MIRA INFORM REPORT

Report Date :

19.06.2013

IDENTIFICATION DETAILS

Name :	JEWEL GOLDI BVBA
Registered Office :	HOVENIERSSTRAAT 30 2018 ANTWERPEN
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	13.11.2003
Com. Reg. No.:	861938733
Legal Form :	Private Limited Company (BL/LX)
LINE OF BUSINESS :	WHOLESALE 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 Summary

JEWEL GOLDI BVBA - 861938733

Business number	861938733
Company name	JEWEL GOLDI BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	13/11/2003
Telephone number	0474519909
Fax number	034011920

Commentary

The business was established over 9 years ago.
No employees are recorded for this business.
The business has been at the address for over 9 years.
The credit rating for this business has increased from 70 to 73.
The credit limit for this business has increased from €365000 to €530000.
Operating Result in the latest trading period increased 47% on the previous trading period.
Net Worth increased by 37% during the latest trading period.
The business saw an increase in their Cash Balance of 92% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	24,394,830	52,499	159,494	772,127
31/12/2010	21,921,141	45,679	115,926	114,816
31/12/2009		41,891	86,947	86,756

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	7,826,025	0	18,600	44,428
31/12/2010	6,720,160	0	18,600	29,209
31/12/2009	3,931,707	0	18,600	36,576

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	48.39
Industry average payment expectation days	162.34	Industry average day sales outstanding	108.86
Day sales outstanding	102.85

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	861938733		Company name	JEWEL GOLDI BVBA
Fax number	034011920		Date founded	13/11/2003
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.0861.938.733
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

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	24,394,830	11.28	21,921,141	-	-	49,567,599	-50.78
Total operating expenses	24,186,576	11.05	21,779,630	-	-	48,933,721	-50.57
Operating result	208,254	47.16	141,511	63.38	86,614	238,043	-12.51
Total financial income	3	114	2	55.77	1	148,968	-99
Total financial expenses	155,759	62.53	95,834	114	44,724	287,213	-45.77
Results on ordinary operations before taxation	52,499	14.93	45,679	9.04	41,891	84,424	-37.82
Taxation	8,931	-46.52	16,700	164	6,315	37,970	-76.48
Results on ordinary operations after taxation	43,568	50.35	28,979	-18.54	35,576	59,148	-26.34
Extraordinary items	0	-	0	-	0	3,209	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	43,568	50.35	28,979	-18.54	35,576	62,241	-30.00
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	612	475	106	-	-	127,998	-99
Wages and salary	-	-	-	-	-	108,777	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,123	-
Other employee costs	612	475	106	-	0	3,600	-83.01
Amortization and depreciation	860	273	230	-77.00	1,000	18,413	-95.33

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	1,461	-100
Tangible fixed assets	5,653	409	1,110	479	192	177,242	-96.81
Land & building	-	-	-	-	-	346,034	-
Plant & machinery	3,760	238	1,110	479	192	21,796	-82.75
Other tangible assets	1,893	-	0	-	0	24,582	-92.30
Financial fixed assets	-	-	-	-	-	276,060	-
Total fixed assets	5,653	409	1,110	479	192	362,860	-98.44
Inventories	438,795	-69.20	1,424,465	166	534,413	3,063,024	-85.67
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,458	-100
Finished goods	438,795	-69.20	1,424,465	-	0	2,045,298	-78.55
Other stocks	0	-	0	-100	534,413	471,192	-100
Trade debtors	6,874,194	36.54	5,034,524	55.00	3,248,093	3,929,112	74.96
Cash	496,999	92.60	258,052	75.93	146,682	239,216	107
other amounts receivable	10,384	416	2,009	-13.70	2,328	244,784	-95.76
Miscellaneous current assets	0	-	0	-	0	21,369	-100
Total current assets	7,820,372	16.39	6,719,049	70.90	3,931,515	6,980,828	12.03
current liabilities
Trade creditors	3,206,686	4.54	3,067,311	29.43	2,369,843	2,820,279	13.70
Short term group loans	-	-	-	-	-	-	-
Other short term loans	3,493,619	34.73	2,593,097	235	772,692	1,891,909	84.66
Miscellaneous current liabilities	347,939	-63.14	943,826	34.41	702,225	-5.94	- -
Total current liabilities	7,048,245	6.72	6,604,234	71.77	3,844,759	4,963,567	42.00
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	618,286	-	-	-	-	-46.23	- -
Other long term liabilities	0	-	0	-	0	142,775	-100
Total long term debts	618,286	-	0	-	0	598,045	3.38
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,020,482	-98.18
Share premium account	-	-	-	-	-	108,219	-
Reserves	140,894	44.77	97,326	42.40	68,347	696,305	-79.77
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	159,494	37.58	115,926	33.33	86,947	1,738,093	-90.82
Working capital	772,127	572	114,816	32.34	86,756	2,017,261	-61.72
Cashflow	44,428	52.11	29,209	-20.14	36,576	77,414	-42.61
Net worth	159,494	37.58	115,926	33.33	86,947	1,736,632	-90.82

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.22	4.76	0.21	-	-	-740,00	0.03
Return on capital employed	6.75	-82.87	39.40	-18.22	48.18	-14,00	48.21
Return on total assets employed	0.67	-1.47	0.68	-36.45	1.07	-33,00	2.03
Return on net assets employed	32.92	-16.45	39.40	-18.22	48.18	-12,00	274
Sales / net working capital	31.59	-83.45	190.92	-	-	66,00	-99
Stock turnover ratio	1.80	-72.31	6.50	-	-	67,00	-97.31
Debtor days	102.85	22.69	83.83	-	-	57.718,00	-99
Creditor days	48.39	-5.86	51.40	-	-	327,00	-85.20
short term stability
Current ratio	1.11	8.82	1.02	0	1.02	4,00	-93.83
Liquidity ratio / acid ratio	1.05	31.25	0.80	-9.09	0.88	3,00	-65.00
Current debt ratio	44.19	-22.43	56.97	28.83	44.22	18,00	145
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	2578.09	15.26	2236.85	151	888.69	264,00	876
Equity in percentage	2.04	17.92	1.73	-21.72	2.21	-1.077,00	0.19
Total debt ratio	48.07	-15.62	56.97	28.83	44.22	19,00	153

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	48.39
Day sales outstanding	102.85

INDUSTRY COMPARISON

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	162.34
Industry average day sales outstanding	108.86

Industry quartile analysis

Payment expectations
Company result	48.39
Lower	120.63
Median	73.03
Upper	40.20
Day sales outstanding
Company result	102.85
Lower	105.02
Median	54.29
Upper	23.61

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	861938733
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	DINESH NAROLA
Position	Legal Representative
Start Date	13/11/2003
Street	12 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	GIRISHKUMAR HARILAL PATEL
Position	Director
Start Date	01/10/2009
Street	22 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	GIRISHKUMAR HARILAL PATEL
Position	Principal Manager
Start Date	01/10/2009
Street	22 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	D-GOLDI BVBA
Position	Principal Manager
Start Date	03/08/2010
Date of birth	19/06/1996
Street	30 HOVENIERSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	GIRISHKUMAR PATEL
Position	Principal Manager
Start Date	01/10/2009
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.

- 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.58.45
UK Pound	1	Rs.91.60
Euro	1	Rs.77.91

INFORMATION DETAILS

Report Prepared by :

SDA

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.