MIRA INFORM REPORT

Report Date :

13.08.2014

IDENTIFICATION DETAILS

Name :	BHAVYA BVBA

Registered Office :	Hoveniersstraat, 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	28.09.2009

Com. Reg. No.:	819093239

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones

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 :	Unknown
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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 summary

Business number 819093239

Company name BHAVYA BVBA

Address HOVENIERSSTRAAT

53, 2018 ANTWERPEN

Number of staff 0

Date of establishment 28/09/2009

Telephone number 033367040

Fax number 033367041

Commentary

The business was established over 4 years ago.

No employees are recorded for this business.

The business has been at the address for over 4 years.

Operating Result in the latest trading period decreased 98% on the previous trading period.

Pre-tax profits decreased by 48% compared to the previous trading period.

ACCOUNTS

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2013	--	38,987	103,347	98,218
31/12/2012	--	75,148	86,964	80,301
31/12/2011	--	28,996	66,378	59,584

ACCOUNTS

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2013	3,086,550	0	25,000	17,917
31/12/2012	3,351,541	0	25,000	22,120
31/12/2011	2,705,912	0	25,000	24,639

Trends
Profitability
Liquidity
Net worth		4
Payment expectations
Past payments		Payment expectation days	--
Industry average payment expectation days	129.40	Industry average day sales outstanding	131.66
Day sales outstanding	--
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

SOCIAL BALANCE SHEET DETAILS

During the previous reporting year
Average number employees in Fte	0
Actual working hours	813
Personnel Charges	9,887
Benefits In Addition To Wages

Company accounts

PROFIT & LOSS

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	46,549,701	-
Total operating expenses	-	-	-	-	-	46,085,236	-
Operating result	753	-98.64	55,464	-57.32	129,938	161,072	-99
Total financial income	42,864	56.00	27,476	34834	79	81,153	-47.18
Total financial expenses	4,629	-40.59	7,792	-92.29	101,020	177,705	-97.40
Results on ordinary operations before taxation	38,987	-48.12	75,148	159	28,996	56,057	-30.45
Taxation	4,596	-13.38	5,307	-27.51	7,320	22,605	-79.67
Results on ordinary operations after taxation	34,391	-5076	69,841	222	21,676	39,282	-12.45
Extraordinary items	-18,008	35.36	-50,923	-	0	1,853	-1071
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	16,383	-13.40	18.919	-12.72	21,676	41,157	-60.19
OTHER INFORMATION
Gross Operating Margin	2,577	-96.25	68,808	-48.32	133,154	43,685	-94.10
Dividends	-	-	-	-	-	216,234	-
Director remuneration	-	-	-	-	-	153,348	-
Employee costs	-	-	9,887	-	-	188,344	-
Wages and salary	-	-	9,227	-	-	162,950	-
Employee pension costs	-	-	-	-	-	1,380	-
Social security contributions	-	-	283	-	-	41,560	-
Other employee costs	0	-100	377	-	0	4,234	-100
Amortization and depreciation	1,534	-52.08	3,201	8.04	2,293	20,724	-92.60

BALANCE SHEET

Annual accounts	31-12-2013 %		31-12-2012 %		31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	1,667	1,903	-100
Tangible fixed assets	5,129	-23.02	6,663	-1.93	6,795	197,405	-97.40
Land & building	-	-	-	-	-	378,904	-
Plant & machinery	4,786	-23.76	6,277	-7.62	6,795	36,404	-86.85
Furniture & Vehicles	343	-11.11	386	-	-	16,417 4,481	-97.91
Leasing & Other Similar Rights	-	-	-	-	-	34,673 19,705	-
Other tangible assets	0	-	0	-	0	15,310	-100
Financial fixed assets	-	-	-	-	-	47,384	-
Total fixed assets	5,129	-23.02	6,663	-21.25	8,462	216,189	-97.63
Inventories	1,256,613	-5.26	1,326,392	358	289,500	2,809,569	-55.27
Raw materials & consumables	-	-	-	-	-	113,995	-
Work in progress	0	-	0	-	0	2,566	-100
Finished goods	0	-	0	-	0	1,817,454	-100
Other stocks	1,256,613	-5.26	1,326,392	358	289,500	503,921	149
Trade debtors	1,647,982	-10.26	1,836,340	-18.18	2,244,448	4,352,104	-62.13
Cash	175,745	-2.46	180,185	20.91	149,030	1,044,277,276	-99
other amounts receivable	1,081	-44.88	1,961	5.49	1,859	171,163	-99
Miscellaneous current assets	0	-	0	-100	12,614	-1,026,260,938	0
Total current assets	3,081,421	-7.88	3,344,878	24.00	2,697,451	7,078,078	-56.47
Total Assets	3,086,550	-7.91	3,351,541	23.86	2,705,912	7,283,585 1,205,103	-57.62

CURRENT LIABILITIES

Trade creditors	2,380,208	,7.78	2,581,139	35.41	1,906,096	2,792,436	-14.76
Short term group loans	-	-	-	-	-	-	-
Financial debts	54	306	13	-	-	4,043,109 128,367	-99
Current portion of long term debt	^-	^-	-	-	-	91,209 14,557	-
Amounts Payable for Taxes, Remuneration & Social Security	4,700	-22.81	6,089	-18.82	7.500	7,827	-87.07
Miscellaneous current liabilities	598,241	-11.68	677,335	-6.48	724,271	66.11	--
Total current liabilities	2,983,203	-8.62	3,264,577	23.76	2,637,867	5,036,968	-40.77
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	-
Other long term loans	-	-	-	-	-	-	-
Deffered taxes	-	-	-	-	-	47,059 41,554	-
Provisions for Liabilities & Charges	0	-	0	-	0	6,588 0	-100
Other long term liabilities	0	-	0	-	0	100,362	-100
Total long term debts	0	-	0	-	0	666,932	-100
SHAREHOLDERS EQUITY -=
Issued share capital	25,000	0	25,000	0	25,000	952,290	-97.37
Share premium account	-	-	-	-	-	146,653	-
Reserves	78,347	26.44	61,964	43.95	43,045	575,445	-86.38
Revaluation reserve	-	-	-	-	-	1,212,191	-
Total shareholders equity	103,347	18.84	86,964	27.80	68,045	1,561,963	-93.38
Working capital	98,218	22.31	80,301	34.77	59,584	2,041,110	-95.19
Cash flow	17,917	-18.00	22,120	-10.22	24,639	58,401	-69.32
Net worth	103,347	18.84	86,964	31.01	66,378	1,560,060	-93.38

RATIO ANALYSIS

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	2,00	-
Return on capital employed	37.72	-56.35	86.41	102	42.61	6,00	528
Return on total assets employed	1.26	-43.75	2.24	109	1.07	-3,00	42.00
Return on net assets employed	37.72	-56.35	86.41	102	42.61	0,00	-
Sales / net working capital	-	-	-	-	-	260,00	-
Stock turnover ratio	-	-	-	-	-	54,00	-
Debtor days	-	-	-	-	-	192,00	-
Creditor days	-	-	-	-	-	137,00	-
SHORT TERM STABILITY
Current ratio	1.03	0.98	1.02	0	1.02	4,00	-94.85
Liquidity ratio / acid ratio	0.61	-1.61	0.62	-31.87	0.91	3,00	-79.67
Current debt ratio	28.87	-23.10	37.54	-3.17	38.77	20,00	44.35
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	0.05	150	0.02	-	-	297,00	-99
Equity in percentage	3.35	29.34	2.59	2.78	2.52	-128,00	2.62
Total debt ratio	28.87	-23.10	37.54	-3.17	38.77	21,00	37.48

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Payment Information

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	129.40
Industry average day sales outstanding	131.66

Industry quartile analysis
Payment expectations
Company result	-
Lower	127.33
Median	76.94
Upper	45.68

Day sales outstanding
Company result	-
Lower	106.72
Median	55.41
Upper	26.45

Group Structure

Click the company to view / order a report.

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME

Forename Reeta Middle name -

Surname Morakhia

Shareholder Details

Start date 28/09/2009 End date -

Percentage owned 30%

Shareholder Address

Street name Quinten Matsijslei House number 45

Minor town - Postal town Antwerpen

Post code 2018 Country Belgium

Shareholder Name

Forename Bhavesh Middle name -

Surname Morakhia

Shareholder Details

Start date 28/09/2009 End date -

Percentage owned 70%

Shareholder Address

Street name Quinten Matsijslei House number 45

Minor town - Postal town Antwerpen

Post code 2018 Country Belgium

court data

There is no data for this company

Director details

Current director details

Name BHAVESH MAFATLAL MORAKHIA

Position Principal Manager

Start Date 30/07/2011

Date of Birth 01/08/1974

Street 45 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.61.18
UK Pound	1	Rs.102.55
Euro	1	Rs.81.77

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TPT

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	819093239	Company name	BHAVYA BVBA
Fax number	033367041	Date founded	28/09/2009
Company status	active	Company type	Private Limited Company
			(BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	Yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0819.093.239 Check
Belgian Bullettin of Acts Publications	moniteur beige