MIRA INFORM REPORT

Report Date :

31.05.2011

IDENTIFICATION DETAILS

Name :	TIME STAR EVBA
Registered Office :	62, Pelikaanstraat, Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	30.10.2006
Com. Reg. No.:	884871909
Legal Form :	Private (Sole-Trader) Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones

RATING & COMMENTS

MIRA’s Rating :

Ba

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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Belgium	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Summary

Company Details
Company Number	884871909
Name	TIME STAR EVBA
Address	62, PELIKAANSTRAAT, ANTWERPEN
Post Code	2018
Telephone Number	032310404
Fax Number	032252234
Establishment Date	30-10-2006
Company Status	ACTIVE
Company Type	Private (sole-trader) limited liability comp.
Number of Employees	0
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)
Latest Branch Details
Street	HOVENIERSSTRAAT
House Number	2
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	0
Trade Registered Entry Date	01-01-2007
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	352
Event Description	Appointment
Industry Comparison
Industry Average Credit Limit (€)	104,728
Payment Expectations
Payment Expectations
Payment Expectation Days
Day Sales Outstanding
Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	121.90
Industry Average Payment Expectation Days	132.11
Industry Quartile Analysis
Payment Expectations - Lower	39.38
Payment Expectations - Median	83.46
Payment Expectations - Upper	159.39
Day Sales Outstanding - Lower	30.95
Day Sales Outstanding - Median	72.23
Day Sales Outstanding - Upper	156.50
Company Shareholder Holding

Company Accounts

Period
Accounts End Date	31-12-2009	31-12-2008	31-12-2007
Currency	EUR	EUR	EUR
Weeks	52	52	52
Profit & Loss
Turnover	-	-	-
Total Operating Expenses	-	-	-
Operating Result	18,505	289,171	-60,286
Total Financial Income	19,356	36	96,431
Total Financial Expenses	6,351	266,333	5,001
Results on Ordinary Operations Before Tax	31,510	22,874	31,144
Taxation	8,744	8,000	7,500
Results on Ordinary Operations After Tax	22,766	14,874	23,644
Extraordinary Items	0	0	0
Net Result	22,766	14,874	23,644
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	0	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	-	-	-
Amortization & Depreciation	4,370	4,330	992
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	12,604	16,776	4,412
- Land And Buildings	0	0	0
- Plant And Machinery	2,313	3,174	3,609
- Other Tangible Assets	10,291	13,602	803
Financial Fixed Assets	967	967	0
Total Fixed Assets	13,571	17,743	4,412
Inventories	596,286	640,666	1,087,908
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	596,286	640,666	1,087,908
Trade Debtors	3,152,167	2,265,684	2,696,026
Cash	219,169	134,945	102,854
- Miscellaneous Current Assets	0	0	0
Total Current Assets	3,968,197	3,046,864	3,888,958
Current Liabilities
- Trade Creditors	3,712,825	2,791,936	3,656,378
- Short Term Group Loans	0	0	0
- Other Short Term Loans	0	26,111	0
- Miscellaneous Current Liabilities	145,659	146,042	150,749
Total Current Liabilities	3,858,484	2,964,089	3,807,127
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	0	0	0
- Other Long Term Liabilities	0	0	599
Total Long Term Debts	0	0	599
Shareholders Equity
- Issued Share Capital	62,000	62,000	62,000
- Share Premium Account	0	0	0
- Reserves	61,284	38,518	23,644
- Revaluation Reserve	0	0	0
Total Shareholders Equity	123,284	100,518	85,644
Working Capital	109,713	82,775	81,831
Net Worth	123,284	100,518	85,644
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	25.56	22.76	36.11
Return On Total Assets Employed	0.79	0.75	0.80
Return On Net Assets Employed	28.72	27.63	38.06
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.03	1.03	1.02
Liquidity Ratio / Acid Ratio	0.87	0.81	0.74
Current Debt Ratio	31.30	29.49	44.45
Long Term Stability
Gearing	0	25.98	0
Equity In Percentage	0.03	0.03	0.02
Total Debt Ratio	0	0.26	0

Company Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--
NSSO Details
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--
Directors
Company Director
Full Name	PARAS JAYANTILAL SHAH
Birth Date
Position Description	Manager
Address	47 DENNENLAAN WILRIJK (ANTW.)
Country	--
Postal Code	2610
Birth Date
Company Director
Full Name	HARSHIL CHETAN MANIYAR
Birth Date
Position Description	Manager
Address	0
Country	--
Postal Code	0
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.10
UK Pound	1	Rs.74.27
Euro	1	Rs.64.35

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

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.