MIRA INFORM REPORT

Report Date :

06.04.2013

IDENTIFICATION DETAILS

Name :	SINGLE STAR BVBA
Registered Office :	Hoveniersstraat 2 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.07.2012
Date of Incorporation :	20.07.1993
Com. Reg. No.:	450593803
Legal Form :	Private Limited Company (BL/LX)
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Belgium	A1	A1

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 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name an address

Business number	450593803
Company name	SINGLE STAR BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	0
Date of establishment	20/07/1993
Telephone number	032333209
Fax number	032333209

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/07/2012	8,870,683	19,277	653,651	613,447
31/07/2011	9,786,131	18,433	54,997	35,908
31/07/2010	5,929,935	4,473	41,548	16,884

Accounts & ratios

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/07/2012	2,617,860	0	600,000	36,767
31/07/2011	2,776,459	0	18,592	19,931
31/07/2010	4,898,149	0	18,592	9,153

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	63.05
Industry average payment expectation days	175.13	Industry average day sales outstanding	108.97
Day sales outstanding	71.51

Court data summary

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

Business number	450593803	Company name	SINGLE STAR BVBA
Fax number	032333209	Date founded	20/07/1993
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/07/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0450.593.803
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

Significant Events

Event Date	15/12/2011
Event Description
Event Details	Toekenning van 1399 nieuwe aandelen aan Patel Deepak.

Export accounts to CSV file

comparison mode

averagemedian

Profit & loss

Annual accounts	31-07-2012	%	31-07-2011	%	31-07-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	8,870,683	-9.35	9,786,131	65.03	5,929,935	50,592,964	-82.47
Total operating expenses	8,832,159	-9.52	9,761,267	64.81	5,922,896	50,010,042	-82.34
Operating result	38,525	54.94	24,864	253	7,039	365,536	-89.46
Total financial income	26	2184	1	-99	1,410	129,493	-99
Total financial expenses	19,274	199	6,432	61.77	3,976	327,167	-94.11
Results on ordinary operations before taxation	19,277	4.58	18,433	312	4,473	155,935	-87.64
Taxation	2,032	-59.24	4,984	232	1,500	60,731	-96.65
Results on ordinary operations after taxation	17,246	28.23	13,449	352	2,973	111,047	-84.47
Extraordinary items	0	-	0	-	0	-2,987	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	17,246	28.23	13,449	352	2,973	108,061	-84.04
other information
Dividends	-	-	-	-	-	0	-
Director remuneration	-	-	-	-	-	98,780	-
Employee costs	-	-	-	-	-	233,793	-
Wages and salary	-	-	-	-	-	198,222	-
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	-	-	-	-	-	44,004	-
Other employee costs	0	-	0	-	0	8,011	-100
Amortization and depreciation	19,522	201	6,482	4.89	6,180	29,886	-34.68

balance sheet

Annual accounts	31-07-2012	%	31-07-2011	%	31-07-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	5,422	-100
Tangible fixed assets	143,952	704	17,899	-23.75	23,474	327,497	-56.04
Land & building	131,320	-	-	-	-	713,072	-81.58
Plant & machinery	-	-	-	-	-	35,720	-
Other tangible assets	12,632	-29.42	17,899	-23.75	23,474	41,226	-69.36
Financial fixed assets	1,190	0	1,190	0	1,190	33,601	-96.46
Total fixed assets	145,142	660	19,089	-22.60	24,664	346,416	-58.10
Inventories	705,705	-4.17	736,383	-47.34	1,398,465	3,709,986	-80.98
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	23,321	-100
Finished goods	0	-	0	-	0	2,618,715	-100
Other stocks	705,705	-4.17	736,383	-47.34	1,398,465	463,060	52.40
Trade debtors	1,737,850	-12.19	1,979,036	-42.07	3,416,401	9,674,321	-82.04
Cash	26,910	-35.85	41,951	-27.05	57,509	405,835	-93.37
other amounts receivable	2,253	-	0	-100	1,109	225,796	-99
Miscellaneous current assets	0	-	0	-	0	10,306	-100
Total current assets	2,472,718	-10.32	2,757,371	-43.42	4,873,485	13,421,356	-81.58
current liabilities
Trade creditors	1,525,576	-14.12	1,776,314	-54.49	3,902,832	4,940,843	-69.12
Short term group loans	-	-	-	-	-	-	-
Other short term loans	10,138	-19.86	12,650	-45.02	23,010	4,623,400	-99
Miscellaneous current liabilities	323,557	-65.30	932,498	0.19	930,759	-47.14	- -
Total current liabilities	1,859,271	-31.68	2,721,462	-43.96	4,856,601	10,015,281	-81.44
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	104,938	-	-	-	-	-94.11	- -
Other long term liabilities	0	-	0	-	0	231,108	-100
Total long term debts	104,938	-	0	-	0	1,141,987	-90.81
shareholders equity
Issued share capital	600,000	3127	18,592	0	18,592	1,802,735	-66.72
Share premium account	-	-	-	-	-	98,781	-
Reserves	53,651	47.37	36,405	58.58	22,956	654,566	-91.80
Revaluation reserve	-	-	-	-	-	1,664,632	-
Total shareholders equity	653,651	1088	54,997	32.37	41,548	2,569,085	-74.56
Working capital	613,447	1608	35,908	112	16,884	3,406,075	-81.99
Cashflow	36,767	84.48	19,931	117	9,153	134,698	-72.70
Net worth	653,651	1088	54,997	32.37	41,548	2,563,662	-74.50

ratio analysis

Annual accounts	31-07-2012	change(%)	31-07-2011	change(%)	31-07-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.22	15.79	0.19	137	0.08	1,00	-78.00
Return on capital employed	2.54	-92.42	33.52	211	10.77	171,00	-98.51
Return on total assets employed	0.74	12.12	0.66	633	0.09	-1,00	74.00
Return on net assets employed	2.95	-91.20	33.52	211	10.77	22,00	-86.59
Sales / net working capital	14.46	-94.69	272.53	-22.40	351.21	38,00	-99
Stock turnover ratio	7.96	5.85	7.52	-68.11	23.58	19,00	-58.11
Debtor days	71.51	-3.12	73.81	-64.90	210.29	122,00	-41.39
Creditor days	63.05	-5.07	66.42	-72.38	240.51	85,00	-25.82
short term stability
Current ratio	1.33	31.68	1.01	1.00	1	5,00	-77.83
Liquidity ratio / acid ratio	0.95	28.38	0.74	2.78	0.72	4,00	-76.25
Current debt ratio	2.84	-94.26	49.48	-57.67	116.89	6,00	-52.67
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	17.61	-23.43	23	-58.47	55.38	191,00	-90.78
Equity in percentage	24.97	1161	1.98	132	0.85	11,00	127
Total debt ratio	3	-93.94	49.48	-57.67	116.89	7,00	-57.14

Industry comparison

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

Payment expectations

Payment expectation days	63.05
Day sales outstanding	71.51

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	175.13
Industry average day sales outstanding	108.97

Industry quartile analysis

Payment expectations
Company result	63.05
Lower	122.08
Median	73.03
Upper	41.66
Day sales outstanding
Company result	71.51
Lower	105.69
Median	54.84
Upper	24.18

Company result	63.05
Lower	122.08
Median	73.03
Upper	41.66

Company result	71.51
Lower	105.69
Median	54.84
Upper	24.18

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

Individual Shareholders

Shareholder Name
Forename	Deepak Parshottam	Middle name	-
Surname	Patel
Shareholder Details
Start date	04/01/2012(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	Quinten Matsijslei	House number	12
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

NSSO details

Business number	450593803
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	DEEPAK PARSHOTTAM PATEL
Position	Principal Manager
Start Date	27/02/2010
Street	12 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	MARIETTE ANNA ELIE DE VRY
Position	Principal Manager
Start Date	18/03/1999
End Date	17/12/1998
Date of birth	24/03/1939
Street	37 CAMILLE HUYSMANSLAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	PATEL DEEPAK PARSHOTTAM
Position	Principal Manager
Start Date	09/05/2000
End Date	-
Street
Post code
Country

Bottom of Form

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.88
UK Pound	1	Rs.83.54
Euro	1	Rs.70.90

INFORMATION DETAILS

Report Prepared by :

PRL

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%)