MIRA INFORM REPORT

Report Date :

28.06.2013

IDENTIFICATION DETAILS

Name :	CHINTAMANI BVBA
Registered Office :	Schupstraat 9, 2018 Antwerp
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	28.04.2005
Com. Reg. No.:	873540329
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	05

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 :	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^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Belgium	A1	A1

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 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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 name & address

Business number	873540329
Company name	CHINTAMANI BVBA
Address	SCHUPSTRAAT 9
	2018 ANTWERP
Number of staff	5
Date of establishment	28/04/2005
Telephone number	032334474
Fax number	032334474

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	69,084,436	69,902	2,905,678	8,216,458
31/12/2010	70,218,568	81,035	2,843,486	6,735,228
31/12/2009	47,113,182	71,153	1,698,253	6,297,474

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	17,564,159	5	2,597,892	83,948
31/12/2010	28,900,251	4	2,597,892	97,466
31/12/2009	16,022,502	2	1,518,600	76,394

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	14.82
Industry average payment expectation days	174.77	Industry average day sales outstanding	108.66
Day sales outstanding	73.76

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	873540329	Company name	CHINTAMANI BVBA
Fax number	032334474	Date founded	28/04/2005
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0873.540.329
Belgian Bullettin of Acts Publications	moniteur belge

Personnel

(NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee

(JIC)

Significant Events

Event Date	14/12/2010
Event Description
Event Details	De vergoeding van de inbreng in natura bestaat uit 687 aandelen.

comparison mode

averagemedian

Export accounts to CSV file

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	69,084,436	-1.62	70,218,568	49.04	47,113,182	49,527,631	39.49
Total operating expenses	68,545,241	-1.59	69,652,830	49.30	46,654,087	48,890,358	40.20
Operating result	539,195	-4.69	565,738	23.23	459,095	238,466	126
Total financial income	4,846	23.00	3,940	98390	4	148,968	-96.75
Total financial expenses	474,139	-2.97	488,642	25.96	387,946	287,728	64.79
Results on ordinary operations before taxation	69,902	-13.74	81,035	13.89	71,153	84,458	-17.23
Taxation	3,579	-76.29	15,094	-41.40	25,758	37,844	-90.54
Results on ordinary operations after taxation	66,322	0.58	65,941	45.26	45,395	59,254	11.93
Extraordinary items	-4,130	-	0	-	0	3,201	-229
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	62,193	-5.68	65,941	45.26	45,395	62,339	-0.23
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	160,246	67.00	95,955	52.41	62,957	127,998	25.19
Wages and salary	134,779	70.80	78,911	53.00	51,576	108,777	23.90
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	24,398	53.00	15,947	45.48	10,961	27,123	-10.05
Other employee costs	1,069	-2.54	1,097	161	419	3,607	-70.36
Amortization and depreciation	21,755	-30.99	31,525	1.70	30,999	18,309	18.82

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,462	-100
Tangible fixed assets	38,237	-28.47	53,453	-30.81	77,260	177,648	-78.48
Land & building	-	-	-	-	-	346,034	-
Plant & machinery	12,077	-32.54	17,904	-9.91	19,874	21,826	-44.66
Other tangible assets	26,159	-26.42	35,550	-38.05	57,386	24,613	6.28
Financial fixed assets	7,992	3.89	7,693	268	2,086	276,884	-97.11
Total fixed assets	46,229	-24.40	61,146	-22.94	79,347	363,620	-87.29
Inventories	2,411,992	-72.41	8,743,558	1701	485,348	3,060,929	-21.20
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,462	-100
Finished goods	2,411,992	-72.41	8,743,558	1701	485,348	2,049,305	17.70
Other stocks	0	-	0	-	0	470,366	-100
Trade debtors	13,961,108	-30.14	19,985,648	33.66	14,952,790	3,888,007	259
Cash	1,082,947	1272	78,902	-68.44	249,982	239,603	351
other amounts receivable	39,916	37.69	28,989	-88.37	249,227	245,153	-83.72
Miscellaneous current assets	21,967	994	2,008	-65.43	5,808	21,392	2.69
Total current assets	17,517,930	-39.26	28,839,105	80.89	15,943,155	6,943,733	152
current liabilities
Trade creditors	2,783,726	-82.57	15,970,643	300	3,983,779	2,777,715	0.22
Short term group loans	-	-	-	-	-	-	-
Other short term loans	6,477,225	6.46	6,084,155	8.21	5,622,514	1,895,458	241
Miscellaneous current liabilities	40,521	-17.44	49,079	24.60	39,388	-89.05	- -
Total current liabilities	9,301,472	-57.92	22,103,877	129	9,645,681	4,926,143	88.82
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	5,357,008	35.52	3,952,889	-15.51	4,678,569	365	- -
Other long term liabilities	0	-	0	0	-1	142,929	-100
Total long term debts	5,357,008	35.52	3,952,889	-15.51	4,678,568	597,953	795
shareholders equity
Issued share capital	2,597,892	0	2,597,892	71.07	1,518,600	1,022,392	154
Share premium account	-	-	-	-	-	108,219	-
Reserves	307,786	25.32	245,594	36.70	179,653	695,355	-55.74
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	2,905,678	2.19	2,843,486	67.44	1,698,253	1,739,095	67.08
Working capital	8,216,458	21.99	6,735,228	6.95	6,297,474	2,017,589	307
Cashflow	83,948	-13.87	97,466	27.58	76,394	77,438	8.41
Net worth	2,905,678	2.19	2,843,486	67.44	1,698,253	1,737,632	67.22

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.10	-16.67	0.12	-20.0	0.15	-744,00	0.01
Return on capital employed	0.85	-28.57	1.19	6.25	1.12	-14,00	6.07
Return on total assets employed	0.40	42.86	0.28	-36.36	0.44	-34,00	1.18
Return on net assets employed	2.41	-15.44	2.85	-31.98	4.19	-12,00	20.08
Sales / net working capital	8.41	-19.37	10.43	39.44	7.48	67,00	-99
Stock turnover ratio	3.49	-71.97	12.45	1108	1.03	67,00	-94.79
Debtor days	73.76	-29.00	103.89	-10.32	115.84	58.055,00	-99
Creditor days	14.82	-82.29	83.69	168	31.17	328,00	-95.48
short term stability
Current ratio	1.88	44.62	1.30	-21.21	1.65	4,00	-89.56
Liquidity ratio / acid ratio	1.62	78.02	0.91	-43.12	1.60	3,00	-46.00
Current debt ratio	3.20	-58.82	7.77	36.80	5.68	18,00	-82.22
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	407.28	15.38	352.98	-41.81	606.57	265,00	53.69
Equity in percentage	16.54	68.09	9.84	-7.17	10.60	-1.079,00	1.53
Total debt ratio	5.04	-44.98	9.16	8.66	8.43	19,00	-73.47

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment expectations

Payment expectation days	14.82
Day sales outstanding	73.76

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	174.77
Industry average day sales outstanding	108.66

Industry quartile analysis

Payment expectations
Company result	14.82
Lower	121.46
Median	72.36
Upper	40.99
Day sales outstanding
Company result	73.76
Lower	105.52
Median	54.72
Upper	23.72

Company result	14.82
Lower	121.46
Median	72.36
Upper	40.99

Company result	73.76
Lower	105.52
Median	54.72
Upper	23.72

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

NSSO details

Business number	873540329
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	DUBAI METALS AND COMMODITIES CENTRE SOC. ETRANGERE
Position	Principal Manager
Start Date	01/04/2005
Street
Post code
Country	United Arab Emirates

Name	CHINTAMANI DMCC
Position	Principal Manager
Start Date	05/08/2011
Street	3 GROUD FLOOR
Post code
Country	United Arab Emirates

Name	DUBAI METALS & COMMODITIES CENTRE
Position	Principal Manager
Start Date	01/04/2005
Street
Post code
Country

Former director details

Name	MILAN MEHTA
Position	Legal Representative
Start Date	01/07/2011
End Date	-
Street	44 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

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.59.70
UK Pound	1	Rs.92.25
Euro	1	Rs.78.38

INFORMATION DETAILS

Report Prepared by :

PRL

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.