MIRA INFORM REPORT

Report No. :	345366
Report Date :	21.10.2015

IDENTIFICATION DETAILS

Name :	EUROSTAR DIAMOND TRADERS NV

Registered Office :	Hoveniersstraat 53-Bus 79, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	22.02.1991

Com. Reg. No.:	443117279

Legal Form :	Public limited company

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

No. of Employee :	40

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 – 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 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 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 name

EUROSTAR DIAMOND TRADERS NV

Company summary

Business number	443117279
Branche Unit Number	2052038562
Company name	EUROSTAR DIAMOND TRADERS NV
Address	HOVENIERSSTRAAT 53-BUS 79
	2018 ANTWERPEN
Number of staff	40
Date of establishment	22/02/1991
Telephone number	032253211
Fax number	032137799

ULTIMATE HOLDING COMPANY

Company name

Company Number

Commentary

The business was established over 24 years ago. The business has 40 employees.

The business has been at the address for over 11 years. Pre-tax profits increased by 35% compared to the previous trading period. The business saw a decrease in their Cash Balance of 35% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014	2,496,816,416	9,271,248	288,329,596	217,174,380
31/12/2013	2,278,879,219	6,849,390	246,864,122	177,508,883
31/12/2012	2,052,065,925	6,067,190	249,227,853	163,922,548
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	672,424,061	40	135,894,000	8,313,578
31/12/2013	644,377,646	43	119,641,500	8,779,324
31/12/2012	605,238,705	41	125,053,500	5,974,203

Payment expectations

Past payments		Payment expectation days	29.70
Industry average payment	193.20	Industry average day sales	195.06
expectation days		outstanding
Day sales outstanding	41.65

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)
Significant Events
Event Date	16/09/2015
Event Description
Event Details	Rechtzetting akte dd. 01 september 2015.
Event Date	03/06/2003
Event Description	Merger by acquisition
Event Details

Company accounts

Assets
Annual accounts	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	73,606,290	2.09	72,101,102	-19.61	89,691,568	11.34	80,557,020	17.19	68,737,698
Intangible fixed assets	20,427	-	0	-100	1,503	-78.59	7,021	-62.64	18,795
Tangible fixed assets	5,260,011	13.01	4,654,527	-0.61	4,682,985	-6.47	5,007,060	-0.29	5,021,684
Land & building	4,555,546	10.72	4,114,508	-1.61	4,181,690	-3.91	4,351,687	1.47	4,288,659
Plant & machinery	623,243	34.69	462,733	5.63	438,073	40.65	311,462	-14.01	362,220
Furniture & Vehicles	81,223	5.09	77,286	22.24	63,223	-81.62	343,911	-6.80	369,014
Leasing & Other Similar	0	-	0	-	0	-	0	-100	1,790
Rights
Other tangible assets	-1	-	0	0	-1	-	0	-100	1
Financial fixed assets	68,325,852	1.30	67,446,575	-20.66	85,007,080	12.53	75,542,939	18.60	63,697,219
Total current assets	598,817,771	4.64	572,276,544	11.00	515,547,137	3.76	496,874,850	15.24	431,179,871
Inventories	253,053,513	-4.75	265,670,187	-2.16	271,535,104	16.44	233,203,212	25.34	186,061,959
Raw materials &	0	-	0	-	0	-	0	-	0
consumables
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	253,053,513	-4.75	265,670,187	-2.16	271,535,104	16.44	233,203,212	25.34	186,061,959
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	284,902,574	8.71	262,086,597	40.95	185,941,607	-10.81	208,475,293	14.56	181,977,376
Other amounts receivable	58,484,430	42.16	41,139,759	-25.83	55,465,980	2.31	54,214,444	-10.85	60,814,394
Cash	1,506,088	-35.24	2,325,767	12.67	2,064,188	401	411,749	-67.64	1,272,395
Miscellaneous current assets	745,731	-21.13	945,527	120	428,382	-24.87	570,152	-45.89	1,053,748
Total Assets	672,424,061	4.35	644,377,646	6.47	605,238,705	4.82	577,431,870	15.51	499,917,569

Liabilities
Total shareholders equity	288,350,023	16.81	246,864,122	-0.95	249,229,356	0.34	248,389,958	10.81	224,150,470
Issued share capital	135,894,000	13.58	119,641,500	-4.33	125,053,500	-1.94	127,528,500	3.27	123,486,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	152,456,023	19.83	127,222,622	2.45	124,175,856	2.74	120,861,458	20.06	100,664,470
Provisions for Liabilities &	927,374	13.58	816,463	-4.33	853,395	-1.94	870,285	3.27	842,698
Charges
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	383,146,664	-3.42	396,697,061	11.70	355,155,953	8.22	328,171,626	19.37	274,924,400
Other long term loans	1,503,273	-22.09	1,929,400	-45.36	3,531,364	-42.83	6,177,076	-7.04	6,644,747
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-100	1	0	1	0	1
Total long term debts	2,430,647	-11.48	2,745,863	-37.38	4,384,760	-37.78	7,047,362	-5.88	7,487,446
Current portion of long term	315,510	1.38	311,219	8.90	285,781	4.39	273,769	1.28	270,315
debt
Financial debts	177,479,929	-24.99	236,604,865	15.74	204,420,957	-6.13	217,774,376	11.41	195,465,930
Trade creditors	201,414,429	29.12	155,990,397	8.27	144,072,283	43.08	100,694,631	44.18	69,837,352
Amounts Payable for Taxes,	1,729,144	304	427,447	-43.47	756,163	36.55	553,764	67.59	330,433
Remuneration & Social
Security
Miscellaneous current	704,379	-50.87	1,433,733	-31.38	2,089,405	-22.56	2,698,010	13.57	2,375,623
liabilities
Total current liabilities	381,643,391	-3.32	394,767,661	12.27	351,624,589	9.20	321,994,550	20.02	268,279,653
Total Liabilities	672,424,061	4.35	644,377,646	6.47	605,238,705	4.82	577,431,870	15.51	499,917,569

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.37	23.33	0.30	0	0.30	-60.0	0.75	441	-0.17
Return on capital employed	3.19	16.42	2.74	14.64	2.39	-64.33	6.70	587	-1.14
Return on total assets	1.38	30.19	1.06	6.00	1.00	-66.22	2.96	558	-0.53
employed
Return on net assets	3.22	16.25	2.77	13.99	2.43	-64.73	6.89	583	-1.18
employed
Sales / net working capital	11.50	-10.44	12.84	2.56	12.52	-4.43	13.10	37.32	9.54
Stock turnover ratio	10.14	-13.04	11.66	-11.87	13.23	29.96	10.18	-14.95	11.97
Creditor days	29.70	17.62	25.25	-2.96	26.02	57.22	16.55	-1.95	16.88
Debtor days	41.65	-0.79	41.98	26.94	33.07	-0.42	33.21	-22.26	42.72
SHORT TERM STABILITY
Current ratio	1.57	8.28	1.45	-1.36	1.47	-4.55	1.54	-4.35	1.61
Liquidity ratio / acid ratio	0.91	16.67	0.78	13.04	0.69	-15.85	0.82	-9.89	0.91
Current debt ratio	1.32	-17.50	1.60	13.48	1.41	8.46	1.30	8.33	1.20
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	8,313,578	-5.31	8,779,324	46.95	5,974,203	-65.42	17,275,402	787	-2,193,764
Net worth	288,329,596	16.80	246,864,122	-0.95	249,227,853	0.34	248,382,937	10.82	224,131,675
LONG TERM STABILITY
Gearing	62.18	-35.73	96.75	15.80	83.55	-7.44	90.27	-0.02	90.29
Equity in percentage	42.88	11.93	38.31	-6.97	41.18	-4.28	43.02	-4.06	44.84
Total debt ratio	1.33	-17.39	1.61	12.59	1.43	8.33	1.32	7.32	1.23
Working capital	217,174,380	22.35	177,508,883	8.29	163,922,548	-6.27	174,880,300	7.35	162,900,218

Profit & loss
Operating	2,497,105,301	9.56	2,279,245,593	11.04	2,052,720,510	-10.44	2,291,998,656	47.38	1,555,164,758
Income
Turnover	2,496,816,416	9.56	2,278,879,219	11.05	2,052,065,925	-10.45	2,291,560,804	47.38	1,554,834,961
Total operating expenses	2,475,173,612	9.79	2,254,536,677	11.56	2,020,888,500	-9.02	2,221,198,672	47.08	1,510,208,972
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating	2,475,462,497	9.78	2,254,903,051	11.54	2,021,543,085	-9.01	2,221,636,524	47.08	1,510,538,769
Charges
Employee costs	4,140,704	15.79	3,576,150	3.03	3,470,852	-7.77	3,763,348	23.94	3,036,521
Wages and salary	2,974,204	14.87	2,589,236	9.18	2,371,615	-6.45	2,535,188	21.35	2,089,088
Employees pension costs
Social security contributions	853,247	18.19	721,918	-11.70	817,594	-4.51	856,210	14.17	749,957
Other employee costs	313,253	18.21	264,996	-5.91	281,642	-24.28	371,950	88.35	197,476
Director	-	-	-	-	-	-	-	-	-
remuneration
Amortization	362,522	1.11	358,540	14.11	314,194	-15.95	373,817	9.23	342,234
and depreciation
Operating result	21,642,804	-11.09	24,342,542	-21.92	31,177,425	-55.69	70,362,132	57.67	44,625,989
Total financial income	6,319,636	316	1,518,934	-16.76	1,824,718	-33.95	2,762,499	-23.51	3,611,610
Total financial expenses	18,691,192	-1.69	19,012,086	-29.41	26,934,953	-51.92	56,015,956	10.08	50,887,898
Results on ordinary operations before taxation	9,271,248	35.36	6,849,390	12.89	6,067,190	-64.54	17,108,675	645	-2,650,299
Extraordinary Income	-	-	17,135,940	42308	40,407	144	16,506	-85.56	114,307
Extraordinary Charges	-	-	13,610,350	14638	92,345	174	33,586	-	-

Extraordinary items	0	-100	3,525,590	6788	-51,938	-204	-17,080	-114	114,307

Results for the Year Before Taxation	9,271,248	-10.64	10,374,979	72.48	6,015,252	-64.81	17,091,595	673	-2,535,992

Other appropriations	-	-	-	-	-	-	-	-	-

Taxation	1,320,192	-32.44	1,954,195	450	355,244	86.96	190,011	3166750	6
Results on ordinary operations after taxation	7,951,056	62.43	4,895,195	-14.30	5,711,946	-66.24	16,918,664	638	-2,650,305

Net result	7,951,056	-5.58	8,420,784	48.78	5,660,009	-66.51	16,901,585	666	-2,535,998
Profit (Loss) for the year to be appropriate	7,951,056	-5.58	8,420,784	48.78	5,660,009	-66.51	16,901,585	666	-2,535,998
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2014
Full-time Employees		39
Part-time Employees		5
Total Fte Employees		43
Number of hours worked
Full-time Employees		67,304
Part-time Employees		5,896
Total		73,200
Personnel Charges
Full-time Employees		3,807,186
Part-time Employees		333,519
Total		4,140,704
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		43
Actual working hours		74,070
Personnel Charges		4,061,946
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	37	5	41
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	19	2	21
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	18	3	20
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	37	5	41
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	3	-	3

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	60
Total number of Invoices paid within or up to 30 days after the due date	55
Total number of Invoices paid more than 30 days after the due date	4
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	29.70
Day sales outstanding	41.65
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	193.20
Industry average day sales outstanding	195.06

Industry quartile analysis Payment expectations

Company result	29.70
Lower	137.99
Median	60.30
Upper	28.62

Day sales outstanding
Company result	41.65
Lower	131.59
Median	85.12
Upper	47.22

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

Business	Company name	%	Date of
number			accounts
347532632	EUROSTARS FRANCE	25	31/12/2013

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	Managing Director
Start Date	01/09/2015
Street
Post code
Country
Name	Kunal Mehta
Position	Director
Start Date	13/10/2006
Street
Post code
Country
Name	Kaushik Mehta
Position	Managing Director
Start Date	30/06/2010
Date of birth	29/06/1949
Street	25 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	Raj Kothari
Position	Director
Start Date	01/01/2011
Date of birth	20/05/1966
Street	97 INGENIEUR HAESAERTSLAAN ANTWERPEN
Post code	2610
Country	Belgium
Former director details
Name	Sachin Mehta
Position	Managing Director
Start Date	30/06/2010
End Date	01/09/2015
Date of birth	09/01/1964
Street	39 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	Ashish Kothari
Position	Managing Director
Start Date	30/06/2010
End Date	01/09/2015
Street	7 FAZANTENLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.89
UK Pound	1	Rs.100.39
Euro	1	Rs.73.52

INFORMATION DETAILS

Analysis Done by :	KIN

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

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit