MIRA INFORM REPORT

Report No. :	506386
Report Date :	27.04.2018

IDENTIFICATION DETAILS

Name :	DIAJEWEL NV

Registered Office :	Hoveniersstraat 9 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	19.10.1978

Com. Reg. No.:	418772556

Legal Form :	Public Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones

No. of Employees :	5

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation 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 labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company summary

Business number	418772556
Branche Unit Number	2015505293
Company name	DIAJEWEL NV
Address	HOVENIERSSTRAAT 9 2018 ANTWERPEN
Date of establishment	19/10/1978
Telephone number	3232251173
Mobile number	-
Fax number	032260602
Liable for VAT	yes
VAT Number	BE.0418.772.556 Check VAT number

Commentary

The business was established over 39 years ago.

The business has 5 employees.

The business has been at the address for over 20 years.

Operating Result in the latest trading period increased 738% on the previous trading period.

Net Worth increased by 37% during the latest trading period.

A 92% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 4067% compared to the previous trading period.

The business saw an increase in their Cash Balance of 150% during the latest trading period.

Turnover in the latest trading period increased 41% on the previous trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	187,424,495	4,150,495	14,838,078	16,859,962
31/12/2015	132,285,238	99,602	10,770,046	12,730,300
31/12/2014	183,053,693	113,520	9,619,161	11,450,229

ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	56,119,263	5	10,309,755	3,763,179
31/12/2015	29,207,628	5	9,982,616	88,908
31/12/2014	47,617,628	4	8,951,206	124,786

Payment expectations

Past payments		Payment expectation days	54.46
Industry average payment	202.02	Industry average day sales	211.04
expectation days		outstanding
Day sales outstanding	90.90

Court data summary

BANKRUPTCY DETAILS
Court action type	No
PROTESTED BILLS
Bill amount
NSSO DETAILS
Date of summons	--

Contractor details

JIC Code	218
Description	Additional national joint committee for the employees
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.

Company accounts

Assets
Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	775,636	-0.19	777,113	8.47	716,464	-6.29	764,543	-6.08	813,994
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	576,126	-1.34	583,934	10.28	529,508	-11.74	599,947	-8.35	654,601
Land & building	477,544	-0.63	480,592	7.45	447,257	-10.93	502,140	-6.99	539,873
Plant & machinery	56,403	7.55	52,443	-16.71	62,967	-16.66	75,553	-14.58	88,451
Furniture & Vehicles	42,179	-17.13	50,899	163	19,285	-13.34	22,254	-15.31	26,277
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	0	-1	-	0	-	0
Financial fixed assets	199,511	3.28	193,180	3.33	186,956	13.58	164,596	3.26	159,393
Total current assets	55,343,627	94.66	28,430,515	-39.38	46,901,164	39.53	33,614,621	-13.41	38,822,539
Inventories	7,705,170	103	3,785,334	-34.65	5,791,999	22.62	4,723,543	10.89	4,259,560
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	7,705,170	103	3,785,334	-34.65	5,791,999	22.62	4,723,543	10.89	4,259,560
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	46,676,225	94.18	24,038,158	-40.96	40,711,918	51.28	26,911,878	-21.19	34,147,243
Other amounts receivable	89,392	0.19	89,220	-2.57	91,575	-87.76	747,946	441	138,247
Cash	539,039	150	215,102	1371	14,613	-98.53	992,158	3455	27,908
Miscellaneous current assets	333,801	10.27	302,701	4.00	291,059	21.73	239,097	-4.20	249,581
Total Assets	56,119,263	92.14	29,207,629	-38.66	47,617,628	38.51	34,379,164	-13.26	39,636,533
Liabilities
Total shareholders equity	14,838,078	37.77	10,770,046	11.96	9,619,161	14.54	8,398,234	-3.95	8,744,053
Issued share capital	10,309,755	3.28	9,982,616	11.52	8,951,206	13.58	7,880,670	-4.33	8,237,153
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	4,528,323	475	787,430	17.89	667,955	29.06	517,564	2.10	506,900
Provisions for Liabilities & Charges	900,320	-0.01	900,367	0.00	900,332	-0.01	900,380	0.00	900,369
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	40,380,865	130	17,537,215	-52.73	37,098,135	47.92	25,080,551	-16.38	29,992,111
Other long term loans	1,897,200	3.28	1,837,000	11.52	1,647,200	13.58	1,450,200	-4.33	1,515,800
Other long term liabilities	0	-	0	-	0	0	-1	-	0
Total long term debts	2,797,520	2.20	2,737,367	7.45	2,547,532	8.38	2,350,579	-2.71	2,416,169
Current portion of long term debt	0	-	0	-	0	-	0	-	0
Financial debts	10,381,759	190	3,571,558	-87.18	27,859,090	57.00	17,744,573	-28.53	24,828,605
Trade creditors	27,224,624	126	12,045,950	61.74	7,447,815	44.56	5,151,994	48.15	3,477,629
Amounts Payable for Taxes,	417,810	906	41,512	-19.46	51,544	-11.63	58,330	21.21	48,124
Remuneration & Social Security
Miscellaneous current liabilities	459,472	1015	41,195	-55.46	92,486	-86.31	675,454	453	121,953
Total current liabilities	38,483,665	145	15,700,215	-55.71	35,450,935	50.02	23,630,351	-17.02	28,476,311
Total Liabilities	56,119,263	92.14	29,207,629	-38.66	47,617,628	38.51	34,379,164	-13.26	39,636,533

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	2.21	2662	0.08	33.33	0.06	-25.00	0.08	-11.11	0.09
Return on capital employed	23.53	3079	0.74	-20.43	0.93	0	0.93	-29.55	1.32
Return on total assets employed	7.40	2076	0.34	41.67	0.24	-17.24	0.29	-21.62	0.37
Return on net assets employed	27.97	2940	0.92	-22.03	1.18	-0.84	1.19	-29.59	1.69
Sales / net working capital	11.12	7.03	10.39	-35.02	15.99	24.15	12.88	-15.32	15.21
Stock turnover ratio	4.11	43.71	2.86	-9.49	3.16	-13.90	3.67	35.42	2.71
Creditor days	54.46	63.10	33.39	123	14.94	1.49	14.72	81.50	8.11
Debtor days	90.90	37.04	66.33	-18.29	81.18	6.27	76.39	-3.52	79.18
SHORT TERM STABILITY
Current ratio	1.44	-20.44	1.81	37.12	1.32	-7.04	1.42	4.41	1.36
Liquidity ratio / acid ratio	1.24	-21.02	1.57	35.34	1.16	-4.92	1.22	0.83	1.21
Current debt ratio	2.59	77.40	1.46	-60.43	3.69	31.32	2.81	-13.80	3.26
Cashflow	3,763,179	4132	88,908	-28.75	124,786	68.29	74,148	-45.22	135,355
Net worth	14,838,078	37.77	10,770,046	11.96	9,619,161	14.54	8,398,234	-3.95	8,744,053
LONG TERM STABILITY
Gearing	82.75	64.77	50.22	-83.63	306.74	34.21	228.56	-24.14	301.28
Equity in percentage	26.44	-28.29	36.87	82.52	20.20	-17.31	24.43	10.74	22.06
Total debt ratio	2.78	62.57	1.71	-56.71	3.95	27.83	3.09	-12.46	3.53
Working capital	16,859,962	32.44	12,730,300	11.18	11,450,229	14.68	9,984,270	-3.50	10,346,228

PROFIT & LOSS

Operating Income	187,439,641	41.68	132,301,072	-27.73	183,070,608	42.34	128,610,567	-18.31	157,437,135
Turnover	187,424,495	41.68	132,285,238	-27.73	183,053,693	42.35	128,594,746	-18.31	157,412,760
Total operating expenses	182,453,114	38.55	131,692,195	-27.62	181,938,572	42.46	127,710,547	-18.40	156,504,259
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	182,468,260	38.54	131,708,028	-27.62	181,955,487	42.46	127,726,368	-18.40	156,528,634
Employee costs	238,855	6.33	224,638	-4.95	236,347	28.99	183,228	34.32	136,408
Wages and salary	-	-	-	-	169,269	29.64	130,571	37.09	95,245
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security	-	-	-	-	40,716	34.44	30,286	45.73	20,782
contributions
Other employee costs	238,855	6.33	224,638	752	26,361	17.84	22,370	9.75	20,382
Director remuneration	-	-	-	-	340,318	19.04	285,882	-5.24	301,681
Amortization and	48,090	3.64	46,400	3.80	44,702	7.59	41,547	-15.89	49,397
depreciation
Operating result	4,971,381	738	593,043	-46.82	1,115,121	26.12	884,199	-2.67	908,501
Total financial income	151,977	-34.32	231,375	55.85	148,456	-18.77	182,769	86.75	97,869
Total financial expenses	972,863	34.22	724,816	-36.98	1,150,056	18.93	966,964	12.62	858,582
Results on ordinary	4,150,495	4067	99,602	-12.26	113,520	13.52	100,004	-32.33	147,787
operations before taxation
Extraordinary Income	396	312	96	-99	54,703	625	7,538	73.73	4,339
Extraordinary Charges	-	-	-	-	460	-89.22	4,268	983	394
Extraordinary items	396	312	96	-99	54,243	1558	3,270	-17.11	3,945
Results for the Year Before Taxation	4,150,891	4063	99,699	-40.57	167,763	62.44	103,274	-31.94	151,732
Taxation	435,802	662	57,190	-34.77	87,680	24.06	70,673	7.45	65,774
Results on ordinary	3,714,693	8658	42,412	64.13	25,840	-11.90	29,331	-64.24	82,013
operations after taxation
Net result	3,715,089	8639	42,508	-46.92	80,084	145	32,601	-62.07	85,958
Profit (Loss) for the Year to be appropiated	3,715,089	8639	42,508	-46.92	80,084	145	32,601	-62.07	85,958
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	3
Part-time Employees	3
Total Fte Employees	5
Number of hours worked
Full-time Employees	5,284
Part-time Employees	3,328
Total	8,612
Personnel Charges
Full-time Employees	115,970
Part-time Employees	122,884
Total	238,854
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	5
Actual working hours	8,612
Personnel Charges	238,854
Benefits In Addition To Wages	-

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

GENDER AND EDUCATIONLEVEL

Men

Full-Time

Part-Time

Total Fte

Primary education

Women

Full-Time

Part-Time

Total Fte

Secondairy education

Higher education (non university)

Working Category	Full-Time	Part-Time	Total Fte
White collar worker	1	2	2
Blue collar worker	2	1	3

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Payment Information

PAYMENT INFORMATION SUMMARY

Total number of Invoices available	22
Total number of Invoices paid within or up to 30 days after the due date	19
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	3
Total number of Invoices currently outstanding beyond the due date	0

Payment expectations
Payment expectation days	54.46
Day sales outstanding	90.90

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	202.02
Industry average day sales outstanding	211.04
Industry quartile analysis
Payment expectations
Company result	54.46
Lower	132.04
Median	58.70
Upper	26.01

Day sales outstanding
Company result	90.90
Lower	136.36
Median	81.74
Upper	44.21

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 Number

Company Name

Date Of Accounts

041203

GOLDIAM INTERNATIONAL

10.82

31/03/2017

Individual Shareholders

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
Postal town	Antwerpen
Post code	2018	Country	Belgium
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
Postal town	Antwerpen
Post code	2018	Country	Belgium

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	24/04/1997
Street	6 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	Dilip Thakker
Position	Director
Start Date	24/04/1997
Street	6 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	Akshaykumar Mehta
Position	Managing Director
Start Date	24/04/1997
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Position	Director
Start Date	24/04/1997
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

Name	Sagar Mehta
Position	Director
Start Date	01/10/2013
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

FORMER DIRECTOR DETAILS

Name	Sanat Jhaveri
Position	Director
Start Date	12/06/2008
End Date	31/07/2011
Street	2 LANGE LEEMSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	Shekhar Sedani
Position	Director
Start Date	01/01/2007
End Date	31/07/2011
Street	122 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	Shalin Jhaveri
Position	Director
Start Date	01/07/2008
End Date	31/07/2011

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.37
Euro	1	INR 80.75

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

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

Business Number	418772556	Company Name	DIAJEWEL NV
Fax Number	032260602	Date Founded	19/10/1978
Company Status	active	Company Type	Public Limited Company
Currency	Euro (€)	Date of Latest Accounts	31/12/2016
Activity Code	46761	Number of Staff	5
Activity Description	Wholesale of diamonds and other precious stones
Belgian Bullettin Of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company summary

Commentary

Annual accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Payment expectations

Shareholder Details

Linked Companies

Director details

Unit