MIRA INFORM REPORT

Report Date :

07.11.2013

IDENTIFICATION DETAILS

Name :	J.R. DIAM BVBA
Registered Office :	Hoveniersstraat 2, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	07.06.2005
Com. Reg. No.:	874627521
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 :	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 Summary

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	032272185

Commentary

The business was established over 8 years ago.

No employees are recorded for this business.

The business has been at the address for over 5 years.

The credit rating for this business has increased from 68 to 70.

The credit limit for this business has increased from €525000 to €595000.

Operating Result in the latest trading period increased 37% on the previous trading period.

A 31% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 78% during the latest trading period.

Turnover in the latest trading period decreased 23% on the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	22,693,159	45,048	963,137	1,614,621
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

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cash flow
31/12/2012	11,546,218	0	767,882	64,000
31/12/2011	8,760,673	0	783,079	59,073
31/12/2010	9,586,451	0	413,170	59,816

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	86.25
Industry average payment expectation days	158.11	Industry average day sales outstanding	115.12
Day sales outstanding	136.18

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	032272185		Date founded	07/06/2005
Company status	Active		Company type	Private Limited Company (BL/LX)
Currency	Euro (€)		Date of latest accounts	31/12/2012
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

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

Profit & loss

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	22,693,159	-23.14	29,524,447	38.29	21,350,376	46,503,400	-51.20
	Total operating expenses	22,456,816	-23.49	29,352,977	38.17	21,243,575	46,107,334	-51.29
	Operating result	236,343	37.83	171,470	60.55	106,801	147,511	60.22
	Total financial income	14,440	-59.54	35,690	-40.33	59,813	97,177	-85.14
	Total financial expenses	205,734	33.14	154,528	23.68	124,940	203,413	1.14
	Results on ordinary operations before taxation	45,048	-14.41	52,632	26.29	41,674	32,531	38.48
	Taxation	4,654	-40.69	7,847	25.57	6,249	21,158	-78.00
	Results on ordinary operations after taxation	40,394	-9.80	44,785	26.42	35,425	17,405	132
	Extraordinary items	0	-	0	-	0	-4,326	0
	Other appropriations	0	-	0	-	0	-	-
	Net result	40,394	-9.80	44,785	26.42	35,425	13,093	208
	other information
	Dividends	-	-	-	-	-	172,177	-
	Director remuneration	-	-	-	-	-	117,330	-
	Employee costs	-	-	-	-	-	129,950	-
	Wages and salary	-	-	-	-	-	108,712	-
	Employee pension costs	-	-	-	-	-	14,428	-
	Social security contributions	-	-	-	-	-	27,484	-
	Other employee costs	0	-	0	-	0	4,567	-100
	Amortization and depreciation	23,606	65.22	14,288	-41.42	24,391	17,238	36.94
	back to top

balance sheet

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	1,527	-100
	Tangible fixed assets	404,092	76.62	228,795	-26.32	310,520	175,171	130
	Land & building	284,016	58.87	178,773	-24.60	237,090	349,975	-18.85
	Plant & machinery	117,574	145	47,822	-32.77	71,135	22,556	421
	Furniture & Vehicles	2,502	13.73	2,200	-4.14	2,295	17,376 5,325	-85.60
	Leasing & Other Similar Rights	-	-	-	-	-	68,695 30,812	-
	Other tangible assets	0	-	0	-	0	8,129	-100
	Financial fixed assets	-	-	-	-	-	291,639	-
	Total fixed assets	404,092	76.62	228,795	-26.32	310,520	375,523	7.61
	Inventories	2,452,974	274	654,337	-52.05	1,364,733	2,958,728	-17.09
	Raw materials & consumables	-	-	-	-	-	7,209,884	-
	Work in progress	0	-	0	-	0	2,565	-100
	Finished goods	2,452,974	274	654,337	-52.05	1,364,733	1,856,037	32.16
	Other stocks	0	-	0	-	0	576,338	-100
	Trade debtors	8,466,653	9.32	7,744,752	-1.20	7,838,638	4,015,506	110
	Cash	158,094	78.85	88,397	405	17,488	217,855	-27.43
	other amounts receivable	14,437	120	6,545	-52.46	13,767	180,390	-92.00
	Miscellaneous current assets	49,968	32.03	37,847	-8.37	41,305	17,571	184
	Total current assets	11,142,126	30.59	8,531,878	-8.02	9,275,931	6,932,571	60.72
	Total Assets	11,546,218	31.80	8,760,673	-8.61	9,586,451	7,270,5261,413,356	58.81
	current liabilities
	Trade creditors	5,306,320	25.02	4,244,291	-14.13	4,942,459	2,931,749	81.00
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	3,194,857	30.78	2,442,964	22.29	1,997,670	4,175,955185,463	-23.49
	Current portion of long term debt	19,457	134	8,281	-33.43	12,439	109,54914,919	-82.24
	Amounts Payable for Taxes, Remuneration & Social Security	6,763	-43.11	11,888	-57.06	27,682	9,123 -	-80.33
	Miscellaneous current liabilities	1,000,108	368	213,406	-68.04	667,640	232	- -
	Total current liabilities	9,527,505	37.66	6,920,830	-9.51	7,647,890	5,154,773	84.83
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	290,097	-67.73	898,837	431	169,005	-72.89	- -
	Deffered taxes	-	-	-	-	-	35,097 23,101	-
	Provisions for Liabilities & Charges	0	-	0	-	0	3,328 0	-100
	Other long term liabilities	765,479	-	0	-100	1,210,000	130,650	485
	Total long term debts	1,055,576	17.44	898,837	-34.82	1,379,005	546,968	92.99
	shareholders equity
	Issued share capital	767,882	-1.94	783,079	89.53	413,170	882,078	-12.95
	Share premium account	-	-	-	-	-	109,362	-
	Reserves	195,255	23.64	157,927	7.88	146,386	652,081	-70.06
	Revaluation reserve	-	-	-	-	-	934,864	-
	Total shareholders equity	963,137	2.35	941,006	68.17	559,556	1,562,621	-38.36
	Working capital	1,614,621	0.22	1,611,048	-1.04	1,628,041	1,777,798	-9.18
	Cashflow	64,000	8.34	59,073	-1.24	59,816	27,315	134
	Net worth	963,137	2.35	941,006	68.17	559,556	1,559,406	-38.24
	back to top

ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	0.20	11.11	0.18	-10.0	0.20	-23,00	0.87
	Return on capital employed	2.23	-22.03	2.86	33.02	2.15	32,00	-93.03
	Return on total assets employed	0.39	-35.00	0.60	39.53	0.43	-219,00	0.18
	Return on net assets employed	4.68	-16.28	5.59	-24.97	7.45	21,00	-77.71
	Sales / net working capital	14.05	-23.35	18.33	39.82	13.11	45,00	-99
	Stock turnover ratio	10.81	386	2.22	-65.26	6.39	111,00	-90.26
	Debtor days	136.18	42.22	95.75	-28.55	134.01	135,00	0.87
	Creditor days	86.25	63.41	52.78	-37.85	84.92	112,00	-22.99
	short term stability
	Current ratio	1.17	-4.88	1.23	1.65	1.21	7,00	-85.38
	Liquidity ratio / acid ratio	0.91	-20.18	1.14	10.68	1.03	4,00	-77.25
	Current debt ratio	9.89	34.56	7.35	-46.23	13.67	8,00	23.62
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	363.85	2.20	356.01	-8.58	389.44	379,00	-4.00
	Equity in percentage	8.34	-22.35	10.74	83.90	5.84	-3.430,00	0.24
	Total debt ratio	10.99	32.25	8.31	-48.48	16.13	10,00	9.90

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	86.25
Day sales outstanding	136.18

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	158.11
Industry average day sales outstanding	115.12

Industry quartile analysis

Payment expectations
Company result	86.25
Lower	133.74
Median	84.60
Upper	44.36
Day sales outstanding
Company result	136.18
Lower	112.17
Median	58.49
Upper	28.11

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	-

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

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.61.92
UK Pound	1	Rs.99.60
Euro	1	Rs.83.64

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%)