MIRA INFORM REPORT

Report Date :

01.02.2014

IDENTIFICATION DETAILS

Name :	BHAVYA BVBA

Registered Office :	Hoveniersstraat 53 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

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
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Belgium

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 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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 and address

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.
There has been no significant change in the business's credit rating.
There has been no significant change in the business's credit limit.
Operating Result in the latest trading period decreased 57% on the previous trading period.
Net Worth increased by 31% during the latest trading period.
A 23% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 159% compared to the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		75,148	86,964	80,301
31/12/2011		28,996	66,378	59,584
31/12/2010		29,269	43,036	40,290

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	3,351,541	0	25,000	22,120
31/12/2011	2,705,912	0	25,000	24,639
31/12/2010	3,621,193	0	25,000	23,722

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	166.73	Industry average day sales outstanding	121.15
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
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	31/12/2012
Activity code	46761	liable for VAT
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0819.093.239
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		0
Part-time Employees		-
Total Fte Employees		0

Number of hours worked
Full-time Employees		813
Part-time Employees		-
Total		813

Personnel Charges
Full-time Employees		9,887
Part-time Employees		-
Total		9,887
Benefits In Addition To Wages		-

During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	-	-
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	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	1	-	1
Leavers	1	-	1

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		65
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	46,632,531	-
Total operating expenses	-	-	-	-	-	46,240,618	-
Operating result	55,464	-57.32	129,938	43.74	90,395	147,817	-62.48
Total financial income	27,476	34834	79	-	-	97,084	-71.70
Total financial expenses	7,792	-92.29	101,020	65.27	61,125	203,915	-96.18
Results on ordinary operations before taxation	75,148	159	28,996	-0.93	29,269	32,736	129
Taxation	5,307	-27.51	7,320	-7.34	7,900	20,918	-74.63
Results on ordinary operations after taxation	69,841	222	21,676	1.43	21,369	17,844	291
Extraordinary items	-50,923	-	0	-	0	-4,553	-1018
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	18,919	-12.72	21,676	1.43	21,369	13,309	42.15
other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	9,887	-	-	-	-	126,646	-92.19
Wages and salary	9,227	-	-	-	-	106,139	-91.31
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	283	-	-	-	-	26,753	-98.94
Other employee costs	377	-	0	-	0	4,402	-91.45
Amortization and depreciation	3,201	8.04	2,963	25.92	2,353	17,955	-82.17
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balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		65
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	1,667	-	3,334	1,570	-100
Tangible fixed assets	6,663	-1.93	6,795	147	2,746	184,414	-96.39
Land & building	-	-	-	-	-	359,608	-
Plant & machinery	6,277	-7.62	6,795	147	2,746	22,793	-72.46
Furniture & Vehicles	386	-	-	-	-	17,438 5,418	-97.79
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,711	-100
Financial fixed assets	-	-	-	-	-	294,763	-
Total fixed assets	6,663	-21.25	8,462	39.19	6,079	387,230	-98.28
Inventories	1,326,392	358	289,500	-58.24	693,247	3,092,433	-57.11
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,426	-100
Finished goods	0	-	0	-	0	1,981,611	-100
Other stocks	1,326,392	358	289,500	-58.24	693,247	574,617	130
Trade debtors	1,836,340	-18.18	2,244,448	1.15	2,218,867	4,172,397	-55.99
Cash	180,185	20.91	149,030	-78.72	700,337	226,713	-20.52
other amounts receivable	1,961	5.49	1,859	-30.19	2,662	184,589	-98.94
Miscellaneous current assets	0	-100	12,614	-	0	17,803	-100
Total current assets	3,344,878	24.00	2,697,451	-25.38	3,615,114	7,222,269	-53.69
Total Assets	3,351,541	23.86	2,705,912	-25.28	3,621,193	7,577,514 1,453,566	-55.77
current liabilities
Trade creditors	2,581,139	35.41	1,906,096	-35.74	2,966,410	3,066,773	-15.84
Short term group loans	-	-	-	-	-	-	-
Financial debts	13	-	-	-	34	4,242,556 192,320	-99
Current portion of long term debt	-	-	-	-	-	108,079 15,346	-
Amounts Payable for Taxes, Remuneration & Social Security	6,089	-18.82	7,500	-5.06	7,900	9,423 -	-82.04
Miscellaneous current liabilities	677,335	-6.48	724,271	20.62	600,480	126	- -
Total current liabilities	3,264,577	23.76	2,637,867	-26.21	3,574,823	5,360,460	-39.10
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,220 0	-100
Other long term liabilities	0	-	0	-	0	129,765	-100
Total long term debts	0	-	0	-	0	562,577	-100
shareholders equity
Issued share capital	25,000	0	25,000	0	25,000	911,094	-97.26
Share premium account	-	-	-	-	-	109,362	-
Reserves	61,964	43.95	43,045	101	21,369	699,735	-91.14
Revaluation reserve	-	-	-	-	-	968,672	-
Total shareholders equity	86,964	27.80	68,045	46.75	46,369	1,640,673	-94.70
Working capital	80,301	34.77	59,584	47.89	40,290	1,861,809	-95.69
Cashflow	22,120	-10.22	24,639	3.86	23,722	28,110	-21.31
Net worth	86,964	31.01	66,378	54.24	43,036	1,637,427	-94.69
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ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	-26,00	-
Return on capital employed	86.41	102	42.61	-32.49	63.12	29,00	197
Return on total assets employed	2.24	109	1.07	32.10	0.81	-203,00	1.10
Return on net assets employed	86.41	102	42.61	-32.49	63.12	19,00	354
Sales / net working capital	-	-	-	-	-	45,00	-
Stock turnover ratio	-	-	-	-	-	111,00	-
Debtor days	-	-	-	-	-	133,00	-
Creditor days	-	-	-	-	-	122,00	-
short term stability
Current ratio	1.02	0	1.02	0.99	1.01	7,00	-88.67
Liquidity ratio / acid ratio	0.62	-31.87	0.91	10.98	0.82	4,00	-84.50
Current debt ratio	37.54	-3.17	38.77	-49.71	77.09	9,00	317
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	0.02	-	-	-	0.07	363,00	-99
Equity in percentage	2.59	2.78	2.52	96.88	1.28	-3.247,00	0.08
Total debt ratio	37.54	-3.17	38.77	-49.71	77.09	11,00	241

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

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	166.73
Industry average day sales outstanding	121.15

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.36
Median	84.60
Upper	45.29


Day sales outstanding
Company result	-
Lower	113.11
Median	59.01
Upper	28.58


Company result	-
Lower	134.36
Median	84.60
Upper	45.29


Company result	-
Lower	113.11
Median	59.01
Upper	28.58

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

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

NSSO details

Business number	819093239
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details


There is no bankruptcy data against this company

court data

there is no data for this company

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.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NIS

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.