MIRA INFORM REPORT

Report Date :

10.08.2011

IDENTIFICATION DETAILS

Name :	SHIVANI EUROPE BVBA

Registered Office :	Schupstraat 1 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	12.08.2008

Com. Reg. No.:	899850291

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	53.000 (€)
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	----

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

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

Company symmary

Business number	899850291	Company name	SHIVANI EUROPE BVBA
Address	SCHUPSTRAAT 1 ANTWERPEN	Telephone number	032338791
Post code	2018	Fax number	-
Date of establishment	12/08/2008	Number of staff	-

Credit information

Credit Limit (€)	53.000
Purchase Limit	0
Company status	active

Holding company

Safe Number	Company name		Company Number	View linked companies from outside this company's group structure
-	-		-	No linked companies have been found.

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	4,056,685	10,622	29,058
31/12/2009	2,530,552	937	20,937

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	109.79
Industry average payment expectation days	217.67	Industry average day sales outstanding	155.44
Day sales outstanding	63.71

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Court data summary

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

Business number	899850291	Company name	SHIVANI EUROPE BVBA
Fax number	-	Date founded	12/08/2008
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0899.850.291
Belgian Bullettin of Acts Publications	moniteur belge

Latest branch details

Street	-	Entry date	-
House or po box number	-	Trade register number	-
City	-
Post code	-

Contractor detailsCheck Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%		Industry average	%
Weeks	52		52		-
Currency	EUR		EUR		-
Turnover	4,056,685	60.31	2,530,552	-	-	-	-
Total operating expenses	4,039,326	60.08	2,523,396	-	-	-	-
Operating result	17,358	142	7,157	-	-	-	-
Total financial income	128	692	16	-	-	-	-
Total financial expenses	6,865	10.08	6,236	-	-	-	-
Results on ordinary operations before taxation	10,622	1034	937	-	-	-	-
Taxation	2,500	-	-	-	-	-	-
Results on ordinary operations after taxation	8,122	767	937	-	-	-	-
Extraordinary items	0	-	0	-	-	-	-
Other appropriations	0.00	-	0.00	-	-	-	-
Net result	8,122	767	937	-	-	-	-
OTHER INFORMATION
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	-	-	-
Amortization and depreciation	1,435	-39.32	2,365	-	-	-	-

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%		Industry average	%
Weeks	52		52		-
Currency	EUR		EUR		-
Intangible fixed assets	0	-	0	-	-	-	-
Tangible fixed assets	1,435	-50.0	2,870	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-
Other tangible assets	1,435	-50.0	2,870	-	-	-	-
Financial fixed assets	-	-	-	-	-	-	-
Total fixed assets	1,435	-50.0	2,870	-	-	-	-
Inventories	1,192,253	4.59	1,139,936	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	0	-	0	-	-	-	-
Other stocks	1,192,253	4.59	1,139,936	-	-	-	-
Trade debtors	708,128	-8.00	769,738	-	-	-	-
Cash	199,278	347	44,579	-	-	-	-
other amounts receivable	9,381	-13.35	10,827	-	-	-	-
Miscellaneous current assets	0	-	0	-	-	-	-
Total current assets	2,109,040	7.33	1,965,080	-	-	-	-
CURRENT LIABILITIES
Trade creditors	1,215,038	1.96	1,191,649	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	619,668	5.02	590,032	-	-	-	-
Miscellaneous current liabilities	246,711	49.22	165,333	-	-	-	- -
Total current liabilities	2,081,417	6.90	1,947,014	-	-	-	-
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	-	-	-
Total long term debts	0	-	0	-	-	-	-
SHAREHOLDERS EQUITY
Issued share capital	20,000	0	20,000	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	9,058	867	937	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	29,058	38.79	20,937	-	-	-	-
Working capital	27,623	52.90	18,067	-	-	-	-
Net worth	29,058	38.79	20,937	-	-	-	-

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)		Industry average	%
TRADING PERFORMANCE
Profit Before Tax	0.26	550	0.04	-	-	-	-
Return on capital employed	36.55	717	4.47	-	-	-	-
Return on total assets employed	0.50	900	0.05	-	-	-	-
Return on net assets employed	36.55	717	4.47	-	-	-	-
Sales / net working capital	146.86	4.85	140.07	-	-	-	-
Stock turnover ratio	29.39	-34.76	45.05	-	-	-	-
Debtor days	63.71	-42.61	111.02	-	-	-	-
Creditor days	109.79	-36.31	172.37	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.01	0	1.01	-	-	-	-
Liquidity ratio / acid ratio	0.44	4.76	0.42	-	-	-	-
Current debt ratio	71.63	-22.98	93	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	2132.50	-24.33	2818.19	-	-	-	-
Equity in percentage	1.38	30.19	1.06	-	-	-	-
Total debt ratio	71.63	-22.98	93	-	-	-	-

Rating History

no rating history data found

Limit History

no limit history data found

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	109.79
Day sales outstanding	63.71

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	217.67
Industry average day sales outstanding	155.44

Industry quartile analysis

Payment expectations
Company result	109.79
Lower	152.94
Median	94.43
Upper	51.73

Day sales outstanding
Company result	63.71
Lower	129.55
Median	68.20
Upper	29.93

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Summary

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

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

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Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	899850291
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details


There is no bankruptcy data against this company

Court Data

there is no data for this company

Current director details

Name	HIMANSHU BABULAL MEHTA
Position	Principal Manager
Street	45 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	HIMANSHU BABULAL MEHTA
Position	Non Statutory Partner
Street	45 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.17
UK Pound	1	Rs.73.72
Euro	1	Rs.64.26

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.

Company symmary

Credit information

Holding company

Accounts & ratios

Profit & loss

balance sheet

ratio analysis

Summary

Holding company

Subsidiaries

Companies that match this address

Court Data

Current director details

Unit