MIRA INFORM REPORT

Report Date :

14.11.2013

IDENTIFICATION DETAILS

Name :	SILVER STAR BVBA
Registered Office :	Quinten Matsijslei 37 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
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
No. of Employees :	01

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 – 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

Company name and address

Business number	428635377
Company name	SILVER STAR BVBA
Address	QUINTEN MATSIJSLEI 37
	2018 ANTWERPEN
Safe number	BE00158021
Number of staff	0
Date of establishment	04/03/1986
Telephone number	032399979
Fax number

Commentary

The business was established over 27 years ago.

The business has 1 employees.

The business has been at the address for over 6 years.

The credit rating for this business has increased from 72 to 75.

The credit limit for this business has increased from €145000 to €360000.

Net Worth increased by 38% during the latest trading period.

A 85% growth in Total Assets occurred during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		22,424	50,337	47,973
31/12/2011		21,020	36,343	32,234
31/12/2010		11,464	20,192	11,936

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	5,591,485	0	18,600	17,903
31/12/2011	3,013,780	0	18,600	24,029
31/12/2010	1,260,972	0	18,600	19,888

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	166.58	Industry average day sales outstanding	117.89
Day sales outstanding	-

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	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0428.635.377
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	-	-
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

comparison mode

average

median

Profit & loss

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	-	-	-	-	-	46,310,306	-
	Total operating expenses	-	-	-	-	-	45,914,564	-
	Operating result	178,550	17.59	151,837	105	73,799	148,881	19.93
	Total financial income	2,719	19.07	2,284	1756484	0	99,099	-97.26
	Total financial expenses	158,846	19.34	133,100	113	62,335	205,956	-22.87
	Results on ordinary operations before taxation	22,424	6.68	21,020	83.36	11,464	33,181	-32.42
	Taxation	8,430	12.85	7,470	85.08	4,036	21,122	-60.09
	Results on ordinary operations after taxation	13,994	3.27	13,550	82.43	7,428	18,164	-22.96
	Extraordinary items	0	-100	2,600	44.16	1,804	-4,699	0
	Other appropriations	0	-	0.00	-	0.00	-	-
	Net result	13,994	-13.35	16,151	74.95	9,232	13,482	3.80
	other information
	Dividends	-	-	-	-	-	172,177	-
	Director remuneration	-	-	-	-	-	114,614	-
	Employee costs	-	-	-	-	-	128,692	-
	Wages and salary	-	-	-	-	-	107,442	-
	Employee pension costs	-	-	-	-	-	14,428	-
	Social security contributions	-	-	-	-	-	27,092	-
	Other employee costs	0	-	0	-	0	4,488	-100
	Amortization and depreciation	3,909	-50.38	7,878	-26.08	10,656	17,620	-77.81
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balance sheet

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	1,499	-100
	Tangible fixed assets	2,364	-42.47	4,109	-64.97	11,730	180,041	-98.69
	Land & building	-	-	-	-	-	352,266	-
	Plant & machinery	1,786	15.97	1,540	-47.81	2,951	22,391	-92.02
	Furniture & Vehicles	578	-77.50	2,569	-70.74	8,779	17,389 5,364	-96.68
	Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
	Other tangible assets	0	-	0	-	0	7,941	-100
	Financial fixed assets	-	-	-	-	-	298,560	-
	Total fixed assets	2,364	-42.47	4,109	-64.97	11,730	385,174	-99
	Inventories	581,510	5.74	549,961	2.26	537,827	3,036,798	-80.85
	Raw materials & consumables	-	-	-	-	-	7,209,884	-
	Work in progress	0	-	0	-	0	2,505	-100
	Finished goods	0	-	0	-	0	1,919,317	-100
	Other stocks	581,510	5.74	549,961	2.26	537,827	582,039	-0.09
	Trade debtors	4,315,181	138	1,807,182	453	326,786	4,139,951	4.23
	Cash	541,370	6.50	508,342	63.95	310,054	223,913	141
	other amounts receivable	150,105	5.73	141,969	95.85	72,488	184,681	-18.72
	Miscellaneous current assets	955	-56.91	2,217	6.21	2,087	17,257	-94.47
	Total current assets	5,589,121	85.71	3,009,671	140	1,249,242	7,134,095	-21.66
	Total Assets	5,591,485	85.53	3,013,780	139	1,260,972	7,487,528 1,446,080	-25.32
	current liabilities
	Trade creditors	4,458,037	124	1,987,942	338	453,632	3,007,257	48.24
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	486,118	20.19	404,474	82.33	221,834	4,206,428 189,481	-88.44
	Current portion of long term debt	437	-88.83	3,912	-45.07	7,121	109,218 14,984	-99
	Amounts Payable for Taxes, Remuneration & Social Security	40,961	198	13,718	132	5,909	9,268 -	20.22
	Miscellaneous current liabilities	555,595	-2.08	567,392	3.39	548,810	88.19	- -
	Total current liabilities	5,541,148	86.10	2,977,438	140	1,237,306	5,273,400	5.08
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	3,474	-	- -
	Deffered taxes	-	-	-	-	-	35,141 24,730	-
	Provisions for Liabilities & Charges	0	-	0	-	0	3,251 0	-100
	Other long term liabilities	0	-	0	-	0	134,022	-100
	Total long term debts	0	-	0	-100	3,474	572,118	-100
	shareholders equity
	Issued share capital	18,600	0	18,600	0	18,600	916,613	-97.97
	Share premium account	-	-	-	-	-	109,362	-
	Reserves	31,737	78.87	17,743	1014	1,592	683,447	-95.36
	Revaluation reserve	-	-	-	-	-	934,864	-
	Total shareholders equity	50,337	38.51	36,343	79.99	20,192	1,627,931	-96.91
	Working capital	47,973	48.83	32,234	170	11,936	1,860,695	-97.42
	Cashflow	17,903	-25.49	24,029	20.82	19,888	27,999	-36.06
	Net worth	50,337	38.51	36,343	79.99	20,192	1,624,715	-96.90
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ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	-	-	-	-	-	-27,00	-
	Return on capital employed	44.55	-22.98	57.84	19.41	48.44	31,00	43.71
	Return on total assets employed	0.40	-42.86	0.70	-23.08	0.91	-215,00	0.19
	Return on net assets employed	44.55	-22.98	57.84	1.88	56.77	21,00	112
	Sales / net working capital	-	-	-	-	-	46,00	-
	Stock turnover ratio	-	-	-	-	-	115,00	-
	Debtor days	-	-	-	-	-	138,00	-
	Creditor days	-	-	-	-	-	126,00	-
	short term stability
	Current ratio	1.01	0	1.01	0	1.01	7,00	-88.78
	Liquidity ratio / acid ratio	0.90	8.43	0.83	45.61	0.57	4,00	-77.50
	Current debt ratio	110.08	34.36	81.93	33.70	61.28	9,00	1123
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	966.60	-13.98	1123.70	-2.38	1151.10	373,00	159
	Equity in percentage	0.90	-25.62	1.21	-24.38	1.60	-3.354,00	0.03
	Total debt ratio	110.08	34.36	81.93	33.33	61.45	11,00	900

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

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	166.58
Industry average day sales outstanding	117.89

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.58
Median	84.62
Upper	44.80
Day sales outstanding
Company result	-
Lower	112.48
Median	58.70
Upper	28.58

Company result	-
Lower	134.58
Median	84.62
Upper	44.80

Company result	-
Lower	112.48
Median	58.70
Upper	28.58

Summary

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

Group Structure

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name	Rating	Limit	Date of accounts
404640250	FINSPICO M PVBA	91	1000000	31/12/2012
423803589	NIEUWE TECHNIEKEN-TECH NOUVELLES NV IN VEREFFENING	-	-	-
506486290	FRIEDENBERG AZRIEL	-	-	-
874299996	HAJIBAI ISAAC	-	-	-
874300095	HADJIBAY BENNY	-	-	-

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
Start Date	19/08/2010
Street	25 CHARLOTTALEI ANTWERPEN
Post code	2018
Country	Belgium

Name	LALIT SHAH
Position	Principal Manager
Start Date	19/08/2010
Street	230 LANGE LEEMSTRAAT 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.63.65
UK Pound	1	Rs.101.17
Euro	1	Rs.85.55

INFORMATION DETAILS

Report Prepared by :

NIS

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.