MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	MILLENNIUM STAR BVBA

Registered Office :	Pelikaanstraat 62, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	10.02.2000

Com. Reg. No.:	471155427

Legal Form :	Private Limited 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
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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	471155427
Company name	MILLENNIUM STAR BVBA
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	0
Date of establishment	10/02/2000
Telephone number	032253767

Commentary

The business was established over 14 years ago.
No employees are recorded for this business.
The business has been at the address for over 3 years.
Net Worth increased by 29% during the latest trading period.
A 49% growth in Total Assets occurred during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	33,530	100,527	83,167
31/12/2011	35,643	77,817	74,660
31/12/2010	12,434	51,744	48,751

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	3,304,932	0	19,000	24,350
31/12/2011	2,208,740	0	19,000	26,193
31/12/2010	1,823,734	0	19,000	12,441

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Industry average payment expectation days 164.57

Industry average day sales outstanding 125.66

Court data summary

BANKRUPTCY DETAILS

Court Action Type no

Joint Industrial Committee

(JIC)

Significant Events
Event Date	03/12/2010
Event Description	proposal to change address filed
Event Details	Commentaar 01-01-2011: Met ingang van 01/01/2011 zal de Maatschappelijke Zetel verplaatst worden naar Pelikaanstraat 162, 2018 Antwerpen.

Event Date	31/12/2010
Event Description	proposal to change address filed

COMPANY ACCOUNTS

Comparison Mode

· Average Median Export accounts to CSV File

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry	%
						average 2012
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	46,485,458	-
Total operating expenses	-	-	-	-	-	46,114,879	-
Operating result	38,145	-4.14	39,794	162	15,164	140,820	-72.91
Total financial income	0	-99	314	-58.05	749	98,771	-99
Total financial expenses	4,615	3.33	4,466	28.36	3,479	206,101	-97.76
Results on ordinary operations before taxation	33,530	-5.93	35,643	186	12,434	25,231	32.89
Taxation	10,821	13.07	9,570	-	-	20,807	-48.00
Results on ordinary operations after taxation	22,710	-12.90	26,073	109	12,434	10,456	117
Extraordinary items	0	-	0	-	0	-3,965	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	22,710	-12.90	26,073	109	12,434	6,510	248
OTHER INFORMATION
Gross Operating Margin	161,585	287	41,716	40.12	29,771	56,746	184
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	112,544	-
Employee costs	-	-	-	-	-	125,946	-
Wages and salary	-	-	-	-	-	105,550	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,656	-
Other employee costs	0	-	0	-	0	4,340	-100
Amortization and depreciation	1,641	1270	120	1647	7	17,811	-90.79

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	1,570		-100
Tangible fixed assets	15,361		1226	1,158		16.57	993	184,117		-91.66
Land & building	-		-	-		-	-	362,988		-
Plant & machinery	14,080		-	-		-	-	22,615		-37.74
Furniture & Vehicles	1,280		10.58	1,158		16.57	993	17,295 5,364		-92.60
Leasing & Other Similar Rights	-		-	-		-	-	142,153 32,369		-
Other tangible assets	0		-	0		-	0	7,581		-100
Financial fixed assets	2,000		0	2,000		0	2,000	306,282		-99
Total fixed assets	17,361		449	3,158		5.50	2,993	394,259		-95.60
Inventories	628,139		456	112,894		-78.23	518,599	3,098,414		-79.73
Raw materials & consumables	-		-	-		-	-	7,209,884		-
Work in progress	0		-	0		-	0	2,382		-100
Finished goods	0		-	0		-	0	1,992,650		-100
Other stocks	628,139		456	112,894		-78.23	518,599	569,029		10.39
Cash	624,246		227	190,647		18.19	161,310	227,014		174
other amounts receivable	16,583		308	4,055		-6.41	4,333	208,818		-92.06
Miscellaneous current assets	3,350		25.80	2,663		0.33	2,654	18,217		-81.61
Total current assets	3,287,572		49.06	2,205,582		21.14	1,820,741	7,314,172		-55.05
Total Assets	3,304,932		49.63	2,208,740		21.11	1,823,734	7,668,273 1,451,744		-56.90
Current Liabilities
Trade creditors		2,946,846	58.44	1,859,865	22.19		1,522,136	3,141,505	-6.20
Short term group loans		-	-	-	-		-	-	-
Financial debts		-	-	4,258	-32.69		6,326	4,280,807 189,666	-
Current portion of long term debt		-	-	^-	^-		^-	110,204 15,373	-
Amounts Payable for Taxes, Remuneration & Social Security		10,962	-31.32	15,963	6104		257	9,727 -	-67.75
Miscellaneous current liabilities		246,597	-1.69	250,837	3.11		243,270	-17.10	—
Total current liabilities		3,204,405	50.38	2,130,923	20.26		1,771,989	5,452,181	-41.23
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-	-	-	-		-	-	—
Other long term loans		-	-	-	-		-	-	—
Deffered taxes		-	-	-	-		-	37,626 26,358	-
Provisions for Liabilities & Charges		0	-	0	-		0	3,162 0	-100
Other long term liabilities		0	-	0	-		0	127,769	-100
Total long term debts		0	-	0	-		0	561,675	-100
SHAREHOLDERS EQUITY
Issued share capital		19,000	0	19,000	0		19,000	966,465	-98.03
Share premium account		-	-	-	-		-	109,362	-
Reserves		81,527	38.61	58,817	79.63		32,744	652,459	-87.50
Revaluation reserve		-	-	-	-		-	939,206	-
Total shareholders equity		100,527	29.18	77,817	50.39		51,744	1,648,380	-93.90
Working capital		83,167	11.39	74,660	53.14		48,751	1,861,991	-95.53
Cashflow		24,350	-7.03	26,193	110		12,441	21,230	14.70
Net worth		100,527	29.18	77,817	50.39		51,744	1,645,157	-93.89

Ratio Analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-29,00	-
Return on capital employed	33.35	-27.18	45.80	90.60	24.03	29,00	15.00
Return on total assets employed	1.01	-37.27	1.61	136	0.68	-200,00	0.50
Return on net assets employed	33.35	-27.18	45.80	90.60	24.03	19,00	75.53
Sales / net working capital	-	-	-	-	-	44,00	-
Stock turnover ratio	-	-	-	-	-	116,00	-
Debtor days	-	-	-	-	-	143,00	-
Creditor days	-	-	-	-	-	125,00	-
SHORT TERM STABILITY
Current ratio	1.03	-0.96	1.04	0.97	1.03	6,00	-88.56
Liquidity ratio / acid ratio	0.83	-15.31	0.98	34.25	0.73	4,00	-79.25
Current debt ratio	31.88	16.44	27.38	-20.04	34.24	9,00	254
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-	-	5.47	-55.27	12.23	357,00	-
Equity in percentage	3.04	-13.64	3.52	23.94	2.84	-3.185,00	0.10
Total debt ratio	31.88	16.44	27.38	-20.04	34.24	11,00	189

Industry comparison

Activity code	46761
Activity description	Wholesaler of diamonds and other precious stones
Industry average payment expectation days	164.57
Industry average day sales	125.66

Industry quartile analysis

Payment Expectations

Lower	133.73
Median	84.93
Upper	45.55

Day sales outstanding
Lower	108.80
Median	58.49
Upper	28.11

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details

Business number 471155427

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Court Data

there is no data for this company

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.59.97
UK Pound	1	Rs.102.89
Euro	1	Rs.82.02

INFORMATION DETAILS

Analysis Done by :	SUB

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.

Business number	471155427	Company name	MILLENNIUM STAR BVBA
Company status	active	Date founded	10/02/2000
Currency	Euro (€)	Company type	Private Limited Company (BL/LX)
Activity code	46761	Date of latest accounts	31/12/2012
Activity description	Wholesale of diamonds and other precious stones	Liable for VAT	yes
Belgian Bullettin of Acts Publications	moniteur beige	VAT Number	BE.0471.155.427 Check VAT number
Belgian Bullettin of Acts Publications