MIRA INFORM REPORT

Report No. :	326681
Report Date :	11.06.2015

IDENTIFICATION DETAILS

Name :	BHAVYA BVBA

Registered Office :	Hoveniersstraat 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	28.09.2009

Com. Reg. No.:	819093239

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. 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 name

BHAVYA BVBA

Company summary

Business number	819093239
Branche Unit Number	2181456655
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 5 years ago. No employees are recorded for this business. The business has been at the address for over 5 years. Operating Result in the latest trading period decreased 98% on the previous trading period. Pre-tax profits decreased by 48% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		38,987	103,347	98,218
31/12/2012		75,148	86,964	80,301
31/12/2011		28,996	66,378	59,584
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	3,086,550	0	25,000	17,917
31/12/2012	3,351,541	0	25,000	22,120
31/12/2011	2,705,912	0	25,000	24,639

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	126.58	Industry average day sales	185.59
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount	-
NSSO DETAILS
Date of summons	-

Publications

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	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		65
Currency	EUR		EUR		EUR		EUR
Total fixed assets	5,129	-23.02	6,663	-21.25	8,462	39.19	6,079
Intangible fixed assets	0	-	0	-100	1,667	-49.99	3,334
Tangible fixed assets	5,129	-23.02	6,663	-1.93	6,795	147	2,746
Land & building	-	-	-	-	-	-	-
Plant & machinery	4,786	-23.76	6,277	-7.62	6,795	147	2,746
Furniture & Vehicles	343	-11.11	386	-	-	-	-
Leasing & Other Similar Rights	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-
Total current assets	3,081,421	-7.88	3,344,878	24.00	2,697,451	-25.38
Inventories	1,256,613	-5.26	1,326,392	358	289,500	-58.24
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0
Other stocks	1,256,613	-5.26	1,326,392	358	289,500	-58.24
Trade debtors	1,647,982	-10.26	1,836,340	-18.18	2,244,448	1.15
Other amounts receivable	1,081	-44.88	1,961	5.49	1,859	-30.19	2,662
Cash	175,745	-2.46	180,185	20.91	149,030	-78.72
Miscellaneous current assets	0	-	0	-100	12,614	-	0
Total Assets	3,086,550	-7.91	3,351,541	23.86	2,705,912	-25.28

LIABILITIES
Total shareholders equity	103,347	18.84	86,964	27.80		68,045	46.75	46,369
Issued share capital	25,000	0	25,000	0		25,000	0	25,000
Share premium account	-	-	-	-	-		-	-

Revaluation reserve	-	-	-	-	-	-	-
Reserves	78,347	26.44	61,964	43.95	43,045	101	21,369
Provisions for Liabilities & Charges	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-
Creditors	2,983,203	-8.62	3,264,577	23.76	2,637,867	-26.21	3,574,823
Other long term loans	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-
Financial debts	54	306	13	-	-	-	34
Trade creditors	2,380,208	-7.78	2,581,139	35.41	1,906,096	-35.74	2,966,410
Amounts Payable for Taxes, Remuneration & Social	4,700	-22.81	6,089	-18.82	7,500	-5.06	7,900
Security
Miscellaneous current liabilities	598,241	-11.68	677,335	-6.48	724,271	20.62	600,480
Total current liabilities	2,983,203	-8.62	3,264,577	23.76	2,637,867	-26.21	3,574,823
Total Liabilities	3,086,550	-7.91	3,351,541	23.86	2,705,912	-25.28	3,621,193

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-
Return on capital employed	37.72	-56.35	86.41	102	42.61	-32.49	63.12
Return on total assets employed	1.26	-43.75	2.24	109	1.07	32.10	0.81
Return on net assets employed	37.72	-56.35	86.41	102	42.61	-32.49	63.12
Sales / net working capital	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.03	0.98	1.02	0	1.02	0.99	1.01
Liquidity ratio / acid ratio	0.61	-1.61	0.62	-31.87	0.91	10.98	0.82
Current debt ratio	28.87	-23.10	37.54	-3.17	38.77	-49.71	77.09
Liquidity ratio reprocessed	-	-	-	-	-	-	-
Cashflow	17,917	-19.00	22,120	-10.22	24,639	3.86	23,722
Net worth	103,347	18.84	86,964	31.01	66,378	54.24	43,036
LONG TERM STABILITY
Gearing	0.05	150	0.02	-	-	-	0.07
Equity in percentage	3.35	29.34	2.59	2.78	2.52	96.88	1.28
Total debt ratio	28.87	-23.10	37.54	-3.17	38.77	-49.71	77.09
Working capital	98,218	22.31	80,301	34.77	59,584	47.89	40,290

PROFIT & LOSS
Operating Income	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-
Gross Operating Margin	2,577	-96.25	68,808	-48.32	133,154	41.96	93,799
Operating Charges	-	-	-	-	-	-	-
Employee costs	-	-	9,887	-	-	-	-
Wages and salary	-	-	9,227	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	283	-	-	-	-
Other employee costs	0	-100	377	-	0	-	0
Director remuneration	-	-	-	-	-	-	-
Amortization and depreciation	1,534	-52.08	3,201	8.04	2,963	25.92	2,353
Operating result	753	-98.64	55,464	-57.32	129,938	43.74	90,395
Total financial income	42,864	56.00	27,476	34834	79	-	-
Total financial expenses	4,629	-40.59	7,792	-92.29	101,020	65.27	61,125
Results on ordinary operations before taxation	38,987	-48.12	75,148	159	28,996	-0.93	29,269
Extraordinary Income	-	-	-	-	-	-	-
Extraordinary Charges	18,008	-64.64	50,923	-	-	-	-
Extraordinary items	-18,008	35.36	-50,923	-	0	-	0
Results for the Year Before Taxation	20,979	-13.40	24,225	-16.45	28,996	-0.93	29,269
Other appropriations	-	-	-	-	-	-	-
Taxation	4,596	-13.38	5,307	-27.51	7,320	-7.34	7,900
Results on ordinary operations after taxation	34,391	-50.76	69,841	222	21,676	1.43	21,369
Net result	16,383	-13.40	18,919	-12.72	21,676	1.43	21,369
Profit (Loss) for the Year to be appropiated	16,383	-13.40	18,919	-12.72	21,676	1.43	21,369
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		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		0
Actual working hours		813
Personnel Charges		9,887
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
Other
Blue collar worker

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	-	-

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	126.58
Industry average day sales	185.59

Industry quartile analysis Payment expectations

Company result	-
Lower	120.44
Median	74.61
Upper	45.88

Day sales outstanding
Company result	-
Lower	101.92
Median	54.07
Upper	24.18

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	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

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	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.63.88
UK Pound	1	Rs.98.47
Euro	1	Rs.72.14

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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.

MIRA INFORM REPORT

Company name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Publications

Company accounts

Social Balance Sheet Details

Payment Information

Group Structure

Minority Shareholders

Minority Interests

SHAREHOLDER NAME

Companies that match this address

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit