MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	MANI IMPEX B.V.B.A. BVBA

Formerly Known As :	K LAXMI IMPEX

Registered Office :	Hoveniersstraat 2-Bus 513, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	12.03.2008

Com. Reg. No.:	896518243

Legal Form :	Private Limited Company

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 :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 Summary

Business number	896518243
Company name	MANI IMPEX B.V.B.A. BVBA
Address	HOVENIERSSTRAAT 2-BUS 513
	2018 ANTWERPEN
Number of staff	0
Date of establishment	12/03/2008
Telephone number	032313313
Fax number	032313313

Commentary

The business was established over 6 years ago.
The business has 1 employee.
The business has changed its registered name recently.
The business has been at the address for over 6 years.
Operating Result in the latest trading period increased 62% on the previous trading period.
The business saw a decrease in their Cash Balance of 50% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	12,126,182	49,103	715,151	646,783
31/12/2012	10,623,744	42,909	692,486	621,557
31/12/2011	10,474,999	32,572	69,097	66,927

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASH FLOW
31/12/2013	5,858,821	0	587,000	56,906
31/12/2012	5,653,944	0	606,000	87,433
31/12/2011	3,162,468	0	19,000	25,677

Payment Expectations

Past payments	Payment expectation days	76.61
Industry average payment 123.97 expectation days	Industry average day sales outstanding	140.86
Day Sales Outstanding 134.35

Court data summary

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

Company Accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	30-06-2009
Weeks	52		52		52		78		68
Currency	EUR		EUR		EUR		EUR		EUR

Total fixed assets	322,113	-5.16	339,655	15555	2,170	-35.37	3,357	-26.13	4,545

Intangible fixed assets	0	-	0	-	0	-	0	-	0

Tangible fixed assets	322,113	-5.16	339,655	15555	2,170	-35.37	3,357	-26.13	4,545
Land & building	302,720	-3.76	314,560	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-	-	-
Furniture & Vehicles	-	-	795	-54.10	1,731	-35.11	2,668	-25.99	3,604
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	19,393	-20.19	24,300	5442	438	-36.39	689	-26.68	940
Financial fixed assets	_-	_-	_-	_-	_-	_-	_-	_-

Total current assets	5,536,708	4.19	5,314,290	68.16	3,160,299	33.58	2,365,852	32.96	1,779,429
Inventories	955,030	113	447,852	378	93,546	-91.70	1,127,126	499	188,079
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	955,030	113	447,852	378	93,546	-91.70	1,127,126	499	188,079

Trade debtors	4,463,468	-3.64	4,632,101	80.58	2,565,145	225	789,101	-46.44	1,473,435
Other amounts receivable	2,805	217	882	-91.90	10,897	-8.22	11,874	813	1,300

Cash	115,405	-50.57	233,455	-52.43	490,711	12.10	437,752	275	116,614

Miscellaneous current assets	0	-	0	-	0	-	0	-	0

Total Assets	5,858,821	3.62	5,653,944	78.78	3,162,468	33.48	2,369,209	32.81	1,783,973

Liabilities

Total shareholders equity	715,151	3.27	692,486	902	69,097	54.90	44,607	57.06	28,401
Issued share capital	587,000	-3.14	606,000	3089	19,000	0	19,000	0	19,000
Share premium account	-	-	-	-	-	-	-	-	-

Revaluation reserve	-	-	-	-	-	-	-	-	-

Reserves	128,151	48.18	86,486	72.64	50,097	95.63	25,607	172	9,401
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0

Deffered taxes	-	-	-	-	-	-	-	-	-

Creditors	5,143,671	3.67	4,961,459	60.39	3,093,371	33.07	2,324,602	32.41	1,755,572

Other long term loans	253,746	-5.57	268,726	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	-1	-	0	-	0	-	0	-	0
Total long term debts	253,745	-5.57	268,726	-	0	-	0	-	0

Current portion of long term debt	14,980	4.41	14,347	-	-	-	-	-	-
Financial debts	2,147,456	12.17	1,914,543	-	-	-	-	-	27,944
Trade creditors	2,512,330	-1.29	2,545,255	-16.32	3,041,552	33.40	2,279,951	41.00	1,617,037
Amounts Payable for Taxes,	9,735	50.12	6,485	-23.13	8,436	69.23	4,985	1229	375
Remuneration & Social Security

Miscellaneous current liabilities	205,424	-3.15	212,103	388	43,383	9.37	39,666	-64.01	110,216
Total current liabilities	4,889,925	4.20	4,692,733	51.70	3,093,371	33.07	2,324,602	32.41	1,755,572
Total Liabilities	5,858,821	3.62	5,653,944	78.78	3,162,468	33.48	2,369,209	32.81	1,783,973

Ratio Analysis
TRADING PERFORMANCE
Profit Before Tax	0.40 0	0.40	29.03	0.31	6.90	0.29	0	0.29
Return on capital employed	5.07 13.68	4.46	-90.54	47.14	-0.67	47.46	4.49	45.42
Return on total assets employed	0.84 10.53	0.76	-26.21	1.03	15.73	0.89	23.61	0.72
Return on net assets employed	6.87 10.81	6.20	-86.85	47.14	-0.67	47.46	4.49	45.42
Sales / net working capital	18.75 9.71	17.09	-89.08	156.51	-11.01	175.88	-4.32	183.83

Stock turnover ratio	7.88 86.73	4.22	374	0.89	-94.27	15.54	262	4.29

Creditor days	76.61 -13.18	88.24	-17.08	106.41	-7.68	115.26	-14.79	135.26
Debtor days	134.35 -15.58	159.15	78.06	89.38	125	39.70	-67.63	122.63
SHORT TERM STABILITY
Current ratio	1.13 0	1.13	10.78	1.02	0	1.02	0.99	1.01

Liquidity ratio / acid ratio	0.94 -9.62	1.04	5.05	0.99	86.79	0.53	-41.76	0.91

Current debt ratio	6.84 0.88	6.78	-84.86	44.77	-14.09	52.11	-15.69	61.81
Liquidity ratio reprocessed

Cashflow	56,906	-34.91	87,433	240	25,677	47.62	17,394	48.37		11,724

Net worth	715,151	3.27	692,486	902	69,097	54.90	44,607	57.06		28,401
Gearing	337.86	6.46	317.35	^__	^-^_____	j______	^______	j______		98.39
Equity in percentage	12.21	-0.33	12.25	461	2.18	15.96	1.88	18.24		1.59

Total debt ratio	7.19	0.42	7.16	-84.01	44.77	-14.09	52.11	-15.69	61.81
Working capital	646,783	4.06	621,557	828	66,927	62.25	41,250	72.91	23,856
Profits loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	12,126,182	14.14	10,623,744	1.42	10,474,999	44.38	7,255,324	65.44	4,385,584
Total operating expenses	11,970,406	13.70	10,527,741	0.91	10,432,588	44.50	7,220,008	65.46	4,363,627
Gross Operating Margin	191,782	20.92	158,607	218	49,779	34.63	36,975	35.80	27,228
Operating Charges
Employee costs	17,452	93.52	9,018	116	4,162	-	-	-	-
Wages and salary	14,191	94.34	7,302	102	3,598	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	2,938	96.49	1,495	193	509	-	-	-	-
Other employee costs	324	46.67	221	306	54	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	15,241	-70.14	51,044	4198	1,187	0	1,187	-48.88	2,323
Operating result	155,776	62.26	96,003	126	42,411	20.09	35,316	60.84	21,957
Total financial income	2	143	1	-	-	-	-	-	5
Total financial expenses	106,674	100	53,094	439	9,839	-30.45	14,147	56.14	9,061
Results on ordinary operations before taxation	49,103	14.43	42,909	31.74	32,572	53.87	21,169	64.09	12,901
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	49,103 1	4.43	42,909	31.74	32,572	53.87	21,169	64.09	12,901
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	7,438	14.06	6,521	-19.32	8,082	62.88	4,962	41.78	3,500
Results on ordinary operations after taxation	41,665	14.50	36,389	48.59	24,489	51.11	16,207	72.39	9,401
Net result	41,665	14.50	36,389	48.59	24,489	51.11	16,207	72.39	9,401
Profit (Loss) for the Year to be appropiated	41,665	14.50	36,389	48.59	24,489	51.11	16,207	72.39	9,401
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	1
Part-time Employees	0
Total Fte Employees	1

Number of hours worked
Full-time Employees	782
Part-time Employees	84
Total	866

Personnel Charges
Full-time Employees	15,850
Part-time Employees	1,603
Total	17,452
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	- 1 1
Limited Duration Contracts	- - -
Contracts For Specific Work	- - -
Contracts Regarding Substitution	- - -

INDUSTRY COMPARISON

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	76.61
Day sales outstanding	134.35

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	123.97
Industry average day sales outstanding	140.86

Industry quartile analysis

Payment expectations

Company result 76.61

Lower 122.34

Median 75.38

Upper 46.32

Day sales outstanding

Company result 134.35

Lower 102.84

Median 54.50

Upper 24.07

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 number Company name % Date of Accounts

545926787 Bride Crown Jewellery L.L.C. - -

Minority Interests

No minority interests found

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

Name	MAYUR KISHORBHAI SHAH
Position	Principal Manager
Start Date	13/02/2014
Date of birth	26/06/1974
Street	38 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Position	Non Statutory Partner
Start Date	13/02/2014
Date of birth	26/06/1974
Street	38 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	KESHAVLAL AMRUTLAL SHAH
Position	Principal Manager
Start Date	09/12/2009
Street	35 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Position	Non Statutory Partner
Start Date	12/03/2008
Street	35 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
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.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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.

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

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment Expectations

Court data summary

Company information

Company Accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit