MIRA INFORM REPORT

Report No. :	347515
Report Date :	29.10.2015

IDENTIFICATION DETAILS

Name :	S.V. GEMS NV

Registered Office :	Hoveniersstraat 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	03.06.1997

Com. Reg. No.:	460857886

Legal Form :	Public Limited Liability

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

No. of Employee :	3

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

S.V. GEMS NV

Company summary

Business number	460857886
Branche Unit Number	2082304641
Company name	S.V. GEMS NV
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	3
Date of establishment	03/06/1997
Telephone number	032320284
Fax number

Ultimate holding company
Company name	Company Number
S.V. Gems NV	460857886

Commentary

The business was established over 18 years ago. The business has 3 employees.

The business is part of a group.

This business has a foreign parent business. The business has been at the address for over 17 years. A 78% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 43% compared to the previous trading period. The business saw an increase in their Cash Balance of 76% during the latest trading period. Turnover in the latest trading period increased 42% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	160,953,943	207,933	1,470,844	24,696,193
31/12/2013	112,996,476	144,748	1,328,391	21,120,096
31/12/2012	120,254,555	188,582	1,223,357	20,215,726
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	67,685,970	3	640,000	203,824
31/12/2013	37,924,252	2	640,000	168,261
31/12/2012	45,265,994	3	640,000	181,087

Payment expectations

Past payments		Payment expectation days	63.37
Industry average payment	110.56	Industry average day sales	172.81
expectation days		outstanding
Day sales outstanding	123.62

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

15/01/2007

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
JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category
Significant Events
Event Date	24/06/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 24-06-2011: Herbenoemd als bestuurder en gedelegeerd bestuurder tot na de
	jaarvergadering van 2017: Shah Abhaykumar.

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	455,418	-2.79	468,477	-11.78	531,043	19.96	442,677	-11.69	501,263
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	405,998	-12.12	461,991	-11.93	524,557	21.12	433,091	-2.26	443,092
Land & building	330,469	-3.38	342,016	-3.27	353,564	-3.16	365,111	2.80	355,183
Plant & machinery	75,530	-36.82	119,538	-29.50	169,561	161	64,930	-22.00	83,241
Furniture & Vehicles	-	-	437	-69.48	1,432	-53.04	3,050	-34.66	4,668
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	49,419	661	6,486	0	6,486	-32.34	9,586	-83.52	58,172
Total current assets	67,230,552	79.49	37,455,775	-16.27	44,734,951	28.58	34,790,180	-4.12	36,284,054
Inventories	5,940,420	14.71	5,178,688	101	2,565,352	13.12	2,267,791	-77.42	10,044,145
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	5,940,420	14.71	5,178,688	101	2,565,352	13.12	2,267,791	-77.42	10,044,145
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	54,512,701	105	26,515,695	-32.43	39,243,905	46.88	26,717,914	19.36	22,383,391
Other amounts receivable	3,469,326	-1.23	3,512,440	93.64	1,813,917	-54.99	4,030,039	8.92	3,700,133
Cash	2,123,624	76.17	1,205,449	2048	56,116	-96.82	1,765,083	1087	148,621
Miscellaneous current assets	10,550	5.22	10,026	5.24	9,527	1.86	9,353	20.48	7,763
Total Assets	67,685,970	78.48	37,924,252	-16.22	45,265,994	28.48	35,232,857	-4.22	36,785,317

Liabilities
Total shareholders equity	1,470,844	10.72	1,328,391	8.59	1,223,357	12.20	1,090,336	25.17	871,078
Issued share capital	640,000	0	640,000	0	640,000	0	640,000	0	640,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	830,844	20.69	688,391	18.01	583,357	29.54	450,336	94.89	231,078
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	66,215,125	80.94	36,595,862	-16.91	44,042,637	29.00	34,142,521	-4.93	35,914,239
Other long term loans	21,827,541	17.17	18,628,684	35848	51,820	-53.54	111,540	-33.87	168,664
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	1,853,225	13.59	1,631,499	-91.62	19,471,592	-9.83	21,594,264	24.10	17,400,090
Total long term debts	23,680,766	16.88	20,260,183	3.77	19,523,412	-10.05	21,705,804	23.55	17,568,753
Current portion of long term debt	-	-	51,748	-13.35	59,720	4.55	57,123	4.47	54,677
Financial debts	14,594,330	31.91	11,063,719	-47.51	21,077,202	111	9,973,687	-21.73	12,742,623
Trade creditors	27,780,836	517	4,501,834	72.93	2,603,340	113	1,220,506	-72.49	4,436,859
Amounts Payable for Taxes,	129,774	9.90	118,079	-8.41	128,918	158	49,898	257	13,969
Remuneration & Social Security
Miscellaneous current liabilities	29,419	-95.10	600,299	-7.65	650,046	-42.75	1,135,503	3.48	1,097,359
Total current liabilities	42,534,359	160	16,335,679	-33.38	24,519,225	97.15	12,436,716	-32.21	18,345,486
Total Liabilities	67,685,970	78.48	37,924,252	-16.22	45,265,994	28.48	35,232,857	-4.22	36,785,317

ratio analysis

TRADING PERFORMANCE
Profit Before Tax	0.13	0	0.13	-18.75	0.16	-15.79	0.19	5.56	0.18
Return on capital employed	0.83	23.88	0.67	-26.37	0.91	-17.27	1.10	20.88	0.91
Return on total assets employed	0.31	-18.42	0.38	-9.52	0.42	-40.85	0.71	54.35	0.46
Return on net assets employed	14.14	29.72	10.90	-29.31	15.42	-33.04	23.03	19.39	19.29
Sales / net working capital	6.52	21.87	5.35	-10.08	5.95	0.17	5.94	11.65	5.32
Stock turnover ratio	3.69	-19.43	4.58	115	2.13	24.56	1.71	-83.76	10.53
Creditor days	63.37	332	14.65	84.28	7.95	135	3.37	-80.29	17.10
Debtor days	123.62	44.33	85.65	-28.09	119.11	62.08	73.49	-14.16	85.61
SHORT TERM STABILITY
Current ratio	1.58	-31.00	2.29	25.82	1.82	-35.00	2.80	41.41	1.98
Liquidity ratio / acid ratio	1.44	-27.27	1.98	15.12	1.72	-34.35	2.62	83.22	1.43
Current debt ratio	28.92	135	12.30	-38.62	20.04	75.64	11.41	-45.82	21.06
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	203,824	21.14	168,261	-7.08	181,087	-29.05	255,219	22.63	208,120
Net worth	1,470,844	10.72	1,328,391	8.59	1,223,357	12.20	1,090,336	25.17	871,078
LONG TERM STABILITY
Gearing	2,476.26	10.59	2,239.11	29.28	1,732.02	86.20	930.20	-37.51	1,488.50
Equity in percentage	2.17	-38.00	3.50	29.63	2.70	-12.62	3.09	30.38	2.37
Total debt ratio	45.02	63.41	27.55	-23.47	36.00	14.98	31.31	-24.06	41.23
Working capital	24,696,193	16.93	21,120,096	4.47	20,215,726	-9.56	22,353,463	24.61	17,938,568

Profit & loss
Operating Income	160,956,452	42.44	112,998,935	-6.04	120,257,974	-9.38	132,703,850	39.06	95,431,410
Turnover	160,953,943	42.44	112,996,476	-6.04	120,254,555	-9.38	132,697,397	39.05	95,430,527
Total operating expenses	160,018,048	42.71	112,125,342	-6.24	119,592,693	-9.48	132,113,505	39.46	94,732,095
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	160,020,557	42.71	112,127,801	-6.24	119,596,113	-9.48	132,119,959	39.47	94,732,977
Employee costs	124,519	8.56	114,700	27.43	90,007	52.84	58,890	-45.32	107,690
Wages and salary	97,449	9.22	89,221	26.59	70,483	55.36	45,368	-45.37	83,043
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	19,785	2.85	19,237	29.17	14,892	70.90	8,714	-55.04	19,384
Other employee costs	7,285	16.71	6,242	34.78	4,631	-3.67	4,808	-8.65	5,263
Director remuneration	-	-	-	-	80,530	51.83	53,040	70.48	31,112
Amortization and	61,370	-2.94	63,227	31.54	48,067	33.66	35,961	-0.52	36,150
depreciation
Operating result	935,895	7.43	871,134	31.62	661,861	13.35	583,892	-16.40	698,432
Total financial income	57,082	-10.14	63,526	-55.86	143,927	-34.08	218,330	1519	13,479
Total financial expenses	785,044	-0.62	789,912	27.98	617,206	12.00	551,098	1.32	543,904
Results on ordinary	207,933	43.65	144,748	-23.24	188,582	-24.90	251,124	49.47	168,007
operations before taxation
Extraordinary Income	186	-97.08	6,372	104	3,109	-43.83	5,534	39.65	3,963
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	186	-97.08	6,372	104	3,109	-43.83	5,534	39.65	3,963
Results for the Year Before	208,119	37.72	151,121	-21.16	191,691	-25.31	256,659	49.25	171,970
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	65,665	42.48	46,087	-21.45	58,670	56.87	37,400	-	-
Results on ordinary	142,267	44.20	98,661	-24.06	129,912	-39.22	213,724	27.21	168,007
operations after taxation
Net result	142,453	35.63	105,034	-21.04	133,021	-39.33	219,259	27.50	171,970
Profit (Loss) for the Year to be appropiated	142,453	35.63	105,034	-21.04	133,021	-39.33	219,259	27.50	171,970
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
Full-time Employees		3
Part-time Employees		1
Total Fte Employees		4
Number of hours worked
Full-time Employees		4,841
Part-time Employees		1,208
Total		6,049
Personnel Charges
Full-time Employees		98,883
Part-time Employees		25,636
Total		124,519
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		3
Actual working hours		5,175
Personnel Charges		114,700
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	2	1	3
Contracts
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution
Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	2	-	2
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non	-	1	1
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	3	1	4
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	-	-

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

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	63.37
Day sales outstanding	123.62
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	110.56
Industry average day sales outstanding	172.81

Industry quartile analysis Payment expectations

Company result	63.37
Lower	120.44
Median	75.16
Upper	45.49

Day sales outstanding
Company result	123.62
Lower	105.52
Median	54.63
Upper	24.84

Shareholder Details
Summary
Group - Number of Companies	3
Linkages - Number of Companies	0
Number of Countries	0

Group Structure
Company name	Number	Latest
		financials
- S.V. GEMS NV	460857886	31-12-2014
- - IMPERIAL JEWELS BVBA	874131435	31-12-2014
- - S. VINODKUMAR (EUROPE) SALES BVBA	899851479	31-12-2014

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	3
Linkages - Number of Companies	0
Number of Countries	0

Summons
Legal event type	Social Security Summons
Event date	15/01/2007
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	10/04/2000
Court type		Court name
Creditor's name		3rd party type

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

Position	Chairman of the Board
Start Date	21/09/2005
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	ABHAYKUMAR SUMATILAL SHAH
Position	Managing Director
Start Date	03/08/2010
End Date	24/06/2017
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Position	Director
Start Date	21/09/2005
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	S. VINODKUMAR INTERNATIONAL PTE. LTD.
Position	Director
Start Date	03/08/2010
End Date	24/06/2017
Street	25 RAFFUES PLACE
Post code	048624
Country	Singapore
Name	S. VINODKUMAR INTERNATIONAL PTE.LIMITED SOC. ETRANGERE
Position	Director
Start Date	02/08/2011
Street
Post code
Country	Singapore
Name	ABHAYKUMAR SHAH
Position	Managing Director
Start Date	21/09/2005
Street
Post code
Country
Position	Director
Start Date	21/09/2005
Street
Post code
Country
Name	AMISHKUMAR SHAH
Position	Legal Representative
Start Date	21/09/2005
Street
Post code Country

Former director details

Name	ABHAYKUMAR SUMATILAL SHAH
Position	Principal Manager
Start Date	03/06/1997
End Date	21/09/2005
Date of birth	04/07/1973
Street	4 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	NITIN KUMAR MAFATLAL SHAH
Position	Principal Manager
Start Date	03/06/1997
End Date	01/07/2002
Street	36 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Position	Director
Start Date	24/06/2011
End Date	30/09/2012
Street	36 EEKHOORNLAAN ANTWERPEN
Post code	2610
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.65.04
UK Pound	1	Rs.99.58
Euro	1	Rs.71.75

INFORMATION DETAILS

Analysis Done by :	KIN

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%)

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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.