MIRA INFORM REPORT

Report Date :

11.05.2013

IDENTIFICATION DETAILS

Name :	J.R. DIAM BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	07.06.2005

Com. Reg. No.:	874627521

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 :

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

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	874627521
Company name	J.R. DIAM BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	0
Date of establishment	07/06/2005
Telephone number	032261555
Fax number	-

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	29,524,447	52,632	941,006	1,611,048
31/12/2010	21,350,376	41,674	559,556	1,628,041
31/12/2009	6,420,279	12,352	363,828	655,866

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	8,760,673	0	783,079	59,073
31/12/2010	9,586,451	0	413,170	59,816
31/12/2009	4,227,569	0	286,804	26,338

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	52.78
Industry average payment expectation days	174.77	Industry average day sales outstanding	108.66
Day sales outstanding	95.75

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	874627521		Company name	J.R. DIAM BVBA
Fax number	-		Date founded	07/06/2005
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.0874.627.521
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel

(NSSO classification)

Code	-
Description	-

Joint Industrial Committee

(JIC)

Significant Events

Event Date

03/02/2011

Event Description

Event Details

De 438 nieuwe aandelen worden toegekend aan Jayantikumar Sanspara (146 aandelen) en Ashvin Mavani (292 aandelen).

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	29,524,447	38.29	21,350,376	232	6,420,279	49,527,631	-40.39
Total operating expenses	29,352,977	38.17	21,243,575	233	6,367,518	48,890,358	-39.96
Operating result	171,470	60.55	106,801	102	52,761	238,466	-28.09
Total financial income	35,690	-40.33	59,813	19927	299	148,968	-76.04
Total financial expenses	154,528	23.68	124,940	206	40,708	287,728	-46.29
Results on ordinary operations before taxation	52,632	26.29	41,674	237	12,352	84,458	-37.68
Taxation	7,847	25.57	6,249	98.08	3,155	37,844	-79.26
Results on ordinary operations after taxation	44,785	26.42	35,425	285	9,197	59,254	-24.42
Extraordinary items	0	-	0	-	0	3,201	-100
Other appropriations	0	-	0	-	0.00	-	-
Net result	44,785	26.42	35,425	285	9,197	62,339	-28.16
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	-	-	-	-	-	127,998	-
Wages and salary	-	-	-	-	-	108,777	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,123	-
Other employee costs	0	-	0	-	0	3,607	-100
Amortization and depreciation	14,288	-41.42	24,391	42.29	17,141	18,309	-21.96

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	1,462	-100
Tangible fixed assets	228,795	-26.32	310,520	33.57	232,481	177,648	28.79
Land & building	178,773	-24.60	237,090	40.63	168,595	346,034	-48.34
Plant & machinery	47,822	-32.77	71,135	24.19	57,279	21,826	119
Other tangible assets	2,200	-4.14	2,295	-65.26	6,607	24,613	-91.06
Financial fixed assets	-	-	-	-	-	276,884	-
Total fixed assets	228,795	-26.32	310,520	33.57	232,481	363,620	-37.08
Inventories	654,337	-52.05	1,364,733	95.39	698,460	3,060,929	-78.62
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,462	-100
Finished goods	654,337	-52.05	1,364,733	95.39	698,460	2,049,305	-68.07
Other stocks	0	-	0	-	0	470,366	-100
Trade debtors	7,744,752	-1.20	7,838,638	159	3,020,898	3,888,007	99
Cash	88,397	405	17,488	-93.48	268,318	239,603	-63.11
other amounts receivable	6,545	-52.46	13,767	118	6,296	245,153	-97.33
Miscellaneous current assets	37,847	-8.37	41,305	3600	1,116	21,392	76.92
Total current assets	8,531,878	-8.02	9,275,931	132	3,995,088	6,943,733	22.87
current liabilities
Trade creditors	4,244,291	-14.13	4,942,459	91.05	2,586,952	2,777,715	52.80
Short term group loans	-	-	-	-	-	-	-
Other short term loans	2,451,245	21.95	2,010,109	719	245,360	1,895,458	29.32
Miscellaneous current liabilities	225,294	-67.60	695,322	37.17	506,910	-39.10	- -
Total current liabilities	6,920,830	-9.51	7,647,890	129	3,339,223	4,926,143	40.49
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	898,837	431	169,005	24.46	135,791	-21.84	- -
Other long term liabilities	0	-100	1,210,000	211	388,727	142,929	-100
Total long term debts	898,837	-34.82	1,379,005	162	524,518	597,953	50.32
shareholders equity
Issued share capital	783,079	89.53	413,170	44.06	286,804	1,022,392	-23.41
Share premium account	-	-	-	-	-	108,219	-
Reserves	157,927	7.88	146,386	90.05	77,024	695,355	-77.29
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	941,006	68.17	559,556	53.80	363,828	1,739,095	-45.89
Working capital	1,611,048	-1.04	1,628,041	148	655,866	2,017,589	-20.15
Cashflow	59,073	-1.24	59,816	127	26,338	77,438	-23.72
Net worth	941,006	68.17	559,556	53.80	363,828	1,737,632	-45.85

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.18	-10.0	0.20	5.26	0.19	-744,00	0.02
Return on capital employed	2.86	33.02	2.15	54.68	1.39	-14,00	20.43
Return on total assets employed	0.60	39.53	0.43	48.28	0.29	-34,00	1.76
Return on net assets employed	5.59	-24.97	7.45	119	3.39	-12,00	46.58
Sales / net working capital	18.33	39.82	13.11	33.91	9.79	67,00	-99
Stock turnover ratio	2.22	-65.26	6.39	-41.27	10.88	67,00	-96.69
Debtor days	95.75	-28.55	134.01	-21.97	171.74	58.055,00	-99
Creditor days	52.78	-37.85	84.92	-42.73	148.29	328,00	-83.91
short term stability
Current ratio	1.23	1.65	1.21	0.83	1.20	4,00	-93.17
Liquidity ratio / acid ratio	1.14	10.68	1.03	4.04	0.99	3,00	-62.00
Current debt ratio	7.35	-46.23	13.67	48.91	9.18	18,00	-59.17
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	356.01	-8.58	389.44	271	104.76	265,00	34.34
Equity in percentage	10.74	83.90	5.84	-32.17	8.61	-1.079,00	1.00
Total debt ratio	8.31	-48.48	16.13	51.88	10.62	19,00	-56.26

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	52.78
Day sales outstanding	95.75

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	174.77
Industry average day sales outstanding	108.66

Industry quartile analysis

Payment expectations
Company result	52.78
Lower	121.46
Median	72.36
Upper	40.99

Day sales outstanding
Company result	95.75
Lower	105.52
Median	54.72
Upper	23.72

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

Individual Shareholders

Shareholder Name
Forename	Jayantikumar	Middle name	-
Surname	Sanspara
Shareholder Details
Start date	04/02/2010(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	Van Leriusstraat	House number	30
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Ashvin	Middle name	-
Surname	Mavani
Shareholder Details
Start date	07/03/2011(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

Protested bills

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

NSSO details

Business number	874627521
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	JAYANTIKUMAR JIVANBHAI SANSPARA
Position	Principal Manager
Start Date	01/04/2006
Street	30 VAN LERIUSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	BABULAL ODHABHAI GODHANI
Position	Principal Manager
Start Date	07/06/2005
End Date	31/03/2006
Street	42 VAN EYCKLEI 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.54.54
UK Pound	1	Rs.84.19
Euro	1	Rs.71.11

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%)