3decades

MIRA INFORM REPORT

Report No. :	479779.2
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	FIRESTAR DIAMOND BVBA

Registered Office :	Hoveniersstraat 30-Bus 119 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2017

Date of Incorporation :	31.07.2009

Com. Reg. No.:	817647147

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
D	High Risk	Business dealing not recommended or on secured terms only

Status :	Poor

Payment Behaviour :	--

Litigation :	--

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. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. Belgium is 100% 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.

Belgium’s GDP grew by 1.4% in 2016, unemployment at yearend was 8.4%, and the budget deficit was 2.7% of GDP. The economy largely recovered from the March 2016 terrorist attacks, which 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 107% 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 tax policy, 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.

Source : CIA

Note

NIRAV MODI UNDER INVESTIGATION FOR BANK FRAUD

Indian authority probes billionaire jeweler’s dealings with Punjab National Bank, reports say.

India’s Central Bureau of Investigation (CBI) has launched a probe into billionaire jeweler Nirav Modi over allegations he defrauded a state bank of $44 million, Reuters reported.

The Punjab National Bank complained to the CBI that Modi and others had conspired with bank officials for financial gain, the report said last week. Earlier this month, the CBI raided Modi’s home, as well as 21 locations linked to his companies and those of others accused in the case, the news organization cited a spokesperson for the bureau as saying.

The fact that the CBI is investigating and has registered the complaint does not mean the case will ever go to trial, the report noted, adding that the inquiry was in its early stages.

Modi’s diamond-retail firm, Firestar International Limited, “has no affiliation, legal or otherwise” with the case, the company said in a statement. The CBI did not name Firestar in its accusations, Reuters said.

A spokespeople for Modi did not immediately respond.

Company SUMMARY

Business number	817647147
Branche Unit Number	2180221785
Company name	FIRESTAR DIAMOND BVBA
Address	HOVENIERSSTRAAT 30-BUS 119
	2018 ANTWERPEN
Date of establishment	31/07/2009
Telephone number	3232270512
Mobile number	-
Fax number	-
Liable for VAT	yes
VAT Number	BE.0817.647.147 Check VAT number

Commentary

The business was established over 8 years ago.

The business has 3 employees.

The business has been at the address for over 2 years.

Operating Result in the latest trading period increased 52% on the previous trading period.

Pre-tax profits increased by 67% compared to the previous trading period.

The business saw an increase in their Cash Balance of 80% during the latest trading period.

Turnover in the latest trading period increased 29% on the previous trading period.

Annual ACCOUNTS

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2017	275,075,255	3,114,636	33,784,922	30,412,628
31/03/2016	212,173,375	1,862,353	29,579,265	27,649,947
31/03/2015	204,062,759	2,483,298	29,667,186	27,821,477
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2017	86,706,596	3	23,361,811	2,450,203
31/03/2016	91,058,101	4	21,938,072	1,673,351
31/03/2015	98,855,570	3	23,214,442	1,843,074

Payment EXPECTATIONS

Past payments		Payment expectation days	19.07
Industry average payment	199.63	Industry average day sales	211.18
expectation days		outstanding
Day sales outstanding	78.82

Court DATA SUMMARY

BANKRUPTCY DETAILS

Court action type

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	15/06/2015
Event Description	authority appointed
Event Details	n van de maatschappij.
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	31/07/2009
Event Description	Legal creation
Event Details

Company ACCOUNTS

Assets
Annual accounts	31-03-2017	%	31-03-2016	%	31-03-2015	%	31-03-2014	%	31-03-2013
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	3,384,721	73.46	1,951,264	4.60	1,865,396	2140	83,269	-27.91	115,500
Intangible fixed assets	12,427	-43.37	21,946	11.48	19,686	-30.96	28,514	-36.44	44,860
Tangible fixed assets	1,944,623	2.08	1,905,048	4.37	1,825,238	4243	42,027	-22.94	54,538
Land & building	1,390,528	3.81	1,339,496	-7.82	1,453,101	-	0	-	0
Plant & machinery	451,135	1.42	444,828	46.42	303,801	769	34,930	-26.70	47,656
Furniture & Vehicles	102,960	-14.71	120,723	76.66	68,335	862	7,097	3.12	6,882
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-100	1	0	1	-	0	-	0
Financial fixed assets	1,427,670	5782	24,270	18.55	20,473	60.85	12,728	-20.95	16,102
Total current assets	83,321,875	-6.49	89,106,837	-8.13	96,990,174	51.09	64,192,979	8.19	59,333,739
Inventories	19,808,669	-3.04	20,429,435	-29.01	28,776,888	42.80	20,152,347	2.78	19,607,587
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	19,808,669	-3.04	20,429,435	-29.01	28,776,888	42.80	20,152,347	2.78	19,607,587
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	59,398,506	-9.68	65,768,118	1.45	64,829,466	52.86	42,412,304	30.15	32,587,597
Other amounts receivable	254,042	-42.08	438,622	251	124,692	100	62,049	-15.29	73,245
Cash	3,547,877	80.19	1,968,939	27.01	1,550,228	10.41	1,404,118	-79.89	6,983,372
Miscellaneous current assets	312,781	-37.66	501,723	-70.64	1,708,900	953	162,161	97.91	81,938
Total Assets	86,706,596	-4.78	91,058,100	-7.89	98,855,570	53.80	64,276,248	8.12	59,449,239
Liabilities
Total shareholders’ equity	33,797,349	14.18	29,601,211	-0.29	29,686,872	63.56	18,150,561	0.37	18,083,401
Issued share capital	23,361,811	6.49	21,938,072	-5.50	23,214,442	60.21	14,489,956	-7.12	15,600,726
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	10,435,538	36.18	7,663,139	18.40	6,472,430	76.81	3,660,605	47.45	2,482,675
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	52,909,247	-13.91	61,456,890	-11.15	69,168,697	49.96	46,125,686	11.51	41,365,838
Other long term loans	0	-	0	-	0	-	0	-	0
Other long term liabilities	0	-	0	-100	1	0	1	-	0
Total long term debts	0	-	0	-100	1	0	1	-	0
Current portion of long term debt	0	-	0	-	0	-	0	-	0
Financial debts	38,099,100	24.63	30,569,101	-16.94	36,803,356	59.10	23,132,268	-3.26	23,912,616
Trade creditors	14,034,234	-53.58	30,233,219	-4.23	31,567,144	40.65	22,443,947	32.44	16,946,050
Amounts Payable for Taxes,	625,214	6.32	588,024	-18.29	719,645	46.27	491,982	13.89	431,964
Remuneration & Social Security
Miscellaneous current liabilities	150,699	126	66,546	-15.28	78,552	36.64	57,489	-23.56	75,208
Total current liabilities	52,909,247	-13.91	61,456,890	-11.15	69,168,697	49.96	46,125,686	11.51	41,365,838
Total Liabilities	86,706,596	-4.78	91,058,100	-7.89	98,855,570	53.80	64,276,248	8.12	59,449,239

Ratio analysis

TRADING PERFORMANCE
Profit Before Tax	1.13	28.41	0.88	-27.87	1.22	-2.40	1.25	14.68	1.09
Return on capital employed	9.22	46.58	6.29	-24.76	8.36	-16.90	10.06	16.30	8.65
Return on total assets employed	3.59	75.12	2.05	-18.33	2.51	-11.62	2.84	7.98	2.63
Return on net assets employed	9.22	46.58	6.29	-24.76	8.36	-16.90	10.06	16.30	8.65
Sales / net working capital	9.04	17.86	7.67	4.64	7.33	-9.06	8.06	0.50	8.02
Stock turnover ratio	7.20	-25.23	9.63	-31.70	14.10	1.81	13.85	1.76	13.61
Creditor days	19.07	-64.07	53.07	-8.12	57.76	0.33	57.57	31.32	43.84
Debtor days	78.82	-30.33	113.14	-2.43	115.96	9.02	106.37	28.81	82.58
SHORT TERM STABILITY
Current ratio	1.57	8.28	1.45	3.57	1.40	0.72	1.39	-2.80	1.43
Liquidity ratio / acid ratio	1.20	7.14	1.12	13.13	0.99	4.21	0.95	-1.04	0.96
Current debt ratio	1.57	-24.52	2.08	-10.73	2.33	-8.27	2.54	10.92	2.29
Cash flow	2,450,203	46.42	1,673,351	-9.21	1,843,074	33.68	1,378,702	17.25	1,175,833
Net worth	33,784,922	14.22	29,579,265	-0.30	29,667,186	63.71	18,122,047	0.46	18,038,541
LONG TERM STABILITY
Gearing	112.73	9.16	103.27	-16.70	123.97	-2.73	127.45	-3.62	132.24
Equity in percentage	38.98	19.86	32.52	8.26	30.04	6.34	28.25	-7.19	30.44
Total debt ratio	1.57	-24.52	2.08	-10.73	2.33	-8.27	2.54	10.92	2.29
Working capital	30,412,628	9.99	27,649,947	-0.62	27,821,477	53.99	18,067,293	0.55	17,967,901

Profit & loss

Operating Income	275,130,465	29.65	212,201,981	3.97	204,098,812	40.21	145,569,179	1.05	144,052,347
Turnover	275,075,255	29.65	212,173,375	3.97	204,062,759	40.21	145,538,767	1.05	144,030,236
Total operating expenses	268,629,397	29.19	207,937,349	4.25	199,466,844	40.19	142,287,817	0.85	141,082,264
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	268,664,247	29.19	207,965,955	4.24	199,502,897	40.18	142,318,229	0.86	141,104,375
Employee costs	134,077	1.23	132,453	-7.39	143,029	5.35	135,769	-42.01	234,121
Wages and salary	-	-	-	-	113,123	4.67	108,077	-40.86	182,758
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	24,915	29.01	19,312	-52.07	40,292
Other employee costs	134,077	1.23	132,453	2553	4,991	-40.44	8,380	-24.31	11,071
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and	141,655	11.73	126,778	106	61,345	155	24,006	-21.91	30,742
depreciation
Operating result	6,445,858	52.17	4,236,026	-7.83	4,595,915	41.37	3,250,950	10.28	2,947,972
Total financial income	48,609	73.34	28,042	-86.08	201,483	678	25,874	425	4,922
Total financial expenses	3,400,192	41.57	2,401,715	3.79	2,314,099	59.55	1,450,391	4.51	1,387,783
Results on ordinary	3,114,636	67.24	1,862,353	-25.00	2,483,298	35.96	1,826,432	16.70	1,565,110
operations before taxation
Extraordinary Income	-	-	240,616	-	-	-	910	-99	505,321
Extraordinary Charges	207,421	-	-	-	11,716	48.91	7,868	-98.44	505,321
Extraordinary items	-207,421	-186	240,616	2053	-11,716	-68.38	-6,958	-	0
Results for the Year Before	2,907,215	38.24	2,102,969	-14.91	2,471,582	35.84	1,819,475	16.25	1,565,110
Taxation
Taxation	598,667	7.60	556,396	-19.35	689,854	48.43	464,778	10.66	420,019
Results on ordinary operations after taxation	2,515,969	92.65	1,305,957	-27.18	1,793,444	31.71	1,361,654	18.91	1,145,091
Net result	2,308,548	49.27	1,546,573	-13.20	1,781,729	31.52	1,354,696	18.30	1,145,091
Profit (Loss) for the Year to be appropiated	2,308,548	49.27	1,546,573	-13.20	1,781,729	31.52	1,354,696	18.30	1,145,091
Dividends	-	-	-	-	-	-	-	-	-

Social BALANCE SHEET DETAILS

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-03-2017
Full-time Employees	3
Part-time Employees	1
Total Fte Employees	3
Number of hours worked
Full-time Employees	5,267
Part-time Employees	696
Total	5,963
Personnel Charges
Full-time Employees	114,274
Part-time Employees	19,803
Total	134,077
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	3
Actual working hours	5,963
Personnel Charges	134,077
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	3	1	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	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	1	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	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	19.07
Day sales outstanding	78.82

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	199.63
expectation days
Industry average day sales	211.18
outstanding

Industry quartile analysis
Payment expectations
Company result	19.07
Lower	129.28
Median	58.57
Upper	26.55

Day sales outstanding

Company result	78.82
Lower	135.55
Median	82.06
Upper	45.52

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

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	31/07/2009
Street	44 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	Neeshal Modi
Name	Jigar Mehta
Position	Authorized agent
Start Date	15/06/2015
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.89
Euro	1	INR 79.38

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

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	TRU

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.

MIRA INFORM REPORT

Note

Company SUMMARY

Commentary

Annual ACCOUNTS

Payment EXPECTATIONS

Court DATA SUMMARY

Company INFORMATION

Contractor DETAILS

Company ACCOUNTS

Social BALANCE SHEET DETAILS

Payment INFORMATION

Shareholder DETAILS

Linked COMPANIES

Summons

Protested BILLS

Bankruptcy AND other legal events

Director DETAILS

Unit