MIRA INFORM REPORT

Report No. :	333857
Report Date :	27.07.2015

IDENTIFICATION DETAILS

Name :	TANYA'S ANTWERP BVBA

Registered Office :	Pelikaanstraat 62 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	18.06.2004

Com. Reg. No.:	866050246

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones.

No. of Employee :	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 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 – 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 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 an 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 866050246

Branche Unit Number 2138012137

Company name ` TANYA'S ANTWERP BVBA

Address PELIKAANSTRAAT 62

2018 ANTWERPEN

Number of staff 0

Date of establishment 18/06/2004

Telephone number 032264377

Fax number 032391286

Commentary

The business was established over 11 years ago.

No employees are recorded for this business.

The business has been at the address for over 0 months.

The business has been at the address for less than 6 months.

The business has changed address 1 times in the last year.

Operating Result in the latest trading period increased 139% on the previous trading period.

A 62% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 73% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 34% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014		44,612	90,921	82,143
31/12/2013		25,660	84,843	73,632
31/12/2012		37,809	79,217	64,957
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	2,895,300	0	18,750	47,102
31/12/2013	1,786,422	0	18,750	41,877
31/12/2012	1,454,678	0	18,750	47,538

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	104.46	Industry average day sales	182.76
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount --

NSSO DETAILS

Date of summons –

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
PERSONNEL (NSSO CLASSIFICATION)
Code	-
Description	-
JOINT INDUSTRIAL COMMITTEE (JIC) --

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	12,477	-46.91	23,502	-32.37	34,753	-25.38	46,571	1479	2,948
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	12,477	-46.91	23,502	-32.37	34,753	-25.38	46,571	1479	2,948
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	-	-	162	-68.96	523	12.92	463	-36.32	727
Furniture & Vehicles	12,477	-46.54	23,339	-31.82	34,230	-25.76	46,108	1975	2,221
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	2,882,823	63.53	1,762,920	24.16	1,419,925	-51.64	2,936,274	-43.66	5,211,636
Inventories	278,871	205	91,265	-11.01	102,555	-14.54	120,008	-50.00	240,006
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	278,871	205	91,265	-11.01	102,555	-14.54	120,008	-50.00	240,006
Trade debtors	2,447,477	70.02	1,439,552	25.76	1,144,714	-58.58	2,763,764	-41.92	4,758,648
Other amounts receivable	3,847	692	486	-97.62	20,390	1934	1,002	-50.03	2,005
Cash	149,924	-34.24	228,002	53.24	148,784	220	46,362	-77.67	207,631
Miscellaneous current assets	2,703	-25.25	3,616	3.88	3,481	-32.25	5,138	53.57	3,346
Total Assets	2,895,300	62.07	1,786,422	22.81	1,454,678	-51.23	2,982,845	-42.80	5,214,585

LIABILITIES

Total shareholders equity	90,921	7.16	84,843	7.10	79,217	14.83	68,984	10.72	62,304
Issued share capital	18,750	0	18,750	0	18,750	0	18,750	0	18,750
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	72,171	9.20	66,093	9.30	60,467	20.37	50,234	15.34	43,554
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	2,804,380	64.81	1,701,579	23.71	1,375,461	-52.80	2,913,861	-43.45	5,152,281
Other long term loans	3,699	-69.90	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	3,699	-69.90	12,291	-40.02	20,492	-27.64	28,322	-	0
Current portion of long term debt	8,591	4.75	8,202	4.75	7,830	4.75	7,475	-	-
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	2,667,869	77.90	1,499,623	35.67	1,105,383	-57.81	2,620,213	-46.57	4,903,845
Amounts Payable for Taxes,	6,654	565	1,000	-70.99	3,447	-28.03	4,790	3172	146
Remuneration & Social Security
Miscellaneous current liabilities	117,566	-34.85	180,463	-24.27	238,309	-5.83	253,061	1.92	248,289
Total current liabilities	2,800,680	65.79	1,689,288	24.67	1,354,968	-53.04	2,885,539	-43.99	5,152,281
Total Liabilities	2,895,300	62.07	1,786,422	22.81	1,454,678	-51.23	2,982,845	-42.80	5,214,585

ratio analysis

TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	47.15	78.46	26.42	-30.33	37.92	-32.94	56.55	-22.88	73.33
Return on total assets employed	1.54	6.94	1.44	-44.62	2.60	41.30	1.84	109	0.88
Return on net assets employed	49.07	62.27	30.24	-36.64	47.73	-40.16	79.76	8.77	73.33
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.03	-0.96	1.04	-0.95	1.05	2.94	1.02	0.99	1.01
Liquidity ratio / acid ratio	0.93	-6.06	0.99	2.06	0.97	-1.02	0.98	2.08	0.96
Current debt ratio	30.80	54.70	19.91	16.43	17.10	-59.12	41.83	-49.42	82.70
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	47,102	12.48	41,877	-11.91	47,538	-13.61	55,029	21.58	45,260
Net worth	90,921	7.16	84,843	7.10	79,217	14.83	68,984	10.72	62,304
LONG TERM STABILITY
Gearing	13.52	-44.02	24.15	-32.45	35.75	-31.10	51.89	-	-
Equity in percentage	3.14	-33.89	4.75	-12.84	5.45	135	2.31	94.12	1.19
Total debt ratio	30.84	53.74	20.06	15.55	17.36	-58.90	42.24	-48.92	82.70
Working capital	82,143	11.56	73,632	13.36	64,957	28.03	50,735	-14.52	59,355

PROFIT & LOSS

Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	83,145	20.84	68,807	-53.23	147,112	554	22,486	-48.92	44,019
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	11,024	-2.01	11,251	-8.56	12,305	47.40	8,348	997	761
Operating result	69,936	139	29,213	-77.89	132,136	1134	10,703	-74.39	41,784
Total financial income	317,221	431	59,723	-62.91	161,018	-76.10	673,652	71.50	392,805
Total financial expenses	342,545	441	63,275	-75.22	255,344	-59.43	629,332	61.82	388,903
Results on ordinary operations before taxation	44,612	73.85	25,660	-32.13	37,809	-31.29	55,024	20.44	45,686
Extraordinary Income	-	-	9,058	-	-	-	1,000	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	9,058	-	0	-100	1,000	-	0
Results for the Year Before Taxation	44,612	28.50	34,718	-8.18	37,809	-32.51	56,024	22.63	45,686
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	8,534	108	4,092	58.82	2,576	-72.42	9,343	687	1,187
Results on ordinary operations after taxation	36,077	67.27	21,569	-38.78	35,233	-22.87	45,681	2.66	44,499
Net result	36,077	17.80	30,626	-13.08	35,233	-24.52	46,681	4.90	44,499
Profit (Loss) for the Year to be appropiated	36,077	17.80	30,626	-13.08	35,233	-24.52	46,681	4.90	44,499
Dividends	-	-	-	-	-	-	-	-	-

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	-
Day sales outstanding	-
INDUSTRY COMPARISON
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	104.46
Industry average day sales outstanding	182.76

Industry quartile analysis

PAYMENT EXPECTATIONS

Company result --

Lower 118.32

Median 75.69

Upper 45.40

DAY SALES OUTSTANDING

Company result –

Lower 102.27

Median 54.88

Upper 25.13

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\

COMPANIES THAT MATCH THIS ADDRESS

No Companies Match this address

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

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.63.89
UK Pound	1	Rs.99.10
Euro	1	Rs.70.12

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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	866050246	Company name	TANYA'S ANTWERP BVBA
Fax number	032391286	Date founded	18/06/2004
Company status	active	Company type	Private Limited Company
			(BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2014
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0866.050.246 Check VAT number