MIRA INFORM REPORT

Report Date :

02.07.2013

IDENTIFICATION DETAILS

Name :	TRISTAR BVBA
Registered Office :	Hoveniersstraat 2 Bus 542 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	22.02.2005
Reg. No.:	872383554
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	1

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 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

TRISTAR BVBA

Business number	872383554	Company name	TRISTAR BVBA
		Telephone number	0475436979
Address	HOVENIERSSTRAAT 2 BUS 542 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	1
Date of establishment	22/02/2005

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		15,090	64,163
31/12/2010		10,544	52,326
31/12/2009		3,500	43,958

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	1,107,350	900	18,600	3,810	1
31/12/2010	1,049,013	700	18,600	40,863	0
31/12/2009	1,033,739	700	18,600	187,366	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

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

Court data summary

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

Business number	872383554	Company name	TRISTAR BVBA
Fax number	-	Date founded	22/02/2005
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0872.383.554
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	57,828,437	-
Total operating expenses	-	-	-	-	-	57,048,988	-
Operating result	32,105	86.51	17,214	41.97	12,125	288,831	-88.88
Total financial income	1	-98.66	75	11922	1	171,784	-99
Total financial expenses	17,017	152	6,744	-21.81	8,625	331,175	-94.86
Results on ordinary operations before taxation	15,090	43.11	10,544	201	3,500	111,954	-86.52
Taxation	3,253	49.46	2,176	471	381	39,237	-91.71
Results on ordinary operations after taxation	11,837	41.46	8,368	168	3,119	85,599	-86.17
Extraordinary items	0	-	0	-	0	7,516	-100
Other appropriations	0	-	0.00	-	0.00	-	-
Net result	11,837	41.46	8,368	168	3,119	93,025	-87.28
other information
Dividends	-	-	-	-	-	137,001	-
Director remuneration	-	-	-	-	-	123,608	-
Employee costs	15,977	-	-	-	-	156,096	-89.76
Wages and salary	13,089	-	-	-	-	132,005	-90.08
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	2,808	-	-	-	-	32,614	-91.39
Other employee costs	80	-	0	-	0	4,434	-98.20
Amortization and depreciation	239	-57.61	564	-7.82	612	21,415	-98.88

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,858	-100
Tangible fixed assets	445	135	189	-74.92	753	204,599	-99
Land & building	-	-	-	-	-	376,013	-
Plant & machinery	445	135	189	-74.92	753	27,662	-98.39
Other tangible assets	0	-	0	-	0	31,288	-100
Financial fixed assets	900	28.57	700	0	700	306,634	-99
Total fixed assets	1,345	51.34	889	-38.82	1,453	413,618	-99
Inventories	424,646	-29.33	600,871	-19.27	744,336	3,399,453	-87.51
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,379	-100
Finished goods	0	-	0	-	0	2,339,518	-100
Other stocks	424,646	-29.33	600,871	-19.27	744,336	467,619	-9.19
Trade debtors	670,706	66.80	402,092	324	94,785	4,276,182	-84.32
Cash	3,810	-90.68	40,863	-78.19	187,366	313,589	-98.79
other amounts receivable	4,649	126	2,054	-22.04	2,635	405,539	-98.85
Miscellaneous current assets	2,194	-2.27	2,245	-29.08	3,166	39,763	-94.48
Total current assets	1,106,005	5.52	1,048,125	1.53	1,032,286	7,866,064	-85.94
current liabilities
Trade creditors	732,828	13.25	647,084	36.62	473,631	2,854,611	-74.33
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,107	-84.46	32,855	-82.36	186,270	2,364,523	-99
Miscellaneous current liabilities	305,252	-3.63	316,748	-3.98	329,880	-21.46	- -
Total current liabilities	1,043,187	4.67	996,687	0.70	989,781	5,488,969	-80.99
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	283,088	-100
Total long term debts	0	-	0	-	0	894,032	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,015,858	-98.17
Share premium account	-	-	-	-	-	173,859	-
Reserves	45,563	35.10	33,726	33.00	25,358	809,661	-94.37
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	64,163	22.62	52,326	19.04	43,958	1,849,332	-96.53
Working capital	62,818	22.12	51,438	21.01	42,506	2,377,095	-97.36
Net worth	64,163	22.62	52,326	19.04	43,958	1,847,475	-96.53

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-704,00	-
Return on capital employed	23.52	16.72	20.15	153	7.96	-14,00	168
Return on total assets employed	1.36	34.65	1.01	197	0.34	-32,00	4.25
Return on net assets employed	23.52	16.72	20.15	153	7.96	-21,00	112
Sales / net working capital	-	-	-	-	-	64,00	-
Stock turnover ratio	-	-	-	-	-	42,00	-
Debtor days	-	-	-	-	-	55.985,00	-
Creditor days	-	-	-	-	-	248,00	-
short term stability
Current ratio	1.06	0.95	1.05	0.96	1.04	4,00	-93.76
Liquidity ratio / acid ratio	0.65	44.44	0.45	55.17	0.29	3,00	-78.33
Current debt ratio	16.26	-14.65	19.05	-15.41	22.52	17,00	-4.35
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	7.96	-87.32	62.79	-85.18	423.74	270,00	-97.05
Equity in percentage	5.79	16.03	4.99	17.41	4.25	-1.040,00	0.56
Total debt ratio	16.26	-14.65	19.05	-15.41	22.52	18,00	-9.67

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

Industry quartile analysis

Payment expectations
Company result	-
Lower	128.45
Median	74.57
Upper	41.95
Day sales outstanding
Company result	-
Lower	111.49
Median	56.46
Upper	24.94

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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

NSSO details

Business number	872383554
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	MUKESH SHAH
Position	Principal Manager
Start Date	19/08/2010
Street	50 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	BHAVIK HITENDRA SHAH
Position	Principal Manager
Start Date	19/08/2010
Street	50 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

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.59.15
UK Pound	1	Rs.90.05
Euro	1	Rs.77.06

INFORMATION DETAILS

Report Prepared by :

SDA

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.