MIRA INFORM REPORT

Report Date :

29.04.2013

IDENTIFICATION DETAILS

Name :	ARHAT BVBA
Registered Office :	Belgiëlei 92, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.03.2012
Date of Incorporation :	02.11.2009
Com. Reg. No.:	820261296
Legal Form :	Private Limited Company
Line of Business :	Computer consultancy activities
No. of Employees :	Not available

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
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 & address

Business number	820261296
Company name	ARHAT BVBA
Address	BELGIËLEI 92
	2018 ANTWERPEN
Number of staff	0
Date of establishment	02/11/2009
Telephone number	-
Fax number	-

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/03/2012		1,936	32,994	18,423
31/03/2011		34,719	31,383	17,688

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/03/2012	58,696	0	6,200	5,700
31/03/2011	83,796	0	6,200	30,516

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	658.79	Industry average day sales outstanding	101.47
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	820261296		Company name	ARHAT BVBA
Fax number	-		Date founded	02/11/2009
Company status	active		Company type	Private Limited Company (BL/LX)
Currency	Euro (€)		Date of latest accounts	31/03/2012
Activity code	62020		liable for VAT
Activity description	Computer consultancy activities		VAT Number	BE.0820.261.296
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel

(NSSO classification)

Code	-
Description	-

Joint Industrial Committee

(JIC)

comparison mode

averagemedian

Export accounts to CSV file

Profit & loss

Annual accounts	31-03-2012	%	31-03-2011	%		Industry average	%
Weeks	52		73		-
Currency	EUR		EUR		-
Turnover	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-
Operating result	-4,084	-112	32,947	-	-	-	-
Total financial income	23,594	796	2,631	-	-	-	-
Total financial expenses	17,574	1946	859	-	-	-	-
Results on ordinary operations before taxation	1,936	-94.42	34,719	-	-	-	-
Taxation	325	-96.59	9,536	-	-	-	-
Results on ordinary operations after taxation	1,611	-93.60	25,183	-	-	-	-
Extraordinary items	0	-	0	-	-	-	-
Other appropriations	0.00	-	0.00	-	-	-	-
Net result	1,611	-93.60	25,183	-	-	-	-
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	-	-	-
Amortization and depreciation	4,089	-23.32	5,333	-	-	-	-

balance sheet

Annual accounts	31-03-2012	%	31-03-2011	%		Industry average	%
Weeks	52		73		-
Currency	EUR		EUR		-
Intangible fixed assets	0	-	0	-	-	-	-
Tangible fixed assets	10,746	-21.54	13,695	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	205	-27.91	284	-	-	-	-
Other tangible assets	10,541	-21.40	13,411	-	-	-	-
Financial fixed assets	3,825	-	-	-	-	-	-
Total fixed assets	14,571	6.39	13,695	-	-	-	-
Inventories	5,443	-88.02	45,429	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	0	-	0	-	-	-	-
Other stocks	5,443	-88.02	45,429	-	-	-	-
Trade debtors	3,473	-	0	-	-	-	-
Cash	32,223	63.94	19,656	-	-	-	-
other amounts receivable	2,911	-41.95	5,015	-	-	-	-
Miscellaneous current assets	75	-	0	-	-	-	-
Total current assets	44,125	-37.05	70,100	-	-	-	-
current liabilities
Trade creditors	25,385	-40.74	42,837	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	-	-	-
Miscellaneous current liabilities	317	-96.69	9,576	-	-	-	- -
Total current liabilities	25,702	-50.96	52,413	-	-	-	-
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	-	-	-
Total long term debts	0	-	0	-	-	-	-
shareholders equity
Issued share capital	6,200	0	6,200	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	26,794	6.40	25,183	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	32,994	5.13	31,383	-	-	-	-
Working capital	18,423	4.16	17,688	-	-	-	-
Cashflow	5,700	-81.32	30,516	-	-	-	-
Net worth	32,994	5.13	31,383	-	-	-	-

ratio analysis

Annual accounts	31-03-2012	change(%)	31-03-2011	change(%)		Industry average	%
Trading performance
Profit Before Tax	-	-	-	-	-	-	-
Return on capital employed	5.87	-94.69	110.63	-	-	-	-
Return on total assets employed	3.30	-92.03	41.43	-	-	-	-
Return on net assets employed	5.87	-94.69	110.63	-	-	-	-
Sales / net working capital	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-
short term stability
Current ratio	1.72	28.36	1.34	-	-	-	-
Liquidity ratio / acid ratio	1.51	221	0.47	-	-	-	-
Current debt ratio	0.78	-53.29	1.67	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	-	-
Equity in percentage	56.21	50.09	37.45	-	-	-	-
Total debt ratio	0.78	-53.29	1.67	-	-	-	-

Limit History

no limit history data found

Industry comparison

Activity code	62020
Activity description	Computer consultancy activities

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	62020
Activity description	Computer consultancy activities
Industry average payment expectation days	658.79
Industry average day sales outstanding	101.47

Industry quartile analysis

Payment expectations
Company result	-
Lower	99.09
Median	60.70
Upper	35.27
Day sales outstanding
Company result	-
Lower	57.88
Median	23.50
Upper	8.27

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

Protested bills

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

NSSO details

Business number	820261296
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	PRITESH PARIKH
Position	Principal Manager
Start Date	27/09/2011
Date of birth	10/03/1974
Street	92 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	RUCHI JAIN
Position	Principal Manager
Start Date	27/09/2011
Date of birth	17/03/1977
Street	92 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

MNL

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%)