MIRA INFORM REPORT

Report Date :

11.04.2014

IDENTIFICATION DETAILS

Name :	SELECT JEWELLERY BVBA
Registered Office :	Hoveniersstraat 53, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	23.01.2003
Com. Reg. No.:	479419827
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of watches and jewellery
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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 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 summary

Business number 479419827

Company name SELECT JEWELLERY BVBA

Address HOVENIERSSTRAAT 53

2018 ANTWERPEN

Number of staff 0

Date of establishment 23/01/2003

Ultimate holding company

Company name

BLUE JAYS PRIVATE LIMITED

Commentary

The business was established over 11 years ago.
No employees are recorded for this business.
The business is part of a group.
The business has been at the address for over 4 years.
A 31% decline in Total Assets occurred during the latest trading period.
Net Worth is a negative amount during the latest trading period.
Turnover in the latest trading period decreased 30% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	341,394	7,561	-313,732	439,012
31/12/2011	488,901	-72,898	-322,758	547,353
31/12/2010	326,464	-117,944	-249,225	329,937

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	564,039	0	18,600	9,691
31/12/2011	824,077	0	18,600	-69,149
31/12/2010	750,231	0	18,600	-114,973

TRENDS

Profitability
Liquidity
Networth

Payment expectations

Past payments		Payment expectation days	107.50
Industry average payment expectation days	166.79	Industry average day sales outstanding	569.27
Day sales outstanding	116.19

Court data summary

BANKRUPTCY DETAILS
Court action type	no

Company information

Business number	479419827	Company name	SELECT JEWELLERY BVBA
Fax number		Date founded	23/01/2003
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46480	liable for VAT	yes
Activity description	Wholesaler of watches and jewellery	VAT Number	BE.0479.419.827
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee

(JIC)

Event Date	31/03/2010
Event Description	proposal to change address filed

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

Profit & loss

Annual accounts	31-12-2012			31-122011	%	31-122010	Industry average 2012	%
Weeks	52			52		52
Currency	EUR			EUR		EUR
Turnover	341,394		-30.17	488,901	49.76	326,464	1,626,730	-79.01
Total operating expenses	350,103		-33.37	525,455	28.34	409,411	1,541,750	-77.29
Operating result	-8,709		23.82	-36,554	44.07	-82,947	28,110	-130
Total financial income	17,126		54474	31	-98.55	2,165	21,610	-20.75
Total financial expenses	855		-97.65	36,375	-2.11	37,161	17,928	-95.23
Results on ordinary operations before taxation	7,561		10.37	-72,898	61.81	-117,944	28,239	-73.22
Taxation	-		-	-	-	-	17,889	-
Results on ordinary operations after taxation	7,561		10.37	-72,898	61.81	-117,944	17,327	-56.36
Extraordinary items	0		-	0	-	0	-18,320	0
Other appropriations	0.00		-	0.00	-	0.00	-	-
Net result	7,561		10.37	-72,898	61.81	-117,944	-920	821
OTHER INFORMATION
Dividends	-	-		-	-	-	263,413		-
Director remuneration	-	-		-	-	-	160,802		-
Employee costs	-	-		-	-	-	198,150		-
Wages and salary	-	-		-	-	-	152,397		-
Employee pension costs	-	-		-	-	-	405		-
Social security contributions	-	-		-	-	-	44,561		-
Other employee costs	0	-		0	-	0	5,611		-100
Amortization and depreciation	2,130	-43.20		3,750	26.19	2,971	19,239		-88.93

Balance sheet

Annual accounts	31-12-2012			%	31-12-2011	%	31-122010	Industry average 2012	%
Weeks	52				52		52
Currency	EUR				EUR		EUR
Intangible fixed assets	3,635			-	5,099	-	4,465	2,889	25.83
Tangible fixed assets	2,112			152	836	37.04	1,328	158,362	98.67
Land & building	-			-	-	-	-	327,486	-
Plant & machinery	2,112			152	836	37.04	1,328	15,897	86.71
Furniture & Vehicles	-			-	-	-	-	19,057 6,933	-
Leasing & Other Similar Rights	-			-	-	-	-	25,266 11,978	-
Other tangible assets	0			-	0	-	0	6,910	-100
Financial fixed assets	8,500			0	8,500	0	8,500	255,084	96.67
Total fixed assets	14,247			-1.30	14,436	0.99	14,294	294,980	95.17
Inventories	407,844			21.45	519,186	23.32	421,009	380,364	7.22
Raw materials & consumables	-			-	-	-	-	318,586	-
Work in progress	0			-	0	-	0	55	-100
Finished goods	407,844			21.45	519,186	23.32	421,009	60,887	569
Other stocks	0			-	0	-	0	218,669	-100
Trade debtors	108,673			58.55	262,190	-8.30	285,933	193,013	43.70
Cash	22,290			13.51	25,773	107	12,410	75,933	70.64
other amounts receivable	10,985			340	2,491	84.12	15,692	65,054	83.11
Miscellaneous current assets	0			-	0	-100	894	12,648	-100
Total current assets	549,792			32.09	809,641	10.01	735,938	624,903	12.02
Total Assets	564,039			31.55	824,077	9.84	750,231	878,867 228,019	35.82
CURRENT LIABILITIES
Trade creditors		103,108		58.20	246,682	39.22	405,880	235,434	56.21
Short term group loans		-		-	-	-	-	-	-
Financial debts		255		-	-	-	120	207,465 16,822	-99
Current portion of long term debt		-		-	-	-	-	54,142 13,556	-
Amounts Payable for Taxes, Remuneration & Social Security		-		-	-	-	-	7,867 -	-
Miscellaneous current liabilities		7,417		52.47	15,607	-	0	-94.64	- -
Total current liabilities		110,780		57.76	262,289	35.40	406,000	468,783	76.37
LONG TERM DEBTS AND LIABILITIES
Long term group loans			-	-	-	-	-	-	- -
Other long term loans			763,357	13.20	879,446	49.31	588,991	157	- -
Deffered taxes			-	-	-	-	-	58,570 29,464	-
Provisions for Liabilities & Charges			0	-	0	-	0	7,132 0	-100
Other long term liabilities			0	-	0	-	0	28,143	-100
Total long term debts			763,357	13.20	879,446	49.31	588,991	151,360	404

SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	171,560	89.16
Share premium account	-	-	-	-	-	228,155	-
Reserves	-328,697	97.75	-336,258	27.68	-263,360	79,716	-512
Revaluation reserve	-	-	-	-	-	110,754	-
Total shareholders equity	-310,097	97.62	-317,658	29.78	-244,760	256,901	-220
Working capital	439,012	19.79	547,353	65.90	329,937	156,120	181
Cashflow	9,691	14.01	-69,149	60.14	-114,973	14,088	31.21
Net worth	-313,732	97.20	-322,758	29.50	-249,225	254,012	-223

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	2.21	14.82	-14.91	41.27	-36.13	-188,00	1.18
Return on capital employed	1.67	12.87	-12.98	37.89	-34.26	399,00	-99
Return on total assets employed	1.34	15.14	-8.85	56.30	-15.72	-6,00	22.33
Return on net assets employed	-2.44	-110	22.95	-52.38	48.19	403,00	-100
Sales / net working capital	0.78	-12.36	0.89	-10.10	0.99	22,00	-99
Stock turnover ratio	119.46	12.50	106.19	-17.66	128.96	1.155,00	-89.66
Debtor days	116.19	-40.64	195.74	-38.77	319.68	930,00	-87.51
Creditor days	107.50	-37.26	171.35	-52.65	361.85	308,00	-65.10
SHORT TERM STABILITY
Current ratio	4.96	60.52	3.09	70.72	1.81	47,00	-95.14
Liquidity ratio / acid ratio	1.28	15.32	1.11	42.31	0.78	44,00	-97.09
Current debt ratio	-0.36	43.37	-0.83	50.0	-1.66	102,00	-100
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-246.25	88.95	-276.85	-15.02	-240.69	238,00	-203
Equity in percentage	-55.33	-42.64	-38.79	-18.19	-32.82	-167,00	33.13
Total debt ratio	-2.82	78.55	-3.59	88.21	-4.07	102,00	-102

Industry comparison

Activity code	46480
Activity description	Wholesaler of watches and jewellery

Payment Information

Amount	-
Details	-
Payment expectations
Payment expectation days	107.50
Day sales outstanding	116.19

Industry comparison

Activity code	46480
Activity description	Wholesaler of watches and jewellery
Industry average payment expectation days	166.79
Industry average day sales outstanding	569.27

Industry quartile analysis

Payment expectations
Company result	107.50
Lower	116.19
Median	44.37
Upper	12.51

Day sales outstanding
Company result	116.19
Lower	107.50
Median	48.06
Upper	14.90

Shareholders details

Group - Number of Companies	3
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- BLUE JAYS PRIVATE LIMITED
- - DHRUV STAR BVBA	478124678	31-12-2012
- - SELECT JEWELLERY BVBA	479419827	31-12-2012

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual shareholders

SHAREHOLDER NAME
Forename	Neil	Middle name	-
Surname	Desai
SHAREHOLDER DETAILS
Start date	23/01/2003	End date	-
Percentage owned	20%
SHAREHOLDER ADDRESS
Street name	Carillolei	House number	72
Minor town	-	Postal town	Aartselaar
Post code	2630	Country	Belgium

Linked Companies

Group - Number of Companies	3
Linkages - Number of Companies	0
Number of Countries	0

Court data

NSSO details
Business number	479419827

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	NEIL DESAI
Position	Principal Manager
Start Date	09/09/2010
Street	72 CARILLOLEI AARTSELAAR
Post code	2630
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.60.21
UK Pound	1	Rs.101.05
Euro	1	Rs.83.33

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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