MIRA INFORM REPORT

Report No. :	307615
Report Date :	13.02.2015

IDENTIFICATION DETAILS

Name :	TIME STAR BVBA

Registered Office :	Pelikaanstraat 62 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

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 :

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 name and address

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

Commentary

The business was established over 7 years ago.

No employees are recorded for this business.

The business has been at the address for over 6 years.

A 43% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 69% compared to the previous trading period.

The business saw an increase in their Cash Balance of 24% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2013 104,280 16,706 13,610

31/12/2012 61,575 -87,573 -90,892

31/12/2011 66,097 212,235 204,849

Accounts

DATE OF LATEST ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2013 5,290,002 0 62,000 105,030

31/12/2012 3,690,751 0 62,000 -295,741

31/12/2011 3,945,605 0 62,000 53,639

Payment expectations

Past payments

Payment expectation days

Industry average payment 125.39 expectation days

Industry average day sales outstanding

143.75

Profit & loss

Annual accounts	31-12-2013	%	31-12-2012	%	' 31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	61,217,629	-
Total operating expenses	-	-	-	-	-	60,656,546	-
Operating result	28,238	-2.94	29,094	85.63	-33,976	175,767	-83.93
Total financial income	80,801	131	34,841	-66.55	104,149	61,879	30.58
Total financial expenses	4,759	101	2,360	-42.09	4,075	185,304	-97.43
Results on ordinary operations before taxation	104,280	69.35	61,575	-6.84	66,097	53,706	94.17
Taxation	-	-	-	-	17,135	23,544	-
Results on ordinary operations after taxation	104,280	69.35	61,575	25.76	48,961	36,697	184
Extraordinary items	0	0	-361,384	-	0	7,204	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	104,280	34.78	-299,809	-712	48,961	44,127	136
Gross Operating Margin	31,339	-10.76	35,117	129	-27,060	36,411	-13.93
Dividends	-	-	-	-	-	221,730	-
Director remuneration	-	-	-	-	-	128,969	-
Employee costs	-	-	-	-	-	147,671	-
Wages and salary	-	-	-	-	-	116,217	-
Employee pension costs	-	-	-	-	-	1,459	-
Annual accounts	31-12-2013	%	31-12-2012	%	' 31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	61,217,629	-
Total operating expenses	-	-	-	-	-	60,656,546	-
Operating result	28,238	-2.94	29,094	85.63	-33,976	175,767	-83.93
Total financial income	80,801	131	34,841	-66.55	104,149	61,879	30.58
Total financial expenses	4,759	101	2,360	-42.09	4,075	185,304	-97.43
Results on ordinary operations before taxation	104,280	69.35	61,575	-6.84	66,097	53,706	94.17
Taxation	-	-	-	-	17,135	23,544	-
Results on ordinary operations after taxation	104,280	69.35	61,575	25.76	48,961	36,697	184
Extraordinary items	0	0	-361,384	-	0	7,204	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	104,280	34.78	-299,809	-712	48,961	44,127	136
Gross Operating Margin	31,339	-10.76	35,117	129	-27,060	36,411	-13.93
Dividends	-	-	-	-	-	221,730	-
Director remuneration	-	-	-	-	-	128,969	-
Employee costs	-	-	-	-	-	147,671	-
Wages and salary	-	-	-	-	-	116,217	-
Employee pension costs	-	-	-	-	-	1,459	-

balance sheet

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,540	-100
Tangible fixed assets	2,129	-9.46	2,352	-63.36	6,419	198,193	-98.93
Land & building	-	-	-	-	-	395,520	-
Plant & machinery	1,861	-6.68	1,995	-27.49	2,751	28,625	-93.50
Furniture & Vehicles	268	-24.99	357	-90.26	3,669	15,434 4,223	-98.26
Leasing & Other Similar Rights	-	-	-	-	-	41,563 20,725
Other tangible assets	0	-	0	-	0	9,102	-100
Financial fixed assets	967	0	967	0	967	247,915	-99
Total fixed assets	3,096	-6.70	3,318	-55.07	7,386	356,103	-99
Inventories	1,871,634	256	525,601	159	202,386	3,139,189	-40.38
Raw materials & consumables	-	-	-	-	-	7,018,384	-
Work in progress	0	-	0	-	0	1,400	-100
Finished goods	0	-	0	-	0	2,100,276	-100
Other stocks	1,871,634	256	525,601	159	202,386	444,782	320
Trade debtors	2,940,660	6.11	2,771,450	-20.43	3,483,134	4,165,782	-29.41
Cash	472,403	24.88	378,295	51.36	249,931	569,451,485	-99
other amounts receivable	797	-92.66	10,867	712	1,337	211,311	-99
Miscellaneous current assets	1,411	15.69	1,220	-14.80	1,432	-560,142,592	0.00
Total current assets	5,286,906	43.38	3,687,433	-6.37	3,938,219	7,204,123	-26.61
Total Assets	5,290,002	43.33	3,690,751	-6.46	3,945,605	7,520,084 1,174,471	-29.66

CURRENT LIABILITIES
	Trade creditors	4,583,728	49.16	3,072,928	2.12	3,009,265	2,942,333	55.79
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	-	-	36	-	-	4,564,426 121,204	-
	Current portion of long term debt	-	-	-	-	-	84,620 14,135	-
	Amounts Payable for Taxes, Remuneration & Social Security	-	-	-	-	3,500	7,759 -	-
	Miscellaneous current liabilities	689,568	-2.24	705,360	-2.12	720,605	201	--
	Total current liabilities	5,273,296	39.57	3,778,325	1.20	3,733,370	5,144,357	2.51
	LONG TERM DEBTS AND LIABILITIES
	Long term group loans	-	-	-	-	-	-	--
	Other long term loans	-	-	-	-	-	-	--
	Deffered taxes	-	-	-	-	-	58,297 69,470	-
	Provisions for Liabilities & Charges	0	-	0	-	0	5,303 0	-100
	Other long term liabilities	0	-	0	-	0	239,187	-100
	Total long term debts	0	-	0	-	0	664,109	-100
SHAREHOLDERS EQUITY
	Issued share capital	62,000	0	62,000	0	62,000	1,033,828	-94.00
	Share premium account	-	-	-	-	-	86,926	-
	Reserves	-45,294	30.28	-149,573	-199	150,235	644,445	-107
	Revaluation reserve	-	-	-	-	-	907,399	-
	Total shareholders equity	16,706	19.08	-87,573	-141	212,235	1,701,631	-99
	Working capital	13,610	14.97	-90,892	-144	204,849	2,059,766	-99
	Cashflow	105,030	35.51	-295,741	-651	53,639	58,572	79.32
	Net worth	16,706	19.08	-87,573	-141	212,235	1,700,090	-99

ratio analysis
	Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
	Profit Before Tax	-	-	-	-	-	-8,00	-
	Return on capital employed	624.19	887	-70.31	-325	31.14	-14,00	4458
	Return on total assets employed	1.97	17.96	1.67	-0.60	1.68	-5,00	39.40
	Return on net assets employed	624.19	887	-70.31	-325	31.14	-15,00	4161
	Sales / net working capital	-	-	-	-	-	169,00	-
	Stock turnover ratio	-	-	-	-	-	50,00	-
	Debtor days	-	-	-	-	-	143,75	-
	Creditor days	-	-	-	-	-	125,39	-
SHORT TERM STABILITY
	Current ratio	1	2.04	0.98	-6.67	1.05	4,00	-93.33
	Liquidity ratio / acid ratio	0.65	-22.62	0.84	-16.00	1	3,00	-78.33
	Current debt ratio	315.65	731	-43.14	-345	17.59	15,00	2004
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
	Gearing	-	-	-0.04	-	-	251,00	-
	Equity in percentage	0.32	13.50	-2.37	-144	5.38	-258,00	0.12
	Total debt ratio	315.65	731	-43.14	-345	17.59	16,00	1872

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Industry quartile analysis

Payment expectations

Company result -

Lower 125.63

Median 77.57

Upper 48.73

Day sales outstanding

Company result -

Lower 105.23

Median 54.34

Upper 25.06

Shareholder Details

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 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

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 PARAS JAYANTILAL SHAH

Position Principal Manager

Start Date 16/08/2010

Street 123 BELGIËLEI ANTWERPEN

Post code 2018

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.62.43
UK Pound	1	Rs.95.01
Euro	1	Rs.70.63

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ASH

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.

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	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0884.871.909 Check
Belgian Bullettin of Acts	moniteur beige
Publications

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.

MIRA INFORM REPORT

Company name and address

Commentary

Accounts

Accounts

Payment expectations

Company information

Significant Events

Profit & loss

balance sheet

ratio analysis

Industry quartile analysis

Day sales outstanding

Shareholder Details

Individual Shareholders

Director details

Unit