MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	ANEESH BVBA
Registered Office :	Hoveniersstraat 53 -24antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	20.12.1988
Com. Reg. No.:	436205535
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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 2.0%, the unemployment rate decreased slightly to 7.7% 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. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name

ANEESH BVBA

Business number	436205535	Company name	ANEESH BVBA
		Telephone number	032316535
Address	HOVENIERSSTRAAT 53 -24ANTWERPEN	Fax number	-
Post code	2018	Number of staff	0
Date of establishment	20/12/1988

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	20,350,461	-81,908	939,224
31/12/2010	13,127,153	23,775	1,019,945
31/12/2009	11,695,081	16,156	999,878

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	6,760,048		776,758	9,274	0
31/12/2010	4,972,215		776,758	35,133	0
31/12/2009	5,283,327		776,758	722,994	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	84.28
Industry average payment expectation days	178.09	Industry average day sales outstanding	111.26
Day sales outstanding	108.40

Court data summary

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

Business number	436205535	Company name	ANEESH BVBA
Fax number	-	Date founded	20/12/1988
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0436.205.535
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Export Accounts to CSV Files

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	20,350,461	55.03	13,127,153	12.25	11,695,081	57,532,825	-64.63
Total operating expenses	20,334,136	55.55	13,072,229	12.24	11,646,216	56,750,900	-64.17
Operating result	16,325	-70.28	54,924	12.40	48,865	288,175	-94.34
Total financial income	5,172	13615	38	-71.77	134	172,603	-97.00
Total financial expenses	103,405	231	31,187	-5.04	32,842	331,730	-68.83
Results on ordinary operations before taxation	-81,908	-444	23,775	47.15	16,156	111,485	-173
Taxation	28	-99	4,948	50.71	3,283	38,979	-99
Results on ordinary operations after taxation	-81,937	-535	18,827	46.25	12,873	85,374	-195
Extraordinary items	1,216	-1.96	1,240	-	0	7,660	-84.12
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	-80,721	-502	20,067	55.88	12,873	92,942	-186
other information
Dividends	-	-	-	-	-	137,001	-
Director remuneration	32,987	-0.39	33,118	-	-	127,368	-74.10
Employee costs	1,190	-	-	-	349	157,855	-99
Wages and salary	185	-	-	-	-	133,789	-99
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	33,114	-
Other employee costs	1,005	-	0	-100	349	4,463	-77.49
Amortization and depreciation	10,165	-44.74	18,395	-0.47	18,482	20,711	-50.92

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,882	-100
Tangible fixed assets	107,865	-7.31	116,371	-13.65	134,766	199,980	-46.06
Land & building	103,895	-3.00	107,102	-2.91	110,310	373,239	-72.16
Plant & machinery	3,971	-55.06	8,836	-43.74	15,705	27,483	-85.55
Other tangible assets	0	-99	433	-95.05	8,751	29,652	-99
Financial fixed assets	-	-	-	-	-	305,300	-
Total fixed assets	107,865	-7.31	116,371	-13.65	134,766	408,788	-73.61
Inventories	472,127	-56.79	1,092,759	54.76	706,102	3,386,948	-86.06
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,420	-100
Finished goods	472,127	-56.79	1,092,759	54.76	706,102	2,327,732	-79.72
Other stocks	0	-	0	-	0	465,264	-100
Trade debtors	6,043,627	66.10	3,638,633	-0.56	3,659,288	4,286,973	40.98
Cash	9,274	-73.60	35,133	-95.14	722,994	312,716	-97.03
other amounts receivable	125,329	42.99	87,647	49.61	58,583	404,616	-69.03
Miscellaneous current assets	1,826	9.14	1,673	4.94	1,595	39,753	-95.41
Total current assets	6,652,183	36.99	4,855,844	-5.69	5,148,561	7,861,339	-15.38
current liabilities
Trade creditors	4,695,298	64.14	2,860,605	-18.18	3,496,234	2,855,322	64.44
Short term group loans	-	-	-	-	-	-	-
Other short term loans	346,779	7.08	323,846	517	52,441	2,367,701	-85.35
Miscellaneous current liabilities	5,890	-35.36	9,111	-4.67	9,557	-98.46	- -
Total current liabilities	5,047,967	58.07	3,193,562	-10.25	3,558,233	5,483,947	-7.95
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	10,317	-66.79	31,061	-	- -
Other long term liabilities	772,857	3.27	748,391	7.81	694,155	285,984	170
Total long term debts	772,857	1.86	758,708	4.62	725,216	901,776	-14.30
shareholders equity
Issued share capital	776,758	0	776,758	0	776,758	1,008,787	-23.00
Share premium account	-	-	-	-	-	173,859	-
Reserves	162,467	-33.19	243,188	8.99	223,120	803,785	-79.79
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	939,224	-7.91	1,019,945	2.01	999,878	1,836,798	-48.87
Working capital	1,604,217	-3.49	1,662,282	4.52	1,590,328	2,377,392	-32.52
Net worth	939,224	-7.91	1,019,945	2.01	999,878	1,834,916	-48.81

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-0.40	-322	0.18	28.57	0.14	-719,00	0.06
Return on capital employed	-4.78	-456	1.34	42.55	0.94	-14,00	34.14
Return on total assets employed	-1.21	-352	0.48	54.84	0.31	-33,00	3.67
Return on net assets employed	-8.72	-474	2.33	43.83	1.62	-22,00	39.64
Sales / net working capital	12.69	60.63	7.90	7.48	7.35	60,00	-99
Stock turnover ratio	2.32	-72.12	8.32	37.75	6.04	42,00	-94.48
Debtor days	108.40	7.15	101.17	-11.42	114.21	57.113,00	-99
Creditor days	84.28	5.52	79.87	-27.11	109.57	252,00	-66.56
short term stability
Current ratio	1.32	-13.16	1.52	4.83	1.45	4,00	-92.24
Liquidity ratio / acid ratio	1.22	3.39	1.18	-5.60	1.25	3,00	-59.33
Current debt ratio	5.37	71.57	3.13	-12.08	3.56	17,00	-68.41
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	36.92	12.70	32.76	292	8.35	273,00	-86.48
Equity in percentage	13.89	-32.28	20.51	8.35	18.93	-1.058,00	1.31
Total debt ratio	6.20	60.21	3.87	-9.58	4.28	18,00	-65.56

Rating History

no rating history data found

Limit History

no limit history data found

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	84.28
Day sales outstanding	108.40

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.09
Industry average day sales outstanding	111.26

Industry quartile analysis

Payment expectations
Company result	84.28
Lower	129.48
Median	75.51
Upper	42.51

Day sales outstanding
Company result	108.40
Lower	109.67
Median	57.40
Upper	24.94

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

Companies that match this address

no Companies Match this address

Protested bills

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

NSSO details

Business number	436205535
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

Current director details

Name	AMIT BHANSALI
Position	Principal Manager
Street	31 PRINS ALBERTLEI ANTWERPEN
Post code	2600
Country	Belgium

Former director details

Name	SUDHIR BHANSALI AMIT
Position	Principal Manager
Street	31 PRINS ALBERTLEI ANTWERPEN
Post code	2600
Country	Belgium
Name	KANTILAL METHA BAKULCHANDRA
Position	Principal Manager
Street	25 PRINS ALBERTLEI ANTWERPEN
Post code	2600
Country	Belgium

Name	MEHTA BAKULCHANDRA
Position	Principal Manager
Street	25 PRINS ALBERTLEI ANTWERPEN
Post code	2600
Country	Belgium

Name	SOPEN SANJAY MEHTA
Position	Principal Manager
Street
Post code
Country	India

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

SDA

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.