MIRA INFORM REPORT

Report Date :

17.09.2012

IDENTIFICATION DETAILS

Name :	JOGDIAM CORPORATION BVBA
Registered Office :	Schupstraat 18 Bus 23, Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	03.02.2011
Com. Reg. No.:	833556731
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	01 employees

RATING & COMMENTS

MIRA’s Rating :

B

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 – 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

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 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Business number 833556731

Company name JOGDIAM CORPORATION BVBA

Telephone number -

Address SCHUPSTRAAT 18 BUS 23

ANTWERPEN

Post code 2018

Fax number -

Number of staff 1

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2011	14,558,945	54,618	73,218

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2011	26,727,388		18,600	2,340,005	1

Trends

Profitability	-
Liquidity	-
Net worth	-

Payments expectations

Past payments		Payment expectation days	665.92
Industry average payment expectation days	199.45	Industry average day sales outstanding	122.31
Day sales outstanding	86.55

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number 833556731

Company name JOGDIAM CORPORATION BVBA

Fax number –

Date founded 03/02/2011

Company status active

Company type Private Limited Company (BL/LX)

Currency Euro (€)

Date of latest accounts 31/12/2011

Activity code 46761

liable for VAT --

Activity description Wholesale of diamonds and other precious stones

VAT Number BE.0833.556.731

Belgian Bullettin of Acts

Publications moniteur belge

Contractor details
Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO
Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events
Event Date	09/09/2011
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 09-09-2011: Het mandaat van de heer Modi Ashwin als zaakvoerder bevestigd.

Export accounts to CSV file

Comparison mode

· average

median

profit & loss

Annual accounts	31-12-2011					Industry average
Weeks	52		-		-
Currency	EUR		-		-
Turnover	14,558,945	-	-	-	-	-	-
Total operating expenses	12,617,606	-	-	-	-	-	-
Operating result	1,941,338	-	-	-	-	-	-
Total financial income	1,077,245	-	-	-	-	-	-
Total financial expenses	2,963,965	-	-	-	-	-	-
Results on ordinary operations before taxation	54,618	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-
Results on ordinary operations after taxation	54,618	-	-	-	-	-	-
Extraordinary items	0	-	-	-	-	-	-
Other appropriations	0.00	-	-	-	-	-	-
Net result	54,618	-	-	-	-	-	-
Other information
Dividends	--
Director remuneration	--
Employee costs	12,568	-	-	-	-	-	-
Wages and salary	9,951	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	2,352	-	-	-	-	-	-
Other employee costs	264	-	-	-	-	-	-
Amortization and depreciation	45,618	-	-	-	-	-	-

Balance sheet

Annual accounts	31-12-2011					Industry average
Weeks	52		-		-
Currency	EUR		-		-
Intangible fixed assets	0	-	-	-	-	-	-
Tangible fixed assets	1,291,482	-	-	-	-	-	-
Land & building	1,173,743	-	-	-	-	-	-
Plant & machinery	50,616	-	-	-	-	-	-
Other tangible assets	67,122	-	-	-	-	-	-
Financial fixed assets	-	-	-	-	-	-	-
Total fixed assets	1,291,482	-	-	-	-	-	-
Inventories	19,625,808	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	-	-	-	-	-
Finished goods	0	-	-	-	-	-	-
Other stocks	19,625,808	-	-	-	-	-	-
Trade debtors	3,452,237	-	-	-	-	-	-
Cash	2,340,005	-	-	-	-	-	-
other amounts receivable	17,857	-	-	-	-	-	-
Miscellaneous current assets	0	-	-	-	-	-	-
Total current assets	25,435,906	-	-	-	-	-	-
CURRENT LIABILITIES
Trade creditors	23,019,983	-	-	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	-	-	-	-	-
Miscellaneous current liabilities	3,634,188	-	-	-	-	-	- -
Total current liabilities	26,654,170	-	-	-	-	-	-
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	-	-	-	-	-
Total long term debts	0	-	-	-	-	-	-
SHAREHOLDERS EQUITY
Issued share capital	18,600	-	-	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	54,618	-	-	-	-	-	-
Revaluation reserve	--	-	-	-	-	-	-
Total shareholders equity	73,218	-	-	-	-	-	-
Working capital	-1,218,264	-	-	-	-	-	-
Net worth	73,218	-	-	-	-	-	-

Ratios anlaysis

Annual accounts	31-12-2011	change(%)		change(%)		Industry average	%
TRADING PERFORMANCE
Profit Before Tax	0.38	-	-	-	-	-	-
Return on capital employed	74.60	-	-	-	-	-	-
Return on total assets employed	0.20	-	-	-	-	-	-
Return net assets employed	74.60
Sales / net working capital	-11.95	-	-	-	-	-	-
Stock turnover ratio	134.80	-	-	-	-	-	-
Debtor days	86.55	-	-	-	-	-	-
Creditor days	665.92	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.95	-	-	-	-	-	-
Liquidity ratio / acid ratio	0.22	-	-	-	-	-	-
Current debt ratio	364.04	-	-	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	-
Equity in percentage	0.27	-	-	-	-	-	-
Total debt ratio	364.04	-	-	-	-	-	-

Limit history

No limit history data found

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations
Payment expectation days	665.92
Day sales outstanding	86.55

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	199.45
Industry average day sales outstanding	122.31

Industry quartile analysis
Payment expectations
Company result	665.92
Lower	132.50
Median	80
Upper	42.51
Day sales outstanding
Company result	86.55
Lower	109.24
Median	57.64
Upper	24.94

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

Summary

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

Protest bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details
Business number	833556731
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Current directors details

Name	ASHWIN MODI
Position	Principal Manager
Street	105 BELGIELEI 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.

- 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.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

MNL

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.