MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	BRILLIANT STAR BVBA
Registered Office :	Hoveniersstraat 2-Bus 242, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	27.10.1999
Com. Reg. No.:	467219702
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Belgium	A2	A2

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 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 summary

Business number 467219702

Company name BRILLIANT STAR BVBA

Address HOVENIERSSTRAAT 2-BUS 242

2018 ANTWERPEN

Number of staff 0

Date of establishment 27/10/1999

Telephone number 032265486

Fax number 032265486

Commentary

The business was established over 15 years ago.

No employees are recorded for this business.

The business has been at the address for over 14 years.

A 46% decline in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 1294% during the latest trading period.

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	74,650,778	98,438	1,429,572	4,031,024
31/12/2012	71,224,558	118,561	1,315,808	2,009,000
31/12/2011	50,894,056	69,578	1,229,502	1,912,685
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	6,866,914	0	768,731	127,045
31/12/2012	12,938,586	0	768,731	111,050
31/12/2011	13,813,867	0	768,731	73,642

Payment expectations
Past payments		Payment expectation days	3.28
Industry average payment expectation days	123.21	Industry average day sales outstanding	141.42
Day sales outstanding	14.54
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount
NSSO DETAILS
Date of summons	--

Company information

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	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0467.219.702 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Company accounts

PROFIT & LOSS

Annual accounts	31-12-2013		%	31-12-2012		%	31-12-2011	Industry average 2013	%
Weeks	52			52			52
Currency	EUR			EUR			EUR
Turnover	74,650,778		4.81	71,224,558		39.95	50,894,056	54,328,773	37.41
Total operating expenses	74,284,823		4.83	70,858,933		39.98	50,620,182	53,874,825	37.88
Operating result	365,955		0.09	365,625		33.50	273,874	149,823	144
Total financial income	315		10963	3		-99	2,215	83,179	-99
Total financial expenses	267,832		8.41	247,066		19.64	206,512	191,543	39.83
Results on ordinary operations before taxation	98,438		-16.97	118,561		70.40	69,578	34,909	181
Taxation	37,948		3.30	36,734		59.36	23,050	21,734	74.60
Results on ordinary operations after taxation		60,491	-26.08	81,827	75.87		46,528	18,939	219
Extraordinary items		53,274	2563	2,000	-		0	5,365	892
Other appropriations		0.00	-	0.00	-		0.00	-	-
Net result		113,764	35.71	83,827	80.17		46,528	24,438	365
OTHER INFORMATION
Gross Operating Margin		-	-	-	-		-	33,409	-
Dividends		-	-	-	-		-	234,766	-
Director remuneration		-	-	-	-		-	126,036	-
Employee costs		-	-	-	-		-	139,048	-
Wages and salary		-	-	-	-		-	119,968	-
Employee pension costs		-	-	-	-		-	23,129	-
Social security contributions		-	-	-	-		-	29,614	-
Other employee costs		0	-	0	-		0	3,979	-100
Amortization and depreciation		13,280	-51.22	27,223	0.40		27,115	17,896	-25.79

BALANCE SHEET

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	2,479	1,298	-100
Tangible fixed assets	137,238	29.40	106,060	-20.12	132,771	189,680	-27.65
Land & building	80,948	-3.23	83,646	-3.13	86,344	369,885	-78.12
Plant & machinery	1,040	-	-	-	-	26,893	-96.13
Furniture & Vehicles	55,250	146	22,414	-51.72	46,427	15,771 4,585	250
Leasing & Other Similar Rights	-	-	-	-	-	107,517 34,551	-
Other tangible assets	0	-	0	-	0	9,057	-100
Financial fixed assets	3,966	0	3,966	166	1,487	179,439	-97.79
Total fixed assets	141,204	28.34	110,026	-19.53	136,737	299,919	-52.92
Inventories	3,363,995	33.47	2,520,453	-74.49	9,881,574	2,927,814	14.90
Raw materials & consumables	-	-	-	-	-	6,545,857	-
Work in progress	0	-	0	-	0	1,123	-100
Finished goods	3,363,995	33.47	2,520,453	-74.49	9,881,574	1,943,728	73.07
Other stocks	0	-	0	-	0	451,609	-100
Trade debtors	2,973,408	-71.05	10,269,547	202	3,395,865	4,241,844	-29.90
Cash	378,114	1294	27,110	-40.50	45,562	456,237,237	-99
other amounts receivable	4,368	-14.00	5,079	-98.54	349,089	181,821	-97.60
Miscellaneous current assets	5,825	-8.57	6,370	26.38	5,041	-449,184,062	0.00
Total current assets	6,725,710	-47.57	12,828,560	-6.20	13,677,130	7,131,127	-5.69
Total Assets	6,866,914	-46.93	12,938,586	-6.34	13,813,867	7,398,361 1,291,835	-7.18

CURRENT LIABILITIES

Trade Creditors	668,488	-91.25	7,640,819	-9.10	8,405,414	2,898,098	-76.93
Short Term Group Loans	-	-	-	-	-	-	-
Financial Debts	1,938,023	-37.41	3,096,475	4.90	2,951,836	4,392,180 148,601	-55.88
Current Portion Of Long Term Debt	-	-	-	-	-	81,130 14,053	-
Amounts Payable For Taxes, Remuneration & Social Security	41,965	-33.63	63,227	110	29,986	8,507 -	32.63
Miscellaneous Current Liabilities	46,211	142	19,038	-94.95	377,209	-80.84	--
Total Current Liabilities	2,694,686	-75.09	10,819,560	-8.03	11,764,445	5,071,474	-46.87
Long Term Group Loans	-	-	-	-	-	-	--
Other Long Term Loans	2,742,656	241	803,218	-1.74	817,441	133	--
Deffered Taxes	-	-	-	-	-	46,266 28,377	-
Provisions For Liabilities & Charges	0	-	0	-	0	3,923 0	-100
Other Long Term Liabilities	0	-	0	-	0	243,305	-100
Total Long Term Debts	2,742,656	241	803,218	-1.74	817,441	679,953	303
Issued Share Capital	768,731	0	768,731	0	768,731	963,005	-20.17
Share Premium Account	-	-	-	-	-	124,160	-
Reserves	660,841	20.79	547,077	18.10	463,250	653,401	1.14
Revaluation Reserve	-	-	-	-	-	881,530	-
Total Shareholders’ Equity	1,429,572	8.65	1,315,808	6.80	1,231,981	1,639,055	-12.78
Working Capital	4,031,024	100	2,009,000		1,912,685	2,059,653	95.71
Cash flow	127,045	14.40	111,050	50.80	73,642	38,980	225
Net Worth	1,429,572	8.65	1,315,808	7.02	1,229,502	1,637,757	-12.71

RATIO ANALYSIS

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.13	-23.53	0.17	21.43	0.14	-7,00	1.86
Return on capital employed	2.36	-57.86	5.60	64.71	3.40	-7,00	33.71
Return on total assets employed	1.43	55.43	0.92	84.00	0.50	-8,00	17.88
Return on net assets employed	6.89	-23.53	9.01	59.47	5.65	-6,00	114
Sales / net working capital	18.52	-47.76	35.45	33.22	26.61	132,00	-99
Stock turnover ratio	4.51	27.40	3.54	-81.77	19.42	76,00	-94.07
Debtor days	14.54	-72.37	52.63	116	24.35	141,42	-89.72
Creditor days	3.28	-91.67	39.36	-35.06	60.61	123,21	-97.34
SHORT TERM STABILITY
Current ratio	2.50	110	1.19	2.59	1.16	4,00	-75.00
Liquidity ratio / acid ratio	1.25	31.58	0.95	196	0.32	3,00	-58.33
Current debt ratio	1.88	-77.13	8.22	-13.93	9.55	10,00	-81.20
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	327.42	10.48	296.37	-3.13	305.95	229,00	42.98
Equity in percentage	20.82	104	10.17	14.01	8.92	-210,00	9.91
Total debt ratio	3.80	-56.96	8.83	-13.52	10.21	11,00	-65.45

Payment Information

PAYMENT EXPECTATIONS

Payment expectation days 3.28

Day sales outstanding 14.54

INDUSTRY COMPARISON

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 123.21

Industry average day sales

Outstanding 141.42

INDUSTRY QUARTILE ANALYSIS

PAYMENT EXPECTATIONS

Company result 3.28

Lower 122.66

Median 75.38

Upper 46.73

Day sales outstanding

Company result 14.54

Lower 101.92

Median 54.50

Upper 24.45

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

CURRENT DIRECTOR DETAILS

Name ABRAHAM PINCHASI

Position Principal Manager

Start Date 01/01/2011

Date of birth 31/05/1966

Street 13 ELSDONKLAAN ANTWERPEN

Post code 2610

Country Belgium

Name ANAND KUMAR UMMEDAL DUGAR

Position Principal Manager

Start Date 03/12/2010

Street 26 BELGIELEI ANTWERPEN

Post code 2018

Country Belgium

FORMER DIRECTOR DETAILS

Name MARCUS SCHWALB

Position Principal Manager

Start Date 27/10/1999

End Date 31/12/2010

Date of birth 27/08/1942

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.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

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%)

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