MIRA INFORM REPORT

Report Date :

18.04.2014

IDENTIFICATION DETAILS

Name :	LUMINOUS DIAMONDS BVBA

Registered Office :	Belgiëlei 124, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2013

Date of Incorporation :	28.02.1997

Com. Reg. No.:	460118906

Legal Form :	Private Limited Company

Line of Business :	Engaged in data processing, hosting and related activities

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 & ADDRESS

Business number 460118906

Company name LUMINOUS DIAMONDS BVBA

Address BELGIËLEI 124

2018 ANTWERPEN

Date of establishment 28/02/1997

Commentary

The business was established over 17 years ago.
No employees are recorded for this business.
The business has been at the address for over 7 months.
The business has changed address 1 times in the last year.
A 9236% growth in Total Assets occurred during the latest trading period.
The business saw a decrease in their Cash Balance of 98% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2013	6,474,681	-3,791	62,849	62,849
31/03/2012		-5,705	66,641	66,641
31/03/2011		-5,083	72,824	72,824

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2013	-	0	118,592	-3,791
31/03/2012	-	0	118,592	-6,183
31/03/2011	-	0	118,592	-5,083

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments	---	Payment expectation days 382.27
Industry average payment expectation days	58.48	Industry average day sales 94.90 outstanding
Day sales outstanding	380.58

Court data summary

BANKRUPTCY DETAILS
Court action type	no

Joint Industrial Committee

(JIC)

Significant Events
Event Date	09/11/2012
Event Details	Wijziging van het maatschappelijk doel.

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

Profit & Loss

Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	Industry average 2013	%
Weeks	52		52		65
Currency	EUR		EUR		EUR
Turnover	6,474,681	-	-	-	-	3,942,177	64.24
Total operating expenses	6,477,724	-	-	-	-	3,325,787	94.77
Operating result	-3,043	54.61	-5,572	11.66	-4,990	142,283	-102
Total financial income	276,458	2764480	10	900	1	67,908	307
Total financial expenses	277,206	193750	143	52.13	94	9,769	2737
Results on ordinary operations before taxation	-3,791	66.45	-5,705	12.24	-5,083	193,885	-101
Taxation	-	-	-	-	-	62,285	-
Results on ordinary operations after taxation	-3,791	66.45	-5,705	12.24	-5,083	145,478	-102
Extraordinary items	0	0	-478	-	0	62,282	-100
Other appropriations	0	-	0	-	0	-	-
Net result	-3,791	61.31	-6,183	21.64	-5,083	208,051	-101
OTHER INFORMATION
Dividends	-	-	-	-	-	1,040,433	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	616,421	-
Wages and salary	-	-	-	-	-	465,150	-
Employee pension costs	-	-	-	-	-	33,058	-
Social security contributions	-	-	-	-	-	126,851	-
Other employee costs	0	-	0	-	0	18,276	-100
Amortization and depreciation	-	-	-	-	-	25,218	-

Balance Sheet

Annual accounts	31-03-2013	%	31-03-2012	%	31-03-2011	Industry average 2013	%
Weeks	52		52		65
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	11,930	-100
Tangible fixed assets	-	-	-	-	-	189,481	-
Land & building	-	-	-	-	-	386,697	-
Plant & machinery	-	-	-	-	-	18,713	-
Furniture & Vehicles	-	-	-	-	-	20,882 5,839	-
Leasing & Other Similar Rights	-	-	-	-	-	229,487 21,365	-
Other tangible assets	0	-	0	-	0	3,994	-100
Financial fixed assets	-	-	-	-	-	380,930	-
Total fixed assets	-	-	-	-	-	384,062	-
Inventories	24,169	-	-	-	-	113,022	-78.62
Raw materials & consumables	-	-	-	-	-	4,642	-
Work in progress	0	-	0	-	0	6,982	-100
Finished goods	24,169	-	0	-	0	103	23365
Other stocks	0	-	0	-	0	13,774	-100
Trade debtors	6,751,139	-	0	-	0	226,414	2881
Cash	8	-98.36	488	57.75	1,155	658,627	-99
other amounts receivable	77,846	7.20	72,616	0.53	72,232	485,471	-83.96
Miscellaneous current assets	0	-100	300	-	0	88,597	-100
Total current assets	6,853,162	9236	73,404	0.02	73,387	1,429,881	379
Total Assets	6,853,162	9236	73,404	0.02	73,387	1,776,372 165,407	285
CURRENT LIABILITIES
Trade creditors	6,784,140	373681	1,815	222	563	226,693	2892
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	138,519 11,501	-
Current portion of long term debt	-	-	-	-	-	26,961 11,720	-
Amounts Payable for Taxes, Remuneration & Social Security	-	-	-	-	-	8,783 -	-
Miscellaneous current liabilities	6,173	24.76	4,948	-	0	-97.74	- -
Total current liabilities	6,790,313	100303	6,763	1101	563	602,807	1026
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	101,284 41,532	-
Provisions for Liabilities & Charges	0	-	0	-	0	6,453 0	-100
Other long term liabilities	0	-	0	-	0	19,433	-100
Total long term debts	0	-	0	-	0	109,598	-100
SHAREHOLDERS EQUITY
Issued share capital	118,592	0	118,592	0	118,592	113,573	4.42
Share premium account	-	-	-	-	-	0	-
Reserves	-55,743	-7.30	-51,951	13.51	-45,768	936,522	-105

Revaluation reserve	-	-	-	-	-	425,381	-
Total shareholders equity	62,849	-5.69	66,641	-8.49	72,824	1,063,967	-94.09
Working capital	62,849	-5.69	66,641	-8.49	72,824	827,074	-92.40
Cashflow	-3,791	61.31	-6,183	21.64	-5,083	229,431	-101
Net worth	62,849	-5.69	66,641	-8.49	72,824	1,052,037	-94.03

Ratio Analysis

Annual accounts	31-03-2013	change(%)	31-03-2012	change(%)	31-03-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	-0.06	-	-	-	-	20,00	-100
Return on capital employed	-6.03	70.44	-8.56	-22.64	-6.98	38,00	-115
Return on total assets employed	-0.06	0.77	-7.77	-12.12	-6.93	-8,00	0.75
Return on net assets employed	-6.03	70.44	-8.56	-22.64	-6.98	22,00	-127
Sales / net working capital	103.02	-	-	-	-	12,00	-99
Stock turnover ratio	0.37	-	-	-	-	6,00	-93.83
Debtor days	380.58	-	-	-	-	100,00	280
Creditor days	382.27	-	-	-	-	92,00	315
SHORT TERM STABILITY
Current ratio	1.01	-90.69	10.85	-91.68	130.35	50,00	1.00
Liquidity ratio / acid ratio	1.01	-90.69	10.85	-91.68	130.35	50,00	-97.98
Current debt ratio	108.04	107940	0.10	900	0.01	1,00	10704
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	-	-	-	112,00	-
Equity in percentage	0.92	-98.99	90.79	-8.51	99.23	-206,00	0.45
Total debt ratio	108.04	107940	0.10	900	0.01	2,00	5302

Payment Information

Payment expectations
Payment expectation days	382.27
Day sales outstanding	380.58

Industry comparison
Activity code	63110
Activity description	Data processing, hosting and related activities
Industry average payment expectation days	58.48
Industry average day sales outstanding	94.90

Industry quartile analysis
Payment expectations
Company result	382.27
Lower	96.16
Median	56.23
Upper	29.77

Day sales outstanding
Company result	380.58
Lower	59.71
Median	24.16
Upper	8.61

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	Deepak	Middle name	-
Surname	Mehta
SHAREHOLDER DETAILS
Start date	28/02/1997	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	Fruithoflaan	House number	124
Minor town	Berchem	Postal town	Antwerpen
Post code	2600	Country	Belgium

Court data

NSSO details
Business number	460118906

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data
there is no data for this company

Director details

Current Director Details

Name	AJEN ADHU
Position	Non Statutory Partner
Start Date	18/06/2010
Date of birth	09/07/1973
Street	34 PERCKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	AJEN ADHU
Position	Principal Manager
Start Date	18/06/2010
Date of birth	09/07/1973
Street	34 PERCKHOEVELAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	CHETAN CHINUBHAI CHOKSI
Position	Principal Manager
Start Date	20/11/2002
Street	10 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	CHINUBHAI CHOKSI CHETAN
Position	Principal Manager
Start Date	24/10/2011
Street	10 SORBENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	AJEN MADHU
Position	Principal Manager
Start Date	18/06/2010

Name	HEMANG SHAH
Position	Principal Manager
Start Date	09/11/2012

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	MNL

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.

Business number	460118906	Company name	LUMINOUS DIAMONDS BVBA
Fax number		Date founded	28/02/1997
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/03/2013
Activity code	63110	liable for VAT	yes
Activity description	Data processing, hosting and related activities	VAT Number	BE.0460.118.906
Belgian Bullettin of Acts Publications	moniteur belge