MIRA INFORM REPORT

Report No. :	303999
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	TRILLION STAR BVBA

Registered Office :	Hoveniersstraat 53-Bus 15 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	11.03.2010

Com. Reg. No.:	824078247

Legal Form :	Private Limited Company

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 name and address

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.

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	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

Payment expectations

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

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

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

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	-	-	-
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

Industry comparison

Activity code 46480

Activity description Wholesale of watches and jewellery

Payment Information

Payment expectations

Payment expectation days 164.68

Day sales outstanding 96.77

Industry quartile analysis

Payment expectations

Company result 164.68

Lower 127.92

Median 63.15

Upper 18.68

Day sales outstanding

Company result 96.77

Lower 118.53

Median 55.17

Upper 21.01

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

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

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.61.76
UK Pound	1	Rs.94.02
Euro	1	Rs.72.63

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%)

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 name and address

Commentary

Accounts

Accounts

Payment expectations

Company information

Company accounts

ratio analysis

Profit & loss

Industry comparison

Payment Information

Industry quartile analysis

Day sales outstanding

Director details

Unit