MIRA INFORM REPORT

Report No. :	351185
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	YAELSTAR BVBA

Registered Office :	Hoveniersstraat 30-Bus 154, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	16.10.1992

Legal Form :	Private Limited Liability

Line of Business :	Subject is engaged in wholesale of diamonds and other precious stones

No. of Employee :	3

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 budget deficit was 3.2% of GDP. 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 a 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 name

YAELSTAR BVBA

Company summary

Business number	448419023
Branche Unit Number	2059558933
Company name	YAELSTAR BVBA
Address	HOVENIERSSTRAAT 30-BUS 154
	2018 ANTWERPEN
Number of staff	3
Date of establishment	16/10/1992
Telephone number	032310022
Fax number	032315623

Ultimate holding company

Company name	Company Number
-	-

Commentary

The business was established over 23 years ago. The business has 3 employees.

The business has been at the address for over 19 years. The business saw an increase in their Cash Balance of 150% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	188,523,560	218,936	22,109,776	24,100,948
31/12/2012	184,334,566	242,391	21,956,122	24,053,347
31/12/2011	244,291,653	278,610	21,772,941	25,399,045
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	56,404,083	3	20,272,144	344,309
31/12/2012	58,672,570	3	20,272,144	370,061
31/12/2011	69,924,460	2	20,272,144	374,772

Payment expectations

Past payments		Payment expectation days	43.45
Industry average payment	194.06	Industry average day sales	194.73
expectation days		outstanding
Day sales outstanding	80.47

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Contractor details

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

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	2,275,592	-6.27	2,427,860	-5.15	2,559,555	-3.36	2,648,630	-6.92	2,845,680
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	2,272,181	-6.28	2,424,449	-5.15	2,556,144	-3.37	2,645,219	-6.93	2,842,269
Land & building	1,559,510	-1.92	1,589,977	-1.88	1,620,443	-1.85	1,650,909	-1.81	1,681,376
Plant & machinery	560,178	-14.27	653,397	-14.87	767,549	-14.05	892,967	-13.55	1,032,934
Furniture & Vehicles	152,492	-15.79	181,075	7.69	168,152	65.92	101,343	-20.80	127,959
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	3,411	0	3,411	0	3,411	0	3,411	0.00	3,411
Total current assets	54,128,491	-3.76	56,244,710	-16.51	67,364,905	69.32	39,786,552	5.86	37,582,798
Inventories	12,243,681	70.65	7,174,762	-18.20	8,771,415	48.60	5,902,850	-23.57	7,722,796
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	12,243,681	70.65	7,174,762	-18.20	8,771,415	48.60	5,902,850	-23.57	7,722,796
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	41,564,192	-13.82	48,230,846	-14.43	56,366,245	81.00	31,141,169	25.61	24,792,343
Other amounts receivable	7,777	-98.92	716,956	-65.41	2,072,885	2.47	2,022,912	29.13	1,566,540
Cash	284,388	150	113,422	-21.48	144,445	-79.82	715,635	-79.54	3,498,280
Miscellaneous current assets	28,453	226	8,724	-12.00	9,914	148	3,986	40.36	2,840
Total Assets	56,404,083	-3.87	58,672,570	-16.09	69,924,460	64.78	42,435,182	4.96	40,428,478

Liabilities

Total shareholders equity	22,109,776	0.70	21,956,122	0.84	21,772,941	0.89	21,580,374	1.02	21,362,742
Issued share capital	20,272,144	0	20,272,144	0	20,272,144	0	20,272,144	0.00	20,272,144
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	518,503	0	518,503	0	518,503	0	518,503	0.00	518,503
Reserves	1,319,129	13.18	1,165,476	18.65	982,294	24.38	789,727	38.04	572,095
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	34,294,307	-6.60	36,716,448	-23.75	48,151,519	130	20,854,808	9.38	19,065,736
Other long term loans	278,656	-87.41	2,213,257	411	432,341	-14.31	504,525	-12.75	578,252
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	3,988,108	72.51	2,311,827	-59.82	5,753,318	3.27	5,571,185	45.94	3,817,330
Total long term debts	4,266,764	-5.71	4,525,085	-26.85	6,185,659	1.81	6,075,710	38.22	4,395,582
Current portion of long term debt	78,439	4.24	75,246	4.24	72,183	4.24	69,245	-17.92	84,358
Financial debts	7,484,224	163	2,838,114	-62.43	7,554,490	303	1,871,241	865	193,850
Trade creditors	22,369,357	-23.08	29,080,076	-15.21	34,298,498	168	12,780,150	-1.67	12,997,528
Amounts Payable for Taxes,	41,733	-13.30	48,133	40.05	34,369	-19.77	42,840	35.61	31,591
Remuneration & Social Security
Miscellaneous current liabilities	53,789	-64.09	149,793	2270	6,320	-59.55	15,622	-98.85	1,362,827
Total current liabilities	30,027,543	-6.72	32,191,363	-23.29	41,965,860	183	14,779,098	0.74	14,670,154
Total Liabilities	56,404,083	-3.87	58,672,570	-16.09	69,924,460	64.78	42,435,182	4.96	40,428,478

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.12	-7.69	0.13	18.18	0.11	-15.38	0.13	18.18	0.11
Return on capital employed	0.83	-9.78	0.92	-8.00	1.00	-15.25	1.18	68.57	0.70
Return on total assets employed	0.39	-4.88	0.41	2.50	0.40	-48.05	0.77	71.11	0.45
Return on net assets employed	0.99	-10.0	1.10	-14.06	1.28	-15.79	1.52	78.82	0.85
Sales / net working capital	7.82	2.09	7.66	-20.37	9.62	-1.13	9.73	41.22	6.89
Stock turnover ratio	6.49	66.84	3.89	8.36	3.59	47.74	2.43	-50.31	4.89
Creditor days	43.45	-24.79	57.77	12.39	51.40	167	19.23	-36.22	30.15
Debtor days	80.47	-15.74	95.50	13.39	84.22	80.27	46.72	-18.52	57.34
SHORT TERM STABILITY
Current ratio	1.80	2.86	1.75	8.70	1.61	-40.15	2.69	5.08	2.56
Liquidity ratio / acid ratio	1.39	-8.55	1.52	8.57	1.40	-38.86	2.29	12.25	2.04
Current debt ratio	1.36	-7.48	1.47	-23.83	1.93	183	0.68	-1.45	0.69
Liquidity ratio reprocessed	-		-	-		-	-	-	-
Cashflow	344,309	-6.96	370,061	-1.26	374,772	-11.31	422,576	26.62	333,744
Net worth	22,109,776	0.70	21,956,122	0.84	21,772,941	0.89	21,580,374	1.02	21,362,742
LONG TERM STABILITY
Gearing	35.47	51.91	23.35	-36.91	37.01	226	11.33	182	4.01
Equity in percentage	39.20	4.76	37.42	20.17	31.14	-38.76	50.85	-3.77	52.84
Total debt ratio	1.55	-7.19	1.67	-24.43	2.21	127	0.97	8.99	0.89
Working capital	24,100,948	0.20	24,053,347	-5.30	25,399,045	1.57	25,007,454	9.14	22,912,644
Profit & loss
Operating Income	188,605,341	2.27	184,416,035	-24.52	244,339,636	0.42	243,310,378	54.17	157,816,428
Turnover	188,523,560	2.27	184,334,566	-24.54	244,291,653	0.40	243,308,677	54.18	157,811,437
Total operating expenses	187,899,734	2.27	183,725,413	-24.57	243,554,954	0.38	242,628,487	54.21	157,334,034
Gross Operating Margin	-	-		-	-	-	-	-	-
Operating Charges	187,981,515	2.27	183,806,882	-24.55	243,602,938	0.40	242,630,187	54.21	157,339,025
Employee costs	132,926	26.39	105,175	3.41	101,706	-29.48	144,229	16.42	123,891
Wages and salary	101,914	30.62	78,023	2.92	75,807	-32.07	111,590	18.78	93,948
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security	22,841	24.62	18,329	4.45	17,548	-22.48	22,637	2.15	22,160
contributions
Other employee costs	8,171	-7.39	8,823	5.66	8,351	-16.51	10,002	28.50	7,784
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and	190,656	2.02	186,880	2.57	182,205	-11.10	204,944	-3.14	211,591
depreciation
Operating result	623,826	2.41	609,153	-17.31	736,699	8.31	680,191	42.48	477,403
Total financial income	61	-19.40	76	-71.47	265	-91.62	3,162	-80.12	15,904
Total financial expenses	404,951	10.39	366,838	-19.97	458,354	28.76	355,963	14.13	311,891
Results on ordinary	218,936	-9.68	242,391	-13.00	278,610	-14.90	327,390	80.46	181,416
operations before taxation
Extraordinary Income	-	-	24,635	396	4,959	-	-	-	522
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	24,635	396	4,959	-	0	-100	522
Results for the Year Before	218,936	-18.01	267,026	-5.83	283,568	-13.39	327,390	79.95	181,938
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	65,283	-22.14	83,844	-7.87	91,002	-17.09	109,758	83.59	59,785
Results on ordinary operations after taxation	153,653	-3.09	158,546	-15.49	187,608	-13.80	217,632	78.93	121,631
Net result	153,653	-16.12	183,181	-4.87	192,567	-11.52	217,632	78.16	122,153
Profit (Loss) for the Year to be appropiated	153,653	-16.12	183,181	-4.87	192,567	-11.52	217,632	78.16	122,153
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
Full-time Employees	3
Part-time Employees	-
Total Fte Employees	3
Number of hours worked
Full-time Employees	5,229
Part-time Employees	-
Total	5,229
Personnel Charges
Full-time Employees	132,926
Part-time Employees	-
Total	132,926
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	2
Actual working hours	3,709
Personnel Charges	105,175
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	3	-	3
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	1	-	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	3	-	3
Blue collar worker	-	-	-
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	-	-	-
Leavers	-	-	-

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	-	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

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	0
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	1
Total number of Invoices currently outstanding beyond the due date	0

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY
Amount	-
Details	-
Payment expectations
Payment expectation days	43.45
Day sales outstanding	80.47
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	194.06
expectation days
Industry average day sales	194.73
outstanding

Industry quartile analysis
Payment expectations
Company result	43.45
Lower	134.75
Median	60.71
Upper	28.62

Day sales outstanding

Company result	80.47
Lower	131.59
Median	86.08
Upper	48.13

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

Position	Manager
Start Date	01/10/2008
Street
Post code
Country	United Arab Emirates
Name	Jitendrakumar Shah
Name	Miten Shah
Position	Manager
Start Date	03/05/1999
Street
Post code Country

FORMER DIRECTOR DETAILS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.11.
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ASH

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

Company summary

Ultimate holding company

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Day sales outstanding

Shareholder Details

Linked Companies

Director details

Unit