MIRA INFORM REPORT

Report No. :	309539
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	PRIYANKA GEMS BVBA

Registered Office :	Hoveniersstraat 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	30.06.2013

Date of Incorporation :	29.04.1997

Com. Reg. No.:	460581041

Legal Form :	Private Limited Company

line of business :	Wholesaler of diamonds and other 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

7Status :	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 Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 460581041

Company name PRIYANKA GEMS BVBA

Address HOVENIERSSTRAAT 30

2018 ANTWERPEN

Number of staff From 1 To 4 Employees

Date of establishment 29/04/1997

Telephone number

Fax number 032133804

Commentary

The business was established over 17 years ago.

The business has been at the address for over 2 years.

Net Worth increased by 46% during the latest trading period.

Account

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
30/06/2013	18,332,012	30,209	2,269,039	2,154,196
30/06/2012	1 8,217,348	37,363	1,548,677	1,443,471
30/06/201 1	1 5,666,946	29,761	1,31 8,444	1,288,543

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
30/06/2013	9,142,238	From 1 To 4 Employees	2,012,480	52,326
30/06/2012	8,185,846	0	1,309,006	79,202
30/06/201 1	9,027,984	0	1,140,251	30,315

Payment expectations

Past payments

Payment expectation days 66.75

Industry average payment expectation days 274.88

Industry average day sales outstanding 337.18

Day sales outstanding 120.92

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year

ended 30-06-2013

Full-time Employees -

Part-time Employees 1

Total Fte Employees 0

Number of hours worked

Full-time Employees -

Part-time Employees 694

Total 694

Personnel Charges

Full-time Employees -

Part-time Employees 12,191

Total 12,191

Benefits In Addition To Wages 76

During the previous reporting year

Average number employees in Fte 0

Actual working hours 693

Personnel Charges 11,512

Benefits In Addition To Wages –

Personnel (NSSO classification)

Code -

Description FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code 218

Description Additional national joint committee for the employees

category

Significant Events

Event Date 26/01/2012

Event Description proposal to change address filed

Event Details

Company accounts

Annual accounts	30-06-2013		30-06-2012	%	30-06-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	18,332,012	0.63	1 8,217,348	16.28	15,666,946	41,359,100	-55.68
Total operating expenses	18,108,980	0.85	17,955,692	16.29	15,440,960	41,201,049	-56.05
Operating result	223,032	-14.76	261,656	1 5.78	225,986	37,603	493
Total financial income	305	643	41	-28.07	57	67,237	-99
Total financial expenses	193,127	-13.91	224,334	14.29	196,281	133,864	44.27
Results on ordinary operations before taxation	30,209	-19.15	37,363	25.54	29,761	-36,866	81.94
Taxation	2,971	31.63	2,257	43.48	1,573	78,423	-96.21
Results on ordinary operations after taxation	27,238	-22.41	35,106	24.54	28,188	-91,955	29.62
Extraordinary items	0	-	0	-	0	166,532	-100
Other appropriations	0	-	0	-100	1	-	-
Net result	27,238	-22.41	35,106	24.54	28,189	74,616	-63.50
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	54,342	-
Dividends	-	-	-	-	-	198,417	-
Director remuneration	70,734	-3.62	73,388	0.00	73,386	118,208	-40.16
Employee costs	12,191	1.32	12,032	17.97	10,199	193,717	-93.71
Wages and salary	10,426	1.91	10,231	11.35	9,188	148,027	-92.96
Employee pension costa	--	--	--	--	--	--	--
Social security contributions	1,490	-1.97	1,520	88.82	805	39.061	-69.19
Other employee costs	275	-2.14	281	36.41	206	6,233	-95.59
Amortization and depreciation	25,088	-43.11	44,096	1974	2,126	20,819	20.21

Balance sheet

Annual accounts	30-06-2013	%	30-06-2012	%	30-06-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	3,418	-100
Tangible fixed assets	447,904	1.92	439,476	1442	28,484	177,580	152
Land & building	384,565	-7.27	414,721	1520	25,598	335,013	14.79
Plant & machinery	8,539	-25.04	11,392	-	-	20,175	-57.68
Furniture & Vehicles Leasing & Other Similar Rights	52,604	401	10,489	353	2,311	20,360 7,304 242,669 28,177	158
Other tangible assets	2,196	-23.59	2,874	399	575	6,907	-68.21
Financial fixed assets	609	-4.09	635	-55.19	1,417	428,314	-99
Total fixed assets	448,512	1.91	440,111	1371	29,901	421,380	6.44
Inventories	2,605,747	-20.17	3,264,006	-2.11	3,334,203	1,352,300	92.69
Raw materials & consumables	-	-	-	-	-	6,378,985	-
Work in progress	0	-	0	-	0	61	-100
Finished goods	2,605,747	-20.17	3,264,006	-2.11	3,334,203	682,303	281
Other stocks	0	-	0	-	0	309,469	-100
Trade debtors	6,072,986	35.96	4,466,889	-21.06	5,658,836	2,073,200	192
Cash	11,211	7.40	10,439	129	4,548	145,587	-92.30
other amounts receivable	3,570	-18.88	4,401	787	496	313,995	-98.86
Miscellaneous current assets	212	-	0	-	0	57,168	-99
Total current assets	8,693,726	12.24	7,745,735	-13.92	8,998,083	3,619,71 0	140
Total Assets	9,142,238	11.68	8,185,846	-9.33	9,027,984	3,977,930 299,984	129

CURRENT LIABILITIES
Trade creditors	3,311,710	84.48	1,795,192	-50.64	3,636,884	1,097,987	201
Short term group loans	-	-	-	-	-	-	-
Financial debts	2,311,901	-47.07	4,367,805	9.64	3,983,778	3,065,049 26,414	-24.57
Current portion of long term debt	35,443	18.83	29,827	-	-	119,536 16,846	-70.35
Amounts Payable for Taxes, Remuneration & Social Security	10,753	23.40	8,714	16.79	7,461	9,351 -	-87.82
Miscellaneous current liabilities	869,723	763	100,726	23.72	81,417	243	- -
Total current liabilities	6,539,530	3.76	6,302,264	-18.25	7,709,540	2,460,944	165
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	333,669	-0.37	334,905	-	-	-82.14	- -
Deffered taxes	-	-	-	-	-	33,024 15,032	-
Provisions for Liabilities & Charges	0	-0		-0		17,864 0	-100
Other long term liabilities	0	-0		-0		26,884	-100
Total long term debts	333,669	-0.37	334,905	-	0	705,746	-52.72
SHAREHOLDERS EQUITY
Issued share capital	2,012,480	53.74	1,309,006	14.80	1,140,251	493,087	308
Share premium account	-	-	-	-	-	338,411	-
Reserves	256,559	7.05	239,671	34.50	178,193	304,591	-15.77
Revaluation reserve	-	-	-	-	-	403,170	-
Total shareholders equity	2,269,039	46.51	1,548,677	17.46	1,318,444	811,240	179
Working capital	2,154,196	49.24	1,443,471	12.02	1,288,543	1,158,766	85.90
Cashflow	52,326	-33.93	79,202	161	30,315	91,104	-42.56
Net worth	2,269,039	46.51	1,548,677	17.46	1,318,444	807,823	180

Ratio analysis

Annual accounts	30-06-2013	change(%)	30-06-2012	change(%)	30-06-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.16	-23.81	0.21	10.53	0.19	-13,00	1.23
Return on capital employed	1.16	-41.41	1.98	-12.39	2.26	440,00	-99
Return on total assets employed	0.33	-28.26	0.46	39.39	0.33	1,00	-67.00
Return on net assets employed	1.33	-44.81	2.41	6.64	2.26	421,00	-99
Sales / net working capital	8.51	-32.57	12.62	3.78	12.16	-53,00	-99
Stock turnover ratio	14.21	-20.70	17.92	-15.79	21.28	53,00	-73.19
Debtor days	120.92	35.11	89.50	-32.11	131.84	337,18	-64.14
Creditor days	66.75	82.93	36.49	-57.55	85.97	274,88	-75.72
SHORT TERM STABILITY
Current ratio	1.33	8.13	1.23	5.13	1.17	15,00	-98.75
Liquidity ratio / acid ratio	0.93	30.99	0.71	-2.74	0.73	12,00	-92.25
Current debt ratio	2.88	-29.24	4.07	-30.43	5.85	106,00	-97.28
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	118.16	-61.33	305.59	1.14	302.16	76,00	55.47
Equity in percentage	24.82	31.18	18.92	29.59	14.60	-270,00	9.19
Total debt ratio	3.03	-29.37	4.29	-26.67	5.85	106,00	-97.14

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
industry average credit rating	61.07
Industry average credit limit	7967.53

Payment Information

Payment expectation days 66.75

Day sales outstanding 120.92

Industry comparison

Activity code 46761

Activity description Wholesaler of diamonds and other precious stones

Industry average payment

expectation days 274.88

Industry average day sales

Outstanding 337.18

Industry quartile analysis

Payment expectations

Company result 66.75

Lower 127.33

Median 63.15

Upper 19.75

Day sales outstanding

Company result 120.92

Lower 129.83

Median 56.14

Upper 23.16

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

Director details

Current director details

Name ROHITKUMAR VALLABHBHAI JIVANI

Position Principal Manager

Start Date 17/09/2008

Street 19 QUINTEN MATSIJSLEI ANTWERPEN

Post code 2018

Country Belgium

Name DIPAK BATUKBHAI JIVANI

Position Principal Manager

Start Date 22/08/2002

Street 19 QUINTEN MATSIJSLEI 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.62.27
UK Pound	1	Rs.96.21
Euro	1	Rs.70.60

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ANK

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 summary

Commentary

Account

Payment expectations

Company information

Social Balance Sheet Details

Personnel (NSSO classification)

Company accounts

Balance sheet

Ratio analysis

Industry comparison

Payment Information

Summary

Director details

Unit