MIRA INFORM REPORT

Report No. :	306846
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	TEJ-DIAM BVBA

Registered Office :	Hoveniersstraat 2-Bus 542, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	30.06.2013

Date of Incorporation :	20.10.1995

Com. Reg. No.:	456247418

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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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 456247418

Company name TEJ-DIAM BVBA

Address HOVENIERSSTRAAT 2-BUS 542

2018 ANTWERPEN

Number of staff 0

Date of establishment 20/10/1995

Telephone number 032275425

Fax number

Commentary

The business was established over 19 years ago.

No employees are recorded for this business.

The business has been at the address for over 9 years.

Operating Result in the latest trading period decreased 131% on the previous trading period.

A 72% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 419% compared to the previous trading period.

The business saw an increase in their Cash Balance of 291% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
30/06/2013	2,421,889	-18,315	50,651	-10,729
30/06/2012	2,997,166	5,729	46,778	-6,624
30/06/2011	2,464,096	2,818	42,299	12,278

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
30/06/2013	4,482,585	0	18,592	4,681
30/06/2012	2,601,508	0	18,592	5,476
30/06/2011	1,997,210	0	18,592	10,239

Payment expectations
Past payments		Payment expectation days	589.27
Industry average payment expectation days	123.06	Industry average day sales outstanding	140.65
Day sales outstanding	100.45

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Balance sheet

Annual accounts	30-06-2013	%	30-062012	%	30-062011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,302	-100
Tangible fixed assets	101,375	-0.89	102,282	8.67	94,120	187,893	-46.05
Land & building	93,929	0	93,929	0	93,929	366,558	-74.38
Plant & machinery	-	-	-	-	-	26,683	-
Furniture & Vehicles	2,181	-22.66	2,820	1381	190	15,790 4,605	-86.19
Leasing & Other Similar Rights	-	-	-	-	-	107,517 34,551	-
Other tangible assets	5,264	-4.84	5,532	-	0	9,053	-41.85
Financial fixed assets	-	-	-	-	-	181,018	-
Total fixed assets	101,375	-0.89	102,282	8.67	94,120	299,085	-66.11
Inventories	3,582,513	89.91	1,886,384		1,189,230	2,918,261	22.76
Raw materials & consumables	-	-	-	-	-	6,545,857	-
Work in progress	0	-	0	-	0	1,130	-100
Finished goods	0	-	0	-	0	1,935,062	-100
Other stocks	3,582,513	89.91	1,886,384	58.62	1,189,230	448,905	698
Trade debtors	666,513	15.54	576,888	-8.47	630,271	4,230,323	-84.24
Cash	130,815	291	33,450	-58.90	81,378	459,215,604	-99
other amounts receivable	1,369	-45.33	2,505	13.27	2,211	182,202	-99
Miscellaneous current assets	0	-	0	-	0	-452,072,752	0
Total current assets	4,381,210	75.30	2,499,226	31.32	1,903,090	7,110,230	-38.38
Total Assets	4,482,585	72.31	2,601,508	30.26	1,997,210	7,376,509 1,285,756	-39.23

Trade creditors	3,919,711	85.71	2,110,672	47.39	1,431,998	2,899,893	35.17
Short term group loans	-	-	-	-	-	-	-
Financial debts	100,698	620	13,968	-80.84	72,923	4,398,237 146,879	-97.71
Current portion of long term debt	9,342	-2.55	9,586	414	1,865	76,213 13,806	-87.74
Amounts Payable for Taxes, Remuneration & Social Security	3,140	-16.27	3,750	50.0	2,500	8,335 -	-90.10
Miscellaneous current liabilities	359,048	-2.40	367,874	-3.58	381,527	49.62	--
Total current liabilities	4,391,940	75.27	2,505,850	32.53	1,890,812	5,064,975	-13.29
Long term group loans	-	-	-	-	-	-	--
Other long term loans	39,994	-18.18	48,880	-23.74	64,098	-96.55	--
Deffered taxes	-	-	-	-	-	46,266 28,377	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,948 0	-100
Other long term liabilities	0	-	0	-	0	244,149	-100
Total long term debts	39,994	-18.18	48,880	-23.74	64,098	674,710	-94.07

Issued share capital	18,592	0	18,592	0	18,592	962,167	-98.07
Share premium account	-	-	-	-	-	124,160	-
Reserves	32,059	13.74	28,186	18.89	23,707	645,592	-95.03
Revaluation reserve	-	-	-	-	-	852,199	-
Total shareholders equity	50,651	8.28	46,778	10.59	42,299	1,628,919	-96.89
Working capital	-10,729	-61.98	-6,624	-153	12,278	2,045,255	-100
Cashflow	4,681	-14.53	5,476	-46.52	10,239	39,169	-88.05
Net worth	50,651	8.28	46,778	10.59	42,299	1,627,617	-96.89

Ratio analysis

Annual accounts	30-06-2013	change(%)	30-06-2012	change(%)	30-06-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	-0.76	-500	0.19	72.73	0.11	-7,00	10.86
Return on capital employed	-20.20	-437	5.99	126	2.65	-8,00	-152
Return on total assets employed	-0.41	-286	0.22	57.14	0.14	-8,00	5.12
Return on net assets employed	-36.16	-395	12.25	83.93	6.66	-8,00	-352
Sales / net working capital	-225.73	49.89	-452.48	-325	200.69	133,00	-100
Stock turnover ratio	147.92	135	62.94	30.42	48.26	76,00	94.63
Debtor days	100.45	42.99	70.25	-24.75	93.36	140,65	-28.58
Creditor days	589.27	127	258.67	21.31	213.23	123,06	378
SHORT TERM STABILITY
Current ratio	1	0	1	-0.99	1.01	4,00	-90.0
Liquidity ratio / acid ratio	0.18	-25.00	0.24	-36.84	0.38	3,00	-94.00
Current debt ratio	86.71	61.86	53.57	19.84	44.70	10,00	767
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	296.21	91.29	154.85	-52.84	328.34	231,00	28.23
Equity in percentage	1.13	-37.22	1.80	-15.09	2.12	-211,00	0.54
Total debt ratio	87.50	60.23	54.61	18.15	46.22	11,00	695

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 Information

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days 589.27

Day sales outstanding 100.45

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 123.06

Industry average day sales

outstanding 140.65

Industry quartile analysis

Payment expectations

Company result 589.27

Lower 122.66

Median 75.38

Upper 46.73

Day sales outstanding

Company result 100.45

Lower 101.92

Median 54.34

Upper 24.45

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

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

Name MUKESH SHAH

Position Principal Manager

Start Date 17/12/2010

Street 50 BELGIËLEI ANTWERPEN

Post code 2018

Country Belgium

Position Non Statutory Partner

Start Date 20/10/1995

Street 50 BELGIËLEI ANTWERPEN

Post code 2018

Country Belgium

Former director details

Name TANIA OOMS

Position Principal Manager

Start Date 03/11/1997

End Date Unknown date

Street 137 MOESHOFSTRAAT ANTWERPEN

Post code 2170

Country Belgium

Position Non Statutory Partner

Start Date 20/10/1995

End Date 12/06/1997

Street 137 MOESHOFSTRAAT ANTWERPEN

Post code 2170

Country Belgium

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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ANK

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.

Profit & loss
Annual accounts	30-06-2013	%	30-062012	%	30-062011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	2,421,889	-19.19	2,997,166	21.63	2,464,096	54,683,986	-95.57
Total operating expenses	2,427,899	-18.48	2,978,323	21.50	2,451,290	54,229,444	-95.52
Operating result	-6,011	-131	18,842	47.13	12,806	149,665	-104
Total financial income	-	-	0	-99	49	80,146	-
Total financial expenses	12,304	-6.18	13,114	30.64	10,038	188,437	-93.47
Results on ordinary operations before taxation	-18,315	-419	5,729	103	2,818	35,192	-152
Taxation	-314	-125	1,250	347	279	21,872	-101

Results on ordinary operations after taxation	-18,001	-501	4,479	76.43	2,539	19,134	-194
Extraordinary items	21,874	-	0	-	0	5,377	306
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	3,873	-13.51	4,479	76.43	2,539	24,645	-84.28
Gross Operating Margin	6,351	-92.39	83,453	227	25,512	33,386	-80.98
Dividends	-	-	-	-	-	234,766	-
Director remuneration	-	-	-	-	-	125,886	-
Employee costs	-	-	-	-	-	139,237	-
Wages and salary	-	-	-	-	-	120,283	-
Employee pension costs	-	-	-	-	-	23,129	-
Social security contributions	-	-	-	-	-	29,738	-
Other employee costs	0	-	0	-	0	3,980	-100
Amortization and depreciation	807	-19.09	998	-87.05	7,700	17,900	-95.49

Business number	456247418	Company name	TEJ-DIAM BVBA
Fax number		Date founded	20/10/1995
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	30/06/2013
Activity code	46761	Liable for VAT	Yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0456.247.418 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Accounts

Payment expectations

Court data summary

Company information

Profit & loss

Balance sheet

Ratio analysis

Industry comparison

Payment Information

Shareholder Details

Linked Companies

Director details

Unit