MIRA INFORM REPORT

Report Date :

29.08.2013

IDENTIFICATION DETAILS

Name :	J & K DIAMONDS BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12..2011
Date of Incorporation :	01.10.1973
Com. Reg. No.:	445525849
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	Not Available

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 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

Company name & address

Business number	445525849
Company name	J & K DIAMONDS BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	01/10/1973
Telephone number	032255710
Fax number	032339119

Commentary

The business was established over 21 years ago.
No employees are recorded for this business.
The business has been at the address for over 6 years.
Net Worth increased by 67% during the latest trading period.
A 1157% growth in Total Assets occurred during the latest trading period.
The business saw a decrease in their Cash Balance of 22% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011		27,615	63,501	63,501
31/12/2010		-17,630	37,886	37,886
31/12/2009		13,972	55,138	55,138

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	-	0	18,600	25,615
31/12/2010	-	0	18,600	-17,252
31/12/2009	-	0	18,600	8,656

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	160.35	Industry average day sales outstanding	110.28
Day sales outstanding	-

Court data summary

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

Company summary

Business number	445525849	Company name	J & K DIAMONDS BVBA
Fax number	032339119	Date founded	01/10/1973
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	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0445.525.849
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2011
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-
Type of Contract	Full-Time		Part-Time	Total Fte
Unlimited Duration 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	-		-		-
Higher education (non university)	-		-		-
Higher education (university)	-		-		-
Working Category		Full-Time		Part-Time		Total Fte
Management		-		-		-
White collar worker		-		-		-
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	-	-		-
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	-	-

Joint Industrial Committee

(JIC)

comparison mode

average

median

Export accounts to CSV file

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	-	-	-	-	-	49,567,599	-
Total operating expenses	-	-	-	-	-	48,933,721	-
Operating result	2,317	48.06	-4,821	8.38	-57,542	237,538	-99
Total financial income	26,269	29415	89	-99	75,503	148,699	-82.33
Total financial expenses	971	-92.47	12,898	223	3,989	286,781	-99
Results on ordinary operations sbefore taxation	27,615	156	-17,630	-226	13,972	84,286	-67.24
Taxation	2,000	529	-378	-107	5,316	37,865	-94.72
Results on ordinary operations after taxation	25,615	148	-17,252	-299	8,656	59,055	-56.63
Extraordinary items	0	-	0	-	0	3,215	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	25,615	148	-17,252	-299	8,656	62,154	-58.79
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	-	-	-	-	-	127,746	-
Wages and salary	-	-	-	-	-	108,527	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,065	-
Other employee costs	0	-	0	-	0	3,594	-100
Amortization and depreciation	-	-	-	-	-	18,395	-
back to top

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	0	-	0	-	0	1,458	-100
Tangible fixed assets	-	-	-	-	-	177,141	-
Land & building	-	-	-	-	-	344,128	-
Plant & machinery	-	-	-	-	-	21,789	-
Furniture & Vehicles	-	-	-	-	-	19,605 7,272	-
Leasing & Other Similar Rights	-	-	-	-	-	141,158 33,937	-
Other tangible assets	0	-	0	-	0	7,986	-100
Financial fixed assets	-	-	-	-	-	275,200	-
Total fixed assets	-	-	-	-	-	362,154	-
Inventories	80,852	-43.49	143,066	0	143,066	3,056,315	-97.35
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,453	-100
Finished goods	0	-	0	-	0	2,041,307	-100
Other stocks	80,852	-43.49	143,066	0	143,066	470,659	-82.82
Trade debtors	2,545,235	4967	50,227	-95.94	1,235,965	3,922,114	-35.11
Cash	2,161	-22.32	2,782	-35.47	4,311	238,823	-99
other amounts receivable	395	-96.96	13,012	279	3,427	244,743	-99
Miscellaneous current assets	0	-	0	-	0	21,325	-100
Total current assets	2,628,643	1157	209,087	-84.92	1,386,769	6,968,778	-62.28
Total Assets	2,628,643	1157	209,087	-84.92	1,386,769	7,294,2361,364,252	-63.96
current liabilities
Trade creditors	2,389,554	39600	6,019	-99	1,324,198	2,815,169	-15.12
Short term group loans	-	-	-	-	-	-	-
Financial debts	91	1723	5	-96.79	156	4,178,519233,833	-99
Current portion of long term debt	-	-	-	-	-	100,846 14,063	-
Amounts Payable for Taxes, Remuneration & Social Security	2,000	-	-	-	3,500	9,925 -	-96.04
Miscellaneous current liabilities	173,497	5.04	165,177	4273	3,777	-47.46	- -
Total current liabilities	2,565,142	1398	171,201	-87.14	1,331,631	4,954,927	-48.23
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	45,017 37,431	-
Provisions for Liabilities & Charges	0	-	0	-	0	8,890 0	-100
Other long term liabilities	0	-	0	-	0	133,410	-100
Total long term debts	0	-	0	-	0	597,379	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,018,831	-98.17
Share premium account	-	-	-	-	-	108,219	-
Reserves	44,901	132	19,286	-47.22	36,538	694,718	-93.54
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	63,501	67.61	37,886	-31.29	55,138	1,734,813	-96.34
Working capital	63,501	67.61	37,886	-31.29	55,138	2,013,851	-96.85
Cashflow	25,615	148	-17,252	-299	8,656	77,301	-66.86
Net worth	63,501	67.61	37,886	-31.29	55,138	1,733,355	-96.34
back to top

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-740,00	-
Return on capital employed	43.49	93.47	-46.53	-283	25.34	-14,00	310
Return on total assets employed	1.05	12.46	-8.43	-934	1.01	-33,00	3.18
Return on net assets employed	43.49	93.47	-46.53	-283	25.34	-12,00	362
Sales / net working capital	-	-	-	-	-	66,00	-
Stock turnover ratio	-	-	-	-	-	67,00	-
Debtor days	-	-	-	-	-	57.718,00	-
Creditor days	-	-	-	-	-	330,00	-
short term stability
Current ratio	1.02	-16.39	1.22	17.31	1.04	4,00	-94.33
Liquidity ratio / acid ratio	0.99	153	0.39	-58.06	0.93	3,00	-67.00
Current debt ratio	40.40	793	4.52	-81.28	24.15	18,00	124
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	0.14	1300	0.01	-96.43	0.28	265,00	-99
Equity in percentage	2.42	-86.64	18.12	355	3.98	-1.075,00	0.23
Total debt ratio	40.40	793	4.52	-81.28	24.15	19,00	112

Industry comparison

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

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	160.35
Industry average day sales outstanding	110.28

Industry quartile analysis

Payment expectations
Company result	-
Lower	122.56
Median	76.76
Upper	43

Day sales outstanding
Company result	-
Lower	107.66
Median	56.46
Upper	26.77

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

Protested bills

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

NSSO details

Business number	445525849
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	SURAJ PODDAR
Position	Principal Manager
Start Date	01/01/2010
Street	31 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	JAYANTILAL KOTHARI RAJENDRA
Position	Principal Manager
Start Date	23/08/1997
End Date	31/08/2007
Street	60 CHARLOTTALEI ANTWERPEN
Post code	2018
Country	Belgium

Name	KETAKI GOHIL
Position	Principal Manager
Start Date	09/09/2010
End Date	31/12/2010
Street	165 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Name	BHARATKUMAR GOHIL
Position	Director
Start Date	21/08/1997
Country	India

Name	JATIN BHARATKUMAR GOHIL
Position	Principal Manager
Start Date	29/04/1994
End Date	30/09/2008
Street	35 CHURCHGATE MANSION BOMBAY

Name	KETKI GOHIL
Position	Principal Manager
Start Date	01/10/2008

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.68.36
UK Pound	1	Rs.106.03
Euro	1	Rs.91.47

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%)

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.