MIRA INFORM REPORT

 

 

Report No. :

330608

Report Date :

11.07.2015

 

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 (BL/LX)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employee :

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 :

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

 

Company summary

 

Business number                     467219702

Branche Unit Number               2101895968

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

 

 

Trends

 

Profitability

Liquidity

Net worth

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

3.28

Industry  average  payment

124.05

Industry  average  day  sales

181.17

expectation  days

 

outstanding

 

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

Wholesale  of  diamonds  and

VAT  Number

BE.0467.219.702  Check  VAT

 

other  precious  stones

 

number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

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-

%

31-12-2012

%

31-12-2011

%

31-12-

%

31-12-

 

2013

 

 

 

 

 

2010

 

2009

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

141,204

28.34

110,026

-19.53

136,737

-16.32

163,398

70.73

95,707

Intangible  fixed  assets

0

-

0

-100

2,479

0

2,479

0

2,479

Tangible  fixed  assets

137,238

29.40

106,060

-20.12

132,771

-16.72

159,432

73.78

91,741

Land  &  building

80,948

-3.23

83,646

-3.13

86,344

-3.03

89,043

-2.94

91,741

Plant  &  machinery

1,040

-

-

-

-

-

-

-

-

Furniture  &  Vehicles

55,250

146

22,414

-51.72

46,427

-34.04

70,389

703890700

0

Leasing  &  Other  Similar

-

-

-

-

-

-

-

-

-

Rights

 

 

 

 

 

 

 

 

 

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

3,966

0

3,966

166

1,487

0

1,487

0

1,487

Total  current  assets

6,725,710

-47.57

12,828,560

-6.20

13,677,130

66.17

8,230,656

-0.20

8,247,362

Inventories

3,363,995

33.47

2,520,453

-74.49

9,881,574

72.28

5,735,685

15.19

4,979,470

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

3,363,995

33.47

2,520,453

-74.49

9,881,574

72.28

5,735,685

15.19

4,979,470

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

2,973,408

-71.05

10,269,547

202

3,395,865

66.20

2,043,230

-28.83

2,870,889

Other  amounts  receivable

4,368

-14.00

5,079

-98.54

349,089

-1.87

355,731

1.32

351,091

Cash

378,114

1294

27,110

-40.50

45,562

-50.58

92,201

110

43,864

Miscellaneous  current  assets

5,825

-8.57

6,370

26.38

5,041

32.31

3,810

86.00

2,048

Total  Assets

6,866,914

-46.93

12,938,586

-6.34

13,813,867

64.57

8,394,054

0.61

8,343,070

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

1,429,572

8.65

1,315,808

6.80

1,231,981

3.92

1,185,454

5.92

1,119,247

Issued  share  capital

768,731

0

768,731

0

768,731

0

768,731

0

768,731

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

660,841

20.79

547,077

18.10

463,250

11.17

416,722

18.89

350,516

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

5,437,342

-53.22

11,622,778

-7.62

12,581,886

74.54

7,208,600

-0.21

7,223,822

Other  long  term  loans

2,742,656

241

803,218

-1.74

817,441

2.93

794,144

6.96

742,498

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

2,742,656

241

803,218

-1.74

817,441

2.93

794,144

6.96

742,498

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

1,938,023

-37.41

3,096,475

4.90

2,951,836

35.47

2,178,880

10.73

1,967,788

Trade  creditors

668,488

-91.25

7,640,819

-9.10

8,405,414

119

3,821,949

-7.90

4,149,844

Amounts  Payable  for  Taxes,

41,965

-33.63

63,227

110

29,986

-40.37

50,285

95.69

25,696

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

46,211

142

19,038

-94.95

377,209

3.82

363,342

7.50

337,995

Total  current  liabilities

2,694,686

-75.09

10,819,560

-8.03

11,764,445

83.41

6,414,457

-1.03

6,481,324

Total  Liabilities

6,866,914

-46.93

12,938,586

-6.34

13,813,867

64.57

8,394,054

0.61

8,343,070

 

 

RATIO ANALYSIS

 

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

0.13

-23.53

0.17

21.43

0.14

-30.0

0.20

-9.09

0.22

Return  on  capital  employed

2.36

-57.86

5.60

64.71

3.40

-25.76

4.58

4.81

4.37

Return  on  total  assets  employed

1.43

55.43

0.92

84.00

0.50

-53.70

1.08

11.34

0.97

Return  on  net  assets  employed

6.89

-23.53

9.01

59.47

5.65

-26.05

7.64

5.23

7.26

Sales  /  net  working  capital

18.52

-47.76

35.45

33.22

26.61

6.19

25.06

17.32

21.36

Stock  turnover  ratio

4.51

27.40

3.54

-81.77

19.42

54.13

12.60

-4.55

13.20

Creditor  days

3.28

-91.67

39.36

-35.06

60.61

96.34

30.87

-23.76

40.49

Debtor  days

14.54

-72.37

52.63

116

24.35

48.66

16.38

-41.04

27.78

 

SHORT  TERM  STABILITY

 

Current  ratio

2.50

110

1.19

2.59

1.16

-9.38

1.28

0.79

1.27

Liquidity  ratio  /  acid  ratio

1.25

31.58

0.95

196

0.32

-17.95

0.39

-22.00

0.50

Current  debt  ratio

1.88

-77.13

8.22

-13.93

9.55

76.52

5.41

-6.56

5.79

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

127,045

14.40

111,050

50.80

73,642

2.89

71,573

14.60

62,455

Net  worth

1,429,572

8.65

1,315,808

7.02

1,229,502

3.93

1,182,975

5.93

1,116,769

 

LONG TERM  STABILITY

 

Gearing

327.42

10.48

296.37

-3.13

305.95

21.99

250.79

3.57

242.15

Equity  in  percentage

20.82

104

10.17

14.01

8.92

-36.87

14.13

5.29

13.42

Total  debt  ratio

3.80

-56.96

8.83

-13.52

10.21

67.93

6.08

-5.74

6.45

Working  capital

4,031,024

100

2,009,000

5.04

1,912,685

5.31

1,816,199

2.84

1,766,039

 

 

PROFIT & LOSS

 

Operating  Income

74,658,955

4.82

71,228,921

39.94

50,899,412

11.81

45,521,639

20.66

37,726,866

Turnover

74,650,778

4.81

71,224,558

39.95

50,894,056

11.80

45,521,639

20.67

37,725,120

Total  operating  expenses

74,284,823

4.83

70,858,933

39.98

50,620,182

12.00

45,196,837

20.83

37,405,585

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

74,292,999

4.84

70,863,297

39.98

50,625,538

12.01

45,196,837

20.82

37,407,332

Employee  costs

-

-

-

-

-

-

-

-

34

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

0

-

0

-

0

-

0

-100

34

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

13,280

-51.22

27,223

0.40

27,115

405

5,367

77.78

3,019

Operating  result

365,955

0.09

365,625

33.50

273,874

-15.68

324,802

1.65

319,535

Total  financial  income

315

10963

3

-99

2,215

6356

34

1573

2

Total  financial  expenses

267,832

8.41

247,066

19.64

206,512

-11.85

234,260

-1.67

238,238

Results  on  ordinary  operations

98,438

-16.97

118,561

70.40

69,578

-23.18

90,576

11.41

81,299

before  taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

53,851

2592

2,000

-

-

-

-

-

-

Extraordinary  Charges

578

-

-

-

-

-

-

-

-

Extraordinary  items

53,274

2563

2,000

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

151,712

25.84

120,561

73.27

69,578

-23.18

90,576

11.41

81,299

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

37,948

3.30

36,734

59.36

23,050

-5.41

24,370

11.47

21,862

Results  on  ordinary  operations  after

60,491

-26.08

81,827

75.87

46,528

-29.72

66,206

11.39

59,436

taxation

 

 

 

 

 

 

 

 

 

Net  result

113,764

35.71

83,827

80.17

46,528

-29.72

66,206

11.39

59,436

Profit  (Loss)  for  the  Year  to  be

113,764

35.71

83,827

80.17

46,528

-29.72

66,206

11.39

59,436

 

 

Industry comparison

 

Activity code                46761

Activity description      Wholesale of diamonds and other precious stones

 

 

Payment Information

 

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

 

Amount                         --

Details                          –

 

 

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                      124.05

Industry average day sales

Outstanding                             181.17

 

 

Industry quartile analysis

 

Payment expectations

Company result            3.28

Lower                           117.11

Median                         74.63

Upper                           45.68

 

 

Day sales outstanding

Company result            14.54

Lower                           101.52

Median                         53.69

Upper                           24.60

 

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

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 BELGIËLEI  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

Street

 

Post  code

 

Country

 

 

 

 

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 8th Century B.C.  India, in fact, remained undisputed leader till 18th 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 30th 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.63.38

UK Pound

1

Rs.97.65

Euro

1

Rs.70.43

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

 

 

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.