MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	JIADIMON BVBA

Registered Office :	Frans De Cortlaan 37, 2610 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	05.03.2004

Com. Reg. No.:	864146175

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 :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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	864146175
Company name	JIADIMON BVBA
Address	FRANS DE CORTLAAN 37
	2610 ANTWERPEN
Number of staff	0
Date of establishment	05/03/2004
Telephone number	03239 64 16

Commentary

The business was established over 10 years ago.

No employees are recorded for this business.

The business has been at the address for over 6 years.

Operating Result in the latest trading period decreased 31% on the previous trading period.

A 191% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 42% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 36% during the latest trading period.

Turnover in the latest trading period increased 21% on the previous trading period.

Accounts

DATE OF LATEST TURNOVER PROFIT BEFORE NET WORTH WORKING CAPITAL

ACCOUNTS TAX

31/12/2012 102,195,411 5,004 165,972 138,075

31/12/2011 84,113,789 8,696 158,673 136,814

31/12/2010 41,233 153,546 137,233

Accounts

DATE OF LATEST BALANCE TOTAL NUMBER OF CAPITAL CASHFLOW

ACCOUNTS EMPLOYEES

31/12/2012 29,530,003 0 18,600 21,104

31/12/2011 10,136,479 0 18,600 12,485

31/12/2010 2,545,654 0 18,600 35,940

Payment expectations
Past payments	Payment expectation days	101.93
Industry average payment expectation days 133.35	Industry average day sales outstanding	134.55
Day sales outstanding 101.77
Court data summary
BANKRUPTCY DETAILS
Court action type no
PROTESTED BILLS
Bill amount -
NSSO DETAILS
Date of summons -

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	102,195,411	21.50	84,113,789	-	-	39,063,327	161
Total operating expenses	102,185,235	21.51	84,099,008	-	-	38,766,621	163
Operating result	10,176	-31.15	14,781	-65.83	43,258	113,962	-91.07
Total financial income	870	5527	15	-96.05	392	77,215	-98.87
Total financial expenses	6,043	-0.94	6,100	152	2,416	171,022	-96.47
Results on ordinary operations before taxation	5,004	-42.46	8,696	-78.91	41,233	12,808	-60.93
Taxation	2,253	-36.88	3,569	-79.78	17,655	17,287	-86.97
Results on ordinary operations after taxation	2,751	-46.34	5,127	-78.25	23,578	850	223
Extraordinary items	4,549	-	0	-100	7,487	-4,876	93.29
Other appropriations	-1	-	0.00	-	0.00	-	-
Net result	7,299	42.36	5,127	-83.50	31,065	-4,008	182
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	51,133	52,755	-
Dividends	-	-	-	-	-	243,088	-
Director remuneration	-	-	-	-	-	109,670	-
Employee costs	-	-	-	-	335	128,163	-
Wages and salary	-	-	-	-	-	110,295	-
Employee pension costs	-	-	-	-	-	14,009	-
Social security contributions	-	-	-	-	-	27,429	-
Other employee costs	0	-	0	-100	335	4,540	-100
Amortization and depreciation	13,805	87.62	7,358	50.93	4,875	17,404	-20.68

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	787	-100
Tangible fixed assets	59,505	131	25,672	-7.13	27,642	183,421	-67.56
Land & building	-	-	-	-	-	365,782	-
Plant & machinery	2,089	453	377	1844	19	24,223	-91.38
Furniture & Vehicles	57,416	126	25,294	-8.43	27,623	15,972 4,900	259
Leasing & Other Similar Rights	-	-	-	-	-	133,370 25,719	-
Other tangible assets	0	-	0	-	0	10,797	-100
Financial fixed assets	-	-	-	-	3,500	243,631	-
Total fixed assets	59,505	131	25,672	-17.57	31,142	342,623	-82.63
Inventories	-	-	-	-	150,812	2,713,385	-
Raw materials & consumables	-	-	-	-	-	8,019,782	-
Work in progress	0	-	0	-	0	2,587	-100
Finished goods	0	-	0	-	0	1,751,276	-100
Other stocks	0	-	0	-100	150,812	463,611	-100
Trade debtors	28,494,006	228	8,677,125	327	2,030,720	3,511,263	711
Cash	807,242	-36.30	1,267,192	628	173,899	196,069	311
other amounts receivable	169,250	2.41	165,275	5.12	157,230	211,997	-20.16
Miscellaneous current assets	0	-100	1,216	-34.31	1,851	15,519	-100
Total current assets	29,470,498	191	10,110,808	302	2,514,512	6,192,584	375
Total Assets	29,530,003	191	10,136,479	298	2,545,654	6,495,256 1,214,600	354

CURRENT LIABILITIES

Trade creditors	28,537,524	211	9,163,716	478	1,583,634	2,726,446	946
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	3,432,422 133,912	-
Current portion of long term debt	12,290	11.56	11,016	5.13	10,479	104,002 13,997	-88.18
Amounts Payable for Taxes, Remuneration & Social Security	12,774	-46.56	23,902	-29.68	33,990	8,441 -	-58.36
Miscellaneous current liabilities	769,835	-0.71	775,359	3.50	749,175	153	--
Total current liabilities	29,332,423	194	9,973,993	319	2,377,279	4,605,573	536
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	--
Other long term loans	31,608	728	3,813	-74.29	14,829	-96.87	--
D effered taxes	-	-	-	-	-	40,179 31,040	-
Provisions for Liabilities & Charges	0	-	0	-	0	4,059 0	-100
Other long term liabilities	0	-	0	-	0	83,476	-100
Total long term debts	31,608	728	3,813	-74.29	14,829	474,983	-93.35
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	872,587	-97.87
Share premium account	-	-	-	-	-	89,810	-
Reserves	147,372	5.21	140,073	3.80	134,946	510,765	-71.15
Revaluation reserve	-	-	-	-	-	929,721	-
Total shareholders equity	165,972	4.60	158,673	3.34	153,546	1,409,159	-88.22
Working capital	138,075	0.92	136,814	-0.31	137,233	1,587,011	-91.30
Cashflow	21,104	69.03	12,485	-65.26	35,940	10,117	108
Net worth	165,972	4.60	158,673	3.34	153,546	1,406,837	-88.20

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0	-100	0.01	-	-	-10,00	0
Return on capital employed	2.53	-52.71	5.35	-78.15	24.49	41,00	-93.83
Return on total assets employed	0.02	-77.78	0.09	-94.44	1.62	-301,00	0.01
Return on net assets employed	3.01	-45.07	5.48	-79.59	26.85	28,00	-89.25
Sales / net working capital	740.14	20.39	614.80	-	-	63,00	-99
Stock turnover ratio	-	-	-	-	-	91,00	-
Debtor days	101.77	170	37.65	-	-	152,00	-33.05
Creditor days	101.93	156	39.77	-	-	199,00	-48.78
SHORT TERM STABILITY
Current ratio	1	-0.99	1.01	-4.72	1.06	6,00	-90.0
Liquidity ratio / acid ratio	1	-0.99	1.01	2.02	0.99	4,00	-75.00
Current debt ratio	176.73	181	62.86	306	15.48	10,00	1667
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	26.45	182	9.35	-43.26	16.48	263,00	-89.94
Equity in percentage	0.56	-64.33	1.57	-73.96	6.03	-3.463,00	0.02
Total debt ratio	176.92	181	62.88	303	15.58	11,00	1508

Payment expectations

Payment expectation days 101.93

Day sales outstanding 101.77

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	133.35
Industry average day sales outstanding	134.55

Industry quartile analysis

Payment expectations

Company result	101.93
Lower	127.94
Median	79.51
Upper	46.56

Day sales outstanding
Company result	101.77
Lower	109.87
Median	57.09
Upper	27.87

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details

Business number 864146175

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

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.59.73
UK Pound	1	Rs.102.36
Euro	1	Rs.81.38

INFORMATION DETAILS

Analysis Done by :	RAS

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.

MIRA INFORM REPORT

Company summary

Commentary

Company information

Profit & loss

balance sheet

ratio analysis

Payment expectations

Bankruptcy Data

Unit