MIRA INFORM REPORT

Report No. :	507526
Report Date :	03.05.2018

IDENTIFICATION DETAILS

Name :	RISING STAR BVBA

Registered Office :	Hoveniersstraat 2-Bus 310, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	22.02.2005

Com. Reg. No.:	872384247

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesale of Diamonds and Other Precious Stones

No. of Employees :	1

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

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

COMPANY NAME

RISING STAR BVBA - 872384247

Company summary

Business number	872384247
Branche Unit Number	2146115496
Company name	RISING STAR BVBA
Address	HOVENIERSSTRAAT 2-BUS 310
	2018 ANTWERPEN
Date of establishment	22/02/2005
Telephone number	3232132077
Mobile number	32473444250
Fax number	032132078
Liable for VAT	yes
VAT Number	BE.0872.384.247 Check VAT number

Commentary

The business was established over 12 years ago. The business has 1 employees.

The business has been at the address for over 11 years.

Operating Result in the latest trading period increased 2265% on the previous trading period.

Net Worth increased by 140% during the latest trading period.

Pre-tax profits increased by 12332% compared to the previous trading period.

The business saw an increase in their Cash Balance of 73% during the latest trading period.

Turnover in the latest trading period increased 30% on the previous trading period.

ANNUAL ACCOUNTS

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	67,931,441	3,510,175	5,802,461	6,671,994
31/12/2015	51,916,753	28,233	2,415,024	3,247,250
31/12/2014	60,735,730	103,950	2,140,316	2,884,975

ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	12,071,094	1	1,922,618	3,397,349
31/12/2015	11,228,098	2	1,861,611	64,865
31/12/2014	11,288,886	1	1,669,268	115,078

Payment expectations

Past payments		Payment expectation days	18.03
Industry average payment	199.71	Industry average day sales	211.43
expectation days		outstanding
Day sales outstanding	48.52

Court data summary

BANKRUPTCY DETAILS

Court action type

PRTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

03/10/2011

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
Significant Events
Event Date	22/02/2005
Event Description	Legal creation
Event Details

Company accounts

Assets
Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	444,642	-3.40	460,279	3.27	445,699	5.59	422,098	-32.28	623,338
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	444,642	-3.40	460,279	3.27	445,699	5.59	422,098	-32.28	623,338
Land & building	379,938	0.62	377,591	8.73	347,284	10.81	313,414	-29.22	442,807
Plant & machinery	63,146	-18.63	77,604	-8.36	84,679	-4.33	88,512	-37.48	141,569
Furniture & Vehicles	1,558	37.51	1,133	-44.97	2,059	-24.63	2,732	-45.74	5,035
Leasing & Other Similar Rights	0	-100	3,951	-66.16	11,676	-33.05	17,440	-48.59	33,927
Other tangible assets	0	-	0	-100	1	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0	-	0
Total current assets	11,626,452	7.97	10,767,819	-0.70	10,843,187	-0.41	10,887,632	-31.97	16,004,213
Inventories	2,301,154	1.72	2,262,147	77.96	1,271,188	1007	114,746	-81.47	619,115
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	2,301,154	1.72	2,262,147	77.96	1,271,188	1007	114,746	-81.47	619,115
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	9,029,429	8.78	8,300,544	-12.60	9,497,404	-5.64	10,065,405	-31.79	14,755,582
Other amounts receivable	243,260	39.65	174,193	2874	5,856	-0.80	5,903	-14.51	6,905
Cash	52,203	73.90	30,019	-55.63	67,663	-90.34	700,723	12.92	620,544
Miscellaneous current assets	406	-55.68	916	-14.87	1,076	25.85	855	-58.65	2,068
Total Assets	12,071,094	7.51	11,228,098	-0.54	11,288,885	-0.18	11,309,730	-31.98	16,627,551
Liabilities
Total shareholders equity	5,802,461	140	2,415,024	12.83	2,140,316	18.07	1,812,729	-24.12	2,389,019
Issued share capital	1,922,618	3.28	1,861,611	11.52	1,669,268	13.58	1,469,629	-27.49	2,026,795
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	3,879,843	601	553,413	17.49	471,048	37.29	343,100	-5.28	362,224
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	6,268,633	-28.87	8,813,074	-3.67	9,148,569	-3.67	9,497,001	-33.30	14,238,531
Other long term loans	1,314,175	1.68	1,292,505	8.58	1,190,357	9.58	1,086,305	-12.68	1,244,110
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	1,314,175	1.68	1,292,505	8.58	1,190,357	9.58	1,086,305	-12.68	1,244,110
Current portion of long term debt	17,903	-3.00	18,456	-11.21	20,786	8.60	19,140	-20.23	23,995
Financial debts	1,549,994	-44.31	2,783,390	-17.84	3,387,785	31.62	2,573,912	-38.76	4,203,272
Trade creditors	3,176,052	-32.05	4,674,344	4.31	4,481,084	-22.45	5,778,270	-31.59	8,445,986
Amounts Payable for Taxes, Remuneration & Social Security	152,459	274	40,701	-36.00	63,593	88.36	33,761	-5.57	35,751
Miscellaneous current liabilities	58,050	1478	3,678	-25.91	4,964	-11.56	5,613	-98.03	285,416
Total current liabilities	4,954,458	-34.12	7,520,569	-5.50	7,958,212	-5.38	8,410,696	-35.27	12,994,421
Total Liabilities	12,071,094	7.51	11,228,098	-0.54	11,288,885	-0.18	11,309,730	-31.98	16,627,551

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	5.17	10240	0.05	-70.59	0.17	6.25	0.16	0	0.16
Return on capital employed	49.32	6389	0.76	-75.64	3.12	-11.36	3.52	32.83	2.65
Return on total assets employed	29.08	11532	0.25	-72.83	0.92	2.22	0.90	55.17	0.58
Return on net assets employed	60.49	5070	1.17	-75.93	4.86	-13.68	5.63	39.70	4.03
Sales / net working capital	10.18	-36.34	15.99	-24.04	21.05	-19.81	26.25	27.49	20.59
Stock turnover ratio	3.39	-22.25	4.36	108	2.09	1061	0.18	-82.00	1.00
Creditor days	18.03	-45.30	32.96	21.94	27.03	-17.09	32.60	-34.83	50.02
Debtor days	48.52	-16.86	58.36	2.24	57.08	1.01	56.51	-34.97	86.90
SHORT TERM STABILITY
Current ratio	2.35	64.34	1.43	5.15	1.36	5.43	1.29	4.88	1.23
Liquidity ratio / acid ratio	1.88	66.37	1.13	-5.83	1.20	-6.25	1.28	8.47	1.18
Current debt ratio	0.85	-72.67	3.11	-16.40	3.72	-19.83	4.64	-14.71	5.44
Cashflow	3,397,349	5137	64,865	-43.63	115,078	4.30	110,336	-8.44	120,511
Net worth	5,802,461	140	2,415,024	12.83	2,140,316	18.07	1,812,729	-24.12	2,389,019
LONG TERM STABILITY
Gearing	49.67	-70.70	169.54	-21.10	214.87	5.86	202.97	-11.37	229.02
Equity in percentage	48.07	123	21.51	13.45	18.96	18.28	16.03	11.55	14.37
Total debt ratio	1.08	-70.41	3.65	-14.52	4.27	-18.51	5.24	-12.08	5.96
Working capital	6,671,994	105	3,247,250	12.56	2,884,975	16.47	2,476,936	-17.70	3,009,792
Profit & loss
Operating Income	67,939,849	30.84	51,924,445	-14.51	60,740,234	-6.59	65,022,251	4.91	61,981,374
Turnover	67,931,441	30.85	51,916,753	-14.52	60,735,730	-6.59	65,017,997	4.91	61,976,350
Total operating expenses	64,287,630	24.20	51,762,700	-14.45	60,508,845	-6.48	64,700,627	4.99	61,628,336
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	64,296,039	24.19	51,770,392	-14.45	60,513,349	-6.48	64,704,881	4.98	61,633,360
Employee costs	-	-	17,798	-18.80	21,919	67.30	13,102	-24.26	17,298
Wages and salary	-	-	-	-	-	-	9,732	-23.83	12,777
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	3,204	-26.20	4,341
Other employee costs	-	-	17,798	-18.80	21,919	13184	165	-7.97	179
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	32,479	-11.68	36,776	9.00	33,738	12.89	29,885	-26.76	40,805
Operating result	3,643,811	2265	154,053	-32.10	226,885	-28.51	317,370	-8.81	348,014
Total financial income	66,398	-61.05	170,462	44.34	118,096	229	35,821	-30.92	51,856
Total financial expenses	200,034	-32.49	296,281	22.92	241,031	-4.02	251,128	-17.31	303,708
Results on ordinary operations before taxation	3,510,175	12332	28,233	-72.84	103,950	1.85	102,063	6.14	96,162
Extraordinary Income	-	-	-	-	-	-	-	-	2,678
Extraordinary Charges	-	-	-	-	-	-	-	-	5,515
Extraordinary items	-	-	-	-	-	-	0	0	-2,837
Results for the Year Before	3,510,175	12332	28,233	-72.84	103,950	1.85	102,063	9.36	93,325
Taxation
Taxation	145,305	100806	144	-99	22,610	4.62	21,612	58.69	13,619
Results on ordinary operations	3,364,870	11879	28,089	-65.47	81,340	1.11	80,451	-2.53	82,543
after taxation
Net result	3,364,870	11879	28,089	-65.47	81,340	1.11	80,451	0.93	79,706
Profit (Loss) for the Year to be appropiated	3,364,870	11879	28,089	-65.47	81,340	1.11	80,451	0.93	79,706
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2016
Full-time Employees		1
Part-time Employees		-
Total Fte Employees		1
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	-	1
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

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

Payment Information Summary

Total number of Invoices available	3
Total number of Invoices paid within or up to 30 days after the due date	3
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	0
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	18.03
Day sales outstanding	48.52
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	199.71
expectation days
Industry average day sales	211.43
outstanding

Industry quartile analysis
Payment expectations
Company result	18.03
Lower	129.55
Median	58.70
Upper	26.63

Day sales outstanding

Company result	48.52
Lower	136.36
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

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
Legal event type	Social Security Summons
Event date	03/10/2011
Court type		Court name	Antwerpen
Creditor's name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
Legal event type	Social Security Summons
Event date	05/09/2011
Court type		Court name	Antwerpen
Creditor's name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party

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	01/01/2016
Name	Sunny Shah
Name	Bhupesh Shah
Position	Manager
Start Date	01/08/2006
Street	15 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

FORMER DIRECTOR DETAILS
Name	Chetankumar Shah
Position	Manager
Start Date	22/02/2005
End Date	31/07/2006
Street	15 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.66
UK Pound	1	INR 90.66
Euro	1	INR 80.00
Euro	1	INR 79.84

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

INFORMATION DETAILS

Analysis Done by :	PRA

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.