MIRA INFORM REPORT

Report No. :	344686
Report Date :	08.10.2015

IDENTIFICATION DETAILS

Name :	ARPANDIAM BVBA

Registered Office :	Pelikaanstraat 62-Kamer 629, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	20.05.2005

Com. Reg. No.:	873922488

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

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 name

ARPANDIAM BVBA

Company summary

Business number	873922488
Company name	ARPANDIAM BVBA
Address	PELIKAANSTRAAT 62-KAMER 629
	2018 ANTWERPEN
Number of staff	0
Date of establishment	20/05/2005
Telephone number	032315285
Fax number	032315286

Ultimate holding company
Company name	Company Number
-	-

Commentary

The business was established over 10 years ago.

No employees are recorded for this business.

The business has been at the address for over 6 years.

Net Worth increased by 58% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		19,981	36,439	31,130
31/12/2012		20,390	23,004	17,239
31/12/2011		36,677	6,115	659
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	598,111	0	18,600	20,192
31/12/2012	663,525	0	18,600	23,855
31/12/2011	559,325	0	18,600	43,385

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	111.38	Industry average day sales	172.26
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	31-12-2013	%	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	14,085	-32.07	20,736	-21.18	26,307	1684	1,474	-39.54	2,438
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	13,775	-32.56	20,426	-21.43	25,997	2133	1,164	-45.30	2,128
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	935	-22.35	1,204	205	394	-45.28	720	-43.93	1,284
Furniture & Vehicles	12,840	-33.20	19,222	-24.92	25,603	5666	444	-47.39	844
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	310	0	310	0	310	0	310	0	310
Total current assets	584,026	-9.14	642,790	20.59	533,019	-11.87	604,795	81.65	332,940
Inventories	214,883	-0.17	215,239	43.52	149,975	-54.84	332,075	94.25	170,950
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	214,883	-0.17	215,239	43.52	149,975	-54.84	332,075	94.25	170,950
Trade debtors	215,736	-21.59	275,139	-13.15	316,782	70.42	185,888	70.81	108,827
Other amounts receivable	1,508	-15.01	1,774	-7.22	1,913	19.09	1,606	-92.29	20,839
Cash	142,912	-2.44	146,490	130	63,484	-25.51	85,226	163	32,324
Miscellaneous current assets	8,987	116	4,147	379	864	-	0	-	0
Total Assets	598,111	-9.86	663,525	18.63	559,325	-7.74	606,269	80.77	335,378

Liabilities
Total shareholders equity	36,439	58.40	23,004	276	6,115	20.01	-30,563	58.05	-52,649
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Share premium account	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	17,839	305	4,404	35.28	-12,485	25.40	-49,163	69.00	-71,249
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	561,671	-12.31	640,521	15.78	553,211	-13.13	636,832	64.12	388,027
Other long term loans	8,775	-41.38	14,970	-28.21	20,851	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	1	-	0	-	0	-	0	-	0
Total long term debts	8,776	-41.38	14,970	-28.21	20,851	-	0	-	0
Current portion of long term debt	6,194	5.32	5,881	5.32	5,584	-	-	-	-
Financial debts	300	-77.08	1,309	-	-	-	618	-	-
Trade creditors	299,734	-1.28	303,627	39.48	217,678	-33.61	327,871	350	72,834
Amounts Payable for Taxes, Remuneration &	6,500	62.50	4,000	-	-	-	-	-	-
Social Security
Miscellaneous current liabilities	240,168	-22.71	310,734	0.53	309,098	0.24	308,343	-2.17	315,193
Total current liabilities	552,896	-11.61	625,551	17.51	532,360	-16.41	636,832	64.12	388,027
Total Liabilities	598,111	-9.86	663,525	18.63	559,325	-7.74	606,269	80.77	335,378

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	44.19	-17.69	53.69	-60.52	136.01	188	-72.26	-223	58.30
Return on total assets employed	3.34	8.79	3.07	-53.20	6.56	80.22	3.64	39.78	-9.15
Return on net assets employed	54.83	-38.14	88.63	-85.22	599.83	830	-72.26	-223	58.30
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.06	2.91	1.03	3.00	1.00	5.26	0.95	10.47	0.86
Liquidity ratio / acid ratio	0.67	-1.47	0.68	-5.56	0.72	67.44	0.43	2.38	0.42
Current debt ratio	15.17	-44.21	27.19	-68.77	87.06	417	-20.84	-182	-7.37
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	20,192	-15.36	23,855	-45.02	43,385	87.69	23,115	77.88	-29,680
Net worth	36,439	58.40	23,004	276	6,115	20.01	-30,563	58.05	-52,649
LONG TERM STABILITY
Gearing	41.90	-56.50	96.33	-77.72	432.33	21402	-2.02	-	-
Equity in percentage	6.09	75.50	3.47	218	1.09	21.63	-5.04	32.10	-15.70
Total debt ratio	15.41	-44.65	27.84	-69.23	90.47	434	-20.84	-182	-7.37
Working capital	31,130	80.58	17,239	2515	659	2.06	-32,037	58.16	-55,087

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	-59,771	-432	-11,223	-124	46,350	18.84	39,003	277	10,325
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	6,757	-2.99	6,965	3.84	6,708	551	1,029	1.28	1,016
Operating result	-77,856	-219	-24,379	-174	32,653	-11.95	37,085	340	8,415
Total financial income	103,299	110	48,957	488	8,326	39546	21	600	3
Total financial expenses	5,462	30.41	4,188	-2.64	4,302	-71.36	15,020	-61.60	39,114
Results on ordinary operations before taxation	19,981	-2.00	20,390	-44.41	36,677	66.07	22,086	71.95	-30,696
Extraordinary Income	-	-	500	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	500	-	0	-	0	-	0
Results for the Year Before Taxation	19,981	-4.35	20,890	-43.04	36,677	66.07	22,086	71.95	-30,696
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	6,546	63.65	4,000	-	-	-	-	-	-
Results on ordinary operations after taxation	13,435	-18.03	16,390	-55.31	36,677	66.07	22,086	71.95	-30,696
Net result	13,435	-20.45	16,890	-53.95	36,677	66.07	22,086	71.95	-30,696
Profit (Loss) for the Year to be appropiated	13,435	-20.45	16,890	-53.95	36,677	66.07	22,086	71.95	-30,696
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		-
Actual working hours		-
Personnel Charges		-
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	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education-	-	-	-
Secondairy education-
Higher education	-	-	-
university)
Higher education	-	-	-
(university)

Working CategoryFull-Time
Management
White collar
Blue collar worker-
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
industry average credit	64.48

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment Information Summary
Total number of Invoices available	2
Total number of Invoices paid within or up to 30 days after the due date	0
Total number of Invoices paid more than 30 days after the due date	2
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

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	111.38
Industry average day sales outstanding	172.26

Industry quartile analysis Payment expectations

Company result	-
Lower	120.57
Median	75
Upper	45.49

Day sales outstanding
Company result	-
Lower	107.56
Median	54.48
Upper	24.79

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	Arpan	Middle name	-
Surname	Javeri
SHAREHOLDER DETAILS
Start date	11/05/2005	End date	-
Percentage owned	100%
SHAREHOLDER ADDRESS
Street name	Belgiëlei	House number	106
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	Principal Manager
Start Date	16/08/2010
Street	106 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	ARPAN RAJENDRA JAVERI

Former director details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.26
UK Pound	1	Rs.99.53
Euro	1	Rs.73.47

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ASH

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

BANKRUPTCY DETAILS

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

INDIVIDUAL SHAREHOLDERS

Linked Companies

Director details

Unit