3decades

MIRA INFORM REPORT

Report No. :	489599
Report Date :	05.02.2018

IDENTIFICATION DETAILS

Name :	AADI BVBA

Registered Office :	Quinten Matsijslei 11-Bus 4E 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	01.06.2011

Com. Reg. No.:	837033289

Legal Form :	Private limited liability company

Line of Business :	Subject is engaged in Wholesale of diamonds and other precious stones.

No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.

The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company name and summary

Business number	837033289
Branche Unit Number	2200045419
Company name	AADI BVBA
Address	QUINTEN MATSIJSLEI 11-BUS 4E
	2018 ANTWERPEN
Date of establishment	01/06/2011
Telephone number	-
Mobile number	-
Fax number	-
Liable for VAT	yes
VAT Number	BE.0837.033.289 Check VAT number

Commentary

The business was established over 6 years ago.

No employees are recorded for this business.

The business has been at the address for over 6 years. Operating Result in the latest trading period increased 2264% on the previous trading period. Net Worth increased by 494% during the latest trading period.

Pre-tax profits increased by 4153% compared to the previous trading period. The business saw an increase in their Cash Balance of 337% during the latest trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016		167,620	196,852	196,852
31/12/2015		3,941	33,108	32,801
31/12/2014		3,635	30,291	29,534

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	1,509,406	-	18,600	164,051
31/12/2015	1,376,259	-	18,600	3,267
31/12/2014	1,210,724	-	18,600	3,145

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	200.93	Industry average day sales	212.08
expectation days		outstanding
Day sales outstanding	-

Court data summary

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

Company accounts

Assets

Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		52		52		81
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	0	-100	307	-59.42	757	-37.27	1,207	103	593
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	0	-100	307	-59.42	757	-37.27	1,207	103	593
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	0	-100	307	-59.42	757	-37.27	1,207	103	593
Furniture & Vehicles	0	-	0	-	0	-	0	-	0
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0	-	0
Total current assets	1,509,406	9.70	1,375,952	13.72	1,209,966	-9.81	1,341,561	176	484,503
Inventories	920,829	-11.91	1,045,360	16.15	900,030	-4.51	942,564	580	138,430
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	920,829	-11.91	1,045,360	16.15	900,030	-4.51	942,564	580	138,430
Trade debtors	339,251	26.01	269,225	-8.00	292,623	4.34	280,461	-15.46	331,745
Other amounts receivable	1,428	-69.69	4,711	117	2,164	213	689	-55.86	1,562
Cash	247,899	337	56,656	311	13,753	-88.19	116,497	920	11,417
Miscellaneous current assets	0	-	0	-100	1,397	3.50	1,350	0	1,350
Total Assets	1,509,406	9.67	1,376,259	13.67	1,210,724	-9.83	1,342,768	176	485,096

Liabilities

Total shareholders equity	196,852	494	33,108	9.30	30,291	9.77	27,596	16.86	23,614
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	178,252	1128	14,508	24.09	11,691	29.96	8,996	79.41	5,014
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	1,312,554	-2.28	1,343,151	13.78	1,180,432	-10.25	1,315,172	184	461,481
Other long term loans	0	-	0	-	0	-	0	-	0
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	0	-	0	-	0	-	0	-	0
Financial debts	0	-	0	-100	6	-	0	-	0
Trade creditors	684,981	-8.08	745,183	15.73	643,875	-23.53	842,005	83.31	459,324
Amounts Payable for Taxes, Remuneration &	16,927	345	3,801	45.08	2,620	-15.95	3,117	44.49	2,157
Social Security
Miscellaneous current liabilities	610,646	2.77	594,167	11.28	533,931	13.59	470,050	-	0
Total current liabilities	1,312,554	-2.28	1,343,151	13.78	1,180,432	-10.25	1,315,172	184	461,481
Total Liabilities	1,509,406	9.67	1,376,259	13.67	1,210,724	-9.83	1,342,768	176	485,096

ratio analysis

TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	85.15	615	11.90	-0.83	12.00	-27.93	16.65	-45.12	30.34
Return on total assets employed	11.11	3731	0.29	-3.33	0.30	-11.76	0.34	-77.03	1.48
Return on net assets employed	85.15	615	11.90	-0.83	12.00	-27.93	16.65	-45.12	30.34
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.15	12.75	1.02	-0.97	1.03	0.98	1.02	-2.86	1.05
Liquidity ratio / acid ratio	0.45	80.0	0.25	-3.85	0.26	-13.33	0.30	-60.0	0.75
Current debt ratio	6.67	-83.56	40.57	4.11	38.97	-18.23	47.66	143	19.54
Cashflow	164,051	4921	3,267	3.88	3,145	-29.04	4,432	-33.57	6,672
Net worth	196,852	494	33,108	9.30	30,291	9.77	27,596	16.86	23,614
LONG TERM STABILITY
Gearing	-	-	-	-	0.02	-	-	-	-
Equity in percentage	13.04	441	2.41	-3.60	2.50	21.36	2.06	-57.70	4.87
Total debt ratio	6.67	-83.56	40.57	4.11	38.97	-18.23	47.66	143	19.54
Working capital	196,852	500	32,801	11.06	29,534	11.92	26,389	14.63	23,022

Profit & loss

Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	172,493	1777	9,186	35.27	6,790	-0.05	6,793	-50.11	13,616
Operating Charges	0	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	-	-	-	-	-	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	307	-31.69	450	0	450	0	450	-72.85	1,657
Operating result	170,342	2264	7,204	33.68	5,389	4.39	5,162	-48.95	10,112
Total financial income	0	0	0	-99	8	254	2	-98.45	137
Total financial expenses	2,721	-16.59	3,263	85.25	1,761	209	570	-81.52	3,085
Results on ordinary operations before taxation	167,620	4153	3,941	8.42	3,635	-20.88	4,594	-35.88	7,164
Extraordinary Income	-	-	-	-	-	-	1,065	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	-	-	-	-	1,065	-	0
Results for the Year Before Taxation	167,620	4153	3,941	8.42	3,635	-35.77	5,659	-21.01	7,164
Taxation	3,877	244	1,124	19.56	940	-43.94	1,677	-22.01	2,150
Results on ordinary operations after taxation	163,744	5712	2,817	4.53	2,695	-7.62	2,917	-41.82	5,014
Net result	163,744	5712	2,817	4.53	2,695	-32.32	3,982	-20.59	5,014
Profit (Loss) for the Year to be appropiated	163,744	5712	2,817	4.53	2,695	-32.32	3,982	-20.59	5,014
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2016
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 (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	-	-	-
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	69.49
rating
Industry average credit limit	174863.76

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	200.93
Industry average day sales outstanding	212.08

Industry quartile analysis Payment expectations

Company result	-
Lower	131.18
Median	58.79
Upper	26.55

Day sales outstanding
Company result	-
Lower	134.36
Median	82.06
Upper	44.92

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

Position	Manager
Start Date	01/01/2016
Street
Post code
Country
Name	Anuj Sahny
Name	Konark Doshi
Position	Manager
Start Date	01/10/2015
Street
Post code
Country	India
Former director details
Name	Nirav Shah
Position	Manager
Start Date	20/06/2011
End Date	31/12/2015
Street	13 PRINS ALBERTLEI Berchem (Antwerpen)
Post code	2600
Country	Belgium
Name	BHAVIKKUMAR DOSHI
Position	Manager
Start Date	01/06/2011
End Date	20/06/2011
Street
Post code
Country
Name	Konark Doshi
Position	Manager
Start Date	01/06/2011
End Date	20/06/2011
Country	India

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.07
UK Pound	1	INR 91.33
Euro	1	INR 80.03
EURO	1	INR 79.91

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	DNS

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

Significant Events
Event Date	01/07/2011
Event Description	Registered as a Diamond Trader
Event Details

Code	-
Description	-

MIRA INFORM REPORT

Company name and summary

Commentary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Group Structure

Minority Shareholders

Minority Interests

Companies that match this address

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit