MIRA INFORM REPORT

Report Date :

25.06.2011

IDENTIFICATION DETAILS

Name :	SILVERSTAR BVBA

Registered Office :	Quinten Matsijslei 37 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	04.03.1986

Com. Reg. No.:	428635377

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

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^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

company summary

Bottom of Form

Top of Form

Business number	428635377	Company name	SILVER STAR BVBA
Address	QUINTEN MATSIJSLEI 37 ANTWERPEN	Telephone number	032399979
Post code	2018	Fax number	-
Date of establishment	04/03/1986	Number of staff	1

Credit information

Company status	active
purchase limit	0

Holding company

Safe Number

Company name

Company Number

View linked companies from outside this company's group structure

No linked companies have been found.

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2009		-9,681	10,960
31/12/2008		-3,411	14,713
31/12/2007		-11,839	18,124

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	229.07	Industry average day sales outstanding	166.18
Day sales outstanding	-

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Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	428635377	Company name	SILVER STAR BVBA
Fax number	-	Date founded	04/03/1986
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2009
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0428.635.377

Latest branch details

Street	HOVENIERSSTRAAT	Entry date	01/04/1986
House or po box number	2	Trade register number	250867
City	ANTWERPEN
Post code	2018

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Profit & loss

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	27,559,303	-
Total operating expenses	-	-	-	-	-	27,351,676	-
Operating result	-5,837	-2577	-218	0.90	-24,225	65,572	-108
Total financial income	0	-99	10	-99	17,434	163,209	-99
Total financial expenses	3,844	20.01	3,203	-36.55	5,048	230,184	-98.33
Results on ordinary operations before taxation	-9,681	-183	-3,411	28.81	-11,839	-21,359	45.32
Taxation	-	-	-	-	-352	13,349	-
Results on ordinary operations after taxation	-9,681	-183	-3,411	29.69	-11,487	-30,516	31.72
Extraordinary items	5,928	-	0	-100	1,240	5,276	12.36
Other appropriations	0.00	-	0	-	0	-	-
Net result	-3,753	-10.02	-3,411	33.29	-10,247	-25,358	14.80
other information
Dividends	-	-	-	-	-	587,587	-
Director remuneration	-	-	-	-	-	117,842	-
Employee costs	-	-	-	-	-	131,179	-
Wages and salary	-	-	-	-	-	112,576	-
Employee pension costs	-	-	-	-	-	231,467	-
Social security contributions	-	-	-	-	-	28,546	-
Other employee costs	0	-	0	-	0	2,301	-100
Amortization and depreciation	13,266	-1.30	13,441	31.47	10,224	23,005	-42.33

balance sheet

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	8,206	-100
Tangible fixed assets	21,239	-38.45	34,505	-28.04	47,947	168,010	-87.36
Land & building	-	-	-	-	-	335,274	-
Plant & machinery	3,424	-32.82	5,097	-26.62	6,946	25,160	-86.39
Other tangible assets	17,815	-39.42	29,408	-28.27	41,001	20,633	-13.66
Financial fixed assets	-	-	-	-	-	268,029	-
Total fixed assets	21,239	-38.45	34,505	-28.04	47,947	349,217	-93.92
Inventories	258,703	-31.15	375,738	-43.83	668,902	2,711,881	-90.46
Raw materials & consumables	-	-	-	-	-	3,245,897	-
Work in progress	0	-	0	-	0	4,493	-100
Finished goods	0	-	0	-	0	1,730,314	-100
Other stocks	258,703	-31.15	375,738	-43.83	668,902	506,371	-48.91
Trade debtors	521,236	60.70	324,348	31.96	245,795	2,962,884	-82.41
Cash	151,555	186	52,968	134	22,546	213,863	-29.13
other amounts receivable	30,197	305	7,446	2.66	7,253	279,623	-89.20
Miscellaneous current assets	2,028	3.86	1,953	42.35	1,372	18,837	-89.23
Total current assets	963,720	26.40	762,453	-19.39	945,868	5,746,662	-83.23
current liabilities
Trade creditors	373,425	66.90	223,737	-37.51	358,048	2,367,431	-84.23
Short term group loans	-	-	-	-	-	-	-
Other short term loans	76,805	601	10,942	5.98	10,325	1,370,530	-94.40
Miscellaneous current liabilities	513,611	-2.66	527,626	-8.47	576,462	11.81	- -
Total current liabilities	963,841	26.44	762,305	-19.32	944,835	4,090,112	-76.43
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	10,158	-49.06	19,940	-35.38	30,856	-99	- -
Other long term liabilities	0	-	0	-	0	106,387	-100
Total long term debts	10,158	-49.06	19,940	-35.38	30,856	514,822	-98.03
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	775,593	-97.60
Share premium account	-	-	-	-	-	117,911	-
Reserves	-7,640	-96.54	-3,887	-716	-476	651,087	-101
Revaluation reserve	-	-	-	-	-	726,467	-
Total shareholders equity	10,960	-25.51	14,713	-18.82	18,124	1,444,792	-99
Working capital	-121	-181	148	-85.67	1,033	1,656,550	-100
Net worth	10,960	-25.51	14,713	-18.82	18,124	1,436,586	-99

ratio analysis

Annual accounts	31-12-2009	change(%)	31-12-2008	change(%)	31-12-2007	Industry average 2009	%
Trading performance
Profit Before Tax	-	-	-	-	-	-13,00	-
Return on capital employed	-45.84	-365	-9.84	40.71	-24.17	-17,00	-169
Return on total assets employed	-0.98	-127	-0.43	36.13	-1.19	-4,00	24.50
Return on net assets employed	-88.33	-281	-23.18	35.49	-65.32	6,00	-1572
Sales / net working capital	-	-	-	-	-	26,00	-
Stock turnover ratio	-	-	-	-	-	203,00	-
Debtor days	-	-	-	-	-	393,00	-
Creditor days	-	-	-	-	-	195,00	-
short term stability
Current ratio	1	0	1	0	1	13,00	50.0
Liquidity ratio / acid ratio	0.73	43.14	0.51	75.86	0.29	5,00	-85.40
Current debt ratio	87.94	69.74	51.81	-0.61	52.13	-2,00	4397
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	793.43	278	209.90	-7.62	227.22	71,00	1017
Equity in percentage	1.11	-40.0	1.85	1.65	1.82	-68,00	1.63
Total debt ratio	88.87	67.14	53.17	-1.23	53.83	-2,00	4443

Limit History

no limit history data found

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average credit limit	161654.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	229.07
Industry average day sales outstanding	166.18

Industry quartile analysis

Payment expectations	View graph
Company result	-
Lower	169.71
Median	103.28
Upper	49.96

Day sales outstanding	View graph
Company result	-
Lower	156.50
Median	75.21
Upper	32.54

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

Companies that match this address

Business number	Company name	Rating	Limit	Date of accounts
404640250	FINSPICO M PVBA	89	670000	31/12/2009
423803589	NIEUWE TECHNIEKEN-TECH NOUVELLES NV IN VEREFFENING	-	-	-
455710948	C.M.GEMS BVBA	49	0	31/12/2009
506486290	FRIEDENBERG AZRIEL	-	-	-
874299996	HAJIBAI ISAAC	-	-	-
874300095	HADJIBAY BENNY	-	-	-

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	428635377
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	SAHIL LALIT SHAH
Position	Principal Manager
Street	25 CHARLOTTALEI ANTWERPEN
Post code	2018
Country	Belgium

Name	LALIT SHAH
Position	Principal Manager
Street	230 LANGE LEEMSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.71.89
Euro	1	Rs.64.09

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.