MIRA INFORM REPORT

Report No. :	310633
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	DIAJEWEL NV

Registered Office :	Hoveniersstraat 9-Bus 9, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	19.10.1978

Legal Form :	Public Limited Liability

Line of Business :	Subject is engaged in preparation of diamonds.

No. of Employee :	4

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good

Payment Behaviour :	No complaints

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	418772556
Branche Unit Number	2015505293
Company name	DIAJEWEL NV
Address	HOVENIERSSTRAAT 9-BUS 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 36 years ago. The business has 5 employees.

The business has been at the address for over 17 years. Pre-tax profits decreased by 32% compared to the previous trading period. The business saw an increase in their Cash Balance of 3455% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	128,594,746	100,004	8,398,234	9,984,270
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
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	34,379,164	4	7,880,670	74,148
31/12/2012	39,636,533	4	8,237,153	135,355
31/12/2011	41,332,845	4	8,400,179	69,875

Payment expectations

Past payments		Payment expectation days	14.72
Industry average payment	108.43	Industry average day sales	110.86
expectation days		outstanding
Day sales outstanding	76.39

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount	-
NSSO DETAILS
Date of summons	-

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	764,543	-6.08	813,994	-4.76	854,668	3.83	823,117	5.61	779,418
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	599,947	-8.35	654,601	-5.10	689,775	3.97	663,451	2.94	644,533
Land & building	502,140	-6.99	539,873	-4.59	565,874	0.55	562,766	5.05	535,732
Plant & machinery	75,553	-14.58	88,451	-5.42	93,519	5.14	88,947	-9.22	97,976
Furniture & Vehicles	22,254	-15.31	26,277	-13.51	30,381	158	11,738	8.43	10,825
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-100	1	-	0	-	0
Financial fixed assets	164,596	3.26	159,393	-3.34	164,894	3.27	159,667	18.37	134,885
Total current assets	33,614,621	-13.41	38,822,539	-4.09	40,478,177	1.18	40,007,475	8.84	36,758,659
Inventories	4,723,543	10.89	4,259,560	-55.00	9,465,424	85.26	5,109,364	-50.89	10,403,242
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	4,723,543	10.89	4,259,560	-55.00	9,465,424	85.26	5,109,364	-50.89	10,403,242
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	26,911,878	-21.19	34,147,243	11.97	30,495,537	-10.93	34,237,077	33.00	25,741,475
Other amounts receivable	747,946	441	138,247	-37.79	222,237	-32.58	329,631	-3.66	342,145
Cash	992,158	3455	27,908	93.89	14,394	-83.72	88,390	941	8,484
Miscellaneous current assets	239,097	-4.20	249,581	-11.05	280,585	15.46	243,013	-7.71	263,313
Total Assets	34,379,164	-13.26	39,636,533	-4.10	41,332,845	1.23	40,830,592	8.77	37,538,077

Liabilities
Total shareholders equity	8,398,234	-3.95	8,744,053	-0.97	8,829,452	3.40	8,539,372	9.48	7,799,719
Issued share capital	7,880,670	-4.33	8,237,153	-1.94	8,400,179	3.27	8,133,903	7.81	7,544,349
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	517,564	2.10	506,900	18.08	429,273	5.87	405,469	58.78	255,369
Provisions for Liabilities &	900,380	0.00	900,369	-0.01	900,442	3.13	873,119	3.23	845,824
Charges
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	25,080,551	-16.38	29,992,111	-5.10	31,602,950	0.59	31,418,101	8.74	28,892,535
Other long term loans	1,450,200	-4.33	1,515,800	-1.94	1,545,800	3.27	1,496,800	7.81	1,388,310
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	-1	-	0	-100	1	-	0	-	0
Total long term debts	2,350,579	-2.71	2,416,169	-1.23	2,446,243	3.22	2,369,919	6.08	2,234,134
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	17,744,573	-28.53	24,828,605	42.37	17,439,902	-11.80	19,772,212	-0.05	19,782,279
Trade creditors	5,151,994	48.15	3,477,629	-72.16	12,493,007	24.75	10,014,326	37.23	7,297,450
Amounts Payable for Taxes,	58,330	21.21	48,124	99	24,110	-31.71	35,305	-17.19	42,631
Remuneration & Social Security
Miscellaneous current liabilities	675,454	453	121,953	21.79	100,131	0.68	99,458	-73.95	381,865
Total current liabilities	23,630,351	-17.02	28,476,311	-5.26	30,057,150	0.45	29,921,301	8.79	27,504,225
Total Liabilities	34,379,164	-13.26	39,636,533	-4.10	41,332,845	1.23	40,830,592	8.77	37,538,077

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.08	-11.11	0.09	350	0.02	-80.0	0.10	0	0.10
Return on capital employed	0.93	-29.55	1.32	355	0.29	-84.49	1.87	66.96	1.12
Return on total assets employed	0.29	-21.62	0.37	362	0.08	-84.00	0.50	66.67	0.30
Return on net assets employed	1.19	-29.59	1.69	356	0.37	-84.45	2.38	65.28	1.44
Sales / net working capital	12.88	-15.32	15.21	-24.78	20.22	1.20	19.98	71.94	11.62
Stock turnover ratio	3.67	35.42	2.71	-39.64	4.49	76.77	2.54	-73.76	9.68
Creditor days	14.72	81.50	8.11	-62.70	21.74	19.19	18.24	-27.16	25.04
Debtor days	76.39	-3.52	79.18	49.93	52.81	-14.82	62.00	-29.05	87.39
SHORT TERM STABILITY
Current ratio	1.42	4.41	1.36	0.74	1.35	0.75	1.34	0	1.34
Liquidity ratio / acid ratio	1.22	0.83	1.21	17.48	1.03	-11.97	1.17	21.88	0.96
Current debt ratio	2.81	-13.80	3.26	-4.12	3.40	-2.86	3.50	-0.85	3.53
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	74,148	-45.22	135,355	93.71	69,875	-61.98	183,795	54.14	119,241
Net worth	8,398,234	-3.95	8,744,053	-0.97	8,829,452	3.40	8,539,372	9.48	7,799,719
LONG TERM STABILITY
Gearing	228.56	-24.14	301.28	40.11	215.03	-13.67	249.07	-8.24	271.43
Equity in percentage	24.43	10.74	22.06	3.28	21.36	2.15	20.91	0.63	20.78
Total debt ratio	3.09	-12.46	3.53	-4.08	3.68	-2.65	3.78	-0.79	3.81
Working capital	9,984,270	-3.50	10,346,228	-0.72	10,421,027	3.32	10,086,174	8.99	9,254,435

Profit & loss
Operating Income	128,610,567	-18.31	157,437,135	-25.31	210,776,792	4.57	201,566,368	87.45	107,529,724
Turnover	128,594,746	-18.31	157,412,760	-25.31	210,759,089	4.57	201,552,060	87.46	107,516,334
Total operating expenses	127,710,547	-18.40	156,504,259	-25.38	209,723,451	4.65	200,410,790	88.38	106,388,267
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	127,726,368	-18.40	156,528,634	-25.37	209,741,154	4.65	200,425,099	88.37	106,401,657
Employee costs	183,228	34.32	136,408	-0.26	136,767	5.22	129,979	-4.93	136,714
Wages and salary	130,571	37.09	95,245	-3.16	98,358	3.92	94,651	-2.30	96,882
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security	30,286	45.73	20,782	6.67	19,482	7.39	18,142	-3.42	18,785
contributions
Other employee costs	22,370	9.75	20,382	7.69	18,926	10.12	17,187	-18.34	21,048
Director remuneration	285,882	-5.24	301,681	-	-	-	313,451	-	-
Amortization and	41,547	-15.89	49,397	-16.76	59,344	10.61	53,651	2.82	52,180
depreciation
Operating result	884,199	-2.67	908,501	-12.28	1,035,638	-9.26	1,141,270	1.17	1,128,067
Total financial income	182,769	86.75	97,869	-16.26	116,866	-45.68	215,149	29794	720
Total financial expenses	966,964	12.62	858,582	-23.31	1,119,556	-2.89	1,152,874	13.46	1,016,086
Results on ordinary	100,004	-32.33	147,787	348	32,947	-83.81	203,545	80.61	112,701
operations before taxation
Extraordinary Income	7,538	73.73	4,339	-77.67	19,428	456	3,488	-	-
Extraordinary Charges	4,268	983	394	-	-	-	-	-	-
Extraordinary items	3,270	-17.11	3,945	-79.69	19,428	456	3,488	-	0
Results for the Year Before	103,274	-31.94	151,732	189	52,376	-74.70	207,032	83.70	112,701
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	70,673	7.45	65,774	57.18	41,845	-45.58	76,888	68.47	45,640
Results on ordinary	29,331	-64.24	82,013	921	-8,898	-107	126,657	88.87	67,061
operations after taxation
Net result	32,601	-62.07	85,958	716	10,531	-91.91	130,144	94.07	67,061
Profit (Loss) for the Year be appropiated to	32,601	-62.07	85,958	716	10,531	-91.91	130,144	94.07	67,061
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details


Social Balance Sheet Details
Social Balance Sheet				Total
During the reporting year
ended 31-12-2013
Full-time Employees				3
Part-time Employees				3
Total Fte Employees				5
Number of hours worked
Full-time Employees				5,252
Part-time Employees				3,085
Total				8,337
Personnel Charges
Full-time Employees				98,834
Part-time Employees				84,394
Total				183,228
Benefits In Addition To Wages				-
During the previous reporting year
Average number employees in Fte				5
Actual working hours				7,249
Personnel Charges				130,504
Benefits In Addition To Wages				-

Type of Contract		Full-Time	Part-Time	Total Fte
Unlimited Duration	3		3	5
Contracts
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	-	1	1
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	2	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	-	1	1
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
industry average credit	78.30
rating
Industry average credit limit	9475.63

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	14.72
Day sales outstanding	76.39

Industry comparison
Activity code	32121
Activity description	Preparation of diamonds
Industry average payment	108.43
expectation days

Industry average day sales	110.86
outstanding

Industry quartile analysis
Payment expectations
Company result	14.72
Lower	131.45
Median	74.39
Upper	36.02

Day sales outstanding

Company result	76.39
Lower	108.21
Median	57.85
Upper	18.94

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

Business	Company name	%	Date of
number			accounts
11-41203	GOLDIAM INTERNATIONAL	10.82	31/03/2014

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	Mechelsesteenweg	House number		213
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	Van Eycklei	House number	6
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

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

Name	SAGAR MEHTA
Position	Director
Start Date	01/10/2013
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium
Former director details
Name	SHEKHAR NARESH SEDANI
Position	Director
Start Date	01/01/2007
End Date	Unknown date
Street	122 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	SANAT ARVINDBHAI JHAVERI
Position	Director
Start Date	12/06/2008
End Date	Unknown date
Street	2 LANGE LEEMSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	AKSHAYKUMAR TRIKAMIAL MEHTA
Position	Managing Director
Start Date	11/08/2010
End Date	Unknown date
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium
Position	Director
Start Date	24/04/1997
End Date	Unknown date
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium
Name	DILIP RAMNIKLAL THAKKER
Position	Chairman of the Board
Start Date	24/04/1997
End Date	Unknown date
Street	6 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Position	Managing Director
Start Date	23/09/2011
End Date	Unknown date
Street	6 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Position	Director
Start Date	24/04/1997
End Date	01/01/2002
Street	6 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	SHALIN JHAVERI
Position	Director
Start Date	01/07/2008
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.61.74
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ASH

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)
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	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.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Company information

Company accounts

Social Balance Sheet Details

Shareholder Details

Individual Shareholders

Linked Companies

Director details

Unit