MIRA INFORM REPORT

Report Date :

29.10.2013

IDENTIFICATION DETAILS

Name :	BRIGHT DIAM BVBA
Registered Office :	Hoveniersstraat 2 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
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 :	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	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 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

Company name and address

BRIGHT DIAM BVBA - 874133019

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

Commentary

The business was established over 8 years ago.
No employees are recorded for this business.
The business has been at the address for over 2 years.
There has been no significant change in the business's credit rating.
There has been no significant change in the business's credit limit.
Operating Result in the latest trading period increased 29% on the previous trading period.
Net Worth increased by 1645% during the latest trading period.
A 78% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 102% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 92% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	17,600,921	47,510	1,217,240	1,103,424
31/12/2011	16,318,548	23,450	69,730	554,894
31/12/2010	7,885,266	16,507	54,319	652,559

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	5,701,189	0	1,118,600	64,219
31/12/2011	3,191,183	0	18,600	31,336
31/12/2010	1,934,968	0	18,600	12,296

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	86.84
Industry average payment expectation days	158.70	Industry average day sales outstanding	114.97
Day sales outstanding	103.33

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	31/12/2012
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

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
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	-	-

Joint Industrial Committee (JIC)

comparison mode

average

median

Export accounts to CSV file

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	17,600,921	7.86	16,318,548	106	7,885,266	43,472,665	-59.51
Total operating expenses	17,528,854	7.78	16,263,037	105	7,927,211	43,089,263	-59.32
Operating result	72,067	29.82	55,511	132	-41,945	138,401	-47.93
Total financial income	8,458	-69.38	27,621	-73.02	102,392	97,353	-91.31
Total financial expenses	33,015	-44.68	59,682	35.83	43,940	197,940	-83.32
Results on ordinary operations before taxation	47,510	102	23,450	42.06	16,507	28,745	65.28
Taxation	-	-	8,039	56.86	5,125	20,054	-
Results on ordinary operations after taxation	47,510	208	15,411	35.40	11,382	14,468	228
Extraordinary items	0	-	0	-	0	-4,539	0
Other appropriations	0	-	0	-	0	-	-
Net result	47,510	208	15,411	35.40	11,382	9,939	378
other information
Dividends	-	-	-	-	-	183,441	-
Director remuneration	-	-	-	-	-	119,612	-
Employee costs	-	-	-	-	-	123,116	-
Wages and salary	-	-	-	-	-	103,328	-
Employee pension costs	-	-	-	-	-	14,092	-
Social security contributions	-	-	-	-	-	25,949	-
Other employee costs	0	-	0	-	0	4,439	-100
Amortization and depreciation	16,709	4.92	15,925	1642	914	16,225	2.98
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balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,526	-100
Tangible fixed assets	294,666	-4.54	308,693	17439	1,760	171,106	72.21
Land & building	275,481	-3.09	284,273	-	-	346,148	-20.42
Plant & machinery	3,179	-34.32	4,840	175	1,760	21,689	-85.34
Furniture & Vehicles	16,006	-18.25	19,580	-	-	16,279 5,083	-1.68
Leasing & Other Similar Rights	-	-	-	-	-	68,695 30,812	-
Other tangible assets	0	-	0	-	0	8,171	-100
Financial fixed assets	-	-	-	-	-	207,252	-
Total fixed assets	294,666	-4.54	308,693	17439	1,760	309,276	-4.72
Inventories	410,163	-24.00	539,718	-39.88	897,742	2,835,960	-85.54
Raw materials & consumables	-	-	-	-	-	7,494,338	-
Work in progress	0	-	0	-	0	2,621	-100
Finished goods	0	-	0	-	0	1,752,244	-100
Other stocks	410,163	-24.00	539,718	-39.88	897,742	584,965	-29.88
Trade debtors	4,982,840	129	2,171,774	123	973,499	3,774,685	32.01
Cash	12,690	-92.24	163,446	177	58,878	212,418	-94.03
other amounts receivable	830	-89.01	7,552	404	1,498	175,481	-99
Miscellaneous current assets	0	-	0	-100	1,591	15,090	-100
Total current assets	5,406,523	87.56	2,882,490	49.10	1,933,208	6,571,655	-17.73
Total Assets	5,701,189	78.65	3,191,183	64.92	1,934,968	6,850,601 1,351,303	-16.78
current liabilities
Trade creditors	4,170,330	148	1,680,863	159	647,091	2,854,960	46.07
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	3,871,982 167,791	-
Current portion of long term debt	13,008	3.26	12,597	-	-	110,218 14,379	-88.20
Amounts Payable for Taxes, Remuneration & Social Security	50	-99	12,725	139	5,310	8,714 -	-99
Miscellaneous current liabilities	119,711	-80.74	621,411	-1.09	628,248	-60.07	- -
Total current liabilities	4,303,099	84.87	2,327,596	81.75	1,280,649	4,903,950	-12.25
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	180,850	-77.22	793,857	32.31	600,000	-81.82	- -
Deffered taxes	-	-	-	-	-	32,238 15,445	-
Provisions for Liabilities & Charges	0	-	0	-	0	2,408 0	-100
Other long term liabilities	0	-	0	-	0	124,749	-100
Total long term debts	180,850	-77.22	793,857	32.31	600,000	505,290	-64.21
shareholders equity
Issued share capital	1,118,600	5913	18,600	0	18,600	816,719	36.96
Share premium account	-	-	-	-	-	117,681	-
Reserves	98,640	92.92	51,130	43.15	35,719	593,076	-83.37
Revaluation reserve	-	-	-	-	-	847,347	-
Total shareholders equity	1,217,240	1645	69,730	28.37	54,319	1,435,384	-15.20
Working capital	1,103,424	98.85	554,894	-14.97	652,559	1,667,705	-33.84
Cashflow	64,219	104	31,336	154	12,296	23,281	175
Net worth	1,217,240	1645	69,730	28.37	54,319	1,432,274	-15.01
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ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.27	92.86	0.14	-33.33	0.21	-24,00	1.12
Return on capital employed	3.40	25.00	2.72	7.94	2.52	32,00	-89.38
Return on total assets employed	0.83	13.70	0.73	-14.12	0.85	-224,00	0.37
Return on net assets employed	3.90	-88.40	33.63	10.66	30.39	22,00	-82.27
Sales / net working capital	15.95	-45.77	29.41	143	12.08	46,00	-99
Stock turnover ratio	2.33	-29.61	3.31	-70.94	11.39	117,00	-98.01
Debtor days	103.33	112	48.58	7.81	45.06	138,00	-25.12
Creditor days	86.84	130	37.72	26.62	29.79	115,00	-24.49
short term stability
Current ratio	1.26	1.61	1.24	-17.88	1.51	7,00	-84.25
Liquidity ratio / acid ratio	1.16	14.85	1.01	24.69	0.81	4,00	-71.00
Current debt ratio	3.54	-89.39	33.38	41.56	23.58	8,00	-55.75
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	15.93	-98.62	1156.54	4.70	1104.59	382,00	-95.83
Equity in percentage	21.35	874	2.19	-22.06	2.81	-3.506,00	0.61
Total debt ratio	3.68	-91.78	44.76	29.29	34.62	10,00	-63.20

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

Payment expectations

Payment expectation days	86.84
Day sales outstanding	103.33

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	158.70
Industry average day sales outstanding	114.97

Industry quartile analysis

Payment expectations
Company result	86.84
Lower	132.13
Median	82.62
Upper	44.36
Day sales outstanding
Company result	103.33
Lower	112.04
Median	57.84
Upper	28.11

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

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

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.61.50
UK Pound	1	Rs.99.49
Euro	1	Rs.84.88

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.