MIRA INFORM REPORT

Report Date :

04.04.2014

IDENTIFICATION DETAILS

Name :	ANEESH BVBA
Registered Office :	Hoveniersstraat, 53-24, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	20.12.1988
Com. Reg. No.:	436205535
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees	02 (31.12.2012)

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 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 & address

Business number 436205535

Company name ANEESH BVBA

Address HOVENIERSSTRAAT

53-24

2018 ANTWERPEN

Number of staff 02 (31.12.2012)

Date of establishment 20/12/1988

Telephone number 032316535

Commentary

The business was established over 25 years ago.
The business has 2 employees.
The business has been at the address for over 11 years.
Operating Result in the latest trading period increased 638% on the previous trading period.
The business saw a decrease in their Cash Balance of 99% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	17,820,617	31,122	971,640	1,628,066
31/12/2011	20,350,461	-81,908	939,224	1,604,217
31/12/2010	13,127,153	23,775	1,019,945	1,662,282

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	6,496,300	2	776,758	38,787
31/12/2011	6,760,048	0	776,758	-70,556
31/12/2010	4,972,215	0	776,758	38,462

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	98
Industry average payment	164.18	Industry average day sales	119.92
expectation days		outstanding
Day sales outstanding	111.54

Court data summary

BANKRUPTCY DETAILS
Court action type	no

Company information

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	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0436.205.535
Belgian Bullettin of Acts Publications	moniteur belge

Company accounts

Comparison Mode

· Average Median Export accounts to CSV File

Profit & Loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	17,820,617	12.43	20,350,461	55.03	13,127,153	46,537,630	61.71
Total operating expenses	17,699,979	12.95	20,334,136	55.55	13,072,229	46,145,645	61.64
Operating result	120,638	638	16,325	70.28	54,924	147,590	18.26
Total financial income	682	86.81	5,172	13615	38	97,743	-99
Total financial expenses	90,199	12.77	103,405	231	31,187	204,361	55.86
Results on ordinary operations before taxation	31,122	38.00	-81,908	-444	23,775	32,848	-5.25
Taxation	221	676	28	-99	4,948	20,918	98.94
Results on ordinary operations after taxation	30,901	37.71	-81,937	-535	18,827	18,016	71.52
Extraordinary items	1,515	24.57	1,216	-1.96	1,240	-4,395	34.47
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	32,416	40.16	-80,721	-502	20,067	13,640	137
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	32,987	-0.39	33,118	114,302	-
Employee costs	1,423	19.56	1,190	-	-	125,948	98.87
Wages and salary	-	-	185	-	-	105,678	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,585	-
Other employee costs	1,423	41.61	1,005	-	0	4,360	67.37
Amortization and depreciation	6,371	37.32	10,165	44.74	18,395	17,895	64.40

Balance Sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,553	-100
Tangible fixed assets	101,494	-5.91	107,865	-7.31	116,371	185,189	45.19
Land & building	100,687	-3.09	103,895	-3.00	107,102	362,988	72.26
Plant & machinery	808	79.66	3,971	55.06	8,836	22,664	96.44
Furniture & Vehicles	0	0	0	-99	433	17,327 5,364	-99
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,634	-100
Financial fixed assets	-	-	-	-	-	307,703	-
Total fixed assets	101,494	-5.91	107,865	-7.31	116,371	396,856	74.43
Inventories	797,329	68.88	472,127	56.79	1,092,759	3,093,934	74.23
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,399	-100
Finished goods	797,329	68.88	472,127	56.79	1,092,759	1,982,203	59.78
Other stocks	0	-	0	-	0	571,885	-100
Trade debtors	5,445,615	-9.89	6,043,627	66.10	3,638,633	4,167,122	30.68
Cash	86	-99	9,274	73.60	35,133	226,208	-99
other amounts receivable	149,959	19.65	125,329	42.99	87,647	185,906	19.34
Miscellaneous current assets	1,817	-0.51	1,826	9.14	1,673	18,028	89.92
Total current assets	6,394,805	-3.87	6,652,183	36.99	4,855,844	7,215,183	11.37
Total Assets	6,496,300	-3.90	6,760,048	35.96	4,972,215	7,579,247 1,446,080	14.29
CURRENT LIABILITIES
Trade creditors	4,752,245	1.21	4,695,298	64.14	2,860,605	3,040,360	56.31
Short term group loans	-	-	-	-	-	-	-
Financial debts	10,820	96.78	336,463	10.97	303,193	4,261,350 189,666	-99
Current portion of long term debt	-	-	10,317	50.05	20,653	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	2,892	43.14	5,086	41.83	8,744	9,709 -	91.48
Miscellaneous current liabilities	782	-2.68	803	118	367	-99	- -
Total current liabilities	4,766,739	-5.57	5,047,967	58.07	3,193,562	5,342,128	10.77
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	10,317	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,184 0	-100
Other long term liabilities	757,920	-1.93	772,857	3.27	748,391	128,672	489
Total long term debts	757,920	-1.93	772,857	1.86	758,708	559,214	35.53
SHAREHOLDERS EQUITY
Issued share capital	776,758	0	776,758	0	776,758	943,974	-
Share premium account	-	-	-	-	-	109,362	-
Reserves	194,883	19.95	162,467	33.19	243,188	690,619	71.78
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	971,640	3.45	939,224	-7.91	1,019,945	1,664,274	41.62
Working capital	1,628,066	1.49	1,604,217	-3.49	1,662,282	1,873,055	13.08
Cashflow	38,787	54.97	-70,556	-283	38,462	28,425	36.45
Net worth	971,640	3.45	939,224	-7.91	1,019,945	1,661,040	41.50

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.17	42.50	-0.40	-322	0.18	-25,00	0.68
Return on capital employed	1.80	37.66	-4.78	-456	1.34	29,00	-93.79
Return on total assets employed	0.48	39.67	-1.21	-352	0.48	-201,00	0.24
Return on net assets employed	3.20	36.70	-8.72	-474	2.33	19,00	-83.16
Sales / net working capital	10.95	-13.71	12.69	60.63	7.90	45,00	-99
Stock turnover ratio	4.47	92.67	2.32	-72.12	8.32	111,00	-95.97
Debtor days	111.54	2.90	108.40	7.15	101.17	133,00	-16.14
Creditor days	98	16.28	84.28	5.52	79.87	122,00	-19.67
SHORT TERM STABILITY
Current ratio	1.34	1.52	1.32	-13.16	1.52	7,00	-85.11
Liquidity ratio / acid ratio	1.17	-4.10	1.22	3.39	1.18	4,00	-70.75
Current debt ratio	4.91	-8.57	5.37	71.57	3.13	9,00	-45.44
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	1.11	-96.99	36.92	12.70	32.76	360,00	-99
Equity in percentage	14.96	7.70	13.89	-32.28	20.51	-3.211,00	0.47
Total debt ratio	5.69	-8.23	6.20	60.21	3.87	10,00	-43.10

Payment expectations

Payment expectation days	98
Day sales outstanding	111.54

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment expectation days	164.18
Industry average day sales outstanding	119.92

Industry quartile analysis

Payment expectations
Company result	98
Lower	134.34
Median	84.60
Upper	45.33
Day sales outstanding
Company result	111.54
Lower	112.48
Median	58.56
Upper	28.09

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Court data

NSSO details
Business number	436205535

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data

there is no data for this company

Director details

Current director details
Name	AMIT BHANSALI
Position	Principal Manager
Start Date	07/11/2009
Street	31 PRINS ALBERTLEI ANTWERPEN
Post code	2600
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.60.12
UK Pound	1	Rs.100.07
Euro	1	Rs.82.74

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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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.