MIRA INFORM REPORT

Report Date :

05.05.2011

IDENTIFICATION DETAILS

Name :	B.C.B. INTERNATIONAL NV

Registered Office :	Hoveniersstraat 50 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2008

Date of Incorporation :	02.07.1991

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesale of diamonds and other precious stones

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 :	Good

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

REGISTERED NAME & COMPANY SUMMARY

Business number	444519425	Company name	B.C.B. INTERNATIONAL NV
Address	HOVENIERSSTRAAT 50 ANTWERPEN	Telephone number	032268267
Post code	2018	Fax number	032327728
Date of establishment	02/07/1991	Number of staff	5

DIRECTORS/MANAGEMENT

Current director details

Name	RENÉ BENYACAR
Position	Director
Street	52 DELLA FAILLELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	ALAIN BENYACAR
Position	Director
Street	16 NAPOLÉONLAAN BRUSSEL
Post code	1180
Country	Belgium

Name	ALAIN BENYACAR
Position	Managing Director
Street	16 NAPOLÉONLAAN BRUSSEL
Post code	1180
Country	Belgium

Name	GUY SELINGER
Position	Director
Street	8 ALF.VAN DEN SANDELAAN SCHILDE
Post code	2970
Country	Germany

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	75.86
Industry average payment expectation days	210.80	Industry average day sales outstanding	165
Day sales outstanding	127.37

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	75.86
Day sales outstanding	127.37

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	210.80
Industry average day sales outstanding	165

Industry quartile analysis

Payment expectations	View graph
Company result	75.86
Lower	171.11
Median	104.98
Upper	49.81

Day sales outstanding	View graph
Company result	127.37
Lower	153.69
Median	75.14
Upper	33.09

GROUP STRUCTURE & AFFILIATED COMPANIES

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2007	78,038,000	91,000	1,435,000
31/12/2009	46,307,008	62,475	1,542,797
31/12/2008	69,938,290	46,886	1,491,678

Profit & loss

Annual accounts	31-12-2007	%	31-12-2009	%	31-12-2008	Industry average 2007	%
Weeks	-104		52		52
Currency	EUR		EUR		EUR
Turnover	78,038,000	68.52	46,307,008	-33.79	69,938,290	38,250,446	104
Total operating expenses	76,502,000	67.29	45,730,827	-33.47	68,732,513	35,558,578	115
Operating result	1,536,000	166	576,181	-52.22	1,205,777	219,870	598
Total financial income	2,000	-99	304,408	19691	1,538	347,213	-99
Total financial expenses	-1,448,000	-276	818,114	-29.50	1,160,430	-167,764	-763
Results on ordinary operations before taxation	91,000	45.66	62,475	33.25	46,886	68,376	33.09
Taxation	8,000	17.12	6,830	107	3,300	-12,151	65.84
Results on ordinary operations after taxation	83,000	49.16	55,645	27.67	43,586	77,648	6.89
Extraordinary items	0	0	-4,526	-135	12,753	29,897	-100
Other appropriations	15000	-	0.00	-	0.00	0	-
Net result	98,000	91.71	51,119	-9.27	56,340	66,332	47.74
other information
Dividends	-	-	-	-	-	98,190	-
Director remuneration	91,000	-25.68	122,451	0.05	122,393	110,927	-17.96
Employee costs	444,000	68.87	262,926	-23.66	344,427	124,359	257
Wages and salary	342,000	69.21	202,115	-24.72	268,497	108,432	215
Employee pension costs	-	-	-	-	-	8,115	-
Social security contributions	88,000	70.69	51,555	-17.98	62,859	26,240	235
Other employee costs	15,000	62.04	9,257	-29.18	13,071	3,637	312
Amortization and depreciation	106,000	8.43	97,757	18.27	82,657	26,439	300
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balance sheet

Annual accounts	31-12-2007	%	31-12-2009	%	31-12-2008	Industry average 2007	%
Weeks	-104		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	18,299	-100
Tangible fixed assets	994,000	-6.80	1,066,546	-3.56	1,105,936	178,812	455
Land & building	857,000	7.25	799,090	-3.47	827,826	321,940	166
Plant & machinery	39,000	-79.15	187,045	-20.96	236,647	28,846	35.20
Other tangible assets	98,000	21.87	80,411	93.94	41,462	25,104	290
Financial fixed assets	0	-100	248	0	248	150,056	-100
Total fixed assets	994,000	-6.82	1,066,794	-3.56	1,106,184	290,608	242
Inventories	12,152,000	13.41	10,714,874	-6.37	11,443,715	2,963,038	310
Raw materials & consumables	-	-	-	-	-	1,105,037	-
Work in progress	0	-	0	-	0	3,953	-100
Finished goods	12,152,000	13.41	10,714,874	-6.37	11,443,715	1,998,203	508
Other stocks	0	-	0	-	0	519,002	-100
Trade debtors	14,040,000	-13.12	16,159,591	-13.65	18,713,751	3,565,429	293
Cash	35,000	20.44	29,061	-56.98	67,547	158,543	-77.92
other amounts receivable	155,000	25.42	123,580	-24.64	163,976	403,138	-61.55
Miscellaneous current assets	20,000	191	6,868	-26.65	9,364	41,732	-52.08
Total current assets	26,402,000	-2.34	27,033,974	-11.07	30,398,353	6,716,478	293
current liabilities
Trade creditors	11,279,000	18.68	9,503,893	-15.47	11,242,722	2,834,449	297
Short term group loans	-	-	-	-	-	1,275,409	-
Other short term loans	11,978,000	762	1,389,522	-89.09	12,741,110	1,548,639	673
Miscellaneous current liabilities	193,000	-12.59	220,788	-40.17	369,042	-64.24	- -
Total current liabilities	23,450,000	110	11,114,203	-54.36	24,352,874	4,795,556	388
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,340,000	-84.68	15,270,229	178	5,480,349	104	- -
Other long term liabilities	171,000	-1.46	173,539	-3.39	179,636	91,174	87.55
Total long term debts	2,511,000	-83.74	15,443,768	172	5,659,986	555,731	351
shareholders equity
Issued share capital	1,000,000	0	1,000,000	0	1,000,000	760,300	31.53
Share premium account	-	-	-	-	-	70,634	-
Reserves	435,000	-19.86	542,797	10.40	491,678	851,073	-48.89
Revaluation reserve	-	-	-	-	-	337,332	-
Total shareholders equity	1,435,000	-6.99	1,542,797	3.43	1,491,678	1,626,243	-11.76
Working capital	2,952,000	-81.46	15,919,771	163	6,045,480	1,920,923	53.68
Net worth	1,435,000	-6.99	1,542,797	3.43	1,491,678	1,607,944	-10.76
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ratio analysis

Annual accounts	31-12-2007	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2007	%
Trading performance
Profit Before Tax	0.12	-7.69	0.13	85.71	0.07	40,00	-99
Return on capital employed	2.31	524	0.37	-43.94	0.66	7,00	-67.00
Return on total assets employed	0.33	50.0	0.22	46.67	0.15	6,00	-94.50
Return on net assets employed	6.34	56.54	4.05	28.98	3.14	5,00	26.80
Sales / net working capital	26.44	808	2.91	-74.85	11.57	22,00	-99
Stock turnover ratio	15.57	-32.71	23.14	41.44	16.36	161,00	-90.33
Debtor days	65.67	-48.44	127.37	30.42	97.66	328,00	-79.98
Creditor days	53.81	-29.07	75.86	27.07	59.70	914,00	-94.11
short term stability
Current ratio	1.13	-53.50	2.43	94.40	1.25	17,00	-96.77
Liquidity ratio / acid ratio	0.61	-58.50	1.47	88.46	0.78	6,00	-89.83
Current debt ratio	16.34	126	7.20	-55.91	16.33	35,00	-53.31
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	997.77	-7.60	1079.84	-11.60	1221.54	636,00	56.88
Equity in percentage	5.24	-4.55	5.49	16.07	4.73	-45,00	11.64
Total debt ratio	18.09	5.11	17.21	-14.46	20.12	40,00	-54.78

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Business number	444519425	Company name	B.C.B. INTERNATIONAL NV
Fax number	032327728	Date founded	02/07/1991
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2009
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0444.519.425.

Latest branch details

Street	PELIKAANSTRAAT	Entry date	01/07/1991
House or po box number	62	Trade register number	284109
City	ANTWERPEN
Post code	2018

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 5 TO 9 EMPLOYEES

AMB Publications

AMB publication serial number	170446
Contents	Reappointment commissioner
Event filed date	24/11/2010

AMB publication serial number	26284
Contents	Reappointment
Event filed date	15/02/2008

AMB publication serial number	141626
Contents	Appointment
Event filed date	28/09/2007

AMB publication serial number	32823
Contents	Reappointment commissioner
Event filed date	27/02/2007

AMB publication serial number	180533
Contents	Increase of capital
Event filed date	01/12/2006

AMB publication serial number	180533
Contents	Change of articles of association
Event filed date	01/12/2006

AMB publication serial number	64671
Contents	Change of goal
Event filed date	27/04/2004

AMB publication serial number	101357
Contents	Dismissal
Event filed date	01/10/2003

AMB publication serial number	101357
Contents	Reappointment
Event filed date	01/10/2003

AMB publication serial number	110
Contents	Transfer of registered office
Event filed date	22/05/2002

Belgian Bullettin of Acts Publications moniteur belge

AMB publication serial number	20061201-80533
Contents	Increase of capital from EUR 85480177 to EUR 95480177
Event filed date	15/11/2006

AMB publication serial number	20061201-80533
Contents	Increase of capital from EUR 95480177 to EUR 1000000
Event filed date	15/11/2006

AMB publication serial number	20040427-64671
Contents
Event filed date	29/03/2004

AMB publication serial number	20020522-110
Contents	Formerly established at PELIKAANSTRAAT 62 - 2000 ANTWERPEN
Event filed date	19/04/2002

AMB publication serial number	20020522-110
Contents	Transfer of registered office HOVENIERSSTRAAT 50-52 - 2018 ANTWERPEN
Event filed date	19/04/2002

AMB publication serial number	20020522-110
Contents	Increase of capital from EUR 285000 to EUR 85480177
Event filed date	19/04/2002

AMB publication serial number	20011030-210
Contents	Increase of capital from EUR 3098669 to EUR 62000
Event filed date	19/07/2001

AMB publication serial number	20011030-210
Contents	Conversion of share capital in EUR
Event filed date	19/07/2001

AMB publication serial number	20000629-52
Contents	Previous name CINDAM BELGIUM
Event filed date	31/05/2000

AMB publication serial number	20000629-52
Contents	Change of name B.C.B. INTERNATIONAL
Event filed date	31/05/2000

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
category

Significant Events

Event Date	25/06/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 25-06-2007: Herbenoeming van de bestuurders tot na de jaarvergadering van 2013 Benyacar Rene, Benyacar Alain (ook als gedelegeerd bestuurder) en Selinger Guy

Rating History

no rating history data found

Limit History

no limit history data found

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	66.71
Industry average credit limit	160643.81

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Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	444519425
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.59
UK Pound	1	Rs.73.42
Euro	1	Rs.66.04

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.