MIRA INFORM REPORT

Report No. :	307006
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	TRILLION STAR BVBA

Registered Office :	Hoveniersstraat 53-Bus 59 2018 Antwerpen

Country :	Belgium

Date of Incorporation :	11.03.2010

Com. Reg. No.:	824078247

Legal Form :	Private Limited Company (BL/LX)

LINE OF BUSINESS :	WHOLESALE OF WATCHES AND JEWELLERY.

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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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	824078247
Branche Unit Number	2186329916
Company name	TRILLION STAR BVBA
Address	HOVENIERSSTRAAT 53-BUS 15
	2018 ANTWERPEN
Number of staff	0
Date of establishment	11/03/2010
Telephone number	032270492
Fax number	032270472

Commentary

The business was established over 4 years ago.

No employees are recorded for this business.

The business has been at the address for over 16 months.

Operating Result in the latest trading period increased 75% on the previous trading period.

A 59% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 105% compared to the previous trading period.

The business saw an increase in their Cash Balance of 28% during the latest trading period.

Turnover in the latest trading period increased 21% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	12,933,341	54,021	1,674,983	1,658,301
31/12/2012	10,644,200	26,342	1,622,353	1,603,880
31/12/2011		31,161	32,870	29,117
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	7,558,470	0	1,582,444	56,322
31/12/2012	4,745,058	0	1,582,444	26,533
31/12/2011	2,545,549	0	18,600	24,316

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	164.68
Industry average payment	241.88	Industry average day sales	422.17
expectation days		outstanding
Day sales outstanding	96.77

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		41
Currency	EUR		EUR		EUR		EUR
Total fixed assets	16,683	-9.69	18,473	392	3,753	-5.88	3,988
Intangible fixed assets	0	-	0	-	0	-	0
Tangible fixed assets	13,308	-14.00	15,473	1954	753	-23.76	988
Land & building	-	-	-	-	-	-	-
Plant & machinery	2,828	35.00	2,095	-	-	-	-
Furniture & Vehicles	10,480	-21.67	13,379	1676	753	-23.76	988
Leasing & Other Similar Rights	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0
Financial fixed assets	3,375	12.50	3,000	0	3,000	0	3,000
Total current assets	7,541,787	59.56	4,726,585	85.95	2,541,796	877	260,132
Inventories	4,089,893	3.24	3,961,379	78.72	2,216,564	9244	23,720
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0
Finished goods	4,089,893	3.24	3,961,379	-	0	-	0
Other stocks	0	-	0	-100	2,216,564	9244	23,720
Trade debtors	3,429,060	356	751,561	135	318,655	36.22	233,929
Other amounts receivable	3,351	-47.65	6,401	227	1,952	689	247
Cash	6,659	28.26	5,192	12.23	4,626	106	2,235
Miscellaneous current assets	12,824	524	2,053	205255	-1	-	0
Total Assets	7,558,470	59.29	4,745,058	86.41	2,545,549	863	264,119

LIABILITIES
Total shareholders equity	1,674,983	3.24	1,622,353	4835	32,870	274	8,789
Issued share capital	1,582,444	0	1,582,444	8407	18,600	0	18,600
Share premium account	-	-	-	-		-	-
Revaluation reserve		-	-	-	-	-	-
Reserves	92,539	131	39,909	179	14,270	145	-9,811
Provisions for Liabilities & Charges	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-
Creditors	5,883,486	88.41	3,122,705	24.28	2,512,679	884	255,331
Other long term loans	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-
Financial debts	165	-95.13	3,386	1021	302	149	121
Trade creditors	5,803,098	91.25	3,034,339	246	874,856	248	251,144
Amounts Payable for Taxes, Remuneration & Social Security	2,028	-46.52	3,792	-46.61	7,102	-	-
Miscellaneous current liabilities	78,195	-3.69	81,188	-95.02	1,630,419	39998	4,066
Total current liabilities	5,883,486	88.41	3,122,705	24.28	2,512,679	884	255,331
Total Liabilities	7,558,470	59.29	4,745,058	86.41	2,545,549	863	264,119

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	0.42	68.00	0.25	-		-	-
Return on capital employed	3.23	99	1.62	-98.29	94.80	84.92	-111.64
Return on total assets employed	0.71	26.79	0.56	-54.10	1.22	32.88	-3.71
Return on net assets employed	3.23	99	1.62	-98.29	94.80	84.92	-111.64
Sales / net working capital	7.80	17.47	6.64	-	-	-	-
Stock turnover ratio	31.62	-15.05	37.22	-	-	-	-
Creditor days	164.68	57.66	104.45	-	-	-	-
Debtor days	96.77	275	25.77	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.28	-15.23	1.51	49.50	1.01	-0.98	1.02
Liquidity ratio / acid ratio	0.59	136	0.25	92.31	0.13	-86.02	0.93
Current debt ratio	3.51	82.81	1.92	-97.49	76.44	163	29.05
Liquidity ratio reprocessed	-	-	-	-	-	-	-
Cashflow	56,322	112	26,533	9.12	24,316	283	-8,579
Net worth	1,674,983	3.24	1,622,353	4835	32,870	274	8,789
LONG TERM STABILITY
Gearing	0.01	-95.24	0.21	-77.17	0.92	-33.33	1.38
Equity in percentage	22.16	-35.19	34.19	2550	1.29	-61.26	3.33
Total debt ratio	3.51	82.81	1.92	-97.49	76.44	163	29.05
Working capital	1,658,301	3.39	1,603,880	5408	29,117	506	4,801

PROFIT & LOSS
Operating Income	12,933,589	21.50	10,644,919	-	-	-	-
Turnover	12,933,341	21.51	10,644,200	-	-	-	-
Total operating expenses	12,862,247	21.30	10,603,691	-	-	-	-
Gross Operating Margin	-	-	-	-	38,340	502	-7,634
Operating Charges	12,862,495	21.29	10,604,411	-	-	-	-
Employee costs	95	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	95	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-
Amortization and depreciation	3,692	313	894	280	235	-80.93	1,232
Operating result	71,094	75.51	40,508	9.11	37,126	401	-9,236
Total financial income	130	1100	11	-77.00	47	-	-
Total financial expenses	17,203	21.35	14,177	135	6,012	945	575
Results on ordinary operations before taxation	54,021	105	26,342	-15.46	31,161	317	-9,811
Extraordinary Income	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0
Results for the Year Before Taxation	54,021	105	26,342	-15.46	31,161	317	-9,811
Other appropriations	-	-	-	-	-	-	-
Taxation	1,391	97.83	703	-90.07	7,080	-	-
Results on ordinary operations after taxation	52,630	105	25,639	6.47	24,081	245	-9,811
Net result	52,630	105	25,639	6.47	24,081	245	-9,811
Profit (Loss) for the Year to be appropiated	52,630	105	25,639	6.47	24,081	245	-9,811
Dividends	-	-	-	-	-	-	-

INDUSTRY COMPARISON

Activity code 46480

Activity description Wholesale of watches and jewellery

industry average credit

rating 61.07

Industry average credit

limit 7967.53

Payment Information

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

Amount -

Details –

PAYMENT EXPECTATIONS

Payment expectation days 164.68

Day sales outstanding 96.77

INDUSTRY COMPARISON

Activity code 46480

Activity description Wholesale of watches and jewellery

Industry average payment

expectation days 243.01

Industry average day sales

Outstanding 506.37

INDUSTRY QUARTILE ANALYSIS

Payment expectations

Company result 164.68

Lower 127.92

Median 63.24

Upper 19.75

DAY SALES OUTSTANDING

Company result 96.77

Lower 120.17

Median 54.64

Upper 20.56

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

No minority shareholders found

Minority Interests

No minority interests found

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

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	ANILKUMAR ARJANBHAI BHIKADIYA
Position	Principal Manager
Start Date	01/01/2012
Street	8 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name SANJIV GAMBHIR KOTHARI

Position Principal Manager

Start Date 17/05/2010

End Date Unknown date

Street 4 ANDREAS VESALIUSLAAN EDEGEM

Post code 2650

Country Belgium

Name MAVJIBHAI SAVANI

Position Principal Manager

Start Date 16/03/2010

End Date 17/05/2010

Street

Post code

Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Payment Information

Shareholder Details

Linked Companies

Director details

Unit