MIRA INFORM REPORT

Report No. :	345837
Report Date :	15.10.2015

IDENTIFICATION DETAILS

Name :	P.B.K. INTERNATIONAL BVBA

Registered Office :	Pelikaanstraat 62 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	03.12.2007

Com. Reg. No.:	894322974

Legal Form :	Private limited liability

Line of Business :	Wholesale of diamonds and other precious stones.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 the budget deficit was 3.2% of GDP. 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 summary

Business number	894322974
Branche Unit Number	2167321280
Company name	P.B.K. INTERNATIONAL BVBA
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	-
Date of establishment	03/12/2007
Telephone number	-
Fax number	-

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 3 years.

Operating Result in the latest trading period increased 139% on the previous trading period.

Net Worth increased by 29% during the latest trading period.

Pre-tax profits increased by 197% compared to the previous trading period.

The business saw an increase in their Cash Balance of 108% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014		38,002	107,277	46,913
31/12/2013		12,795	83,087	24,281
31/12/2012		13,489	78,987	16,462

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	3,447,177	-	18,600	31,465
31/12/2013	3,661,534	-	18,600	16,706
31/12/2012	2,848,373	-	18,600	20,846

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	192.91	Industry average day sales	194.90
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	197,719	-3.99	205,935	-5.77	218,541	1208	16,698	-22.15	21,448
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	196,244	-4.11	204,660	-5.80	217,266	1308	15,423	-23.55	20,173
Land & building	193,844	-2.36	198,536	-2.31	203,228	-	0	-	0
Plant & machinery	2,372	-51.68	4,909	-34.33	7,475	132	3,221	38.16	2,331
Furniture & Vehicles	29	-97.63	1,215	-81.48	6,563	-46.22	12,203	-31.61	17,842
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	1,475	15.69	1,275	0	1,275	0	1,275	0	1,275
Total current assets	3,249,457	-5.97	3,455,599	31.40	2,629,832	79.56	1,464,592	2.80	1,424,671
Inventories	637,918	-58.80	1,548,468	12.77	1,373,181	47.01	934,072	-18.05	1,139,799
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0

Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	637,918	-58.80	1,548,468	12.77	1,373,181	47.01	934,072	-18.05	1,139,799
Trade debtors	2,589,071	36.69	1,894,174	59.40	1,188,325	176	429,205	56.84	273,656
Other amounts receivable	3,949	24.95	3,161	-19.70	3,936	108	1,886	-19.88	2,354
Cash	17,902	108	8,580	-86.19	62,114	-36.90	98,438	1149	7,878
Miscellaneous current assets	617	-49.30	1,216	-46.56	2,276	129	992	0.76	985
Total Assets	3,447,177	-5.85	3,661,534	28.55	2,848,373	92.29	1,481,291	2.43	1,446,120

Liabilities
Total shareholders equity	107,277	29.11	83,087	5.19	78,987	13.96	69,314	131	29,976
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	88,677	37.51	64,487	6.79	60,387	19.07	50,714	345	11,376
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	3,339,899	-6.67	3,578,447	29.21	2,769,386	96.14	1,411,977	-0.29	1,416,144
Other long term loans	137,355	-6.64	147,129	-5.70	156,016	-	0	-	0
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	137,355	-6.64	147,129	-5.70	156,016	-	0	-	0
Current portion of long term debt	9,774	9.98	8,887	4.34	8,517	-	0	-	0
Financial debts	1,464	4820	30	-	0	-100	85	-	0
Trade creditors	2,649,362	-9.72	2,934,547	48.22	1,979,839	194	672,806	-5.07	708,722
Amounts Payable for Taxes,	15,928	268	4,326	-82.30	24,436	20.90	20,211	253	5,713
Remuneration & Social Security
Miscellaneous current liabilities	526,017	8.79	483,528	-19.49	600,579	-16.46	718,875	2.45	701,708
Total current liabilities	3,202,544	-6.67	3,431,318	31.30	2,613,370	85.09	1,411,977	-0.29	1,416,144
Total Liabilities	3,447,177	-5.85	3,661,534	28.55	2,848,373	92.29	1,481,291	2.43	1,446,120

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	15.53	179	5.56	-3.14	5.74	-93.09	83.07	404	16.48
Return on total assets employed	1.10	214	0.35	-25.53	0.47	-87.92	3.89	1044	0.34
Return on net assets employed	35.42	130	15.40	-9.84	17.08	-79.44	83.07	404	16.48
Sales / net working capital	-	-	-	-	-	-	-	-	-

Stock turnover ratio	-	-	-	-	-	-		-	-	-
Creditor days	-	-	-	-	-	-		-	-	-
Debtor days	-	-	-	-	-	-		-	-	-
SHORT TERM STABILITY
Current ratio	1.01	0	1.01	0	1.01		-2.88	1.04	2.97	1.01
Liquidity ratio / acid ratio	0.82	46.43	0.56	16.67	0.48		26.32	0.38	90.0	0.20
Current debt ratio	29.85	-27.72	41.30	24.81	33.09		62.44	20.37	-56.88	47.24
Liquidity ratio reprocessed	-	-	-	-	-	-		-	-	-
Cashflow	31,465	88.34	16,706	-19.86		20,846	-54.59	45,907	387	9,408
Net worth	107,277	29.11	83,087	5.19		78,987	13.96	69,314	131	29,976
LONG TERM STABILITY
Gearing	138.51	-26.25	187.81	-9.84		208.30	173483	0.12	-	-
Equity in percentage	3.11	37.00	2.27	-18.05	2.77		-40.81	4.68	126	2.07
Total debt ratio	31.13	-27.72	43.07	22.85	35.06		72.12	20.37	-56.88	47.24
Working capital	46,913	93.21	24,281	47.50		16,462	-68.71	52,616	516	8,528

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	67,896	70.23	39,886	-32.78	59,337	-12.13	67,527	434	12,644
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	1	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	-	-	1	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	7,275	-42.29	12,606	12.83	11,172	70.08	6,569	6.08	6,192
Operating result	55,317	139	23,097	8.41	21,304	-64.00	59,182	930	5,743
Total financial income	120	-5.10	126	309	31	-74.73	122	53039	0
Total financial expenses	17,434	67.19	10,428	32.91	7,846	353	1,729	115	803
Results on ordinary operations before taxation	38,002	197	12,795	-5.15	13,489	-76.57	57,576	1065	4,941
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	1,140	-	-	-	-	-	-	-	-
Extraordinary items	-1,140	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	36,862	188	12,795	-5.15	13,489	-76.57	57,576	1065	4,941
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	12,672	45.73	8,695	127	3,816	-79.08	18,238	957	1,725
Results on ordinary operations after taxation	25,331	517	4,100	-57.61	9,673	-75.41	39,338	1123	3,215
Net result	24,190	489	4,100	-57.61	9,673	-75.41	39,338	1123	3,215
Profit (Loss) for the Year to be appropiated	24,190	489	4,100	-57.61	9,673	-75.41	39,338	1123	3,215
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2014
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 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
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

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 expectation days	192.91
Industry average day sales outstanding	194.90

Industry quartile analysis
Payment expectations
Company result	-
Lower	134.78
Median	60.30
Upper	28.46

Day sales outstanding
Company result	-
Lower	131.59
Median	85.12
Upper	47.22

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

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

Position	Manager
Start Date	01/08/2008
Street	19 VAN LERIUSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium
Name	Ravi Kudal
Former director details
Name	Jozef Van Damme
Position	Manager
Start Date	03/12/2007
End Date	31/07/2008

Street

Post code

Country

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.65.11
UK Pound	1	Rs.99.50
Euro	1	Rs.74.24

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	TRU

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)
Significant Events
Event Date	03/12/2007
Event Description	Legal creation
Event Details

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

DIAMOND INDUSTRY – INDIA

Unit