MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	STARGEMS BVBA

Registered Office :	Hoveniersstraat 30-Bus 111, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	02.02.1990

Com. Reg. No.:	440106618

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones.

No. of Employees :	NIL

RATING & COMMENTS

MIRA’s Rating :

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

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 Summary

Business number 440106618

Company name STARGEMS BVBA

Address HOVENIERSSTRAAT 30-BUS 111

2018 ANTWERPEN

Number of staff 0

Date of establishment 02/02/1990

Telephone number 032336804

Fax number 032334450

Commentary

The business was established over 24 years ago.

The business has 1 employees.

The business has been at the address for over 14 years.

Net Worth increased by 21% during the latest trading period.

The business saw a decrease in their Cash Balance of 97% during the latest trading period.

Accounts

DATE OF LATEST TURNOVER PROFIT BEFORE NET WORTH WORKING CAPITAL

ACCOUNTS TAX

31/12/2013 119,923,710 301,557 18,702,310 18,664,918

31/12/2012 110,128,634 340,529 15,437,528 15,379,290

31/12/2011 133,701,499 277,222 12,919,513 12,855,049

DATE OF LATEST BALANCE NUMBER OF CAPITAL CASHFLOW

ACCOUNTS TOTAL EMPLOYEES

31/12/2013 48,901,621 0 17,397,391 326,332

31/12/2012 54,239,567 0 14,394,864 359,943

31/12/2011 45,988,824 0 11,993,092 300,443

Payment Expectation

Past payments Payment expectation days 11.36

Industry average payment 124.33 Industry average day sales 141.60

expectation days outstanding

Day sales outstanding 127.92

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons 08/05/2001

Company Accounts

Profit and Loss
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	119,923,710	8.89	110,128,634	-17.63	133,701,499	54,152,539	121
Total operating expenses	118,337,090	8.80	108,764,507	-17.84	132,380,062	53,700,067	120
Operating result	1,586,620	16.31	1,364,127	3.23	1,321,437	149,666	960
Total financial income	91,576	-9.63	101,331	-94.98	2,017,653	83,078	10.23

Total financial expenses	1,376,639	22.38	1,124,929	-63.26	3,061,868	191,336	619
Results on ordinary operations before taxation	301,557	-11.44	340,529	22.84	277,222	34,873	764
Taxation	464	-	-	-	-	21,734	-97.87
Results on ordinary operations after taxation	301,093	-11.58	340,529	22.84	277,222	18,920	1491
Extraordinary items	6,286	-	0	-	0	5,359	17.30
Other appropriations	0	-	0	-	0	-	-
Net result	307,379	-9.73	340,529	22.84	277,222	24,413	1159
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	33,365	-
Dividends	-	-	-	-	-	234,766	-
Director remuneration	-	-	-	-	-	126,036	-
Employee costs	-	-	-	-	-	139,048	-
Wages and salary	-	-	-	-	-	119,968	-
Employee pension costs	-	-	-	-	-	23,129	-
Social security contributions	-	-	-	-	-	29,614	-
Other employee costs	0	-	0	-	0	3,975	-100
Amortization and depreciation	18,953	-2.37	19,414	-16.39	23,221	17,896	5.91

Balance Sheet

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,297	-100
Tangible fixed assets	116,921	-17.29	141,363	-24.83	188,063	189,680	-38.36
Land & building	72,857	-8.55	79,665	-27.41	109,747	369,885	-80.30
Plant & machinery	10,788	-15.69	12,796	-2.91	13,180	26,893	-59.89
Furniture & Vehicles	33,276	-31.95	48,901	-24.92	65,136	15,771 4,585	110
Leasing & Other Similar Rights	-	-	-	-	-	107,517 34,551	-
Other tangible assets	0	-100	1	-	0	9,048	-100
Financial fixed assets	-	-	-	-	-	179,439	-
Total fixed assets	116,921	-17.29	141,363	-24.83	188,063	299,919	-61.02
Inventories	6,378,790	-10.16	7,100,547	-8.99	7,801,675	2,925,620	118
Raw materials & consumables	-	-	-	-	-	6,545,857	-
Work in progress	0	-	0	-	0	1,122	-100
Finished goods	6,378,790	-10.16	7,100,547	-8.99	7,801,675	1,941,660	228
Other stocks	0	-	0	-	0	452,415	-100
Trade debtors	42,028,461	-6.28	44,846,203	19.45	37,543,718	4,237,665	891
Cash	49,922	-97.37	1,896,348	733	227,571	455,744,554	-99
other amounts receivable	324,457	29.18	251,175	10.26	227,797	181,620	78.65
Miscellaneous current assets	3,070	-21.90	3,931	-	0	-448,706,207	0.00
Total current assets	48,784,700	-9.82	54,098,204	18.12	45,800,761	7,125,179	584
Total Assets	48,901,621	-9.84	54,239,567	17.94	45,988,824	7,392,123 1,293,260	561

Current Liabilities

	Trade creditors	3,683,006	-59.66	9,129,383	13.32	8,056,332	2,895,970	27.18
Short term group loans - - - - -
	Financial debts	26,338,131	-10.05	29,280,042	24.05	23,603,670	4,381,895 147,756	501
	Current portion of long term debt	-	-	11,710	-18.82	14,425	81,130 14,053	-
	Amounts Payable for Taxes, Remuneration & Social Security	6,243	-24.65	8,285	96.09	4,225	8,507 -	-80.27
	Miscellaneous current liabilities	92,402	-68.08	289,494	-77.15	1,267,060	-61.74	--
	Total current liabilities	30,119,782	-22.21	38,718,914	17.52	32,945,712	5,067,698	494
Long term group loans - - - - -
	Other long term loans	-	-	-	-	13,919	-	--
	Deffered taxes	-	-	-	-	-	46,266 28,377	-
	Provisions for Liabilities & Charges	0	-	0	-	0	3,919 0	-100
	Other long term liabilities	79,529	-4.33	83,125	-24.21	109,680	243,046	-67.28
	Total long term debts	79,529	-4.33	83,125	-32.75	123,599	679,230	-88.29
	Issued share capital	17,397,391	20.86	14,394,864	20.03	11,993,092	962,001	1708
	Share premium account	-	-	-	-	-	124,160	-
	Reserves	1,304,919	25.15	1,042,664	12.55	926,421	652,703	99
	Revaluation reserve	-	-	-	-	-	881,530	-
	Total shareholders equity	18,702,310	21.15	15,437,528	19.49	12,919,513	1,637,331	1042
	Working capital	18,664,918	21.36	15,379,290	19.64	12,855,049	2,057,482	807
	Cashflow	326,332	-9.34	359,943	19.80	300,443	38,939	738
	Net worth	18,702,310	21.15	15,437,528	19.49	12,919,513	1,636,034	1043

Ratio Analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.25	-19.35	0.31	47.62	0.21	-7,00	3.57
Return on capital employed	1.61	-26.48	2.19	2.82	2.13	-7,00	23.00
Return on total assets employed	0.62	-1.59	0.63	5.00	0.60	-8,00	7.75
Return on net assets employed	1.61	-27.15	2.21	2.79	2.15	-6,00	26.83
Sales / net working capital	6.43	-10.20	7.16	-31.15	10.40	131,00	-99
Stock turnover ratio	5.32	-17.52	6.45	10.45	5.84	77,00	-93.09
Debtor days	127.92	-13.93	148.63	45.02	102.49	141,60	-9.66
Creditor days	11.36	-62.92	30.64	37.96	22.21	124,33	-90.86
SHORT TERM STABILITY
Current ratio	1.62	15.71	1.40	0.72	1.39	4,00	-83.80
Liquidity ratio / acid ratio	1.41	16.53	1.21	5.22	1.15	3,00	-53.00
Current debt ratio	1.61	-35.86	2.51	-1.57	2.55	10,00	-83.90
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	140.83	-25.78	189.74	3.73	182.92	229,00	-38.50
Equity in percentage	38.24	34.36	28.46	1.32	28.09	-210,00	18.21
Total debt ratio	1.61	-35.86	2.51	-1.95	2.56	11,00	-85.36

INDUSTRY COMPARISON

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

Payment Information

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days 11.36

Day sales outstanding 127.92

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Industry average payment

expectation days 124.33

Industry average day sales

Outstanding 141.60

Industry quartile analysis

Payment expectations

Company result 11.36

Lower 122.66

Median 75.64

Upper 46.73

Day sales outstanding

Company result 127.92

Lower 102.33

Median 54.51

Upper 24.07

Shareholder Details

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Group Structure

No group structure for this company.

Minority Shareholders

Business Company name % Date of accounts

Number

- STERLING STAR TRADING (L.L.C) 16.11 -

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME

Forename Shailesh

Middle name -

Surname Javeri

SHAREHOLDER DETAILS

Start date 11/12/2009 (Estimated)

End date -

Percentage owned 8.09%

SHAREHOLDER ADDRESS

Street name Fazantenlaan

House number 24

Minor town Wilrijk

Postal town Antwerpen

Post code 2610

Country Belgium

SHAREHOLDER NAME

Forename Karan

Middle name -

Surname Javeri

SHAREHOLDER DETAILS

Start date 10/05/2011(estimated)

End date -

Percentage owned 7.25%

SHAREHOLDER ADDRESS

Street name -

House number -

Minor town -

Postal town -

Post code -

Country United Arab Emirates

SHAREHOLDER NAME

Forename Bhavesh

Middle name -

Surname Javeri

SHAREHOLDER DETAILS

Start date 11/12/2009(estimated)

End date -

Percentage owned 68.55%

SHAREHOLDER ADDRESS

Street name -

House number -

Minor town -

Postal town -

Post code -

Country United Arab Emirates

Companies that match this address

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Summons

Legal event type Social Security Summons

Event date 08/05/2001

Court type --

Court name --

Creditor's name --

3rd party type --

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 SHAILESH JAVERI

Position Principal Manager

Start Date 27/10/2010

Date of birth 09/11/1956

Street 24 FAZANTENLAAN ANTWERPEN

Post code 2610

Country Belgium

Former director details

Former mandates in other companies

Name Starchems In vereffening BVBA

Business number 478805460

Position Principal Manager

Start Date 07/11/2002

End Date Unknown date

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.61.87
UK Pound	1	Rs.97.69
Euro	1	Rs.77.37

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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	440106618	Company name	STARGEMS BVBA
Fax number	032334450	Date founded	02/02/1990
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0440.106.618 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment Expectation

Court data summary

Company information

Company Accounts

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit