MIRA INFORM REPORT

Report No. :	308013
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	SHEETAL EUROPE BVBA

Registered Office :	Hoveniersstraat 30-Bus 135 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2013

Date of Incorporation :	17.12.2004

Com. Reg. No.:	870784539

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in Preparation of precious stones (except diamonds) and semi-precious stones

No. of Employees :	From 1 To 4 Employees

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	HOVENIERSSTRAAT30-BUS 135
	2018 ANTWERPEN
Number of staff	From 1 To 4 Employees
Date of establishment	17/12/2004
Telephone number	0483048211
Fax number	032299543

Commentary

The business was established over 9 years ago.

The business has been at the address for over 9 years.

Net Worth increased by 94% during the latest trading period.

Pre-tax profits decreased by 33% compared to the previous trading period.

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

Turnover in the latest trading period increased 41 % on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
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
31/03/2011	17.846.603	129,367	913,453	3,018,777

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2013	22,260,758	From 1 To 4 Employees	4,017,030	338,314
31/03/2012	24,319,580	1	2,358,405	501,884
31/03/2011	6,002,826	0	809,485	86,839

Payment expectations

Past payments		Payment expectation days	26.51
Industry average payment expectation days	94.13	Industry average day sales outstanding	110.43
Day sales outstanding	64.76
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Personnel (NSSO classification)

Code -

Description FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date 22/03/2013

Event Description

Event Details Toekenning van de 383 nieuwe aandelen aan Sheetal Manufacturing Company Private Limited.

Company accounts

Profit & loss

Annual accounts		31-03-2013		%	31-03-2012			%		31-03-2011		Industry average 2013		%
Weeks		52			52					52
Currency		EUR			EUR					EUR
Turnover		97,046,731		41.54	68,566,895			284		17,846,603		32,554,662		198
Total operating expenses		95,896,478		41.88	67,589,016			281		17,703,276		32,161,725		198
Operating result		1,150,253		17.63	977,879			582		143,327		214,490		436
Total financial income		805		-37.98	1,298			64800		2		55,692		-98.55
Total financial expenses	669,076		157			259,704	1759		13,963		166,649		301
Results on ordinary operations before taxation	481,982		-33.01			719,474	456		129,367		103,533		365
Taxation	151,386		-31.68			221,575	414		43,086		41,601		263
Results on ordinary operations after taxation	330,596		-33.60			497,899	477		86,281		61,932		433
Extraordinary items	0		-			0	-		0		0		-
Other appropriations	0		-			0	-		0		-		-
Net result	330,596		-33.60			497,899	477		86,281		61,932		433
OTHER INFORMATION
Gross Operating Margin	-		-			-	-		-		-12,276		-
Dividends	-		-			-	-		-		11,333		-
Director remuneration - - - - -
Employee costs	62,699		20.05			52,227	1142		4,204		62,699		0
Wages and salary	49,814		13.92			43,726	1020		3,901		49,814		0
Employee pension costs	-		-			-	-		-		-		-
Social security contributions	11,741		51.15			7,768	25793		30		11,741		0
Other employee costs	1,145		56.21			733	167		274		229		400
Amortization and depreciation	7,718		93.68			3,985	614		558		5,600		37.82

Balance Sheet

Annual accounts	31-03-2013		%	31-03-2012			%	31-032011			Industry average 2013	%
Weeks	52			52				52

Currency	EUR			EUR				EUR
Intangible fixed assets	0		-	0			-	0			0	-
Tangible fixed assets	37,831		124	16,835			164	6,376			33,786	11.97
Land & building	-		-	-			-	-			78,565	-
Plant & machinery	-		-	-			-	-			3,216	-
Furniture & Vehicles	37,831		124	16,835			164	6,376			20,179 19,839	87.48
Leasing & Other Similar Rights	-		-	-			-	-				-
Other tangible assets	0		-	0			-	0			0	-
Financial fixed assets	-		-	-			-	-			39	-
Total fixed assets	37,831		124	16,835			164	6,376			33,809	11.90
Inventories	803,702		-50.11	1,611,009			-	-			681,332	17.96
Raw materials & consumables	-		-	-			-	-			-	-
Work in progress	0		-	0			-	0			0	-
Finished goods	803,702		-50.11	1,611,009			-	0			160,740	400
Other stocks	0		-	0			-	0			520,591	-100
Trade debtors	17,217,806		-23.63	22,544,040			277	5,975,844			4,050,441	325
Cash	4,168,745		2798	143,842			649	19,186			847,390	391
other amounts receivable	32,673		747	3,855			171	1,420			6,749	384
Miscellaneous current assets	1		100	-1			-	0			574	-99
Total current assets	22,222,927		-8.56	24,302,745			305	5,996,450			5,586,486	297
Total Assets	22,260,758		-8.47	24,319,580			305	6,002,826			5,620,295 159,838	296
CURRENT LIABILITIES
Trade creditors		6,965,613	4.66		6,655,187	271			1,793,723	2,474,726		181
Short term group loans		-	-		-	-			-	-		-
Financial debts		8,531,333	-37.68		13,688,951	1100			1,140,363	4,266,729 4,266,729		99
Current portion of long term debt		-	-		-	-			-	13,680 13,680		-
Amounts Payable for Taxes, Remuneration & Social Security		155,293	-34.74		237,958	445			43,587	10,368-		293
Miscellaneous current liabilities		59,834	173		21,895	-			0	48.10
Total current liabilities		15,712,073	-23.74		20,603,991	591			2,977,673	4,266,708		268
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-	-		-	-			-	-
Other long term loans		780,900	4.30		748,700	6.36			703,900	173		--
Deffered taxes		-	-		-	-			-	--		-
Provisions for Liabilities & Charges		0	-		0	-			0	00		-
Other long term liabilities		0	-		0	-100			1,407,800	0		-
Total long term debts		780,900	4.30		748,700	-64.55			2,111,700	171,030		356
SHAREHOLDERS EQUITY
Issued share capital		4,017,030	70.33		2,358,405	191			809,485	821,344		389
Share premium account		785,505	-		-	-			-	785,505		0
Reserves		965,250	58.63		608,484	485			103,968	204,112		372
Revaluation reserve - - - ...
Total shareholders equity		5,767,785	94.41		2,966,889	224			913,453	1,182,557		387
Working capital		6,510,854	76.03		3,698,754	22.52			3,018,777	1,319,778		393
Cashflow		338,314	-32.59		501,884	477			86,839	67,532		400
Net worth		5,767,785	94.41		2,966,889	224			913,453	1,182,557		387

Ratio Analysis

Annual accounts	31-03-2013	change(%)	31-03-2012	change(%)	31-03-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.50	-52.38	1.05	45.83	0.72	5,00	-90.00
Return on capital employed	7.36	-61.98	19.36	352	4.28	19,00	-61.26
Return on total assets employed	2.17	-26.69	2.96	37.04	2.16	8,00	-72.88
Return on net assets employed	8.36	-65.53	24.25	71.26	14.16	30,00	-72.13
Sales / net working capital	14.91	-19.58	18.54	213	5.91	38,00	-99
Stock turnover ratio	0.83	-64.68	2.35	-	-	20,00	-95.85
Debtor days	64.76	^16.04	120.01	-1.81	122.22	110,43	-41.36
Creditor days	26.51	-26.24	35.94	-2.81	36.98	94,13	-71.84
SHORT TERM STABILITY
Current ratio	1.41	19.49	1.18	-41.29	2.01	2,00	-94.12
Liquidity ratio / acid ratio	1.36	23.64	1.10	^15.27	2.01	1,00	36.00
Current debt ratio	2.72	-60.81	6.94	112	3.26	24,00	-88.67
Liquidity ratio reprocessed ......
LONG TERM STABILITY
Gearing	161.45	-66.82	486.63	141	201.90	158,00	2.18
Equity in percentage	25.91	112	12.20	-19.84	15.22	35,00	-25.97
Total debt ratio	2.86	-60.28	7.20	29.26	5.57	24,00	-88.08

Industry comparison

Activity code 32122

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

Payment Information

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days 26.51

Day sales outstanding 64.76

Industry comparison

Activity code 32122

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

Industry average payment

expectation days 94.13

Industry average day sales

Outstanding 110.43

Industry quartile analysis

Payment expectations

Company result 26.51

Lower 127.94

Median 74.39

Upper 36.51

Day sales outstanding
Company result	64.76
Lower	106.32
Median	57.14
Upper	19.69

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

· SHEETAL MANUFACTURING COMPANY

SHEETAL GOLDEN WORKS (INDIA) PRIVATE LIMITED

Minority Interests

No minority interests found

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

Current director details
Name		JITENDRA ODHAVAJI BAGADIA
Position		Principal Manager
Start Date		12/10/2010
Street		30 HOVENIERSSTRAATANTWERPEN
Post code		2018
Country		Belgium

Name		HITESH KAKADIYA
Position		Principal Manager
Start Date		12/09/2012
Country		India

Name	SHEETAL GOLDEN WORKS (INDIA) PRIVATE LIMITED
Position	Non Statutory Partner
Start Date	17/12/2004
Country	India

Name	GOVINDBHAI KAKADIA
Position	Legal Representative
Start Date	17/12/2004

Former director details

Name	JITENDRA ODHAVAJI BAGADIA
Position	Non Statutory Partner
Start Date	17/12/2004
End Date	01/06/2013
Street	30 HOVENIERSSTRAATANTWERPEN
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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIT

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.

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-03-2013
Full-time Employees	1
Part-time Employees
Total Fte Employees	1

Number of hours worked
Full-time Employees	1.763
Part-time Employees
Total	1,763

Personnel Charges
Full-time Employees	47.419
Part-time Employees
Total	47,419
Benefits In Addition To Wanes	195

During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,531
Personnel Charges	34,018
Benefits In Addition To Wages


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

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Payment expectations

Company information

Personnel (NSSO classification)

Company accounts

Industry comparison

Payment Information

Shareholder Details

Linked Companies

Unit