MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	TEJ-DIAM BVBA
Registered Office :	Hoveniersstraat 2 2018 Antwerpen
Country :	Belgium
Financials (as on) :	30.06.2012
Date of Incorporation :	20.10.1995
Com. Reg. No.:	456247418
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 :	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 Summary

TEJ-DIAM BVBA - 456247418

Business number	456247418
Company name	TEJ-DIAM BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	0
Date of establishment	20/10/1995
Telephone number	032275425
Fax number	-

Commentary

The business was established over 17 years ago.
No employees are recorded for this business.
The business has been at the address for over 8 years.
The credit rating for this business has decreased from 78 to 73.
The credit limit for this business has decreased from €55000 to €35000.
Operating Result in the latest trading period increased 47% on the previous trading period.
A 30% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 103% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 58% during the latest trading period.
Working Capital is a negative amount during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
30/06/2012	2,997,166	5,729	46,778	-6,624
30/06/2011	2,464,096	2,818	42,299	12,278
30/06/2010	1,242,590	-10,331	39,761	8,039

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
30/06/2012	2,601,508	0	18,592	5,476
30/06/2011	1,997,210	0	18,592	10,239
30/06/2010	1,594,446	0	18,592	-2,631

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	258.67
Industry average payment expectation days	175.25	Industry average day sales outstanding	109.66
Day sales outstanding	70.25

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	456247418		Company name	TEJ-DIAM BVBA
Fax number	-		Date founded	20/10/1995
Company status	active		Company type	Private Limited Company (BL/LX)
Currency	Euro (€)		Date of latest accounts	30/06/2012
Activity code	46761		liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones		VAT Number	BE.0456.247.418
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	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	2,997,166	21.63	2,464,096	98.30	1,242,590	46,509,793	-93.56
Total operating expenses	2,978,323	21.50	2,451,290	97.32	1,242,292	45,968,956	-93.52
Operating result	18,842	47.13	12,806	4193	298	319,932	-94.11
Total financial income	0	-99	49	-	-	120,634	-99
Total financial expenses	13,114	30.64	10,038	-5.57	10,630	293,106	-95.53
Results on ordinary operations before taxation	5,729	103	2,818	27.27	-10,331	138,161	-95.85
Taxation	1,250	347	279	-	-	54,872	-97.72
Results on ordinary operations after taxation	4,479	76.43	2,539	24.57	-10,331	98,342	-95.45
Extraordinary items	0	-	0	-	0	-2,011	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	4,479	76.43	2,539	24.57	-10,331	96,332	-95.35
other information
Dividends	-	-	-	-	-	60,000	-
Director remuneration	-	-	-	-	-	97,740	-
Employee costs	-	-	-	-	-	211,886	-
Wages and salary	-	-	-	-	-	177,537	-
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	-	-	-	-	-	41,142	-
Other employee costs	0	-	0	-	0	7,400	-100
Amortization and depreciation	998	-87.05	7,700	0.00	7,700	28,535	-96.50

balance sheet

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	4,425	-100
Tangible fixed assets	102,282	8.67	94,120	-7.56	101,820	324,692	-68.50
Land & building	93,929	0	93,929	0	93,929	635,715	-85.22
Plant & machinery	-	-	-	-	-	34,459	-
Other tangible assets	8,352	4286	190	-97.59	7,891	52,025	-83.95
Financial fixed assets	-	-	-	-	-	26,529	-
Total fixed assets	102,282	8.67	94,120	-7.56	101,820	324,150	-68.45
Inventories	1,886,384	58.62	1,189,230	-4.84	1,249,694	3,200,262	-41.06
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	18,987	-100
Finished goods	0	-	0	-	0	2,168,303	-100
Other stocks	1,886,384	58.62	1,189,230	-4.84	1,249,694	474,875	297
Trade debtors	576,888	-8.47	630,271	168	235,167	8,180,240	-92.95
Cash	33,450	-58.90	81,378	1192	6,297	385,600	-91.33
other amounts receivable	2,505	13.27	2,211	50.67	1,467	185,977	-98.65
Miscellaneous current assets	0	-	0	-	0	13,491	-100
Total current assets	2,499,226	31.32	1,903,090	27.50	1,492,626	11,424,061	-78.12
current liabilities
Trade creditors	2,110,672	47.39	1,431,998	36.97	1,045,510	4,171,467	-49.40
Short term group loans	-	-	-	-	-	-	-
Other short term loans	23,554	-68.51	74,788	717	9,153	3,947,478	-99
Miscellaneous current liabilities	371,624	-3.23	384,027	-10.68	429,924	-28.97	- -
Total current liabilities	2,505,850	32.53	1,890,812	27.36	1,484,587	8,494,493	-70.50
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	48,880	-23.74	64,098	-8.56	70,098	-97.09	- -
Other long term liabilities	0	-	0	-	0	188,769	-100
Total long term debts	48,880	-23.74	64,098	-8.56	70,098	976,769	-95.00
shareholders equity
Issued share capital	18,592	0	18,592	0	18,592	1,539,186	-98.79
Share premium account	-	-	-	-	-	98,781	-
Reserves	28,186	18.89	23,707	11.99	21,169	612,330	-95.40
Revaluation reserve	-	-	-	-	-	1,664,632	-
Total shareholders equity	46,778	10.59	42,299	6.38	39,761	2,262,549	-97.93
Working capital	-6,624	-153	12,278	52.73	8,039	2,929,568	-100
Cashflow	5,476	-46.52	10,239	389	-2,631	120,826	-95.47
Net worth	46,778	10.59	42,299	6.38	39,761	2,238,101	-97.91
back to top

ratio analysis

Annual accounts	30-06-2012	change(%)	30-06-2011	change(%)	30-06-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.19	72.73	0.11	13.25	-0.83	1,00	-81.00
Return on capital employed	5.99	126	2.65	28.19	-9.40	157,00	-96.18
Return on total assets employed	0.22	57.14	0.14	21.54	-0.65	7,00	-96.86
Return on net assets employed	12.25	83.93	6.66	25.64	-25.98	20,00	-38.75
Sales / net working capital	-452.48	-325	200.69	29.84	154.57	34,00	-100
Stock turnover ratio	62.94	30.42	48.26	-52.01	100.57	24,00	162
Debtor days	70.25	-24.75	93.36	35.15	69.08	123,00	-42.89
Creditor days	258.67	21.31	213.23	-30.58	307.18	78,00	231
short term stability
Current ratio	1	-0.99	1.01	0	1.01	5,00	-85.71
Liquidity ratio / acid ratio	0.24	-36.84	0.38	137	0.16	4,00	-94.00
Current debt ratio	53.57	19.84	44.70	19.71	37.34	7,00	665
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	154.85	-52.84	328.34	64.73	199.32	277,00	-44.10
Equity in percentage	1.80	-15.09	2.12	-14.86	2.49	11,00	-83.64
Total debt ratio	54.61	18.15	46.22	18.21	39.10	8,00	582

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	258.67
Day sales outstanding	70.25

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	175.25
Industry average day sales outstanding	109.66

Industry quartile analysis

Payment expectations
Company result	258.67
Lower	121.46
Median	73.49
Upper	41.43
Day sales outstanding
Company result	70.25
Lower	105.52
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	456247418
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	MUKESH SHAH
Position	Principal Manager
Start Date	17/12/2010
Street	50 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	MUKESH SHAH
Position	Non Statutory Partner
Start Date	20/10/1995
Street	50 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	TANIA OOMS
Position	Non Statutory Partner
Start Date	20/10/1995
End Date	12/06/1997
Street	137 MOESHOFSTRAAT ANTWERPEN
Post code	2170
Country	Belgium

Name	TANIA OOMS
Position	Principal Manager
Start Date	03/11/1997
End Date	-
Street	137 MOESHOFSTRAAT ANTWERPEN
Post code	2170
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.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

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%)

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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.