MIRA INFORM REPORT

 

 

Report Date :           

03.01.2012

 

IDENTIFICATION DETAILS

 

Name :

BHAVYA BVBA

 

 

Registered Office :

Hoveniersstraat 53 Antwerpen, Post Code 2018

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.09.2009

 

 

Com. Reg. No.:

819093239

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

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 :

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Belgium

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


Company name & address 

 

Business number

819093239

Company name

BHAVYA BVBA

Safe number

BE00980386

Telephone number

033367040

Address

HOVENIERSSTRAAT 53 ANTWERPEN

Fax number

033367041

Post code

2018

Number of staff

-

Date of establishment

28/09/2009

 

 

 

 

Ultimate holding company

 

Safe number

Company name

 

Company Number

-

-

 

-

 

 

Accounts & ratios

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

31/12/2010

 

29,269

43,036

 

 

Accounts & ratios

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

INVESTMENTS

CAPITAL

CASH FLOW

NUMBER OF EMPLOYEES

31/12/2010

3,621,193

 

25,000

700,337

0

 

 

Trends

 

Profitability

 

-

 

Liquidity

 

-

 

Net worth

 

-

 

 

 

Payment expectations

 

Past payments

 

Payment expectation days

-

Industry average payment expectation days

191.32

Industry average day sales outstanding

142.21

Day sales outstanding

-

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

Business number

819093239

Company name

BHAVYA BVBA

Fax number

033367041

Date founded

28/09/2009

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

31/12/2010

Activity code

46761

liable for VAT

 

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0819.093.239

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Contractor details

 

Registered contractor number

-

Contractor description

-

Date struck off register

 

 

 

Personnel limit NSSO

 

Code

-

Description

-

 

 

Joint Industrial Committee (JIC)

 

---

 

 

Profit & loss

 

Annual accounts

31-12-2010

%

 

%

 

Industry average

%

Weeks

52

 

-

 

-

 

 

Currency

EUR

 

-

 

-

 

 

Turnover

-

-

-

-

-

-

-

Total operating expenses

-

-

-

-

-

-

-

Operating result

90,395

-

-

-

-

-

-

Total financial income

-

-

-

-

-

-

-

Total financial expenses

61,125

-

-

-

-

-

-

Results on ordinary operations before taxation

29,269

-

-

-

-

-

-

Taxation

7,900

-

-

-

-

-

-

Results on ordinary operations after taxation

21,369

-

-

-

-

-

-

Extraordinary items

0

-

-

-

-

-

-

Other appropriations

0.00

-

-

-

-

-

-

Net result

21,369

-

-

-

-

-

-

OTHER INFORMATION

Dividends

-

-

-

-

-

-

-

Director remuneration

-

-

-

-

-

-

-

Employee costs

-

-

-

-

-

-

-

      Wages and salary

-

-

-

-

-

-

-

      Employee pension costs

-

-

-

-

-

-

-

      Social security contributions

-

-

-

-

-

-

-

      Other employee costs

0

-

-

-

-

-

-

Amortization and depreciation

2,353

-

-

-

-

-

-

 

 

balance sheet

 

Annual accounts

31-12-2010

%

 

%

 

Industry average

%

Weeks

52

 

-

 

-

 

 

Currency

EUR

 

-

 

-

 

 

Intangible fixed assets

3,334

-

-

-

-

-

-

Tangible fixed assets

2,746

-

-

-

-

-

-

      Land & building

-

-

-

-

-

-

-

      Plant & machinery

2,746

-

-

-

-

-

-

      Other tangible assets

0

-

-

-

-

-

-

Financial fixed assets

-

-

-

-

-

-

-

Total fixed assets

6,079

-

-

-

-

-

-

Inventories

693,247

-

-

-

-

-

-

      Raw materials & consumables

-

-

-

-

-

-

-

      Work in progress

0

-

-

-

-

-

-

      Finished goods

0

-

-

-

-

-

-

      Other stocks

693,247

-

-

-

-

-

-

Trade debtors

2,218,867

-

-

-

-

-

-

Cash

700,337

-

-

-

-

-

-

other amounts receivable

2,662

-

-

-

-

-

-

Miscellaneous current assets

0

-

-

-

-

-

-

Total current assets

3,615,114

-

-

-

-

-

-

CURRENT LIABILITIES

Trade creditors

2,966,410

-

-

-

-

-

-

Short term group loans

-

-

-

-

-

-

-

Other short term loans

34

-

-

-

-

-

-

Miscellaneous current liabilities

608,380

-

-

-

-

-

- -

Total current liabilities

3,574,823

-

-

-

-

-

-

LONG TERM DEBTS

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

-

-

- -

Other long term liabilities

0

-

-

-

-

-

-

Total long term debts

0

-

-

-

-

-

-

SHAREHOLDERS EQUITY

Issued share capital

25,000

-

-

-

-

-

-

Share premium account

-

-

-

-

-

-

-

Reserves

21,369

-

-

-

-

-

-

Revaluation reserve

-

-

-

-

-

-

-

Total shareholders equity

46,369

-

-

-

-

-

-

Working capital

40,290

-

-

-

-

-

-

Net worth

43,036

-

-

-

-

-

-

 

 

ratio analysis

 

Annual accounts

31-12-2010

change(%)

 

change(%)

 

Industry average

%

TRADING PERFORMANCE

Profit Before Tax

-

-

-

-

-

-

-

Return on capital employed

63.12

-

-

-

-

-

-

Return on total assets employed

0.81

-

-

-

-

-

-

Return on net assets employed

63.12

-

-

-

-

-

-

Sales / net working capital

-

-

-

-

-

-

-

Stock turnover ratio

-

-

-

-

-

-

-

Debtor days

-

-

-

-

-

-

-

Creditor days

-

-

-

-

-

-

-

SHORT TERM STABILITY

Current ratio

1.01

-

-

-

-

-

-

Liquidity ratio / acid ratio

0.82

-

-

-

-

-

-

Current debt ratio

77.09

-

-

-

-

-

-

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

0.07

-

-

-

-

-

-

Equity in percentage

1.28

-

-

-

-

-

-

Total debt ratio

77.09

-

-

-

-

-

-

 

 


Limit History

 

no limit history data found

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average credit limit

140177.31

 

 

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

191.32

Industry average day sales outstanding

142.21

 

 

Industry quartile analysis

 

Payment expectations

 

Company result

-

Lower

134.01

Median

88.31

Upper

45.57

 

Day sales outstanding

 

Company result

-

Lower

120.19

Median

62.37

Upper

27.78

 

 

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

 

SHAREHOLDER NAME

Forename

Reeta

Middle name

-

Surname

Morakhia

 

 

SHAREHOLDER DETAILS

Start date

28/09/2009

End date

-

Percentage owned

30%

 

 

SHAREHOLDER ADDRESS

Street name

Quinten Matsijslei

House number

45

Minor town

-

Postal town

Antwerpen

Post code

2018

Country

Belgium

 

SHAREHOLDER NAME

Forename

Bhavesh

Middle name

-

Surname

Morakhia

 

 

SHAREHOLDER DETAILS

Start date

28/09/2009

End date

-

Percentage owned

70%

 

 

SHAREHOLDER ADDRESS

Street name

Quinten Matsijslei

House number

45

Minor town

-

Postal town

Antwerpen

Post code

2018

Country

Belgium

 

 

Companies that match this address

 

Business number

Company name

Limit

Date of accounts

404925906

ADLER-FALLIK SCHREIBER-TRAU

-

-

404947977

DIAMOND CUTTERS ANTWERP BVBA

16500

31/12/2010

404952234

ESPEKA BVBA

1850000

31/12/2010

404954313

SOCIÉTÉ DIAMANTAIRE FINKELSTEIN CH. & CO NV

370000

31/12/2010

404955796

M. FRISCH EN CIE BVBA

4500

-

406178590

B.I.B. DIAMONDS BVBA

150000

31/12/2010

406291626

AMDIACOR BELGIUM

-

-

412623350

J WORMS EN ZOON BVBA

2500

31/12/2010

412711145

H BIRNBAUM

-

-

413178230

ROSY BLUE NV

20000000

31/12/2010

413636110

INTERNATIONAL DIAMOND EXPORTERS BVBA

230000

31/12/2010

413636110

INTERNATIONAL DIAMOND EXPORTERS BVBA

230000

31/12/2010

414804068

HYGIENIC ELECTRIC SEAT COMPANY EN LIQUIDATION BVBA

-

-

414821290

FACETED GEARTS INC IN VEREFFENING BVBA

-

-

414852667

NIPUR BVBA

855000

31/12/2010

417082875

YONIGEM

-

-

417174729

DIAMOND PREPARERS MANUFACTURERS IN VEREFFENING BVB

-

31/12/2002

417528580

ORIËNT GEM BVBA

2000

31/12/2010

417528580

ORIËNT GEM BVBA

2000

31/12/2010

419122251

BONJA IN VEREFFENING NV

-

-

419620317

COMABEL

-

-

419746021

SISO BVBA

6000

31/12/2010

419896568

ANTWERP DIAMOND EXPORT IN VEREFFENING BVBA

-

31/12/2005

420170643

R O W DIAMOND MANUFACTURING CY IN VEREFFENING

-

-

420397505

MOHANKOR

-

-

420492228

GEM TRADING COMPANY BVBA

0

31/12/2010

420958917

GEM TRADING JEWELLERY CORPORATIO IN VEREFFENING BV

-

31/12/2008

421643063

DIAMAKOR BVBA

-

-

421691761

DIASTAR NV

540000

31/12/2010

421691761

DIASTAR NV

540000

31/12/2010

421691761

DIASTAR NV

540000

31/12/2010

421997807

DAWNYDIAM

-

-

422846952

A. FEJBUSCH DIAMONDS BVBA

-

-

423032638

COMPAGNIE DIAMANTAIRE ANVERSOISE PVBA IN VEREFFENI

-

-

423119938

STELMAN INTERNATIONAL DIAMOND DEALERS NV

-

31/12/2008

423128153

CITY DIAMONDS IN VEREFFENING

-

-

423275831

PHIDIOR BVBA

4500

31/12/2010

423306119

N. SHAH & CO BVBA

1050000

31/12/2010

424507434

EUROSTAR DIAMOND MANUFACTURING BVBA

-

31/12/2002

425534347

EUROSTAR DIAMOND POLISHERS BVBA

-

31/12/2005

426722695

EUROSTAR BEVEL BVBA

-

31/12/2003

426722695

EUROSTAR BEVEL BVBA

-

31/12/2003

429380002

COSMOPOLITAN DIAMONDS

-

-

429616463

FILDIAM BVBA

150000

31/12/2010

430000010

ALMAZI INTERNATIONAL BVBA

-

31/12/2009

430693955

DIALAP ANTWERP BVBA

-

31/12/1998

431637033

RIO TINTO DIAMONDS NV

680000

31/12/2010

435329169

DACAS B.V. BVBA

28000

31/12/2010

435467147

INTERNATIONAL DIAMOND DEALERS NV

-

31/12/1998

435824166

R B DIAMANTSLIJPERIJ BVBA

59000

31/12/2010

436120512

MICKEY WEINSTOCK & CO NV

645000

31/12/2010

436120512

MICKEY WEINSTOCK & CO NV

645000

31/12/2010

436559782

DOCTOR DIAMOND NV

2000

30/06/2010

436561564

DIAMONDAX BVBA

0

30/06/2011

437796236

VAN WAUWE DIAMONDS NV

9000

31/12/2010

437796236

VAN WAUWE DIAMONDS NV

9000

31/12/2010

439347444

MID BELGIUM BVBA

3100000

31/12/2010

439347444

MID BELGIUM BVBA

3100000

31/12/2010

439767910

ESPEKA JEWELS, IN VEREFFENING BVBA

-

-

440255680

WESTEL INTERNATIONAL NV

-

-

440709701

SANKET DIAMONDS BVBA

21500

31/12/2010

440710095

DIAMSTONES BVBA

800000

31/12/2010

441568051

DIAMOND CITY DEVELOPMENT COMPANY NV

-

-

442106796

COAST TO COAST TRADING NV NV

0

31/03/2011

442820440

PINK STAR BVBA

155000

31/12/2010

443117279

EUROSTAR DIAMOND TRADERS NV

30500000

31/12/2010

444382041

GEMASIA BVBA

0

31/12/2010

447811485

SPORTS OF CLUB OF INDIA NV

0

14/11/2010

448349341

TRAU BROS NV

2950000

31/12/2010

448511865

PEGASUS DIAMONDS NV

0

31/12/2010

448511865

PEGASUS DIAMONDS NV

0

31/12/2010

448601046

SMOLENSK DIAMONDS NV

915000

31/12/2010

449043286

KEDIAM BVBA

490000

31/12/2010

449290637

RUSSDIAM NV

-

31/12/1998

450211543

UNIVERSAL TRADERS NV

150000

30/09/2010

450425933

CH. FINKELSTEIN EN CO INDUSTRIAL DIVISION BVBA

0

31/12/2010

451015158

EXCELLENT SLIJPERIJ IN VEREFFENING NV

-

31/12/2002

451653279

ULTIMATE DIAMONDS BVBA

195000

31/12/2010

452005152

EURO JEWELLERY BVBA

2000

31/12/2010

452466891

ROSY BLUE SERVICES NV

22000

31/12/2010

452540929

STELDIAM NV

-

31/12/2000

452844993

UBM DIAMONDS NV

2500

31/12/2010

455286623

MYRANI DIAMOND COMPANY IN VEREFFENING BVBA

-

31/12/1998

455949785

PAME NV

500

31/12/2010

457542664

KUMAR DIAM IN VEREFFENING NV

-

31/12/2006

460132960

DRAGON DIAMOND TRADING IN VEREFFENING NV

-

31/12/2000

460618950

PRIMESTAR NV

-

31/12/2007

461038525

M 2 F JEWELRY COMPANY BVBA

0

31/12/2010

461765926

SAGAR DIAM IN VEREFFENING EBVBA

-

31/12/2005

463612686

D & L DIAMONDS BVBA

-

31/12/2003

463862215

UNIVERSAL CORPORATION BVBA

175000

30/09/2010

465395310

MEGHDIAM BVBA

46500

31/12/2010

467087266

SAM DIAMONDS NV

-

31/12/2009

467165064

CENTURY DIAMONDS BVBA

-

31/12/2006

467166351

REX DIAMONDS NV

0

31/03/2011

471702684

DIAMONDFLOOR.COM NV

8000

31/07/2010

472005661

THE LOVE DIAMOND COMPANY NV

500

31/12/2010

472129187

N & S DIAMONDS BVBA

70000

31/12/2010

472227375

EUROSTAR INVESTMENTS NV

3000

31/12/2002

473008523

SHAILLEY GEMS BVBA

67000

31/12/2010

473201632

MAUBOUSSIN DIAMONDS IN VEREFFENING NV

-

31/12/2006

474070474

NATURAL DIAMOND CORPORATION NV

445000

31/12/2010

474131743

PASSION JEWELS BVBA

94000

31/12/2010

474451249

FACET DIAMONDS BVBA

79000

31/12/2010

475260309

IMMO GEM INVEST NV

16000

30/06/2010

475376709

DIAMOND INTERNATIONAL EBVBA

8500

31/12/2010

475395713

KIMI INTERNATIONAL IN VEREFFENING BVBA

-

31/12/2010

477718466

A-STAR BELGIUM BVBA

37500

31/12/2010

478124678

DHRUV STAR BVBA

0

31/12/2010

478160807

PUNTO BVBA

0

31/12/2010

479419827

SELECT JEWELLERY BVBA

0

31/12/2010

479736561

L.I.D.BELGIUM IN VEREFFENING BVBA

-

31/12/2006

480298468

ALHAMBRA NV

0

30/06/2010

480762385

STAR EXCEL BVBA

-

31/12/2009

503389616

COHEN FREDERIK

-

-

506243790

ZAIDMAN JACQUES EN JOZEF

-

-

506351183

UNGER DAVID

-

-

506401564

NISSIM AMOS

-

-

506465704

VAN GHELDER ANDRÉ CONSTANCE L

-

-

506485894

GOOVAERTS EMIEL HUBERT

-

-

506502029

LIBERMENSZ SERGE ALAIN

-

-

506506482

SUSSWEIN LÉON

-

-

506507967

KOHLEN TESSA SAMUEL

-

-

506511333

VAN GHELDER ANDRÉ CONSTANCE

-

-

509682639

HANDELSMAN NEUMIE

-

-

511075182

ZELDENRUST MAX

-

-

512773276

POLAKIEWICZ CHAIM

-

-

512775454

BLITS RONALD SAMUEL LEOPOLD

-

-

817289534

YDI (BELGIUM) BVBA

155000

31/12/2010

817647147

FIRESTAR DIAMOND BVBA

1300000

31/03/2011

818155705

GM DIAMONDS BVBA

0

31/12/2010

820308709

CORDMAX TRADING (ANTWERP) BVBA

0

31/12/2010

824078247

TRILLION STAR BVBA

0

31/12/2010

825630445

THE BEAN COMPANY BVBA

0

-

826601930

AGNOLEX BVBA

0

30/06/2011

830908730

ARKOT DIAMONDS BVBA

0

-

831228137

PROJECT PELIKAANSTRAAT NV

0

-

861945958

TACHE ENTERPRISES CVA

0

31/12/2010

862851523

GOLD STAR JEWELLERY BVBA

0

31/12/2010

866044209

AGL PEARLS BVBA

9500

31/12/2010

866347679

STELMAN JEWELRY BVBA

0

31/12/2010

874577041

INTERGOLD EUROPE NV

0

31/08/2010

875128060

DIAMONDS DREAMS BVBA

-

31/12/2009

884322769

OCARAT IN VEREFFENING BVBA

-

31/12/2007

887002246

ABB SUGAR FREE NV

-

-

887002741

BHANSALI EQUITIES BELGIUM IN VEREFFENING NV

-

31/12/2009

896896444

J & R JEWELLERY BVBA

0

31/12/2010

899795457

PRIVATE DIAMOND CLUB BVBA

0

31/07/2010

 

 

Protested bills

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

 

 

NSSO details

 

Business number

819093239

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

 

There is no bankruptcy data against this company

 

 

 

court data

 

there is no data for this company

 

 

Current director details

 

Name

BHAVESH MAFATLAL MORAKHIA

Position

Principal Manager

Date of birth

01/08/1974

Street

45 QUINTEN MATSIJSLEI ANTWERPEN

Post code

2018

Country

Belgium

 

 

Former director details

 

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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.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          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 –

 

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

 

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 


FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.53.30

UK Pound

1

Rs.82.66

Euro

1

Rs.68.91

 

 

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

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NB

New Business

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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%)

 

 

 

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