18,849,951	-12.68	21,587,365	66.47	12,967,332
Trade creditors	3,646,086	-22.32	4,693,791	-23.76	6,156,924	-43.69	10,933,237	76.25	6,203,349
Amounts Payable for Taxes,	34,826	108	16,669	-57.67	39,381	-24.60	52,228	90.55	27,409
Remuneration & Social Security
Miscellaneous current liabilities	273,308	307	67,107	-72.81	246,824	-13.30	284,703	1.82	279,626
Total current liabilities	20,151,362	3.64	19,443,751	-23.13	25,293,080	-23.02	32,857,532	68.69	19,477,716
Total Liabilities	31,900,495	4.56	30,509,177	-16.39	36,491,289	-16.00	43,439,853	53.60	28,280,788

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.16	45.45	0.11	-35.29	0.17	-5.56	0.18	12.50	0.16
Return on capital employed	0.94	51.61	0.62	-46.09	1.15	-29.01	1.62	29.60	1.25
Return on total assets employed	0.35	59.09	0.22	-37.14	0.35	-12.50	0.40	2.56	0.39
Return on net assets employed	1.93	58.20	1.22	-47.64	2.33	-26.03	3.15	52.17	2.07
Sales / net working capital	5.89	0.68	5.85	-13.08	6.73	-25.22	9.00	11.52	8.07
Stock turnover ratio	2.80	-64.78	7.95	121	3.59	-10.25	4.00	-40.48	6.72
Creditor days	19.66	-27.93	27.28	-11.34	30.77	-28.12	42.81	29.45	33.07
Debtor days	158.38	9.96	144.04	-12.71	165.01	7.31	153.77	25.69	122.34
SHORT TERM STABILITY
Current ratio	1.58	1.28	1.56	8.33	1.44	9.09	1.32	-8.33	1.44
Liquidity ratio / acid ratio	1.48	13.85	1.30	-2.26	1.33	10.83	1.20	0	1.20
Current debt ratio	3.53	2.02	3.46	-24.12	4.56	-24.38	6.03	64.31	3.67
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	104,762	29.48	80,910	-33.49	121,654	-20.42	152,879	21.40	125,931
Net worth	5,706,933	1.64	5,614,826	1.15	5,550,810	1.93	5,445,521	2.56	5,309,472
LONG TERM STABILITY
Gearing	389.69	8.77	358.28	-18.82	441.33	-10.07	490.75	58.29	310.03
Equity in percentage	17.89	-2.77	18.40	20.97	15.21	21.29	12.54	-33.19	18.77
Total debt ratio	4.59	3.61	4.43	-20.47	5.57	-20.20	6.98	61.20	4.33
Working capital	11,629,236	6.36	10,934,044	-1.08	11,052,963	6.04	10,423,536	20.75	8,632,498

Profit & loss
Operating Income	68,501,239	7.05	63,991,686	-14.04	74,440,596	-20.62	93,776,216	34.64	69,647,321
Turnover	68,501,050	7.05	63,991,493	-14.04	74,440,429	-20.62	93,774,360	34.64	69,647,117
Total operating expenses	67,693,165	7.80	62,795,024	-14.02	73,035,721	-21.65	93,221,126	36.16	68,465,277
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	67,693,354	7.80	62,795,217	-14.02	73,035,888	-21.65	93,222,982	36.16	68,465,481
Employee costs	104,461	-0.25	104,722	-4.56	109,731	-13.92	127,469	39.35	91,476
Wages and salary	80,978	0.44	80,623	-5.89	85,669	-11.17	96,440	37.79	69,991
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	21,252	-2.07	21,701	-1.58	22,050	-22.89	28,595	46.43	19,528
Other employee costs	2,231	-6.96	2,397	19.15	2,012	-17.35	2,435	24.41	1,957
Director remuneration	75,000	0	75,000	0	75,000	0	75,000	0	75,000
Amortization and depreciation	12,655	-25.08	16,893	3.22	16,365	-2.76	16,830	-45.26	30,744
Operating result	807,885	-32.48	1,196,469	-14.82	1,404,708	153	553,233	-53.19	1,181,840
Total financial income	443,632	2543661	17	277	5	-99	599,536	105452	568
Total financial expenses	1,141,229	1.16	1,128,087	-11.56	1,275,586	30.02	981,067	-8.53	1,072,603
Results on ordinary operations	110,288	61.24	68,399	-47.03	129,127	-24.80	171,702	56.37	109,805
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before	110,288	61.24	68,399	-47.03	129,127	-24.80	171,702	56.37	109,805
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	18,182	314	4,383	-81.62	23,839	-33.14	35,653	143	14,618
Results on ordinary operations	92,107	43.88	64,017	-39.20	105,289	-22.61	136,049	42.93	95,187
after taxation
Net result	92,107	43.88	64,017	-39.20	105,289	-22.61	136,049	42.93	95,187
Profit (Loss) for the Year to be appropiated	92,107	43.88	64,017	-39.20	105,289	-22.61	136,049	42.93	95,187
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
Full-time Employees		3
Part-time Employees		-
Total Fte Employees		3
Number of hours worked
Full-time Employees		4,826
Part-time Employees		-
Total		4,826
Personnel Charges
Full-time Employees		104,461
Part-time Employees		-
Total		104,461
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		3
Actual working hours		4,856
Personnel Charges		104,722
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	3	-	3
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non	1	-	1
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	-	2
Blue collar worker	1	-	1
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	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations

Payment expectation days

19.66

Day sales outstanding	158.38
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	104.64
expectation days
Industry average day sales	182.73
outstanding

Industry quartile analysis
Payment expectations
Company result	19.66
Lower	118.32
Median	75.64
Upper	45.40

Day sales outstanding
Company result	158.38
Lower	102.33
Median	54.86
Upper	25.06

Shareholder Details

Summary

Group - Number of Companies		3
Linkages - Number of Companies		0
Number of Countries		0

Group Structure
Company name	Number	Latest
		financials
- SAURAJ DIAMONDS NV	423731731	31-12-2014
- - IMMO GOLD NV	437262538	31-12-2012
- - - IMMO GOLD II GCV	568799783

Minority Shareholders
Business	Company name		%		Date of
number					accounts
-	SHIAMCO SA	-	-	-	-

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME

Forename	Sohil	Middle name	-
Surname	Jhaveri
SHAREHOLDER DETAILS
Start date	03/02/2009(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Belgiëlei	House number	119
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium
SHAREHOLDER NAME
Forename	Suisha	Middle name	-
Surname	Jhaveri
SHAREHOLDER DETAILS
Start date	03/02/2009(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

Companies that match this address

no Companies Match this address

Linked Companies

Summary

Group - Number of Companies	3
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	SOHIL RAJNIKANT JHAVERI
Position	Managing Director
Start Date	09/03/1998
Date of birth	25/05/1957
Street	119 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Position	Director
Start Date	01/09/2010
Date of birth	25/05/1957
Street	119 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Former director details
Name	SHEHUL ZAVERI
Position	Director
Start Date	16/08/2010
End Date	19/05/2014
Date of birth	23/05/1974
Street	5 DELLA FAILLELAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	APARNA AMISH SHAH
Position	Director
Start Date	16/08/2010
End Date	19/05/2014
Date of birth	03/12/1967
Street	165 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium
Name	ANIKET BHARAT PARIKH
Position	Director
Start Date	16/09/1999
End Date	Unknown date

Street

Post

code Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
Euro	1	Rs.72.55

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TRU

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

Ultimate holding company

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Minority Interests

SHAREHOLDER NAME

Linked Companies

Director details

Unit