MIRA INFORM REPORT

Report No. :	320203
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	YASH GEMS BVBA

Registered Office :	Yash Gems Bvba, Hoveniersstraat 2-Bus 448, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	27.05.2003

Com. Reg. No.:	480721904

Legal Form :	Private Limited Company

LINE OF BUSINESS :	SUBJECT IS ENGAGED IN WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employee :	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 :	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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name

YASH GEMS BVBA

Company summary

Business number	480721904
Branche Unit Number	2132411871
Company name	YASH GEMS BVBA
Address	HOVENIERSSTRAAT 2-BUS 448
	2018 ANTWERPEN
Number of staff	1
Date of establishment	27/05/2003
Telephone number	032321733
Fax number	022321744

Commentary

The business was established over 11 years ago. The business has 1 employees.

The business has been at the address for over 11 years. Operating Result in the latest trading period increased 59% on the previous trading period. Pre-tax profits increased by 272% compared to the previous trading period. The business saw a decrease in their Cash Balance of 79% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	32,797,639	192,814	1,483,376	1,878,430
31/12/2012	30,047,356	51,831	1,376,857	1,778,385
31/12/2011	34,691,347	161,908	1,346,489	1,748,928
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	8,092,590	1	1,025,100	116,817
31/12/2012	9,651,654	0	1,025,100	45,812
31/12/2011	8,560,623	0	1,025,100	126,326

Payment expectations

Past payments		Payment expectation days	24.84
Industry average payment	126.70	Industry average day sales	185.83
expectation days		outstanding
Day sales outstanding	55.69

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category

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	196,320	-3.72	203,898		-5.75	216,347	-5.02		227,773		-5.79	241,767
Intangible fixed assets	0	-	0	-		0	-		0	-		0
Tangible fixed assets	196,320	-3.72	203,898		-5.75	216,347	-5.02		227,773		-5.79	241,767
Land & building	189,025	-3.78	196,449		-3.64	203,872	-3.51		211,296		-3.39	218,720
Plant & machinery	7,258	1.64	7,141		13.54	6,289		48.30	4,241		-10.88	4,759
Furniture & Vehicles	36	-88.15	308		-95.02	6,185		-49.45	12,236		-33.09	18,288
Leasing & Other Similar Rights	-	-	-	-		-	-		-	-		-
Other tangible assets	0	-	0	-		0	-		0	-		0
Financial fixed assets	-	-	-	-		-	-		-	-		-
Total current assets	7,896,271	-16.42	9,447,756		13.22	8,344,275		56.57	5,329,550		-1.84	5,429,435
Inventories	2,762,402	-12.76	3,166,451		28.98	2,455,053		90.94	1,285,746		-12.78	1,474,138
Raw materials & consumables	-	-	-	-		-	-		-	-		-
Work in progress	0	-	0	-		0	-		0	-		0
Finished goods	2,762,402	-12.76	3,166,451		28.98	2,455,053		90.94	1,285,746		-12.78	1,474,138
Other stocks	0	-	0	-		0	-		0	-		0
Trade debtors	5,004,148	-12.97	5,749,792	0.61		5,714,825		45.95	3,915,680		0.34	3,902,336
Other amounts receivable	16,507	-7.56	17,858		19.92	14,891		-39.23	24,503		625	3,376
Cash	102,053	-80.00	510,153	224		157,117		63.62	96,027		128	42,026
Miscellaneous current assets	11,161	218	3,502		46.55	2,389		-68.54	7,594		0.46	7,559
Total Assets	8,092,590	-16.15	9,651,654		12.74	8,560,623		54.04	5,557,323		-2.01	5,671,202

Liabilities
Total shareholders equity	1,483,376	7.74	1,376,857	2.26	1,346,489	8.98	1,235,488	6.85	1,156,237
Issued share capital	1,025,100	0	1,025,100	0	1,025,100	0	1,025,100	0	1,025,100
Share premium account	4,900	0	4,900	0	4,900	0	4,900	0	4,900
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	453,376	30.71	346,857	9.60	316,489	54.02	205,488	62.78	126,237
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	6,609,214	-20.13	8,274,796	14.70	7,214,133	66.92	4,321,835	-4.28	4,514,965
Other long term loans	591,373	-2.32	605,426	-2.16	618,786	-2.01	631,468	-2.17	645,494
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	591,373	-2.32	605,426	-2.16	618,786	-2.01	631,468	-2.17	645,494
Current portion of long term debt	14,053	5.19	13,360	5.34	12,683	5.03	12,075	26.72	9,529
Financial debts	3,481,586	-26.03	4,706,524	44.16	3,264,821	46.23	2,232,696	3.29	2,161,534
Trade creditors	2,195,921	-16.19	2,620,258	-20.10	3,279,494	144	1,339,063	-12.50	1,530,386
Amounts Payable for Taxes,	18,389	110	8,717	-75.78	35,993	104	17,589	55.22	11,332
Remuneration & Social Security
Miscellaneous current liabilities	307,892	-3.94	320,512	13498	2,357	-97.35	88,944	-43.24	156,690
Total current liabilities	6,017,841	-21.53	7,669,370	16.28	6,595,348	78.72	3,690,367	-4.63	3,869,471
Total Liabilities	8,092,590	-16.15	9,651,654	12.74	8,560,623	54.04	5,557,323	-2.01	5,671,202

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.59	247	0.17	-63.83	0.47	2.17	0.46	-11.54	0.52
Return on capital employed	9.29	255	2.61	-68.33	8.24	47.14	5.60	23.62	4.53
Return on total assets employed	2.38	340	0.54	-71.43	1.89	0.53	1.88	30.56	1.44
Return on net assets employed	13.00	245	3.76	-68.72	12.02	42.08	8.46	19.83	7.06
Sales / net working capital	17.46	3.31	16.90	-14.82	19.84	43.25	13.85	36.99	10.11
Stock turnover ratio	8.42	-20.11	10.54	48.87	7.08	25.09	5.66	-39.40	9.34
Creditor days	24.84	-22.81	32.18	-7.85	34.92	60.11	21.81	-39.37	35.97
Debtor days	55.69	-20.27	69.85	16.16	60.13	-4.46	62.94	-30.29	90.29
SHORT TERM STABILITY
Current ratio	1.31	6.50	1.23	-3.15	1.27	-11.81	1.44	2.86	1.40
Liquidity ratio / acid ratio	0.85	3.66	0.82	-7.87	0.89	-19.09	1.10	7.84	1.02
Current debt ratio	4.06	-27.11	5.57	13.67	4.90	63.88	2.99	-10.75	3.35
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	116,817	154	45,812	-63.74	126,326	32.65	95,232	26.90	75,043
Net worth	1,483,376	7.74	1,376,857	2.26	1,346,489	8.98	1,235,488	6.85	1,156,237
LONG TERM STABILITY
Gearing	275.52	-28.76	386.77	33.66	289.37	24.30	232.80	-4.43	243.60
Equity in percentage	18.33	28.45	14.27	-9.28	15.73	-29.24	22.23	9.02	20.39
Total debt ratio	4.46	-25.79	6.01	12.13	5.36	53.14	3.50	-10.26	3.90
Working capital	1,878,430	5.63	1,778,385	1.68	1,748,928	6.70	1,639,183	5.08	1,559,964

Profit & loss
Operating Income	32,797,639	9.15	30,047,492	-13.41	34,699,451	52.80	22,709,444	43.96	15,774,930
Turnover	32,797,639	9.15	30,047,356	-13.39	34,691,347	52.76	22,709,165	43.96	15,774,930
Total operating expenses	32,269,296	8.59	29,715,852	-13.31	34,280,116	52.94	22,414,399	44.32	15,531,064
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	32,269,296	8.59	29,715,988	-13.33	34,288,220	52.97	22,414,678	44.32	15,531,064
Employee costs	42,102	234	12,573	-68.74	40,214	16.69	34,461	3.85	33,183
Wages and salary	31,891	139	13,328	-56.87	30,900	11.77	27,647	3.29	26,767
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	6,986	168	2,603	-61.32	6,732	12.06	6,007	-2.36	6,152
Other employee costs	3,225	96.03	-3,359	-230	2,582	219	807	205	264
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	10,298	-33.32	15,444	0.77	15,325	-4.11	15,981	0.90	15,838
Operating result	528,343	59.38	331,503	-19.39	411,230	39.51	294,766	20.87	243,866
Total financial income	626	-61.90	1,642	4.61	1,570	-67.94	4,897	-76.64	20,962
Total financial expenses	336,154	19.49	281,314	12.13	250,892	28.54	195,185	6.55	183,188
Results on ordinary operations	192,814	272	51,831	-67.99	161,908	54.97	104,478	27.97	81,640
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	49,269	-	-	-	-	-	-	-	-
Extraordinary items	-49,269	-	0	-	0	-	0	-	0
Results for the Year Before	143,545	176	51,831	-67.99	161,908	54.97	104,478	27.97	81,640
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	37,026	72.51	21,463	-57.84	50,907	101	25,227	12.44	22,435
Results on ordinary operations	155,788	413	30,368	-72.64	111,001	40.06	79,251	33.86	59,205
after taxation
Net result	106,519	250	30,368	-72.64	111,001	40.06	79,251	33.86	59,205
Profit (Loss) for the Year to be appropiated	106,519	250	30,368	-72.64	111,001	40.06	79,251	33.86	59,205
Dividends

Social Balance Sheet Details

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

Number of hours worked
Full-time Employees		1,429
Part-time Employees		475
Total		1,904

Personnel Charges
Full-time Employees		31,598
Part-time Employees		10,505
Total		42,102
Benefits In Addition To Wages		1

During the previous reporting year
Average number employees in Fte		1
Actual working hours		878
Personnel Charges		12,573
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	1	2
Contracts
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	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	1	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	1	2
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	-	1	1
Leavers	-	-	-

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	24.84
Day sales outstanding	55.69
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	126.70
expectation days
Industry average day sales outstanding	185.83

Industry quartile analysis Payment expectations

Company result	24.84
Lower	120.34
Median	74.61
Upper	45.69

Day sales outstanding
Company result	55.69
Lower	101.92
Median	54.08
Upper	24.12

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Sohil	Middle name	-
Surname	Jhaveri
SHAREHOLDER DETAILS
Start date	31/12/2008	End date	-
Percentage owned	13.07%
SHAREHOLDER ADDRESS
Street name	Belgiëlei	House number	119
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium
SHAREHOLDER NAME
Forename	Samir	Middle name	-
Surname	Shah
SHAREHOLDER DETAILS
Start date	31/12/2008	End date	-
Percentage owned	34.64%
SHAREHOLDER ADDRESS
Street name	Belgiëlei	House number	50
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium
SHAREHOLDER NAME
Forename	Ashit	Middle name	-
Surname	Sanghvi
SHAREHOLDER DETAILS
Start date	31/12/2008	End date	-
Percentage owned	52.28%
SHAREHOLDER ADDRESS
Street name	Bajaj Road	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

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	SAMIR YOGENDRAKUMAR SHAH
Position	Principal Manager
Start Date	09/09/2010
Street	50 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Former director details
Name	VANESSA DE BRUYCKER
Position	Principal Manager
Start Date	16/01/2004
End Date	Unknown date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ASH

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 name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Industry quartile analysis Payment expectations

Shareholder Details

Group Structure

Minority Shareholders

Minority Interests

Individual Shareholders

Companies that match this address

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit