MIRA INFORM REPORT

Report No. :	339696
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	FIRESTAR DIAMOND BVBA

Registered Office :	Hoveniersstraat 53-Bus 36, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2015

Date of Incorporation :	31.07.2009

Com. Reg. No.:	817647147

Legal Form :	Private Limited Company

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 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

FIRESTAR DIAMOND BVBA

Company summary

Business number	817647147
Branche Unit Number	2180221785
Company name	FIRESTAR DIAMOND BVBA
Address	HOVENIERSSTRAAT 53-BUS 36
	2018 ANTWERPEN
Number of staff	3
Date of establishment	31/07/2009

Telephone number

Fax number

Ultimate holding company

Company name

Company Number

Commentary

The business was established over 6 years ago. The business has 3 employees.

The business has been at the address for over 5 years. Operating Result in the latest trading period increased 41% on the previous trading period. Net Worth increased by 63% during the latest trading period.

A 53% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 35% compared to the previous trading period. Turnover in the latest trading period increased 40% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2015	204,062,759	2,483,298	29,667,186	27,821,477
31/03/2014	145,538,767	1,826,432	18,122,047	18,067,293
31/03/2013	144,030,236	1,565,110	18,038,541	17,967,901
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2015	98,855,570	3	23,214,442	1,843,074
31/03/2014	64,276,248	3	14,489,956	1,378,702
31/03/2013	59,449,239	2	15,600,726	1,175,833

Payment expectations

Past payments		Payment expectation days	57.76
Industry average payment	106.56	Industry average day sales	171.54
expectation days		outstanding
Day sales outstanding	115.96

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Publications

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
Significant Events
Event Date	15/06/2015
Event Description	authority appointed
Event Details	Commentaar 15-06-2015: Afvaardiging van machten aan Jigar Mehta om : de dagelijkse briefwisseling te ondertekenen en alle handelingen die betrekking hebben op het beheer van de dagelijkse zaken van de commerciële en administratieve dienste
Event Date	15/06/2015
Event Description	authority appointed
Event Details	n van de maatschappij.

Company accounts

Assets
Annual accounts	31-03-2015	%	31-03-2014	%	31-03-2013	%	31-03-2012	%	31-03-2011
Weeks	52		52		52		52		87
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	1,865,396	2140	83,269	-27.91	115,500	-11.87	131,051	100	65,312
Intangible fixed assets	19,686	-30.96	28,514	-36.44	44,860	-20.73	56,588	88.06	30,091
Tangible fixed assets	1,825,238	4243	42,027	-22.94	54,538	-9.35	60,163	86.72	32,222
Land & building	1,453,101	-	-	-	-	-	-	-	-
Plant & machinery	303,801	769	34,930	-26.70	47,656	-9.71	52,778	96.06	26,920
Furniture & Vehicles	68,335	862	7,097	3.12	6,882	-6.80	7,384	39.27	5,302
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	1	-	0	-	0	-	0	-	0
Financial fixed assets	20,473	60.85	12,728	-20.95	16,102	12.60	14,300	376	3,000
Total current assets	96,990,174	51.09	64,192,979	8.19	59,333,739	42.32	41,688,917	77.34	23,508,327
Inventories	28,776,888	42.80	20,152,347	2.78	19,607,587	115	9,081,785	167	3,390,452
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	28,776,906	42.80	20,152,347	2.78	19,607,587	115	9,081,785	167	3,390,452
Other stocks	-18	-	0	-	0	-	0	-	0
Trade debtors	64,829,466	52.86	42,412,304	30.15	32,587,597	16.18	28,049,895	50.70	18,612,932
Other amounts receivable	124,692	100	62,049	-15.29	73,245	-81.15	388,556	245	112,320
Cash	1,550,228	10.41	1,404,118	-79.89	6,983,372	69.02	4,131,600	201	1,370,065
Miscellaneous current assets	1,708,900	953	162,161	97.91	81,938	120	37,080	64.38	22,558
Total Assets	98,855,570	53.80	64,276,248	8.12	59,449,239	42.16	41,819,967	77.40	23,573,639

Liabilities
Total shareholders equity	29,686,872	63.56	18,150,561	0.37	18,083,401	46.46	12,347,083	107	5,944,900
Issued share capital	23,214,442	60.21	14,489,956	-7.12	15,600,726	41.00	11,064,608	100	5,513,100
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	6,472,430	76.81	3,660,605	47.45	2,482,675	93.58	1,282,475	197	431,800
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	69,168,697	49.96	46,125,686	11.51	41,365,838	40.35	29,472,885	67.19	17,628,739
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	1	0	1	-	0	-100	86,860	-	0
Total long term debts	1	0	1	-	0	-100	86,860	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	36,803,356	59.10	23,132,268	-3.26	23,912,616	34.94	17,720,751	154	6,952,759
Trade creditors	31,567,144	40.65	22,443,947	32.44	16,946,050	51.53	11,182,937	7.55	10,398,076
Amounts Payable for Taxes,	719,645	46.27	491,982	13.89	431,964	19.95	360,107	90.36	189,170
Remuneration & Social Security
Miscellaneous current liabilities	78,552	36.64	57,489	-23.56	75,208	-38.47	122,230	37.75	88,734
Total current liabilities	69,168,697	49.96	46,125,686	11.51	41,365,838	40.77	29,386,025	66.69	17,628,739
Total Liabilities	98,855,570	53.80	64,276,248	8.12	59,449,239	42.16	41,819,967	77.40	23,573,639

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	1.22	-2.40	1.25	14.68	1.09	-14.84	1.28	28.00	1.00
Return on capital employed	8.36	-16.90	10.06	16.30	8.65	-8.47	9.45	-8.87	10.37
Return on total assets employed	2.51	-11.62	2.84	7.98	2.63	-6.41	2.81	7.66	2.61
Return on net assets employed	8.36	-16.90	10.06	16.30	8.65	-9.14	9.52	-8.20	10.37
Sales / net working capital	7.33	-9.06	8.06	0.50	8.02	7.22	7.48	-28.56	10.47
Stock turnover ratio	14.10	1.81	13.85	1.76	13.61	37.89	9.87	79.13	5.51
Creditor days	57.76	0.33	57.57	31.32	43.84	-3.27	45.32	-27.53	62.54
Debtor days	115.96	9.02	106.37	28.81	82.58	-25.80	111.29	0.81	110.40
SHORT TERM STABILITY
Current ratio	1.40	0.72	1.39	-2.80	1.43	0.70	1.42	6.77	1.33
Liquidity ratio / acid ratio	0.99	4.21	0.95	-1.04	0.96	-13.51	1.11	-2.63	1.14
Current debt ratio	2.33	-8.27	2.54	10.92	2.29	-3.78	2.38	-19.87	2.97
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	1,843,074	33.68	1,378,702	17.25	1,175,833	35.32	868,960	99	435,920
Net worth	29,667,186	63.71	18,122,047	0.46	18,038,541	46.77	12,290,495	107	5,914,809
LONG TERM STABILITY
Gearing	123.97	-2.73	127.45	-3.62	132.24	-7.86	143.52	22.72	116.95
Equity in percentage	30.04	6.34	28.25	-7.19	30.44	2.98	29.56	17.07	25.25
Total debt ratio	2.33	-8.27	2.54	10.92	2.29	-4.18	2.39	-19.53	2.97
Working capital	27,821,477	53.99	18,067,293	0.55	17,967,901	46.05	12,302,892	109	5,879,588

Profit & loss
Operating Income	204,098,812	40.21	145,569,179	1.05	144,052,347	56.55	92,016,493	49.52	61,539,357
Turnover	204,062,759	40.21	145,538,767	1.05	144,030,236	56.57	91,993,300	49.49	61,539,026
Total operating expenses	199,466,844	40.19	142,287,817	0.85	141,082,264	56.63	90,072,613	48.42	60,686,340
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	200,432,297	40.83	142,318,229	0.86	141,104,375	56.62	90,095,806	48.46	60,686,670
Employee costs	143,029	5.35	135,769	-42.01	234,121	157	90,873	109	43,444
Wages and salary	113,123	4.67	108,077	-40.86	182,758	149	73,186	96.43	37,257
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	24,915	29.01	19,312	-52.07	40,292	280	10,600	192	3,622
Other employee costs	4,991	-40.44	8,380	-24.31	11,071	56.22	7,087	176	2,566
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	61,345	155	24,006	-21.91	30,742	68.13	18,285	343	4,121
Operating result	4,595,915	41.37	3,250,950	10.28	2,947,972	53.49	1,920,686	125	852,687
Total financial income	201,483	678	25,874	425	4,922	83.59	2,681	293	682
Total financial expenses	2,314,099	59.55	1,450,391	4.51	1,387,783	85.45	748,313	215	237,043
Results on ordinary operations	2,483,298	35.96	1,826,432	16.70	1,565,110	33.19	1,175,054	90.66	616,325
before taxation
Extraordinary Income	-	-	910	-99	505,321	-	-	-	-
Extraordinary Charges	11,716	48.91	7,868	-98.44	505,321	-	-	-	-
Extraordinary items	-11,716	-68.38	-6,958	-	0	-	0	-	0
Results for the Year Before	2,471,582	35.84	1,819,475	16.25	1,565,110	33.19	1,175,054	90.66	616,325
Taxation
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	689,854	48.43	464,778	10.66	420,019	29.48	324,379	75.79	184,525
Results on ordinary operations	1,793,444	31.71	1,361,654	18.91	1,145,091	34.61	850,675	97.01	431,800
after taxation
Net result	1,781,729	31.52	1,354,696	18.30	1,145,091	34.61	850,675	97.01	431,800
Profit (Loss) for the Year to be appropiated	1,781,729	31.52	1,354,696	18.30	1,145,091	34.61	850,675	97.01	431,800
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-03-2015
Full-time Employees		3
Part-time Employees		1
Total Fte Employees		3
Number of hours worked
Full-time Employees		4,963
Part-time Employees		699
Total		5,662
Personnel Charges
Full-time Employees		125,371
Part-time Employees		17,658
Total		143,029
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		3
Actual working hours		5,358
Personnel Charges		173,974
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	2	1	2
Contracts
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	2	1	2
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	1	2
Blue collar worker	-	-	-
Other	1	-	1
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	-	-

Industry comparison

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

Payment Information

Suspension of payments / moratorium history

Amount	-
Details	-
Payment expectations
Payment expectation days	57.76
Day sales outstanding	115.96

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	106.56
expectation days
Industry average day sales	171.54
outstanding

Industry quartile analysis

Payment expectations
Company result	57.76
Lower	120.34
Median	75.65
Upper	45.88

Day sales outstanding

Company result	115.96
Lower	102.70
Median	55.01
Upper	25.25

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	Principal Manager
Start Date	07/08/2009
Street	44 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	NEESHAL MODI
Name	DEEPAK KUMAR KESHAVLAL MODI
Position	Principal Manager
Start Date	31/07/2009
Street	44 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Analysis Done by :	DIV

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

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