MIRA INFORM REPORT

Report Date :

10.06.2013

IDENTIFICATION DETAILS

Name :	ENVY EBVBA
Registered Office :	Hoveniersstraat 30 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	10.02.2003
Com. Reg. No.:	479511679
Legal Form :	One Person Private Limited Company (BE)
Line of Business :	Wholesale of watches and jewellery
No. of Employees :	1

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 :	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

Company name and address

ENVY EBVBA - 479511679

Business number	479511679
Company name	ENVY EBVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	1
Date of establishment	10/02/2003
Telephone number	0478670176
Fax number	-

Commentary

The business was established over 10 years ago.
The business has 1 employees.
The business has been at the address for over 9 years.
The credit rating for this business has increased from 46 to 64.
The credit limit for this business has increased from €0 to €105000.
Operating Result in the latest trading period decreased 33% on the previous trading period.
Net Worth increased by 27% during the latest trading period.
Pre-tax profits decreased by 72% compared to the previous trading period.
The business saw an increase in their Cash Balance of 238% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011		27,302	63,719	813,447
31/12/2010		99,561	50,023	1,123,404
31/12/2009		102,407	8,765	947,638

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	2,259,892	1	18,600	17,132
31/12/2010	2,839,905	1	18,600	44,296
31/12/2009	3,067,653	1	18,600	101,457

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	134.27	Industry average day sales outstanding	165.10
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	479511679		Company name	ENVY EBVBA
Fax number	-		Date founded	10/02/2003
Company status	active		Company type	One Person Private Limited Company (BE)
Currency	Euro (€)		Date of latest accounts	31/12/2011
Activity code	46480		liable for VAT	yes
Activity description	Wholesale of watches and jewellery		VAT Number	BE.0479.511.679
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

comparison mode

averagemedian

Export accounts to CSV file

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	-	-	-	-	-	1,549,208	-
Total operating expenses	-	-	-	-	-	1,457,537	-
Operating result	152,265	-33.73	229,775	46.51	156,835	35,377	330
Total financial income	44,945	74.69	25,728	14.87	22,397	18,947	137
Total financial expenses	169,908	8.96	155,942	102	76,825	22,566	652
Results on ordinary operations before taxation	27,302	-72.58	99,561	-2.78	102,407	28,113	-2.88
Taxation	6,787	-43.44	12,000	-	-	19,695	-65.54
Results on ordinary operations after taxation	20,515	-76.57	87,561	-14.50	102,407	17,792	15.31
Extraordinary items	-6,820	14.21	-48,003	-1352	-3,304	5,719	-219
Other appropriations	0.00	-	0	-	0	-	-
Net result	13,695	-65.38	39,558	-60.08	99,103	23,132	-40.80
other information
Dividends	-	-	-	-	-	216,789	-
Director remuneration	-	-	-	-	-	50,816	-
Employee costs	31,381	0.90	31,102	66.97	18,627	181,735	-82.73
Wages and salary	27,635	7.33	25,749	75.35	14,684	142,872	-80.66
Employee pension costs	-	-	-	-	-	34,489	-
Social security contributions	3,634	-32.12	5,353	35.76	3,943	41,501	-91.24
Other employee costs	112	-	0	-	0	4,529	-97.52
Amortization and depreciation	3,437	-27.46	4,738	101	2,354	19,530	-82.40

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	-	1,700	1,764	-100
Tangible fixed assets	10,009	-12.60	11,451	404	2,270	153,557	-93.48
Land & building	-	-	-	-	-	313,756	-
Plant & machinery	10,009	-12.60	11,451	404	2,270	15,147	-33.92
Other tangible assets	0	-	0	-	0	19,826	-100
Financial fixed assets	21,450	0	21,450	-40.88	36,281	246,043	-91.28
Total fixed assets	31,459	-4.38	32,901	-18.26	40,251	280,392	-88.78
Inventories	356,134	2.31	348,092	-33.99	527,348	358,838	-0.75
Raw materials & consumables	-	-	-	-	-	545,398	-
Work in progress	0	-	0	-	0	61	-100
Finished goods	0	-	0	-	0	58,802	-100
Other stocks	356,134	2.31	348,092	-33.99	527,348	211,936	68.04
Trade debtors	1,439,063	-17.63	1,747,136	-9.36	1,927,565	176,899	713
Cash	64,840	238	19,159	89.32	10,120	83,415	-22.27
other amounts receivable	367,871	-46.74	690,734	23.62	558,778	60,738	505
Miscellaneous current assets	526	-72.06	1,883	-47.56	3,591	19,386	-97.29
Total current assets	2,228,433	-20.61	2,807,004	-7.28	3,027,402	608,371	266
current liabilities
Trade creditors	430,928	-40.66	726,157	-39.51	1,200,514	230,640	86.84
Short term group loans	-	-	-	-	-	-	-
Other short term loans	31,484	28521	110	5.77	104	81,340	-61.29
Miscellaneous current liabilities	952,574	-0.50	957,333	8.89	879,146	491	- -
Total current liabilities	1,414,986	-15.95	1,683,600	-19.05	2,079,764	456,709	209
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	781,187	-29.39	1,106,282	13.18	977,424	164	- -
Other long term liabilities	0	-	0	-	0	34,130	-100
Total long term debts	781,187	-29.39	1,106,282	13.18	977,424	155,736	401
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	162,406	-88.55
Share premium account	-	-	-	-	-	228,155	-
Reserves	45,119	43.58	31,423	386	-8,135	77,188	-41.55
Revaluation reserve	-	-	-	-	-	113,213	-
Total shareholders equity	63,719	27.38	50,023	378	10,465	245,294	-74.02
Working capital	813,447	-27.59	1,123,404	18.55	947,638	151,662	436
Cashflow	17,132	-61.32	44,296	-56.34	101,457	38,462	-55.46
Net worth	63,719	27.38	50,023	470	8,765	243,531	-73.84

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-19,00	-
Return on capital employed	3.23	-62.49	8.61	-16.97	10.37	410,00	-99
Return on total assets employed	1.21	-65.53	3.51	5.09	3.34	-10,00	12.10
Return on net assets employed	42.85	-78.47	199.03	-79.66	978.57	363,00	-88.20
Sales / net working capital	-	-	-	-	-	4,00	-
Stock turnover ratio	-	-	-	-	-	175,00	-
Debtor days	-	-	-	-	-	224,00	-
Creditor days	-	-	-	-	-	180,00	-
short term stability
Current ratio	1.57	-5.99	1.67	14.38	1.46	31,00	-98.71
Liquidity ratio / acid ratio	1.32	-9.59	1.46	21.67	1.20	30,00	-95.60
Current debt ratio	22.21	-34.02	33.66	-83.06	198.74	122,00	-81.80
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	1275.40	-42.34	2211.77	-76.32	9340.93	1.101,00	15.84
Equity in percentage	2.82	60.23	1.76	417	0.34	-168,00	1.68
Total debt ratio	34.47	-38.19	55.77	-80.91	292.13	127,00	-72.86

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery
industry average credit rating	61.07
Industry average credit limit	7967.53

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	134.27
Industry average day sales outstanding	165.10

Industry quartile analysis

Payment expectations
Company result	-
Lower	141.20
Median	53.18
Upper	16.11
Day sales outstanding
Company result	-
Lower	120.19
Median	53.57
Upper	20.42

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	Jatin	Middle name	-
Surname	Gohil
Shareholder Details
Start date	31/01/2003	End date	-
Percentage owned	100%
Shareholder Address
Street name	CHURCHGATE MANSION	House number	35
Minor town	-	Postal town	BOMBAY
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	479511679
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	DARSHIT AJIT SHAH
Position	Principal Manager
Start Date	16/08/2010
Street	134 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	JATIN BHARATKUMAR GOHIL
Position	Principal Manager
Start Date	31/01/2003
End Date	30/06/2008
Street	35 CHURCHGATE MANSION BOMBAY
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.

- 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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

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.