MIRA INFORM REPORT

Report Date :

05.05.2011

IDENTIFICATION DETAILS

Correct Name :	SHOUR DIAMONDS NV

Registered Office :	Schupstraat 1 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	22.10.2004

Com. Reg. No.:	869631922

Legal Form :	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

Status :	Moderate
Payment Behaviour :	No Complaints
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, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Belgium

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

REGISTERED NAME & COMPANY SUMMARY

Company Summary
Business Name	SHOUR DIAMONDS NV
Business Number	869631922
Address	SCHUPSTRAAT 1 ANTWERPEN
Post Code	2018
Telephone	032317065
Fax Number	032317065
Date of Establishment	22/10/2004
Number of Employees	0
Date of Deposit at Registry		13/08/2010
Date of Last Accounts		31/12/2009

DIRECTORS/MANAGEMENT

Company Director
Full Name	BEHJAIT SHOUR
Position	Managing director
Address	6 MARIA-THERESIALEI ANTWERPEN
Postal Code	2018
Country	--
Company Director
Full Name	MOHAMED BEHJAIT SHOUR
Position	Director
Address	6 MARIA-THERESIALEI ANTWERPEN
Postal Code	2018
Country	--

Company Director
Full Name	SHAWKE SHOUR
Position	Director
Address	4 LIGHT FOOT BOSTON STREET FREETOWN
Postal Code	0
Country	Sierra Leone

Company Director
Full Name	RIAD SHOUR
Position	Director
Address	4 LIGHT FOOT BOSTON STREET FREETOWN
Postal Code	0
Country	Sierra Leone

NEGATIVE INFORMATION

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//

Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--

NSSO Details
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data

There is no bankruptcy data against this company.

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No holding companies for this company.

No subsidiaries for this company.

PAYMENT INFORMATION

Past Payments
Payment Expectation Days
Days Sales Outstanding
Industry Average Payment Expectation Days	137
Industry Average Day Sales Outstanding	124.66

Payment Expectations

Payment Expectations
Payment Expectation Days
Day Sales Outstanding

Payment Expectation Days
Payment Expectations - Lower	41.25
Payment Expectations - Median	90.32
Payment Expectations - Upper	162.53
Day Sales Outstanding
Day Sales Outstanding - Lower	31.52
Day Sales Outstanding - Median	75.21
Day Sales Outstanding - Upper	158.58

GROUP STRUCTURE & AFFILIATED COMPANIES

Shareholders

No holding companies for this company.

No subsidaries for this company.

FINANCIAL INFORMATION

Turnover														-
Results of Ordinary Operations Before Tax														16,648
Networth														157,245
Period
Accounts End Date	31/12/2009				%				31/12/2008				%						31/12/2007
Weeks	52				-				52				-						52
Currency	EUR				-				EUR				-						EUR
Profit & Loss
Turnover			-				-					-				-			-
Total Operating Expenses			-				-					-				-			-
Operating Result			16,138				-92.0%					202,559				447.8%			-58,243
Total Financial Income			34,738				3,473,700.0%					1				-100.0%			100,235
Total Financial Expenses			30,228				-83.6%					184,421				5,341.8%			3,389
Results on Ordinary Operations Before Tax			20,648				13.8%					18,139				-53.0%			38,603
Taxation			4,000				-40.5%					6,728				11.0%			6,061
Results on Ordinary Operations After Tax			16,648				45.9%					11,411				-64.9%			32,542
Extraordinary Items			0				-					0				-			0
Net Result			16,647				45.9%					11,411				-64.9%			32,542
Other Information
Dividends			-				-					-				-			-
Director Remuneration			-				-					-				-			-
Employee Costs			0				100.0%					-1,036				-			0
- Wages & Salaries			-				-					-				-			-
- Social Security Contributions			-				-					-				-			-
- Other Employee Costs			-				-					-1,036				-			-
Amortization & Depreciation			10,662				-26.4%					14,494				27.7%			11,352
Balance Sheet
Accounts End Date		31/12/2009				%				31/12/2008			%				31/12/2007
Weeks		52				-				52			-				52
Intangible Fixed Assets		0				-				0			-				0
Tangible Fixed Assets		114,574				-8.0%				124,493			-3.3%				128,681
- Land And Buildings		103,533				-2.7%				106,355			-2.6%				109,178
- Plant And Machinery		8,026				-26.5%				10,918			-16.3%				13,047
- Other Tangible Assets		3,015				-58.2%				7,220			11.8%				6,456
Financial Fixed Assets		0				-				0			-				0
Total Fixed Assets		114,574				-8.0%				124,493			-3.3%				128,681
Inventories
- Raw Materials & Consumables		0				-				0			-				0
- Work in Progress		0				-				0			-				0
- Finished Goods		0				-				0			-				0
- Other Stocks		1,795,446				-7.3%				1,936,721			85.4%				1,044,791
Trade Debtors		10,203				-				0			-100.0%				4,149
Cash		63,618				392.3%				12,923			-74.9%				51,396
- Miscellaneous Current Assets		0				-100.0%				15,260			-				0
Total Current Assets		1,891,582				-4.7%				1,984,047			78.5%				1,111,242

- Trade Creditors		1,648,596				-5.8%				1,750,500			95.7%				894,637
- Short Term Group Loans		0				-				0			-				0
- Other Short Term Loans		17,221				2.7%				16,767			93.1%				8,681
- Miscellaneous Current Liabilities		102,236				-1.0%				103,304			-4.0%				107,587
Total Current Liabilities		1,768,053				-5.5%				1,870,571			85.0%				1,010,905

- Long Term Group Loans		0				-				0			-				0
- Other Long Term Loans		80,858				-17.0%				97,371			-2.5%				99,831
- Other Long Term Liabilities		0				-				0			-				0
Total Long Term Debts		80,858				-17.0%				97,371			-2.5%				99,831

- Issued Share Capital		62,000				0.0%				62,000			0.0%				62,000
- Share Premium Account		0				-				0			-				0
- Reserves		95,245				21.2%				78,598			17.0%				67,187
- Revaluation Reserve		0				-				0			-				0
Total Shareholders Equity		157,245				11.8%				140,598			8.8%				129,187

Working Capital		123,529				8.9%				113,476			13.1%				100,337
Net Worth		157,245				11.8%				140,598			8.8%				129,187
Ratio Analysis
Trading Performance
Pre-tax Profit Margin				-				-			-				-			-
Return On Capital Employed				8.67				13.8%			7.62				-54.8%			16.86
Return On Total Assets Employed				1.03				19.8%			0.86				-72.3%			3.11
Return On Net Assets Employed				16.72				4.6%			15.98				-58.5%			38.47
Sales / Net Working Capital				-				-			-				-			-
Operating Efficiency
Stock Turnover Ratio				-				-			-				-			-
Debtor Days				-				-			-				-			-
Creditor Days				-				-			-				-			-
Short Term Stability
Current Ratio				1.07				0.9%			1.06				-3.6%			1.10
Liquidity Ratio / Acid Ratio				0.05				66.7%			0.03				-57.1%			0.07
Current Debt Ratio				11.24				-15.5%			13.30				69.9%			7.83
Long Term Stability
Gearing				62.37				-23.2%			81.18				-3.4%			84.00
Equity In Percentage				0.08				14.3%			0.07				-30.0%			0.10
Total Debt Ratio				0.62				-23.5%			0.81				-3.6%			0.84

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Latest Event
Serial Number	64056
Event Description	Change of articles of association

Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Limit (€)	160,643
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

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.59
UK Pound	1	Rs.73.42
Euro	1	Rs.66.04

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.

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	//

company details
Business Number	869631922
Name	SHOUR DIAMONDS NV
Fax Number	032317065
Establishment Date	22/10/2004
Company Status	ACTIVE
Company Type	Limited company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)