MIRA INFORM REPORT

Report Date :

21.07.2012

IDENTIFICATION DETAILS

Name :	INTERJEWEL EUROPE NV
Registered Office :	Hoveniersstraat 2 Bus 212 Antwerpen 2018
Country :	Belgium
Financials (as on) :	312011
Date of Incorporation :	21.12.2004
Com. Reg. No.:	870716738
Legal Form :	Public Limited Liability Company (BE)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

Ba

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^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address Top of Form

Business number	870716738	Company name	INTERJEWEL EUROPE NV
		Telephone number	032329827
Address	HOVENIERSSTRAAT 2 BUS 212 ANTWERPEN	Fax number	032311634
Post code	2018	Number of staff	1
Date of establishment	21/12/2004

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	55,514,234	172,195	3,438,743
31/12/2010	46,488,599	108,315	3,269,696
31/12/2009	18,888,041	164,802	3,161,275

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	22,783,681	200	2,901,118	503,126	1
31/12/2010	16,706,511	200	2,901,118	29,990	0
31/12/2009	11,745,801	200	2,901,118	121,147	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	7.69
Industry average payment expectation days	201.79	Industry average day sales outstanding	139.81
Day sales outstanding	122.08

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	870716738	Company name	INTERJEWEL EUROPE NV
Fax number	032311634	Date founded	21/12/2004
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0870.716.738
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade
category

Significant Events

Event Date	22/12/2011
Event Description
Event Details	De 2627 aandelen aan toonder worden omgezet in aandelen op naam. De aandelen een toonder worden vernietigd.

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	55,514,234	19.41	46,488,599	146	18,888,041	53,274,737	4.20
Total operating expenses	54,813,263	19.07	46,035,052	147	18,607,628	52,691,385	4.03
Operating result	700,971	54.55	453,547	61.74	280,414	280,925	149
Total financial income	1,138	2820	39	55557	0	136,662	-99
Total financial expenses	529,914	53.48	345,271	198	115,611	298,739	77.38
Results on ordinary operations before taxation	172,195	58.98	108,315	-34.28	164,802	102,416	68.13
Taxation	1,613	1516	-106	-101	6,509	48,638	-96.68
Results on ordinary operations after taxation	170,582	57.33	108,421	-31.51	158,294	73,076	133
Extraordinary items	0	-	0	-	0	17,759	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	170,582	57.33	108,421	-31.51	158,294	90,897	87.66
other information
Dividends	-	-	-	-	-	187,343	-
Director remuneration	-	-	-	-	-	143,733	-
Employee costs	15,866	-	-	-	7,673	205,132	-92.27
Wages and salary	12,055	-	-	-	5,148	168,478	-92.85
Employee pension costs	-	-	-	-	-	988	-
Social security contributions	2,974	-	-	-	1,667	42,842	-93.06
Other employee costs	837	-	0	-100	857	5,561	-84.95
Amortization and depreciation	29,873	9.20	27,356	143	11,234	29,168	2.42

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	1,535	-	0	-	0	5,044	-69.57
Tangible fixed assets	430,262	-4.29	449,570	62.23	277,121	278,537	54.47
Land & building	254,384	-2.33	260,455	-2.28	266,527	513,234	-50.44
Plant & machinery	95,881	-2.08	97,921	1808	5,131	30,510	214
Other tangible assets	79,997	-12.28	91,194	1569	5,463	55,995	42.86
Financial fixed assets	200	0	200	0	200	46,729	-99
Total fixed assets	431,997	-3.95	449,770	62.18	277,321	301,396	43.33
Inventories	3,244,466	68.22	1,928,687	56.95	1,228,854	2,575,044	26.00
Raw materials & consumables	-	-	-	-	-	5,373,233	-
Work in progress	0	-	0	-	0	9,893	-100
Finished goods	3,244,466	68.22	1,928,687	56.95	1,228,854	1,475,106	119
Other stocks	0	-	0	-	0	587,824	-100
Trade debtors	18,567,428	30.10	14,271,279	52.36	9,366,915	4,797,012	287
Cash	503,126	1577	29,990	-75.24	121,147	425,481	18.25
other amounts receivable	24,841	51.90	16,354	-97.81	745,714	871,355	-97.15
Miscellaneous current assets	11,822	13.34	10,430	78.26	5,851	105,838	-88.83
Total current assets	22,351,684	37.49	16,256,741	41.75	11,468,480	8,307,406	169
current liabilities
Trade creditors	1,154,980	-69.89	3,836,056	85.02	2,073,347	2,829,271	-59.18
Short term group loans	-	-	-	-	-	-	-
Other short term loans	14,186,858	112	6,665,730	79.09	3,721,920	2,665,842	432
Miscellaneous current liabilities	1,127,975	-50.12	2,261,383	-18.93	2,789,259	102	- -
Total current liabilities	16,469,814	29.04	12,763,170	48.68	8,584,526	5,867,975	180
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,873,589	326	673,645	-	-	21.23	- -
Other long term liabilities	0	-	0	-	0	200,436	-100
Total long term debts	2,873,589	326	673,645	-	0	1,121,683	156
shareholders equity
Issued share capital	2,901,118	0	2,901,118	0	2,901,118	1,004,360	188
Share premium account	-	-	-	-	-	113,231	-
Reserves	539,160	46.28	368,579	41.68	260,158	534,589	0.86
Revaluation reserve	-	-	-	-	-	948,384	-
Total shareholders equity	3,440,278	5.22	3,269,696	3.43	3,161,275	1,580,096	117
Working capital	5,881,870	68.36	3,493,571	21.14	2,883,954	2,439,431	141
Net worth	3,438,743	5.17	3,269,696	3.43	3,161,275	1,575,052	118

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.31	34.78	0.23	-73.56	0.87	2,00	-84.50
Return on capital employed	2.73	-0.73	2.75	-47.22	5.21	-13,00	21.00
Return on total assets employed	0.76	16.92	0.65	-53.57	1.40	-4,00	19.00
Return on net assets employed	5.01	51.36	3.31	-36.47	5.21	-12,00	41.75
Sales / net working capital	9.44	-29.08	13.31	103	6.55	20,00	-99
Stock turnover ratio	5.84	40.72	4.15	-36.25	6.51	45,00	-87.02
Debtor days	122.08	8.95	112.05	-38.10	181.01	116,00	5.24
Creditor days	7.69	-74.72	30.42	-25.20	40.67	120,00	-93.59
short term stability
Current ratio	1.36	7.09	1.27	-5.22	1.34	3,00	-87.64
Liquidity ratio / acid ratio	1.16	3.57	1.12	-5.88	1.19	2,00	-42.00
Current debt ratio	4.79	22.82	3.90	43.38	2.72	11,00	-56.45
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	495.90	120	224.47	90.67	117.73	295,00	68.10
Equity in percentage	15.10	-22.84	19.57	-27.28	26.91	-112,00	13.48
Total debt ratio	5.62	36.74	4.11	51.10	2.72	13,00	-56.77

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48

Payment expectations

Payment expectation days	7.69
Day sales outstanding	122.08

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	201.79
Industry average day sales outstanding	139.81

Industry quartile analysis

Payment expectations	View graph
Company result	7.69
Lower	135.47
Median	88.65
Upper	46.72
Day sales outstanding	View graph
Company result	122.08
Lower	115.12
Median	57.64
Upper	26.45

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details

Business number	870716738
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	SOHIL DILIPKUMAR JOGANI
Position	Director
Street	98 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	MEHUL ANANDLAL KOTHARI
Position	Director
Street	30 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	MEHUL ANANDLAL KOTHARI
Position	Managing Director
Street	30 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	MEHUL KOTHARI
Position	Director
Street
Post code
Country

Former director details

Name	DILIPKUMAR MEHTA MIHIR
Position	Director
Date of birth	01/04/1974
Street	30 AHORNENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	DILIPKUMAR MEHTA MIHIR
Position	Managing Director
Date of birth	01/04/1974
Street	30 AHORNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	BIREN BIPINBHAI JHAVERI
Position	Director
Street	106 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	MIHIR DILIPKUMAR METHA
Position	Managing Director
Street	30 AHORNENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	REETU MIHIR MEHTA
Position	Director
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2000
Country	Belgium
Name	MIHIR MEHTA
Position	Managing Director
Street
Post code
Country

Name	MIHIR MEHTA
Position	Director
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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.15
UK Pound	1	Rs.86.58
Euro	1	Rs.67.60

INFORMATION DETAILS

Report Prepared by :

PRL

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.