MIRA INFORM REPORT

Report Date :

22.04.2014

IDENTIFICATION DETAILS

Name :	PINK STAR BVBA

Registered Office :	Hoveniersstraat 53, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	31.01.1991

Com. Reg. No.:	442820440

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 :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 summary

Business number 442820440

Company name PINK STAR BVBA

Address HOVENIERSSTRAAT

2018 ANTWERPEN

Number of staff 1

Date of establishment 31/01/1991

Telephone number 032324922

Fax number 032324922

Commentary

The business was established over 23 years ago.

The business has 1 employees.

The business has been at the address for over 10 years.

Operating Result in the latest trading period decreased 88% on the previous trading period.

A 49% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 118% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 92% during the latest trading period.

Turnover in the latest trading period decreased 72% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	2,564,731	-11,553	905,644	851,113
31/12/2011	9,494,301	63,414	916,616	858,776
31/12/2010	9,206,955	12,449	870,602	834,308

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	1,453,566	0	18,592	-712
31/12/2011	2,893,320	0	18,592	59,069
31/12/2010	4,509,758	0	18,592	23,504

Payment expectations
Past payments		Payment expectation days	2.07
Industry average payment	164.44	Industry average day sales	121.05
expectation days		outstanding
Day sales outstanding	67.74
Court data summary
BANKRUPTCY DETAILS
Court action type	no

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	2,564,731	-72.99	9,494,301	3.12	9,206,955	46,612,575	-94.50
Total operating expenses	2,550,941	-72.78	9,370,860	2.01	9,186,437	46,221,128	-94.48
Operating result	13,790	-88.83	123,441	501	20,518	147,887	-90.68
Total financial income	71	-	-	-	-	97,526	-99
Total financial expenses	25,415	-57.66	60,028	643	8,069	204,266	-87.56
Results on ordinary operations before taxation	-11,553	-118	63,414	409	12,449	33,065	-134
Taxation	-581	-103	17,400	770	2,000	20,877	-102
Results on ordinary operations after taxation	-10,972	-123	46,014	340	10,449	18,249	-160
Extraordinary items	0	-	0	-	0	-4,342	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	-10,972	-123	46,014	340	10,449	13,926	-178
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	-	-	-	-	-	126,172	-
Wages and salary	-	-	-	-	-	105,771	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,708	-
Other employee costs	0	-	0	-	0	4,361	-100
Amortization and depreciation	10,260	-21.41	13,055	0	13,055	17,886	-42.64

balance sheet

Annual accounts	31-122012	%	31-122011	%	31-122010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,577	-100
Tangible fixed assets	88,625	-9.54	97,967	11.77	111,032	184,763	52.03
Land & building	88,159	-9.75	97,680	11.33	110,165	362,988	75.71
Plant & machinery	-	-	-	-	-	22,646	-
Furniture & Vehicles	465	61.79	288	66.85	868	17,300 5,364	97.31
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	0	-	0	-	0	7,619	-100
Financial fixed assets	2,293	0	2,293	0	2,293	306,761	-99
Total fixed assets	90,918	-9.32	100,260	11.53	113,325	396,027	77.04
Inventories	849,795	50.60	1,720,127	34.20	2,614,329	3,105,555	72.64
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,394	-100
Finished goods	0	-	0	-	0	1,991,166	-100
Other stocks	849,795	50.60	1,720,127	34.20	2,614,329	570,732	48.90
Trade debtors	475,961	22.59	614,835	62.24	1,628,422	4,248,295	88.80
Cash	35,926	92.13	456,446	198	152,792	225,847	84.09
other amounts receivable	0	-100	1,652	85.66	890	187,129	-100
Miscellaneous current assets	966	-	0	-	0	17,998	94.63
Total current assets	1,362,648	51.21	2,793,060	36.47	4,396,432	7,304,875	81.35
Total Assets	1,453,566	49.76	2,893,320	35.84	4,509,758	7,668,456 1,451,744	81.04
CURRENT LIABILITIES
Trade creditors	14,461	98.35	876,632	66.03	2,580,920	3,137,713	-99
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	4,243,670 187,578	-
Current portion of long term debt	5,996	82.68	34,612	4.65	33,074	110,204 15,373	94.56
Amounts Payable for Taxes, Remuneration & Social Security	12,512	55.26	27,965	1055	2,420	9,727 -	63.16
Miscellaneous current liabilities	478,567	51.91	995,076	5.22	945,710	61.39	- -
Total current liabilities	511,536	73.55	1,934,284	45.70	3,562,124	5,430,989	90.58
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	36,386	14.22	42,420	44.93	77,031	-96.69	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	0	-	0	-	0	3,178 0	-100
Other long term liabilities	0	-	0	-	0	128,413	-100
Total long term debts	36,386	14.22	42,420	44.93	77,031	558,087	93.48
SHAREHOLDERS EQUITY
Issued share capital	18,592	0	18,592	0	18,592	944,106	98.03
Share premium account	-	-	-	-	-	109,362	-
Reserves	887,052	-1.22	898,024	5.40	852,010	691,870	28.21
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	905,644	-1.20	916,616	5.29	870,602	1,665,598	45.63
Working capital	851,113	-0.89	858,776	2.93	834,308	1,873,885	54.58
Cashflow	-712	-101	59,069	151	23,504	28,711	-102
Net worth	905,644	-1.20	916,616	5.29	870,602	1,662,342	45.52

ratio analysis

Annual accounts	31-12-2012	Change (%)	31-12-2011	Change (%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-0.45	-167	0.67	378	0.14	-25,00	1.80
Return on capital employed	-1.23	-118	6.61	404	1.31	29,00	-104
Return on total assets employed	-0.79	-136	2.19	682	0.28	-201,00	0.39
Return on net assets employed	-1.28	-118	6.92	383	1.43	19,00	-106
Sales / net working capital	3.01	-72.78	11.06	0.18	11.04	44,00	-99
Stock turnover ratio	33.13	82.84	18.12	-36.20	28.40	110,00	-69.88
Debtor days	67.74	186	23.64	-63.38	64.56	134,00	-49.45
Creditor days	2.07	-93.94	34.15	-66.70	102.55	123,00	-98.32
SHORT TERM STABILITY
Current ratio	2.66	84.72	1.44	17.07	1.23	6,00	-70.44
Liquidity ratio / acid ratio	1	81.82	0.55	10.0	0.50	4,00	-75.00
Current debt ratio	0.56	-73.46	2.11	-48.41	4.09	9,00	-93.78
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	4.68	-44.29	8.40	-33.60	12.65	358,00	-98.69
Equity in percentage	62.30	96.65	31.68	64.15	19.30	-3.205,00	1.94
Total debt ratio	0.61	-71.76	2.16	-48.33	4.18	10,00	-93.90

Payment expectations
Payment expectation days	2.07
Day sales outstanding	67.74
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	164.44
Industry average day sales outstanding	121.05
Industry quartile analysis
Payment expectations
Company result	2.07
Lower	134.34
Median	84.60
Upper	45.33

Day sales outstanding
Company result	67.74
Lower	112.48
Median	58.56
Upper	27.62

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	442820440
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

Director details

Current director details

Name	SUNIL NANALAL SHAH
Position	Principal Manager
Start Date	12/09/2010
Street	59 VAN LERIUSSTRAAT 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.60.34
UK Pound	1	Rs.101.41
Euro	1	Rs.83.38

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	NNA

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.

Business number	442820440	Company name	PINK STAR BVBA
Fax number	032324922	Date founded	31/01/1991
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.0442.820.440
Belgian Bullettin of Acts Publications	moniteur belge