MIRA INFORM REPORT

Report Date :

24.03.2014

IDENTIFICATION DETAILS

Name :	STARLITE DIAMONDS BVBA
Registered Office :	Hoveniersstraat 30 Box 131, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	20.04.1982
Com. Reg. No.:	422656417
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees	01 (31.12.2012)

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 summary

Business number 422656417

Company name STARLITE DIAMONDS BVBA

Address HOVENIERSSTRAAT 30 Box 131

2018 ANTWERPEN

Number of staff 01

Date of establishment 20/04/1982

Telephone number 032338766

Commentary

The business was established over 31 years ago.
The business has 1 employees.
The business has been at the address for over 8 years.
Operating Result in the latest trading period decreased 45% on the previous trading period.
A 25% decline in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 49% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 21% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	20,137	118,202	222,488
31/12/2011	40,257	98,175	184,554
31/12/2010	-6,986	70,984	144,524

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	1,091,226	01	18,592	25,896
31/12/2011	1,463,589	0	18,592	40,879
31/12/2010	1,086,669	0	18,592	21,764

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	168.35	Industry average day sales	120.21
expectation days		outstanding

Court data summary

BANKRUPTCY DETAILS
Court action type	no

Company information

Business number	422656417	Company name	STARLITE DIAMONDS BVBA
Fax number	--	Date founded	20/04/1982
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.0422.656.417
Belgian Bullettin of Acts Publications	moniteur belge (Belgian monitor)

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	-	-	-	-	-	46,788,819	-
Total operating expenses	-	-	-	-	-	46,394,806	-
Operating result	22,699	45.04	41,298	50.74	27,396	148,098	84.67
Total financial income	231,958	31.97	340,973	80.87	188,519	98,058	136
Total financial expenses	234,519	31.43	342,014	53.44	222,902	204,982	14.41
Results on ordinary operations before taxation	20,137	49.98	40,257	576	-6,986	32,874	38.74
Taxation	5,115	60.85	13,066	546	2,022	20,907	75.53
Results on ordinary operations after taxation	15,022	44.76	27,191	301	-9,008	17,996	16.53
Extraordinary items	10,005	-	0	-100	16,318	-4,526	221
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	25,027	-7.96	27,191	271	7,310	13,489	85.54
OTHER INFORMATION
Dividends	-	-	-	-	-	172,177	-
Director remuneration	-	-	-	-	-	114,302	-
Employee costs	-	-	-	-	-	126,363	-
Wages and salary	-	-	-	-	-	105,854	-
Employee pension costs	-	-	-	-	-	14,428	-
Social security contributions	-	-	-	-	-	26,598	-
Other employee costs	0	-	0	-	0	4,380	-100
Amortization and depreciation	869	93.65	13,688	-5.30	14,454	17,934	95.15

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	1,561	-100
Tangible fixed assets	3,227	85.37	22,053	37.11	35,066	185,388	98.26
Land & building	-	-	-	-	-	362,952	-
Plant & machinery	405	25.00	540	-	-	22,760	98.22
Furniture & Vehicles	167	-99	19,305	40.58	32,490	17,415 5,433	-99
Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
Other tangible assets	2,655	20.22	2,208	14.29	2,576	7,664	65.36
Financial fixed assets	3,035	-5.45	3,210	0	3,210	309,151	-99
Total fixed assets	6,262	75.21	25,264	34.00	38,277	398,254	98.43
Inventories	353,191	15.62	305,486	15.14	359,969	3,108,260	88.64
Raw materials & consumables	-	-	-	-	-	7,209,884	-
Work in progress	0	-	0	-	0	2,411	-100
Finished goods	0	-	0	-	0	1,992,265	-100
Other stocks	353,191	15.62	305,486	15.14	359,969	574,368	38.51
Trade debtors	507,852	41.49	867,985	70.57	508,878	4,189,589	87.88
Cash	176,200	21.95	225,762	60.49	140,674	226,840	22.32
other amounts receivable	43,063	30.75	32,937	-3.43	34,105	186,814	76.95
Miscellaneous current assets	4,657	24.36	6,156	29.15	4,767	18,076	74.24
Total current assets	1,084,963	24.57	1,438,326	37.19	1,048,392	7,252,094	85.04
Total Assets	1,091,226	25.44	1,463,589	34.69	1,086,669	7,617,297 1,454,678	85.67
CURRENT LIABILITIES
Trade creditors	820,517	32.66	1,218,551	39.38	874,264	3,057,888	73.17
Short term group loans	-	-	-	-	-	-	-
Financial debts	10,682	1692	596	96.76	18,370	4,287,536 192,320	-99
Current portion of long term debt	1,094	82.89	6,394	28.00	8,880	107,941 15,359	98.99
Amounts Payable for Taxes, Remuneration & Social Security	19,250	41.60	13,595	477	2,354	9,445 -	43.40
Miscellaneous current liabilities	10,932	25.31	14,636	-	0	-96.35	- -
Total current liabilities	862,475	31.21	1,253,772	38.71	903,868	5,370,007	83.94
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	1,094	85.39	7,488	-	- -
Deffered taxes	-	-	-	-	-	37,626 26,358	-
Provisions for Liabilities & Charges	110,549	0	110,549	5.96	104,329	3,200 0	3354
Other long term liabilities	0	-	0	-	0	129,533	-100
Total long term debts	110,549	-0.98	111,643	-0.16	111,817	562,172	80.34
SHAREHOLDERS EQUITY
Issued share capital	18,592	0	18,592	0	18,592	948,360	98.04
Share premium account	-	-	-	-	-	109,362	-
Reserves	99,610	25.16	79,583	51.90	52,392	693,149	85.63
Revaluation reserve	-	-	-	-	-	939,206	-
Total shareholders equity	118,202	20.40	98,175	38.31	70,984	1,671,347	92.93
Working capital	222,488	20.55	184,554	27.70	144,524	1,882,087	88.18
Cashflow	25,896	36.65	40,879	87.83	21,764	28,291	-8.47
Net worth	118,202	20.40	98,175	38.31	70,984	1,668,090	92.91

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-26,00	-
Return on capital employed	8.80	-54.14	19.19	502	-3.82	29,00	-69.66
Return on total assets employed	1.85	-32.73	2.75	429	-0.64	-202,00	0.92
Return on net assets employed	17.04	-58.45	41.01	416	-9.84	19,00	-10.32
Sales / net working capital	-	-	-	-	-	45,00	-
Stock turnover ratio	-	-	-	-	-	111,00	-
Debtor days	-	-	-	-	-	133,00	-
Creditor days	-	-	-	-	-	122,00	-
SHORT TERM STABILITY
Current ratio	1.26	9.57	1.15	-0.86	1.16	7,00	-86.00
Liquidity ratio / acid ratio	0.85	-5.56	0.90	18.42	0.76	4,00	-78.75
Current debt ratio	7.30	-42.83	12.77	0.31	12.73	9,00	-18.89
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	9.96	21.02	8.23	-83.18	48.94	361,00	-97.24
Equity in percentage	10.83	61.40	6.71	2.76	6.53	-3.228,00	0.34
Total debt ratio	8.23	-40.83	13.91	-2.80	14.31	10,00	-17.70

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	168.35
Industry average day sales outstanding	120.21

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.36
Median	84.62
Upper	45.29
Day sales outstanding
Company result	-
Lower	112.48
Median	58.56
Upper	28.58

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

court data

NSSO details
Business number	422656417

Bankruptcy details

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	SANGHVI DE ARPIT
Position	Principal Manager
Start Date	01/01/2011
Street	47 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium
Name	SANGHVI DE ARPIT
Position	Non Statutory Partner
Start Date	01/01/2011
Street	47 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

Name	PRADIPL SANGHVI
Position	Principal Manager
Start Date	10/07/2010
Street	47 JACHTLAAN EDEGEM
Post code	2650
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.61.05
UK Pound	1	Rs.100.80
Euro	1	Rs.84.18

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.