MIRA INFORM REPORT

Report No. :	303463
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	PERCEPT DIAMONDS BVBA
Registered Office :	Pelikaanstraat 62 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	26.03.2010
Com. Reg. No.:	825191569
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of Diamond and Other Precious Stones.
No. of Employee :	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 :	Sloe 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Belgium	A2	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 825191569

Branche Unit Number 2187021584

Company name PERCEPT DIAMONDS BVBA

Address PELIKAANSTRAAT 62

2018 ANTWERPEN

Safe number BE01025747

Number of staff 0

Date of establishment 26/03/2010

Telephone number 033454872

Fax number 032313336

Commentary

The business was established over 4 years ago.

The business has 1 employees.

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

A 21% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 46% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 84% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		26,714	596,095	783,326
31/12/2012		50,206	572,748	783,875
31/12/2011		15,436	39,041	898,028

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	1,726,315	0	511,809	26,953
31/12/2012	2,199,743	0	511,809	43,212
31/12/2011	2,209,769	0	18,600	13,200

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	124.18	Industry average day sales outstanding	140.26
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company information

Business number	825191569	Company name	PERCEPT DIAMONDS BVBA
Fax number	032313336	Date founded	26/03/2010
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.0825.191.569 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number -

Contractor description -

Date struck off register

Personnel (NSSO classification)

Code -

Description -

Joint Industrial Committee (JIC)

Significant Events

Event Date 31/01/2012

Event Description

Event Details Toekenning van 1791 nieuwe aandelen aan Shah Nami.

Company accounts

ASSETS

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		40
Currency	EUR		EUR		EUR		EUR
Total fixed assets	24,246	21.00	20,039	39.73	14,341	25.02	11,471
Intangible fixed assets	0	-	0	-	0	-	0
Tangible fixed assets	21,058	11.71	18,850	43.31	13,153	27.92	10,282
Land & building	-	-	-	-	-	-	-
Plant & machinery	17,225	11.93	15,389	70.74	9,013	18.07	7,633
Furniture & Vehicles	3,833	10.72	3,462	-16.39	4,140	56.30	2,649
Leasing & Other Similar Rights	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0
Financial fixed assets	3,189	168	1,189	-0.04	1,189	0.04	1,189
Total current assets	1,702,069	-21.91	2,179,704	-0.72	2,195,428	9.26	2,009,313
Inventories	1,238,832	30.08	952,351	74.39	546,112	227	166,807
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0
Other stocks	1,238,832	30.08	952,351	74.39	546,112	227	166,807
Trade debtors	449,757	-61.48	1,167,672	-24.63	1,549,240	-13.03	1,781,297
Other amounts receivable	2,350	-19.60	2,923	-24.34	3,863	351	855
Cash	8,382	-84.53	54,191	-42.27	93,871	60.23	58,585
Miscellaneous current assets	2,750	7.10	2,567	9.58	2,343	32.45	1,769
Total Assets	1,726,315	-21.52	2,199,743	-0.45	2,209,769	9.35	2,020,784

Event Date 1/01/2

LIABILITIES

Total shareholders equity	596,095	4.08	572,748	1367	39,041		41.74	27,544
Issued share capital	511,809	0 511,809		2651	18,600	0			18,600
Share premium account	-	- -		-	-	-			-
Revaluation reserve	-	- -		-	-	-			-
Reserves	84,286	38.31 60,939		198	20,441	128			8,944
Provisions for Liabilities & Charges	0	- 0		-	0	-			0
Deffered taxes	-	- -		-	-	-			-
Creditors	1,130,221	-30.53 1,626,995		-25.05	2,170,729	8.90			1,993,240
Other long term loans	211,477	231,166 -			873,329	3.27			845,682
Long term group loans	-				-	-			-
Other long term liabilities	0	0 231,166			-1	-			0
Total long term debts	211,477				873,328	3.27			845,682
Current portion of long term debt	-	-		-	-	-			-
Financial debts	160,000	521,653		897	52,278	-			-
Trade creditors	747,507	-12.57 855,009
Amounts Payable for Taxes, Remuneration & Social Security	6,485	-44.92 11,773
Miscellaneous current liabilities	4,752	-35.74 7,395		7.59
Total current liabilities	918,744	-34.18 1,395,829
Total Liabilities	1,726,315	-21.52 2,199,743		-0.45	2,209,769	9.35			2,020,784

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-
Return on capital employed	3.31	-47.04	6.25	269	1.69	26.12	1.34
Return on total assets employed	1.55	-32.02	2.28	225	0.70	20.69	0.58
Return on net assets employed	4.48	-48.92	8.77	-77.82	39.54	-7.10	42.56
Sales / net working capital	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.85	18.59	1.56	-7.69	1.69	-3.43	1.75
Liquidity ratio / acid ratio	0.50	-43.18	0.88	-30.71	1.27	-21.12	1.61
Current debt ratio	1.54	-36.89	2.44	-92.66	33.23	-20.24	41.66
Liquidity ratio reprocessed	-	-	-	-	-	-	-
Cashflow	26,953	-37.63	43,212	227	13,200	24.40	10,611
Net worth	596,095	4.08	572,748	1367	39,041	41.74	27,544
LONG TERM STABILITY
Gearing	62.32	-52.59	131.44	-94.46	2,370.86	-22.78	3,070.30
Equity in percentage	34.53	32.60	26.04	1371	1.77	30.15	1.36
Total debt ratio	1.90	-33.10	2.84	-94.89	55.60	-23.17	72.37
Working capital	783,326	-0.07	783,875	-12.71	898,028	4.21	861,755

PROFIT AND LOSS

Operating Income	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-
Gross Operating Margin	88,977	-16.26	106,257	206	34,711	87.21	18,542
Operating Charges	-	-	-	-	-	-	-
Employee costs	7,637	-39.43	12,610	-	-	-	-
Wages and salary	6,084	-45.77	11,218	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	552	44.78	381	-	-	-	-
Other employee costs	1,002	-0.85	1,010	-	0	-	0
Director remuneration	-	-	-	-	-	-	-
Amortization and depreciation	3,606	32.85	2,714	59.36	1,703	2.14	1,667
Operating result	75,248	-15.77	89,340	179	31,985	93.53	16,527
Total financial income	1	-98.22	66	-17.94	80	31900	0
Total financial expenses	48,535	23.82	39,199	135	16,628	246	4,803
Results on ordinary operations before taxation	26,714	-46.79	50,206	225	15,436	31.66	11,724
Extraordinary Income	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0
Results for the Year Before Taxation	26,714	-46.79	50,206	225	15,436	31.66	11,724
Other appropriations	-	-	-	-	-	-	-
Taxation	3,367	-65.32	9,708	146	3,940	41.73	2,780
Results on ordinary operations after taxation	23,347	-42.35	40,498	252	11,496	28.53	8,944
Net result	23,347	-42.35	40,498	252	11,497	28.54	8,944
Profit (Loss) for the Year to be appropiated	23,347	-42.35	40,498	252	11,497	28.54	8,944
Dividends	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year ended 31-12-2013

Full-time Employees -

Part-time Employees 1

Total Fte Employees 0

Number of hours worked

Full-time Employees -

Part-time Employees 760

Total 760

Personnel Charges

Full-time Employees -

Part-time Employees 7,637

Total 7,637

Benefits In Addition To Wages -

During the previous reporting year

Average number employees in Fte 0

Actual working hours 824

Personnel Charges 12,610

Benefits In Addition To Wages -

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	1	0
Secondairy education - - -
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education - - -
Secondairy education - - -
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)

Working Category	Full-Time Part-Time Total Fte
Management - - -
White collar worker - - -
Blue collar worker	- 1 0
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 - - -

Total of formal continuing vocational training initiatives Male Female

for workers paid by the employer

Number of employees - -

Number of training hours - -

Net costs for enterprise - -

Total of less formal and informal continuing vocational

training initiatives for workers paid by the employer Male Female

Number of employees

Number of training hours - -

Net costs for enterprise - -

Total of initial training initiatives at the expense of the

employer Male Female

Number of employees - -

Number of training hours - -

Net costs for enterprise - -

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

industry average credit 64.48
rating

Industry average credit limit 140177.31

Payment Information

Suspension of payments / moratorium history

Amount –

Details -

Payment expectations
Payment expectation days	-
Day sales outstanding	-
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	124.18
expectation days
Industry average day sales	140.26
outstanding

Shareholder Details

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Forename	Nami	Middle name	-
Surname	Shah
SHAREHOLDER DETAILS
Start date	12/06/2012(estimated)	End date	-
Percentage owned SHAREHOLDER ADDRESS	-
Street name	Groenenborgerlaan	House number	65
Minor town	Wilrijk	Postal town	Antwerpen
Post code	2610	Country	Belgium

Companies that match this address

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

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	SHAILESH CHAMPAKLAL MEHTA
Position	Principal Manager
Start Date	21/04/2010
Date of birth	09/12/1949
Street	65 GROENENBORGERLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	NEHAL SHAILESH MEHTA
Position	Principal Manager
Start Date	21/04/2010
Street	65 GROENENBORGERLAAN ANTWERPEN
Post code	2610
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.61.76
UK Pound	1	Rs.94.02
Euro	1	Rs.72.63

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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.