MIRA INFORM REPORT

Report Date :

17.02.2014

IDENTIFICATION DETAILS

Name :	KIRAN EXPORTS BVBA
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.03.2012
Date of Incorporation :	25.07.1996
Com. Reg. No.:	458428037
Legal Form :	Private Limited Company
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND PRECIOUS STONES.
No. of Employees :	02

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 :	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 – 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 and address

KIRAN EXPORTS BVBA - 458428037

Business number	458428037
Company name	KIRAN EXPORTS BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Safe number	BE00354450
Number of staff	2
Date of establishment	25/07/1996
Telephone number	032253604

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Commentary

The business was established over 17 years ago.

The business has 1 employees.

The business has been at the address for over 11 years.

The business has changed address 1 times in the last year.

There has been no significant change in the business's credit rating.

There has been no significant change in the business's credit limit.

Operating Result in the latest trading period increased 46% on the previous trading period.

A 34% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 68% compared to the previous trading period.

The business saw an increase in their Cash Balance of 3365% during the latest trading period.

Turnover in the latest trading period increased 36% on the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/03/2012	347,242,432	823,539	23,149,692	33,762,956
31/03/2011	254,216,993	487,474	21,082,565	25,347,767
31/03/2010	199,144,491	317,678	16,539,436	21,424,475

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/03/2012	104,033,305	2	20,963,600	823,396
31/03/2011	77,603,672	2	19,709,200	550,167
31/03/2010	64,077,535	0	15,579,900	359,851

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	30.70
Industry average payment expectation days	158.15	Industry average day sales outstanding	111.68
Day sales outstanding	82.90

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	458428037	Company name	KIRAN EXPORTS BVBA
Fax number		Date founded	25/07/1996
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/03/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0458.428.037
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-03-2012
Full-time Employees		1
Part-time Employees		1
Total Fte Employees		2
Number of hours worked
Full-time Employees		2,290
Part-time Employees		1,773
Total		4,063
Personnel Charges
Full-time Employees		57,353
Part-time Employees		25,409
Total		82,763
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		2
Actual working hours		3,896
Personnel Charges		49,912
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	2	3
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	2	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	2	3
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	1	1
Leavers	1	-	1

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees

Profit & loss

	Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	347,242,432	36.59	254,216,993	27.65	199,144,491	36,067,750	862
	Total operating expenses	343,741,887	36.50	251,824,712	27.97	196,783,412	35,743,564	861
	Operating result	3,500,545	46.33	2,392,281	1.32	2,361,079	115,600	2928
	Total financial income	417	-90.68	4,472	61.39	2,771	95,848	-99
	Total financial expenses	2,677,422	40.23	1,909,279	-6.69	2,046,172	165,861	1514
	Results on ordinary operations before taxation	823,539	68.94	487,474	53.45	317,678	35,864	2196
	Taxation	98,221	300	24,497	3.31	23,713	20,652	375
	Results on ordinary operations after taxation	725,318	56.66	462,977	57.49	293,965	21,156	3328
	Extraordinary items	0	-	0	-	0	-3,704	0
	Other appropriations	0	-	0	-	0	-	-
	Net result	725,318	56.66	462,977	57.49	293,965	17,462	4053
	other information
	Dividends	-	-	-	-	-	183,441	-
	Director remuneration	104,096	-5.37	110,003	-	-	115,280	-9.70
	Employee costs	82,763	76.37	46,925	83.75	25,538	109,499	-24.42
	Wages and salary	69,383	73.42	40,008	85.67	21,548	94,854	-26.85
	Employee pension costs	-	-	-	-	-	1,353	-
	Social security contributions	12,801	97.06	6,496	87.31	3,468	23,153	-44.71
	Other employee costs	579	37.53	421	-19.35	522	2,945	-80.34
	Amortization and depreciation	98,078	12.49	87,190	32.33	65,886	15,330	539
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balance sheet

	Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	1,312	-100
	Tangible fixed assets	1,645,439	2.65	1,602,949	-4.13	1,672,062	163,498	906
	Land & building	1,561,671	3.27	1,512,250	-7.17	1,629,103	331,034	371
	Plant & machinery	7,033	30.39	5,394	-26.28	7,317	20,636	-65.92
	Furniture & Vehicles	76,736	-10.05	85,305	139	35,642	15,854 5,035	384
	Leasing & Other Similar Rights	-	-	-	-	-	69,477 28,266	-
	Other tangible assets	-1	-	0	-	0	8,276	-100
	Financial fixed assets	1,807	6.36	1,699	-5.14	1,791	60,318	-97.00
	Total fixed assets	1,647,246	2.65	1,604,648	-4.13	1,673,853	195,368	743
	Inventories	21,194,096	18.92	17,822,062	-17.81	21,683,058	2,412,483	778
	Raw materials & consumables	-	-	-	-	-	7,494,338	-
	Work in progress	0	-	0	-	0	2,659	-100
	Finished goods	21,194,096	18.92	17,822,062	-17.81	21,683,058	1,388,506	1426
	Other stocks	0	-	0	-	0	592,459	-100
	Trade debtors	78,865,096	36.53	57,762,337	45.15	39,795,251	3,450,251	2185
	Cash	1,974,750	3365	56,984	-87.86	469,494	208,078	849
	other amounts receivable	352,117	-1.54	357,641	-21.55	455,880	113,730	209
	Miscellaneous current assets	0	-	0	0	-1	14,349	-100
	Total current assets	102,386,059	34.72	75,999,024	21.79	62,403,682	5,825,283	1657
	Total Assets	104,033,305	34.06	77,603,672	21.11	64,077,535	6,003,527 1,279,139	1632
	current liabilities
	Trade creditors	28,915,392	156	11,294,299	141	4,682,639	2,638,718	995
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	39,378,572	0.57	39,153,725	8.81	35,982,369	3,305,567 150,000	1091
	Current portion of long term debt	74,458	4.77	71,069	-5.57	75,259	109,920 14,347	-32.26
	Amounts Payable for Taxes, Remuneration & Social Security	175,405	188	60,889	41.19	43,126	8,669 -	481
	Miscellaneous current liabilities	79,276	11.23	71,275	-63.60	195,814	-73.31	- -
	Total current liabilities	68,623,103	35.48	50,651,257	23.60	40,979,207	4,417,436	1453
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	12,260,511	108	5,869,850	-10.51	6,558,892	1152	- -
	Deffered taxes	-	-	-	-	-	32,238 15,445	-
	Provisions for Liabilities & Charges	0	-	0	-	0	1,488 0	-100
	Other long term liabilities	-1	-	0	-	0	116,381	-100
	Total long term debts	12,260,510	108	5,869,850	-10.51	6,558,892	490,817	2397
	shareholders equity
	Issued share capital	20,963,600	6.36	19,709,200	26.50	15,579,900	658,456	3083
	Share premium account	-	-	-	-	-	120,825	-
	Reserves	2,186,092	59.18	1,373,365	43.13	959,536	405,834	438
	Revaluation reserve	-	-	-	-	-	847,347	-
	Total shareholders equity	23,149,692	9.80	21,082,565	27.47	16,539,436	1,089,771	2024
	Working capital	33,762,956	33.20	25,347,767	18.31	21,424,475	1,407,847	2298
	Cashflow	823,396	49.66	550,167	52.89	359,851	30,045	2640
	Net worth	23,149,692	9.80	21,082,565	27.47	16,539,436	1,087,239	2029
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ratio analysis

	Annual accounts	31-03-2012	change(%)	31-03-2011	change(%)	31-03-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	0.24	26.32	0.19	18.75	0.16	-25,00	0.96
	Return on capital employed	2.33	28.73	1.81	31.16	1.38	33,00	-92.94
	Return on total assets employed	0.79	25.40	0.63	26.00	0.50	-227,00	0.35
	Return on net assets employed	3.56	54.11	2.31	20.31	1.92	22,00	-83.82
	Sales / net working capital	10.28	2.49	10.03	7.85	9.30	47,00	-99
	Stock turnover ratio	6.10	-12.98	7.01	-35.63	10.89	120,00	-94.92
	Debtor days	82.90	-0.04	82.93	13.70	72.94	135,00	-38.59
	Creditor days	30.70	87.54	16.37	88.38	8.69	116,00	-73.53
	short term stability
	Current ratio	1.49	-0.67	1.50	-1.32	1.52	7,00	-81.38
	Liquidity ratio / acid ratio	1.18	2.61	1.15	16.16	0.99	4,00	-70.50
	Current debt ratio	2.96	23.33	2.40	-3.23	2.48	8,00	-63.00
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	223.39	4.44	213.90	-16.99	257.67	379,00	-41.06
	Equity in percentage	22.25	-18.11	27.17	5.27	25.81	-3.509,00	0.63
	Total debt ratio	3.49	30.22	2.68	-6.62	2.87	10,00	-65.10

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	30.70
Day sales outstanding	82.90

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	158.15
Industry average day sales outstanding	111.68

Industry quartile analysis

Payment expectations
Company result	30.70
Lower	125.37
Median	80.22
Upper	44.10
Day sales outstanding
Company result	82.90
Lower	108.77
Median	57.77
Upper	28.11

Company result	30.70
Lower	125.37
Median	80.22
Upper	44.10

Company result	82.90
Lower	108.77
Median	57.77
Upper	28.11

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Click the company to view / order a report.

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Himatlal	Middle name	-
Surname	CHAKLASIA
Shareholder Details
Start date	23/07/1996	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	Brugge
Post code	-	Country	Belgium

---

Shareholder Name
Forename	Samir	Middle name	-
Surname	Bhansali
Shareholder Details
Start date	23/07/1996	End date	-
Percentage owned	-
Shareholder Address
Street name	Flamingolaan	House number	5
Minor town	Wilrijk	Postal town	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.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.85.18

INFORMATION DETAILS

Report Prepared by :

NIS

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.