MIRA INFORM REPORT

Report No. :	296863
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	TANYA'S ANTWERP BVBA
Branch Office :	1-7, Schupsstraat, 2nd Floor, 2018, Antwerpen,
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	18.06.2004
Com. Reg. No.:	866050246
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 :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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	A1	A1

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 name and address

Business number	866050246
Fax number	032391286
Company status	active
Currency	Euro (€)
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Belgian Bullettin of Acts Publications	moniteur belge
Company name	TANYA'S ANTWERP BVBA
Branch Address	1-7, Schupsstraat, 2nd Floor, 2018, Antwerpen
Date founded	18/06/2004
Company type	Private Limited Company (BL/LX)
Date of latest accounts	31/12/2013
Liable for VAT	yes
VAT Number	BE.0866.050.246 Check VAT number
Contractor details
Registered contractor number	-
Contractor description	-
Date struck off register

DIRECTORS/MANAGEMENT

Director details
Current director details
Name	NIRAV SUNIL GHANDI
Position	Principal Manager
Start Date	28/05/2011
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	NIRAV GANDHI
Position	Principal Manager
Start Date	28/05/2011
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Former director details
Name	PRANAV SUNIL GHANDI
Position	Principal Manager
Start Date	16/07/2011
End Date	31/12/2012
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	PRANAV SUNIL GANDHI
Position	Principal Manager
Start Date	18/06/2004
End Date	Unknown date
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Position	Non Statutory Partner
Start Date	18/06/2004
End Date	28/05/2011
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

NEGATIVE INFORMATION

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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

PAYMENT INFORMATION

Payment expectations
Past payments	A	Payment expectation days	-
Industry average payment expectation days	124.39	Industry average day sales outstanding	141.74
Day sales outstanding	-

Payment Information
Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	-
Day sales outstanding	-
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	124.39
Industry average day sales outstanding	141.74

Industry quartile analysis
Payment expectations
Company result	-
Lower	122.66
Median	76.39
Upper	46.98

Day sales outstanding
Company result	-
Lower	102.84
Median	54.50
Upper	24.07

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company
Safe number	Company name	Company Number
-	-	-

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0
Group Structure
No group structure for this company.

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

FINANCIAL INFORMATION

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		25,660	84,843	73,632
31/12/2012		37,809	79,217	64,957
31/12/2011		55,024	68,984	50,735

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	1,786,422	0	18,750	41,877
31/12/2012	1,454,678	0	18,750	47,538
31/12/2011	2,982,845	0	18,750	55,029

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	23,502	-32.37	34,753	-25.38	46,571	1479	2,948	-20.51	3,709
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	23,502	-32.37	34,753	-25.38	46,571	1479	2,948	-20.51	3,709
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	162	-68.96	523	12.92	463	-36.32	727	-26.67	992
Furniture & Vehicles	23,339	-31.82	34,230	-25.76	46,108	1975	2,221	-18.26	2,718
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	1,762,920	24.16	1,419,925	-51.64	2,936,274	-43.66	5,211,636	282	1,361,338
Inventories	91,265	-11.01	102,555	-14.54	120,008	-50.00	240,006	7.28	223,718
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	91,265	-11.01	102,555	-14.54	120,008	-50.00	240,006	7.28	223,718
Trade debtors	1,439,552	25.76	1,144,714	-58.58	2,763,764	-41.92	4,758,648	362	1,029,330
Other amounts receivable	486	-97.62	20,390	1934	1,002	-50.03	2,005	93.23	1,038
Cash	228,002	53.24	148,784	220	46,362	-77.67	207,631	98.64	104,527
Miscellaneous current assets	3,616	3.88	3,481	-32.25	5,138	53.57	3,346	22.82	2,724
Total Assets	1,786,422	22.81	1,454,678	-51.23	2,982,845	-42.80	5,214,585	282	1,365,047

Liabilities
Total shareholders equity	84,843	7.10	79,217	14.83	68,984	10.72	62,304	45.55	42,805
Issued share capital	18,750	0	18,750	0	18,750	0	18,750	0	18,750
Share premium account	-	-	-	-	-	-	-	-	-

Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	66,093	9.30	60,467	20.37	50,234	15.34	43,554	81.06	24,055
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	1,701,579	23.71	1,375,461	-52.80	2,913,861	-43.45	5,152,281	289	1,322,242
Other long term loans	12,291	-40.02	20,492	-27.64	28,322	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	12,291	-40.02	20,492	-27.64	28,322	-	0	-	0
Current portion of long term debt	8,202	4.75	7,830	4.75	7,475	-	-	-	-
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	1,499,623	35.67	1,105,383	-57.81	2,620,213	-46.57	4,903,845	351	1,086,158
Amounts Payable for Taxes,	1,000	-70.99	3,447	-28.03	4,790	3172	146	-	-
Remuneration & Social Security
Miscellaneous current liabilities	180,463	-24.27	238,309	-5.83	253,061	1.92	248,289	5.17	236,084
Total current liabilities	1,689,288	24.67	1,354,968	-53.04	2,885,539	-43.99	5,152,281	289	1,322,242
Total Liabilities	1,786,422	22.81	1,454,678	-51.23	2,982,845	-42.80	5,214,585	282	1,365,047

Equity in percentage	4.75	-12.84	5.45	135	2.31	94.12	1.19	-62.10	3.14
Total debt ratio	20.06	15.55	17.36	-58.90	42.24	-48.92	82.70	167	30.89
Working capital	73,632	13.36	64,957	28.03	50,735	-14.52	59,355	51.82	39,095

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	68,807	-53.23	147,112	554	22,486	-48.92	44,019	91.77	22,954
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	11,251	-8.56	12,305	47.40	8,348	997	761	-51.88	1,581
Operating result	29,213	-77.89	132,136	1134	10,703	-74.39	41,784	396	-10,526
Total financial income	59,723	-62.91	161,018	-76.10	673,652	71.50	392,805	136	165,768
Total financial expenses	63,275	-75.22	255,344	-59.43	629,332	61.82	388,903	206	126,864
Results on ordinary operations before taxation	25,660	-32.13	37,809	-31.29	55,024	20.44	45,686	60.99	28,378
Extraordinary Income	9,058	-	-	-	1,000	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	9,058	-	0	-100	1,000	-	0	-	0
Results for the Year Before Taxation	34,718	-8.18	37,809	-32.51	56,024	22.63	45,686	60.99	28,378
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	4,092	58.82	2,576	-72.42	9,343	687	1,187	-50.07	2,377
Results on ordinary operations after taxation	21,569	-38.78	35,233	-22.87	45,681	2.66	44,499	71.15	26,000
Net result	30,626	-13.08	35,233	-24.52	46,681	4.90	44,499	71.15	26,000
Profit (Loss) for the Year to be appropiated	30,626	-13.08	35,233	-24.52	46,681	4.90	44,499	71.15	26,000
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
Full-time Employees	-
Part-time Employees	-
Total Fte Employees	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Trends

Profitability

Liquidity

Net worth

Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)

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

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

NOTES & COMMENTS

N/a

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.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Analysis Done by :	KAR
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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