MIRA INFORM REPORT

Report Date :

13.05.2011

IDENTIFICATION DETAILS

Name :	MINESTAR BVBA

Registered Office :	Hoveniersstraat 12 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	17.02.1999

Com. Reg. No.:	465467564

Legal Form :	Private Limited Liability 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 :	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, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Belgium

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

Company Summary

Company Summary
Business Name	MINESTAR BVBA
Business Number	465467564
Address	HOVENIERSSTRAAT 12 ANTWERPEN
Post Code	2018
Telephone	032330666
Fax Number	032330666
Date of Establishment	17/02/1999
Number of Employees	0

Credit Information Summary
Company Status	ACTIVE
Credit Limit (€)
Purchase Limit (€)
Date of Deposit at Registry	20/07/2010
Date of Last Accounts	31/12/2009
Turnover	-
Results of Ordinary Operations Before Tax	3,475
Networth	59,617

Past Payments
Payment Expectation Days
Days Sales Outstanding
Industry Average Payment Expectation Days	134.83
Industry Average Day Sales Outstanding	124.12

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//

Accounts & Ratio

Period
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	-	-	-	-	-
Total Operating Expenses	-	-	-	-	-
Operating Result	2,625	-74.9%	10,446	-11.1%	11,752
Total Financial Income	4,467	99.4%	2,240	-74.8%	8,880
Total Financial Expenses	3,052	-33.8%	4,608	-38.9%	7,540
Results on Ordinary Operations Before Tax	4,041	-50.0%	8,077	-38.3%	13,093
Taxation	566	-36.8%	895	-75.1%	3,591
Results on Ordinary Operations After Tax	3,475	-51.6%	7,182	-24.4%	9,502
Extraordinary Items	3,636	-	0	-	0
Net Result	7,111	-1.0%	7,183	-24.4%	9,501
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	0	-	0	-	0
- Wages & Salaries	-	-	-	-	-
- Social Security Contributions	-	-	-	-	-
- Other Employee Costs	-	-	-	-	-
Amortization & Depreciation	4,787	103.4%	2,354	-9.1%	2,591

Balance Sheet
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	86,849	69.7%	51,171	-4.4%	53,525
- Land And Buildings	48,747	-2.9%	50,210	-2.8%	51,672
- Plant And Machinery	233	-65.6%	678	-44.2%	1,216
- Other Tangible Assets	37,869	13,281.3%	283	-55.6%	637
Financial Fixed Assets	0	-	0	-	0
Total Fixed Assets	86,849	69.7%	51,171	-4.4%	53,525
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	467,370	693.1%	58,929	-79.2%	283,300
Trade Debtors	144,869	-38.8%	236,664	2.4%	231,043
Cash	252,388	93.3%	130,537	144.3%	53,429
- Miscellaneous Current Assets	3,287	-98.9%	296,120	485.7%	50,561
Total Current Assets	868,526	20.1%	723,462	16.7%	619,786

- Trade Creditors	20,424	7,142.6%	282	-99.9%	350,258
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	6,761	-	0	-	0
- Miscellaneous Current Liabilities	840,877	16.5%	721,845	159.9%	277,729
Total Current Liabilities	868,062	20.2%	722,127	15.0%	627,987

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	27,691	-	0	-	0
- Other Long Term Liabilities	5	-	0	-	0
Total Long Term Debts	27,696	-	0	-	0

- Issued Share Capital	18,600	0.0%	18,600	0.0%	18,600
- Share Premium Account	0	-	0	-	0
- Reserves	41,017	21.0%	33,906	26.9%	26,724
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	59,617	13.5%	52,506	15.8%	45,324

Working Capital	464	-65.2%	1,335	116.3%	-8,201
Net Worth	59,617	13.5%	52,506	15.8%	45,324

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	-	-	-	-	-
Return On Capital Employed	4.63	-69.9%	15.38	-46.8%	28.89
Return On Total Assets Employed	0.42	-59.6%	1.04	-46.4%	1.94
Return On Net Assets Employed	870.91	43.9%	605.02	479.0%	-159.65
Sales / Net Working Capital	-	-	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-	-	-
Debtor Days	-	-	-	-	-
Creditor Days	-	-	-	-	-
Short Term Stability
Current Ratio	1.00	0.0%	1.00	1.0%	0.99
Liquidity Ratio / Acid Ratio	0.46	-50.0%	0.92	70.4%	0.54
Current Debt Ratio	14.56	5.9%	13.75	-0.8%	13.86
Long Term Stability
Gearing	57.79	-	0	-	0
Equity In Percentage	0.06	-14.3%	0.07	0.0%	0.07
Total Debt Ratio	0.58	-	0	-	0

Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Rating	61.98
Industry Average Credit Limit (€)	NaN

Payment Expectations

Payment Expectations
Payment Expectation Days
Day Sales Outstanding

Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	124.12
Industry Average Payment Expectation Days	134.83

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	40.62
Payment Expectations - Median	89.28
Payment Expectations - Upper	161.64
Day Sales Outstanding
Day Sales Outstanding - Lower	31.51
Day Sales Outstanding - Median	74.72
Day Sales Outstanding - Upper	156.03

Shareholders

No holding companies for this company.

No subsidiaries for this company.

Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--

NSSO Details
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
Full Name	MANISH LALITBHAI PARIKH
Position	Manager
Address	49 QUINTEN MATSIJSLEI ANTWERPEN
Postal Code	2018
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.79
UK Pound	1	Rs.73.19
Euro	1	Rs.63.59

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

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.

Latest Branch Details
Street	--
House Number
City	--
Postal Code
Trade Registered Number
Trade Registered Entry Date	//

Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	//

Latest Event
Serial Number	68940
Event Description	Conversion of share capital in EUR

company details
Business Number	465467564
Name	MINESTAR BVBA
Fax Number	032330666
Establishment Date	17/02/1999
Company Status	ACTIVE
Company Type	Private limited liability company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)