MIRA INFORM REPORT

Report No. :	303996
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	SHAILEY GEMS BVBA

Registered Office :	Hoveniersstraat 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	06.10.2000

Com. Reg. No.:	473008523

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones

No. of Employee :	Not Available

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 :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 473008523

Company name SHAILEY GEMS BVBA

Address HOVENIERSSTRAAT 53

2018 ANTWERPEN

Number of staff 0

Date of establishment 06/10/2000

Telephone number 032335816

Fax number 032337159

Commentary

The business was established over 14 years ago.

No employees are recorded for this business.

The business has been at the address for over 12 years.

The business saw a decrease in their Cash Balance of 43% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

ACCOUNTS

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	6,856,690	13,277	66,369	-19,958
31/12/2012	7,404,463	-29,035	56,197	-33,112
31/12/2011	6,085,285	14,569	89,417	-3,582

ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	2,199,942	0	20,000	14,386
31/12/2012	2,170,007	0	20,000	-29,170
31/12/2011	1,913,396	0	20,000	16,559

Payment Expectations

Past payments		Payment expectation days	95.36
Industry average payment expectation days	124.07	Industry average day sales outstanding	140.43
Day sales outstanding	63.77

Court data summary

BANKRUPTCY DETAILS
Court action type PROTESTED BILLS	No
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	86,326	-3.34	89,308	-3.97	92,999	-2.98	95,858	-3.50	99,336
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	86,036	-3.35	89,018	-3.98	92,709	-2.99	95,568	-3.51	99,046
Land & building	84,579	-3.52	87,667	-3.40	90,754	-4.15	94,684	-3.99	98,615
Plant & machinery	-	-	-	-	-	-	-	-	-
Furniture & Vehicles	1,457	7.78	1,352	-30.87	1,955	121	884	105	431
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	290	0	290	0	290	0	290	0	290
Total current assets	2,113,615	1.58	2,080,699	14.30	1,820,397	1.24	1,798,172	69.13	1,063,172
Inventories	900,685	11.23	809,772	21.93	664,116	53.41	432,916	64.33	263,436
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	900,685	11.23	809,772	21.93	664,116	53.41	432,916	64.33	263,436
Trade debtors	1,197,947	-3.68	1,243,769	14.77	1,083,732	-4.74	1,137,633	45.18	783,609
Other amounts receivable	494	-76.56	2,106	80.72	1,165	-50.04	2,332	-3.95	2,428
Cash	13,626	-43.67	24,191	-65.70	70,521	-68.70	225,291	1639	12,948
Miscellaneous current assets	863	0	863	-0.06	863	-	0	-100	751
Total Assets	2,199,942	1.38	2,170,007	13.41	1,913,396	1.02	1,894,030	62.93	1,162,508
Liabilities
Total shareholders equity	66,369	18.10	56,197	-37.15	89,417	14.86	77,848	57.06	49,565
Issued share capital	20,000	0	20,000	0	20,000	0	20,000	0	20,000
Share premium account	-	-		-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	46,369	28.10	36,197	-47.86	69,417	20.00	57,848	95.66	29,565
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	2,133,573	0.93	2,113,811	15.89	1,823,979	0.43	1,816,182	63.19	1,112,943
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	300,000	0	300,000	0	300,000	0	300,000	0	300,000
Trade creditors	1,785,316	1.38	1,761,012	21.12	1,453,901	17.84	1,233,794	127	542,808
Amounts Payable for Taxes, Remuneration & Social Security	3,500	600	500	-90.83	5,450	122	2,450	880	250
Miscellaneous current liabilities	44,757	-14.42	52,299	-19.08	64,628	-76.91	279,938	3.72	269,885
Total current liabilities	2,133,573	0.93	2,113,811	15.89	1,823,979	0.43	1,816,182	63.19	1,112,943
Total Liabilities	2,199,942	1.38	2,170,007	13.41	1,913,396	1.02	1,894,030	62.93	1,162,508

Ratio Analysis
Trading performance
Profit Before Tax	0.19	48.72	-0.39	-262	0.24	-64.18	0.67	98.53	-0.68
Return on capital employed	20.00	38.71	-51.67	-417	16.29	-58.61	39.36	116	-33.78
Return on total assets employed	0.60	44.78	-1.34	-276	0.76	-53.09	1.62	112	-1.44
Return on net assets employed	20.00	38.71	-51.67	-417	16.29	-58.61	39.36	116	-33.78
Sales / net working capital	-343.56	-53.64	-223.62	13.16	-1,698.84	-573	-252.36	-409	-49.52
Stock turnover ratio	13.14	20.11	10.94	0.27	10.91	14.48	9.53	-10.85	10.69
Creditor days	95.36	10.08	86.63	-1.11	87.60	-12.43	100.03	25.10	79.96
Debtor days	63.77	4.01	61.31	-5.68	65.00	-28.85	91.36	-21.27	116.04
Short Term Stability
Current ratio	0.99	1.02	0.98	-2.00	1.00	1.01	0.99	3.12	0.96
Liquidity ratio / acid ratio	0.57	-5.00	0.60	-4.76	0.63	-16.00	0.75	4.17	0.72
Current debt ratio	32.15	-14.52	37.61	84.36	20.40	-12.56	23.33	3.92	22.45
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	14,386	49.32	-29,170	-276	16,559	-49.38	32,711	262	-12,475
Net worth	66,369	18.10	56,197	-37.15	89,417	14.86	77,848	57.06	49,565
Long Term Stability
Gearing	452.02	-15.33	533.84	59.11	335.51	-12.94	385.37	-36.33		605.27
Equity in percentage	3.02	16.60	2.59	-44.54	4.67	13.63	4.11	-3.52		4.26
Total debt ratio	32.15	-14.52	37.61	84.36	20.40	-12.56	23.33	3.92		22.45
Working capital	-19,958	60.27	-33,112	-824	-3,582	19.89	-18,010	36.19		-49,771

Profit & Loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	6,856,690	-7.40	7,404,463	21.68	6,085,285	33.89	4,544,974	84.40	2,464,732
Total operating expenses	6,833,152	-7.90	7,419,451	22.47	6,058,010	34.57	4,501,917	81.69	2,477,760
Gross Operating Margin	30,992	-19.30	38,403	8.12	35,520	-29.16	50,139	11.82	44,838
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	4,214	4.03	4,051	-18.82	4,990	12.70	4,428	4.18	4,250
Operating result	23,538	157	-14,987	-154	27,275	-36.65	43,057	330	-13,028
Total financial income	505	577	75	43.15	52	-57.94	124	1447	8
Total financial expenses	10,767	-23.76	14,123	10.70	12,758	1.72	12,541	236	3,724
Results on ordinary operations before taxation	13,277	45.73	-29,035	-299	14,569	-52.45	30,639	182	-16,745
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	13,277	45.73	-29,035	-299	14,569	-52.45	30,639	182	-16,745
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	3,105	-25.81	4,185	39.50	3,000	27.33	2,356	12400	-19
Results on ordinary operations after taxation	10,172	30.62	-33,220	-387	11,569	-59.10	28,283	169	-16,726
Profit (Loss) for the year to be appropriated	10,172	30.62	-33,220	-387	11,569	-59.10	28,283	169	-16,726
Dividends	-	-	-	-	-	-	-	-	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Payment expectations
Payment expectation days	95.36
Day sales outstanding	63.77
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	124.07
Industry average day sales outstanding	140.43

Industry quartile analysis
Payment expectations
Company result	95.36
Lower	121.21
Median	74.61
Upper	45.81

Day sales outstanding
Company result	63.77
Lower	101.92
Median	54.07
Upper	24.07

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

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

Name	DIVYESH MAFATLAL SHAH
Position	Principal Manager
Start Date	14/09/2010
Street	35 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Position	Non Statutory Partner
Start Date	06/10/2000
Street	35 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.61.76
UK Pound	1	Rs.94.02
Euro	1	Rs.72.63

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TPT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

Business number	473008523	Company name	SHAILEY GEMS BVBA
Fax number	032337159	Date founded	06/10/2000
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0473.008.523 Check VAT number
Belgian Bullettin of Acts	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Payment Expectations

Court data summary

Company information

Company accounts

Payment Information

Director Details

Unit