MIRA INFORM REPORT

Report Date :

26.07.2011

IDENTIFICATION DETAILS

Name :	SHAYONA BVBA
Registered Office :	170, Belgielei, Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	26.04.1982
Com. Reg. No.:	422692940
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Belgium	a1	a1

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	422692940
Name	SHAYONA BVBA
Address	170, BELGIELEI, ANTWERPEN
Post Code
Telephone Number	032337240
Fax Number	032318653
Establishment Date	26-04-1982
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	2
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	27131
Event Description	Transfer of registered office
Limit
Credit Information
Purchase Limit (€)
Industry Comparison
Industry Average Credit Limit (€)	160,573
Payment Expectations
Payment Expectations
Payment Expectation Days	3323.25
Day Sales Outstanding	1197.46
Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	124.66
Industry Average Payment Expectation Days	137
Industry Quartile Analysis
Payment Expectations - Lower	41.25
Payment Expectations - Median	90.32
Payment Expectations - Upper	162.53
Day Sales Outstanding - Lower	31.52
Day Sales Outstanding - Median	75.21
Day Sales Outstanding - Upper	158.58
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	450,772	949,504	13,918
Total Operating Expenses	461,175	1,135,201	16,356
Operating Result	-10,403	-185,697	-2,438
Total Financial Income	1	14,560	2
Total Financial Expenses	174	46,665	147,355
Results on Ordinary Operations Before Tax	-10,576	-217,802	-149,791
Taxation	-	-	-307
Results on Ordinary Operations After Tax	-10,576	-217,802	-149,484
Extraordinary Items	0	119,501	112,830
Net Result	-10,576	-98,301	-36,654
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	0	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	-	-	-
Amortization & Depreciation	-	-	1,435
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	0	0	27,500
- Land And Buildings	0	0	27,500
- Plant And Machinery	0	0	0
- Other Tangible Assets	0	0	0
Financial Fixed Assets	3,583	3,583	3,583
Total Fixed Assets	3,583	3,583	31,083
Inventories	2,999,967	2,242,658	3,355,675
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	2,999,967	2,242,658	3,355,675
Trade Debtors	1,478,857	1,047,673	1,047,673
Cash	24,152	3,993	295,254
- Miscellaneous Current Assets	0	0	0
Total Current Assets	4,544,784	3,335,708	4,707,064
Current Liabilities
- Trade Creditors	4,198,908	3,010,361	3,005,416
- Short Term Group Loans	0	0	0
- Other Short Term Loans	194,033	195,604	1,473,142
- Miscellaneous Current Liabilities	253,875	206,642	234,651
Total Current Liabilities	4,646,816	3,412,607	4,713,209
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	0	0	0
- Other Long Term Liabilities	697	15,254	15,207
Total Long Term Debts	697	15,254	15,207
Shareholders Equity
- Issued Share Capital	18,592	18,592	18,592
- Share Premium Account	0	0	0
- Reserves	-117,738	-107,162	-8,861
- Revaluation Reserve	0	0	0
Total Shareholders Equity	-99,146	-88,570	9,731
Working Capital	-102,032	-76,899	-6,145
Net Worth	-99,146	-88,570	9,731
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-2.35	-22.94	-1076.24
Return On Capital Employed	10.74	297.07	-600.65
Return On Total Assets Employed	-0.23	-6.52	-3.16
Return On Net Assets Employed	10.37	283.23	2437.61
Sales / Net Working Capital	-4.42	-12.35	-2.26
Operating Efficiency
Stock Turnover Ratio	665.52	236.19	24110.32
Debtor Days	1197.46	402.74	27475.26
Creditor Days	3323.25	967.92	67068.77
Short Term Stability
Current Ratio	0.98	0.98	1
Liquidity Ratio / Acid Ratio	0.33	0.32	0.29
Current Debt Ratio	-46.87	-38.53	484.35
Long Term Stability
Gearing	-195.70	-220.85	15138.65
Equity In Percentage	-0.02	-0.03	0
Total Debt Ratio	-1.96	-2.21	151.39

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	SHAMJI BHAI PATEL
Birth Date
Position Description	Manager
Address	170 BELGIELEI ANTWERPEN
Country	--
Postal Code	2018
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.42
UK Pound	1	Rs.74.49
Euro	1	Rs.63.87

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.