MIRA INFORM REPORT

Report Date :

30.05.2014

IDENTIFICATION DETAILS

Name :	PRIME INTERNATIONAL BVBA

Registered Office :	Hoveniersstraat 12, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	27.07.2006

Com. Reg. No.:	882990109

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 :

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

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 summary

Business number 882990109

Company name PRIME INTERNATIONAL BVBA

Address HOVENIERSSTRAAT 12

2018 ANTWERPEN

Number of staff 0

Date of establishment 27/07/2006

Telephone number 032131205

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 6 years.
Operating Result in the latest trading period decreased 69% on the previous trading period.
Net Worth increased by 21% during the latest trading period.
Pre-tax profits decreased by 92% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	1,359	59,150	41,595
31/12/2011	17,986	48,826	40,228
31/12/2010	10,729	34,652	25,289

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	850,252	0	18,600	13,369
31/12/2011	766,992	0	18,600	18,572
31/12/2010	1,622,601	0	18,600	11,813

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Past payments	--	Payment expectation days	-
Industry average payment expectation days	164.26	Industry average day sales outstanding	120.92
Day sales outstanding	-
Court data summary
BANKRUPTCY DETAILS
Court action type	no

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	46,612,575	-
Total operating expenses	-	-	-	-	-	46,221,128	-
Operating result	11,992	-69.01	38,701	83.10	21,136	148,165	-91.91
Total financial income	742	144	303	-61.34	784	97,631	-99
Total financial expenses	11,375	-45.88	21,018	87.82	11,190	204,468	-94.44
Results on ordinary operations before taxation	1,359	-92.44	17,986	67.63	10,729	33,229	-95.91
Taxation	2,125	-48.21	4,103	32.13	3,105	20,877	-89.82
Results on ordinary operations after taxation	-766	-105	13,883	82.09	7,624	18,398	-104
Extraordinary items	11,091	3711	291	-	0	-4,346	255
Other appropriations	0.00	-	0	-	0.00	-	-
Net result	10,325	-27.16	14,174	85.91	7,624	14,071	-26.62
Other information
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	-	-	-	-	129	126,172	-
Wages and salary	-	-	-	-	-	105,771	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,708	-
Other employee costs	0	-	0	-100	129	4,365	-100
Amortization and depreciation	3,045	30.77	4,398	4.99	4,189	17,886	82.98

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	1,579	-100
Tangible fixed assets	47,208	449	8,598	-8.17	9,363	184,763	74.45
Land & building	-	-	-	-	-	362,988	-
Plant & machinery	2,086	35.02	3,211	-	-	22,646	90.79
Furniture & Vehicles	45,122	737	5,387	42.46	9,363	17,300 5,364	160
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,627	-100
Financial fixed assets	-	-	-	-	-	306,761	-
Total fixed assets	47,208	449	8,598	-8.17	9,363	396,027	88.08
Inventories	226,879	8.43	209,243	38.20	338,586	3,105,555	92.69
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,396	-100
Finished goods	0	-	0	-	0	1,993,175	-100
Other stocks	226,879	8.43	209,243	38.20	338,586	571,308	60.29
Trade debtors	529,307	3.37	512,043	57.40	1,201,896	4,252,582	87.55
Cash	24,082	-2.70	24,750	63.75	68,276	225,847	89.34
other amounts receivable	19,352	65.64	11,683	206	3,808	187,318	89.67
Miscellaneous current assets	3,424	407	675	0.36	673	18,016	80.99
Total current assets	803,044	5.89	758,394	52.99	1,613,238	7,312,246	89.02
Total Assets	850,252	10.86	766,992	52.73	1,622,601	7,668,456 1,451,744	88.91
Current liabilities
Trade creditors	750,109	6.90	701,701	55.64	1,581,874	3,140,893	76.12
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	4,252,492 189,481	-
Current portion of long term debt	6,792	-	-	-	-	110,204 15,373	93.84
Amounts Payable for Taxes, Remuneration & Social Security	4,547	71.61	16,019	163	6,075	9,727 -	86.61
Miscellaneous current liabilities	0	-100	446	-	0	-100	- -
Total current liabilities	761,449	6.03	718,166	54.77	1,587,949	5,436,355	85.99
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	29,653	-	-	-	-	-97.31	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,181 0	-100
Other long term liabilities	0	-	0	-	0	128,543	-100
Total long term debts	29,653	-	0	-	0	558,650	94.69
Shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	945,040	98.03
Share premium account	-	-	-	-	-	109,362	-
Reserves	40,550	34.16	30,226	88.30	16,052	692,702	94.15
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	59,150	21.15	48,826	40.91	34,652	1,667,396	96.45
Working capital	41,595	3.40	40,228	59.07	25,289	1,875,891	97.78
Cashflow	13,369	28.01	18,572	57.21	11,813	28,871	53.69
Net worth	59,150	21.15	48,826	40.91	34,652	1,664,134	96.45

Ratio anaylsis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-25,00	-
Return on capital employed	1.53	-95.85	36.84	18.99	30.96	29,00	-94.72
Return on total assets employed	0.16	-93.19	2.35	256	0.66	-201,00	0.08
Return on net assets employed	2.30	-93.76	36.84	18.99	30.96	19,00	-87.89
Sales / net working capital	-	-	-	-	-	44,00	-
Stock turnover ratio	-	-	-	-	-	110,00	-
Debtor days	-	-	-	-	-	134,00	-
Creditor days	-	-	-	-	-	123,00	-
SHORT TERM STABILITY
Current ratio	1.05	-0.94	1.06	3.92	1.02	6,00	-88.33
Liquidity ratio / acid ratio	0.76	0	0.76	-5.00	0.80	4,00	-81.00
Current debt ratio	12.87	-12.51	14.71	-67.90	45.83	9,00	43.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	61.61	-	-	-	-	359,00	-82.84
Equity in percentage	6.96	9.26	6.37	197	2.14	-3.205,00	0.22
Total debt ratio	13.37	-9.11	14.71	-67.90	45.83	11,00	21.55

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment expectation days	164.26
Industry average day sales outstanding	120.92

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.13
Median	83.75
Upper	45.33

Day sales outstanding
Company result	-
Lower	112.48
Median	58.70
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	882990109

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	MITESH DOSHI
Position	Principal Manager
Start Date	01/10/2007
Street	143 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.58.84
UK Pound	1	Rs.98.41
Euro	1	Rs.80.03

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	SDA

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	882990109	Company name	PRIME INTERNATIONAL BVBA
Fax number	---	Date founded	27/07/2006
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.0882.990.109
Belgian Bullettin of Acts Publications	moniteur belge