MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	PERFECT DESIGNS BVBA
Registered Office :	Hoveniersstraat 9, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	08.03.1991
Com. Reg. No.:	443341864
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No of Employees :	01

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Belgium	A1	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 443341864

Company name PERFECT DESIGNS BVBA

Address HOVENIERSSTRAAT 9

2018 ANTWERPEN

Number of staff 1

Date of establishment 08/03/1991

Telephone number 032340560

Fax number 032340781

Commentary

The business was established over 23 years ago.

The business has 1 employees.

The business has been at the address for over 3 years.

Net Worth decreased by 35% during the latest trading period.

Pre-tax profits increased by 23% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 71% during the latest trading period.

Accounts

Date of Latest Accounts Turnover Profit Before Tax Net Worth Working Capital

31/12/2013 34,135,245 95,700 515,594 1,965,775

31/12/2012 28,415,009 77,505 794,824 2,269,700

31/12/2011 39,892,639 69,150 737,790 2,796,256

Accounts

Date of Latest Accounts Balance Total Number of Employees Capital Cashflow

31/12/2013 7,001,812 1 282,444 82,431

31/12/2012 8,643,978 1 282,444 68,686

31/12/2011 8,401,386 1 282,444 70,545

Payment expectations

Past payments

Payment expectation days 12.98

Industry average payment

expectation days 124.39

Industry average day sales

outstanding 141.74

Day sales outstanding 59.06

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company information

Business number	443341864	Company name	PERFECT DESIGNS BVBA
Fax number	032340781	Date founded	08/03/1991
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.0443.341.864 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

JIC Code 218

Description Additional national joint committee for the employees

category

JIC Code 324

Description Joint committee for the industry and the trade in diamant

Category

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		79,989		-13.07	92,014		-18.38		112,730		-14.14		131,298		17.15	112,075
Intangible fixed assets		678		-55.64	1,528		-35.75		2,378		-26.33		3,228		-20.85	4,078
Tangible fixed assets		78,017		-12.53	89,192		-18.37		109,258		-13.95		126,977		18.78	106,903
Land & building		63,312		-4.99	66,638		-4.75		69,963		-4.54		73,289		-4.34	76,615
Plant & machinery		2,965		-16.46	3,549		-0.46		3,566		197		1,200		-34.89	1,843
Furniture & Vehicles		11,740		-38.23	19,005		-46.81		35,729		-31.93		52,487		84.52	28,445
Leasing & Other Similar Rights		-		-	-		-		-		-		-		-	-
Other tangible assets		0		-	0		-		0		-		0		-	0
Total current assets		6,921,822		-19.06	8,551,964		3.18		8,288,655		-5.52		8,772,795		24.72	7,034,237
Inventories		1,378,267		-27.89	1,911,362		-9.90		2,121,430		72.93		1,226,723		-40.64	2,066,507
Raw materials & consumables		-		-	-		-		-		-		-		-	-
Work in progress		0		-	0		-		0		-		0		-	0
Finished goods		1,378,267		-27.89	1,911,362		-9.90		2,121,430		72.93		1,226,723		-40.64	2,066,507
Other stocks		0		-	0		-		0		-		0		-	0
Trade debtors		5,523,373		-16.13	6,585,687		8.31		6,080,486		-18.69		7,477,824		51.97	4,920,722
Other amounts receivable		2,301		34.89	1,705		-19.31		2,114		2.55		2,061		-36.79	3,261
Cash	14,243		-71.36		49,731	-39.22		81,820		27.04		64,406		51.11		42,623
Miscellaneous current assets	3,639		4.61		3,479	23.97		2,806		57.51		1,782		58.57		1,124
Total Assets	7,001,812		-19.00		8,643,978	2.89		8,401,386		-5.65		8,904,093		24.60		7,146,312

Liabilities
Total shareholders equity	516,271	-35.17	796,351	7.59	740,167	7.06	691,333	5.93	652,660
Issued share capital	282,444	0	282,444	0	282,444	0	282,444	0	282,444
Share premium account
Revaluation reserve
Reserves	233,827	-54.50	513,907	12.27	457,723	11.94	408,889	10.45	370,216
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	6,485,540	-17.36	7,847,627	2.43	7,661,218	-6.72	8,212,760	26.47	6,493,651
Other long term loans	1,529,492	-2.29	1,565,363	-27.82	2,168,819	2.31	2,119,886	5.39	2,011,415
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	1,529,492	-2.29	1,565,363	-27.82	2,168,819	2.31	2,119,886	5.39	2,011,415
Current portion of long term debt
Financial debts	3,349,699	-39.02	5,492,677	46.67	3,745,032	-25.12	5,001,304	123	2,238,580
Trade creditors	1,201,019	65.22	726,935	-56.60	1,674,947	61.78	1,035,294	-52.45	2,177,206
Amounts Payable for Taxes,	44,064	429	8,329	-33.48	12,520	27.84	9,794	22.83	7,973
Remuneration & Social Security
Miscellaneous current liabilities	361,266	565	54,324	-9.31	59,901	28.87	46,483	-20.51	58,477
Total current liabilities	4,956,048	-21.11	6,282,264	14.38	5,492,400	-9.86	6,092,874	35.93	4,482,237
Total Liabilities	7,001,812	-19.00	8,643,978	2.89	8,401,386	-5.65	8,904,093	24.60	7,146,312

Ratio analysis

TRADING PERFORMANCE

Profit Before Tax	0.28	3.70	0.27	58.82	0.17	-5.56	0.18	0	0.18
Return on capital employed	4.68	42.68	3.28	37.82	2.38	31.49	1.81	8.38	1.67
Return on total assets employed	1.37	52.22	0.90	9.76	0.82	43.86	0.57	-8.06	0.62
Return on net assets employed	18.54	90.54	9.73	4.18	9.34	27.07	7.35	7.77	6.82
Sales / net working capital	17.36	38.66	12.52	-12.26	14.27	33.36	10.70	13.47	9.43
Stock turnover ratio	4.04	-39.97	6.73	26.50	5.32	24.30	4.28	-50.17	8.59
Creditor days	12.98	37.35	9.45	-39.15	15.53	16.68	13.31	-60.09	33.35
Debtor days	59.06	-30.19	84.60	52.08	55.63	-41.54	95.16	27.53	74.62
SHORT TERM STABILITY
Current ratio	1.40	2.94	1.36	-9.93	1.51	4.86	1.44	-8.28	1.57
Liquidity ratio / acid ratio	1.12	5.66	1.06	-5.36	1.12	-9.68	1.24	11.71	1.11
Current debt ratio	9.60	21.67	7.89	6.33	7.42	-15.78	8.81	28.24	6.87
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-

Cashflow	82,431	20.01	68,686	-2.63	70,545	24.60	56,617	19.96	47,198
Net worth	515,594	-35.13	794,824	7.73	737,790	7.22	688,105	6.09	648,583
LONG TERM STABILITY
Gearing	945.08	6.63	886.30	10.93	798.99	-22.43	1,030.07	58.19	651.18
Equity in percentage	7.37	-19.98	9.21	4.54	8.81	13.38	7.77	-14.99	9.14
Total debt ratio	12.56	27.51	9.85	-4.83	10.35	-12.88	11.88	19.40	9.95
Working capital	1,965,775	-13.39	2,269,700	-18.83	2,796,256	4.34	2,679,921	5.01	2,552,000

Profit & loss
Operating Income	34,163,001	20.12	28,440,895	-28.79	39,939,162	38.75	28,785,647	19.51	24,086,330
Turnover	34,135,245	20.13	28,415,009	-28.77	39,892,639	39.09	28,682,184	19.16	24,071,045
Total operating expenses	33,768,100	20.24	28,084,036	-28.66	39,367,530	38.65	28,393,438	19.16	23,828,640
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	33,795,856	20.23	28,109,922	-28.68	39,414,054	38.31	28,496,901	19.51	23,843,925
Employee costs	31,954	3.52	30,868	2.92	29,993	39.40	21,516	-13.07	24,751
Wages and salary	23,975	2.84	23,313	-0.65	23,465	27.86	18,352	-11.82	20,811
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	4,887	2.91	4,749	4.29	4,554	67.85	2,713	-22.36	3,494
Other employee costs	3,093	10.19	2,806	42.12	1,975	337	451	1.30	446
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	12,511	0.07	12,502	-42.41	21,710	20.99	17,945	29.01	13,910
Operating result	367,145	10.93	330,973	-36.97	525,109	81.86	288,746	19.12	242,405
Total financial income	30,679	4035	742	2223	32	-98.45	2,058	-	-
Total financial expenses	302,125	18.85	254,209	-44.25	455,991	90.02	239,975	21.25	197,923
Results on ordinary operations before taxation	95,700	23.48	77,505	12.08	69,150	36.04	50,830	14.27	44,482
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	1,429	-	-	-	-	-
Extraordinary items	0	0	-1,429	-	0	-	0	-	0
Results for the Year Before Taxation	95,700	25.79	76,077	10.02	69,150	36.04	50,830	14.27	44,482
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	25,780	29.60	19,892	-2.08	20,316	67.11	12,157	8.60	11,195
Results on ordinary operations after taxation	69,920	21.36	57,613	17.98	48,834	26.28	38,673	16.18	33,288
Net result	69,920	24.45	56,184	15.05	48,834	26.28	38,673	16.18	33,288
Profit (Loss) for the Year to be appropiated	69,920	24.45	56,184	15.05	48,834	26.28	38,673	16.18	33,288
Dividends	350,000	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year

ended 31-12-2013

Full-time Employees 1

Part-time Employees -

Total Fte Employees 1

Number of hours worked

Full-time Employees 1,738

Part-time Employees -

Total 1,738

Personnel Charges

Full-time Employees 31,954

Part-time Employees -

Total 31,954

Benefits In Addition To Wages -

During the previous reporting year

Average number employees in Fte 1

Actual working hours 1,739

Personnel Charges 30,868

Benefits In Addition To Wages -

Type of Contract Full-Time Part-Time Total Fte

Unlimited Duration

Contracts 1 – 1

Gender and Education

Level

Women Full-Time Part-Time Total Fte

Higher education

(non university) 1 – 1

Working Category Full-Time Part-Time Total Fte

White collar worker 1 – 1

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

Payment expectations

Payment expectation days 12.98

Day sales outstanding 59.06

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 124.39

Industry average day sales

outstanding 141.74

Industry quartile analysis

Payment expectations

Company result 12.98

Lower 122.66

Median 76.39

Upper 46.98

Day sales outstanding

Company result 59.06

Lower 102.84

Median 54.50

Upper 24.07

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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 NAYSAR PARIKH

Position Principal Manager

Start Date 11/08/2010

Street 127 BELGIËLEI ANTWERPEN

Post code 2018

Country Belgium

Former director details

Name MERTENS,DEWAELE,ACHTEN & C B.V. BVBA

Position Commissioner

Start Date 10/01/2011

End Date 31/12/2011

Date of birth 04/04/2005

Street 183 LANGESTRAAT ZANDHOVEN

Post code 2240

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.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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.