MIRA INFORM REPORT

Report Date :

08.01.2013

IDENTIFICATION DETAILS

Name :	TIME STAR BVBA
Registered Office :	Pelikaanstraat 62 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	30.10.2006
Com. Reg. No.:	884871909
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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 volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Business number	884871909	Company name	TIME STAR BVBA
		Telephone number	032323361
Address	PELIKAANSTRAAT 62 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	0
Date of establishment	30/10/2006

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		66,097	212,235
31/12/2010		57,450	163,273
31/12/2009		31,510	123,284

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	3,945,605	967	62,000	249,931	0
31/12/2010	4,216,393	967	62,000	454,532	0
31/12/2009	3,981,768	967	62,000	219,169	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	177.37	Industry average day sales outstanding	110.45
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	884871909	Company name	TIME STAR BVBA
Fax number	-	Date founded	30/10/2006
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0884.871.909
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	18/06/2012
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 14-07-2010: De benoeming van Maniyar Harshil werd bevestigd als zaakvoerder.

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	57,226,257	-
Total operating expenses	-	-	-	-	-	56,506,296	-
Operating result	-33,976	-138	87,448	372	18,505	268,938	-112
Total financial income	104,149	-	-	-	19,356	170,538	-38.93
Total financial expenses	4,075	-86.41	29,998	372	6,351	328,869	-98.76
Results on ordinary operations before taxation	66,097	15.05	57,450	82.32	31,510	93,182	-29.07
Taxation	17,135	16.69	14,685	67.94	8,744	39,042	-56.11
Results on ordinary operations after taxation	48,961	14.49	42,765	87.85	22,766	66,985	-26.91
Extraordinary items	0	0	-2,776	-	0	7,239	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	48,961	22.44	39,989	75.65	22,766	74,140	-33.96
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	124,228	-
Employee costs	-	-	-	-	-	155,143	-
Wages and salary	-	-	-	-	-	131,259	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	32,367	-
Other employee costs	0	-	0	-	0	4,362	-100
Amortization and depreciation	4,678	3.81	4,506	3.11	4,370	21,200	-77.94

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,824	-100
Tangible fixed assets	6,419	-26.89	8,780	-30.34	12,604	204,619	-96.86
Land & building	-	-	-	-	-	374,278	-
Plant & machinery	2,751	52.81	1,800	-22.18	2,313	27,404	-89.96
Other tangible assets	3,669	-47.44	6,980	-32.17	10,291	30,990	-88.16
Financial fixed assets	967	-0.02	967	0	967	303,187	-99
Total fixed assets	7,386	-24.22	9,747	-28.18	13,571	410,117	-98.20
Inventories	202,386	-2.28	207,116	-65.27	596,286	3,360,658	-93.98
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,324	-100
Finished goods	0	-	0	-	0	2,308,799	-100
Other stocks	202,386	-2.28	207,116	-65.27	596,286	464,502	-56.43
Trade debtors	3,483,134	-1.68	3,542,828	12.39	3,152,167	4,234,718	-17.75
Cash	249,931	-45.01	454,532	107	219,169	309,075	-19.14
other amounts receivable	1,337	-30.52	1,924	234	575	397,807	-99
Miscellaneous current assets	1,432	481	246	-	0	39,019	-96.33
Total current assets	3,938,219	-6.38	4,206,646	6.01	3,968,197	7,786,094	-49.42
current liabilities
Trade creditors	3,009,265	-10.31	3,355,056	-9.64	3,712,825	2,833,987	6.18
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	2,351,179	-100
Miscellaneous current liabilities	724,105	3.73	698,064	379	145,659	87.71	- -
Total current liabilities	3,733,370	-7.89	4,053,120	5.04	3,858,484	5,455,678	-31.57
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	277,461	-100
Total long term debts	0	-	0	-	0	875,974	-100
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	1,016,715	-93.90
Share premium account	-	-	-	-	-	173,859	-
Reserves	150,235	48.35	101,273	65.25	61,284	775,790	-80.63
Revaluation reserve	-	-	-	-	-	797,191	-
Total shareholders equity	212,235	29.99	163,273	32.44	123,284	1,817,179	-88.32
Working capital	204,849	33.43	153,526	39.93	109,713	2,330,415	-91.21
Net worth	212,235	29.99	163,273	32.44	123,284	1,815,355	-88.31

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-686,00	-
Return on capital employed	31.14	-11.51	35.19	37.68	25.56	-13,00	239
Return on total assets employed	1.68	23.53	1.36	72.15	0.79	-31,00	5.42
Return on net assets employed	31.14	-11.51	35.19	37.68	25.56	-20,00	155
Sales / net working capital	-	-	-	-	-	63,00	-
Stock turnover ratio	-	-	-	-	-	41,00	-
Debtor days	-	-	-	-	-	54.449,00	-
Creditor days	-	-	-	-	-	243,00	-
short term stability
Current ratio	1.05	0.96	1.04	0.97	1.03	4,00	-93.82
Liquidity ratio / acid ratio	1	1.01	0.99	13.79	0.87	3,00	-66.67
Current debt ratio	17.59	-29.13	24.82	-20.70	31.30	17,00	3.47
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	266,00	-
Equity in percentage	5.38	39.02	3.87	24.84	3.10	-1.018,00	0.53
Total debt ratio	17.59	-29.13	24.82	-20.70	31.30	18,00	-2.28

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	177.37
Industry average day sales outstanding	110.45

Industry quartile analysis

Payment expectations
Company result	-
Lower	126.91
Median	74.09
Upper	41.66
Day sales outstanding
Company result	-
Lower	111.91
Median	57.26
Upper	24.94

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Paras	Middle name	-
Surname	Shah
Shareholder Details
Start date	30/10/2006	End date	-
Percentage owned	100%
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	Stekene
Post code	-	Country	Belgium

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.97
UK Pound	1	Rs.88.10
Euro	1	Rs.71.66

INFORMATION DETAILS

Report Prepared by :

NLM

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%)