MIRA INFORM REPORT

Report No. :	357768
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	AALISHA GEMS EBVBA

Registered Office :	Hoveniersstraat 2-Bus 204 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31-12-2014

Date of Incorporation :	16.07.1997

Com. Reg. No.:	461159081

Legal Form :	Single-person limited liability company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employee :	2

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium's high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number	461159081
Branche Unit Number	2082913959
Company name	AALISHA GEMS EBVBA
Address	HOVENIERSSTRAAT 2-BUS 204
	2018 ANTWERPEN
Number of staff	2
Date of establishment	16/07/1997
Telephone number	032340009
Fax number	032314968

Commentary

The business was established over 18 years ago.

The business has 2 employees.

The business has been at the address for over 16 years.

The business saw an increase in their Cash Balance of 42% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	39,687,845	139,151	3,073,696	6,706,885
31/12/2013	39,589,272	138,103	2,984,810	5,471,322
31/12/2012	27,617,476	104,218	2,893,392	5,714,694
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	23,508,904	2	2,300,000	115,862
31/12/2013	19,525,676	2	2,300,000	118,302
31/12/2012	16,759,662	4	2,300,000	95,044

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	73.65
Industry average payment	175.32	Industry average day sales	193.39
expectation days		outstanding
Day sales outstanding	164.93

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	475,104	-5.37	502,081	-4.21	524,155	0.94	519,269	-6.40	554,798
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	475,104	-5.37	502,081	-4.21	524,155	0.94	519,269	-6.34	554,398
Land & building	464,512	-4.66	487,201	-4.45	509,890	0.68	506,438	-6.03	538,941
Plant & machinery	7,228	-32.75	10,747	14.77	9,364	30.73	7,163	-10.27	7,983
Furniture & Vehicles	3,365	-18.58	4,132	-15.67	4,900	-13.55	5,668	-24.16	7,474
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0	-100	400
Total current assets	23,033,800	21.08	19,023,596	17.17	16,235,507	-7.61	17,573,138	18.18	14,870,334
Inventories	3,328,300	93.73	1,717,976	-62.78	4,615,842	27.96	3,607,120	40.90	2,559,967
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	3,328,300	93.73	1,717,976	-62.78	4,615,842	27.96	3,607,120	40.90	2,559,967
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	17,933,239	12.04	16,005,464	92.76	8,303,114	-35.04	12,782,819	10.83	11,534,114
Other amounts receivable	11,763	-79.86	58,420	171	21,521	-95.58	486,780	-8.04	529,345
Cash	1,748,635	42.41	1,227,848	-62.61	3,284,112	379	685,287	194	232,911
Miscellaneous current assets	11,863	-14.58	13,888	27.21	10,917	-1.93	11,132	-20.47	13,997
Total Assets	23,508,904	20.40	19,525,676	16.50	16,759,662	-7.37	18,092,407	17.29	15,425,132

Liabilities

Total shareholders equity	3,073,696	2.98	2,984,810	3.16	2,893,392	2.42	2,825,054	3.24	2,736,446
Issued share capital	2,300,000	0	2,300,000	0	2,300,000	0	2,300,000	0	2,300,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	773,696	12.98	684,810	15.41	593,392	13.02	525,054	20.30	436,446
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	20,435,208	23.54	16,540,866	19.29	13,866,270	-9.18	15,267,353	20.32	12,688,686
Other long term loans	133,330	-19.96	166,584	-15.93	198,149	-17.32	239,662	-13.45	276,915
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	3,974,964	40.86	2,822,009	-10.34	3,147,307	-2.60	3,231,249	7.02	3,019,400
Total long term debts	4,108,294	37.47	2,988,593	-10.67	3,345,457	-3.61	3,470,911	5.30	3,296,315
Current portion of long term debt	50,161	3.48	48,472	20.41	40,255	8.06	37,254	5.64	35,264
Financial debts	8,282,355	5.71	7,834,932	11.14	7,049,499	-1.81	7,179,502	31.34	5,466,452
Trade creditors	7,878,400	40.35	5,613,379	67.54	3,350,413	-24.24	4,422,206	14.44	3,864,162
Amounts Payable for Taxes,	8,932	7.73	8,291	-86.15	59,857	70.38	35,132	144	14,360
Remuneration & Social Security
Miscellaneous current liabilities	107,067	126	47,200	127	20,790	-83.01	122,349	908	12,133
Total current liabilities	16,326,914	20.47	13,552,273	28.81	10,520,814	-10.81	11,796,442	25.60	9,392,371
Total Liabilities	23,508,904	20.40	19,525,676	16.50	16,759,662	-7.37	18,092,407	17.29	15,425,132

Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.35	0	0.35	-7.89	0.38	26.67	0.30	-26.83	0.41
Return on capital employed	1.94	-16.02	2.31	38.32	1.67	-24.09	2.20	-21.71	2.81
Return on total assets employed	0.59	-16.90	0.71	14.52	0.62	-19.48	0.77	-30.0	1.10
Return on net assets employed	4.53	-2.16	4.63	28.61	3.60	-26.68	4.91	-20.81	6.20
Sales / net working capital	5.92	-18.23	7.24	49.90	4.83	-39.55	7.99	5.27	7.59
Stock turnover ratio	8.39	93.32	4.34	-74.03	16.71	113	7.81	26.99	6.15
Creditor days	73.65	39.91	52.64	14.31	46.05	29.61	35.53	3.59	34.30
Debtor days	164.93	11.76	147.57	34.47	109.74	8.59	101.06	-0.16	101.22
SHORT TERM STABILITY
Current ratio	1.41	0.71	1.40	-9.09	1.54	3.36	1.49	-5.70	1.58
Liquidity ratio / acid ratio	1.21	-5.47	1.28	16.36	1.10	-6.78	1.18	-9.92	1.31
Current debt ratio	5.31	16.96	4.54	24.73	3.64	-12.92	4.18	21.87	3.43
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	115,862	-2.06	118,302	24.47	95,044	-25.26	127,175	-14.82	149,298
Net worth	3,073,696	2.98	2,984,810	3.16	2,893,392	2.42	2,825,054	3.24	2,736,446
LONG TERM STABILITY
Gearing	275.43	2.12	269.70	7.07	251.88	-4.57	263.94	24.99	211.17
Equity in percentage	13.07	-14.52	15.29	-11.41	17.26	10.57	15.61	-12.01	17.74
Total debt ratio	6.65	20.04	5.54	15.66	4.79	-11.30	5.40	16.38	4.64
Working capital	6,706,885	22.58	5,471,322	-4.26	5,714,694	-1.07	5,776,696	5.45	5,477,963

Profit & loss

Operating Income	39,705,545	0.25	39,606,772	43.31	27,636,355	-40.15	46,177,545	11.00	41,601,051
Turnover	39,687,845	0.25	39,589,272	43.35	27,617,476	-40.18	46,168,071	11.00	41,593,051
Total operating expenses	39,043,859	0.30	38,925,442	46.59	26,554,528	-41.55	45,431,197	10.47	41,125,849
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	39,061,559	0.30	38,942,942	46.55	26,573,408	-41.52	45,440,671	10.47	41,133,849
Employee costs	94,916	-41.80	163,077	-28.67	228,633	50.57	151,848	146	61,712
Wages and salary	70,179	-49.74	139,621	-13.27	160,981	47.31	109,281	131	47,156
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	23,000	8.80	21,139	-57.97	50,300	52.04	33,083	167	12,387
Other employee costs	1,738	-25.01	2,317	-86.65	17,353	82.98	9,484	337	2,169
Director remuneration	74,400	0	74,400	-	-	-	-	-	-
Amortization and depreciation	26,976	0.35	26,884	0.66	26,706	-30.75	38,567	2.05	37,792
Operating result	643,986	-2.99	663,830	-37.55	1,062,948	44.25	736,874	57.72	467,202
Total financial income	162,858	3150	5,011	91.88	2,611	-92.32	33,984	-73.68	129,110
Total financial expenses	667,694	25.80	530,739	-44.79	961,341	52.10	632,055	48.15	426,643
Results on ordinary operations	139,151	0.76	138,103	32.51	104,218	-24.92	138,803	-18.19	169,669
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	0	-	0	-	0	-	0
Results for the Year Before	139,151	0.76	138,103	32.51	104,218	-24.92	138,803	-18.19	169,669
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	50,265	7.67	46,684	30.11	35,881	-28.52	50,195	-13.70	58,163
Results on ordinary operations	88,886	-2.77	91,418	33.77	68,338	-22.88	88,607	-20.54	111,506
after taxation
Net result	88,886	-2.77	91,418	33.77	68,338	-22.88	88,607	-20.54	111,506
Profit (Loss) for the Year to be appropiated	88,886	-2.77	91,418	33.77	68,338	-22.88	88,607	-20.54	111,506
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet				Total
During the reporting year
ended 31-12-2014
Full-time Employees				2
Part-time Employees				-
Total Fte Employees				2
Number of hours worked
Full-time Employees				3,306
Part-time Employees				-
Total				3,306
Personnel Charges
Full-time Employees				94,916
Part-time Employees				-
Total				94,916
Benefits In Addition To Wages				-
During the previous reporting year
Average number employees in Fte				3
Actual working hours				5,354
Personnel Charges				163,077
Benefits In Addition To Wages				-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	2	-	2
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
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	-	1
Blue collar worker	1	-	1
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	-	-	-
Leavers	-	-	-

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	-	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	73.65
Day sales outstanding	164.93

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	175.32
expectation days
Industry average day sales	193.39
outstanding

Industry quartile analysis
Payment expectations
Company result	73.65
Lower	130.57
Median	58.79
Upper	28.62

Day sales outstanding
Company result	164.93
Lower	131.59
Median	84.51
Upper	46.74

Shareholder Details

Summary

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Viral	Middle name	-
Surname	Shah
SHAREHOLDER DETAILS
Start date	16/07/1997(estimated)	End date	-
Percentage owned	100%
SHAREHOLDER ADDRESS
Street name	Belgiëlei	House number	154
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

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

Position	Manager
Start Date	16/07/1997
Street	154 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	Viral Shah

Former director details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.85
EUR	1	Rs.72.67

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TRU

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.

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
Significant Events
Event Date	16/07/1997
Event Description	Legal creation
Event Details

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit