MIRA INFORM REPORT

Report Date :

27.04.2013

IDENTIFICATION DETAILS

Name :	ANTWERP STAR DIAMONDS NV

Registered Office :	Schupstraat 18 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	25.07.2008

Reg. No.:	899516632

Legal Form :	Public Limited Liability Company

Line of business :	Wholesaler of diamonds and other precious stones

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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

REGISTERED NAME & COMPANY SUMMARY

Business number	899516632	Company name	ANTWERP STAR DIAMONDS NV
		Telephone number	037708727
Address	SCHUPSTRAAT 18 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	0
Date of establishment	25/07/2008

Company status

Active

Business number	899516632	Company name	ANTWERP STAR DIAMONDS NV
Fax number	-	Date founded	25/07/2008
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0899.516.632
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	HENRI POMERANZ
Position	Managing Director
Start Date	26/01/2011
Date of birth	10/07/1956
Street	26 ALBERTSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	HENRI POMERANZ
Position	Director
Start Date	26/01/2011
Date of birth	10/07/1956
Street	26 ALBERTSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	BLUE STAR DIAMONDS PRIVATE LIMITED
Position	Managing Director
Start Date	26/01/2011
Street
Post code
Country	India

Name	BLUE STAR DIAMONDS PRIVATE LIMITED
Position	Director
Start Date	26/01/2011
Street
Post code
Country	India

Former director details

Name	HENRI POMERANZ
Position	Principal Manager
Start Date	25/07/2008
End Date	-
Date of birth	10/07/1956
Street	26 ALBERTSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Protested bills

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

NSSO details

Business number	899516632
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	177.48	Industry average day sales outstanding	110.49
Day sales outstanding	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Industry quartile analysis

Payment expectations
Company result	-
Lower	128.45
Median	74.57
Upper	41.95

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number	View linked companies from outside this company's group structure
-		-	No linked companies have been found.

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		350,497	358,073
31/12/2009		156,603	119,254

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	8,528,053		20,484	309,708	0
31/12/2009	14,502,002		19,000	56,309	0

Trends

Profitability
Liquidity
Net worth

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%		Industry average	%
Weeks	52		75		-
Currency	EUR		EUR		-
Turnover	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-
Operating result	364,900	18.13	-2,013,016	-	-	-	-
Total financial income	8,823	-99	2,179,004	-	-	-	-
Total financial expenses	23,225	147	9,386	-	-	-	-
Results on ordinary operations before taxation	350,497	123	156,603	-	-	-	-
Taxation	120,998	114	56,348	-	-	-	-
Results on ordinary operations after taxation	229,499	128	100,254	-	-	-	-
Extraordinary items	0	-	0	-	-	-	-
Other appropriations	1	-	0.00	-	-	-	-
Net result	229,500	128	100,254	-	-	-	-
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	-	-	-
Amortization and depreciation	406	-28.02	564	-	-	-	-

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%		Industry average	%
Weeks	52		75		-
Currency	EUR		EUR		-
Intangible fixed assets	0	-	0	-	-	-	-
Tangible fixed assets	203	-64.01	564	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-
Other tangible assets	203	-64.01	564	-	-	-	-
Financial fixed assets	-	-	-	-	-	-	-
Total fixed assets	203	-64.01	564	-	-	-	-
Inventories	8,163,991	-25.47	10,953,836	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	0	-	0	-	-	-	-
Other stocks	8,163,991	-25.47	10,953,836	-	-	-	-
Trade debtors	14,479	-99	3,484,681	-	-	-	-
Cash	309,708	450	56,309	-	-	-	-
other amounts receivable	31,137	370	6,612	-	-	-	-
Miscellaneous current assets	8,535	-	0	-	-	-	-
Total current assets	8,527,850	-41.19	14,501,438	-	-	-	-
current liabilities
Trade creditors	7,991,846	-44.22	14,326,400	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	-	-	-
Miscellaneous current liabilities	178,134	216	56,348	-	-	-	- -
Total current liabilities	8,169,980	-43.20	14,382,748	-	-	-	-
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	-	-	-
Total long term debts	0	-	0	-	-	-	-
shareholders equity
Issued share capital	20,484	7.81	19,000	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	337,589	236	100,254	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	358,073	200	119,254	-	-	-	-
Working capital	357,870	201	118,690	-	-	-	-
Net worth	358,073	200	119,254	-	-	-	-

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)		Industry average	%
Trading performance
Profit Before Tax	-	-	-	-	-	-	-
Return on capital employed	97.88	-25.46	131.32	-	-	-	-
Return on total assets employed	4.11	280	1.08	-	-	-	-
Return on net assets employed	97.88	-25.46	131.32	-	-	-	-
Sales / net working capital	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-
short term stability
Current ratio	1.04	2.97	1.01	-	-	-	-
Liquidity ratio / acid ratio	0.04	-84.00	0.25	-	-	-	-
Current debt ratio	22.82	-81.08	120.61	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	-	-
Equity in percentage	4.20	412	0.82	-	-	-	-
Total debt ratio	22.82	-81.08	120.61	-	-	-	-

Minority Interests

No minority interests found

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

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

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	177.48
Industry average day sales outstanding	110.49

Day sales outstanding
Company result	-
Lower	111.49
Median	56.46
Upper	24.94

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.

- 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 –

- 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.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

MNL

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.