MIRA INFORM REPORT

Report Date :

22.02.2011

IDENTIFICATION DETAILS

Name :	SHUBH JEWELS BVBA

Registered Office :	62, Pelikaanstraat, Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	06.04.2006

Com. Reg. No.:	880934697

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesaler 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

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, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Belgium

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	880934697
Name	SHUBH JEWELS BVBA
Address	62, PELIKAANSTRAAT, ANTWERPEN
Telephone Number	032323299
Fax Number	032209480
Establishment Date	06-04-2006
Company Status	ACTIVE
Company Type	Private limited liability company
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	--
House Number
City	--
Postal Code
Trade Registered Number
Trade Registered Entry Date	--
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	20878
Event Description	Appointment
Industry Comparison
Industry Average Credit Limit (€)	125,316
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	123.77
Industry Average Payment Expectation Days	134.05
Industry Quartile Analysis
Payment Expectations - Lower	40.44
Payment Expectations - Median	88.67
Payment Expectations - Upper	161.36

Day Sales Outstanding - Lower	31.05
Day Sales Outstanding - Median	73.85
Day Sales Outstanding - Upper	156.45
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	-11,645	7,459	23,295
Total Financial Income	130,035	112	2,557
Total Financial Expenses	111,174	1,582	2,311
Results on Ordinary Operations Before Tax	7,216	5,990	23,541
Taxation	116	1,174	8,330
Results on Ordinary Operations After Tax	7,100	4,816	15,211
Extraordinary Items	0	0	0
Net Result	7,100	4,816	15,211
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	133	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	133	-	-
Amortization & Depreciation	625	562	524
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	748	1,098	1,165
- Land And Buildings	0	0	0
- Plant And Machinery	509	709	626
- Other Tangible Assets	239	389	539
Financial Fixed Assets	1,316	1,316	1,316
Total Fixed Assets	2,064	2,414	2,481
Inventories	284,738	312,690	564,043
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	284,738	312,690	564,043
Trade Debtors	377,469	198,296	317,056
Cash	134,104	153,473	187,654
- Miscellaneous Current Assets	1,406	2,067	2,487
Total Current Assets	801,255	672,946	1,075,262
Current Liabilities
- Trade Creditors	347,042	193,943	421,833
- Short Term Group Loans	0	0	0
- Other Short Term Loans	0	0	0
- Miscellaneous Current Liabilities	407,945	439,804	619,494
Total Current Liabilities	754,987	633,747	1,041,327
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	0	0	0
- Other Long Term Liabilities	0	381	0
Total Long Term Debts	0	381	0
Shareholders Equity
- Issued Share Capital	18,600	18,600	18,600
- Share Premium Account	0	0	0
- Reserves	29,731	22,632	17,816
- Revaluation Reserve	0	0	0
Total Shareholders Equity	48,331	41,232	36,416

Working Capital	46,268	39,199	33,935
Net Worth	48,331	41,232	36,416
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	14.93	14.39	64.64
Return On Total Assets Employed	0.90	0.89	2.18
Return On Net Assets Employed	15.60	15.28	69.37
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.06	1.06	1.03
Liquidity Ratio / Acid Ratio	0.68	0.57	0.49
Current Debt Ratio	15.62	15.37	28.60
Long Term Stability
Gearing	0	0	0
Equity In Percentage	0.06	0.06	0.03
Total Debt Ratio	0	0	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	TANVEER SURESHCHANDR SADHANI
Birth Date
Position Description	Manager
Address	8 KORTE HERENTALSESTRAAT ANTWERPEN
Country	--
Postal Code	2018
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.11
UK Pound	1	Rs.73.25
Euro	1	Rs.61.70

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.

Company Summary

Company Accounts

Company Court Data

Unit