MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	MULTIFUTURE BVBA

Registered Office :	Hoveniersstraat 2-Box 341, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	01.12.1986

Com. Reg. No.:	429847976

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other precious stones

No of Employees :	01 (31.12.2013)

RATING & COMMENTS

MIRA’s Rating :

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 – 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 name & address

Business number 429847976

Branche Unit Number 2034567179

Company name MULTIFUTURE BVBA

Address HOVENIERSSTRAAT 2-BOX 341

2018 ANTWERPEN

Number of staff 01 (31.12.2013)

Date of establishment 01/12/1986

Telephone number 032323680

Fax number 032317610

Commentary

The business was established over 28 years ago.
The business has 1 employees.
The business has been at the address for over 21 months.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	46,653,002	83,320	472,431	366,041
31/12/2012	39,837,840	69,776	430,464	311,062
31/12/2011	36,978,531	64,972	380,704	246,528

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	9,585,894	1	6,205	54,979
31/12/2012	8,602,031	0	6,205	64,534
31/12/2011	16,763,325	0	6,205	66,970

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Payment expectation days 63.18

Industry average payment

expectation days 123.77

Industry average day sales

Outstanding 140.64

Day sales outstanding 30.88

Joint Industrial Committee

(JIC)

JIC Code 218

Description Additional national joint committee for the employees

JIC Code 324

Description Joint committee for the industry and the trade in diamant

Company accounts

Balance Sheets

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
Assets
Total fixed assets	106,390	-10.90	119,402	-11.01	134,176	-11.13	150,980	-10.91	169,478
Tangible fixed assets	104,531	-11.07	117,543	-11.17	132,317	-11.27	149,121	-11.04	167,619
Land & building	99,805	-3.96	103,919	-3.81	108,034	-3.67	112,148	-3.54	116,262
Plant & machinery	328	-67.35	1,006	-70.26	3,382	-56.58	7,789	-46.40	14,532
Furniture & Vehicles	4,398	-65.15	12,618	-39.63	20,901	-28.38	29,184	-20.75	36,825
Financial fixed assets	1,859	0	1,859	0	1,859	0	1,859	0	1,859
Total current assets	9,479,504	11.75	8,482,628	-48.99	16,629,149	-55.01	36,965,550	38.71	26,648,594
Inventories	4,639,126	-15.52	5,491,269	-37.17	8,739,578	51.85	5,755,561	-4.70	6,039,544
Finished goods	4,639,126	-15.52	5,491,269	-37.17	8,739,578	51.85	5,755,561	-4.70	6,039,544
Trade debtors	3,946,458	95.46	2,019,011	-70.81	6,917,570	-77.15	30,280,200	53.45	19,732,606
Other amounts receivable	29,038	-48.01	55,855	55.89	35,831	35.58	26,428	-6.79	28,352
Cash	863,344	-5.57	914,261	-0.11	915,254	2.61	891,939	5.54	845,100
Miscellaneous current assets	1,538	-31.11	2,232	-89.33	20,917	83.12	11,422	281	2,992
Total Assets	9,585,894	11.44	8,602,031	-48.69	16,763,325	-54.84	37,116,530	38.40	26,818,072
Liabilities
Total shareholders equity	472,431	9.75	430,464	13.07	380,704	14.80	331,636	11.71	296,872
Issued share capital	6,205	0	6,205	0	6,205	0	6,205	0	6,205
Reserves	466,226	9.89	424,259	13.29	374,499	15.08	325,431	11.96	290,667
Creditors	9,113,463	11.53	8,171,566	-50.12	16,382,621	-55.46	36,784,895	38.70	26,521,200
Financial debts	-	-	3,250	-12.84	3,729	210	1,200	-63.21	3,262
Trade creditors	8,058,911	14.30	7,050,516	-53.77	15,251,684	-57.27	35,696,321	39.89	25,517,453
Amounts Payable for Taxes,	28,387	-43.29	50,061	28.83	38,859	33.75	29,054	50.42	19,315
Miscellaneous current liabilities	1,026,165	-3.89	1,067,740	-1.89	1,088,349	2.84	1,058,319	7.86	981,171
Total current liabilities	9,113,463	11.53	8,171,566	-50.12	16,382,621	-55.46	36,784,895	38.70	26,521,200
Total Liabilities	9,585,894	11.44	8,602,031	-48.69	16,763,325	-54.84	37,116,530	38.40	26,818,072

Ratio Analysis

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
TRADING PERFORMANCE
Profit Before Tax	0.18	0	0.18	0	0.18	38.46	0.13	-18.75	0.16
Return on capital employed	17.64	8.82	16.21	-5.04	17.07	84.74	9.24	-2.43	9.47
Return on total assets employed	0.87	7.41	0.81	107	0.39	387	0.08	-20.0	0.10
Return on net assets employed	17.64	8.82	16.21	-5.04	17.07	84.74	9.24	-2.43	9.47
Sales / net working capital	127.45	-0.48	128.07	-14.62	150.00	14.54	130.96	-3.97	136.37
Stock turnover ratio	9.94	-27.87	13.78	-41.68	23.63	-2.88	24.33	-30.01	34.76
Creditor days	63.18	-2.39	64.73	-57.10	150.87	-72.65	551.63	2.68	537.23
Debtor days	30.88	66.92	18.50	-72.91	68.28	-85.38	467.16	12.68	414.58
SHORT TERM STABILITY
Current ratio	1.04	0	1.04	1.96	1.02	2.00	1.00	0	1.00
Liquidity ratio / acid ratio	0.53	43.24	0.37	-22.92	0.48	-43.53	0.85	8.97	0.78
Current debt ratio	19.29	1.63	18.98	-55.89	43.03	-61.21	110.92	24.15	89.34
Cashflow	54,979	-14.81	64,534	-3.64	66,970	24.50	53,791	42.44	37,763
Net worth	472,431	9.75	430,464	13.07	380,704	14.80	331,636	11.71	296,872
LONG TERM STABILITY
Gearing	---	---	0.75	-23.47	0.98	172	0.36	-67.27	1.10
Equity in percentage	4.93	-1.40	5.00	120	2.27	155	0.89	-19.82	1.11
Total debt ratio	19.29	1.63	18.98	-55.89	43.03	-61.21	110.92	24.15	89.34
Working Capital	366,041	17.67	311,062	26.18	246,528	36.46	180,656	41.81	127,394

Profit & Loss

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
Operating Income	46,653,394	17.11	39,838,913	7.73	36,979,947	56.31	23,658,786	36.18	17,372,825
Turnover	46,653,002	17.11	39,837,840	7.73	36,978,531	56.30	23,658,547	36.18	17,372,825
Total Operating Expense	464,557,79,2	17.11	39,756,579	7.75	36,898,013	56.22	23,619,588	36.24	17,336,792
Operating Charges	46,558,185	17.10	39,757,652	7.75	36,899,430	56.22	23,619,826	36.24	17,336,792
Employees Costs	16,338	-8.83	17,920	7.12	16,729	3.93	16,096	21.53	13,245
Wages & Salary	13,741	-3.07	14,177	3.37	13,745	3.92	13,198	19.92	11,005
Social security Contribution	2,477	-26.56	3,373	19.86	2,814	4.18	2,701	31.75	2,050
Other Employees Costs	119	-67.72	370	85.17	,200	1.46	197	3.99	189
Amortization & Depreciation	13,012	-11.92	14,774	-17.47	17,902	-5.91	19,027	28.80	14,773
Operating result	95,209	17.16	81,261	0.92	80,517	106	38,960	8.12	36,033
Total financial income	24	2.22	24	-0.91	24	-60.46	61	18330	0
Total financial expenses	11,914	3.52	11,209	-26.08	15,569	85.58	8,390	5.95	7,918
Results on ordinary operations before taxation	83,320	19.41	69,776	7.39	64,972	112	30,631	8.95	28,115
Extra ordinary Income	---	--	--	--	--	--	8,434	---	0
Extraordinary Items	0	--	0	---	0	-100	8,434	---	0
Results for the year Before Taxation	833,320	19.41	69,776	7.39	64,972	66.32	39,065	38.95	28,115
Taxation	41,353	106	20,016	25.85	15,904	269	4,301	-16.08	5,125
Result on ordinary Operations after taxation	41,967	-15.66	49,760	1.41	49,069	86.36	26,330	14.53	22,990
Net result	41,967	-15.66	49,760	1.41	49,069	41.15	34,764	51.21	22,990
Profit (Loss) for the year to be appropriated	41,967	-15.66	49,760	1.41	49,069	41.15	34,764	51.21	22,990

Social Balance Sheet Details

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

Number of hours worked
Full-time Employees	-
Part-time Employees	828
Total	828

Personnel Charges
Full-time Employees	-
Part-time Employees	17,408
Total	17,408
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	1
Actual working hours	893
Personnel Charges	17,920
Benefits In Addition To Wages	-

Type of Contract Full-Time Part-Time Total Fte

Unlimited Duration

Contracts - 1 1

Gender and Education

Level

Women Full-Time Part-Time Total Fte

Secondary education - 1 1

Working Category Full-Time Part-Time Total Fte

White collar worker - 1 1

Payment expectations

Payment expectation days 63.18

Day sales outstanding 30.88

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 123.77

Industry average day sales

Outstanding 140.64

Industry quartile analysis

Payment expectations

Company result 63.18

Lower 122.25

Median 75

Upper 46.13

Day sales outstanding

Company result 30.88

Lower 102.58

Median 54.08

Upper 24.07

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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 PANKAJ SHAH

Position Principal Manager

Start Date 06/09/2011

Street 104 OOSTERVELDLAAN ANTWERPEN

Post code 2610

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	MNL

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.

MIRA INFORM REPORT

Company name & address

Commentary

Accounts

TRENDS

Payment expectations

Company information

Joint Industrial Committee

Company accounts

Social Balance Sheet Details

Payment expectations

Industry comparison

Industry quartile analysis

Group Structure

Minority Shareholders

Minority Interests

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit