MIRA INFORM REPORT

Report No. :	339700
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	JEWELEX ANTWERP NV
Registered Office :	Hoveniersstraat 30-Bus 191 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	22.03.1988
Com. Reg. No.:	433849425
Legal Form :	Public Limited Liability Company
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	3

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Belgium	A2	A2

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 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 an 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 433849425

Branche Unit Number 2038714920

Company name JEWELEX ANTWERP NV

Address HOVENIERSSTRAAT 30-BUS 191

2018 ANTWERPEN

Number of staff 3

Date of establishment 22/03/1988

Telephone number 034011919

Fax number 034011920

Commentary

The business was established over 27 years ago.

The business has 3 employees.

The business has been at the address for over 24 years.

The business saw a decrease in their Cash Balance of 94% during the latest trading period.

Turnover in the latest trading period increased 24% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	107,050,067	480,725	9,518,949	13,031,853
31/12/2012	86,082,722	451,742	9,569,207	9,461,292
31/12/2011	141,225,725	916,995	12,164,580	11,815,503

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	35,910,168	3	6,888,450	395,148
31/12/2012	31,184,959	3	7,200,050	380,339
31/12/2011	48,917,821	0	9,500,000	703,715

Payment expectations

Past payments		Payment expectation days	52.29
Industry average payment	124.14	Industry average day sales 140.29
expectation days		outstanding
Day sales outstanding	93.88

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company information

Business number	433849425	Company name	JEWELEX ANTWERP NV
Fax number	034011920	Date founded	22/03/1988
Company status	active	Company type	Public Limited Liability Company
			(BE)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0433.849.425 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number
Contractor description
Date struck off register
Personnel (NSSO classification)
Code -Description
Joint Industrial Committee (JIC)
Significant Events
Event Date	18/07/2012
Event Description	re-appointment of director(s)
Event Details	Comments 01-06-2015 : Re-appointed as directors for a period of six years : Jitendra Shah (also CEO ) , Mody Hemal and Jogani Virat .

Company accounts

Asset
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		51		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	283,252	-9.38	312,557	-51.94	650,393	34.83	482,374	2.79	469,299
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	280,005	-9.43	309,163	-29.06	435,811	35.34	322,016	0.46	320,553
Land & building	246,479	-12.54	281,808	-30.20	403,731	29.25	312,365	1.42	307,997
Plant & machinery	6,674	49.24	4,472	141	1,854	4.22	1,779	-11.62	2,013
Furniture & Vehicles	26,852	17.34	22,883	-24.29	30,226	283	7,872	-25.33	10,543
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	3,247	-4.33	3,394	-98.42	214,582	33.81	160,359	7.81	148,746
Total current assets	35,626,916	15.40	30,872,402	-36.04	48,267,428	34.14	35,982,982	9.58	32,836,048
Inventories	8,072,975	-4.88	8,486,747	-61.72	22,168,714	52.71	14,517,221	-21.46	18,483,470
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	8,072,975	-4.88	8,486,747	-61.72	22,168,714	52.71	14,517,221	-21.46	18,483,470
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	27,533,037	23.52	22,290,459	-13.13	25,659,041	20.66	21,266,284	54.47	13,767,609
Other amounts receivable	15,342	73.02	8,867	-14.54	10,376	319	2,474	-94.72	46,892
Cash	5,026	-94.14	85,796	-79.94	427,776	117	197,003	-63.32	537,102
Miscellaneous current assets	536	0.56	533	-64.96	1,521	-	0	-100	975
Total Assets	35,910,168	15.15	31,184,959	-36.25	48,917,821	34.15	36,465,356	9.49	33,305,347
Liabilities
Total shareholders equity	9,518,949	-0.53	9,569,207	-21.34	12,164,580	41.37	8,604,966	12.97	7,616,827
Issued share capital	6,888,450	-4.33	7,200,050	-24.21	9,500,000	33.62	7,109,800	7.81	6,594,900
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	2,630,499	11.03	2,369,157	-11.09	2,664,580	78.21	1,495,166	46.31	1,021,927
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	24,644	-6.50	26,358	-25.89	35,568	30.72	27,210	5.51	25,789
Creditors	26,366,575	22.13	21,589,394	-41.20	36,717,673	31.92	27,833,179	8.46	25,662,732
Other long term loans	3,771,512	2015	178,284	-32.91	265,748	16.51	228,094	-8.52	249,351
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-100	1	100	-1
Total long term debts	3,796,156	1755	204,642	-32.08	301,316	18.02	255,305	-7.21	275,139
Current portion of long term debt	24,556	4.60	23,476	-17.46	28,442	33.88	21,244	4.64	20,302
Financial debts	7,355,404	-9.89	8,162,328	-52.31	17,114,748	97.59	8,661,922	-29.31	12,252,583
Trade creditors	15,173,499	14.95	13,200,128	-29.52	18,729,324	1.16	18,514,689	44.89	12,778,021
Amounts Payable for Taxes, Remuneration & Social Security	41,604	65.24	25,178	-82.34	142,595	104	69,722	74.50	39,955
Miscellaneous current liabilities	0	-	0	-100	436,816	29.42	337,508	4.65	322,520
Total current liabilities	22,595,063	5.53	21,411,110	-41.26	36,451,925	32.05	27,605,085	8.62	25,413,381
Total Liabilities	35,910,168	15.15	31,184,959	-36.25	48,917,821	34.15	36,465,356	9.49	33,305,347
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.45	-13.46	0.52	-20.0	0.65	38.30	0.47	235	0.14
Return on capital employed	3.61	-21.86	4.62	-37.23	7.36	52.07	4.84	490	0.82
Return on total assets employed	1.34	-7.59	1.45	-22.46	1.87	58.47	1.18	521	0.19
Return on net assets employed	5.05	6.99	4.72	-37.40	7.54	51.41	4.98	485	0.85
Sales / net working capital	8.21	-9.78	9.10	-23.85	11.95	10.34	10.83	67.91	6.45
Stock turnover ratio	7.54	-23.53	9.86	-37.20	15.70	-1.88	16.00	-58.56	38.61
Creditor days	52.29	-7.97	56.82	15.63	49.14	-35.00	75.60	-23.67	99.04
Debtor days	93.88	-0.67	94.51	42.51	66.32	-22.47	85.54	-18.52	104.98
SHORT TERM STABILITY
Current ratio	1.58	9.72	1.44	9.09	1.32	1.54	1.30	0.78	1.29
Liquidity ratio / acid ratio	1.22	16.19	1.05	45.83	0.72	-7.69	0.78	39.29	0.56
Current debt ratio	2.37	5.80	2.24	-25.33	3.00	-6.54	3.21	-3.89	3.34
Cashflow	395,148	3.89	380,339	-45.95	703,715	67.05	421,259	376	88,348
Net worth	9,518,949	-0.53	9,569,207	-21.34	12,164,580	41.37	8,604,966	12.97	7,616,827
LONG TERM STABILITY
Gearing	117.15	34.02	87.41	-38.92	143.11	38.19	103.56	-37.01	164.40
Equity in percentage	26.51	-13.62	30.69	23.40	24.87	5.38	23.60	3.19	22.87
Total debt ratio	2.77	22.57	2.26	-25.17	3.02	-6.79	3.24	-3.86	3.37
Working capital	13,031,853	37.74	9,461,292	-19.92	11,815,503	41.03	8,377,897	12.87	7,422,667
Profit & loss
Operating Income	107,051,236	24.36	86,083,773	-39.05	141,228,192	55.63	90,744,298	89.56	47,870,551
Turnover	107,050,067	24.36	86,082,722	-39.05	141,225,725	55.63	90,742,780	89.56	47,869,926
Total operating expenses	105,919,062	24.92	84,791,404	-39.05	139,115,235	55.63	89,387,258	89.82	47,090,696
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	105,920,231	24.92	84,792,454	-39.05	139,117,702	55.63	89,388,776	89.82	47,091,320
Employee costs	152,945	17.58	130,072	-28.06	180,811	17.31	154,131	10.05	140,058
Wages and salary	122,553	18.54	103,382	-	-	-	120,577	12.12	107,545
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	27,661	9.16	25,340	-	-	-	31,228	4.40	29,911
Other employee costs	2,731	102	1,350	-	0	-100	2,326	-10.57	2,601
Director remuneration	79,800	-30.98	115,624	-	-	-	145,002	-	-
Amortization and depreciation	31,275	1.98	30,668	-17.01	36,953	32.89	27,808	3.61	26,838
Operating result	1,131,005	-12.41	1,291,318	-38.81	2,110,490	55.70	1,355,522	73.96
Total financial income	13,200	-21.31	16,774	50.60	11,138	224	3,431	1143	779,230 276
Total financial expenses	663,480	-22.52	856,350	-28.91	1,204,633	29.52	930,107	30.12	714,802
Results on ordinary operations	480,725	6.42	451,742	-50.74	916,995	113	428,847	562	64,704
before taxation
Extraordinary Income	-	-	-	-	1,774	-	-	-
Extraordinary Charges	-	-	-	-	-	-	16,956	-
Extraordinary items	0	-	0	-100	1,774	10.46	-16,956	-	0
Results for the Year Before	480,725	6.42	451,742	-50.83	918,769	123	411,891	536	64,704
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	117,426	14.37	102,670	-59.39	252,797	1228	19,032	408	3,744
Results on ordinary operations	363,299	4.08	349,072	-47.44	664,198	62.07	409,815	572	60,960
after taxation
Net result	363,873	4.06	349,671	-47.56	666,762	69.47	393,451	539	61,510
Profit (Loss) for the Year to be appropiated	364,987	4.03	350,835	-47.50	668,298	69.36	394,601	530	62,576

Social Balance Sheet Details

Social  Balance  Sheet		Total
During  the  reporting  year
ended  31-12-2013
Full-time  Employees		3
Part-time  Employees		1
Total  Fte  Employees		4
Number  of  hours  worked
Full-time  Employees		5,618
Part-time  Employees		606
Total		6,224
Personnel  Charges
Full-time  Employees		138,054
Part-time  Employees		14,891
Total		152,945
Benefits  In  Addition  To  Wages		-
During  the  previous  reporting  year
Average  number  employees  in  Fte		3
Actual  working  hours		4,969
Personnel  Charges		124,442
Benefits  In  Addition  To  Wages		-
Type  of  Contract	Full-Time	Part-Time	Total  Fte
Unlimited  Duration	3	1	3
Contracts
Limited  Duration  Contracts	-	-	-
Contracts  For  Specific  Work	-	-	-
Contracts  Regarding	-	-	-
Substitution

Gender  and  Education
Level
Men	Full-Time	Part-Time	Total  Fte
Primary  education	-	-	-
Secondairy  education	1	-	1
Higher  education  (non university)	1	-	1
Higher  education (university)	-	-	-
Women	Full-Time	Part-Time	Total  Fte
Primary  education	-	1	0
Secondairy  education	-	-	-
Higher  education  (non university)	-	-	-
Higher  education (university)	-	-	-

Working  Category	Full-Time	Part-Time	Total  Fte
Management	-	-	-
White  collar  worker	3	-	3
Blue  collar  worker	-	1	0
Other	-	-	-
Temporary  personnel		Total
Average  number  of  temporary  staff		-
Actual  working  hours		-
Cost  of  temporary  staff		-

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	46761
Activity  description	Wholesale of diamonds and other precious stones

Payment Information

Suspension  of  payments  /  moratorium  history
Amount	--
Details	--
Payment  expectations
Payment  expectation  days
Day  sales  outstanding	52.29
	93.88
Industry  comparison
Activity  code	46761
Activity  description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	106.56
Industry average day sales outstanding	171.54

Industry  Quartile  Analysis

Payment  expectations

Company  result	52.29
Lower	120.34
Median	75.65
Upper	45.88

Day  sales  outstanding
Company  result	93.88
Lower	102.70
Median	55.01
Upper	25.25

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	VIRAT JOGANI
Position	Director
Start Date	30/06/2012
Street	142 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium
Name	JITENDRA RATILAL SHAH
Position	Managing Director
Start Date	30/06/2012
Street	6 ANGELUS RONCALLILAAN ANTWERPEN
Post code	2610
Country	Belgium
Position	Director
Start Date	01/06/2009
Street	6 ANGELUS RONCALLILAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	NUTAN SHREYASH KOTHARI
Position	Managing Director
Start Date	12/09/2006
Street	22 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	HEMAL V. MODY
Position	Director
Start Date	04/06/2007
Street	2 GOUNODSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	VINITA SHAH
Position	Director
Start Date	01/06/2009
Street
Post code
Country
Name	ALPA KOTHARI
Position	Director
Start Date	04/06/2007
Street
Post code
Country

Former  director  details

Name	VIRAT JOGANI
Position	Managing Director
Start Date	30/06/2012
End Date	Unknown date
Street	142 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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.