MIRA INFORM REPORT

Report No. :	320592
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	STAR DIAMOND GROUP NV

Registered Office :	Pelikaanstraat 78 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	01.01.1968

Com. Reg. No.:	404990143

Legal Form :	Public Limited Liability Company

Line of Business :	Preparation of diamonds

No. of Employees :	8

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 :	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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number	404990143
Branche Unit Number	2004382759
Company name	STAR DIAMOND GROUP NV
Address	PELIKAANSTRAAT 78
	2018 ANTWERPEN
Number of staff	8
Date of establishment	01/01/1968
Telephone number	032139696
Fax number	032340284

Ultimate holding company

Company name	Company Number
Diafin Holding NV	434071040

Commentary

The business was established over 46 years ago.

The business has 10 employees.

The business is part of a group.

The business has been at the address for over 19 years.

The business saw an increase in their Cash Balance of 31% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	90,359,152	215,680	14,003,138	24,704,412
31/12/2012	97,753,961	265,292	14,412,332	25,869,937
31/12/2011	96,727,859	301,633	15,515,146	27,177,987

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	46,637,874	8	10,876,500	256,328
31/12/2012	52,241,640	8	11,368,500	302,754
31/12/2011	45,098,603	7	11,593,500	351,601

Payment expectations

Past payments		Payment expectation days	16.84
Industry average payment	110.01	Industry average day sales	110.93
expectation days		outstanding
Day sales outstanding	61.20

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	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	175,225	-0.53	176,160	-12.43	201,174	-8.59	220,079	-10.42	245,676
Intangible fixed assets	0	-	0	-	0	-	0	-100	18,580
Tangible fixed assets	173,668	-0.50	174,533	-12.61	199,713	-8.67	218,664	-3.15	225,784
Land & building	-	-	-	-	-	-	21,070	-31.93	30,954
Plant & machinery	3,720	-31.42	5,424	58.64	3,419	-8.04	3,718	48.54	2,503
Furniture & Vehicles	102,859	11.22	92,479	-17.84	112,554	4.82	107,376	3.12	104,124
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	67,089	-12.45	76,630	-8.49	83,740	-3.19	86,500	-1.93	88,203
Financial fixed assets	1,558	-4.24	1,627	11.29	1,462	3.32	1,415	7.77	1,313
Total current assets	46,462,649	-10.76	52,065,480	15.97	44,897,429	47.04	30,533,272	7.20	28,483,179
Inventories	29,514,374	-9.96	32,779,314	19.92	27,334,214	32.18	20,679,560	5.54	19,594,277
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	29,514,374	-9.96	32,779,314	19.92	27,334,214	32.18	20,679,560	5.54	19,594,277
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	15,150,630	-17.48	18,360,187	9.80	16,722,043	145	6,822,280	36.23	5,007,987
Other amounts receivable	912,125	260	253,180	-11.39	285,712	-84.92	1,895,217	-45.86	3,500,376
Cash	885,224	31.65	672,396	24.52	539,997	-51.99	1,124,795	195	380,540
Miscellaneous current assets	296	-26.55	403	-97.39	15,463	35.40	11,420	-	0
Total Assets	46,637,874	-10.73	52,241,640	15.84	45,098,603	46.65	30,753,351	7.05	28,728,855
Liabilities
Total shareholders equity	14,003,138	-2.84	14,412,332	-7.11	15,515,146	5.24	14,742,343	25.69	11,729,193
Issued share capital	10,876,500	-4.33	11,368,500	-1.94	11,593,500	3.27	11,226,000	7.81	10,413,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	3,126,638	2.72	3,043,832	-22.38	3,921,646	11.53	3,516,343	167	1,316,193
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	32,634,737	-13.73	37,829,308	27.87	29,583,457	84.77	16,011,008	-5.82	16,999,663
Other long term loans	10,876,500	-6.51	11,633,765	-1.94	11,864,015	3.27	11,487,940	7.81	10,655,970
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	-1	-	0	-	0	-	0	0	-1
Total long term debts	10,876,499	-6.51	11,633,765	-1.94	11,864,015	3.27	11,487,940	7.81	10,655,969
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	17,542,953	-22.85	22,737,935	40.18	16,220,828	515	2,635,931	-20.43	3,312,564
Trade creditors	4,127,255	80.53	2,286,128	63.38	1,399,257	-18.39	1,714,593	-39.84	2,850,187
Amounts Payable for Taxes,	46,992	-9.70	52,040	26.36	41,184	-61.64	107,361	75.07	61,324
Remuneration & Social Security
Miscellaneous current liabilities	41,037	-96.33	1,119,440	1824	58,173	-10.75	65,183	-45.51	119,618
Total current liabilities	21,758,237	-16.94	26,195,543	47.84	17,719,442	291	4,523,068	-28.70	6,343,693
Total Liabilities	46,637,874	-10.73	52,241,640	15.84	45,098,603	46.65	30,753,351	7.05	28,728,855
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.24	-11.11	0.27	-12.90	0.31	-90.34	3.21	944	-0.34
Return on capital employed	0.87	-14.71	1.02	-7.27	1.10	-86.71	8.28	1403	-0.59
Return on total assets employed	0.46	-9.80	0.51	-23.88	0.67	-90.51	7.06	1534	-0.46
Return on net assets employed	1.54	-16.30	1.84	-5.15	1.94	-86.83	14.73	1303	-1.13
Sales / net working capital	3.66	-3.17	3.78	6.18	3.56	36.92	2.60	48.57	1.75
Stock turnover ratio	32.66	-2.59	33.53	18.65	28.26	-7.65	30.60	-39.41	50.50
Creditor days	16.84	95.36	8.62	61.12	5.35	-44.44	9.63	-64.45	27.09
Debtor days	61.20	-10.72	68.55	8.64	63.10	71.28	36.84	-21.80	47.11
Current ratio	2.14	7.54	1.99	-21.34	2.53	-62.52	6.75	50.33	4.49
Liquidity ratio / acid ratio	0.78	5.41	0.74	-25.25	0.99	-54.59	2.18	55.71	1.40
Current debt ratio	1.55	-14.84	1.82	59.65	1.14	267	0.31	-42.59	0.54
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	256,328	-15.33	302,754	-13.89	351,601	-84.04	2,202,624	13075	-16,845
Net worth	14,003,138	-2.84	14,412,332	-7.11	15,515,146	5.24	14,742,343	25.89	11,710,613
LONG TERM STABILITY
Gearing	202.95	-14.90	238.49	31.75	181.02	88.96	95.80	-19.56	119.09
Equity in percentage	30.03	8.84	27.59	-19.80	34.40	-28.24	47.94	17.36	40.85
Total debt ratio	2.33	-11.07	2.62	37.17	1.91	75.23	1.09	-24.83	1.45
Working capital	24,704,412	-4.51	25,869,937	-4.81	27,177,987	4.49	26,010,204	17.48	22,139,486
Profit & loss
Operating Income	90,363,326	-7.57	97,761,209	0.93	96,856,402	43.26	67,610,081	74.24	38,803,338
Turnover	90,359,152	-7.56	97,753,961	1.06	96,727,859	43.11	67,589,785	74.19	38,801,868
Total operating expenses	89,441,200	-7.63	96,830,783	1.35	95,538,523	47.01	64,989,517	69.23	38,402,420
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	89,445,374	-7.63	96,838,031	1.22	95,667,066	47.16	65,009,813	69.28	38,403,890
Employee costs	543,731	27.20	427,450	21.31	352,368	26.27	279,062	-23.40	364,293
Wages and salary	419,295	23.55	339,366	17.89	287,877	30.87	219,971	-18.10	268,581
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	118,718	41.85	83,694	41.00	59,357	9.64	54,137	-39.74	89,843
Other employee costs	5,719	30.27	4,390	-14.51	5,135	3.65	4,954	-15.58	5,868
Director remuneration	149,113	-31.96	219,140	-7.73	237,510	-	-	-	210,689
Amortization and depreciation	41,793	4.92	39,835	-35.13	61,411	-41.64	105,236	-3.32	108,848
Operating result	917,952	-0.57	923,178	-22.38	1,189,336	-54.26	2,600,268	550	399,448
Total financial income	4,769	-74.42	18,644	379	3,885	4314	88	-96.22	2,328
Total financial expenses	707,041	4.51	676,530	-24.12	891,587	108	428,179	-19.86	534,277
Results on ordinary operations	215,680	-18.70	265,292	-12.05	301,633	-86.11	2,172,176	1639	-132,501
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before	215,680	-18.70	265,292	-12.05	301,633	-86.11	2,172,176	1639	-132,501
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	1,144	-51.81	2,374	-79.26	11,444	-84.70	74,788	1098	-6,809
Results on ordinary operations after taxation	214,536	-18.40	262,918	-9.40	290,189	-86.16	2,097,388	1668	-125,692
Net result	214,535	-18.40	262,919	-9.40	290,190	-86.16	2,097,388	1668	-125,693
Profit (Loss) for the Year to be appropiated	214,535	-18.40	262,919	-9.40	290,190	-86.16	2,097,388	1668	-125,693
Dividends	-	-	1,064,624	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		6
Part-time Employees		5
Total Fte Employees		9

Number of hours worked
Full-time Employees		10,128
Part-time Employees		5,440
Total		15,568

Personnel Charges
Full-time Employees		418,320
Part-time Employees		125,411
Total		543,731

Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		8
Actual working hours		14,732
Personnel Charges		408,951
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	5	5	8
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	1	1	1
Higher education (university)	-	-	-

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	1	2
Higher education (non university)	2	3	4
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	5	4	8
Blue collar worker	-	1	1
Other	-	-	-
Temporary personnel		Total

Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	1	-	1
Leavers	1	-	1

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational

training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Payment Information

Payment Information Summary
Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	16.84
Day sales outstanding	61.20

Industry comparison
Activity code	32121
Activity description	Preparation of diamonds
Industry average payment	110.01
expectation days
Industry average day sales	110.93
outstanding

Industry quartile analysis
Payment expectations
Company result	16.84
Lower	131.45
Median	74.39
Upper	36.02

Day sales outstanding

Company result	61.20
Lower	108.21
Median	58.66
Upper	19.84

Shareholder Details

Summary
Group - Number of Companies	4
Linkages - Number of Companies	0
Number of Countries	0

Group Structure
Company name	Number	Latest
		financials
- DIAFIN HOLDING NV	434071040	31-12-2013
- - S.D.P.J. BVBA	479227312	31-12-2013
- - STAR DIAMOND GROUP NV	404990143	31-12-2013
- - - SAGE DIAMOND ENTERPRISES NV	429565389	31-12-2012

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	4
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

Name	DIAFIN HOLDING NV
Position	Director
Start Date	23/05/2006
Date of birth	24/06/1988
Street	78 PELIKAANSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Position	Legal Representative
Start Date	23/05/2006
Date of birth	24/06/1988
Street	78 PELIKAANSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	MARC ROTH
Position	Director
Start Date	20/12/2012
Street	2 REHOV HELENI HAMALKA
Post code	24676802
Country	Israël

Former director details
Name	JACKY ROTH
Position	Director
Start Date	23/05/2006
End Date	Unknown date
Street	5 KASTANJELAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	MARC ROTH
Position	Managing Director
Start Date	20/12/2012
End Date	24/04/2014
Street	2 REHOV HELENI HAMALKA
Post code	24676802
Country	Israël

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	VNT

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Significant Events
Event Date	22/05/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 22-05-2012: Herbenoemd als bestuurders voor een periode van 6 jaar : Roth Marc en
	Diafin Holding NV. Herbenoemd als gedelegeerd bestuurder : Roth Marc.