MIRA INFORM REPORT

Report Date :

25.04.2011

IDENTIFICATION DETAILS

Name :	CHINTAN GEMS BVBA
Registered Office :	Hoveniersstraat 30 Antwerpen 2018
Country :	Belgium
Financials (as on) :	30.06.2009
Date of Incorporation :	09.10.2002
Com. Reg. No.:	478554943
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Belgium	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Summary
Business Name	CHINTAN GEMS BVBA
Business Number	478554943
Address	HOVENIERSSTRAAT 30 ANTWERPEN
Post Code	2018
Telephone	032312331
Fax Number	032312331s
Date of Establishments	09/10/2002
Number of Employees	0

Credit Information Summary
Company Status	ACTIVE
Purchase Limit (€)	3,800,000
Date of Deposit at Registry	17/12/2009
Date of Last Accounts	30/06/2009
Turnover	21,819,483
Results of Ordinary Operations Before Tax	45,045
Networth	991,768

Past Payments
Payment Expectation Days	34.93
Days Sales Outstanding	78.91
Industry Average Payment Expectation Days	129.53
Industry Average Day Sales Outstanding	118.43

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summonss	//

Company Information

company details
Business Number	478554943
Name	CHINTAN GEMS BVBA
Fax Number	032312331
Establishment Date	09/10/2002
Company Status	ACTIVE
Company Type	Private limited liability company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)

Latest Branch Details
Street	QUINTEN MATSIJSLEI
House Number	12
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	351856
Trade Registered Entry Date	01/11/2002

Latest Event
Serial Number	21776
Event Description	Appointment

Accounts & Ratio

Period
Accounts End Date	30/06/2009	%	30/06/2008	%	30/06/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	21,819,483	-7.3%	23,531,154	-11.5%	26,589,460
Total Operating Expenses	21,655,373	-7.3%	23,368,648	-11.8%	26,485,580
Operating Result	164,110	1.0%	162,506	56.4%	103,880
Total Financial Income	46	39.4%	33	560.0%	5
Total Financial Expenses	104,111	13.9%	91,408	68.0%	54,406
Results on Ordinary Operations Before Tax	60,045	-15.6%	71,131	43.8%	49,479
Taxation	15,000	-24.9%	19,968	-57.5%	46,972
Results on Ordinary Operations After Tax	45,045	-12.0%	51,163	1,940.8%	2,507
Extraordinary Items	0	-	0	-100.0%	758,898
Net Result	45,045	-12.0%	51,163	-93.3%	761,405
Other Information
Dividends	-	-	-	-	-
Director Remuneration	38,600	-	-	-	-
Employee Costs	0	-	0	-	0
- Wages & Salaries	-	-	-	-	-
- Social Security Contributions	-	-	-	-	-
- Other Employee Costs	-	-	-	-	-
Amortization & Depreciation	10,257	-7.2%	11,058	-1.2%	11,195

Balance Sheet
Accounts End Date	30/06/2009	%	30/06/2008	%	30/06/2007
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	265,754	-3.0%	274,111	-3.9%	285,168
- Land And Buildings	260,826	-3.0%	268,801	-2.9%	276,776
- Plant And Machinery	2,048	-29.7%	2,914	-22.9%	3,779
- Other Tangible Assets	2,880	20.2%	2,396	-48.1%	4,613
Financial Fixed Assets	2,250	0.0%	2,250	0.0%	2,250
Total Fixed Assets	268,004	-3.0%	276,361	-3.8%	287,418
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	1,167,448	0.8%	1,158,412	-35.5%	1,796,721
Trade Debtors	4,717,237	-34.8%	7,239,302	-33.5%	10,892,536
Cash	11,883	-96.8%	373,437	169.6%	138,525
- Miscellaneous Current Assets	0	-	0	-	0
Total Current Assets	5,898,848	-32.8%	8,773,955	-31.6%	12,831,738
- Trade Creditors	2,072,100	-58.9%	5,041,400	-51.5%	10,397,895
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	1,233,455	2.0%	1,209,571	4,107.4%	28,749
- Miscellaneous Current Liabilities	1,687,111	2.1%	1,652,510	4.2%	1,585,575
Total Current Liabilities	4,992,666	-36.8%	7,903,481	-34.2%	12,012,219
- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	182,418	-8.0%	198,274	-6.2%	211,377
- Other Long Term Liabilities	0	-100.0%	1,837	-	0
Total Long Term Debts	182,418	-8.8%	200,111	-5.3%	211,377
- Issued Share Capital	20,000	0.0%	20,000	0.0%	20,000
- Share Premium Account	0	-	0	-	0
- Reserves	971,768	4.9%	926,724	5.8%	875,560
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	991,768	4.8%	946,724	5.7%	895,560
Working Capital	906,182	4.1%	870,474	6.2%	819,519
Net Worth	991,768	4.8%	946,724	5.7%	895,560

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	0.28	-6.7%	0.30	57.9%	0.19
Return On Capital Employed	5.11	-17.6%	6.20	38.7%	4.47
Return On Total Assets Employed	0.97	22.8%	0.79	107.9%	0.38
Return On Net Assets Employed	6.63	-18.8%	8.17	35.3%	6.04
Sales / Net Working Capital	24.08	-10.9%	27.03	-16.7%	32.45
Operating Efficiency
Stock Turnover Ratio	5.35	8.7%	4.92	-27.2%	6.76
Debtor Days	78.91	-29.7%	112.29	-24.9%	149.52
Creditor Days	34.93	-55.6%	78.74	-45.0%	143.29
Short Term Stability
Current Ratio	1.18	6.3%	1.11	3.7%	1.07
Liquidity Ratio / Acid Ratio	0.95	-1.0%	0.96	4.3%	0.92
Current Debt Ratio	5.03	-39.8%	8.35	-37.7%	13.41
Long Term Stability
Gearing	142.76	-4.0%	148.71	454.7%	26.81
Equity In Percentage	0.16	60.0%	0.10	42.9%	0.07
Total Debt Ratio	1.43	-4.0%	1.49	451.9%	0.27

Rating & Limit

Payment Expectations

Payment Expectations
Payment Expectation Days	34.93
Day Sales Outstanding	78.91

Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	118.43
Industry Average Payment Expectation Days	129.53

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	39.22
Payment Expectations - Median	82.36
Payment Expectations - Upper	147.30
Day Sales Outstanding
Day Sales Outstanding - Lower	30.69
Day Sales Outstanding - Median	70.53
Day Sales Outstanding - Upper	149.08

Shareholders

No holding companies for this company.

No subsidiaries for this company.

Court Data

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
Full Name	JIGNESH KUMAR VITTHA PATEL
Position	Manager
Address	12 QUINTEN MATSIJSLEI ANTWERPEN
Postal Code	2018
Country	--

Company Director
Full Name	CHETAN GORDHANBHAI GOTI
Position	Manager
Address	102 PANDAL ESTATE VED ROAD 395004 SURAT GUJ
Postal Code	0
Country	Unknown

Company Director
Full Name	CHINTANKUMAR KESHAVB GOTI
Position	Manager
Address	40 NARAYANMUNI SURAT GUJARAT
Postal Code	0
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.30
UK Pound	1	Rs.72.92
Euro	1	Rs.64.69

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.