MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	MINDA BROTHERS BVBA
Registered Office :	Hoveniersstraat 2 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	01.10.2008
Com. Reg. No.:	806940129
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 :

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 and address

Business number 806940129

Company name MINDA BROTHERS BVBA

Address HOVENIERSSTRAAT 2

2018 ANTWERPEN

Number of staff 0

Date of establishment 01/10/2008

Telephone number 032881078

Commentary

The business was established over 5 years ago.

No employees are recorded for this business.

The business has been at the address for over 4 years.

Operating Result in the latest trading period increased 63% on the previous trading period.

A 29% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 63% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012		22,009	374,144	369,829
31/12/2011		23,895	354,373	352,358
31/12/2010		24,327	45,794	44,517

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	2,529,165	0	309,087	20,556
31/12/2011	1,952,417	0	309,087	18,454
31/12/2010	2,691,272	0	18,600	18,669

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	164.01	Industry average day sales	119.76
expectation days		outstanding
Day sales outstanding	-
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company information

Business number	806940129	Company name	MINDA BROTHERS BVBA
Fax number		Date founded	01/10/2008
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.0806.940.129
Belgian Bullettin of Acts Publications	moniteur belge
Contractor details			Check Article 30 Bis
Registered contractor number	-
Contractor description	-
Date struck off register

Profit & loss

Annual accounts	31-122012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	46,537,630	-
Total operating expenses	-	-	-	-	-	46,145,645	-
Operating result	61,737	63.89	37,669	17.88	31,956	147,590	-58.17
Total financial income	4,513	1879	228	792	26	97,743	-95.38
Total financial expenses	44,241	215	14,001	82.91	7,655	204,361	-78.35
Results on ordinary operations before taxation	22,009	-7.89	23,895	-1.78	24,327	32,848	-33.00
Taxation	2,239	-61.42	5,803	-1.54	5,893	20,918	-89.30
Results on ordinary operations after taxation	19,770	9.28	18,092	-1.85	18,434	18,016	9.74
Extraordinary items	0	-	0	-	0	-4,395	0
Other appropriations	0.00	-	0	-	0.00	-	-
Net result	19,770	9.28	18,092	-1.85	18,434	13,640	44.94
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	326	-65.05	932	-15.49	1,103	125,948	-99
Wages and salary	-	-	-	-	-	105,678	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,585	-
Other employee costs	326	-65.05	932	-15.49	1,103	4,360	-92.53
Amortization and depreciation	786	117	362	53.73	235	17,895	-95.61
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balance sheet

Annual accounts	31-122012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,553	-100
Tangible fixed assets	4,004	134	1,705	76.32	967	185,189	97.84
Land & building	-	-	-	-	-	362,988	-
Plant & machinery	2,525	101	1,254	234	375	22,664	88.86
Furniture & Vehicles	1,479	227	452	23.65	592	17,327 5,364	91.46
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	0	-1	-	0	7,634	-100
Financial fixed assets	310	0	310	0	310	307,703	-99
Total fixed assets	4,314	114	2,015	57.79	1,277	396,856	98.91
Inventories	569,599	25.21	454,916	21.76	581,432	3,093,934	81.59
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,399	-100
Finished goods	0	-	0	-	0	1,982,203	-100
Other stocks	569,599	25.21	454,916	21.76	581,432	571,885	-0.40
Trade debtors	1,826,208	29.82	1,406,773	31.86	2,064,584	4,167,122	56.18
Cash	44,963	63.65	27,476	100	13,670	226,208	80.12
other amounts receivable	84,080	42.93	58,825	111	27,872	185,906	54.77
Miscellaneous current assets	0	-100	2,412	-1.06	2,438	18,028	-100
Total current assets	2,524,851	29.45	1,950,402	27.49	2,689,995	7,215,183	65.01
Total Assets	2,529,165	29.54	1,952,417	27.45	2,691,272	7,579,247 1,446,080	66.63
CURRENT LIABILITIES
Trade creditors	1,464,341	41.80	1,032,710	52.39	2,169,239	3,040,360	51.84
Short term group loans	-	-	-	-	-	-	-
Financial debts	682,782	29.62	526,758	-	-	4,261,350 189,666	83.98
Current portion of long term debt	-	-	-	-	-	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	7,797	55.29	17,439	9.01	15,998	9,709 -	77.04
Miscellaneous current liabilities	102	-99	21,137	95.41	460,241	-99	- -
Total current liabilities	2,155,021	34.85	1,598,044	39.59	2,645,478	5,342,128	59.66
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,184 0	-100
Other long term liabilities	0	-	0	-	0	128,672	-100
Total long term debts	0	-	0	-	0	559,214	-100
SHAREHOLDERS EQUITY

Issued share capital	309,087	0.00	309,087	1561	18,600	943,974	67.26
Share premium account	-	-	-	-	-	109,362	-
Reserves	65,057	43.66	45,286	66.53	27,194	690,619	90.58
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	374,144	5.58	354,373	673	45,794	1,664,274	77.52
Working capital	369,829	4.96	352,358	691	44,517	1,873,055	80.26
Cashflow	20,556	11.39	18,454	-1.15	18,669	28,425	27.68
Net worth	374,144	5.58	354,373	673	45,794	1,661,040	77.48
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ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-25,00	-
Return on capital employed	5.88	-12.76	6.74	-87.31	53.12	29,00	-79.72
Return on total assets employed	0.87	-28.69	1.22	35.56	0.90	-201,00	0.43
Return on net assets employed	5.88	-12.76	6.74	-87.31	53.12	19,00	-69.05
Sales / net working capital	-	-	-	-	-	45,00	-
Stock turnover ratio	-	-	-	-	-	111,00	-
Debtor days	-	-	-	-	-	133,00	-
Creditor days	-	-	-	-	-	122,00	-
SHORT TERM STABILITY
Current ratio	1.17	-4.10	1.22	19.61	1.02	7,00	-87.00
Liquidity ratio / acid ratio	0.91	-3.19	0.94	17.50	0.80	4,00	-77.25
Current debt ratio	5.76	27.72	4.51	-92.19	57.77	9,00	-36.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	182.49	22.76	148.65	-	-	360,00	-49.31
Equity in percentage	14.79	-18.51	18.15	967	1.70	-3.211,00	0.46
Total debt ratio	5.76	27.72	4.51	-92.19	57.77	10,00	-42.40

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

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.01
Industry average day sales outstanding	119.76
Industry quartile analysis
Payment expectations
Company result	-
Lower	134.34
Median	84.60
Upper	45.33

Day sales outstanding
Company result	-
Lower	112.48
Median	58.56
Upper	28.09

Shareholder Details

Group Structure

No group structure for this company

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME
Forename	Om	Middle name	-
Surname	Agrawal
SHAREHOLDER DETAILS
Start date	01/10/2008	End date	-
Percentage owned	1.07%
SHAREHOLDER ADDRESS
Street name	Prins Boudewijnlaan	House number	343
Minor town	-	Postal town	Edegem
Post code	2650	Country	Belgium
SHAREHOLDER NAME
Forename	Kirtiveer	Middle name	-
Surname	Minda
SHAREHOLDER DETAILS
Start date	01/10/2008	End date	-
Percentage owned	98.92%
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-
NSSO details
Business number	806940129
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-
Bankruptcy details

Bankruptcy details

There is no bankruptcy data against this company

Court Data

there is no data for this company

Director details

Name	KIRTIVEER GYANCHAND MINDA
Position	Non Statutory Partner
Start Date	01/10/2008
Date of birth	27/04/1963
Street	49 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	KIRTIVEER GYANCHAND MINDA
Position	Principal Manager
Start Date	08/10/2008
Date of birth	27/04/1963
Street	49 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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Report Prepared by :

NNA

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.