MIRA INFORM REPORT

Report Date :

23.04.2014

IDENTIFICATION DETAILS

Name :	VINESSA BVBA

Registered Office :	Hoveniersstraat, 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	19.03.2003

Com. Reg. No.:	479872460

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of watches and jewellery

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 summary

Business number 479872460

Company name VINESSA BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 0

Date of establishment 19/03/2003

Telephone number 032263854

Fax number 032263854

Commentary

The business was established over 11 years ago.

The business has 0 employees.

The business has changed its registered name recently.

The business has been at the address for over 2 years.

A 92% decline in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 295% during the latest trading period.

Net Worth is a negative amount during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012		146,000	-203,525	-207,261
31/12/2011		-368,478	-349,524	-353,261
31/12/2010		-35,984	18,954	15,218

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	10,131	0	18,600	146,000
31/12/2011	128,909	0	18,600	-368,478
31/12/2010	707,604	0	18,600	-35,984

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	168.12	Industry average day sales outstanding	573.20
Day sales outstanding	-
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
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	1
Actual working hours	152
Personnel Charges	4,884
Benefits In Addition To Wages	-

Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category

JIC Code	324
Description	Joint committee for the industry and the trade in diamant

Profit & loss

Annual accounts	31-122012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	1,626,730	-
Total operating expenses	-	-	-	-	-	1,541,750	-
Operating result	1,350	0.39	-346,960	-5886	-5,795	27,766	95.14
Total financial income	202,981	3008	6,530	4441	144	21,460	845
Total financial expenses	58,331	107	28,049	-7.53	30,332	17,837	227
Results on ordinary operations before taxation	146,000	39.62	-368,478	-924	-35,984	27,885	423
Taxation	-	-	-	-	-	17,878	-
Results on ordinary operations after taxation	146,000	39.62	-368,478	-924	-35,984	17,010	758
Extraordinary items	0	-	0	-	0	-18,204	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	146,000	39.62	-368,478	-924	-35,984	-1,121	13024
OTHER INFORMATION
Dividends	-	-	-	-	-	263,413	-
Director remuneration	-	-	-	-	-	160,802	-
Employee costs	-	-	4,884	92.16	62,307	198,150	-
Wages and salary	-	-	3,626	92.63	49,212	152,397	-
Employee pension costs	-	-	-	-	-	405	-
Social security contributions	-	-	1,047	90.10	10,575	44,561	-
Other employee costs	0	-100	211	91.63	2,520	5,577	-100
Amortization and depreciation	-	-	-	-	-	19,218	-

balance sheet

Annual accounts	31-122012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	2,871	-100
Tangible fixed assets	-	-	-	-	-	158,034	-
Land & building	-	-	-	-	-	325,317	-
Plant & machinery	-	-	-	-	-	15,897	-
Furniture & Vehicles	-	-	-	-	-	19,021 7,018	-
Leasing & Other Similar Rights	-	-	-	-	-	25,266 11,978	-
Other tangible assets	0	-	0	-	0	6,867	-100
Financial fixed assets	3,736	0	3,736	0	3,736	254,084	98.53
Total fixed assets	3,736	0	3,736	0	3,736	293,671	98.73
Inventories	-	-	28,177	-95.20	587,170	379,613	-
Raw materials & consumables	-	-	-	-	-	318,586	-
Work in progress	0	-	0	-	0	54	-100
Finished goods	0	-	0	-	0	60,510	-100
Other stocks	0	-100	28,177	-95.20	587,170	217,548	-100
Trade debtors	0	-	0	-100	29,681	191,980	-100
Cash	5,395	295	1,365	-55.17	3,045	75,853	92.89
other amounts receivable	1,000	98.95	95,631	13.89	83,971	64,803	98.46
Miscellaneous current assets	0	-	0	-	0	12,686	-100
Total current assets	6,395	94.89	125,173	-82.22	703,868	621,777	98.97
Total Assets	10,131	92.14	128,909	-81.78	707,604	876,069 227,721	98.84
CURRENT LIABILITIES
Trade creditors	31,422	42.46	54,612	-74.57	214,738	234,136	86.58
Short term group loans	-	-	-	-	-	-	-
Financial debts	5,918	97.49	236,091	10.81	213,062	206,137 16,291	97.13
Current portion of long term debt	-	-	-	-	-	53,920 13,910	-
Amounts Payable for Taxes, Remuneration & Social Security	4,470	126	1,978	-81.27	10,558	7,843 -	86.65
Miscellaneous current liabilities	171,846	-7.49	185,753	-25.79	250,291	24.63	- -
Total current liabilities	213,656	55.34	478,434	-30.53	688,650	466,606	54.21
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	58,570 29,464	-
Provisions for Liabilities & Charges	0	-	0	-	0	7,088 0	-100
Other long term liabilities	0	-	0	-	0	27,969	-100
Total long term debts	0	-	0	-	0	150,647	-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	170,614	-
							89.10
Share premium account	-	-	-	-	-	228,155	-
Reserves	-222,125	60.34	-368,124	104098	354	79,000	-381
Revaluation reserve	-	-	-	-	-	110,754	-
Total shareholders equity	-203,525	58.23	-349,524	-1944	18,954	255,204	-179
Working capital	-207,261	58.67	-353,261	-2421	15,218	155,171	-233
Cashflow	146,000	39.62	-368,478	-924	-35,984	13,818	956
Net worth	-203,525	58.23	-349,524	-1944	18,954	252,333	-180

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-188,00	-
Return on capital employed	-71.74	-168	105.42	55.53	-189.85	397,00	-118
Return on total assets employed	1441.09	504	-285.84	-5515	-5.09	-6,00	24018
Return on net assets employed	-71.74	-168	105.42	55.53	-189.85	401,00	-117
Sales / net working capital	-	-	-	-	-	22,00	-
Stock turnover ratio	-	-	-	-	-	1.155,00	-
Debtor days	-	-	-	-	-	930,00	-
Creditor days	-	-	-	-	-	308,00	-
SHORT TERM STABILITY
Current ratio	0.03	-88.46	0.26	-74.51	1.02	47,00	-99
Liquidity ratio / acid ratio	0.03	-85.00	0.20	17.65	0.17	44,00	-99
Current debt ratio	-1.05	76.64	-1.37	-103	36.33	101,00	-101
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-2.91	4.31	-67.55	-106	1124.10	235,00	-101
Equity in percentage	-2008.89	-640	-271.14	-10217	2.68	-166,00	-1110
Total debt ratio	-1.05	76.64	-1.37	-103	36.33	102,00	-101

Industry comparison
Activity code	46480
Activity description	Wholesale of watches and jewellery
Industry average payment expectation days	168.12
Industry average day sales outstanding	573.20
Industry quartile analysis
Payment expectations
Company result	-
Lower	116.19
Median	44.37
Upper	13.72

Day sales outstanding
Company result	-
Lower	108.82
Median	48.06
Upper	14.90

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	479872460
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

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	PIYUSH BABUBHAI GANDHI
Position	Principal Manager
Start Date	09/10/2010
Street	23 EGLANTIERLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	PIYUSH BABUBHAI GHANDI
Position	Principal Manager
Start Date	19/03/2003
Street	23 EGLANTIERLAAN ANTWERPEN
Post code	2020
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.60.71
UK Pound	1	Rs.102.04
Euro	1	Rs.83.77

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NNA

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.

Business number	479872460	Company name	VINESSA BVBA
Fax number	032263854	Date founded	19/03/2003
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46480	liable for VAT	yes
Activity description	Wholesale of watches and jewellery	VAT Number	BE.0479.872.460
Belgian Bullettin of Acts Publications	moniteur belge