MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	JEWELEX ANTWERP NV
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	22.03.1988
Com. Reg. No.:	433849425
Legal Form :	Public Limited Liability Company (BE)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	7

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 and address

Business number	433849425
Company name	JEWELEX ANTWERP NV
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	7
Date of establishment	22/03/1988
Telephone number	032311919
Fax number	034011920

Commentary

The business was established over 25 years ago.

The business has 1 employees.

The business has been at the address for over 22 years.

The credit rating for this business has increased from 62 to 89.

The credit limit for this business has increased from €1300000 to €2300000.

Operating Result in the latest trading period increased 55% on the previous trading period.

Net Worth increased by 41% during the latest trading period.

A 34% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 113% compared to the previous trading period.

The business saw an increase in their Cash Balance of 117% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	141,225,725	916,995	12,164,580	11,815,503
31/12/2010	90,742,780	428,847	8,604,966	8,377,897
31/12/2009	47,869,926	64,704	7,616,827	7,422,667

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	48,917,821	0	9,500,000	703,715
31/12/2010	36,465,356	3	7,109,800	421,259
31/12/2009	33,305,347	3	6,594,900	88,348

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	49.14
Industry average payment expectation days	174.31	Industry average day sales outstanding	108.96
Day sales outstanding	66.32

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	433849425	Company name	JEWELEX ANTWERP NV
Fax number	034011920	Date founded	22/03/1988
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.0433.849.425
Belgian Bullettin of Acts Publications	moniteur belge

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	18/07/2012
Event Description
Event Details	Rechtzetting akte dd. 05-06-2012 : met ingang van 30/06/2012 wordt de heer Shah Jitendra benoemd als gedelegeerd bestuurder, de benoeming van de heer Jogani Virat als gedelegeerd bestuurder werd verkeerdelijk vermeld.

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Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	51		52		52
Currency	EUR		EUR		EUR
Turnover	141,225,725	55.63	90,742,780	89.56	47,869,926	49,567,599	184
Total operating expenses	139,115,235	55.63	89,387,258	89.82	47,090,696	48,933,721	184
Operating result	2,110,490	55.70	1,355,522	73.96	779,230	238,043	786
Total financial income	11,138	224	3,431	1143	276	148,968	-92.52
Total financial expenses	1,204,633	29.52	930,107	30.12	714,802	287,213	319
Results on ordinary operations before taxation	916,995	113	428,847	562	64,704	84,424	986
Taxation	252,797	1228	19,032	408	3,744	37,970	565
Results on ordinary operations after taxation	664,198	62.07	409,815	572	60,960	59,148	1022
Extraordinary items	1,774	10.46	-16,956	-	0	3,209	-44.72
Other appropriations	790	33.45	592	7.64	550	-	-
Net result	666,762	69.47	393,451	539	61,510	62,241	971
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	145,002	-	-	115,275	-
Employee costs	180,811	17.31	154,131	10.05	140,058	127,998	41.26
Wages and salary	-	-	120,577	12.12	107,545	108,777	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	31,228	4.40	29,911	27,123	-
Other employee costs	0	-100	2,326	-10.57	2,601	3,600	-100
Amortization and depreciation	36,953	32.89	27,808	3.61	26,838	18,413	100

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	51		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,461	-100
Tangible fixed assets	435,811	35.34	322,016	0.46	320,553	177,242	145
Land & building	403,731	29.25	312,365	1.42	307,997	346,034	16.67
Plant & machinery	1,854	4.22	1,779	-11.62	2,013	21,796	-91.49
Other tangible assets	30,226	283	7,872	-25.33	10,543	24,582	22.96
Financial fixed assets	214,582	33.81	160,359	7.81	148,746	276,060	-22.27
Total fixed assets	650,393	34.83	482,374	2.79	469,299	362,860	79.24
Inventories	22,168,714	52.71	14,517,221	-21.46	18,483,470	3,063,024	623
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,458	-100
Finished goods	22,168,714	52.71	14,517,221	-21.46	18,483,470	2,045,298	983
Other stocks	0	-	0	-	0	471,192	-100
Trade debtors	25,659,041	20.66	21,266,284	54.47	13,767,609	3,929,112	553
Cash	427,776	117	197,003	-63.32	537,102	239,216	78.82
other amounts receivable	10,376	319	2,474	-94.72	46,892	244,784	-95.76
Miscellaneous current assets	1,521	-	0	-100	975	21,369	-92.88
Total current assets	48,267,428	34.14	35,982,982	9.58	32,836,048	6,980,828	591
current liabilities
Trade creditors	18,729,324	1.16	18,514,689	44.89	12,778,021	2,820,279	564
Short term group loans	-	-	-	-	-	-	-
Other short term loans	17,143,190	97.43	8,683,166	-29.25	12,272,885	1,891,909	806
Miscellaneous current liabilities	579,411	42.28	407,230	12.35	362,475	56.63	- -
Total current liabilities	36,451,925	32.05	27,605,085	8.62	25,413,381	4,963,567	634
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	265,748	16.51	228,094	-8.52	249,351	-76.89	- -
Other long term liabilities	35,568	30.71	27,211	5.52	25,788	142,775	-75.09
Total long term debts	301,316	18.02	255,305	-7.21	275,139	598,045	-49.62
shareholders equity
Issued share capital	9,500,000	33.62	7,109,800	7.81	6,594,900	1,020,482	830
Share premium account	-	-	-	-	-	108,219	-
Reserves	2,664,580	78.21	1,495,166	46.31	1,021,927	696,305	282
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	12,164,580	41.37	8,604,966	12.97	7,616,827	1,738,093	599
Working capital	11,815,503	41.03	8,377,897	12.87	7,422,667	2,017,261	485
Cashflow	703,715	67.05	421,259	376	88,348	77,414	809
Net worth	12,164,580	41.37	8,604,966	12.97	7,616,827	1,736,632	600

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.65	38.30	0.47	235	0.14	-740,00	0.09
Return on capital employed	7.36	52.07	4.84	490	0.82	-14,00	52.57
Return on total assets employed	1.87	58.47	1.18	521	0.19	-33,00	5.67
Return on net assets employed	7.54	51.41	4.98	485	0.85	-12,00	62.83
Sales / net working capital	11.95	10.34	10.83	67.91	6.45	66,00	-99
Stock turnover ratio	15.70	-1.88	16	-58.56	38.61	67,00	-76.57
Debtor days	66.32	-22.47	85.54	-18.52	104.98	57.718,00	-99
Creditor days	49.14	-35.00	75.60	-23.67	99.04	327,00	-84.97
short term stability
Current ratio	1.32	1.54	1.30	0.78	1.29	4,00	-92.67
Liquidity ratio / acid ratio	0.72	-7.69	0.78	39.29	0.56	3,00	-76.00
Current debt ratio	3	-6.54	3.21	-3.89	3.34	18,00	-83.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	143.11	38.19	103.56	-37.01	164.40	264,00	-45.79
Equity in percentage	24.87	5.38	23.60	3.19	22.87	-1.077,00	2.31
Total debt ratio	3.02	-6.79	3.24	-3.86	3.37	19,00	-84.11

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment expectations

Payment expectation days	49.14
Day sales outstanding	66.32

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	174.31
Industry average day sales outstanding	108.96

Industry quartile analysis

Payment expectations
Company result	49.14
Lower	121.46
Median	73.49
Upper	41.43
Day sales outstanding
Company result	66.32
Lower	105.69
Median	54.63
Upper	24.45

Company result	49.14
Lower	121.46
Median	73.49
Upper	41.43

Company result	66.32
Lower	105.69
Median	54.63
Upper	24.45

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

NSSO details

Business number	433849425
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	HEMAL V. MODY
Position	Director
Start Date	04/06/2007
Street	2 GOUNODSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	NUTAN SHREYASH KOTHARI
Position	Managing Director
Start Date	12/09/2006
Street	22 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	JITENDRA JAYANTILAL SHAH
Position	Managing Director
Start Date	30/06/2012
Street	6 ANGELUS RONCALLILAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	JITENDRA JAYANTILAL SHAH
Position	Director
Start Date	01/06/2009
Street	6 ANGELUS RONCALLILAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	VIRAT JOGANI
Position	Director
Start Date	30/06/2012
Street	142 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Name	ALPA KOTHARI
Position	Director
Start Date	04/06/2007
Street
Post code
Country

Name	VINITA SHAH
Position	Director
Start Date	01/06/2009
Street
Post code
Country

FORMER DIRECTOR DETAILS

Name	NISHIT PRAVINCHANDRA KOTHARI
Position	Managing Director
Start Date	06/07/2012
End Date	30/06/2012
Date of birth	29/10/1963
Street	30 KWIKSTAARTLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	NISHIT PRAVINCHANDRA KOTHARI
Position	Director
Start Date	06/07/2012
End Date	30/06/2012
Date of birth	29/10/1963
Street	30 KWIKSTAARTLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	VIRAT JOGANI
Position	Managing Director
Start Date	30/06/2012
End Date	-
Street	142 MECHELSESTEENWEG 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.

- 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.

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.87
UK Pound	1	Rs.87.65
Euro	1	Rs.74.51

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%)