MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	INTERJEWEL EUROPE NV
Registered Office :	Hoveniersstraat 2 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	21.12.2004
Com. Reg. No.:	870716738
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees	01

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 :	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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 name and address

Business number	870716738
Company name	INTERJEWEL EUROPE NV
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	1
Date of establishment	21/12/2004
Telephone number	0489659805
Fax number	032311634

Commentary

The business was established over 9 years ago.

The business has 1 employees.

The business has been at the address for over 4 years.

Pre-tax profits increased by 22% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 98% during the latest trading period

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX NET WORTH	WORKING CAPITAL
31/1 2/2013	59,636,1 29	167,429 3,723,591	6,573,184
31/1 2/201 2	57,994,797	136,994 3,579,812	6,624,542
31/12/2011	55,51 4,234	172,195 3,438,743	5,881,870

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
31/1 2/2013	21,882,840	1 2,901,118	173,968
31/1 2/201 2	24,645,152	1 2,901,118	170,854
31/12/2011	22,783,681	1 2,901,118	200,455

Payment expectations

Past payments		Payment expectation days	9.56
Industry average payment expectation days	1 25.21	Industry average day sales outstanding	143.68
Day sales outstanding	111.16

Company information

Business number	870716738	Company name	INTERJEWEL EUROPE NV
Fax number	032311634	Date founded	21/12/2004
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity description	Wholesale of diamonds and other precious stones
Activity code	46761

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year

ended 31-12-2013

Full-time Employees 1

Part-time Employees -

Total Fte Employees 1

Number of hours worked

Full-time Employees 1,771

Part-time Employees -

Total 1,771

Personnel Charges

Full-time Employees -

Part-time Employees -

Total -

Benefits In Addition To Wages –

During the previous reporting year

Average number employees in Fte 1

Actual working hours 1,786

Personnel Charges -

Benefits In Addition To Wages –

Joint Industrial Committee (JIC)

JIC Code 218

Description Additional national joint committee for the employees

category

JIC Code 324.02

Description JSC small merchandisers in the diamant industry and trade

category

Significant Events

Event Date 22/12/2011

Event Description

Event Details De 2627 aandelen aan toonder worden omgezet in aandelen op naam. De aandelen een

toonder worden vernietigd.

Profit & loss

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	59,636,129	2.83	57,994,797	4.47	55,514,234	60,447,227	-1.34
Total operating expenses	58,693,968	2.63	57,190,308	4.34	54,813,263	59,885,168	-1.99
Operating result	942,161	17.11	804,489	14.77	700,971	177,178	431
Total financial income	257	-83.97	1,605	41.07	1,138	61,343	-99
Total financial expenses	774,989	15.83	669,100	26.27	529,914	186,661	315
Results on ordinary operations before taxation	167,429	22.22	136,994	-20.44	172,195	53,706	211
Taxation	25,990	1999	1,238	-23.26	1,613	23,386	11.13
Results on ordinary operations after taxation	141,439	4.19	135,756	-20.42	170,582	36,779	284
Extraordinary items	2,000	-59.78	4,973	-	0	7,388	-72.93
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result OTHER INFORMATION	143,439	1.93	140,729	-17.50	170,582	44,399	223
Gross Operating Margin	-	-	-	-	-	36,792	-
Dividends	-	-	-	-	-	221,730	-
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	59,636,129	2.83	57,994,797	4.47	55,514,234	60,447,227	-1.34
Total operating expenses	58,693,968	2.63	57,190,308	4.34	54,813,263	59,885,168	-1.99
Operating result	942,161	17.11	804,489	14.77	700,971	177,178	431
Total financial income	257	-83.97	1,605	41.07	1,138	61,343	-99
Total financial expenses	774,989	15.83	669,100	26.27	529,914	186,661	315
Results on ordinary operations before taxation	167,429	22.22	136,994	-20.44	172,195	53,706	211
Taxation	25,990	1999	1,238	-23.26	1,613	23,386	11.13
Results on ordinary operations after taxation	141,439	4.19	135,756	-20.42	170,582	36,779	284
Extraordinary items	2,000	-59.78	4,973	-	0	7,388	-72.93
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result OTHER INFORMATION	143,439	1.93	140,729	-17.50	170,582	44,399	223
Gross Operating Margin	-	-	-	-	-	36,792	-
Dividends	-	-	-	-	-	221,730	-

balance sheet

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	855	-	1,195	-	1,535	1,087	-21.33
Tangible fixed assets	374,297	-6.62	400,850	-6.84	430,262	196,239	90.74
Land & building	242,241	-2.45	248,312	-2.39	254,384	394,231	-38.55
Plant & machinery	74,977	-10.92	84,170	-12.21	95,881	27,893	168
Furniture & Vehicles	57,079	-16.51	68,368	-14.54	79,997	15,087 4,171	278
Leasing & Other Similar Rights	-	-	-	-	-	44,547 27,638	-
Other tangible assets	0	-0		-0		9,309	-100
Financial fixed assets	58,209	29004	200	0	200	246,771	-76.41
Total fixed assets	433,361	7.74	402,245	-6.89	431,997	352,714	22.86
Inventories	3,252,463	11.20	2,924,841	-9.85	3,244,466	3,178,029	2.34
Raw materials & consumables	-	-	-	-	-	7,018,384	-
Work in progress	0	-0		-0		1,435	-100
Finished goods	3,252,463	11.20	2,924,841	-9.85	3,244,466	2,123,607	53.16
Other stocks	0	-0		-0		447,467	-100
Trade debtors	18,162,147	-8.83	19,920,256	7.29	18,567,428	4,142,028	338
Cash	18,354	-98.65	1,354,944	169	503,126	583,623,088	-99
other amounts receivable	7,365	-76.35	31,138	25.35	24,841	214,645	-96.57
Miscellaneous current assets	9,149	-22.00	11,729	-0.79	11,822	-573,860,579	0.00
Total current assets	21,449,478	-11.52	24,242,907	8.46	22,351,684	7,210,895	197
Total Assets	21,882,840	-11.21	24,645,152	8.17	22,783,681	7,523,458 1,189,274	190

CURRENT LIABILITIES

Trade creditors	1,537,418	-43.69	2,730,469	136	1,154,980	2,925,792	-47.45
Short term group loans	-	-	-	-	-	-	-
Financial debts	13,237,169	-10.50	14,789,512	4.38	14,168,256	4,502,632 121,204	193
Current portion of long term debt	22,544	14.08	19,761	6.23	18,602	85,438 13,970	-73.61
Amounts Payable for Taxes, Remuneration & Social Security	52,188	88.98	27,616	22.94	22,463	7,742 -	78.67
Miscellaneous current liabilities	26,975	-47.11	51,006	-95.39	1,105,513	-88.17	- -
Total current liabilities	14,876,294	-15.56	17,618,364	6.97	16,469,814	5,113,633	190
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	3,282,100	-4.75	3,445,781	19.91	2,873,589	189	- -
Deffered taxes	-	-	-	-	-	58,297 69,470	-
Provisions for Liabilities & Charges	0	-	0	-	0	5,432 0	-100
Other long term liabilities	0	-	0	-	0	243,843	-100
Total long term debts SHAREHOLDERS EQUITY	3,282,100	-4.75	3,445,781	19.91	2,873,589	672,658	387
Issued share capital	2,901,118	0	2,901,118	0	2,901,118	1,049,964	176
Share premium account	-	-	-	-	-	86,926	-
Reserves	823,328	21.10	679,889	26.10	539,160	653,037	26.08
Revaluation reserve	-	-	-	-	-	907,399	-
Total shareholders equity	3,724,446	4.01	3,581,007	4.09	3,440,278	1,726,930	115
Working capital	6,573,184	-0.78	6,624,542	12.63	5,881,870	2,097,262	213
Cashflow	173,968	1.82	170,854	-14.77	200,455	58,679	196
Net worth	3,723,591	4.02	3,579,812	4.10	3,438,743	1,725,844	115

ratio analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.28	16.67	0.24	-22.58	0.31	-9,00	3.11
Return on capital employed	2.39	22.56	1.95	-28.57	2.73	-14,00	17.07
Return on total assets employed	0.77	37.50	0.56	-26.32	0.76	-5,00	15.40
Return on net assets employed	4.50	17.49	3.83	-23.55	5.01	-16,00	28.12
Sales / net working capital	9.07	3.66	8.75	-7.31	9.44	171,00	-99
Stock turnover ratio	5.45	8.13	5.04	-13.70	5.84	51,00	-89.31
Debtor days	111.16	-11.33	125.37	2.69	122.08	143,68	-22.63
Creditor days	9.56	-45.15	17.43	126	7.69	125,21	-92.36
SHORT TERM STABILITY
Current ratio	1.44	4.35	1.38	1.47	1.36	4,00	-90.40
Liquidity ratio / acid ratio	1.22	0.83	1.21	4.31	1.16	3,00	-59.33
Current debt ratio	3.99	-18.90	4.92	2.71	4.79	15,00	-73.40
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	444.14	-12.87	509.77	2.80	495.90	251,00	76.95
Equity in percentage	17.02	17.14	14.53	-3.77	15.10	-265,00	6.42
Total debt ratio	4.88	-17.01	5.88	4.63	5.62	16,00	-69.50

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Payment expectations

Payment expectation days 9.56

Day sales outstanding 111.16

Industry quartile analysis

Payment expectations

Company result 9.56

Lower 125.63

Median 77.57

Upper 48.73

Day sales outstanding

Company result 111.16

Lower 103.77

Median 54.50

Upper 25.06

Shareholder Details

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

No minority interests found

Bankruptcy and other legal events

there is no data for this company

Director details

Current director details
Name	MEHUL ANANDLAL KOTHARI
Position	Managing Director
Start Date	17/11/2009
End Date	26/06/2015
Street	30 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium
Position	Director
Start Date	17/11/2009
Street	30 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium
Name	SOHIL DILIPKUMAR JOGANI
Position	Director
Start Date	01/01/2012
End Date	26/06/2018
Street	98 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium
Name	MEHUL KOTHARI
Position	Director
Start Date	17/11/2009

Former director details

Name	REETU MIHIR MEHTA
Position	Director
Start Date	01/04/2005
End Date	Unknown date
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2000
Country	Belgium

Name	MIHIR DILIPKUMAR METHA
Position		Managing Director
Start Date		13/11/2009
End Date		31/12/2010
Street		30 AHORNENLAAN ANTWERPEN
Post code		2610
Country		Belgium
Name		BIREN BIPINBHAI JHAVERI
Position		Director
Start Date		01/01/2006
End Date		31/12/2010
Street		106 BELGIELEI ANTWERPEN
Post code		2018
Country		Belgium
Name		DILIPKUMAR MEHTA MIHIR
Position		Managing Director
Start Date		01/04/2005
End Date		16/11/2009
Date of birth		01/04/1974
Street		30 AHORNENLAAN ANTWERPEN
Post code		2610
Country		Belgium
Position		Director
Start Date		01/04/2005
End Date		16/11/2009
Date of birth		01/04/1974
Street		30 AHORNENLAAN ANTWERPEN
Post code		2610
Country		Belgium
Name		MIHIR MEHTA
Position		Managing Director
Start Date		01/04/2005
End Date		Unknown date

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.61.10
UK Pound	1	Rs.99.04
Euro	1	Rs.79.03

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.