MIRA INFORM REPORT

Report No. :	323589
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	PRIMIL NV

Registered Office :	Belgiëlei 130-A, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	09.02.2001

Com. Reg. No.:	474115907

Legal Form :	Public Limited Liability

LINE OF BUSINESS :	SUBJECT IS ENGAGED IN WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employee :	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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Belgium

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name

PRIMIL NV

Company summary

Business number	474115907
Company name	PRIMIL NV
Address	BELGIËLEI 130-A
	2018 ANTWERPEN
Safe number	BE00458819
Number of staff	0
Date of establishment	09/02/2001
Telephone number	032813288
Fax number

Commentary

The business was established over 14 years ago. No employees are recorded for this business. The business has been at the address for over 6 years. The credit rating for this business has decreased from 85 to 83. The credit limit for this business has decreased from €195000 to €190000. Operating Result in the latest trading period increased 22% on the previous trading period. Pre-tax profits decreased by 44% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	6,858,403	44,425	1,375,726	2,098,853
31/12/2012	8,269,224	79,484	1,333,293	2,207,967
31/12/2011	12,952,179	109,569	1,266,524	2,130,846
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	5,083,343	0	905,000	42,568
31/12/2012	4,984,991	0	905,000	66,866
31/12/2011	4,273,771	0	905,000	89,448

Payment expectations

Past payments		Payment expectation days	105.40
Industry average payment	126.32	Industry average day sales	184.98
expectation days		outstanding
Day sales outstanding	123.11

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount	-
NSSO DETAILS
Date of summons	-

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
Significant Events
Event Date	25/07/2014
Event Description	re-appointment of director(s)
Event Details	Commentaar 25-07-2014: Herbenoemd als bestuurders tot de jaarvergadering te houden in 2020 :
	Rupani Vimesh (tevens gedelegeerd bestuurder) en Rupani Vaishali.

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	1,972	84.81	1,067	-8.33	1,164	-92.57	15,665	-23.77	20,550
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	1,232	276	327	-22.86	424	-97.16	14,925	-24.66	19,810
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	1,232	276	327	-22.86	424	27.37	333	-57.31	780
Furniture & Vehicles	-	-	-	-	-	-	14,592	-23.32	19,030
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	740	0	740	0	740	0	740	0	740
Total current assets	5,081,371	1.96	4,983,923	16.65	4,272,607	-16.22	5,099,696	14.08	4,470,129
Inventories	2,756,588	34.63	2,047,455	-15.11	2,411,988	253	683,138	-30.37	981,108
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	2,756,588	34.63	2,047,455	-15.11	2,411,988	253	683,138	-30.37	981,108
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	2,313,326	-21.02	2,928,974	58.43	1,848,765	-55.15	4,122,405	74.87	2,357,384
Other amounts receivable	7,425	130	3,218	-55.34	7,205	24.04	5,809	165	2,186
Cash	1,467	-8.59	1,605	-16.16	1,914	-99	288,344	-74.47	1,129,451
Miscellaneous current assets	2,566	-3.98	2,672	-2.28	2,734	-	0	-	0
Total Assets	5,083,343	1.97	4,984,991	16.64	4,273,771	-16.45	5,115,361	13.91	4,490,679

Liabilities
Total shareholders equity	1,375,726	3.18	1,333,293	5.27	1,266,524	7.57	1,177,397	7.11	1,099,207
Issued share capital	905,000	0	905,000	0	905,000	0	905,000	0	905,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	470,726	9.91	428,293	18.47	361,524	32.72	272,397	40.26	194,207
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	3,707,618	1.53	3,651,698	21.43	3,007,247	-23.63	3,937,964	16.11	3,391,472
Other long term loans	725,100	-17.20	875,742	1.19	865,486	6.91	809,533	11.76	724,352
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	725,100	-17.20	875,742	1.19	865,486	6.91	809,533	11.76	724,352
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	867,295	-41.81	1,490,420	3580	40,494	4291	922	-	-
Trade creditors	1,937,458	56.89	1,234,913	-40.03	2,059,236	-33.20	3,082,678	17.21	2,630,023
Amounts Payable for Taxes,	8,157	-57.43	19,162	56.86	12,216	1.36	12,052	157	4,686
Remuneration & Social Security
Miscellaneous current liabilities	169,607	439	31,461	5.52	29,816	-9.04	32,779	1.14	32,411
Total current liabilities	2,982,518	7.44	2,775,956	29.61	2,141,761	-31.54	3,128,431	17.30	2,667,120
Total Liabilities	5,083,343	1.97	4,984,991	16.64	4,273,771	-16.45	5,115,361	13.91	4,490,679

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.65	-32.29	0.96	12.94	0.85	6.25	0.80	-36.51	1.26
Return on capital employed	2.11	-41.39	3.60	-29.96	5.14	13.72	4.52	63.18	2.77
Return on total assets employed	0.87	-45.28	1.59	-37.89	2.56	45.45	1.76	57.14	1.12
Return on net assets employed	3.23	-45.81	5.96	-31.10	8.65	13.37	7.63	66.23	4.59
Sales / net working capital	3.27	-12.80	3.75	-38.32	6.08	6.48	5.71	157	2.22
Stock turnover ratio	40.19	62.32	24.76	32.98	18.62	206	6.07	-75.18	24.46
Creditor days	105.40	90.53	55.32	-7.15	59.58	-40.67	100.42	-59.29	246.69
Debtor days	123.11	-4.77	129.28	148	52.10	-61.03	133.70	-37.68	214.53
SHORT TERM STABILITY
Current ratio	1.70	-5.56	1.80	-9.55	1.99	22.09	1.63	-2.98	1.68
Liquidity ratio / acid ratio	0.78	-26.42	1.06	21.84	0.87	-38.30	1.41	7.63	1.31
Current debt ratio	2.17	4.33	2.08	23.08	1.69	-36.47	2.66	9.47	2.43
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	42,568	-36.34	66,866	-25.25	89,448	7.67	83,075	56.03	53,242
Net worth	1,375,726	3.18	1,333,293	5.27	1,266,524	7.57	1,177,397	7.11	1,099,207
LONG TERM STABILITY
Gearing	115.75	-34.78	177.47	148	71.53	3.92	68.83	4.45	65.90
Equity in percentage	27.06	1.16	26.75	-9.72	29.63	28.71	23.02	-5.96	24.48
Total debt ratio	2.70	-1.46	2.74	15.61	2.37	-29.04	3.34	8.09	3.09
Working capital	2,098,853	-4.94	2,207,967	3.62	2,130,846	8.10	1,971,265	9.33	1,803,009

Profit & loss
Operating Income	6,858,403	-17.06	8,269,224	-36.16	12,952,179	15.09	11,254,261	180	4,010,836
Turnover	6,858,403	-17.06	8,269,224	-36.16	12,952,179	15.09	11,254,261	180	4,010,836
Total operating expenses	6,709,584	-17.65	8,147,645	-35.41	12,614,899	12.59	11,204,314	187	3,891,312
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	6,709,584	-17.65	8,147,645	-35.41	12,614,899	12.59	11,204,314	187	3,891,312
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	135	39.17	97	-69.81	321	-93.43	4,885	31.49	3,715
Operating result	148,819	22.41	121,579	-63.95	337,280	575	49,947	-58.21	119,524
Total financial income	-	-	45,204	-	-	-	81,832	1946	3,999
Total financial expenses	104,394	19.58	87,299	-61.66	227,711	442	41,973	-42.57	73,091
Results on ordinary operations before	44,425	-44.11	79,484	-27.46	109,569	22.01	89,806	78.07	50,432
taxation
Extraordinary Income	-	-	-	-	1,937	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-100	1,937	-	0	-	0
Results for the Year Before Taxation	44,425	-44.11	79,484	-28.72	111,506	24.16	89,806	78.07	50,432
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	1,992	-84.34	12,716	-43.18	22,379	92.66	11,616	1183	905
Results on ordinary operations after	42,433	-36.45	66,769	-23.42	87,190	11.51	78,190	57.87	49,527
taxation
Net result	42,433	-36.45	66,769	-25.09	89,127	13.99	78,190	57.87	49,527
Profit (Loss) for the Year to be appropiated	42,433	-36.45	66,769	-25.09	89,127	13.99	78,190	57.87	49,527

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	-	-
Contracts
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)	-	-	-
Higher education (university)	-	-	-

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

Temporary personnel		Total
Average number of temporary staf	f	-
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
for workers paid by the employer	Male	Female
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	105.40
Day sales outstanding	123.11
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.32
Industry average day sales outstanding	184.98

Industry quartile analysis Payment expectations

Company result	105.40
Lower	120.34
Median	74.35
Upper	45.68

Day sales outstanding
Company result	123.11
Lower	101.92
Median	54.07
Upper	24.31

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

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	VAISHALI VIMESH RUPANI
Position	Director
Start Date	30/12/2014
Street	92 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Former director details
Name	VIMESH HASMUKH RUPANI
Position	Managing Director
Start Date	10/09/2013
End Date	31/12/2013
Street	406 BORIVALI WEST
Post code
Country	India
Position	Director
Start Date	10/09/2013
End Date	31/12/2013
Street	406 BORIVALI WEST

Post code

Country

India

EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.87
UK Pound	1	Rs.98.89
Euro	1	Rs.70.73

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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.

MIRA INFORM REPORT

Company name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Industry quartile analysis Payment expectations

Shareholder Details

Linked Companies

Director details

Unit