MIRA INFORM REPORT

Report No. :	309921
Report Date :	27.02.2015

IDENTIFICATION DETAILS

Name :	MIKISA GEMS BVBA

Registered Office :	Hoveniersstraat 30-Bus 190, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	20.09.2000

Com. Reg. No.:	472800368

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of Diamonds and Other Precious Stones.

No. of Employees :	Not Available

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	472800368
Company name	MIKISA GEMS BVBA
Address	HOVENIERSSTRAAT 30-BUS 190
	2018 ANTWERPEN
Number of staff	0
Date of establishment	20/09/2000
Telephone number	032260957
Fax number	032270156

Commentary

The business was established over 14 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 decreased 31% on the previous trading period.

Pre-tax profits decreased by 76% compared to the previous trading period.

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

Turnover in the latest trading period decreased 42% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	18,736,240	43,468	669,212	1,309,135
31/12/2012	32,527,058	187,708	631,527	1,090,321
31/12/2011	30,289,477	320,962	505,228	488,644
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	5,406,914	0	219,000	75,012
31/12/2012	6,200,711	1	219,000	158,728
31/12/2011	7,408,577	0	219,000	220,203

Payment expectations

Past payments

Payment expectation days

51.55

Industry average payment

expectation days

126.94

Industry average day sales

outstanding

186.05

Day sales outstanding

46.53

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	281,564	-6.64	301,591	7.85	279,636	701	34,878	913	3,440
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	281,117	-6.65	301,145	7.86	279,189	700	34,878	913	3,440
Land & building	212,159	-7.17	228,534	-6.96	245,627	-	-	-	-
Plant & machinery	49,807	10.93	44,899	1337	3,122	219	977	15.02	849
Furniture & Vehicles	19,151	-30.89	27,712	-8.96	30,440	-10.21	33,902	1208	2,591
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	447	0	447	0	447	-	-	-	-
Total current assets	5,125,351	-13.12	5,899,120	-17.25	7,128,941	127	3,129,480	4.20	3,003,226
Inventories	2,696,524	38.88	1,941,687	-12.93	2,229,993	70.32	1,309,300	-39.01	2,146,760
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	2,696,524	38.88	1,941,687	-12.93	2,229,993	-	0	-	0
Other stocks	0	-	0	-	0	-100	1,309,300	-39.01	2,146,760
Trade debtors	2,388,356	-26.52	3,250,407	-4.44	3,401,364	163	1,288,458	70.28	756,676
Other amounts receivable	21,763	-53.42	46,717	48.41	31,479	-81.11	166,639	78.07	93,579
Cash	11,411	-98.25	653,917	-55.23	1,460,652	304	361,275	9760	3,664
Miscellaneous current assets	7,296	14.15	6,392	17.22	5,453	43.18	3,809	49.53	2,547
Total Assets	5,406,914	-12.80	6,200,711	-16.30	7,408,577	134	3,164,358	5.24	3,006,666

Liabilities

Total shareholders equity	669,212	5.97	631,527	25.00	505,228	72.01	293,723	13.64	258,473
Issued share capital	219,000	0	219,000	0	219,000	0	219,000	0	219,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	450,212	9.14	412,527	44.13	286,228	283	74,723	89.30	39,473
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	4,737,703	-14.93	5,569,185	-19.33	6,903,349	140	2,870,635	4.46	2,748,193
Other long term loans	921,487	21.19	760,386	189	263,052	995	24,018	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	921,487	21.19	760,386	189	263,052	995	24,018	-	0
Current portion of long term debt	33,465	0.77	33,210	0.74	32,966	495	5,531	-	-
Financial debts	1,026,546	-37.45	1,641,185	428	310,576	93.35	160,627	-74.85	638,563
Trade creditors	2,616,158	-3.09	2,699,679	-49.10	5,303,680	209	1,714,976	61.23	1,063,670
Amounts Payable for Taxes,	23,040	-73.03	85,443	-26.95	116,963	1526	7,190	241	2,104
Remuneration & Social Security
Miscellaneous current liabilities	117,006	-66.50	349,280	-60.13	876,112	-8.58	958,293	-8.20	1,043,856
Total current liabilities	3,816,216	-20.64	4,808,799	-27.58	6,640,297	133	2,846,617	3.58	2,748,193
Total Liabilities	5,406,914	-12.80	6,200,711	-16.30	7,408,577	134	3,164,358	5.24	3,006,666

Ratio Analysis

TRADING PERFORMANCE
Profit Before Tax	0.23	-60.34	0.58	-45.28	1.06	-	-	-	-
Return on capital employed	2.73	-79.76	13.49	-67.71	41.78	276	11.09	516	1.80
Return on total assets employed	0.80	-73.60	3.03	-30.02	4.33	290	1.11	640	0.15
Return on net assets employed	6.50	-78.13	29.72	-53.22	63.53	429	11.99	566	1.80
Sales / net working capital	14.31	-52.03	29.83	-51.88	61.99	-	-	-	-
Stock turnover ratio	14.39	141	5.97	-18.89	7.36	-	-	-	-
Creditor days	51.55	68.52	30.59	-52.73	64.72	-	-	-	-
Debtor days	46.53	27.58	36.47	-11.03	40.99	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.34	8.94	1.23	14.95	1.07	-2.73	1.10	0.92	1.09
Liquidity ratio / acid ratio	0.64	-21.95	0.82	10.81	0.74	15.62	0.64	106	0.31
Current debt ratio	5.70	-25.10	7.61	-42.09	13.14	35.60	9.69	-8.84	10.63
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	75,012	-52.74	158,728	-27.92	220,203	455	39,617	291	10,112
Net worth	669,212	5.97	631,527	25.00	505,228	72.01	293,723	13.64	258,473
LONG TERM STABILITY
Gearing	296.09	-23.20	385.54	221	120.06	85.42	64.75	-73.79	247.05
Equity in percentage	12.38	21.61	10.18	49.27	6.82	-26.51	9.28	7.91	8.60
Total debt ratio	7.08	-19.73	8.82	-35.43	13.66	39.82	9.77	-8.09	10.63
Working capital	1,309,135	20.07	1,090,321	123	488,644	72.75	282,863	10.91	255,033

PROFIT AND LOSS

Operating Income	18,737,726	-42.40	32,529,153	7.39	30,291,964	-	-	-	-
Turnover	18,736,240	-42.40	32,527,058	7.39	30,289,477	-	-	-	-
Total operating expenses	18,522,358	-42.50	32,214,256	7.71	29,909,587	-	-	-	-
Gross Operating Margin	-	-	-	-	-	-	72,551	124	32,248
Operating Charges	18,523,844	-42.50	32,216,351	7.70	29,912,074	-	-	-	-
Employee costs	27,436	-11.63	31,045	7285	420	-	-	-	-
Wages and salary	21,588	-17.90	26,293	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	3,440	72.02	2,000	-	-	-	-	-	-
Other employee costs	2,407	-12.53	2,752	554	420	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	37,328	15.10	32,429	272	8,698	99	4,368	-25.05	5,827
Operating result	213,882	-31.62	312,803	-17.66	379,889	471	66,504	167	24,849
Total financial income	1,417	535	223	-50.79	453	1382	31	-21.62	39
Total financial expenses	171,831	37.12	125,318	111	59,381	89.66	31,310	54.74	20,234
Results on ordinary operations before Taxation	43,468	-76.84	187,708	-41.52	320,962	811	35,225	656	4,654
Extraordinary Income	4,369	-	-	-	-	-	6,612	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	4,369	-	0	-	0	-100	6,612	-	0
Results for the Year Before Taxation	47,837	-74.52	187,708	-41.52	320,962	667	41,836	798	4,654
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	10,152	-83.47	61,409	-43.90	109,457	1561	6,586	1684	369
Results on ordinary operations after taxation	33,316	-73.62	126,299	-40.29	211,505	638	28,638	568	4,285
Net result	37,685	-70.16	126,299	-40.29	211,505	500	35,250	722	4,285
Profit (Loss) for the Year to be appropiated	37,685	-70.16	126,299	-40.29	211,505	500	35,250	722	4,285
Dividends	-	-	-	-	-	-	-	-	-

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		1,155
Part-time Employees		-
Total		1,155

Personnel Charges
Full-time Employees		32,132
Part-time Employees		-
Total		32,132
Benefits In Addition To Wages		-

During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,618
Personnel Charges		31,045
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	-	-	-

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	1	-	1
Leavers	2	-	2

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

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	51.55
Day sales outstanding	46.53

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.94
Industry average day sales outstanding	186.05

Industry quartile analysis

Payment expectations
Company result	51.55
Lower	120.44
Median	74.63
Upper	45.88

Day sales outstanding
Company result	46.53
Lower	102.27
Median	54.07
Upper	24.07

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	BIPINKUMAR DJANJIBHAI SASPARA
Position	Principal Manager
Start Date	02/08/2011
Street	9 EYSEGEMBLOK EDEGEM
Post code	2650
Country	Belgium

Name	SHILPABEN BIPINKUMAR SASPARA
Position	Principal Manager
Start Date	02/08/2011
Street	9 EYSEGEMBLOK EDEGEM
Post code	2650
Country	Belgium

Name	DHANJIBHAI SASPARA BIPINKUMAR
Position	Principal Manager
Start Date	05/09/2000
Street	-
Post code	-
Country	-

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.62.05
UK Pound	1	Rs.96.03
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	SUB

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

JIC Code	324
Description category	Joint committee for the industry and the trade in diamant

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment expectations

Court data Summary

Company information

CompANY Accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholder Details

Linked Companies

Director details

Unit