MIRA INFORM REPORT

 

 

Report Date :

31.10.2014

 

IDENTIFICATION DETAILS

 

Name :

PERFECT DESIGNS BVBA

 

 

Registered Office :

Hoveniersstraat 9, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

08.03.1991

 

 

Com. Reg. No.:

443341864

 

 

Legal Form :

Private Limited Company

 

 

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

A1

 

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

 

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 23 years.

Operating Result in the latest trading period decreased 36% on the previous trading period.

The business saw a decrease in their Cash Balance of 39% during the latest trading period.

Turnover in the latest trading period decreased 28% on the previous trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

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

31/12/2010

28,682,184

50,830

688,105

2,679,921

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

8,643,978

1

282,444

68,686

31/12/2011

8,401,386

1

282,444

70,545

31/12/2010

8,904,093

1

282,444

56,617

 

 

Payment expectations

           

Past payments

 

Payment expectation days

9.45

Industry average payment

164.26

Industry average day sales

120.92

expectation days

 

outstanding

 

Day sales outstanding

84.60

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

31/12/2012

Activity code

46761

liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0443.341.864

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

During the reporting year ended 31-12-2012

 

Full-time Employees

1

Part-time Employees

-

Total Fte Employees

1

 

 

Number of hours worked

 

Full-time Employees

1,739

Part-time Employees

-

Total

1,739

 

 

Personnel Charges

 

Full-time Employees

30,868

Part-time Employees

-

Total

30,868

Benefits In Addition To Wages

-

 

 

During the previous reporting year

 

Average number employees in Fte

1

Actual working hours

1,704

Personnel Charges

29,993

Benefits In Addition To Wages

-

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

1

-

1

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)

1

-

1

Higher education (university)

-

-

-

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

1

-

1

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

-

-

-

 

Personnel (NSSO classification)

 

Code

-

Description

FROM 1 TO 4 EMPLOYEES

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

 

 

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

28,415,009

28.77

39,892,639

39.09

28,682,184

46,612,575

39.04

Total operating expenses

28,084,036

28.66

39,367,530

38.65

28,393,438

46,221,128

39.24

Operating result

330,973

36.97

525,109

81.86

288,746

148,165

123

Total financial income

742

2223

32

98.45

2,058

97,631

-99

Total financial expenses

254,209

44.25

455,991

90.02

239,975

204,468

24.33

Results on ordinary operations before taxation

77,505

12.08

69,150

36.04

50,830

33,229

133

Taxation

19,892

-2.08

20,316

67.11

12,157

20,877

-4.72

Results on ordinary operations after taxation

57,613

17.98

48,834

26.28

38,673

18,398

213

Extraordinary items

-1,429

-

0

-

0

-4,346

32.87

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

56,184

15.05

48,834

26.28

38,673

14,071

299

OTHER INFORMATION

Dividends

-

-

-

-

-

172,177

-

Director remuneration

-

-

-

-

-

112,544

-

Employee costs

30,868

2.92

29,993

39.40

21,516

126,172

75.53

Wages and salary

23,313

-0.65

23,465

27.86

18,352

105,771

77.96

Employee pension costs

-

-

-

-

-

14,428

-

Social security contributions

4,749

4.29

4,554

67.85

2,713

26,708

82.22

Other employee costs

2,806

42.12

1,975

337

451

4,365

35.71

Amortization and depreciation

12,502

42.41

21,710

20.99

17,945

17,886

30.10

 

 

balance sheet

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

1,528

-

2,378

-

3,228

1,579

-3.25

Tangible fixed assets

89,192

18.37

109,258

13.95

126,977

184,763

51.73

Land & building

66,638

-4.75

69,963

-4.54

73,289

362,988

81.64

Plant & machinery

3,549

-0.46

3,566

197

1,200

22,646

84.33

Furniture & Vehicles

19,005

46.81

35,729

31.93

52,487

17,300 5,364

9.86

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

Other tangible assets

0

-

0

-

0

7,627

-100

Financial fixed assets

1,294

18.28

1,094

0

1,094

306,761

-99

Total fixed assets

92,014

18.38

112,730

14.14

131,298

396,027

76.77

Inventories

1,911,362

-9.90

2,121,430

72.93

1,226,723

3,105,555

38.45

Raw materials & consumables

-

-

-

-

-

7,209,884

-

Work in progress

0

-

0

-

0

2,396

-100

Finished goods

1,911,362

-9.90

2,121,430

72.93

1,226,723

1,993,175

-4.10

Other stocks

0

-

0

-

0

571,308

-100

Trade debtors

6,585,687

8.31

6,080,486

18.69

7,477,824

4,252,582

54.86

Cash

49,731

39.22

81,820

27.04

64,406

225,847

77.98

other amounts receivable

1,705

19.31

2,114

2.55

2,061

187,318

-99

Miscellaneous current assets

3,479

23.97

2,806

57.51

1,782

18,016

80.69

Total current assets

8,551,964

3.18

8,288,655

-5.52

8,772,795

7,312,246

16.95

Total Assets

8,643,978

2.89

8,401,386

-5.65

8,904,093

7,668,456

1,451,744

12.72

CURRENT LIABILITIES

Trade creditors

726,935

56.60

1,674,947

61.78

1,035,294

3,140,893

76.86

Short term group loans

-

-

-

-

-

-

-

Financial debts

5,492,677

46.67

3,745,032

25.12

5,001,304

4,252,492 189,481

29.16

Current portion of long term debt

-

-

-

-

-

110,204 15,373

-

Amounts Payable for Taxes, Remuneration & Social Security

8,329

33.48

12,520

27.84

9,794

9,727 -

75.48

Miscellaneous current liabilities

54,324

-9.31

59,901

28.87

46,483

-81.70

- -

Total current liabilities

6,282,264

14.38

5,492,400

-9.86

6,092,874

5,436,355

15.56

LONG TERM DEBTS AND LIABILITIES

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

1,565,363

27.82

2,168,819

2.31

2,119,886

42.27

- -

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

1,565,363

27.82

2,168,819

2.31

2,119,886

558,650

180

SHAREHOLDERS EQUITY

Issued share capital

282,444

0

282,444

0

282,444

945,040

-

 

 

 

 

 

 

 

70.11

Share premium account

-

-

-

-

-

109,362

-

Reserves

513,907

12.27

457,723

11.94

408,889

692,702

25.81

Revaluation reserve

-

-

-

-

-

939,206

-

Total shareholders equity

796,351

7.59

740,167

7.06

691,333

1,667,396

52.24

Working capital

2,269,700

18.83

2,796,256

4.34

2,679,921

1,875,891

20.99

Cashflow

68,686

-2.63

70,545

24.60

56,617

28,871

137

Net worth

794,824

7.73

737,790

7.22

688,105

1,664,134

52.24

 

 

ratio analysis

 

Annual accounts

31-12-2012

Change

(%)

31-12-2011

Change

(%)

31-12-2010

Industry average

2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.27

58.82

0.17

-5.56

0.18

-25,00

1.08

Return on capital employed

3.28

37.82

2.38

31.49

1.81

29,00

-88.69

Return on total assets employed

0.90

9.76

0.82

43.86

0.57

-201,00

0.45

Return on net assets employed

9.73

4.18

9.34

27.07

7.35

19,00

-48.79

Sales / net working capital

12.52

-12.26

14.27

33.36

10.70

44,00

-99

Stock turnover ratio

6.73

26.50

5.32

24.30

4.28

110,00

-93.88

Debtor days

84.60

52.08

55.63

-41.54

95.16

134,00

-36.87

Creditor days

9.45

-39.15

15.53

16.68

13.31

123,00

-92.32

SHORT TERM STABILITY

Current ratio

1.36

-9.93

1.51

4.86

1.44

6,00

-84.89

Liquidity ratio / acid ratio

1.06

-5.36

1.12

-9.68

1.24

4,00

-73.50

Current debt ratio

7.89

6.33

7.42

-15.78

8.81

9,00

-12.33

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

886.30

10.93

798.99

-22.43

1030.07

359,00

146

Equity in percentage

9.21

4.54

8.81

13.38

7.77

-3.205,00

0.29

Total debt ratio

9.85

-4.83

10.35

-12.88

11.88

11,00

-10.45

 

 

Payment expectations

 

Payment expectation days

9.45

Day sales outstanding

84.60

Industry comparison

Activity code

46761

Activity description

Wholesale 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

9.45

Lower

134.13

Median

83.75

Upper

45.33

 

Day sales outstanding

Company result

84.60

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

 

 

NSSO details

Business number

443341864

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

NAYSAR PARIKH

Position

Principal Manager

Start Date

11/08/2010

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 8th Century B.C.  India, in fact, remained undisputed leader till 18th 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 30th 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.61.46

UK Pound

1

Rs.98.21

Euro

1

Rs.77.45

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.