MIRA INFORM REPORT

Report No. :	356139
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	J.N. DIAMONDS BVBA

Registered Office :	Hoveniersstraat 2-Bus 610 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	08.07.2010

Com. Reg. No.:	827718717

Legal Form :	Private limited liability

LINE OF BUSINESS :	PREPARATION OF DIAMONDS

No. of Employee :	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 :	Slow

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium's high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number	827718717
Branche Unit Number	2189849333
Company name	J.N. DIAMONDS BVBA
Address	HOVENIERSSTRAAT 2-BUS 610
	2018 ANTWERPEN
Number of staff	-
Date of establishment	08/07/2010
Telephone number	032266930
Fax number	-

Commentary

The business was established over 5 years ago.

No employees are recorded for this business.

The business has been at the address for over 8 months.

The business has changed address 1 times in the last year.

Net Worth increased by 1613% during the latest trading period.

A 79% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 66% during the latest trading period.

Turnover in the latest trading period increased 95% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	46,196,580	61,091	1,786,281	1,579,516
31/12/2013	23,596,400	62,126	104,266	79,523
31/12/2012	1,443,619	24,883	66,184	33,773
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	26,942,404	-	1,647,200	56,552
31/12/2013	14,976,591	-	21,749	48,948
31/12/2012	1,591,788	-	22,732	24,274

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	188.74
Industry average payment	82.27	Industry average day sales	117.29
expectation days		outstanding
Day sales outstanding	132.74

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011
Weeks	52		52		52		77
Currency	EUR		EUR		EUR		EUR
Total fixed assets	206,766	735	24,743	-23.66	32,412	-	0
Intangible fixed assets	0	-	0	-	0	-	0
Tangible fixed assets	206,766	735	24,743	-23.66	32,412	-	0
Land & building	185,572	-	0	-	0	-	0
Plant & machinery	1,410	-	0	-	0	-	0
Furniture & Vehicles	19,784	-20.04	24,743	-23.66	32,412	-	0
Leasing & Other Similar Rights	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0
Total current assets	26,735,638	78.81	14,951,848	858	1,559,376	-3.39	1,614,027
Inventories	9,765,156	154	3,837,513	2017	181,208	-79.49	883,632
Raw materials & consumables	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0
Finished goods	9,765,156	154	3,837,513	-	0	-	0
Other stocks	0	-	0	-100	181,208	-79.49	883,632
Trade debtors	16,800,414	58.31	10,612,135	878	1,083,986	21113	5,110
Other amounts receivable	2,874	63.39	1,759	164	664	-4.60	696
Cash	166,194	-66.71	499,167	72.17	289,932	-59.99	724,589
Miscellaneous current assets	1,000	-21.51	1,274	-64.47	3,586	-	0
Total Assets	26,942,404	79.90	14,976,591	840	1,591,788	-1.38	1,614,027

Liabilities
Total shareholders equity	1,786,281	1613	104,266	57.54	66,184	29.76	51,004
Issued share capital	1,647,200	7473	21,749	-4.32	22,732	-1.94	23,182
Share premium account	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0
Reserves	139,081	68.55	82,517	89.90	43,452	56.18	27,822
Provisions for Liabilities & Charges	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0
Creditors	25,156,122	69.15	14,872,325	874	1,525,603	-2.39	1,563,023
Other long term loans	0	-	0	-	0	-	0
Long term group loans	-	-	-	-	-	-	-
Other long term liabilities	1	-	0	-100	1	-	0
Total long term debts	1	-	0	-100	1	-	0
Current portion of long term debt	0	-	0	-	0	-	0
Financial debts	0	-	0	-	0	-	0
Trade creditors	23,847,371	93.82	12,304,047	413620	2,974	-	0
Amounts Payable for Taxes, Remuneration & Social	43,243	87.59	23,052	110	10,946	-34.29	16,657
Security
Miscellaneous current liabilities	1,265,508	-50.28	2,545,226	68.37	1,511,683	-2.24	1,546,366
Total current liabilities	25,156,122	69.15	14,872,325	874	1,525,603	-2.39	1,563,023
Total Liabilities	26,942,404	79.90	14,976,591	840	1,591,788	-1.38	1,614,027

Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.13	-50.0	0.26	-84.88	1.72	-	-
Return on capital employed	3.42	-94.26	59.58	58.46	37.60	-56.83	87.10
Return on total assets employed	0.23	-43.90	0.41	-73.72	1.56	-43.27	2.75
Return on net assets employed	3.42	-94.26	59.58	58.46	37.60	-56.83	87.10
Sales / net working capital	29.25	-90.14	296.72	594	42.74	-	-
Stock turnover ratio	21.14	30.01	16.26	29.56	12.55	-	-
Creditor days	188.74	-1.12	190.88	25015	0.76	-	-
Debtor days	132.74	-19.13	164.15	-40.11	274.07	-	-
SHORT TERM STABILITY
Current ratio	1.06	4.95	1.01	-0.98	1.02	-0.97	1.03
Liquidity ratio / acid ratio	0.67	-10.67	0.75	-16.67	0.90	91.49	0.47
Current debt ratio	14.08	-90.13	142.64	518	23.05	-24.80	30.65
Liquidity ratio reprocessed	-	-	-	-	-	-	-
Cashflow	56,552	15.53	48,948	101	24,274	-12.75	27,821
Net worth	1,786,281	1613	104,266	57.54	66,184	29.76	51,004
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	-
Equity in percentage	6.63	847	0.70	-83.17	4.16	31.65	3.16
Total debt ratio	14.08	-90.13	142.64	518	23.05	-24.80	30.65
Working capital	1,579,516	1886	79,523	135	33,773	-33.78	51,004

Profit & loss
Operating Income	46,196,580	95.76	23,599,137	-	-	-	-
Turnover	46,196,580	95.78	23,596,400	1534	1,443,619	-	-
Total operating expenses	46,117,117	96.01	23,527,464	1557	1,419,381	-	-
Gross Operating Margin	-	-	-	-	32,467	-31.48	47,381
Operating Charges	46,117,116	95.99	23,530,201	-	-	-	-
Employee costs	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0
Director remuneration	78,340	121	35,327	-	-	-	-
Amortization and depreciation	11,198	39.94	8,002	-1.25	8,103	-	-
Operating result	79,463	15.27	68,936	184	24,238	-48.58	47,138
Total financial income	3,947	108	1,890	-82.74	10,952	719	1,336
Total financial expenses	22,319	156	8,700	-15.60	10,308	154	4,050
Results on ordinary operations before taxation	61,091	-1.67	62,126	149	24,883	-43.99	44,423
Extraordinary Income	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0
Results for the Year Before Taxation	61,091	-1.67	62,126	149	24,883	-43.99	44,423
Other appropriations	-	-	-	-	-	-	-
Taxation	15,737	-25.70	21,179	143	8,712	-47.52	16,602
Results on ordinary operations after taxation	45,354	10.76	40,947	153	16,171	-41.87	27,821
Net result	45,354	10.77	40,946	153	16,171	-41.87	27,821
Profit (Loss) for the Year to be appropiated	45,354	10.77	40,946	153	16,171	-41.87	27,821
Dividends	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet			Total
During the reporting year
ended 31-12-2014
Full-time Employees			-
Part-time Employees			-
Total Fte Employees			-
Number of hours worked
Full-time Employees			-
Part-time Employees			-
Total			-
Personnel Charges
Full-time Employees			-
Part-time Employees			-
Total			-
Benefits In Addition To Wages			-
During the previous reporting year
Average number employees in Fte			-
Actual working hours			-
Personnel Charges			-
Benefits In Addition To Wages			-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	-	-
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
Blue collar worker	-	-	-
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	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison
Activity code	32121
Activity description	Preparation of diamonds

Payment Information

Payment Information Summary
Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	188.74
Day sales outstanding	132.74
Industry comparison
Activity code	32121
Activity description	Preparation of diamonds
Industry average payment	82.27
expectation days
Industry average day sales	117.29
outstanding

Industry quartile analysis
Payment expectations
Company result	188.74
Lower	91.06
Median	44.77
Upper	8.27

Day sales outstanding

Company result	132.74
Lower	120.06
Median	61.51
Upper	31.06

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Jay	Middle name	-
Surname	Mehta
SHAREHOLDER DETAILS
Start date	11/12/2014(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

Companies that match this address

no Companies Match this address

Linked Companies

Summary

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

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Current director details

Position	Manager
Start Date	01/01/2014
Street
Post code
Country	India
Name	Jay Mehta

Former director details
Name	Ashit Mehta
Position	Manager
Start Date	08/07/2010
End Date	01/01/2014
Date of birth	29/04/1957
Street	19 DELLA FAILLELAAN ANTWERPEN
Post code	2020
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
EUR	1	Rs,72.12

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	TRU

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.

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
Significant Events
Event Date	07/11/2014
Event Description
Event Details	Jay Mehta schrijft in op 1370 nieuwe aandelen.
Event Date	08/07/2010
Event Description	Legal creation
Event Details

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit