MIRA INFORM REPORT

Report Date :

25.04.2014

IDENTIFICATION DETAILS

Name :	BHAVANI EUROPE BVBA

Registered Office :	Hoveniersstraat, 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2013

Date of Incorporation :	20.06.2012

Com. Reg. No.:	846750414

Legal Form :	Private Limited Company

Line of Business :	Manufacturer of jewellery

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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 name & address

Business number 846750414

Company name BHAVANI EUROPE BVBA

Address HOVENIERSSTRAAT

2018 antwerpen

Number of staff 0

Date of establishment 20/06/2012

Commentary

No employees are recorded for this business.
The business has been at the address for over 21 months.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2013	17,209,720	18,526	36,316	36,316

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2013	-	0	24,000	12,316

Payment expectations

Past payments	---	Payment expectation days	130.33
Industry average payment expectation days	95.64	Industry average day sales outstanding	108.99
Day sales outstanding	130.12

Court data summary
BANKRUPTCY DETAILS
Court action type	no

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

Profit & Loss

Annual accounts	31-03-2013					Industry average
Weeks	40		-		-
Currency	EUR		-		-
Turnover	17,209,720	-	-	-	-	-	-
Total operating expenses	17,184,208	-	-	-	-	-	-
Operating result	25,512	-	-	-	-	-	-
Total financial income	0	-	-	-	-	-	-
Total financial expenses	6,986	-	-	-	-	-	-
Results on ordinary operations before taxation	18,526	-	-	-	-	-	-
Taxation	6,210	-	-	-	-	-	-
Results on ordinary operations after taxation	12,316	-	-	-	-	-	-
Extraordinary items	0	-	-	-	-	-	-
Other appropriations	0.00	-	-	-	-	-	-
Net result	12,316	-	-	-	-	-	-
OTHER INFORMATION
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	0	-	-	-	-	-	-
Amortization and depreciation	-	-	-	-	-	-	-

Balance Sheet

Annual accounts	31-03-2013					Industry average
Weeks	40		-		-
Currency	EUR		-		-
Intangible fixed assets	0	-	-	-	-	-	-
Tangible fixed assets	-	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-
Furniture & Vehicles	-	-	-	-	-	- -	-
Leasing & Other Similar Rights	-	-	-	-	-	- -	-
Other tangible assets	0	-	-	-	-	-	-
Financial fixed assets	-	-	-	-	-	-	-
Total fixed assets	-	-	-	-	-	-	-
Inventories	-	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	-	-	-	-	-
Finished goods	0	-	-	-	-	-	-
Other stocks	0	-	-	-	-	-	-
Trade debtors	6,135,376	-	-	-	-	-	-
Cash	38,670	-	-	-	-	-	-
other amounts receivable	2,163	-	-	-	-	-	-
Miscellaneous current assets	2,576	-	-	-	-	-	-
Total current assets	6,178,786	-	-	-	-	-	-
Total Assets	6,178,786	-	-	-	-	- -	-
CURRENT LIABILITIES
Trade creditors	6,135,880	-	-	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	- -	-
Current portion of long term debt	-	-	-	-	-	- -	-
Amounts Payable for Taxes, Remuneration & Social Security	6,210	-	-	-	-	- -	-
Miscellaneous current liabilities	380	-	-	-	-	-	- -
Total current liabilities	6,142,470	-	-	-	-	-	-
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	- -	-
Provisions for Liabilities & Charges	0	-	-	-	-	- -	-
Other long term liabilities	0	-	-	-	-	-	-
Total long term debts	0	-	-	-	-	-	-
SHAREHOLDERS EQUITY
Issued share capital	24,000	-	-	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	12,316	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	36,316	-	-	-	-	-	-

Working capital	36,316	-	-	-	-	-	-
Cashflow	12,316	-	-	-	-	-	-
Net worth	36,316	-	-	-	-	-	-

Ratio Analysis

Annual accounts	31-03-2013	change(%)		change(%)		Industry average	%
TRADING PERFORMANCE
Profit Before Tax	0.11	-	-	-	-	-	-
Return on capital employed	51.01	-	-	-	-	-	-
Return on total assets employed	0.30	-	-	-	-	-	-
Return on net assets employed	51.01	-	-	-	-	-	-
Sales / net working capital	473.89	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Debtor days	130.12	-	-	-	-	-	-
Creditor days	130.33	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.01	-	-	-	-	-	-
Liquidity ratio / acid ratio	1.01	-	-	-	-	-	-
Current debt ratio	169.14	-	-	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	-
Equity in percentage	0.59	-	-	-	-	-	-
Total debt ratio	169.14	-	-	-	-	-	-

Industry comparison

Activity code	32123
Activity description	Manufacturer of jewellery

Payment Information

Payment expectations
Payment expectation days	130.33
Day sales outstanding	130.12

Industry comparison
Activity code	32123
Activity description	Manufacturer of jewellery
Industry average payment expectation days	95.64
Industry average day sales outstanding	108.99

Industry quartile analysis
Payment expectations
Company result	130.33
Lower	130.12
Median	68.57
Upper	27.36

Day sales outstanding
Company result	130.12
Lower	88.02
Median	44.18
Upper	14.46

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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	KALPESHKUMAR TADHA
Position	Principal Manager
Start Date	01/08/2013
Street	49 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SAMIR RAVJIBHAI KHADELA
Position	Principal Manager
Start Date	22/06/2012
Street	37 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
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.61.07
UK Pound	1	Rs.102.77
Euro	1	Rs.84.49

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%)

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	846750414	Company name	BHAVANI EUROPE BVBA
Company status	active	Date founded	20/06/2012
Currency	Euro (€)	Company type	Private Limited Company (BL/LX)
Activity code	32123	Date of latest accounts	31/03/2013
Activity description	Manufacturer of jewellery	liable for VAT	yes
Belgian Bullettin of Acts Publications	moniteur belge	VAT Number	BE.0846.750.414