MIRA INFORM REPORT

Report Date :

07.11.2014

IDENTIFICATION DETAILS

Name :	ANTWERP STAR DIAMONDS NV
Registered Office :	Schupstraat 18 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.03.2013
Date of Incorporation :	25.07.2008
Com. Reg. No.:	899516632
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	02

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Belgium	A1	A2

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 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 name and address

Business number 899516632

Company name ANTWERP STAR DIAMONDS NV

Address SCHUPSTRAAT 18

2018 ANTWERPEN

Number of staff 1

Date of establishment 25/07/2008

Telephone number 037708727

Commentary

The business was established over 6 years ago.

The business has 1 employees.

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

Operating Result in the latest trading period increased 157% on the previous trading period.

A 33% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 29% compared to the previous trading period.

The business saw an increase in their Cash Balance of 151% during the latest trading period.

Turnover in the latest trading period increased 105% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2013	258,372,117	388,096	4,170,436	23,119,705
31/03/2012	125,525,634	552,789	3,833,470	3,810,578
31/12/2010		350,497	358,073	357,870

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2013	128,348,999	1	3,123,600	307,781
31/03/2012	96,329,294	0	3,091,600	398,239
31/12/2010	8,528,053	0	20,484	229,906

Payment expectations
Past payments		Payment expectation days	103.21
Industry average payment expectation days	123.87	Industry average day sales outstanding	142.64
Day sales outstanding	134.13

Company information

Business number	899516632	Company name	ANTWERP STAR DIAMONDS NV
Date founded	25/07/2008
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/03/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0899.516.632 Check VAT number

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-03-2013
Full-time Employees		0
Part-time Employees		-
Total Fte Employees		0
Number of hours worked
Full-time Employees		272
Part-time Employees		-
Total		272
Personnel Charges
Full-time Employees		5,463
Part-time Employees		-
Total		5,463
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	1	-	1
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Personnel (NSSO classification)

Code -

Description FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date 01/02/2013

Event Description

Event Details Neerlegging van de notulen van de bijzondere algemene vergadering van aandeelhouders

houdende goedkeuring, van bepalingen die van toepassing zijn ingeval van

controlewijziging.

Profit & loss

Annual accounts	31-03-2013	%	31-03-2012	%	31-12-2010	Industry average 2013	%
Weeks	52		65		52
Currency	EUR		EUR		EUR
Turnover	258,372,117	105	125,525,634	-	-	60,098,135	329
Total operating expenses	256,922,100	105	124,961,929	-	-	59,600,905	331
Operating result	1,450,017	157	563,705	54.48	364,900	161,395	798
Total financial income	10,969	-40.07	18,303	107	8,823	64,343	-82.95
Total financial expenses	1,072,889	3571	29,219	25.81	23,225	182,510	487
Results on ordinary operations before taxation	388,096	-29.79	552,789	57.72	350,497	43,466	792
Taxation	90,809	-42.63	158,282	30.81	120,998	22,983	295
Results on ordinary operations after taxation	297,287	-24.64	394,507	71.90	229,499	26,815	1008
Extraordinary items	0	-	0	-	0	6,036	-100
Other appropriations	1	-	0	-100	1	-	-
Net result	297,288	-24.64	394,507	71.90	229,500	33,003	800
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	365,511	34,751	-
Dividends	-	-	-	-	-	211,025	-
Director remuneration	46,043	-	-	-	-	121,590	-62.13
Employee costs	5,463	-	-	-	-	151,954	-96.40
Wages and salary	3,498	-	-	-	-	118,080	-97.04
Employee pension costs	-	-	-	-	-	23,129	-
Social security contributions	10,773	710	1,329	-		142,400	-92.43
Other employee costs	7,759	1119	636	-	0	30,959	-74.94
Amortization and depreciation	16,742	59.55	10,493	181	3,732	66,216	-74.72

balance sheet

Annual accounts	31-03-2013	%	31-03-2012	%	31-12-2010	Industry average 2013	%
Weeks	52		65		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,437	-100
Tangible fixed assets	573,231	2404	22,892	11176	203	196,693	191
Land & building	553,494	-	-	-	-	390,617	41.70
Plant & machinery	-	-	-	-	-	27,999	-
Furniture & Vehicles	19,736	-13.79	22,892	11176	203	15,385 4,251	28.28
Leasing & Other Similar Rights	-	-	-	-	-	39,639 19,911	-
Other tangible assets	1	-	0	-	0	10,064	-99
Financial fixed assets	-	-	-	-	-	230,645	-
Total fixed assets	573,231	2404	22,892	11176	203	341,149	68.03
Inventories	32,446,727	-25.24	43,399,576	431	8,163,991	3,142,698	932
Raw materials & consumables	-	-	-	-	-	7,018,384	-
Work in progress	0	-	0	-	0	1,297	-100
Finished goods	32,446,727	-25.24	43,399,576	-	0	2,105,413	1441
Other stocks	0	-	0	-100	8,163,991	440,050	-100
Trade debtors	94,949,871	79.94	52,766,674	364335	14,479	4,254,417	2131
Cash	320,407	151	127,328	-58.89	309,708	527,474,603	-99
other amounts receivable	23,892	163	9,069	-70.87	31,137	230,311	-89.63
Miscellaneous current assets	34,871	828	3,755	-56.00	8,535	-518,802,088	0.01
Total current assets	1 27,775,768	32.68	96,306,402	1029	8,527,850	7,312,763	1647
Total Assets	128,348,999	33.24	96,329,294	1029	8,528,053	7,616,283 1,228,813	1585

CURRENT LIABILITIES

Trade creditors	72,646,318	-21.33	92,337,484	1055	7,991,846	3,036,952	2292
Short term group loans	-	-	-	-	-	-	-
Financial debts	31,236,000	-	-	-	-	4,444,470 126,094	602
Current portion of long term debt	-	-	-	-	-	82,351 13,785	-
Amounts Payable for Taxes, Remuneration & Social Security	107,335	-32.21	158,340	-11.11	178,134	7,954 -	244
Miscellaneous current liabilities	666,410	-	0	-	0	179	- -
Total current liabilities	104,656,063	13.15	92,495,824	1032	8,169,980	5,202,481	1911
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	19,522,500	-	-	-	-	1619	- -
Deffered taxes	-	-	-	-	-	49,453 32,109	-
Provisions for Liabilities & Charges	0	-	0	-	0	4,911 0	-100
Other long term liabilities	0	-	0	-	0	234,468	-100
Total long term debts	19,522,500	-	0	-	0	656,096	2875
SHAREHOLDERS EQUITY
Issued share capital	3,123,600	1.04	3,091,600	14992	20,484	1,024,831	204
Share premium account	-	-	-	-	-	85,441	-
Reserves	1,046,836	41.11	741,870	119	337,589	702,637	48.99
Revaluation reserve	-	-	-	-	-	899,530	-
Total shareholders equity	4,170,436	8.79	3,833,470	970	358,073	1,750,122	138
Working capital	23,119,705	506	3,810,578	964	357,870	2,110,282	995
Cashflow	307,781	-22.71	398,239	73.22	229,906	47,901	542
Net worth	4,170,436	8.79	3,833,470	970	358,073	1,748,684	138

ratio analysis

Annual accounts	31-03-2013	change(%)	31-03-2012	change(%)	31-12-2010	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.15	-65.91	0.44	-	-	-8,00	1.88
Return on capital employed	1.64	-88.63	14.42	-85.27	97.88	-10,00	16.40
Return on total assets employed	0.30	-47.37	0.57	-86.13	4.11	-5,00	6.00
Return on net assets employed	9.31	-35.44	14.42	-85.27	97.88	-11,00	84.64
Sales / net working capital	11.18	-66.06	32.94	-	-	154,00	-99
Stock turnover ratio	12.56	-63.67	34.57	-	-	82,00	-84.68
Debtor days	134.13	-12.58	153.43	-	-	142,64	-5.97
Creditor days	103.21	-61.73	269.71	-	-	123,87	-16.68
SHORT TERM STABILITY
Current ratio	1.22	17.31	1.04	0	1.04	4,00	-91.29
Liquidity ratio / acid ratio	0.91	59.65	0.57	1325	0.04	3,00	-69.67
Current debt ratio	25.09	3.98	24.13	5.74	22.82	14,00	79.21
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	1217.10	-	-	-	-	230,00	429
Equity in percentage	3.25	-18.34	3.98	-5.24	4.20	-241,00	1.35
Total debt ratio	29.78	23.41	24.13	5.74	22.82	15,00	98.53

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Details -
Payment expectations
Payment expectation days	103.21
Day sales outstanding	134.13

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	123.87
expectation days
Industry average day sales	142.64
outstanding

Industry quartile analysis

Payment expectations
Company result	103.21
Lower	124.86
Median	76.97
Upper	48.07

Day sales outstanding

Company result 134.13

Lower 102.84

Median 54.26

Upper 25.06

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Summons

there is no data for this company

Protested Bills

there is no data for this company

Bankruptcy and other legal events

there is no data for this company

Director details

Current director details

Name HENRI POMERANZ

Position Managing Director

Start Date 27/01/2011

Date of birth 10/07/1956

Street 26 ALBERTSTRAAT ANTWERPEN

Post code 2000

Country Belgium

Position Director

Start Date 26/01/2011

Date of birth 10/07/1956

Street 26 ALBERTSTRAAT ANTWERPEN

Post code 2000

Country Belgium

Name BLUE STAR DIAMONDS PRIVATE LIMITED

Position Managing Director

Start Date 26/01/2011

Street

Post code

Country India

Position Director

Start Date 26/01/2011

Street

Post code

Country India

Former director details

Name HENRI POMERANZ

Position Principal Manager

Start Date 25/07/2008

End Date Unknown date

Date of birth 10/07/1956

Street 26 ALBERTSTRAAT ANTWERPEN

Post code 2000

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.61.39
UK Pound	1	Rs.98.00
Euro	1	Rs.76.99

INFORMATION DETAILS

Analysis Done by :	KAR
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.