MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	ARYAN BVBA
Registered Office :	BELGIËLEI 83-B 6 2018 ANTWERPEN
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	15.05.2002
Com. Reg. No.:	477667887
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 :

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Belgium	A2	A2

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 summary

Business number 477667887

Company name ARYAN BVBA

Address BELGIËLEI 83-B 6

2018 ANTWERPEN

Number of staff 0

Date of establishment 15/05/2002

Telephone number

Fax number

Commentary

The business was established over 12 years ago.

The business has 1 employees.

The business has been at the address for over 3 years.

Operating Result in the latest trading period increased 33% on the previous trading period.

A 30% decline in Total Assets occurred during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	32,507,320	58,408	7,140,395	7,098,759
31/12/2012	29,167,067	66,074	7,420,840	7,367,418
31/12/2011	45,506,789	75,017	7,517,498	7,505,153

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	18,021,021	0	7,110,723	50,186
31/12/2012	25,928,831	1	7,432,377	51,876
31/12/2011	46,834,988	0	7,579,476	57,699

Payment expectations

Past payments		Payment expectation days	123.53
Industry average payment expectation days	124.16	Industry average day sales outstanding	141.16
Day Sales Outstanding	77.07

Court data Summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company Information

Business number	477667887	Company name	ARYAN BVBA
Fax number		Date founded	15/05/2002
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.0477.667.887 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

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

Company accounts

Assets

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	41,635	-22.67	53,841	307	13,215	-85.20	89.310	-7.97	97,045
Intangible fixed assets	0	-100	418	-51.95	870	-26.50	1,184	-25.28	1,584
Tangible fixed assets	35,278	-24.58	46,778	740	5,568	-93.21	82,027	-8.21	89,362
Land & building	--	--	--	--	--	--	72,221	-2.27	73,898
Plant & machinery	537	-39.05	881	175	320	-71.54	1,124	-45.25	2,054
Furniture & Vehicles	34,741	-24.31	45,897	774	5,248	-39.55	8,681	-35.27	13,410
Leasing & Other Similar Rights	--	--	--	--	--	--	--	--	--
Other tangible assets	0	--	0	--	0	--	0	--	0
Financial fixed assets	6,357	-4.33	6,645	-1.95	6,777	11.10	6,100	0	6,100
Total current assets	17,979,386	-30.51	25,874,990	-44.74	46,821,773	8.23	43,263,099	28.02	33,795,257
Inventories	11,015,679	-43.50	19,497,735	-21.35	24,789,526	76.47	14,047,580	-23.42	18,344,363
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	11,015,679	-43.50	19,497,735	-21.35	24,789,526	76.47	14,047,580	-23.42	18,344,363
Other stocks	0	--	0	0	0	--	0	--	0
Trade debtors	6,864,208	14.35	6,002,737	-72.33	21,697,340	-21.76	27,730,685	83.03	15,150,950
Other amounts receivable	21,578	-92.88	303,021	-1.63	308,045	0.89	305,332	6.55	286,560
Cash	69,055	-1.51	70,113	161	26,861	-97.72	1,179,286	8916	13,079
Miscellaneous current assets	8,865	540	1,384	138000	1	-99	216	-29.24	305
Total Assets	18,021,021	-30.50	25,928,831	-44.64	46,834,988	8.03	43,352,409	27.91	33,892,302

Liabilities

Total shareholders equity	7,140,395	-3.78	7,421,258	-1.29	7,518,368	11.86	6,721,137	0.79	6,668,181
Issued share capital	7,110,723	-4.33	7,432,377	-1.94	7,579,476	40649	18,600	0	18,600
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	29,672	266	-11,119	18.20	-61,108	-100	6,702,537	0.80	6,649,581
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	--	--	--	--	--	--	--	--	--
Creditors	10,880,627	-41.21	18,507,572	-52.93	39,316,620	7.33	36,631,272	34.55	27,224,121
Other long term	--	--	--	--	--	--	--	--	--
Long term group	--	--	--	--	--	--	--	--	--
Other long term liabilities	-1	-200	1	-	0	-	0	-	0
Total long term debts	-1	-200	1	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	221,188	5194	4,178
Financial debts	-	-	9,857,504	5.64	9,331,087	-7.92	10,134,211	231	3,055,898
Trade creditors	10,858,977	26.30	8,597,947	-71.23	29,884,546	14.17	26,176,465	8.69	24,083,396
Amounts Payable for Taxes, Remuneration & Social Security	21,211	-8.27	23,123	-63.67	63,642	-5.74	67,519	2.15	66,101
Miscellaneous current liabilities	439	-98.49	28,998	-22.35	37,345	17.11	31,890	119	14,548
Total current liabilities	10,880,627	-41.21	18,507,572	-52.93	39,316,620	7.33	36,631,272	34.55	27,224,121
Total Liabilities	18,021,021	-30.50	25,928,831	-44.64	46,834,988	8.03	43,352,409	27.91	33,892,302

Ratio Analysis

TRADING PERFORMANCE
Profit Before Tax	0.18	-21.74	0.23	43.75	0.16	0	0.16	220	0.05
Return on capital employed	0.82	-7.87	0.89	-11.00	1.00	-20.0	1.25	557	0.19
Return on total assets employed	0.32	28.00	0.25	56.25	0.16	-15.79	0.19	375	0.04
Return on net assets employed	0.82	-7.87	0.89	-11.00	1.00	-20.0	1.25	557	0.19
Sales / net working capital	4.58	15.66	3.96	-34.65	6.06	-21.71	7.74	105	3.76
Stock turnover ratio	33.89	-49.30	66.85	22.73	54.47	98.94	27.38	-63.08	74.16
Creditor days	123.53	13.57	108.77	-55.55	244.70	30.42	187.63	-47.46	357.12
Debtor days	77.07	2.60	75.12	-56.84	174.03	-11.80	197.31	-11.75	223.57
SHORT TERM STABILITY
Current ratio	1.65	17.86	1.40	17.65	1.19	0.85	1.18	-4.84	1.24
Liquidity ratio / acid ratio	0.64	88.24	0.34	-39.29	0.56	-30.0	0.80	40.35	0.57
Current debt ratio	1.52	-38.96	2.49	-52.39	5.23	-4.04	5.45	33.58	4.08
Liquidity ratio reprocessed	--	--	--	--	--	--	--	--	--
Cashflow	50,186	-3.26	51,876	-10.09	57,699	-4.93	60,690	1603	-3,785
Net worth	7,140,395	-3.78	7,420,840	-1.29	7,517,498	11.87	6,719,953	0.80	6,666,597
LONG TERM STABILITY
Gearing	--	--	132.83	7.03	124.11	-19.45	154.07	235	45.89
Equity in percentage	39.62	38.43	28.62	78.32	16.05	3.55	15.50	-21.24	19.68
Total debt ratio	1.52	-38.96	2.49	-52.39	5.23	-4.04	5.45	33.58	4.08
Working capital	7098759	-3.65	7,367,418	-1.84	7,505,153	13.17	6,631,826	0.92	6,571,136

Profit & loss
Operating Income	32,512,421	11.46		29,169,880	-35.91	45,513,783	-11.28	51,298,668	107	24,741,338
Turnover	32,507,320	11.45		29,167,067	-35.91	45,506,789	-11.29	51,298,391	107	24,735,604
Total operating expenses	32,086,689	11.21		28,852,992	-35.27	44,575,603	-12.46	50,921,079	106	24,614,895
Gross Operating Margin	-	-		-	-	-	-	-	-	-
Operating Charges	32,091,790	11.21		28,855,805	-35.28	44,582,597	-12.45	50,921,356	106	24,620,629
Employee costs	11,840	1.47		11,668	13.28	10,300	-65.51	29,864	8.66	27,483
Wages and salary	10,429	0.49		10,378	7.77	9,630	-60.07	24,116	6.47	22,651
Employee pension costs - - - - - - - - -
Social security contributions	1,275	16.23	1,097		208	356	-93.33	5,338	17.59	4,540
Other employee costs	136	-29.53	193		-38.54	314	-23.39	410	40.86	291
Director remuneration - - - - - - - - -
Amortization and depreciation	9,876	221	3,073		-46.73	5,769	-25.42	7,735	5.77	7,313
Operating result	420,631	33.93	314,075		-66.27	931,186	146	377,312	212	120,709
Total financial income	113,525	-71.71	401,331		43.97	278,766	94355	295	-89.28	2,752
Total financial expenses	475,748	-26.73	649,332		-42.79	1,134,934	286	293,717	165	110,594
Results on ordinary operations before taxation	58,408	-11.60	66,074		-11.92	75,017	-10.58	83,890	551	12,867
Extraordinary Income	-	-	3,448		609	486	-	-	-	6,456
Extraordinary Charges	-	-	-		-	-	-	-	-	------------
Extraordinary items	0	-100	3,448		609	486	-	0	-100	6,456
Results for the Year Before Taxation	58,408	-15.99	69,522		-7.92	75,503	-10.00	83,890	334	19,323
Other appropriations	-	-	-		-	-	-	-	-
Taxation	18,098	-12.65	20,719		-12.11	23,573	-23.80	30,934	1.69	30,421
Results on ordinary operations after taxation	40,310	-11.12	45,355		-11.84	51,444	-2.85	52,955	301	-17,554
Net result	40,310	-17.40	48,803		-6.02	51,930	-1.94	52,955	477	-11,098
Profit (Loss) for the Year to be appropiated	40,310	-17.40	48,803		-6.02	51,930	-1.94	52,955	477	-11,098
Dividends	--	--	--		--	--	--	--	--	--

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	-
Part-time Employees	1
Total Fte Employees	0
Number of hours worked
Full-time Employees	-
Part-time Employees	816
Total	816
Personnel Charges
Full-time Employees	-
Part-time Employees	11,840
Total	11,840
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	0
Actual working hours	632
Personnel Charges	11,163
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	1	0
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	1	-
Higher education (non university)	-	-	0
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	1	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	1	0
Blue collar worker	-	-	-
Other	-	-	-

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

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	123.53
Day sales outstanding	77.07
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	124.16
Industry average day sales outstanding	141.16

Industry quartile analysis

Payment expectations

Company result 123.53

Lower 122.34

Median 75.64

Upper 46.53

Day sales outstanding

Company result 77.07

Lower 102.84

Median 54.51

Upper 24.07

Share holder details

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

Companies that match this address

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Current director details

Name	MAYANK SHANTILAL PANDYA
Position	Principal Manager
Start Date	02/06/2006
Street	62 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.97.80
Euro	1	Rs. 77.48

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ANK

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.