MIRA INFORM REPORT

Report No. :	345378
Report Date :	16.10.2015

IDENTIFICATION DETAILS

Name :	SUPERGEMS NV

Registered Office :	Schupstraat 18-Bus 20, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	17.01.1972

Com. Reg. No.:	411987308

Legal Form :	Public Limited Liability

Line of Business :	Subject is engaged in wholesale of diamonds and other precious stones.

No. of Employee :	10

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 the budget deficit was 3.2% of GDP. 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

SUPERGEMS NV

Company summary

Business number	411987308
Branche Unit Number	2007651758
Company name	SUPERGEMS NV
Address	SCHUPSTRAAT 18-BUS 20
	2018 ANTWERPEN
Number of staff	10
Date of establishment	17/01/1972
Telephone number	032336272
Fax number	032326907

Ultimate holding company

Company name

Company Number

Supergems NV

411987308

Commentary

The business was established over 43 years ago. The business has 5 employees.

The business is part of a group.

This business has a foreign parent business. The business has been at the address for over 4 years. Pre-tax profits decreased by 21% compared to the previous trading period. The business saw a decrease in their Cash Balance of 61% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	117,216,661	178,763	23,243,807	22,535,668
31/12/2012	111,903,298	227,408	24,102,393	23,350,815
31/12/2011	133,751,581	794,598	24,347,448	23,599,156
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	48,409,888	10	1,564,139	254,635
31/12/2012	45,672,060	9	1,634,893	296,429
31/12/2011	54,580,570	10	1,667,250	858,640

Payment expectations

Past payments		Payment expectation days	47.67
Industry average payment	125.71	Industry average day sales	182.11
expectation days		outstanding
Day sales outstanding	88.32

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)
Significant Events
Event Date	09/03/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 09-03-2012: Herbenoemd als bestuurder en gedelegeerd bestuurder tot na de
	jaarvergadering van 2017: Mehta Sachiv.

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	758,503	0.92	751,578	0.44	748,292	1.01	740,780	-2.86	762,612
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	657,648	1.78	646,161	8.84	593,705	-3.24	613,611	-0.05	613,891
Land & building	429,866	-10.98	482,895	-8.32	526,702	-3.03	543,169	1.60	534,594
Plant & machinery	151,786	-4.89	159,596	166	59,821	0.94	59,261	-5.49	62,702
Furniture & Vehicles	75,996	1970	3,670	-48.91	7,183	-35.76	11,181	-32.62	16,594
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	0	-1	-	0	-100	1
Financial fixed assets	100,855	-4.33	105,417	-31.81	154,587	21.56	127,169	-14.49	148,721
Total current assets	47,651,385	6.08	44,920,482	-16.55	53,832,278	16.78	46,095,657	42.15	32,426,363
Inventories	19,072,627	-6.71	20,444,615	-10.72	22,898,515	-9.96	25,432,811	15.44	22,030,275
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	19,072,627	-6.71	20,444,615	-10.72	22,898,515	-9.96	25,432,811	15.44	22,030,275
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	28,364,207	17.44	24,151,737	-21.32	30,694,860	52.73	20,097,977	94.68	10,323,724
Other amounts receivable	73,864	78.50	41,381	22.35	33,822	208	10,976	-39.85	18,249
Cash	93,906	-61.58	244,414	41.55	172,670	-67.19	526,270	2139	23,501
Miscellaneous current assets	46,780	22.03	38,335	18.28	32,411	17.33	27,623	-9.77	30,613
Total Assets	48,409,888	5.99	45,672,060	-16.32	54,580,570	16.53	46,836,437	41.12	33,188,975

Liabilities

Total shareholders equity	23,243,807	-3.56	24,102,393	-1.01	24,347,448	6.76	22,805,186	8.83	20,955,602
Issued share capital	1,564,139	-4.33	1,634,893	-1.94	1,667,250	3.27	1,614,400	7.81	1,497,483
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	21,679,668	-3.51	22,467,500	-0.94	22,680,198	7.03	21,190,786	8.90	19,458,119
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	25,166,081	16.67	21,569,667	-28.66	30,233,122	25.81	24,031,251	96.44	12,233,374
Other long term loans	50,364	-	-	-	-	-	-	-	27,393
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	0	-1
Total long term debts	50,364	-	0	-	0	-	0	-100	27,392
Current portion of long term debt	16,298	-	-	-	-	-	29,747	-25.00	39,665
Financial debts	9,854,685	22.84	8,022,576	-52.50	16,890,977	0.43	16,818,923	139	7,023,333
Trade creditors	15,184,151	12.51	13,495,809	2.24	13,200,053	87.37	7,044,745	40.19	5,025,213
Amounts Payable for Taxes,	41,819	-2.03	42,686	-20.48	53,682	18.75	45,207	1.66	44,468
Remuneration & Social Security
Miscellaneous current liabilities	18,764	118	8,596	-90.28	88,410	-4.55	92,629	26.37	73,302
Total current liabilities	25,115,717	16.44	21,569,667	-28.66	30,233,122	25.81	24,031,251	96.88	12,205,981
Total Liabilities	48,409,888	5.99	45,672,060	-16.32	54,580,570	16.53	46,836,437	41.12	33,188,975

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.15	-25.00	0.20	-66.10	0.59	90.32	0.31	93.75	0.16
Return on capital employed	0.77	-18.09	0.94	-71.17	3.26	207	1.06	307	0.26
Return on total assets employed	0.37	-26.00	0.50	-65.75	1.46	180	0.52	225	0.16
Return on net assets employed	0.77	-18.09	0.94	-71.17	3.26	207	1.06	307	0.26
Sales / net working capital	5.20	8.56	4.79	-15.52	5.67	61.08	3.52	104	1.72
Stock turnover ratio	16.27	-10.95	18.27	6.72	17.12	-47.71	32.74	-48.16	63.16
Creditor days	47.67	7.20	44.47	21.94	36.47	9.13	33.42	-37.23	53.24
Debtor days	88.32	12.11	78.78	-5.95	83.76	-11.30	94.43	-12.60	108.04
SHORT TERM STABILITY
Current ratio	1.90	-8.65	2.08	16.85	1.78	-7.29	1.92	-27.82	2.66
Liquidity ratio / acid ratio	1.14	0.88	1.13	10.78	1.02	18.60	0.86	1.18	0.85
Current debt ratio	1.08	21.35	0.89	-28.23	1.24	18.10	1.05	81.03	0.58
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	254,635	-14.10	296,429	-65.48	858,640	212	274,662	198	91,904
Net worth	23,243,807	-3.56	24,102,393	-1.01	24,347,448	6.76	22,805,186	8.83	20,955,602
LONG TERM STABILITY
Gearing	42.68	28.21	33.29	-52.01	69.37	-6.10	73.88	118	33.84
Equity in percentage	48.01	-9.02	52.77	18.29	44.61	-8.38	48.69	-22.89	63.14
Total debt ratio	1.08	21.35	0.89	-28.23	1.24	18.10	1.05	81.03	0.58
Working capital	22,535,668	-3.49	23,350,815	-1.05	23,599,156	6.96	22,064,406	9.12	20,220,382

Profit & loss
Operating Income	117,234,755	4.74	111,929,591	-16.34	133,788,015	72.17	77,706,820	122	34,899,971
Turnover	117,216,661	4.75	111,903,298	-16.33	133,751,581	72.17	77,685,892	122	34,878,101
Total operating expenses	116,251,752	4.96	110,758,760	-16.16	132,112,167	71.69	76,950,122	123	34,449,055
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	116,269,847	4.95	110,785,053	-16.17	132,148,600	71.69	76,971,050	123	34,470,924
Employee costs	348,759	-2.02	355,935	-15.12	419,331	7.03	391,800	-12.53	447,944
Wages and salary	264,883	-2.33	271,211	-12.92	311,458	9.28	285,001	-14.04	331,551
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	61,116	-2.91	62,946	-24.11	82,948	-0.89	83,694	-13.57	96,836
Other employee costs	22,760	4.51	21,777	-12.63	24,924	7.87	23,105	18.14	19,558
Director remuneration	102,840	-1.75	104,674	-	-	-	-	-	-
Amortization and depreciation	70,130	1.69	68,964	9.57	62,939	2.85	61,197	11.50	54,883
Operating result	964,909	-15.69	1,144,538	-30.19	1,639,414	122	735,770	71.49	429,046
Total financial income	71,300	-11.80	80,842	-12.54	92,432	2092	4,215	-41.99	7,266
Total financial expenses	857,446	-14.08	997,972	6.48	937,248	88.24	497,911	30.35	381,970
Results on ordinary operations	178,763	-21.39	227,408	-71.38	794,598	228	242,074	345	54,342
before taxation
Extraordinary Income	5,742	9800	58	-94.74	1,103	-23.98	1,451	-	-
Extraordinary Charges	-	-	-	-	-	-	30,059	-	-
Extraordinary items	5,742	9800	58	-94.74	1,103	3.86	-28,608	-	0
Results for the Year Before	184,505	-18.89	227,465	-71.41	795,701	272	213,465	292	54,342
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	17,321
Results on ordinary operations	178,763	-21.39	227,408	-71.38	794,598	228	242,074	553	37,021
after taxation
Net result	184,505	-18.89	227,465	-71.41	795,701	272	213,465	476	37,021
Profit (Loss) for the Year to be appropiated	184,505	-18.89	227,465	-71.41	795,701	272	213,465	476	37,021

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		9
Part-time Employees		2
Total Fte Employees		10

Number of hours worked
Full-time Employees		14,789
Part-time Employees		1,796
Total		16,585

Personnel Charges
Full-time Employees		299,299
Part-time Employees		49,461
Total		348,759
Benefits In Addition To Wages		-

During the previous reporting year
Average number employees in Fte		9
Actual working hours		15,262
Personnel Charges		340,531
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	9	2	10
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	4	-	4
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	5	2	6
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	8	1	9
Blue collar worker	1	1	2
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	-	-

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	47.67
Day sales outstanding	88.32

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	125.71
expectation days
Industry average day sales	182.11
outstanding

Industry quartile analysis
Payment expectations
Company result	47.67
Lower	118.32
Median	74.35
Upper	45.49

Day sales outstanding
Company result	88.32
Lower	101.92
Median	53.45
Upper	24.31

Shareholder Details

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure
Company name		Number

- SUPERGEMS NV		411987308
- - SUPERGEMS MANUFACTURING IN VEREFFENING N...		425768731

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	2
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	SACHIV MEHTA
Position	Managing Director
Start Date	26/02/2003
Street	10 PALMENLAAN ANTWERPEN
Post code	2020
Country	Belgium
Position	Director
Start Date	26/02/2003
Street	10 PALMENLAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	SUPERGEMS FAR EAST LIMITED BUITENL.VEN
Position	Director
Start Date	09/03/2012
Street
Post code
Country	Hong Kong
Name	ASHA SHAH
Position	Legal Representative
Start Date	09/03/2012

Street

Post code

Country

Current mandates in other companies

Name	Supergems Manufacturing In Vereffening NV
Business number	425768731
Position	Director
Start Date	24/06/2000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.52
UK Pound	1	Rs.100.41
Euro	1	Rs.74.50

INFORMATION DETAILS

Analysis Done by :	KAR

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 name

Company summary

Ultimate holding company

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit