MIRA INFORM REPORT

Report Date :

24.07.2013

IDENTIFICATION DETAILS

Name :	ELITE JEWELS EBVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	09.11.1988
Com. Reg. No.:	435745477
Legal Form :	One Person Private Limited Company (BE)
Line of Business :	Wholesaler of watches and jewellery
No. of Employees :	03

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 :	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	435745477
Company name	ELITE JEWELS EBVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	3
Date of establishment	09/11/1988
Telephone number	032015170
Fax number	032316700

Commentary

The business was established over 24 years ago.
The business has 3 employees.
The business has been at the address for over 15 years.
Net Worth increased by 27% during the latest trading period.
Pre-tax profits increased by 22% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 30% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	3,981,185	55,737	164,029	108,296
31/12/2010	2,652,735	45,648	128,353	71,643
31/12/2009	2,512,016	-24,723	94,349	48,298

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	6,458,629	3	18,592	59,628
31/12/2010	6,544,691	3	18,592	59,027
31/12/2009	5,479,651	3	18,592	3,694

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	102.54
Industry average payment expectation days	131.35	Industry average day sales outstanding	169.59
Day sales outstanding	149.07

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	435745477		Company name	ELITE JEWELS EBVBA
Fax number	032316700		Date founded	09/11/1988
Company status	active		Company type	One Person Private Limited Company (BE)
Currency	Euro (€)		Date of latest accounts	31/12/2011
Activity code	46480		liable for VAT	yes
Activity description	Wholesale of watches and jewellery		VAT Number	BE.0435.745.477
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel

(NSSO classification)

Code	-
Description	03 EMPLOYEES

Joint Industrial Committee

(JIC)

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

comparison mode

averagemedian

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	3,981,185	50.08	2,652,735	5.60	2,512,016	1,575,661	152
Total operating expenses	3,801,447	53.00	2,484,659	6.66	2,329,488	1,485,187	155
Operating result	179,738	6.94	168,076	-7.92	182,528	35,365	408
Total financial income	590	-95.64	13,512	191	4,628	19,435	-96.97
Total financial expenses	124,591	-8.35	135,940	-35.84	211,879	22,837	445
Results on ordinary operations before taxation	55,737	22.10	45,648	184	-24,723	28,232	97.43
Taxation	20,062	28.24	15,644	3552	428	19,695	1.86
Results on ordinary operations after taxation	35,675	18.90	30,004	119	-25,151	17,955	98.69
Extraordinary items	0	-	0	-	0	5,697	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	35,675	18.90	30,004	119	-25,151	23,274	53.28
other information
Dividends	-	-	-	-	-	216,789	-
Director remuneration	-	-	-	-	-	47,852	-
Employee costs	99,115	-11.15	111,548	10.17	101,251	181,244	-45.31
Wages and salary	80,367	-12.09	91,419	10.99	82,365	142,476	-43.59
Employee pension costs	-	-	-	-	-	34,489	-
Social security contributions	15,745	-6.75	16,885	6.56	15,845	41,337	-61.91
Other employee costs	3,002	-7.46	3,244	6.71	3,040	4,513	-33.47
Amortization and depreciation	23,953	-17.47	29,023	0.62	28,845	19,527	22.66

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	-	4,000	1,756	-100
Tangible fixed assets	46,646	-20.88	58,953	3.61	56,901	153,133	-69.54
Land & building	-	-	-	-	-	311,638	-
Plant & machinery	21,525	16.54	18,470	167	6,915	15,094	42.61
Other tangible assets	25,121	-37.95	40,483	-19.01	49,986	20,020	25.48
Financial fixed assets	22,617	11.44	20,294	0	20,294	244,356	-90.74
Total fixed assets	69,263	-12.60	79,247	-2.40	81,196	279,592	-75.23
Inventories	4,275,020	-9.71	4,734,931	18.54	3,994,345	374,304	1042
Raw materials & consumables	-	-	-	-	-	545,398	-
Work in progress	0	-	0	-	0	61	-100
Finished goods	0	-	0	-	0	71,758	-100
Other stocks	4,275,020	-9.71	4,734,931	18.54	3,994,345	211,083	1925
Trade debtors	1,625,984	26.20	1,288,370	15.07	1,119,600	182,256	792
Cash	121,018	-30.42	173,914	1692	9,704	83,151	45.54
other amounts receivable	296,502	49.77	197,970	-3.31	204,738	66,577	345
Miscellaneous current assets	70,842	0.83	70,259	0.27	70,069	19,636	260
Total current assets	6,389,366	-1.18	6,465,444	19.76	5,398,456	631,679	911
current liabilities
Trade creditors	1,067,897	16.09	919,854	55.38	591,988	230,651	362
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,165,020	-3.43	5,348,519	13.82	4,698,909	87,324	5814
Miscellaneous current liabilities	48,153	-61.61	125,427	111	59,261	-70.06	- -
Total current liabilities	6,281,070	-1.76	6,393,800	19.51	5,350,158	462,477	1258
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	7,830	-53.50	16,837	-33.83	25,444	-97.34	- -
Other long term liabilities	5,700	0	5,700	0	5,700	33,988	-83.23
Total long term debts	13,530	-39.97	22,537	-27.64	31,144	155,340	-91.29
shareholders equity
Issued share capital	18,592	0	18,592	0	18,592	176,618	-89.47
Share premium account	-	-	-	-	-	228,155	-
Reserves	145,437	32.50	109,761	37.62	79,757	80,350	81.00
Revaluation reserve	-	-	-	-	-	113,213	-
Total shareholders equity	164,029	27.79	128,353	30.51	98,349	262,646	-37.55
Working capital	108,296	51.16	71,643	48.34	48,298	169,202	-36.00
Cashflow	59,628	1.02	59,027	1498	3,694	38,619	54.40
Net worth	164,029	27.79	128,353	36.04	94,349	260,889	-37.13

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	1.40	-18.60	1.72	175	-0.98	-18,00	7.78
Return on capital employed	31.39	3.77	30.25	158	-19.09	408,00	-92.31
Return on total assets employed	0.86	22.86	0.70	155	-0.45	-10,00	8.60
Return on net assets employed	33.98	-4.44	35.56	141	-25.14	361,00	-90.59
Sales / net working capital	36.76	-0.73	37.03	-28.80	52.01	4,00	-99
Stock turnover ratio	107.38	-39.84	178.49	12.25	159.01	172,00	-37.57
Debtor days	149.07	-15.91	177.27	8.97	162.68	227,00	-34.33
Creditor days	102.54	-24.12	135.13	45.68	92.76	178,00	-42.39
short term stability
Current ratio	1.02	0.99	1.01	0	1.01	31,00	-99
Liquidity ratio / acid ratio	0.34	25.93	0.27	3.85	0.26	30,00	-98.87
Current debt ratio	38.29	-23.13	49.81	-8.44	54.40	121,00	-68.36
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	3153.63	-24.56	4180.15	-12.98	4803.64	1.098,00	187
Equity in percentage	2.54	29.59	1.96	8.89	1.80	-167,00	1.52
Total debt ratio	38.38	-23.22	49.99	-8.64	54.72	127,00	-69.78

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	102.54
Day sales outstanding	149.07

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	131.35
Industry average day sales outstanding	169.59

Industry quartile analysis

Payment expectations
Company result	102.54
Lower	142.04
Median	57.54
Upper	16.11
Day sales outstanding
Company result	149.07
Lower	118.53
Median	47.92
Upper	16.74

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	435745477
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	PARIKH SWATI
Position	Principal Manager
Start Date	12/09/2010
Street	90 DESGUINLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	AJIT MEHTA
Position	Principal Manager
Start Date	10/10/2012
Street	90 DESGUINLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	PARIKH SWATI MAHENDRABHAI,
Position	Principal Manager
Start Date	25/02/2008
End Date	31/12/2009
Street	90 DESGUINLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	ASHIT VASANTIAL METHA
Position	Principal Manager
Start Date	17/09/1999
End Date	-
Street	19 DELLA FAILLELAAN 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.59.69
UK Pound	1	Rs.91.66
Euro	1	Rs.78.69

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%)