MIRA INFORM REPORT

Report Date :

30.01.2013

IDENTIFICATION DETAILS

Name :	BRIGHT DIAM BVBA
Registered Office :	Hoveniersstraat 2 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	18.05.2005
Com. Reg. No.:	874133019
Legal Form :	Private Limited Company (BL/LX)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

BRIGHT DIAM BVBA - BRIGHT DIAM BVBA

Business number	874133019
Company name	BRIGHT DIAM BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	0
Date of establishment	18/05/2005
Telephone number	033367574
Fax number	-

Ultimate holding company

Company name	Company Number
-	-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	16,318,548	23,450	69,730
31/12/2010	7,885,266	16,507	54,319
31/12/2009		2,738	42,937

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	3,191,183		18,600	163,446	0
31/12/2010	1,934,968		18,600	58,878	0
31/12/2009	1,314,634		18,600	28,265	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	37.72
Industry average payment expectation days	176.29	Industry average day sales outstanding	109.66
Day sales outstanding	48.58

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Court data summary

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

Business number	874133019	Company name	BRIGHT DIAM BVBA
Fax number	-	Date founded	18/05/2005
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0874.133.019
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	16,318,548	106	7,885,266	-	-	57,071,239	-71.41
Total operating expenses	16,263,037	105	7,927,211	-	-	56,388,961	-71.16
Operating result	55,511	132	-41,945	-1199	3,815	261,829	-78.80
Total financial income	27,621	-73.02	102,392	344422	30	170,510	-83.80
Total financial expenses	59,682	35.83	43,940	3871	1,106	344,956	-82.70
Results on ordinary operations before taxation	23,450	42.06	16,507	502	2,738	70,732	-66.85
Taxation	8,039	56.86	5,125	2098	233	38,720	-79.24
Results on ordinary operations after taxation	15,411	35.40	11,382	354	2,505	44,559	-65.41
Extraordinary items	0	-	0	-	0	11,605	-100
Other appropriations	0	-	0	-	0.00	-	-
Net result	15,411	35.40	11,382	354	2,505	56,103	-72.53
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	118,597	-
Employee costs	-	-	-	-	-	152,302	-
Wages and salary	-	-	-	-	-	129,219	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	31,839	-
Other employee costs	0	-	0	-	0	4,350	-100
Amortization and depreciation	15,925	1642	914	938	88	21,715	-26.66

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,777	-100
Tangible fixed assets	308,693	17439	1,760	793	197	208,237	48.24
Land & building	284,273	-	-	-	-	381,832	-25.55
Plant & machinery	4,840	175	1,760	793	197	27,852	-82.62
Other tangible assets	19,580	-	0	-	0	30,991	-36.82
Financial fixed assets	-	-	-	-	-	321,397	-
Total fixed assets	308,693	17439	1,760	793	197	427,235	-27.75
Inventories	539,718	-39.88	897,742	-16.43	1,074,188	3,531,853	-84.72
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,263	-100
Finished goods	0	-	0	-	0	2,466,975	-100
Other stocks	539,718	-39.88	897,742	-16.43	1,074,188	456,042	18.35
Trade debtors	2,171,774	123	973,499	442	179,504	4,396,176	-50.60
Cash	163,446	177	58,878	108	28,265	306,990	-46.76
other amounts receivable	7,552	404	1,498	-95.39	32,480	448,139	-98.31
Miscellaneous current assets	0	-100	1,591	-	0	41,939	-100
Total current assets	2,882,490	49.10	1,933,208	47.08	1,314,437	8,147,077	-64.62
current liabilities
Trade creditors	1,680,863	159	647,091	3084	20,317	2,931,738	-42.67
Short term group loans	-	-	-	-	-	-	-
Other short term loans	12,597	-	0	-	0	2,444,471	-99
Miscellaneous current liabilities	634,136	0.09	633,558	-49.37	1,251,380	58.47	- -
Total current liabilities	2,327,596	81.75	1,280,649	0.70	1,271,697	5,660,263	-58.88
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	793,857	32.31	600,000	-	-	-50.64	- -
Other long term liabilities	0	-	0	-	0	281,871	-100
Total long term debts	793,857	32.31	600,000	-	0	937,625	-15.33
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,170,543	-98.41
Share premium account	-	-	-	-	-	173,859	-
Reserves	51,130	43.15	35,719	46.77	24,337	725,228	-92.95
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	69,730	28.37	54,319	26.51	42,937	1,919,934	-96.37
Working capital	554,894	-14.97	652,559	1426	42,740	2,486,814	-77.69
Net worth	69,730	28.37	54,319	26.51	42,937	1,918,157	-96.36
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ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.14	-33.33	0.21	-	-	-662,00	0.02
Return on capital employed	2.72	7.94	2.52	-60.50	6.38	-13,00	20.92
Return on total assets employed	0.73	-14.12	0.85	304	0.21	-30,00	2.43
Return on net assets employed	33.63	10.66	30.39	376	6.38	-19,00	177
Sales / net working capital	29.41	143	12.08	-	-	61,00	-99
Stock turnover ratio	3.31	-70.94	11.39	-	-	62,00	-94.66
Debtor days	48.58	7.81	45.06	-	-	51.715,00	-99
Creditor days	37.72	26.62	29.79	-	-	299,00	-87.38
short term stability
Current ratio	1.24	-17.88	1.51	46.60	1.03	4,00	-92.25
Liquidity ratio / acid ratio	1.01	24.69	0.81	326	0.19	3,00	-66.33
Current debt ratio	33.38	41.56	23.58	-20.39	29.62	16,00	108
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	1156.54	4.70	1104.59	-	-	273,00	323
Equity in percentage	2.19	-22.06	2.81	-14.07	3.27	-990,00	0.22
Total debt ratio	44.76	29.29	34.62	16.88	29.62	17,00	163

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	37.72
Day sales outstanding	48.58

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	176.29
Industry average day sales outstanding	109.66

Industry quartile analysis

Payment expectations
Company result	37.72
Lower	122.08
Median	73.75
Upper	41.43
Day sales outstanding
Company result	48.58
Lower	107.66
Median	54.99
Upper	24.45

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

Protested bills

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

NSSO details

Business number	874133019
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	HITESH DESAI
Position	Principal Manager
Start Date	03/08/2010
Street	29 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	TECHWORLD BVBA
Position	Principal Manager
Start Date	18/05/2005
End Date	25/01/2006
Date of birth	31/03/2003
Street	51 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name		CHANDRESH RAMESHCHADRA BALLAR
Position		Principal Manager
Start Date		26/01/2006
End Date		30/09/2007
Street		42 VAN LERIUSSTRAAT ANTWERPEN
Post code		2018
Country		Belgium

Name	KISHANLAL SHIVLAL DESAI
Position	Principal Manager
Start Date	01/10/2007
End Date	31/03/2008
Street	255 JAN VAN RIJSWIJCKLAAN ANTWERPEN
Post code	2020
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.70
UK Pound	1	Rs.84.35
Euro	1	Rs.72.21

INFORMATION DETAILS

Report Prepared by :

SDA

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.