MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	BRILLIANT STAR BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	27.10.1999

Com. Reg. No.:	467219702

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 :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	467219702
Company name	BRILLIANT STAR BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN

Number of staff	0
Date of establishment	27/10/1999
Telephone number	032265486
Fax number	032265486

DIRECTORS/MANAGEMENT

Current director details

Name	ANAND KUMAR UMMEDAL DUGAR
Position	Principal Manager
Start Date	03/12/2010
End Date
Street	26 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	ABRAHAM PINCHASI
Position	Principal Manager
Start Date	01/01/2011
End Date
Street	13 ELSDONKLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

Name	MARC SCHWALB
Position	Principal Manager
Start Date	27/10/1999
End Date	31/12/2010
Date of birth	27/08/1942
Street
Post code
Country

NEGATIVE INFORMATION

Commentary

The business was established over 13 years ago.

No employees are recorded for this business.

The business has been at the address for over 12 years.

A 64% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 23% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 50% during the latest trading period.

Court data summary

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

Business number	467219702	Company name	BRILLIANT STAR BVBA
Fax number	032265486	Date founded	27/10/1999
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.0467.219.702
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

Protested bills

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

NSSO details

Business number	467219702
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	60.61
Industry average payment expectation days	174.26	Industry average day sales outstanding	108.50
Day sales outstanding	24.35

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	60.61
Day sales outstanding	24.35

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	174.26
Industry average day sales outstanding	108.50

Industry quartile analysis

Payment expectations
Company result	60.61
Lower	121.46
Median	72.36
Upper	40.99

Day sales outstanding
Company result	24.35
Lower	105.52
Median	54.63
Upper	23.61

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number
-		-

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	50,894,056	69,578	1,229,502	1,912,685
31/12/2010	45,521,639	90,576	1,182,975	1,816,199
31/12/2009	37,725,120	81,299	1,116,769	1,766,039

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	13,813,867	0	768,731	73,642
31/12/2010	8,394,054	0	768,731	71,573
31/12/2009	8,343,070	0	768,731	62,455

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	50,894,056	11.80	45,521,639	20.67	37,725,120	49,416,669	2.99
Total operating expenses	50,620,182	12.00	45,196,837	20.83	37,405,585	48,781,415	3.77
Operating result	273,874	-15.68	324,802	1.65	319,535	238,379	14.89
Total financial income	2,215	6356	34	1573	2	149,137	-98.51
Total financial expenses	206,512	-11.85	234,260	-1.67	238,238	287,777	-28.24
Results on ordinary operations before taxation	69,578	-23.18	90,576	11.41	81,299	84,467	-17.63
Taxation	23,050	-5.41	24,370	11.47	21,862	37,844	-39.09
Results on ordinary operations after taxation	46,528	-29.72	66,206	11.39	59,436	59,263	-21.49
Extraordinary items	0	-	0	-	0	3,201	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	46,528	-29.72	66,206	11.39	59,436	62,348	-25.37
Other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	-	-	-	-	34	127,998	-
Wages and salary	-	-	-	-	-	108,777	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,123	-
Other employee costs	0	-	0	-100	34	3,607	-100
Amortization and depreciation	27,115	405	5,367	77.78	3,019	18,309	48.09
p

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	2,479	-	2,479	-	2,479	1,462	69.56
Tangible fixed assets	132,771	-16.72	159,432	73.78	91,741	177,435	-25.17
Land & building	86,344	-3.03	89,043	-2.94	91,741	346,034	-75.05
Plant & machinery	-	-	-	-	-	21,796	-
Other tangible assets	46,427	-34.04	70,389	703890700	0	24,613	88.63
Financial fixed assets	1,487	0	1,487	0	1,487	276,470	-99
Total fixed assets	136,737	-16.32	163,398	70.73	95,707	363,228	-62.35
Inventories	9,881,574	72.28	5,735,685	15.19	4,979,470	3,063,024	222
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,462	-100
Finished goods	9,881,574	72.28	5,735,685	15.19	4,979,470	2,049,305	382
Other stocks	0	-	0	-	0	472,115	-100
Trade debtors	3,395,865	66.20	2,043,230	-28.83	2,870,889	3,890,045	-12.70
Cash	45,562	-50.58	92,201	110	43,864	239,652	-80.99
other amounts receivable	349,089	-1.87	355,731	1.32	351,091	245,172	42.39
Miscellaneous current assets	5,041	32.31	3,810	86.00	2,048	21,403	-76.45
Total current assets	13,677,130	66.17	8,230,656	-0.20	8,247,362	6,947,598	96.86
Current liabilities
Trade creditors	8,405,414	119	3,821,949	-7.90	4,149,844	2,779,144	202
Short term group loans	-	-	-	-	-	-	-
Other short term loans	2,951,836	35.47	2,178,880	10.73	1,967,788	1,895,457	55.73
Miscellaneous current liabilities	407,195	-1.56	413,628	13.73	363,691	9.92	- -
Total current liabilities	11,764,445	83.41	6,414,457	-1.03	6,481,324	4,928,002	138
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	817,441	2.93	794,144	6.96	742,498	-28.92	- -
Other long term liabilities	0	-	0	-	0	143,055	-100
Total long term debts	817,441	2.93	794,144	6.96	742,498	599,216	36.42
Shareholders equity
Issued share capital	768,731	0	768,731	0	768,731	1,022,445	-24.81
Share premium account	-	-	-	-	-	108,219	-
Reserves	463,250	11.17	416,722	18.89	350,516	696,058	-33.45
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	1,231,981	3.92	1,185,454	5.92	1,119,247	1,739,850	-29.19
Working capital	1,912,685	5.31	1,816,199	2.84	1,766,039	2,019,596	-5.29
Cashflow	73,642	2.89	71,573	14.60	62,455	77,447	-4.91
Net worth	1,229,502	3.93	1,182,975	5.93	1,116,769	1,738,388	-29.27

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	-30.0	0.20	-9.09	0.22	-742,00	0.02
Return on capital employed	3.40	-25.76	4.58	4.81	4.37	-14,00	24.29
Return on total assets employed	0.50	-53.70	1.08	11.34	0.97	-34,00	1.47
Return on net assets employed	5.65	-26.05	7.64	5.23	7.26	-12,00	47.08
Sales / net working capital	26.61	6.19	25.06	17.32	21.36	66,00	-99
Stock turnover ratio	19.42	54.13	12.60	-4.55	13.20	67,00	-71.01
Debtor days	24.35	48.66	16.38	-41.04	27.78	57.886,00	-99
Creditor days	60.61	96.34	30.87	-23.76	40.49	327,00	-81.46
Short term stability
Current ratio	1.16	-9.38	1.28	0.79	1.27	4,00	-93.56
Liquidity ratio / acid ratio	0.32	-17.95	0.39	-22.00	0.50	3,00	-89.33
Current debt ratio	9.55	76.52	5.41	-6.56	5.79	18,00	-46.94
Liquidity ratio reprocessed	-	-	-	-	-	-	-
Long term stability
Gearing	305.95	21.99	250.79	3.57	242.15	265,00	15.45
Equity in percentage	8.92	-36.87	14.13	5.29	13.42	-1.079,00	0.83
Total debt ratio	10.21	67.93	6.08	-5.74	6.45	19,00	-46.26

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

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

Minority Interests

No minority interests found

NOTES & COMMENTS

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 8^th Century B.C. India, in fact, remained undisputed leader till 18^th 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 30^th 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.54.88
UK Pound	1	Rs.83.65
Euro	1	Rs.70.57

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

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