MIRA INFORM REPORT

Report No. :	316949
Report Date :	13.04.2015

IDENTIFICATION DETAILS

Name :	ZURI STAR BVBA

Registered Office :	Hoveniersstraat 2-Bus 119, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	14.10.2011

Com. Reg. No.:	840333665

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 :

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

Status :	Moderate

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Belgium

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

Company Summary

Business number	840333665
Branche Unit Number	2203274529
Company name	ZURI STAR BVBA
Address	HOVENIERSSTRAAT 2-BUS 119, 2018 ANTWERPEN
Number of staff	0
Date of establishment	14/10/2011
Telephone number	033344020
Fax number	032514070

Commentary

No employees are recorded for this business.

The business has been at the address for over 3 months.

The business has been at the address for less than 6 months.

The business has changed address 1 times in the last year.

Net Worth increased by 292% during the latest trading period.

A 21% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 1096% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		110,682	100,552	78,371
31/12/2012	3,828,231	9,248	25,628	2,049
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	5,113,237	0	18,600	81,653
31/12/2012	4,203,216	0	18,600	9,548

Payment expectations

Past payments

Payment expectation days

Industry average payment

expectation days

126.57

Industry average day

sales outstanding

185.54

Day sales outstanding

Court data summary

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

Company Accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012
Weeks	52		63
Currency	EUR		EUR
Total fixed assets	22,182	-5.93	23,579
Intangible fixed assets	0	-	0
Tangible fixed assets	21,872	-6.00	23,269
Land & building	-	-	-
Plant & machinery	2,206	40.71	1,568
Furniture & Vehicles	19,666	-9.38	21,702
Leasing & Other Similar Rights	-	-	-
Other tangible assets	0	-	0
Financial fixed assets	310	0	310
Total current assets	5,091,055	21.81	4,179,637
Inventories	2,447,526	-1.52	2,485,239
Raw materials & consumables	-	-	-
Work in progress	0	-	0
Finished goods	0	-	0
Other stocks	2,447,526	-1.52	2,485,239
Trade debtors	2,605,905	54.67	1,684,800
Other amounts receivable	30,430	726	3,682
Cash	5,526	17.42	4,706
Miscellaneous current assets	1,668	37.83	1,210
Total Assets	5,113,237	21.65	4,203,216

Liabilities

Total shareholders equity	100,552	292	25,628
Issued share capital	18,600	0	18,600
Share premium account	-	-	-
Revaluation reserve	-	-	-
Reserves	81,952	1066	7,028
Provisions for Liabilities & Charges	0	-	0
Deffered taxes	-	-	-
Creditors	5,012,685	19.99	4,177,589
Other long term loans	-	-	-
Long term group loans	-	-	-
Other long term liabilities	0	-	0
Total long term debts	0	-	0
Current portion of long term debt	-	-	-
Financial debts	121	-	-
Trade creditors	2,614,748	53.55	1,702,877
Amounts Payable for Taxes, Remuneration & Social Security	37,132	909	3,677
Miscellaneous current liabilities	2,360,683	-4.47	2,471,035
Total current liabilities	5,012,685	19.99	4,177,589
Total Liabilities	5,113,237	21.65	4,203,216

Ratio Analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	0.24
Return on capital employed	110.07	204	36.09
Return on total assets employed	2.16	881	0.22
Return on net assets employed	110.07	204	36.09
Sales / net working capital	-	-	1,868.62
Stock turnover ratio	-	-	64.92
Creditor days	-	-	161.16
Debtor days	-	-	160.64
SHORT TERM STABILITY
Current ratio	1.02	2.00	1.00
Liquidity ratio / acid ratio	0.53	29.27	0.41
Current debt ratio	49.85	-69.42	163.01
Liquidity ratio reprocessed	-	-	-
Cashflow	81,653	755	9,548
Net worth	100,552	292	25,628
LONG TERM STABILITY
Gearing	0.12	-	-
Equity in percentage	1.97	222	0.61
Total debt ratio	49.85	-69.42	163.01
Working capital	78,371	3725	2,049

Profit & loss

Operating Income	-	-	-
Turnover	-	-	3,828,231
Total operating expenses	-	-	3,856,753
Gross Operating Margin	3,920	16.12	-24,312
Operating Charges	-	-	-
Employee costs	-	-	-
Wages and salary	-	-	-
Employee pension costs	-	-	-
Social security contributions	-	-	-
Other employee costs	0	-	0
Director remuneration	-	-	-
Amortization and depreciation	6,728	166	2,520
Operating result	-4,035	14.15	-28,522
Total financial income	314,139	221	97,728
Total financial expenses	199,423	232	59,957
Results on ordinary operations before taxation	110,682	1096	9,248
Extraordinary Income	-	-	-
Extraordinary Charges	-	-	-
Extraordinary items	0	-	0
Results for the Year Before Taxation	110,682	1096	9,248
Other appropriations	-	-	-
Taxation	35,757	1510	2,220
Results on ordinary operations after taxation	74,925	966	7,028
Net result	74,925	966	7,028
Profit (Loss) for the Year to be appropriated	74,925	966	7,028
Dividends	-	-	-

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

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	-
Day sales outstanding	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	126.57
Industry average day sales outstanding	185.54

INDUSTRY QUARTILE ANALYSIS

Payment expectations

Company result	-
Lower	120.34
Median	74.63
Upper	46.13

Day sales outstanding
Company result	-
Lower	102.27
Median	53.69
Upper	24.18

Shareholders 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

Individual Shareholders

SHAREHOLDER NAME

Forename	Bhavesh	Middle name	-
Surname	Sonani
SHAREHOLDER DETAILS
Start date	21/05/2014	End date	-
Percentage owned	100%
SHAREHOLDER ADDRESS
Street name	Lange Herentalsestraat	House number	120
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

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

Name	BHAVESH BALVANTBHAI SONANI
Position	Principal Manager
Start Date	01/10/2012
Street	120 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Former Director Details

Name	DIMPAL SONANI
Position	Principal Manager
Start Date	05/08/2014
End Date	Unknown date
Street	120 LANGE HERENTALSESTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	KETAN MAVJIBHAI SAVANI
Position	Principal Manager
Start Date	04/10/2011
End Date	31/12/2013
Street	3 JACOB JACOBSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	CHIRAG ASHOK ASHAR
Position	Principal Manager
Start Date	15/03/2012
End Date	31/12/2013
Street	191 PRINS BOUDEWIJNLAAN ANTWERPEN
Post code	2610
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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIT

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%)

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.

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)
Significant Events
Event Date	21/05/2014
Event Description
Event Details	De 7.050 nieuwe aandelen worden toegekend aan: Sonani Bhavesh.

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Company Accounts

Industry comparison

Payment Information

Shareholders details

Linked Companies

Director details

Unit