MIRA INFORM REPORT

Report No. :	307496
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	BRIGHT DIAM BVBA

Registered Office :	Hoveniersstraat 2-Bus 101 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

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 Employee :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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	874133019
Branche Unit Number	2147285832
Company name	BRIGHT DIAM BVBA
Address	HOVENIERSSTRAAT 2-BUS 101
	2018 ANTWERPEN
Number of staff	0
Date of establishment	18/05/2005

Commentary

The business was established over 9 years ago.

No employees are recorded for this business.

The business has been at the address for over 3 years.

Operating Result in the latest trading period increased 147% on the previous trading period.

The business saw an increase in their Cash Balance of 310% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	16,780,803	51,971	1,265,158	1,153,305
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

ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	4,509,456	0	1,118,600	63,858
31/12/2012	5,701,189	0	1,118,600	64,219
31/12/2011	3,191,183	0	18,600	31,336

TRENDS

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	63.68
Industry average payment	126.90	Industry average day sales	186.07
expectation days		outstanding
Day sales outstanding	73.79

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons 26/01/2009

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)

Company accounts

ASSETS
Annual accounts	31-12-2013	%		31-12-2012	%		31-12-2011	%		31-12-2010	%	31-12-2009
Weeks	52		52			52			52			52
Currency	EUR		EUR			EUR			EUR			EUR
Total fixed assets	278,941	-5.34	294,666		-4.54	308,693		17439	1,760		793	197
Intangible fixed assets	0	-	0		-	0		-	0		-	0
Tangible fixed assets	278,941	-5.34	294,666		-4.54	308,693		17439	1,760		793	197
Land & building	266,689	-3.19	275,481		-3.09	284,273		-	-		-	-
Plant & machinery	2,134	-32.87	3,179		-34.32	4,840		175	1,760		793	197
Furniture & Vehicles	10,118	-36.79	16,006		-18.25	19,580		-	-		-	-
Leasing & Other Similar Rights	-	-	-		-	-		-	-		-	-
Other tangible assets	0	-	0		-	0		-	0		-	0
Financial fixed assets	-	-	-		-	-		-	-		-	-
Total current assets	4,230,515	-21.75	5,406,523		87.56	2,882,490		49.10		1,933,208	47.08	1,314,437
Inventories	785,219	91.44	410,163		-24.00	539,718		-39.88		897,742	-16.43	1,074,188
Raw materials & consumables	-	-	-		-	-		-	-		-	-
Work in progress	0	-	0		-	0		-	0		-	0
Finished goods	0	-	0		-	0		-	0		-	0
Other stocks	785,219	91.44	410,163		-24.00	539,718		-39.88		897,742	-16.43	1,074,188
Trade debtors	3,392,400	-31.92	4,982,840		129	2,171,774		123		973,499	442	179,504
Other amounts receivable	848	2.17	830		-89.01	7,552		404	1,498		-95.39	32,480
Cash	52,048	310	12,690		-92.24	163,446		177	58,878		108	28,265
Miscellaneous current assets	0	-	0		-	0		-100	1,591		-	0
Total Assets	4,509,456	-20.90	5,701,189		78.65	3,191,183		64.92		1,934,968	47.19	1,314,634

LIABILITIES
Total shareholders equity	1,265,158	3.94		1,217,240	1645		69,730	28.37	54,319	26.51	42,937
Issued share capital	1,118,600	0		1,118,600	5913		18,600	0	18,600	0	18,600
Share premium account	-	-	-		-	-		-	-	-	-

Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	146,558	48.58	98,640	92.92	51,130	43.15	35,719	46.77	24,337
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	3,244,298	-27.65	4,483,949	43.65	3,121,453	65.98	1,880,649	47.88	1,271,697
Other long term loans	167,088	-7.61	180,850	-77.22	793,857	32.31	600,000	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	167,088	-7.61	180,850	-77.22	793,857	32.31	600,000	-	0
Current portion of long term debt	13,762	5.80	13,008	3.26	12,597	-	-	-	-
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	2,896,804	-30.54	4,170,330	148	1,680,863	159	647,091	3084	20,317
Amounts Payable for Taxes,	51	2.00	50	-99	12,725	139	5,310	379	1,108
Remuneration & Social Security
Miscellaneous current liabilities	166,593	39.16	119,711	-80.74	621,411	-1.09	628,248	-49.75	1,250,272
Total current liabilities	3,077,210	-28.49	4,303,099	84.87	2,327,596	81.75	1,280,649	0.70	1,271,697
Total Liabilities	4,509,456	-20.90	5,701,189	78.65	3,191,183	64.92	1,934,968	47.19	1,314,634

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	0.31	14.81	0.27	92.86	0.14	-33.33	0.21	-	-
Return on capital employed	3.63	6.76	3.40	25.00	2.72	7.94	2.52	-60.50	6.38
Return on total assets employed	1.15	38.55	0.83	13.70	0.73	-14.12	0.85	304	0.21
Return on net assets employed	4.11	5.38	3.90	-88.40	33.63	10.66	30.39	376	6.38
Sales / net working capital	14.55	-8.78	15.95	-45.77	29.41	143	12.08	-	-
Stock turnover ratio	4.68	100	2.33	-29.61	3.31	-70.94	11.39	-	-
Creditor days	63.68	-26.67	86.84	130	37.72	26.62	29.79	-	-
Debtor days	73.79	-28.59	103.33	112	48.58	7.81	45.06	-	-
SHORT TERM STABILITY
Current ratio	1.37	8.73	1.26	1.61	1.24	-17.88	1.51	46.60	1.03
Liquidity ratio / acid ratio	1.12	-3.45	1.16	14.85	1.01	24.69	0.81	326	0.19
Current debt ratio	2.43	-31.36	3.54	-89.39	33.38	41.56	23.58	-20.39	29.62
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	63,858	-0.56	64,219	104	31,336	154	12,296	374	2,593
Net worth	1,265,158	3.94	1,217,240	1645	69,730	28.37	54,319	26.51	42,937
LONG TERM STABILITY
Gearing	14.29	-10.30	15.93	-98.62	1,156.54	4.70	1,104.59	-	-
Equity in percentage	28.06	31.43	21.35	874	2.19	-22.06	2.81	-14.07	3.27
Total debt ratio	2.56	-30.43	3.68	-91.78	44.76	29.29	34.62	16.88	29.62
Working capital	1,153,305	4.52	1,103,424	98.85	554,894	-14.97	652,559	1426	42,740

PROFIT & LOSS

Operating Income	-	-	-	-	-	-	-	-	-
Turnover	16,780,803	-4.66	17,600,921	7.86	16,318,548	106	7,885,266	-	-
Total operating expenses	16,602,690	-5.28	17,528,854	7.78	16,263,037	105	7,927,211	-	-
Gross Operating Margin	197,017	116	90,935	22.34	74,329	186	-39,855	-876	5,134
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	15,940	-4.60	16,709	4.92	15,925	1642	914	938	88
Operating result	178,113	147	72,067	29.82	55,511	132	-41,945	-1199	3,815
Total financial income	4,325	-48.86	8,458	-69.38	27,621	-73.02	102,392	344422	30
Total financial expenses	130,467	295	33,015	-44.68	59,682	35.83	43,940	3871	1,106
Results on ordinary operations before	51,971	9.39	47,510	102	23,450	42.06	16,507	502	2,738
taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	51,971	9.39	47,510	102	23,450	42.06	16,507	502	2,738
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	4,053	-	-	-	8,039	56.86	5,125	2098	233
Results on ordinary operations after	47,918	0.86	47,510	208	15,411	35.40	11,382	354	2,505
taxation
Net result	47,918	0.86	47,510	208	15,411	35.40	11,382	354	2,505
Profit (Loss) for the Year to be	47,918	0.86	47,510	208	15,411	35.40	11,382	354	2,505

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
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	Full-Time	Part-Time	Total Fte
Men	-	-	-
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)	-	-	-

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	-	-

INDUSTRY COMPARISON
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit	64.48
rating
Industry average credit limit	140177.31

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

PAYMENT EXPECTATIONS
Payment expectation days	63.68
Day sales outstanding	73.79

INDUSTRY COMPARISON
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.90
Industry average day sales outstanding	186.07

INDUSTRY QUARTILE ANALYSIS

Payment expectations

Company result 63.68

Lower 120.76

Median 74.93

Upper 45.88

DAY SALES OUTSTANDING

Company result 73.79

Lower 102.27

Median 54.07

Upper 24.07

Shareholder Details

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

Companies that match this address

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Summons

Legal event type	Social Security Summons
Event date	26/01/2009
Court type	Court name	Antwerpen
Creditor's name	3rd party type

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	HITESH MANJIBHAI DESAI
Position	Principal Manager
Start Date	03/08/2010
Street	29 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

FORMER DIRECTOR DETAILS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.96.00
Euro	1	Rs.71.00

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ANK

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.