MIRA INFORM REPORT

Report No. :	321390
Report Date :	08.05.2015

IDENTIFICATION DETAILS

Name :	ANEESH BVBA
Registered Office :	Hoveniersstraat 53-24, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	20.12.1988
Com. Reg. No.:	436205536
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of Diamonds and Other Precious Stones.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Belgium	A2	A2

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 Summary

Business number 436205535

Company name ANEESH BVBA

Address HOVENIERSSTRAAT 53-24

2018 ANTWERPEN

Number of staff 0

Date of establishment 20/12/1988

Telephone number --

Fax number --

Commentary

The business was established over 25 years ago.

The business has 2 employees.

The business has been at the address for over 12 years.

Operating Result in the latest trading period increased 49% on the previous trading period.

Pre-tax profits increased by 201% compared to the previous trading period.

The business saw an increase in their Cash Balance of 5342% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	20,964,284	93,885	1,060,751	1,687,109
31/12/2012	17,820,617	31,122	971,640	1,628,066
31/12/2011	20,350,461	-81,908	939,224	1,604,217

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	7,742,035	0	776,758	92,959
31/12/2012	6,496,300	0	776,758	38,787
31/12/2011	6,760,048	0	776,758	-70,556

Payment expectations

Past payments		Payment expectation days	72.34
Industry average payment expectation days	124.33	Industry average day sales outstanding	141.60
Day sales outstanding	121.21

Court data summary

BANKRUPTCY DETAILS
Court action type PROTESTED BILLS	No
Bill amount	-
NSSO DETAILS
Date of summons	-

Company Information

Business number	436205535	Company name	ANEESH BVBA
Fax number		Date founded	20/12/1988
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0436.205.535 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Company Accounts

Profit & loss

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	20,964,284	17.64	17,820,617	-12.43	20,350,461	54,152,539	-61.29
Total operating expenses	20,783,414	17.42	17,699,979	-12.95	20,334,136	53,700,067	-61.30
Operating result	180,870	49.93	120,638	638	16,325	149,666	20.85
Total financial income	49	-92.87	682	-86.81	5,172	83,078	-99
Total financial expenses	87,033	-3.51	90,199	-12.77	103,405	191,336	-54.51
Results on ordinary operations before taxation	93,885	201	31,122	38.00	-81,908	34,873	169
Taxation	10,798	4790	221	676	28	21,734	-50.32

Results on ordinary operations after taxation	83,086	168	30,901	37.71	-81,937	18,920	339
Extraordinary items	6,024	297	1,515	24.57	1,216	5,359	12.41
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	89,110	174	32,416	40.16	-80,721	24,413	265
Gross Operating Margin	-	-	-	-	-	33,365	-
Dividends	-	-	-	-	-	234,766	-
Director remuneration	-	-	-	-	32,987	126,036	-
Employee costs	1,460	2.60	1,423	19.56	1,190	139,048	-98.95
Wages and salary	-	-	-	-	185	119,968	-
Employee pension costs	-	-	-	-	-	23,129	-
Social security contributions	-	-	-	-	-	29,614	-
Other employee costs	1,460	2.60	1,423	41.61	1,005	3,975	-63.28
Amortization and depreciation	3,848	-39.59	6,371	-37.32	10,165	17,896	-78.50

Balance Sheet

Annual accounts	31-122013	%	31-122012	%	31-122011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,297	-100
Tangible fixed assets	98,752	-2.70	101,494	-5.91	107,865	189,680	-47.94
Land & building	97,479	-3.19	100,687	-3.09	103,895	369,885	-73.65
Plant & machinery	1,273	57.69	808	-79.66	3,971	26,893	-95.26
Furniture & Vehicles	0	0	0	0	0	15,771 4,585	-99
Leasing & Other Similar Rights	-	-	-	-	-	107,517 34,551	-
Other tangible assets	0	-	0	-	0	9,048	-100
Financial fixed assets	-	-	-	-	-	179,439	-
Total fixed assets	98,752	-2.70	101,494	-5.91	107,865	299,919	-67.07
Inventories	521,532	-34.59	797,329	68.88	472,127	2,925,620	-82.17
Raw materials & consumables	-	-	-	-	-	6,545,857	-
Work in progress	0	-	0	-	0	1,122	-100
Finished goods	521,532	-34.59	797,329	68.88	472,127	1,941,660	-73.14
Other stocks	0	-	0	-	0	452,415	-100
Trade debtors	6,962,135	27.85	5,445,615	-9.89	6,043,627	4,237,665	64.29
Cash	4,691	5342	86	-99	9,274	455,744,554	-99
other amounts receivable	153,174	2.14	149,959	19.65	125,329	181,620	-15.66
Miscellaneous current assets	1,752	-3.57	1,817	-0.51	1,826	-448,706,207	0.00
Total current assets	7,643,283	19.52	6,394,805	-3.87	6,652,183	7,125,179	7.27
Total Assets	7,742,035	19.18	6,496,300	-3.90	6,760,048	7,392,123 1,293,260	4.73

Trade creditors	4,118,922	-13.33	4,752,245	1.21	4,695,298	2,895,970	42.23
Short term group loans	-	-	-	-	-	-	-
Financial debts Current portion of long term debt	1,825,769	16774	10,820	-96.78	336,463 10,317	4,381,895 147,756 81,130 14,053	-58.33
Amounts Payable for Taxes, Remuneration & Social Security	10,987	279	2,892	-43.14	5,086	8,507 -	-65.27
Miscellaneous current liabilities	496	-36.56	782	-2.68	803	-99	- -
Total current liabilities	5,956,174	24.95	4,766,739	-5.57	5,047,967	5,067,698	17.53
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	-
Other long term loans	-	-	-	-	-	-	-
Deffered taxes	-	-	-	-	-	46,266 28,377	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,919 0	-100
Other long term liabilities	725,111	-4.33	757,920	-1.93	772,857	243,046	198
Total long term debts SHAREHOLDERS EQUITY	725,111	-4.33	757,920	-1.93	772,857	679,230	6.75
Issued share capital	776,758	0	776,758	0	776,758	962,001	-19.26
Share premium account	-	-	-	-	-	124,160	-
Reserves	283,993	45.73	194,883	19.95	162,467	652,703	-56.49
Revaluation reserve	-	-	-	-	-	881,530	-
Total shareholders equity	1,060,751	9.17	971,640	3.45	939,224	1,637,331	-35.21
Working capital	1,687,109	3.63	1,628,066	1.49	1,604,217	2,057,482	-18.00
Cashflow	92,959	139	38,787	54.97	-70,556	38,939	138
Net worth	1,060,751	9.17	971,640	3.45	939,224	1,636,034	-35.16

Ratio Analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.45	164	0.17	42.50	-0.40	-7,00	6.43
Return on capital employed	5.26	192	1.80	37.66	-4.78	-7,00	75.14
Return on total assets employed	1.21	152	0.48	39.67	-1.21	-8,00	15.12
Return on net assets employed	8.85	176	3.20	36.70	-8.72	-6,00	147
Sales / net working capital	12.43	13.52	10.95	-13.71	12.69	131,00	-99
Stock turnover ratio	2.49	-44.30	4.47	92.67	2.32	77,00	-96.77
Debtor days	121.21	8.67	111.54	2.90	108.40	141,60	-14.40
Creditor days	72.34	-26.18	98	16.28	84.28	124,33	-41.82
SHORT TERM STABILITY
Current ratio	1.28	-4.48	1.34	1.52	1.32	4,00	-87.20
Liquidity ratio / acid ratio	1.20	2.56	1.17	-4.10	1.22	3,00	-60.00
Current debt ratio	5.62	14.46	4.91	-8.57	5.37	10,00	-43.80
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	172.12	15406	1.11	-96.99	36.92	229,00	-24.84
Equity in percentage	13.70	-8.42	14.96	7.70	13.89	-210,00	6.52
Total debt ratio	6.30	10.72	5.69	-8.23	6.20	11,00	-42.73

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

Payment Information

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days 72.34

Day sales outstanding 121.21

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 124.33

Industry average day sales

Outstanding 141.60

Industry quartile analysis

Payment expectations

Company result 72.34

Lower 122.66

Median 75.64

Upper 46.73

Day sales outstanding

Company result 121.21

Lower 102.33

Median 54.51

Upper 24.07

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

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 AMIT BHANSALI

Position Principal Manager

Start Date 07/11/2009

Street 32 ARENDSNESTLAAN EDEGEM

Post code 2650

Country Belgium

Former director details

Name SOPEN SANJAY MEHTA

Position Principal Manager

Start Date 08/03/2000

End Date 05/09/2000

Street

Post code

Country India

Name MEHTA BAKULCHANDRA

Position Principal Manager

Start Date 08/03/2002

End Date Unknown date

Street 25 PRINS ALBERTLEI ANTWERPEN

Post code 2600

Country Belgium

Name KANTILAL METHA BAKULCHANDRA

Position Principal Manager

Start Date 27/05/1997

End Date Unknown date

Street 25 PRINS ALBERTLEI ANTWERPEN

Post code 2600

Country Belgium

Name SUDHIR BHANSALI AMIT

Position Principal Manager

Start Date 27/05/1997

End Date Unknown date

Street 31 PRINS ALBERTLEI ANTWERPEN

Post code 2600

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.97.21
Euro	1	Rs.72.51

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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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