MIRA INFORM REPORT

Report Date :

04.04.2014

IDENTIFICATION DETAILS

Name :	DEV JEWELS BVBA

Registered Office :	2, Hovenierstraat, Suite No. 723, Bus 505, 2018 Antwerp

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	17.02.1989

Com. Reg. No.:	436733887

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other precious stones

No. of Employees	01 (31.12.2012)

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 :	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 – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 436733887

Company name DEV JEWELS BVBA

Address 2, Hovenierstraat,

Suite No. 723, Bus 505,

2018 ANTWERP

Number of staff 1

Date of establishment 17/02/1989

Telephone number 032266817

Fax number 032266818

Commentary

The business was established over 25 years ago.
The business has 1 employees.
The business has been at the address for over 7 years.
Operating Result in the latest trading period decreased 80% on the previous trading period.
Pre-tax profits decreased by 89% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 48% during the latest trading period.
Turnover in the latest trading period decreased 47% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	9,522,876	8,463	3,708,625	3,367,807
31/12/2011	18,120,335	84,606	3,693,107	3,801,390
31/12/2010		-71,100	3,620,401	3,736,994

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	12,860,858	1	18,600	53,884
31/12/2011	12,723,764	2	18,600	110,600
31/12/2010	8,062,392	2	18,600	-21,886

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments	---	Payment expectation days	343.43
Industry average payment	168.35	Industry average day sales	120.21
expectation days		outstanding
Day sales outstanding	261.60

Court data summary

BANKRUPTCY DETAILS
Court action type	no

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	2
Part-time Employees	0
Total Fte Employees	2

Number of hours worked
Full-time Employees	1,786
Part-time Employees	196
Total	1,982

Personnel Charges
Full-time Employees	32,080
Part-time Employees	3,834
Total	35,914
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	2
Actual working hours	2,850
Personnel Charges	55,825
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	1	2
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	1	1
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	1	2
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	1	1
Leavers	1	-	1

Personnel

(NSSO classification)

Code	-
Description	1 EMPLOYEES

Company accounts

Comparison Mode

· Average Median Export accounts to CSV File

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	9,522,876	47.45	18,120,335	-	-	46,788,819	79.65
Total operating expenses	9,496,152	47.20	17,984,845	-	-	46,394,806	79.53
Operating result	26,723	80.28	135,490	630	-21,480	148,098	81.96
Total financial income	5,272	12.52	6,026	4.09	5,790	98,058	94.62
Total financial expenses	23,533	58.65	56,910	2.71	55,410	204,982	88.52
Results on ordinary operations before taxation	8,463	90.00	84,606	118	-71,100	32,874	74.26
Taxation	543	95.44	11,900	164	4,507	20,907	97.40
Results on ordinary operations after taxation	7,920	89.11	72,706	96.16	-75,607	17,996	55.99
Extraordinary items	7,598	-	0	-100	12,081	-4,526	167
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	15,518	78.66	72,706	114	-63,526	13,489	15.04
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	35,914	34.58	54,899	18.15	67,072	126,363	71.58
Wages and salary	26,913	37.80	43,269	17.52	52,463	105,854	74.58
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	6,364	19.53	7,908	20.51	9,948	26,598	76.08
Other employee costs	2,638	29.13	3,722	20.13	4,661	4,380	39.77
Amortization and depreciation	38,366	1.25	37,894	-9.00	41,640	17,934	113

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	1,561	-100
Tangible fixed assets	495,398	0.24	494,213	-7.06	531,760	185,388	167
Land & building	385,820	-3.50	399,793	-3.38	413,765	362,952	6.30
Plant & machinery	71,838	18.64	88,298	19.74	110,015	22,760	215
Furniture & Vehicles	37,740	516	6,122	23.28	7,980	17,415 5,433	116
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,664	-100
Financial fixed assets	954	0	954	26.51	754	309,151	-99
Total fixed assets	496,353	0.24	495,167	-7.01	532,515	398,254	24.63
Inventories	3,295,588	389	673,248	37.17	490,808	3,108,260	6.03
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,411	-100
Finished goods	3,295,588	389	673,248	-	0	1,992,265	65.42
Other stocks	0	-	0	-100	490,808	574,368	-100
Trade debtors	6,825,276	-6.56	7,304,261	52.84	4,778,879	4,189,589	62.91
Cash	2,167,445	48.25	4,188,234	90.86	2,194,363	226,840	855
other amounts receivable	74,017	23.33	60,015	-5.60	63,578	186,814	60.38
Miscellaneous current assets	2,179	23.23	2,839	26.20	2,249	18,076	87.94
Total current assets	12,364,505	1.11	12,228,597	62.40	7,529,878	7,252,094	70.50
Total Assets	12,860,858	1.08	12,723,764	57.82	8,062,392	7,617,297 1,454,678	68.84
CURRENT LIABILITIES
Trade creditors	8,934,918	8.69	8,220,729	126	3,624,607	3,057,888	192
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	4,287,536 192,320	-
Current portion of long term debt	47,915	-2.93	49,363	13.46	43,506	107,941 15,359	55.61
Amounts Payable for Taxes, Remuneration & Social Security	13,775	64.59	38,904	62.56	23,933	9,445 -	59.49
Miscellaneous current liabilities	89	-99	118,210	17.23	100,839	-99	- -
Total current liabilities	8,996,698	6.76	8,427,207	122	3,792,884	5,370,007	67.54
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	155,535	23.55	203,450	18.33	249,107	-85.90	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,200 0	-100
Other long term liabilities	0	-100	400,000	0	400,000	129,533	-100
Total long term debts	155,535	74.23	603,450	-7.03	649,107	562,172	72.33
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	948,360	98.04
Share premium account	-	-	-	-	-	109,362	-

Reserves	3,690,025	0.42	3,674,507	2.02	3,601,801	693,149	432
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	3,708,625	0.42	3,693,107	2.01	3,620,401	1,671,347	121
Working capital	3,367,807	11.41	3,801,390	1.72	3,736,994	1,882,087	78.94
Cashflow	53,884	51.28	110,600	505	-21,886	28,291	90.46
Net worth	3,708,625	0.42	3,693,107	2.01	3,620,401	1,668,090	122

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.09	-80.85	0.47	-	-	-26,00	0.35
Return on capital employed	0.22	-88.83	1.97	117	-1.67	29,00	-99
Return on total assets employed	0.07	-89.39	0.66	75.00	-0.88	-202,00	0.03
Return on net assets employed	0.23	-89.96	2.29	116	-1.96	19,00	-98.79
Sales / net working capital	2.83	-40.67	4.77	-	-	45,00	-99
Stock turnover ratio	34.61	830	3.72	-	-	111,00	-68.82
Debtor days	261.60	77.80	147.13	-	-	133,00	96.69
Creditor days	343.43	105	166.84	-	-	122,00	181
SHORT TERM STABILITY
Current ratio	1.37	-5.52	1.45	-27.14	1.99	7,00	-84.78
Liquidity ratio / acid ratio	1.01	-26.28	1.37	-26.34	1.86	4,00	-74.75
Current debt ratio	2.43	6.58	2.28	117	1.05	9,00	-73.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	5.49	-19.85	6.85	-15.22	8.08	361,00	-98.48
Equity in percentage	28.84	-0.65	29.03	-35.35	44.90	-3.228,00	0.89
Total debt ratio	2.47	0.82	2.45	99	1.23	10,00	-75.30

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones

Payment Information

Payment expectations
Payment expectation days	343.43
Day sales outstanding	261.60

Industry comparison
Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment expectation days	168.35
Industry average day sales outstanding	120.21

Industry quartile analysis

Payment expectations
Company result	343.43
Lower	134.36
Median	84.62
Upper	45.29

Day sales outstanding
Company result	261.60
Lower	112.48
Median	58.56
Upper	28.58

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Court data

NSSO details
Business number	436733887

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data

there is no data for this company

Director details

Current Director Details

Name	SANJU BHANDARI
Position	Director
Start Date	06/09/2013
Street	4 ASTERLAAN KONTICH
Post code	2550
Country	Belgium

Name	MEHUL JHAVERI
Position	Director
Start Date	06/09/2013
Street	363 E. CONFERENCE DR BOCA PATON
Post code	33486
Country	United States

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.60.12
UK Pound	1	Rs.100.07
Euro	1	Rs.82.74

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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.

Business number	436733887	Company name	DEV JEWELS BVBA
Fax number	032266818	Date founded	17/02/1989
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
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0436.733.887
Belgian Bullettin of Acts Publications	Moniteur Belge (Belgian Monitor)