MIRA INFORM REPORT

Report No. :	340261
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	MINDA BROTHERS BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	01.10.2008

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in wholesale of diamonds and other precious stones

No. of Employee :	Not Available

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 :	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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name

MINDA BROTHERS BVBA

Company summary

Business number	806940129
Branche Unit Number	2174125732
Company name	MINDA BROTHERS BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	0
Date of establishment	01/10/2008
Telephone number	032881078
Fax number

Ultimate holding company
Company name	Company Number
-	-

Commentary

The business was established over 6 years ago. No employees are recorded for this business. The business has been at the address for over 6 years. Operating Result in the latest trading period increased 36% on the previous trading period. A 79% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 39% compared to the previous trading period. The business saw an increase in their Cash Balance of 163% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014		40,311	436,515	780,155
31/12/2013		28,890	398,708	553,501
31/12/2012		22,009	374,144	369,829
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	4,727,281	0	309,087	42,976
31/12/2013	2,634,633	0	309,087	29,206
31/12/2012	2,529,165	0	309,087	20,556

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	107.71	Industry average day sales	171.70
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	160,824	-3.11	165,993	3747	4,314	114	2,015	57.79	1,277
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	160,514	-3.12	165,683	4037	4,004	134	1,705	76.32	967
Land & building	159,412	-2.32	163,192	-	-	-	-	-	-
Plant & machinery	772	-51.32	1,586	-37.19	2,525	101	1,254	234	375
Furniture & Vehicles	329	-63.57	904	-38.86	1,479	227	452	-23.65	592
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	0	-1	-	0
Financial fixed assets	310	0	310	0	310	0	310	0	310
Total current assets	4,566,458	84.98	2,468,640	-2.23	2,524,851	29.45	1,950,402	-27.49	2,689,995
Inventories	1,409,274	119	643,460	12.97	569,599	25.21	454,916	-21.76	581,432
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	1,409,274	119	643,460	12.97	569,599	25.21	454,916	-21.76	581,432
Trade debtors	2,762,891	71.58	1,610,242	-11.83	1,826,208	29.82	1,406,773	-31.86	2,064,584
Other amounts receivable	176,637	33.86	131,960	56.95	84,080	42.93	58,825	111	27,872
Cash	216,906	163	82,259	82.95	44,963	63.65	27,476	100	13,670
Miscellaneous current assets	749	4.14	720	-	0	-100	2,412	-1.06	2,438
Total Assets	4,727,281	79.43	2,634,633	4.17	2,529,165	29.54	1,952,417	-27.45	2,691,272

Liabilities
Total shareholders equity	436,515	9.48	398,708	6.57	374,144	5.58	354,373	673	45,794
Issued share capital	309,087	0	309,087	0	309,087	0.00	309,087	1561	18,600
Share premium account	-		-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	127,429	42.18	89,622	37.76	65,057	43.66	45,286	66.53	27,194
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	4,290,766	91.90	2,235,925	3.75	2,155,021	34.85	1,598,044	-39.59	2,645,478
Other long term loans	92,635	-10.28	103,252	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	411,828	89.32	217,533	-	0	-	0	-	0
Total long term debts	504,463	57.26	320,785	-	0	-	0	-	0
Current portion of long term debt	10,616	4.17	10,191	-	-	-	-	-	-
Financial debts	1,235,651	70.24	725,840	6.31	682,782	29.62	526,758	-	-
Trade creditors	2,532,612	116	1,169,741	-20.12	1,464,341	41.80	1,032,710	-52.39	2,169,239
Amounts Payable for Taxes,	7,218	-20.58	9,088	16.56	7,797	-55.29	17,439	9.01	15,998
Remuneration & Social Security
Miscellaneous current liabilities	206	-26.31	280	174	102	-99	21,137	-95.41	460,241
Total current liabilities	3,786,303	97.70	1,915,140	-11.13	2,155,021	34.85	1,598,044	-39.59	2,645,478
Total Liabilities	4,727,281	79.43	2,634,633	4.17	2,529,165	29.54	1,952,417	-27.45	2,691,272

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	4.28	6.47	4.02	-31.63	5.88	-12.76	6.74	-87.31	53.12
Return on total assets employed	0.85	-22.73	1.10	26.44	0.87	-28.69	1.22	35.56	0.90
Return on net assets employed	9.23	27.31	7.25	23.30	5.88	-12.76	6.74	-87.31	53.12
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.21	-6.20	1.29	10.26	1.17	-4.10	1.22	19.61	1.02
Liquidity ratio / acid ratio	0.83	-12.63	0.95	4.40	0.91	-3.19	0.94	17.50	0.80
Current debt ratio	8.67	80.62	4.80	-16.67	5.76	27.72	4.51	-92.19	57.77
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	42,976	47.15	29,206	42.08	20,556	11.39	18,454	-1.15	18,669
Net worth	436,515	9.48	398,708	6.57	374,144	5.58	354,373	673	45,794
LONG TERM STABILITY
Gearing	306.73	45.71	210.50	15.35	182.49	22.76	148.65	-	-
Equity in percentage	9.23	-39.00	15.13	2.30	14.79	-18.51	18.15	967	1.70
Total debt ratio	9.83	75.22	5.61	-2.60	5.76	27.72	4.51	-92.19	57.77
Working capital	780,155	40.95	553,501	49.66	369,829	4.96	352,358	691	44,517

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	107,969	28.70	83,894	29.53	64,770	56.60	41,360	20.83	34,230
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	401	23.10	326	-65.05	932	-15.49	1,103
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-100	401	23.10	326	-65.05	932	-15.49	1,103
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	5,169	11.36	4,641	490	786	117	362	53.73	235
Operating result	100,448	36.21	73,747	19.45	61,737	63.89	37,669	17.88	31,956
Total financial income	12,737	285	3,304	-26.80	4,513	1879	228	792	26
Total financial expenses	72,874	51.32	48,161	8.86	44,241	215	14,001	82.91	7,655
Results on ordinary operations before taxation	40,311	39.53	28,890	31.26	22,009	-7.89	23,895	-1.78	24,327
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	40,311	39.53	28,890	31.26	22,009	-7.89	23,895	-1.78	24,327
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	2,504	-42.11	4,325	93.18	2,239	-61.42	5,803	-1.54	5,893
Results on ordinary operations after taxation	37,807	53.91	24,565	24.25	19,770	9.28	18,092	-1.85	18,434
Net result	37,807	53.91	24,565	24.25	19,770	9.28	18,092	-1.85	18,434
Profit (Loss) for the Year to be appropiated	37,807	53.91	24,565	24.25	19,770	9.28	18,092	-1.85	18,434
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
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
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	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working CategoryFull-Time
Management
White collar worker
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	-	-	-
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	-	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	-
Day sales outstanding	-
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	107.71
Industry average day sales outstanding	171.70

Industry quartile analysis Payment expectations

Company result	-
Lower	120.34
Median	75.64
Upper	45.73

Day sales outstanding
Company result	-
Lower	102.84
Median	55.21
Upper	25.50

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

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

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

Position	Principal Manager
Start Date	08/10/2008
Date of birth	27/04/1963
Street	49 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium
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

Former director details

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.66.39
UK Pound	1	Rs.102.59
Euro	1	Rs.74.90

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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

Company summary

Commentary

Accounts

Payment expectations

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

SHAREHOLDER NAME

Linked Companies

Director details

Unit