MIRA INFORM REPORT

Report No. :	340264
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	JAYVIDIAM NV

Registered Office :	HOVENIERSSTRAAT 30-BUS 178 2018 ANTWERPEN

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	12.12.1991

Com. Reg. No.:	445908208

Legal Form :	Public Limited Liability

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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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 – 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 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 summery

Business number	445908208
Branche Unit Number	2055444648
Company name	JAYVIDIAM NV
Address	HOVENIERSSTRAAT 30-BUS 178
	2018 ANTWERPEN
Number of staff	0
Date of establishment	12/12/1991
Telephone number	032320595
Fax number	032320595

Commentary

The business was established over 23 years ago.

No employees are recorded for this business.

The business has been at the address for over 10 years.

Net Worth increased by 205% during the latest trading period.

A 55% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 72% compared to the previous trading period.

The business saw an increase in their Cash Balance of 555% during the latest trading period.

Turnover in the latest trading period increased 28% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	39,383,047	115,297	3,987,369	3,699,329
31/12/2012	30,531,893	67,030	1,303,505	997,480
31/12/2011	21,862,881	41,496	1,255,785	958,167

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	14,195,336	0	3,625,500	108,549
31/12/2012	9,145,053	0	61,973	64,587
31/12/2011	6,959,312	0	61,973	48,145

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	51.15
Industry average payment	107.71	Industry average day sales	171.70
expectation days		outstanding
Day sales outstanding	118.08

Court data summary

BANKRUPTCY DETAILS

Court action type no

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	288,040	-8.17	313,675	-4.43	328,222	7.92	304,124	-4.26	317,650
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	287,778	-8.26	313,675	-4.43	328,222	7.92	304,124	-4.26	317,650
Land & building	258,036	-6.57	276,186	-1.86	281,426	-4.04	293,265	-3.50	303,905
Plant & machinery	1,610	-48.11	3,103	-31.28	4,515	-23.82	5,926	-19.25	7,339
Furniture & Vehicles	28,132	-18.19	34,386	-18.67	42,282	757	4,933	-22.99	6,406
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	262	-	-	-	-	-	-	-	-
Total current assets	13,907,296	57.48	8,831,378	33.18	6,631,090	48.03	4,479,515	15.73	3,870,518
Inventories	810,712	13.26	715,802	77.55	403,150	357	88,173	-49.42	174,322
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0

Finished goods	810,712	13.26		715,802	77.55	403,150	357	88,173	-49.42	174,322
Other stocks	0	-	0		-	0	-	0	-	0
Trade debtors	12,740,549	58.24		8,051,252	151	3,198,650	-16.92	3,850,062	81.90	2,116,566
Other amounts receivable	-	-	9,779		348	2,181	-34.90	3,350	79.43	1,867
Cash	356,035	555	54,355		-98.20	3,027,109	462	537,930	-65.91	1,577,763
Miscellaneous current assets	0	-100	189		-	0	-	0	-	0
Total Assets	14,195,336	55.22		9,145,053	31.41	6,959,312	45.48	4,783,639	14.22	4,188,168

Liabilities
Total shareholders equity	3,987,369	205	1,303,505	3.80	1,255,785	2.65	1,223,389	1.86	1,201,037
Issued share capital	3,625,500	5750	61,973	0	61,973	0.00	61,973	0	61,973
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	361,869	-70.85	1,241,532	4.00	1,193,812	2.79	1,161,416	1.96	1,139,064
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	10,207,967	30.18	7,841,547	37.49	5,703,527	60.20	3,560,250	19.19	2,987,131
Other long term loans	-	-	7,650	-75.00	30,604	-42.86	53,557	-30.00	76,511
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-100	7,650	-75.00	30,604	-42.86	53,557	-30.00	76,511
Current portion of long term debt	7,663	-66.62	22,954	0	22,954	0.00	22,954	0	22,954
Financial debts	4,451,104	79.90	2,474,246	110	1,172,838	25.46	934,838	-4.86	982,607
Trade creditors	5,476,743	80.58	3,032,941	42.63	2,126,384	185	743,735	466	131,268
Amounts Payable for Taxes,	23,825	20.54	19,765	38.56	14,265	178	5,120	725	620
Remuneration & Social Security
Miscellaneous current liabilities	248,632	-89.11	2,283,992	-2.25	2,336,483	29.80	1,800,046	1.52	1,773,171
Total current liabilities	10,207,967	30.31	7,833,897	38.09	5,672,923	61.77	3,506,693	20.48	2,910,620
Total Liabilities	14,195,336	55.22	9,145,053	31.41	6,959,312	45.48	4,783,639	14.22	4,188,168

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.29	31.82	0.22	15.79	0.19	-5.00	0.20	-4.76	0.21
Return on capital employed	2.89	-43.44	5.11	58.20	3.23	53.81	2.10	238	0.62
Return on total assets employed	0.81	10.96	0.73	21.67	0.60	7.14	0.56	194	0.19
Return on net assets employed	2.89	-43.77	5.14	55.76	3.30	50.68	2.19	231	0.66
Sales / net working capital	10.65	-65.21	30.61	34.14	22.82	68.04	13.58	253	3.84
Stock turnover ratio	2.06	-11.97	2.34	27.17	1.84	174	0.67	-85.84	4.73
Creditor days	51.15	39.87	36.57	2.29	35.75	73.29	20.63	56.76	13.16
Debtor days	118.08	22.68	96.25	80.24	53.40	-49.78	106.34	-49.25	209.54
SHORT TERM STABILITY
Current ratio	1.36	20.35	1.13	-3.42	1.17	-8.59	1.28	-3.76	1.33
Liquidity ratio / acid ratio	1.28	23.08	1.04	-5.45	1.10	-12.00	1.25	-1.57	1.27
Current debt ratio	2.56	-57.40	6.01	32.96	4.52	57.49	2.87	18.60	2.42
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	108,549	68.07	64,587	34.15	48,145	32.25	36,406	62.40	22,417
Net worth	3,987,369	205	1,303,505	3.80	1,255,785	2.65	1,223,389	1.86	1,201,037
LONG TERM STABILITY
Gearing	111.82	-41.81	192.16	96.76	97.66	18.13	82.67	-8.24	90.09
Equity in percentage	28.09	97.12	14.25	-21.01	18.04	-29.45	25.57	-10.84	28.68
Total debt ratio	2.56	-57.48	6.02	32.60	4.54	56.01	2.91	16.87	2.49
Working capital	3,699,329	270	997,480	4.10	958,167	-1.51	972,822	1.35	959,898


Profit & loss
Operating Income	39,383,047	28.99	30,531,893	39.65	21,862,881	65.43	13,215,461	258	3,686,864
Turnover	39,383,047	28.99	30,531,893	39.65	21,862,881	65.43	13,215,461	258	3,686,864
Total operating expenses	39,084,748	29.12	30,269,273	39.44	21,707,546	64.95	13,160,157	261	3,639,850
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	39,084,748	29.12	30,269,273	39.44	21,707,546	64.95	13,160,157	261	3,639,850
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	69,810	5.44	66,208	-4.03	68,986	-0.09	69,048	-	-
Amortization and depreciation	17,296	2.55	16,867	7.10	15,749	12.06	14,054	-3.93	14,629
Operating result	298,299	13.59	262,620	69.07	155,334	180	55,304	17.63	47,014
Total financial income	63	164	24	6343	0	-99	141	-96.23	3,745
Total financial expenses	183,065	-6.42	195,614	71.83	113,839	298	28,593	-33.33	42,889
Results on ordinary operations before	115,297	72.01	67,030	61.53	41,496	54.54	26,852	241	7,870
taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	115,297	72.01	67,030	61.53	41,496	54.54	26,852	241	7,870
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	24,044	24.52	19,310	112	9,100	102	4,500	5387	82
Results on ordinary operations after	91,253	91.23	47,720	47.30	32,396	44.94	22,352	187	7,788
taxation
Net result	91,253	91.23	47,720	47.30	32,396	44.94	22,352	187	7,788
Profit (Loss) for the Year to be appropiated	91,253	91.23	47,720	47.30	32,396	44.94	22,352	187	7,788
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
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 Substitution	-	-	-

Gender and Education Level	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	46761
Activity description	Wholesale of diamonds and other precious stones

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations

Payment expectation days	51.15
Day sales outstanding	118.08

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	107.71
expectation days
Industry average day sales	171.70
outstanding

Industry quartile analysis
Payment expectations
Company result	51.15
Lower	120.34
Median	75.64
Upper	45.73

Day sales outstanding
Company result	118.08
Lower	102.84
Median	55.21
Upper	25.50

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
Business	Company name	%	Date of
number			accounts
-	DIAM ROUGH DMCC SOC. ETRANGERE	-	-

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME
Forename	Vishal	Middle name	-
Surname	Tejani
SHAREHOLDER DETAILS
Start date	16/07/2013(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Quinten Matsijslei	House number	19
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium
SHAREHOLDER NAME
Forename	Gitaben	Middle name	-
Surname	Tejani
SHAREHOLDER DETAILS
Start date	16/07/2013(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Quinten Matsijslei	House number	19
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium
SHAREHOLDER NAME
Forename	Manishkumar	Middle name	-
Surname	Vishal
SHAREHOLDER DETAILS
Start date	16/07/2013(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

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	Managing Director
Start Date	13/08/2002
Street	19 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	GITABEN GHANSHAM TEJANI
Position	Director
Start Date	05/06/1996
Street	19 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	VISHAL GHANSHYAMBHAI TEJANI
Position	Director
Start Date	01/07/2002
Street	19 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details
Name	TEJANI GHANSHAM POPATBHAI
Position	Managing Director
Start Date	03/06/2009
End Date	31/12/2011
Street	19 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	GHANSHAM TEJANI VISHAL
Position	Director
Start Date	03/06/2009
End Date	31/12/2010
Street	19 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	TEJANI GITABEN GHANSHAM
Position	Director
Start Date	03/06/2009
End Date	31/12/2010
Street	19 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	POPATHBHAI TEJANI GHANSHAM
Position	Managing Director
Start Date	03/06/2009
End Date	31/12/2010
Street	19 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	RAJEN SURESH PARIKH
Position	Principal Manager
Start Date	31/08/1997
End Date	Unknown date
Street	26 BEUKENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Position	Director
Start Date	31/08/1997
End Date	Unknown date
Street	26 BEUKENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	MANISHKUMAR TEJANI
Position	Director
Start Date	30/03/1998
End Date	Unknown date
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.39
UK Pound	1	Rs.102.59
Euro	1	Rs.74.90

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	-

Event Date	15/12/2014
Event Description
Event Details	De 274 nieuwe aandelen worden toegekend aan de vennootschap Diam Rough DMCC (naar het
	recht van Dubai).

MIRA INFORM REPORT

Company summery

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment expectations

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit