MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	DIAJEWEL NV
Registered Office :	Hoveniersstraat 9, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	19.10.1978
Com. Reg. No.:	418772556
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
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	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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 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 name & address

DIAJEWEL NV

Business number	418772556
Company name	DIAJEWEL NV
Address	HOVENIERSSTRAAT 9
	2018 ANTWERPEN
Number of staff	4
Date of establishment	19/10/1978
Telephone number	032313770
Fax number	032260602

Commentary

The business was established over 35 years ago.

The business has 5 employees.

The business has been at the address for over 16 years.

Pre-tax profits increased by 348% compared to the previous trading period.

The business saw an increase in their Cash Balance of 93% during the latest trading period.

Turnover in the latest trading period decreased 25% on the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	157,412,760	147,787	8,744,053	10,346,228
31/12/2011	210,759,089	32,947	8,829,452	10,421,027
31/12/2010	201,552,060	203,545	8,539,372	10,086,174

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	39,636,533	4	8,237,153	135,355
31/12/2011	41,332,845	4	8,400,179	69,875
31/12/2010	40,830,592	4	8,133,903	183,795

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	8.11
Industry average payment expectation days	165.54	Industry average day sales outstanding	116.45
Day sales outstanding	79.18

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	418772556		Company name	DIAJEWEL NV
Fax number	032260602		Date founded	19/10/1978
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.0418.772.556
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		3
Part-time Employees		2
Total Fte Employees		5
Number of hours worked
Full-time Employees		4,924
Part-time Employees		2,325
Total		7,249
Personnel Charges
Full-time Employees		89,428
Part-time Employees		46,979
Total		136,408
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		4
Actual working hours		7,339
Personnel Charges		134,113
Benefits In Addition To Wages		-
Type of Contract	Full-Time		Part-Time	Total Fte
Unlimited Duration Contracts	3		2	4
Limited Duration Contracts	-		-	-
Contracts For Specific Work	-		-	-
Contracts Regarding Substitution	-		-	-

Gender and Education Level
Men	Full-Time		Part-Time		Total Fte
Primary education	1		-		1
Secondairy education	-		-		-
Higher education (non university)	-		-		-
Higher education (university)	-		-		-
Women	Full-Time		Part-Time		Total Fte
Primary education	-		-		-
Secondairy education	2		2		3
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		2		1		3
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	3	-		3
Leavers	3	-		3

Personnel (NSSO classification)

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees

JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade

Significant Events

Event Date

30/09/2013

Event Description

re-appointment of director(s)

Event Details

Commentaar 30-09-2013: Herbenoemd als bestuurders en gedelegeerd bestuurders tot de jaarvergadering 2019 : Thakker Dilip en Mehta Akshaykumar.

comparison mode

average

median

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	157,412,760	-25.31	210,759,089	4.57	201,552,060	46,354,280	239
Total operating expenses	156,504,259	-25.38	209,723,451	4.65	200,410,790	45,960,199	240
Operating result	908,501	-12.28	1,035,638	-9.26	1,141,270	149,299	508
Total financial income	97,869	-16.26	116,866	-45.68	215,149	98,474	-0.61
Total financial expenses	858,582	-23.31	1,119,556	-2.89	1,152,874	206,049	316
Results on ordinary operations before taxation	147,787	348	32,947	-83.81	203,545	33,073	346
Taxation	65,774	57.18	41,845	-45.58	76,888	20,878	215
Results on ordinary operations after taxation	82,013	921	-8,898	-107	126,657	18,219	350
Extraordinary items	3,945	-79.69	19,428	456	3,488	-4,731	83.39
Other appropriations	0	-100	1	100	-1	-	-
Net result	85,958	716	10,531	-91.91	130,144	13,505	536
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	301,681	-	-	-	313,451	112,756	167
Employee costs	136,408	-0.26	136,767	5.22	129,979	128,209	6.40
Wages and salary	95,245	-3.16	98,358	3.92	94,651	106,943	-10.94
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	20,782	6.67	19,482	7.39	18,142	26,960	-22.92
Other employee costs	20,382	7.69	18,926	10.12	17,187	4,447	358
Amortization and depreciation	49,397	-16.76	59,344	10.61	53,651	17,659	179

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	1,599	-100
Tangible fixed assets	654,601	-5.10	689,775	3.97	663,451	183,469	256
Land & building	539,873	-4.59	565,874	0.55	562,766	357,447	51.04
Plant & machinery	88,451	-5.42	93,519	5.14	88,947	22,553	292
Furniture & Vehicles	26,277	-13.51	30,381	158	11,738	17,3805,418	51.19
Leasing & Other Similar Rights	-	-	-	-	-	142,15332,369	-
Other tangible assets	0	-100	1	-	0	7,857	-100
Financial fixed assets	159,393	-3.34	164,894	3.27	159,667	294,591	-45.89
Total fixed assets	813,994	-4.76	854,668	3.83	823,117	385,406	111
Inventories	4,259,560	-55.00	9,465,424	85.26	5,109,364	3,084,234	38.11
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,474	-100
Finished goods	4,259,560	-55.00	9,465,424	85.26	5,109,364	1,969,752	116
Other stocks	0	-	0	-	0	575,356	-100
Trade debtors	34,147,243	11.97	30,495,537	-10.93	34,237,077	4,156,596	721
Cash	27,908	93.89	14,394	-83.72	88,390	222,496	-87.46
other amounts receivable	138,247	-37.79	222,237	-32.58	329,631	184,388	-25.02
Miscellaneous current assets	249,581	-11.05	280,585	15.46	243,013	17,970	1288
Total current assets	38,822,539	-4.09	40,478,177	1.18	40,007,475	7,192,452	439
Total Assets	39,636,533	-4.10	41,332,845	1.23	40,830,592	7,546,6081,454,122	425
current liabilities
Trade creditors	3,477,629	-72.16	12,493,007	24.75	10,014,326	3,016,229	15.30
Short term group loans	-	-	-	-	-	-	-
Financial debts	24,828,605	42.37	17,439,902	-11.80	19,772,212	4,237,715193,728	485
Current portion of long term debt	-	-	-	-	-	107,54515,189	-
Amounts Payable for Taxes, Remuneration & Social Security	48,124	99	24,110	-31.71	35,305	9,398 -	41.62
Miscellaneous current liabilities	121,953	21.79	100,131	0.68	99,458	-59.66	- -
Total current liabilities	28,476,311	-5.26	30,057,150	0.45	29,921,301	5,323,948	434
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,515,800	-1.94	1,545,800	3.27	1,496,800	36.16	- -
Deffered taxes	-	-	-	-	-	35,14124,730	-
Provisions for Liabilities & Charges	900,369	-0.01	900,442	3.13	873,119	3,211 0	27940
Other long term liabilities	0	-100	1	-	0	129,944	-100
Total long term debts	2,416,169	-1.23	2,446,243	3.22	2,369,919	567,386	325
shareholders equity
Issued share capital	8,237,153	-1.94	8,400,179	3.27	8,133,903	911,754	803
Share premium account	-	-	-	-	-	109,362	-
Reserves	506,900	18.08	429,273	5.87	405,469	699,073	-27.49
Revaluation reserve	-	-	-	-	-	968,672	-
Total shareholders equity	8,744,053	-0.97	8,829,452	3.40	8,539,372	1,641,262	432
Working capital	10,346,228	-0.72	10,421,027	3.32	10,086,174	1,868,504	453
Cashflow	135,355	93.71	69,875	-61.98	183,795	28,055	382
Net worth	8,744,053	-0.97	8,829,452	3.40	8,539,372	1,637,953	433

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	350	0.02	-80.0	0.10	-26,00	0.35
Return on capital employed	1.32	355	0.29	-84.49	1.87	31,00	-95.74
Return on total assets employed	0.37	362	0.08	-84.00	0.50	-212,00	0.17
Return on net assets employed	1.69	356	0.37	-84.45	2.38	20,00	-91.55
Sales / net working capital	15.21	-24.78	20.22	1.20	19.98	45,00	-99
Stock turnover ratio	2.71	-39.64	4.49	76.77	2.54	113,00	-97.60
Debtor days	79.18	49.93	52.81	-14.82	62	134,00	-40.91
Creditor days	8.11	-62.70	21.74	19.19	18.24	123,00	-93.41
short term stability
Current ratio	1.36	0.74	1.35	0.75	1.34	7,00	-84.89
Liquidity ratio / acid ratio	1.21	17.48	1.03	-11.97	1.17	4,00	-69.75
Current debt ratio	3.26	-4.12	3.40	-2.86	3.50	9,00	-63.78
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	301.28	40.11	215.03	-13.67	249.07	371,00	-18.79
Equity in percentage	22.06	3.28	21.36	2.15	20.91	-3.312,00	0.67
Total debt ratio	3.53	-4.08	3.68	-2.65	3.78	11,00	-67.91

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	8.11
Day sales outstanding	79.18

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	165.54
Industry average day sales outstanding	116.45

Industry quartile analysis

Payment expectations
Company result	8.11
Lower	134.36
Median	84.93
Upper	44.93
Day sales outstanding
Company result	79.18
Lower	112.73
Median	59.01
Upper	28.58

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

Business number	Company name	%	Date of accounts
11-41203	GOLDIAM INTERNATIONAL	10.82	31/03/2013

Individual Shareholders

Shareholder Name
Forename	Akshaykumar	Middle name	-
Surname	Mehta
Shareholder Details
Start date	17/07/1997(estimated)	End date	-
Percentage owned	20%
Shareholder Address
Street name	Belgiëlei	House number	147
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Dilip	Middle name	-
Surname	Thakker
Shareholder Details
Start date	17/07/1997(estimated)	End date	-
Percentage owned	40%
Shareholder Address
Street name	Frilinglei	House number	68
Minor town	-	Postal town	Brasschaat
Post code	2930	Country	Belgium

Companies that match this address

Business number	Company name	Date of accounts
404947284	DIAMANTHANDEL EN NIJVERHEID 'LE DIAMANT' NV	31/12/2012
404975988	MARMI BVBA	31/12/2012
406459197	FELSEN & ZOON BVBA	31/12/2012
422593267	INDUSTRIAL DIAMOND COMPANY LTD	-
423945626	PARSHANT JEWELS IN VEREFFENING	-
427089911	E EN H DIAMONDS BVBA	31/03/2013
429873613	DIABLUE BVBA	31/12/2012
429873616	DIABEX .	-
439771769	CHAN'S DIAMOND BVBA	31/12/2012
440105232	MOONLIGHT GEMS BVBA	31/12/1998
442087101	EASTERN IMPORT IN VEREFFENING NV	-
443341864	PERFECT DESIGNS BVBA	31/12/2012
445078857	DIAJEWEL JEWELLERY BVBA	-
451824317	URAL GEM NV	28/12/1999
461938942	POLDIAM BVBA	31/12/2012
463798075	BELGIAN EXCELLENT DIAMONDS NV	31/12/2011
472863914	BELGEM.COM IN VEREFFENING BVBA	22/12/2004
476640875	CHAN'S PRODUCTIONS BVBA	31/12/2012
506466395	DECHAMP ANGELA	-
506495891	GOOSSENS CASIM	-
506521231	PURI SURINDER JIT	-
849418211	JAIANCO BVBA	30/06/2013
851264575	V.M.E. HOVENIERSSTRAAT 9 PRF-INTRPRF VEN.	-
875387386	L.P. IMPEX IN VEREFFENING BVBA	31/12/2006

NSSO details

Business number	418772556
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	SAGAR MEHTA
Position	Director
Start Date	01/10/2013

Former director details

Name	DILIP RAMNIKLAL THAKKER
Position	Director
Start Date	24/04/1997
End Date	01/01/2002
Street	68 FRILINGLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	DILIP RAMNIKLAL THAKKER
Position	Chairman of the Board
Start Date	24/04/1997
End Date	-
Street	68 FRILINGLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	DILIP RAMNIKLAL THAKKER
Position	Managing Director
Start Date	23/09/2011
End Date	-
Street	68 FRILINGLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	AKSHAYKUMAR TRIKAMIAL MEHTA
Position	Managing Director
Start Date	11/08/2010
End Date	-
Street	147 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	AKSHAYKUMAR TRIKAMIAL MEHTA
Position	Director
Start Date	24/04/1997
End Date	01/01/2002
Street	147 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SANAT ARVINDBHAI JHAVERI
Position	Director
Start Date	12/06/2008
End Date	-
Street	2 LANGE LEEMSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	SHEKHAR NARESH SEDANI
Position	Director
Start Date	01/01/2007
End Date	-
Street	122 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SHALIN JHAVERI
Position	Director
Start Date	01/07/2008

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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

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%)

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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.