MIRA INFORM REPORT

Report Date :

24.04.2014

IDENTIFICATION DETAILS

Name :	JEWELEX ANTWERP NV

Registered Office :	Hoveniersstraat, 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	22.03.1988

Com. Reg. No.:	433849425

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	3

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 433849425

Company name JEWELEX ANTWERP NV

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 3

Date of establishment 22/03/1988

Telephone number 032311919

Fax number 034011920

Commentary

The business was established over 26 years ago.

The business has 1 employees.

The business has been at the address for over 23 years.

Operating Result in the latest trading period decreased 38% on the previous trading period.

Net Worth decreased by 21% during the latest trading period.

A 36% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 50% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 79% during the latest trading period.

Turnover in the latest trading period decreased 39% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	86,082,722	451,742	9,569,207	9,461,292
31/12/2011	141,225,725	916,995	12,164,580	11,815,503
31/12/2010	90,742,780	428,847	8,604,966	8,377,897

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	31,184,959	3	7,200,050	380,339
31/12/2011	48,917,821	0	9,500,000	703,715
31/12/2010	36,465,356	3	7,109,800	421,259

Payment expectations
Past payments		Payment expectation days	56.82
Industry average payment	164.26	Industry average day sales	120.92
expectation days		outstanding
Day sales outstanding	94.51
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	3
Part-time Employees	0
Total Fte Employees	3

Number of hours worked
Full-time Employees	4,854
Part-time Employees	115
Total	4,969

Personnel Charges
Full-time Employees	127,974
Part-time Employees	2,099
Total	130,072
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	3
Actual working hours	5,587
Personnel Charges	139,749
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	3	1	3
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	1	-	1
Higher education (non university)	1	-	1
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	1	0
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	3	-	3
Blue collar worker	-	1	0
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	1
Leavers	2	-	2

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
Significant Events
Event Date	18/07/2012
Event Description
Event Details	Rechtzetting akte dd. 05-06-2012 : met ingang van 30/06/2012 wordt de heer Shah Jitendra benoemd als gedelegeerd bestuurder, de benoeming van de heer Jogani Virat als gedelegeerd bestuurder werd verkeerdelijk vermeld.

Profit & loss

Annual accounts	31-12-2012		31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		51		52
Currency	EUR		EUR		EUR
Turnover	86,082,722	-39.05	141,225,725	55.63	90,742,780	46,612,575	84.68
Total operating expenses	84,791,404	-39.05	139,115,235	55.63	89,387,258	46,221,128	83.45
Operating result	1,291,318	-38.81	2,110,490	55.70	1,355,522	148,165	771
Total financial income	16,774	50.60	11,138	224	3,431	97,631	-82.82
Total financial expenses	856,350	-28.91	1,204,633	29.52	930,107	204,468	318
Results on ordinary operations before taxation	451,742	-50.74	916,995	113	428,847	33,229	1259
Taxation	102,670	-59.39	252,797	1228	19,032	20,877	391
Results on ordinary operations after taxation	349,072	-47.44	664,198	62.07	409,815	18,398	1797
Extraordinary items	0	-100	1,774	10.46	-16,956	-4,346	0
Other appropriations	599	-24.18	790	33.45	592	-	-
Net result	349,671	-47.56	666,762	69.47	393,451	14,071	2385
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	115,624	-	-	-	145,002	112,544	2.74
Employee costs	130,072	-28.06	180,811	17.31	154,131	126,172	3.09
Wages and salary	103,382	-	-	-	120,577	105,771	-2.26
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	25,340	-	-	-	31,228	26,708	-5.12
Other employee costs	1,350	-	0	-100	2,326	4,365	-69.07
Amortization and depreciation	30,668	-17.01	36,953	32.89	27,808	17,886	71.46

balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		51		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,579	-100
Tangible fixed assets	309,163	29.06	435,811	35.34	322,016	184,763	67.33
Land & building	281,808	30.20	403,731	29.25	312,365	362,988	22.36
Plant & machinery	4,472	141	1,854	4.22	1,779	22,646	80.25
Furniture & Vehicles	22,883	24.29	30,226	283	7,872	17,300 5,364	32.27
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,627	-100
Financial fixed assets	3,394	98.42	214,582	33.81	160,359	306,761	98.89
Total fixed assets	312,557	51.94	650,393	34.83	482,374	396,027	21.08
Inventories	8,486,747	61.72	22,168,714	52.71	14,517,221	3,105,555	173
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,396	-100
Finished goods	8,486,747	61.72	22,168,714	52.71	14,517,221	1,993,175	325
Other stocks	0	-	0	-	0	571,308	-100
Trade debtors	22,290,459	13.13	25,659,041	20.66	21,266,284	4,252,582	424
Cash	85,796	79.94	427,776	117	197,003	225,847	62.01
other amounts receivable	8,867	14.54	10,376	319	2,474	187,318	95.27
Miscellaneous current assets	533	64.96	1,521	-	0	18,016	97.04
Total current assets	30,872,402	36.04	48,267,428	34.14	35,982,982	7,312,246	322
Total Assets	31,184,959	36.25	48,917,821	34.15	36,465,356	7,668,456 1,451,744	306
CURRENT LIABILITIES
Trade creditors	13,200,128	29.52	18,729,324	1.16	18,514,689	3,140,893	320
Short term group loans	-	-	-	-	-	-	-
Financial debts	8,162,328	52.31	17,114,748	97.59	8,661,922	4,252,492 189,481	91.94
Current portion of long term debt	23,476	17.46	28,442	33.88	21,244	110,204 15,373	78.70
Amounts Payable for Taxes, Remuneration & Social Security	25,178	82.34	142,595	104	69,722	9,727 -	25.86
Miscellaneous current liabilities	0	-100	436,816	29.42	337,508	-100	- -
Total current liabilities	21,411,110	41.26	36,451,925	32.05	27,605,085	5,436,355	293
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	178,284	32.91	265,748	16.51	228,094	-83.80	- -
Deffered taxes	26,358	25.89	35,568	30.72	27,210	37,626 26,358	29.95
Provisions for Liabilities & Charges	0	-	0	-	0	3,181 0	-100
Other long term liabilities	0	-	0	-100	1	128,543	-100
Total long term debts	204,642	-	301,316	18.02	255,305	558,650	-
		32.08					63.37
SHAREHOLDERS EQUITY
Issued share capital	7,200,050	24.21	9,500,000	33.62	7,109,800	945,040	661
Share premium account	-	-	-	-	-	109,362	-
Reserves	2,369,157	11.09	2,664,580	78.21	1,495,166	692,702	242
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	9,569,207	21.34	12,164,580	41.37	8,604,966	1,667,396	473
Working capital	9,461,292	19.92	11,815,503	41.03	8,377,897	1,875,891	404
Cashflow	380,339	45.95	703,715	67.05	421,259	28,871	1217
Net worth	9,569,207	21.34	12,164,580	41.37	8,604,966	1,664,134	475

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.52	-20.0	0.65	38.30	0.47	-25,00	2.08
Return on capital employed	4.62	-37.23	7.36	52.07	4.84	29,00	-84.07
Return on total assets employed	1.45	-22.46	1.87	58.47	1.18	-201,00	0.72
Return on net assets employed	4.72	-37.40	7.54	51.41	4.98	19,00	-75.16
Sales / net working capital	9.10	-23.85	11.95	10.34	10.83	44,00	-99
Stock turnover ratio	9.86	-37.20	15.70	-1.88	16	110,00	-91.04
Debtor days	94.51	42.51	66.32	-22.47	85.54	134,00	-29.47
Creditor days	56.82	15.63	49.14	-35.00	75.60	123,00	-53.80
SHORT TERM STABILITY
Current ratio	1.44	9.09	1.32	1.54	1.30	6,00	-84.00
Liquidity ratio / acid ratio	1.05	45.83	0.72	-7.69	0.78	4,00	-73.75
Current debt ratio	2.24	-25.33	3	-6.54	3.21	9,00	-75.11
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	87.41	-38.92	143.11	38.19	103.56	359,00	-75.65
Equity in percentage	30.69	23.40	24.87	5.38	23.60	-3.205,00	0.96
Total debt ratio	2.26	-25.17	3.02	-6.79	3.24	11,00	-79.45

Payment expectations
Payment expectation days	56.82
Day sales outstanding	94.51
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.26
Industry average day sales outstanding	120.92
Industry quartile analysis
Payment expectations
Company result	56.82
Lower	134.13
Median	83.75
Upper	45.33

Day sales outstanding
Company result	94.51
Lower	112.48
Median	58.70
Upper	27.62

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	433849425
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

director details

Name	VIRAT JOGANI
Position	Director
Start Date	30/06/2012
Street	142 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Name	JITENDRA JAYANTILAL SHAH
Position	Director
Start Date	01/06/2009
Street	6 ANGELUS RONCALLILAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	JITENDRA JAYANTILAL SHAH
Position	Managing Director
Start Date	30/06/2012
Street	6 ANGELUS RONCALLILAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	NUTAN SHREYASH KOTHARI
Position	Managing Director
Start Date	12/09/2006
Street	22 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	HEMAL V. MODY
Position	Director
Start Date	04/06/2007
Street	2 GOUNODSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	VINITA SHAH
Position	Director
Start Date	01/06/2009

Name	ALPA KOTHARI
Position	Director
Start Date	04/06/2007

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.61.07
UK Pound	1	Rs.102.77
Euro	1	Rs.84.49

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NNA

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	433849425	Company name	JEWELEX ANTWERP NV
Fax number	034011920	Date founded	22/03/1988
Company status	active	Company type	Public Limited Liability Company (BE)
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.0433.849.425
Belgian Bullettin of Acts Publications	moniteur belge