MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Name :	SHRENUJ NV
Registered Office :	62, Pelikaanstraat, Antwerpen
Country :	Belgium
Financials (as on) :	31.03.2010
Date of Incorporation :	23.09.2005
Com. Reg. No.:	876762313
Legal Form :	Limited Company
Line of Business :	Wholesaler 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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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	876762313
Name	SHRENUJ NV
Address	62, PELIKAANSTRAAT, ANTWERPEN
Post Code
Telephone Number	032316373
Fax Number	032323236
Establishment Date	23-09-2005
Company Status	ACTIVE
Company Type	Limited 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	160291
Event Description	Redistribution of shares
Industry Comparison
Industry Average Credit Limit (€)	NaN
Payment Expectations
Payment Expectations
Payment Expectation Days	109.36
Day Sales Outstanding	196.18
Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	124.12
Industry Average Payment Expectation Days	134.83
Industry Quartile Analysis
Payment Expectations - Lower	40.62
Payment Expectations - Median	89.28
Payment Expectations - Upper	161.64
Day Sales Outstanding - Lower	31.51
Day Sales Outstanding - Median	74.72
Day Sales Outstanding - Upper	156.03
Company Shareholder Holding
Shareholder Detail
Company Number	3881780
Company Name	SHRENUJ DMCC
Address	106 GOLD LAND BUILDING, PLOT 113-453, AL DAGHAYA, DIERA, DUBAI
Postal Code	0
Country
Share Percentage
Annual Accounts Date	--

Company Accounts

Period
Accounts End Date	31-03-2010	31-03-2009	31-03-2008
Currency	EUR	EUR	EUR
Weeks	52	52	52
Profit & Loss
Turnover	89,196,210	47,377,446	41,678,914
Total Operating Expenses	88,244,000	46,641,133	41,156,485
Operating Result	952,210	736,313	522,429
Total Financial Income	113	82	205
Total Financial Expenses	784,689	622,263	391,126
Results on Ordinary Operations Before Tax	167,634	114,132	131,508
Taxation	18,258	12,622	18,819
Results on Ordinary Operations After Tax	149,376	101,510	112,689
Extraordinary Items	0	3	0
Net Result	149,376	101,513	112,689
Other Information
Dividends	-	-	-
Director Remuneration	72,913	51,118	43,618
Employee Costs	63,866	66,613	25,030
- Wages & Salaries	49,132	57,152	21,052
- Employee Pension Costs	-	-	-
- Social Security Contributions	8,866	7,256	2,137
- Other Employee Costs	5,868	2,205	1,841
Amortization & Depreciation	21,499	12,935	12,413
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	137,691	57,220	67,551
- Land And Buildings	0	0	0
- Plant And Machinery	62,336	31,698	36,876
- Other Tangible Assets	75,355	25,522	30,675
Financial Fixed Assets	4,462	4,462	6,693
Total Fixed Assets	142,153	61,682	74,244
Inventories	7,027,303	3,615,327	4,259,669
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	7,027,303	3,615,327	4,259,669
Trade Debtors	47,941,145	27,406,717	16,319,943
Cash	482,546	22,102	15,871
- Miscellaneous Current Assets	61,692	10,656	25,726
Total Current Assets	55,533,346	31,063,891	20,628,779
Current Liabilities
- Trade Creditors	26,439,268	15,197,335	10,285,471
- Short Term Group Loans	5,426,259	9,100,231	0
- Other Short Term Loans	22,850,635	12,185,371	6,952,293
- Miscellaneous Current Liabilities	-5,104,194	-8,049,139	866,363
Total Current Liabilities	49,611,968	28,433,798	18,104,127
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	2,539,996	10,356	15,365
- Other Long Term Liabilities	24,900	2,086	5,713
Total Long Term Debts	2,564,896	12,442	21,078
Shareholders Equity
- Issued Share Capital	3,110,867	2,440,940	2,440,940
- Share Premium Account	0	0	0
- Reserves	387,768	238,392	136,879
- Revaluation Reserve	0	0	0
Total Shareholders Equity	3,498,635	2,679,332	2,577,819
Working Capital	5,921,378	2,630,093	2,524,652
Net Worth	3,498,635	2,679,332	2,577,819
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	0.19	0.24	0.32
Return On Capital Employed	2.76	4.24	5.06
Return On Total Assets Employed	0.30	0.37	0.64
Return On Net Assets Employed	2.83	4.34	5.21
Sales / Net Working Capital	15.06	18.01	16.51
Operating Efficiency
Stock Turnover Ratio	7.88	7.63	10.22
Debtor Days	196.18	211.14	142.92
Creditor Days	109.36	118.93	91.22
Short Term Stability
Current Ratio	1.12	1.09	1.14
Liquidity Ratio / Acid Ratio	0.98	0.97	0.90
Current Debt Ratio	14.18	10.61	7.02
Long Term Stability
Gearing	880.83	794.82	270.29
Equity In Percentage	0.06	0.09	0.12
Total Debt Ratio	8.81	7.95	2.70

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	APOORVA PRAKASH DOSHI
Birth Date
Position Description	Managing director
Address	12 DONGARSHI ROAD AKASHDEEP MALABAR HILL MUMBA
Country	India
Postal Code	0
Birth Date	2012-01-01
Company Director
Full Name	JAMIR SEVANTILAL SHAH
Birth Date
Position Description	Director
Address	40 CHARLOTTALEI ANTWERPEN
Country	--
Postal Code	2018
Birth Date
Company Director
Full Name	BINITKUMAR SUMATILAL VAN
Birth Date
Position Description	Director
Address	40 CHARLOTTALEI ANTWERPEN
Country	--
Postal Code	2018
Birth Date	2011-01-01
Company Director
Full Name	KALPIT SHAH
Birth Date
Position Description	Director
Address	75 BELGIELEI ANTWERPEN
Country	--
Postal Code	2018
Birth Date	2016-01-01

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

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.