MIRA INFORM REPORT

Report Date :

04.04.2014

IDENTIFICATION DETAILS

Name :	PARV BVBA

Registered Office :	Hoveniersstraat 30, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	29.06.2004

Com. Reg. No.:	866324717

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 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 866324717

Company name PARV BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 0

Date of establishment 29/06/2004

Telephone number 032399325

Commentary

The business was established over 9 years ago.

No employees are recorded for this business.

The business has been at the address for over 4 years.

The business saw a decrease in their Cash Balance of 68% during the latest trading period.

Accounts

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	13,080,150	33,358	820,050	1,198,663
31/12/2011	15,813,625	39,188	788,697	1,175,073
31/12/2010	17,826,143	39,015	752,650	1,126,678
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	5,398,715	0	693,546	31,553
31/12/2011	4,610,272	0	693,546	36,162
31/12/2010	5,506,446	0	693,546	34,842

Payment expectations

Past payments		Payment expectation days	116.83
Industry average payment expectation days	164.15	Industry average day sales outstanding	119.90
Day sales outstanding	133.74
Court data summary
BANKRUPTCY DETAILS
Court action type	no

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	13,080,150	17.29	15,813,625	11.29	17,826,143	46,537,630	71.89
Total operating expenses	13,044,160	17.29	15,770,044	11.27	17,773,289	46,145,645	71.73
Operating result	35,990	17.42	43,581	17.54	52,854	147,590	75.61
Total financial income	43	24.54	57	76.77	245	97,743	-99
Total financial expenses	2,676	39.87	4,450	68.40	14,084	204,361	98.69
Results on ordinary operations before taxation	33,358	14.88	39,188	0.44	39,015	32,848	1.55
Taxation	2,004	36.23	3,142	27.41	4,328	20,918	90.42
Results on ordinary operations after taxation	31,354	13.02	36,046	3.92	34,687	18,016	74.03
Extraordinary items	0	-	0	-	0	-4,395	0
Other appropriations	0.00	-100	1	-	0.00	-	-
Net result	31,354	13.02	36,047	3.92	34,687	13,640	129
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	30,955	-	-	114,302	-
Employee costs	-	-	-	-	-	125,948	-
Wages and salary	-	-	-	-	-	105,678	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,585	-
Other employee costs	0	-	0	-	0	4,360	-100
Amortization and depreciation	200	73.57	115	25.97	155	17,895	98.88

balance sheet

Annual accounts	31-122012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,553	-100
Tangible fixed assets	348	556	53	68.38	168	185,189	-99
Land & building	-	-	-	-	-	362,988	-
Plant & machinery	348	-	-	-	-	22,664	98.46
Furniture & Vehicles	-	-	53	68.38	168	17,327 5,364	-
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,634	-100
Financial fixed assets	-	-	-	-	-	307,703	-
Total fixed assets	348	556	53	68.38	168	396,856	-99
Inventories	466,079	54.17	1,016,952	22.51	830,087	3,093,934	84.94
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,399	-100
Finished goods	466,079	54.17	1,016,952	22.51	830,087	1,982,203	76.49
Other stocks	0	-	0	-	0	571,885	-100
Trade debtors	4,792,786	51.47	3,164,096	29.88	4,512,319	4,167,122	15.01
Cash	129,561	68.75	414,640	176	149,919	226,208	42.73
other amounts receivable	5,926	44.30	10,639	7.80	9,870	185,906	96.81
Miscellaneous current assets	4,016	3.18	3,892	-4.68	4,083	18,028	77.73
Total current assets	5,398,367	17.10	4,610,219	16.27	5,506,278	7,215,183	25.18
Total Assets	5,398,715	17.10	4,610,272	16.27	5,506,446	7,579,247 1,446,080	28.77
CURRENT LIABILITIES
Trade creditors	4,175,342	22.60	3,405,784	21.66	4,347,429	3,040,360	37.33
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	1	98.14	54	4,261,350 189,666	-
Current portion of long term debt	-	-	-	-	-	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	5,019	0.45	4,997	34.01	7,572	9,709 -	85.22
Miscellaneous current liabilities	19,343	20.61	24,364	-0.74	24,546	-93.49	- -
Total current liabilities	4,199,705	22.26	3,435,146	21.56	4,379,600	5,342,128	21.39
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	378,960	-1.93	386,429	3.27	374,195	-65.56	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,184 0	-100
Other long term liabilities	0	-	0	-	0	128,672	-100
Total long term debts	378,960	-1.93	386,429	3.27	374,195	559,214	32.23
SHAREHOLDERS EQUITY
Issued share capital	693,546	0	693,546	0	693,546	943,974	26.53
Share premium account	-	-	-	-	-	109,362	-
Reserves	126,504	32.95	95,151	60.99	59,104	690,619	81.68
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	820,050	3.98	788,697	4.79	752,650	1,664,274	50.73
Working capital	1,198,663	2.01	1,175,073	4.30	1,126,678	1,873,055	36.00
Cashflow	31,553	12.74	36,162	3.79	34,842	28,425	11.01
Net worth	820,050	3.98	788,697	4.79	752,650	1,661,040	50.63

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.26	4.00	0.25	13.64	0.22	-25,00	1.04
Return on capital employed	2.78	-16.52	3.33	-3.76	3.46	29,00	-90.41
Return on total assets employed	0.62	-27.06	0.85	19.72	0.71	-201,00	0.31
Return on net assets employed	4.07	-18.11	4.97	-4.05	5.18	19,00	-78.58
Sales / net working capital	10.91	-18.95	13.46	-14.92	15.82	45,00	-99
Stock turnover ratio	3.56	-44.63	6.43	37.98	4.66	111,00	-96.79
Debtor days	133.74	83.13	73.03	-20.95	92.39	133,00	0.56
Creditor days	116.83	48.20	78.83	-11.70	89.28	122,00	-4.24
SHORT TERM STABILITY
Current ratio	1.29	-3.73	1.34	6.35	1.26	7,00	-85.67
Liquidity ratio / acid ratio	1.17	11.43	1.05	-1.87	1.07	4,00	-70.75
Current debt ratio	5.12	17.43	4.36	-25.09	5.82	9,00	-43.11
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	46.21	-5.69	49	-1.45	49.72	360,00	-87.16
Equity in percentage	15.19	-11.22	17.11	25.16	13.67	-3.211,00	0.47
Total debt ratio	5.58	15.05	4.85	-23.26	6.32	10,00	-44.20

Payment expectations
Payment expectation days	116.83
Day sales outstanding	133.74
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.15
Industry average day sales outstanding	119.90
Industry quartile analysis
Payment expectations
Company result	116.83
Lower	134.34
Median	84.60
Upper	45.29

Day sales outstanding
Company result	133.74
Lower	112.48
Median	58.56
Upper	28.09

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	866324717
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

Director details

Current director details

Name	AJIT SHAH
Position	Principal Manager
Start Date	10/09/2013
Street	127 BELGIELEI 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.60.12
UK Pound	1	Rs.100.07
Euro	1	Rs.82.74

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NNA

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	866324717	Company name	PARV BVBA
Fax number		Date founded	29/06/2004
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0866.324.717
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)
Significant Events
Event Date	24/10/2011
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 17-12-2011: Benoemd tot zaakvoeder vanaf 17-12-2011: Shah Ajit.