MIRA INFORM REPORT

Report Date :

25.06.2014

IDENTIFICATION DETAILS

Name :	BRILLIANT STAR BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	27.10.1999

Com. Reg. No.:	467219702

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesaler 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 :	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 – 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
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 summary

Business number 467219702

Company name BRILLIANT STAR BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 0

Date of establishment 27/10/1999

Telephone number 032265486

Fax number 032265486

Commentary

No employees are recorded for this business.

The business has been at the address for over 13 years.

Operating Result in the latest trading period increased 33% on the previous trading period.

Pre-tax profits increased by 70% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
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
31/12/2010	45,521,639	90,576	1,182,975	1,816,199

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPOYESS	CAPITAL	CASHFLROW
31/12/2012	12,938,586	0	768,731	111,050
31/12/2011	13,813,867	0	768,731	73,642
31/12/2010	8,394,054	0	768,731	71,573

PAYMENTS EXPECTATIONS

Liquidity
Net worth
Payment expectations
Past payments		Payment expectation days	39.36
Industry average payment	165.02	Industry average day sales	126.78
expectation days		outstanding
Day sales outstanding	52.63
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS

COMPANY ACCOUNTS

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	71,224,558	39.95	50,894,056	11.80	45,521,639	46,485,458	53.22
Total operating expenses	70,858,933	39.98	50,620,182	12.00	45,196,837	46,114,879	53.66
Operating result	365,625	33.50	273,874	-15.68	324,802	140,795	159
Total financial income	3	-99	2,215	6356	34	97,812	-99
Total financial expenses	247,066	19.64	206,512	-11.85	234,260	205,263	20.37
Results on ordinary operations before taxation	118,561	70.40	69,578	-23.18	90,576	25,246	369
Taxation	36,734	59.36	23,050	-5.41	24,370	20,840	76.27
Results on ordinary operations after taxation	81,827	75.87	46,528	-29.72	66,206	10,435	684
Extraordinary items	2,000	-	0	-	0	-3,986	50.18
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	83,827	80.17	46,528	-29.72	66,206	6,468	1196
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	-	-	-	-	-	126,172	-
Wages and salary	-	-	-	-	-	105,771	-
Employee pension costs	-	-	-	-	-	14,428	-
Amortization and depreciation	27,223	0.40	27,115	405	5,367	17,886	52.20

Balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	2,479	-	2,479	1,577	-100
Tangible fixed assets	106,060	20.12	132,771	16.72	159,432	184,763	42.60
Land & building	83,646	-3.13	86,344	-3.03	89,043	362,988	76.96
Plant & machinery	-	-	-	-	-	22,646	-
Furniture & Vehicles	22,414	51.72	46,427	34.04	70,389	17,300 5,364	29.56
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,619	-100
Financial fixed assets	3,966	166	1,487	0	1,487	306,761	98.71
Total fixed assets	110,026	19.53	136,737	16.32	163,398	396,027	72.22
Inventories	2,520,453	74.49	9,881,574	72.28	5,735,685	3,115,460	19.10
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,394	-100
Finished goods	2,520,453	74.49	9,881,574	72.28	5,735,685	2,002,694	25.85
Other stocks	0	-	0	-	0	570,732	-100
Trade debtors	10,269,547	202	3,395,865	66.20	2,043,230	4,253,709	141
Cash	27,110	40.50	45,562	50.58	92,201	225,787	87.99
other amounts receivable	5,079	98.54	349,089	-1.87	355,731	209,570	97.58
Miscellaneous current assets	6,370	26.38	5,041	32.31	3,810	18,308	65.20
Total current assets	12,828,560	-6.20	13,677,130	66.17	8,230,656	7,344,736	74.66
Total Assets	12,938,586	-6.34	13,813,867	64.57	8,394,054	7,700,619 1,453,566	68.02
CURRENT LIABILITIES
Trade creditors	7,640,819	-9.10	8,405,414	119	3,821,949	3,154,524	142
Short term group loans	-	-	-	-	-	-	-
Financial debts	3,096,475	4.90	2,951,836	35.47	2,178,880	4,297,815 189,666	27.95
Current portion of long term debt	-	-	-	-	-	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security	63,227	110	29,986	40.37	50,285	9,727 -	86.17
Miscellaneous current liabilities	19,038	94.95	377,209	3.82	363,342	-93.59	- -
Total current liabilities	10,819,560	-8.03	11,764,445	83.41	6,414,457	5,473,787	97.66
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	803,218	-1.74	817,441	2.93	794,144	-27.90	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,178 0	-100
Share premium account	-	-	-	-	-	109,362	-
Reserves	547,077	18.10	463,250	11.17	416,722	658,586	16.93
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	1,315,808	6.80	1,231,981	3.92	1,185,454	1,656,233	20.55
Working capital	2,009,000	5.04	1,912,685	5.31	1,816,199	1,870,949	7.38
Cashflow	111,050	50.80	73,642	2.89	71,573	21,254	422
Net worth	1,315,808	7.02	1,229,502	3.93	1,182,975	1,652,986	20.40

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	0.17	21.43	0.14	-30.0	0.20	-29,00	0.59
Return on capital employed	5.60	64.71	3.40	-25.76	4.58	29,00	-80.69
Return on total assets employed	0.92	84.00	0.50	-53.70	1.08	-201,00	0.46
Return on net assets employed	9.01	59.47	5.65	-26.05	7.64	19,00	-52.58
Sales / net working capital	35.45	33.22	26.61	6.19	25.06	44,00	-99
Stock turnover ratio	3.54	-81.77	19.42	54.13	12.60	116,00	-96.95
Debtor days	52.63	116	24.35	48.66	16.38	143,00	-63.20
Creditor days	39.36	-35.06	60.61	96.34	30.87	125,00	-68.51
SHORT TERM STABILITY
Current ratio	1.19	2.59	1.16	-9.38	1.28	6,00	-86.78
Liquidity ratio / acid ratio	0.95	196	0.32	-17.95	0.39	4,00	-76.25
Current debt ratio	8.22	-13.93	9.55	76.52	5.41	9,00	-8.67
Liquidity ratio reprocessed	-	-	-	-	-	-	-

Industry comparison

Activity description

Wholesaler of diamonds and other precious stones

Suspension of payment / moratorium history

Details	-
Payment expectations
Payment expectation days	39.36
Day sales outstanding	52.63
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	165.02
Industry average day sales outstanding	126.78
Industry quartile analysis
Payment expectations
Company result	39.36
Lower	134.36
Median	84.62
Upper	45.55

Day sales outstanding
Company result	52.63
Lower	112.48
Median	58.56
Upper	27.62

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Current Director details

Name	ABRAHAM PINCHASI
Position	Principal Manager
Start Date	01/01/2011
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

Court data

There is no data for this company

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.60.11
UK Pound	1	Rs.102.32
Euro	1	Rs.81.75

INFORMATION DETAILS

Analysis Done by :	KAR

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	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	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesaler of diamonds and other precious stones	VAT Number	BE.0467.219.702
Belgian Bullettin of Acts Publications	moniteur belge