MIRA INFORM REPORT

Report Date :

10.05.2013

IDENTIFICATION DETAILS

Name :	JEWEL IMPEX BVBA
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	19.03.1998
Com. Reg. No.:	462951108
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 :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
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, 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	462951108
Company name	JEWEL IMPEX BVBA
Address	HOVENIERSSTRAAT 30, 2018 ANTWERPEN
Safe number	BE00388877
Number of staff	0
Date of establishment	19/03/1998
Telephone number	-
Fax number	034011920

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Commentary

The business was established over 15 years ago.

The business has 1 employees.

The business has been at the address for over 8 years.

The credit rating for this business has decreased from 74 to 72.

The credit limit for this business has decreased from €52000 to €28000.

A 21% decline in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 64% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011		10,398	142,026	45,682
31/12/2010		9,201	135,315	112,640
31/12/2009		12,176	129,426	113,227

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	676,789	0	18,592	20,911
31/12/2010	856,875	0	18,592	16,045
31/12/2009	1,070,434	0	18,592	20,008

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	174.26	Industry average day sales outstanding	108.50
Day sales outstanding	-

Court data summary

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

Business number	462951108	Company name	JEWEL IMPEX BVBA
Fax number	034011920	Date founded	19/03/1998
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.0462.951.108
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

comparison mode

averagemedian

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	-	-	-	-	-	49,416,669	-
Total operating expenses	-	-	-	-	-	48,781,415	-
Operating result	15,617	6.68	14,639	-31.29	21,306	238,379	-93.45
Total financial income	0	-99	391	3911900	0	149,137	-99
Total financial expenses	5,218	-10.47	5,829	-36.16	9,130	287,777	-98.19
Results on ordinary operations before taxation	10,398	13.01	9,201	-24.43	12,176	84,467	-87.69
Taxation	4,196	43.04	2,934	43.73	2,041	37,844	-88.91
Results on ordinary operations after taxation	6,202	-1.04	6,267	-38.16	10,135	59,263	-89.53
Extraordinary items	0	-100	1,425	-33.75	2,151	3,201	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	6,202	-19.38	7,693	-37.39	12,287	62,348	-90.05
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	-	-	-	-	126	127,998	-
Wages and salary	-	-	-	-	-	108,777	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,123	-
Other employee costs	0	-	0	-100	126	3,607	-100
Amortization and depreciation	14,709	76.10	8,353	8.17	7,721	18,309	-19.66
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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	1,295	-	1,804	-	0	1,462	-11.44
Tangible fixed assets	102,720	189	35,476	0.95	35,141	177,435	-42.11
Land & building	-	-	-	-	-	346,034	-
Plant & machinery	1,856	57.74	1,177	-46.96	2,218	21,796	-91.48
Other tangible assets	100,864	194	34,299	4.18	32,923	24,613	309
Financial fixed assets	1,500	0	1,500	0	1,500	276,470	-99
Total fixed assets	105,514	172	38,780	5.84	36,641	363,228	-70.95
Inventories	128,453	-66.56	384,095	4.70	366,858	3,063,024	-95.81
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,462	-100
Finished goods	0	-	0	-	0	2,049,305	-100
Other stocks	128,453	-66.56	384,095	4.70	366,858	472,115	-72.79
Trade debtors	349,652	3.65	337,347	-44.25	605,093	3,890,045	-91.01
Cash	32,733	-64.50	92,201	57.15	58,673	239,652	-86.34
other amounts receivable	57,619	5147	1,098	-49.65	2,181	245,172	-76.50
Miscellaneous current assets	2,818	-15.98	3,353	239	989	21,403	-86.84
Total current assets	571,275	-30.17	818,095	-20.86	1,033,793	6,947,598	-91.78
current liabilities
Trade creditors	85,489	-74.33	332,987	-36.31	522,829	2,779,144	-96.92
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,902	-3.89	6,141	4.65	5,868	1,895,457	-99
Miscellaneous current liabilities	434,202	18.53	366,328	-6.52	391,869	17.21	- -
Total current liabilities	525,593	-25.50	705,455	-23.37	920,566	4,928,002	-89.33
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	7,875	-44.93	14,301	-30.04	20,442	-99	- -
Other long term liabilities	0	-	0	-	0	143,055	-100
Total long term debts	7,875	-44.93	14,301	-30.04	20,442	599,216	-98.69
shareholders equity
Issued share capital	18,592	0	18,592	0	18,592	1,022,445	-98.18
Share premium account	-	-	-	-	-	108,219	-
Reserves	124,729	5.23	118,527	6.94	110,834	696,058	-82.08
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	143,321	4.52	137,119	5.94	129,426	1,739,850	-91.76
Working capital	45,682	-59.44	112,640	-0.52	113,227	2,019,596	-97.74
Cashflow	20,911	30.32	16,045	-19.81	20,008	77,447	-73.00
Net worth	142,026	4.96	135,315	4.55	129,426	1,738,388	-91.83
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ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-742,00	-
Return on capital employed	6.88	13.16	6.08	-25.12	8.12	-14,00	49.14
Return on total assets employed	1.54	43.93	1.07	-6.14	1.14	-34,00	4.53
Return on net assets employed	7.26	8.20	6.71	-28.69	9.41	-12,00	60.50
Sales / net working capital	-	-	-	-	-	66,00	-
Stock turnover ratio	-	-	-	-	-	67,00	-
Debtor days	-	-	-	-	-	57.886,00	-
Creditor days	-	-	-	-	-	327,00	-
short term stability
Current ratio	1.09	-6.03	1.16	3.57	1.12	4,00	-93.94
Liquidity ratio / acid ratio	0.84	35.48	0.62	-13.89	0.72	3,00	-72.00
Current debt ratio	3.67	-28.60	5.14	-27.71	7.11	18,00	-79.61
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	9.61	-35.55	14.91	-26.66	20.33	265,00	-96.37
Equity in percentage	21.22	32.29	16.04	32.67	12.09	-1.079,00	1.97
Total debt ratio	3.72	-29.14	5.25	-27.79	7.27	19,00	-80.42

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	-
Day sales outstanding	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	174.26
Industry average day sales outstanding	108.50

Industry quartile analysis

Payment expectations
Company result	-
Lower	121.46
Median	72.36
Upper	40.99

Day sales outstanding
Company result	-
Lower	105.52
Median	54.63
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

NSSO Details

Business number

462951108

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	HIREN RAMESHKUMAR SHAH
Position	Principal Manager
Start Date	03/08/2010
End Date
Street	7 THEO MERTENSPLEIN EDEGEM
Post code	2650
Country	Belgium

Name	CHINTAN RAMESHBHAI SHAH
Position	Principal Manager
Start Date	12/04/2011
End Date
Street	105 BELGIËLEI 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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.24
UK Pound	1	Rs.84.30
Euro	1	Rs.71.36

INFORMATION DETAILS

Report Prepared by :

NIT

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.