MIRA INFORM REPORT

Report Date :

08.05.2014

IDENTIFICATION DETAILS

Name :	PG DIAM BVBA
Registered Office :	Hoveniersstraat, 53, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	15.09.2006
Com. Reg. No.:	883899731
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 :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 name & address

Business number 883899731

Company name PG DIAM BVBA

Address HOVENIERSSTRAAT

53

2018 ANTWERPEN

Number of staff 0

Date of establishment 15/09/2006

Telephone number 0478519343

Commentary

The business was established over 7 years ago.
No employees are recorded for this business.
The business has been at the address for over 18 months.
Net Worth increased by 25% during the latest trading period.
A 1383% growth in Total Assets occurred during the latest trading period.
The business saw an increase in their Cash Balance of 31% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	5,067	24,756	24,290
31/12/2011	-6,591	19,689	19,689
31/12/2010	-1,710	26,281	26,281

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	1,677,028	0	18,600	5,096
31/12/2011	-	0	18,600	-6,591
31/12/2010	-	0	18,600	-1,710

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Past payments	--	Payment expectation days	-
Industry average payment	165.02	Industry average day sales	126.78
expectation days		outstanding

Court data summary

BANKRUPTCY DETAILS
Court action type	no

Company information

Business number	883899731	Company name	PG DIAM BVBA
Fax number		Date founded	15/09/2006
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	Wholesaler of diamonds and other precious stones	VAT Number	BE.0883.899.731
Belgian Bullettin of Acts Publications	Moniteur Belge

Joint Industrial Committee

(JIC)

Significant Events
Event Date	28/09/2012
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 01-10-2013: Ontslag als zaakvoerder met ingang van 30/09/2013 van PG International (HK) LTD. Benoeming als zaakvoerder met ingang van 01/10/2013 van Rakesh Nayani.

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

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	-	-	-	-	-	46,485,458	-
Total operating expenses	-	-	-	-	-	46,114,879	-
Operating result	4,895	72.31	-6,770	-338	-1,543	140,795	-96.52
Total financial income	331	49.62	221	-	-	97,812	-99
Total financial expenses	158	267	43	-74.18	167	205,263	-99
Results on ordinary operations before taxation	5,067	76.87	-6,591	-285	-1,710	25,246	-79.93
Taxation	-	-	-	-	-	20,840	-
Results on ordinary operations after taxation	5,067	76.87	-6,591	-285	-1,710	10,435	-51.44
Extraordinary items	0	-	0	-	0	-3,986	0
Other appropriations	0	-	0.00	-	0.00	-	-
Net result	5,067	76.87	-6,591	-285	-1,710	6,468	-21.66
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	-	-	-	-	-	126,172	-
Wages and salary	-	-	-	-	-	105,771	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,708	-
Other employee costs	0	-	0	-	0	4,361	-100
Amortization and depreciation	29	-	-	-	-	17,886	-99

Balance Sheet

Annual accounts	31-12-2012	%	31-12-2011			%		31-12-2010			Industry average 2012	%
Weeks	52		52					52
Currency	EUR		EUR					EUR
Intangible fixed assets	0	-	0			-		0			1,577	-100
Tangible fixed assets	466	-	-			-		-			184,763	-99
Land & building	-	-	-			-		-			362,988	-
Plant & machinery	466	-	-			-		-			22,646	97.94
Furniture & Vehicles	-	-	-			-		-			17,300 5,364	-
Leasing & Other Similar Rights	-	-	-			-		-			142,153 32,369	-
Other tangible assets	0	-	0			-		0			7,619	-100
Financial fixed assets	-	-	-			-		-			306,761	-
Total fixed assets	466	-	-			-		-			396,027	-99
Inventories	1,656,987	1555	100,105			3.27		96,936			3,115,460	46.81
Raw materials & consumables	-	-	-			-		-			7,209,884	-
Work in progress	0	-	0			-		0			2,394	-100
Finished goods	0	-	0			-		0			2,002,694	-100
Other stocks	1,656,987	1555	100,105			3.27		96,936			570,732	190
Trade debtors	7,334	-	0			-		0			4,253,709	-99
Cash	11,224	31.09	8,562			35.16		13,205			225,787	95.03
other amounts receivable	1,017	76.95	4,413			3.24		4,274			209,570	-99
Miscellaneous current assets	0	-	0			-100		14			18,308	-100
Total current assets	1,676,562	1382	113,080			-1.18		114,430			7,344,736	77.17
Total Assets	1,677,028	1383	113,080			-1.18		114,430			7,700,619 1,453,566	78.22
CURRENT LIABILITIES
Trade creditors	1,628,438	2250	69,287			7.22		64,622			3,154,524	48.38
Short term group loans	-	-	-			-		-			-	-
Financial debts	-	-	-			-		-			4,297,815 189,666	-
Current portion of long term debt	-	-	-			-		-			110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	209	1381	14			-		-			9,727 -	-99
Miscellaneous current liabilities	23,625	-1.93	24,090			2.39		23,527			-92.04	- -
Total current liabilities	1,652,272	1669	93,391			5.95		88,149			5,473,787	69.81
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-		-	-		-				-	- -
Other long term loans	-	-		-	-		-				-	- -
Deffered taxes	-	-		-	-		-				37,626 26,358	-
Provisions for Liabilities & Charges	0	-		0	-		0				3,178 0	-100
Other long term liabilities	0	-		0	-		0				128,413	-100
Total long term debts	0	-		0	-		0				564,506	-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0		18,600	0				18,600	968,035		98.08
Share premium account	-	-		-	-				-	109,362		-
Reserves	6,156	465		1,089	85.82				7,681	658,586		-99
Revaluation reserve	-	-		-	-				-	939,206		-
Total shareholders equity	24,756	25.73		19,689	25.08				26,281	1,656,233		98.51
Working capital	24,290	23.37		19,689	25.08				26,281	1,870,949		98.70
Cashflow	5,096	77.31		-6,591	-285				-1,710	21,254		76.02
Net worth	24,756	25.73		19,689	25.08				26,281	1,652,986		98.50

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-29,00	-
Return on capital employed	20.47	61.14	-33.48	-415	-6.50	29,00	-29.41
Return on total assets employed	0.30	5.15	-5.83	-291	-1.49	-201,00	0.15
Return on net assets employed	20.47	61.14	-33.48	-415	-6.50	19,00	7.74
Sales / net working capital	-	-	-	-	-	44,00	-
Stock turnover ratio	-	-	-	-	-	116,00	-
Debtor days	-	-	-	-	-	143,00	-
Creditor days	-	-	-	-	-	125,00	-
SHORT TERM STABILITY
Current ratio	1.01	-16.53	1.21	-6.92	1.30	6,00	-88.78
Liquidity ratio / acid ratio	0.01	-92.86	0.14	-30.0	0.20	4,00	-99
Current debt ratio	66.74	1308	4.74	41.49	3.35	9,00	641
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	-	358,00	-
Equity in percentage	1.48	-91.50	17.41	-24.21	22.97	-3.202,00	0.05
Total debt ratio	66.74	1308	4.74	41.49	3.35	10,00	567

Limit History

no limit history data found

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment expectation days	165.02
Industry average day sales outstanding	126.78

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.36
Median	84.62
Upper	45.55

Day sales outstanding
Company result	-
Lower	112.48
Median	58.56
Upper	27.62

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Court data

NSSO details
Business number	883899731

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	PG INTERNATIONAL (HK) LTD
Position	Principal Manager
Start Date	30/08/2012
Street	48 UNIT B 2/F KING'S COURT FORT STREET
Country	Hong Kong
Name	PG INTERNATIONAL (HK) LIMITED SOC. ETRANGERE
Position	Principal Manager
Start Date	01/09/2007
Country	Hong Kong
Name	RAKESH NAYANI
Position	Principal Manager
Start Date	01/10/2013

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.60.04
UK Pound	1	Rs.101.97
Euro	1	Rs.83.58

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.