MIRA INFORM REPORT

Report Date :

27.01.2014

IDENTIFICATION DETAILS

Name :	CHINTAMANI BVBA
Registered Office :	Schupstraat 9, 2018 Antwerp
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	28.04.2005
Com. Reg. No.:	873540329
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	5

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

REGISTERED NAME & COMPANY SUMMARY

Business number	873540329
Company name	CHINTAMANI BVBA
Address	SCHUPSTRAAT 9
	2018 ANTWERP
Safe number	BE01168587
Number of staff	5
Date of establishment	28/04/2005
Telephone number	032334474
Fax number	032334474

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	31/12/2012
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

DIRECTORS/MANAGEMENT

Current director details

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

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

Name	DUBAI METALS & COMMODITIES CENTRE
Position	Principal Manager
Start Date	01/04/2005

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

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Personnel (NSSO classification)

Code	-
Description	FROM 5 TO 9 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.

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Payment expectations

Past payments		Payment expectation days	25.27
Industry average payment expectation days	166.75	Industry average day sales outstanding	118.14
Day sales outstanding	90.38

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 Summary

Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	0
Total number of Invoices paid more than 30 days after the due date	1
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	25.27
Day sales outstanding	90.38

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	166.75
Industry average day sales outstanding	118.14

Industry quartile analysis

Payment expectations
Company result	25.27
Lower	134.36
Median	84.93
Upper	44.86

Day sales outstanding
Company result	90.38
Lower	112.73
Median	58.56
Upper	28.58

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	58,290,722	63,681	2,977,889	8,135,470
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

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	18,132,980	5	2,597,892	85,644
31/12/2011	17,564,159	5	2,597,892	83,948
31/12/2010	28,900,251	4	2,597,892	97,466

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	5
Part-time Employees	-
Total Fte Employees	5
Number of hours worked
Full-time Employees	8,816
Part-time Employees	-
Total	8,816
Personnel Charges
Full-time Employees	159,584
Part-time Employees	-
Total	159,584
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	5
Actual working hours	8,405
Personnel Charges	160,246
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	5	-	5
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	2	-	2
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	3	-	3
Blue collar worker	2	-	2
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	-	-	-
Leavers	-	-	-

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	-	-

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	58,290,722	-15.62	69,084,436	-1.62	70,218,568	46,188,124	26.20
Total operating expenses	57,919,793	-15.50	68,545,241	-1.59	69,652,830	45,792,277	26.48
Operating result	370,929	-31.21	539,195	-4.69	565,738	149,257	148
Total financial income	1,857	-61.68	4,846	23.00	3,940	98,814	-98.12
Total financial expenses	309,105	-34.81	474,139	-2.97	488,642	206,175	49.92
Results on ordinary operations before taxation	63,681	-8.90	69,902	-13.74	81,035	33,122	92.26
Taxation	3,883	8.48	3,579	-76.29	15,094	20,980	-81.49
Results on ordinary operations after taxation	59,798	-9.84	66,322	0.58	65,941	18,209	228
Extraordinary items	12,413	300	-4,130	-	0	-4,771	260
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	72,210	16.11	62,193	-5.68	65,941	13,454	436
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,096	-
Employee costs	159,584	-0.41	160,246	67.00	95,955	129,010	23.70
Wages and salary	129,189	-4.15	134,779	70.80	78,911	107,733	19.92
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	27,612	13.17	24,398	53.00	15,947	27,134	1.76
Other employee costs	2,782	160	1,069	-2.54	1,097	4,472	-37.79
Amortization and depreciation	13,434	-38.25	21,755	-30.99	31,525	17,629	-23.80

balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,614	-100
Tangible fixed assets	43,854	14.69	38,237	-28.47	53,453	179,841	-75.62
Land & building	-	-	-	-	-	351,498	-
Plant & machinery	22,250	84.23	12,077	-32.54	17,904	22,362	-0.50
Furniture & Vehicles	21,604	-17.41	26,159	-26.42	35,550	17,390 5,364	24.23
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,932	-100
Financial fixed assets	8,192	2.50	7,992	3.89	7,693	297,220	-97.24
Total fixed assets	52,046	12.58	46,229	-24.40	61,146	384,269	-86.46
Inventories	3,509,121	45.49	2,411,992	-72.41	8,743,558	3,089,287	13.59
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,497	-100
Finished goods	3,509,121	45.49	2,411,992	-72.41	8,743,558	1,967,160	78.39
Other stocks	0	-	0	-	0	580,371	-100
Trade debtors	14,434,256	3.39	13,961,108	-30.14	19,985,648	4,142,083	248
Cash	50,853	-95.30	1,082,947	1272	78,902	224,018	-77.30
other amounts receivable	51,448	28.89	39,916	37.69	28,989	185,620	-72.28
Miscellaneous current assets	35,255	60.49	21,967	994	2,008	18,072	95.08
Total current assets	18,080,934	3.21	17,517,930	-39.26	28,839,105	7,184,048	151
Total Assets	18,132,980	3.24	17,564,159	-39.22	28,900,251	7,536,892 1,449,923	140
current liabilities
Trade creditors	4,010,449	44.07	2,783,726	-82.57	15,970,643	3,014,509	33.04
Short term group loans	-	-	-	-	-	-	-
Financial debts	5,876,774	-9.27	6,477,225	6.65	6,073,085	4,243,150 189,666	38.50
Current portion of long term debt	-	-	-	-	11,070	108,910 15,032	-
Amounts Payable for Taxes, Remuneration & Social Security	54,832	42.92	38,365	-19.50	47,655	9,397 -	61.09
Miscellaneous current liabilities	3,408	58.02	2,157	51.54	1,423	-98.86	- -
Total current liabilities	9,945,463	6.92	9,301,472	-57.92	22,103,877	5,309,231	87.32
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	5,209,628	-2.75	5,357,008	35.52	3,952,889	366	- -
Deffered taxes	-	-	-	-	-	35,141 24,730	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,241 0	-100
Other long term liabilities	0	-	0	-	0	133,599	-100
Total long term debts	5,209,628	-2.75	5,357,008	35.52	3,952,889	570,351	813
shareholders equity
Issued share capital	2,597,892	0	2,597,892	0	2,597,892	916,311	183
Share premium account	-	-	-	-	-	109,362	-
Reserves	379,997	23.46	307,786	25.32	245,594	699,078	-45.64
Revaluation reserve	-	-	-	-	-	934,864	-
Total shareholders equity	2,977,889	2.49	2,905,678	2.19	2,843,486	1,643,187	81.23
Working capital	8,135,470	-0.99	8,216,458	21.99	6,735,228	1,874,818	333
Cashflow	85,644	2.02	83,948	-13.87	97,466	27,969	206
Net worth	2,977,889	2.49	2,905,678	2.19	2,843,486	1,639,845	81.60

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.11	10.0	0.10	-16.67	0.12	-27,00	0.41
Return on capital employed	0.78	-8.24	0.85	-28.57	1.19	31,00	-97.48
Return on total assets employed	0.35	-12.50	0.40	42.86	0.28	-214,00	0.16
Return on net assets employed	2.14	-11.20	2.41	-15.44	2.85	21,00	-89.81
Sales / net working capital	7.17	-14.74	8.41	-19.37	10.43	45,00	-99
Stock turnover ratio	6.02	72.49	3.49	-71.97	12.45	115,00	-94.77
Debtor days	90.38	22.53	73.76	-29.00	103.89	138,00	-34.51
Creditor days	25.27	70.51	14.82	-82.29	83.69	126,00	-79.94
short term stability
Current ratio	1.82	-3.19	1.88	44.62	1.30	7,00	-79.78
Liquidity ratio / acid ratio	1.47	-9.26	1.62	78.02	0.91	4,00	-63.25
Current debt ratio	3.34	4.38	3.20	-58.82	7.77	9,00	-62.89
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	372.29	-8.59	407.28	15.38	352.98	371,00	0.35
Equity in percentage	16.42	-0.73	16.54	68.09	9.84	-3.343,00	0.49
Total debt ratio	5.09	0.99	5.04	-44.98	9.16	11,00	-53.73

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

The business was established over 8 years ago.

The business has 5 employees.

The business has been at the address for over 8 years.

Operating Result in the latest trading period decreased 31% on the previous trading period.

The business saw a decrease in their Cash Balance of 95% during the latest trading period.

Trends

Profitability
Liquidity
Net worth

NOTES & COMMENTS

Na

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.62.18
UK Pound	1	Rs.103.38
Euro	1	Rs.85.09

INFORMATION DETAILS

Report Prepared by :

PDT

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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