MIRA INFORM REPORT

Report No. :	309535
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	SUSHANG EXPORTS NV

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	04.03.1985

Com. Reg. No.:	426932236

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of Diamonds and Other Precious Stone.

No. of Employees :	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 :	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 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	426932236
Branche Unit Number	2026596452
Company name	SUSHANG EXPORTS NV
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	1
Date of establishment	04/03/1985
Telephone number	032310404
Fax number	032252234

Commentary

The business was established over 29 years ago.

The business has 1 employees.

The business has been at the address for over 3 years.

Operating Result in the latest trading period increased 43% on the previous trading period.

The business saw a decrease in their Cash Balance of 98% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	25,818,766	120,355	4,449,612	4,380,732
31/12/2012	25,059,600	134,762	4,354,512	4,279,302
31/12/2011	24,142,470	149,252	4,249,986	4,168,633
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	11,838,203	1	3,830,000	101,967
31/12/2012	11,602,933	1	3,830,000	111,329
31/12/2011	11,249,342	1	3,830,000	122,219

Payment expectations

Past payments

Payment expectation days

36.47

Industry average payment

expectation days

126.89

Industry average day sales

outstanding

186.01

Day sales outstanding

110.05

Court Data Summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

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	68,880	-8.42	75,210	-7.55	81,353	-8.88	89,280	7.67	82,917
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	66,391	-8.70	72,721	-7.79	78,864	-7.79	85,525	6.34	80,427
Land & building	60,539	-5.00	63,725	-4.76	66,912	-4.55	70,098	-4.35	73,284
Plant & machinery	5,751	-35.05	8,856	-24.21	11,685	-22.27	15,032	370	3,192
Furniture & Vehicles	100	-28.63	140	-47.72	267	-32.33	395	-90.00	3,951
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	2,490	0	2,490	0	2,490	-33.70	3,755	50.80	2,490
Total current assets	11,769,323	2.10	11,527,723	3.22	11,167,989	-10.84	12,525,303	10.41	11,344,493
Inventories	3,384,917	-33.80	5,113,382	25.96	4,059,632	32.68	3,059,622	-44.43	5,505,657
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	3,384,917	-33.80	5,113,382	25.96	4,059,632	32.68	3,059,622	-44.43	5,505,657
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	7,784,601	35.39	5,749,900	-12.47	6,569,379	-26.38	8,923,005	67.39	5,330,678
Other amounts receivable	346,462	-35.52	537,356	7.18	501,347	0.29	499,913	120	226,211
Cash	1,397	-98.88	124,510	252	35,344	16.15	30,428	3.33	29,448
Miscellaneous current assets	1,946	-24.43	2,575	12.55	2,288	-81.46	12,335	393	2,499
Total Assets	11,838,203	2.03	11,602,933	3.14	11,249,342	-10.82	12,614,583	10.39	11,427,410

LIABILITIES

Total shareholders equity	4,449,612	2.18	4,354,512	2.46	4,249,986	2.78	4,134,923	2.50	4,034,026
Issued share capital	3,830,000	0	3,830,000	0	3,830,000	0	3,830,000	0	3,830,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	619,612	18.13	524,512	24.89	419,986	37.74	304,923	49.45	204,026
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	7,388,591	1.93	7,248,421	3.56	6,999,356	-17.46	8,479,660	14.69	7,393,384
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	4,848,708	68.42	2,878,990	-15.38	3,402,269	-16.56	4,077,533	17.04	3,483,808
Trade creditors	2,528,702	-41.93	4,354,448	21.81	3,574,693	-18.41	4,381,103	12.27	3,902,286
Amounts Payable for Taxes, Remuneration & Social Security	4,542	2.55	4,429	-69.96	14,744	30.76	11,276	571	1,679
Miscellaneous current liabilities	6,639	-37.09	10,553	37.95	7,650	-21.52	9,748	73.73	5,611
Total current liabilities	7,388,591	1.93	7,248,421	3.56	6,999,356	-17.46	8,479,660	14.69	7,393,384
Total Liabilities	11,838,203	2.03	11,602,933	3.14	11,249,342	-10.82	12,614,583	10.39	11,427,410

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	0.47	-12.96	0.54	-12.90	0.62	40.91	0.44	37.50	0.32
Return on capital employed	2.70	-12.62	3.09	-11.97	3.51	11.08	3.16	109	1.51
Return on total assets employed	1.02	-12.07	1.16	-12.78	1.33	27.88	1.04	96.23	0.53
Return on net assets employed	2.70	-12.62	3.09	-11.97	3.51	11.08	3.16	109	1.51
Sales / net working capital	5.89	0.51	5.86	1.21	5.79	-21.86	7.41	52.16	4.87
Stock turnover ratio	13.11	-35.74	20.40	21.28	16.82	64.74	10.21	-64.30	28.60
Creditor days	36.47	-43.31	64.33	17.56	54.72	1.79	53.76	-28.15	74.82
Debtor days	110.05	31.40	83.75	-15.68	99.32	-8.62	108.69	7.52	101.09
SHORT TERM STABILITY
Current ratio	1.59	0	1.59	-0.62	1.60	8.11	1.48	-3.27	1.53
Liquidity ratio / acid ratio	1.13	28.41	0.88	-13.73	1.02	-8.93	1.12	41.77	0.79
Current debt ratio	1.66	0	1.66	0.61	1.65	-19.51	2.05	12.02	1.83
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	101,967	-8.41	111,329	-8.91	122,219	9.84	111,267	55.32	71,635
Net worth	4,449,612	2.18	4,354,512	2.46	4,249,986	2.78	4,134,923	2.50	4,034,026
LONG TERM STABILITY
Gearing	108.97	64.81	66.12	-17.40	80.05	-18.82	98.61	14.18	86.36
Equity in percentage	37.59	0.16	37.53	-0.66	37.78	15.25	32.78	-7.14	35.30
Total debt ratio	1.66	0	1.66	0.61	1.65	-19.51	2.05	12.02	1.83
Working capital	4,380,732	2.37	4,279,302	2.65	4,168,633	3.04	4,045,643	2.39	3,951,109

PROFIT AND LOSS

Operating Income	25,831,243	3.08	25,059,877	3.80	24,142,854	-19.44	29,969,846	55.66	19,253,494
Turnover	25,818,766	3.03	25,059,600	3.80	24,142,470	-19.43	29,963,846	55.68	19,247,494
Total operating expenses	25,308,071	2.44	24,704,755	3.60	23,845,668	-19.84	29,745,978	56.26	19,035,648
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	25,320,548	2.49	24,705,032	3.60	23,846,051	-19.85	29,751,978	56.25	19,041,648
Employee costs	47,860	6.91	44,768	-20.58	56,367	-8.74	61,768	8.64	56,854
Wages and salary	39,747	5.10	37,818	-22.07	48,527	2.20	47,482	14.68	41,403
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	6,399	11.00	5,765	-24.60	7,646	-16.97	9,208	98.53	4,638
Other employee costs	1,715	44.68	1,185	510	194	-96.17	5,078	-53.04	10,813
Director remuneration	79,400	-	-	-	-	-	-	-	-
Amortization and depreciation	6,867	0.95	6,803	-4.94	7,156	-30.99	10,370	-36.57	16,348
Operating result	510,695	43.92	354,845	19.56	296,803	36.23	217,868	2.84	211,846
Total financial income	38,731	6.14	36,489	-45.59	67,069	-66.29	198,960	-77.67	890,936
Total financial expenses	429,071	67.23	256,572	19.55	214,619	-24.98	286,093	-72.54	1,041,779
Results on ordinary operations before taxation	120,355	-10.69	134,762	-9.71	149,252	14.16	130,735	114	61,003
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	120,355	-10.69	134,762	-9.71	149,252	14.16	130,735	114	61,003
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	25,255	-16.48	30,236	-11.56	34,189	14.58	29,838	422	5,716
Results on ordinary operations after taxation	95,100	-9.02	104,526	-9.16	115,063	14.04	100,897	82.50	55,287
Net Result	95,100	-9.02	104,526	-9.16	115,063	14.04	100,897	82.50	55,287
Profit (Loss) for the year to be appropriated	95,100	-9.02	104,526	-9.16	115,063	14.04	100,897	82.50	55,287
Dividends	-	-	-	-	-	-	-	-	-

Social Balance sheet details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year ended 31-12-2013
Full-time Employees		1
Part-time Employees		-
Total Fte Employees		1

Number of hours worked
Full-time Employees		1,756
Part-time Employees		-
Total		1,756

Personnel Charges
Full-time Employees		47,860
Part-time Employees		-
Total		47,860
Benefits In Addition To Wages		-


During the previous reporting year Average number employees in Fte		1
Actual working hours		1,809
Personnel Charges		44,768
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	-	1
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	1	-	1
Higher education (non university)	-	-	-
Higher education(university)	-	-	-

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

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

industry average credit

rating 64.48

Industry average credit limit 140177.31

Payment Information

Payment Information Summary
Total number of Invoices available	8
Total number of Invoices paid within or up to 30 days after the due date	3
Total number of Invoices paid more than 30 days after the due date	4
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations

Payment expectation days	36.47
Day sales outstanding	110.05

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.89
Industry average day sales outstanding	186.01

Industry quartile analysis
Payment expectations
Company result	36.47
Lower	120.44
Median	74.63
Upper	45.81

Day Sales Outstanding
Company Result	110.05
Lower	101.92
Median	54.07
Upper	24.07

Shareholders 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	MEHUL ANANDLAL KOTHARI
Position	Director
Start Date	13/03/2007
Street	30 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	HIRAL PRAKASH JOGANI
Position	Director
Start Date	01/11/2013
End Date	03/06/2019
Street	98 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former Director Details
Name	MEHUL ANANDLAL KOTHARI
Position	Managing Director
Start Date	09/09/2010
End Date	03/06/2013
Street	30 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SHILA MEHUL KOTHARI
Position	Director
Start Date	09/09/2010
End Date	03/06/2013
Street	30 BELGIËLEI 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.62.18
UK Pound	1	Rs.95.71
Euro	1	Rs.70.76

INFORMATION DETAILS

Analysis Done by :	DIV

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.

Registered contractor number	-
Contractor description Date struck off register	-

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)
JIC Code	218
Description Category	Additional national joint committee for the employees

Significant Events
Event Date	28/06/2013
Event Description	Re-Appointment of Director(s)
Event Details	Commentaar 28-06-2013: Herbenoemd als bestuurders voor een periode van zes jaar : Kothari Mehul (tevens gedelegeerd bestuurder) en Kothari Shila.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Payment expectations

Court Data Summary

Company Information

Company Accounts

Social Balance sheet details

Industry comparison

Payment Information

Shareholders details

Linked Companies

Director details

Unit