MIRA INFORM REPORT

Report No. :	488351
Report Date :	05.02.2018

IDENTIFICATION DETAILS

Name :	YAELSTAR BVBA

Registered Office :	Hoveniersstraat 30-Bus 154, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2017

Date of Incorporation :	16.10.1992

Com. Reg. No.:	448419023

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones

No. of Employees :	3

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Status :	Good

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation 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 labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company summary

Business number 448419023

Branche Unit Number 2059558933

Company name YAELSTAR BVBA

Address HOVENIERSSTRAAT 30-BUS 154

2018 ANTWERPEN

Date of establishment 16/10/1992

Telephone number 3232310022

Mobile number -

Fax number 032315623

Liable for VAT Yes

VAT Number BE.0448.419.023 Check VAT number

Commentary

The business was established over 25 years ago.

The business has 3 employees.

Number of employees in the latest trading period increased 65% on the previous trading period.

The business has been at the address for over 21 years.

Operating Result in the latest trading period increased 1250% on the previous trading period.

Net Worth increased by 43% during the latest trading period.

Pre-tax profits increased by 3472% compared to the previous trading period.

The business saw an increase in their Cash Balance of 3417% during the latest trading period.

ANNUAL ACCOUNTS

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2017	261,240,012	10,514,765	38,900,535	41,774,102
31/03/2016	259,059,010	294,295	27,201,720	29,758,684
31/03/2015	357,999,878	392,237	28,595,048	31,271,949

ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2017	73,017,998	3	26,148,476	10,181,063
31/03/2016	74,834,348	2	24,554,909	402,857
31/03/2015	103,803,293	3	25,983,528	562,740

Payment expectations
Past payments		Payment expectation days	40.07
Industry average payment expectation days	200.93	Industry average day sales outstanding	212.08
Day sales outstanding	70.73

Court data summary

BANKRUPTCY DETAILS
Court action type	No
PROTESTED BILLS
Bill amount
NSSO DETAILS
Date of summons	--

Company accounts

Assets
Annual accounts	31-03-2017	%	31-03-2016	%	31-03-2015	%	31-12-2013	%	31-12-2012
Weeks	52		52		65		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	2,270,582	-0.14	2,273,687	-12.91	2,610,698	14.73	2,275,592	-6.27	2,427,860
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	2,267,149	-0.15	2,270,464	-12.92	2,607,287	14.75	2,272,181	-6.28	2,424,449
Land & building	1,883,851	4.31	1,805,946	-7.39	1,950,067	25.04	1,559,510	-1.92	1,589,977
Plant & machinery	179,695	-44.25	322,337	-36.67	508,977	-9.14	560,178	-14.27	653,397
Furniture & Vehicles	203,604	43.20	142,181	-4.09	148,243	-2.79	152,492	-15.79	181,075
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	-1	-	0	-	0	-	0	-	0
Financial fixed assets	3,433	6.52	3,223	-5.51	3,411	0.00	3,411	0	3,411
Total current assets	70,747,416	-2.50	72,560,661	-28.29	101,192,595	86.95	54,128,491	-3.76	56,244,710
Inventories	15,245,847	75.53	8,685,691	-73.79	33,144,176	170	12,243,681	70.65	7,174,762
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	15,245,847	75.53	8,685,691	-73.79	33,144,176	170	12,243,681	70.65	7,174,762
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	50,626,122	-20.34	63,555,620	6.30	59,789,949	43.85	41,564,192	-13.82	48,230,846
Other amounts receivable	250,649	64.84	152,053	109	72,658	834	7,777	-98.92	716,956
Cash	4,588,249	3417	130,457	-98.40	8,153,952	2767	284,388	150	113,422
Miscellaneous current assets	36,549	-0.79	36,840	15.63	31,860	11.97	28,453	226	8,724
Total Assets	73,017,063	-2.43	74,834,348	-27.91	103,803,293	84.04	56,404,083	-3.87	58,672,570
Liabilities
Total shareholders equity	38,900,535	43.01	27,201,720	-4.87	28,595,048	29.33	22,109,776	0.70	21,956,122
Issued share capital	26,148,476	6.49	24,554,909	-5.50	25,983,528	28.17	20,272,144	0	20,272,144
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	668,802	6.49	628,043	-5.50	664,583	28.17	518,503	0	518,503
Reserves	12,083,257	498	2,018,768	3.69	1,946,937	47.59	1,319,129	13.18	1,165,476
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	34,117,464	-28.37	47,632,628	-36.67	75,208,245	119	34,294,307	-6.60	36,716,448
Other long term loans	0	-100	4,830,650	-8.64	5,287,599	1797	278,656	-87.41	2,213,257
Other long term liabilities	5,144,150	-	0	-	0	-100	3,988,108	72.51	2,311,827
Total long term debts	5,144,150	6.49	4,830,650	-8.64	5,287,599	23.93	4,266,764	-5.71	4,525,085
Current portion of long term debt	0	-	0	-100	82,617	5.33	78,439	4.24	75,246
Financial debts	1,228,126	-75.26	4,964,787	-60.13	12,453,647	66.40	7,484,224	163	2,838,114
Trade creditors	27,317,715	-27.69	37,778,508	-34.07	57,304,749	156	22,369,357	-23.08	29,080,076
Amounts Payable for Taxes, Remuneration & Social Security	77,121	39.73	55,191	-16.97	66,471	59.28	41,733	-13.30	48,133
Miscellaneous current liabilities	350,352	9935	3,491	-73.48	13,162	-75.53	53,789	-64.09	149,793
Total current liabilities	28,973,314	-32.31	42,801,977	-38.78	69,920,646	132	30,027,543	-6.72	32,191,363
Total Liabilities	73,017,998	-2.43	74,834,348	-27.91	103,803,293	84.04	56,404,083	-3.87	58,672,570

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	4.02	3554	0.11	0	0.11	-8.33	0.12	-7.69	0.13
Return on capital employed	23.87	2494	0.92	-20.69	1.16	39.76	0.83	-9.78	0.92
Return on total assets employed	14.40	3592	0.39	2.63	0.38	-2.56	0.39	-4.88	0.41
Return on net assets employed	27.03	2402	1.08	-21.17	1.37	38.38	0.99	-10.0	1.10
Sales / net working capital	6.25	-28.24	8.71	-23.93	11.45	46.42	7.82	2.09	7.66
Stock turnover ratio	5.84	74.33	3.35	-63.82	9.26	42.68	6.49	66.84	3.89
Creditor days	40.07	-24.99	53.42	-8.76	58.55	34.75	43.45	-24.79	57.77
Debtor days	70.73	-21.02	89.55	46.90	60.96	-24.25	80.47	-15.74	95.50
SHORT TERM STABILITY
Current ratio	2.44	43.53	1.70	17.24	1.45	-19.44	1.80	2.86	1.75
Liquidity ratio / acid ratio	1.92	28.86	1.49	53.61	0.97	-30.22	1.39	-8.55	1.52
Current debt ratio	0.74	-52.87	1.57	-35.92	2.45	80.15	1.36	-7.48	1.47
Cashflow	10,181,063	2427	402,857	-28.41	562,740	63.44	344,309	-6.96	370,061
Net worth	38,900,535	43.01	27,201,720	-4.87	28,595,048	29.33	22,109,776	0.70	21,956,122
LONG TERM STABILITY
Gearing	3.16	-91.22	36.01	-42.23	62.33	75.73	35.47	51.91	23.35
Equity in percentage	53.28	46.57	36.35	31.94	27.55	-29.72	39.20	4.76	37.42
Total debt ratio	0.88	-49.71	1.75	-33.46	2.63	69.68	1.55	-7.19	1.67
Working capital	41,774,102	40.38	29,758,684	-4.84	31,271,949	29.75	24,100,948	0.20	24,053,347

PROFIT & LOSS
Operating Income	261,346,742	0.85	259,151,312	-27.63	358,112,646	89.87	188,605,341	2.27	184,416,035
Turnover	261,240,012	0.84	259,059,010	-27.64	357,999,878	89.90	188,523,560	2.27	184,334,566
Total operating expenses	248,851,738	-3.60	258,141,949	-27.74	357,244,568	90.13	187,899,734	2.27	183,725,413
Gross Operating Margin	-	-	-	-		-	-	-	-
Operating Charges	248,959,249	-3.59	258,234,251	-27.74	357,357,335	90.10	187,981,515	2.27	183,806,882
Employee costs	168,761	66.16	101,563	-41.12	172,479	29.76	132,926	26.39	105,175
Wages and salary	-	-	-	-	-	-	101,914	30.62	78,023
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security	-	-	-	-	-	-	22,841	24.62	18,329
contributions
Other employee costs	168,761	66.16	101,563	-41.12	172,479	2010	8,171	-7.39	8,823
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	247,590	10.54	223,980	-26.94	306,577	60.80	190,656	2.02	186,880
Operating result	12,388,274	1250	917,061	21.42	755,310	21.08	623,826	2.41	609,153
Total financial income	150,621	21.35	124,117	-59.60	307,244	504074	61	-19.40	76
Total financial expenses	2,023,349	170	746,883	11.42	670,317	65.53	404,951	10.39	366,838
Results on ordinary operations before taxation	10,514,765	3472	294,295	-24.97	392,237	79.16	218,936	-9.68	242,391
Extraordinary Income	781	-	-	-	5,437	-	-	-	24,635
Extraordinary Charges	-	-	28,729	-	-	-	-	-	-
Extraordinary items	781	2.72	-28,729	-628	5,437	-	0	-100	24,635
Results for the Year Before Taxation	10,515,546	3859	265,565	-33.22	397,674	81.64	218,936	-18.01	267,026
Taxation	582,073	571	86,688	-38.74	141,511	116	65,283	-22.14	83,844
Results on ordinary operations after taxation	9,932,692	4684	207,607	-17.20	250,726	63.18	153,653	-3.09	158,546
Net result	9,933,473	5453	178,877	-30.17	256,163	66.72	153,653	-16.12	183,181
Profit (Loss) for the Year to	9,933,473	5453	178,877	-30.17	256,163	66.72	153,653	-16.12	183,181
Dividends	-	-	-	-	-	-	-	-	-

Social BALANCE SHEET DETAILS

Social Balance Sheet	Total
During the reporting year
ended 31-03-2017
Full-time Employees	3
Part-time Employees	-
Total Fte Employees	3
Number of hours worked
Full-time Employees	5,749
Part-time Employees	-
Total	5,749
Personnel Charges
Full-time Employees	168,761
Part-time Employees	-
Total	168,761
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	3
Actual working hours	5,749
Personnel Charges	168,761
Benefits In Addition To Wages	-

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

Limited Duration Contracts

GENDER AND EDUCATIONLEVEL

Men	Full-Time	Part-Time	Total Fte
Primary education	2	-	2

Women	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	1	-	1

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	3	-	3
Blue collar worker	1	-	1

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

Leavers

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Payment expectations
Payment expectation days	40.07
Day sales outstanding	70.73

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	200.93
Industry average day sales outstanding	212.08
Industry quartile analysis
Payment expectations
Company result	40.07
Lower	131.18
Median	58.79
Upper	26.55

Day sales outstanding
Company result	70.73
Lower	134.36
Median	82.06
Upper	44.92

Shareholder details

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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
Country	United Arab Emirates

Name	Jitendrakumar Shah
Name	Miten Shah
Position	Manager
Start Date	03/05/1999

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.07
UK Pound	1	INR 91.34
Euro	1	INR 80.03
Euro	1	INR 79.92

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

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

Business number	448419023	Company name	YAELSTAR BVBA
Fax number	032315623	Date founded	16/10/1992
Company status	active	Company type	Private Limited Liability Company
Currency	Euro (€)	Date of latest accounts	31/03/2017
Activity code	46761	Number of staff	3
Activity description	Wholesale of diamonds and other precious stones