MIRA INFORM REPORT

Report Date :

24.08.2012

IDENTIFICATION DETAILS

Name :	SUNVIEW NV
Registered Office :	Hoveniersstraat 2 Bus 579 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	31.01.2007
Com. Reg. No.:	887137155
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Sale of furniture, household goods, hardware and ironmongery
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Belgium	A1	A1

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

Business number		887137155	Company name	SUNVIEW NV
Telephone number	0472747888
Address		HOVENIERSSTRAAT 2 BUS 579 ANTWERPEN	Fax number	-
Post code		2018	Number of staff	0
Date of establishment		31/01/2007

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		18,512	66,066
31/12/2010		14,551	53,475
31/12/2009		4,780	44,588

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	3,399,389		62,000	23,415	0
31/12/2010	2,740,235		62,000	391,090	1
31/12/2009	-		62,000	113,823	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	72.10	Industry average day sales outstanding	90.55
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	887137155	Company name	SUNVIEW NV
Fax number	-	Date founded	31/01/2007
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46150	liable for VAT	yes
Activity description	Agents involved in the sale of furniture, household goods, hardware and ironmongery	VAT Number	BE.0887.137.155
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Export accounts to CSV file

comparison mode

average

median

Profit & loss

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	-	-	-	-	-	4,106,091	-
	Total operating expenses	-	-	-	-	-	3,959,938	-
	Operating result	40,638	36.42	29,789	100	14,852	55,010	-26.13
	Total financial income	712	4547	15	-93.51	236	7,979	-91.08
	Total financial expenses	22,838	49.72	15,253	47.98	10,308	15,343	48.85
	Results on ordinary operations before taxation	18,512	27.22	14,551	204	4,780	47,147	-60.74
	Taxation	5,920	-	-	-	-	20,754	-71.48
	Results on ordinary operations after taxation	12,592	-13.46	14,551	204	4,780	32,526	-61.29
	Extraordinary items	0	0	-5,665	-877	729	14,227	-100
	Other appropriations	0	-	0.00	-	0	-	-
	Net result	12,592	41.70	8,886	61.30	5,509	45,881	-72.56
	other information
	Dividends	-	-	-	-	-	142,619	-
	Director remuneration	-	-	-	-	-	108,736	-
	Employee costs	30,857	-8.48	33,716	29.54	26,028	187,522	-83.54
	Wages and salary	25,060	3.22	24,279	8.07	22,465	139,899	-82.09
	Employee pension costs	-	-	-	-	-	2,861	-
	Social security contributions	5,242	-40.20	8,766	226	2,682	43,550	-87.96
	Other employee costs	554	-17.45	671	-23.82	881	5,542	-90.00
	Amortization and depreciation	1,051	60.52	655	-	-	31,030	-96.61
	back to top

balance sheet

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	6,365	-100
	Tangible fixed assets	3,507	-18.22	4,288	-	-	209,150	-98.32
	Land & building	-	-	-	-	-	282,079	-
	Plant & machinery	3,507	-18.22	4,288	-	-	44,487	-92.12
	Other tangible assets	0	-	0	-	0	53,676	-100
	Financial fixed assets	-	-	-	-	-	196,448	-
	Total fixed assets	3,507	-18.22	4,288	-	-	304,269	-98.85
	Inventories	1,943,078	88.39	1,031,392	-23.80	1,353,586	285,205	581
	Raw materials & consumables	-	-	-	-	-	14,994	-
	Work in progress	0	-	0	-	0	4,598	-100
	Finished goods	0	-	0	-	0	23,590	-100
	Other stocks	1,943,078	88.39	1,031,392	-23.80	1,353,586	86,363	2149
	Trade debtors	1,371,274	9.01	1,257,909	15.53	1,088,833	202,712	576
	Cash	23,415	-94.01	391,090	243	113,823	71,512	-67.26
	other amounts receivable	51,406	2.52	50,144	-23.41	65,472	75,987	-32.35
	Miscellaneous current assets	6,709	23.98	5,411	38.90	3,896	58,044	-88.44
	Total current assets	3,395,882	24.12	2,735,946	4.20	2,625,610	519,833	553
	current liabilities
	Trade creditors	2,162,588	16.50	1,856,228	1.72	1,824,762	191,331	1030
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	338,425	2020	15,958	1683	895	50,566	569
	Miscellaneous current liabilities	832,309	2.18	814,574	7.84	755,365	456	- -
	Total current liabilities	3,333,322	24.06	2,686,760	4.10	2,581,022	381,073	774
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Other long term liabilities	1	-	0	-	0	11,818	-99
	Total long term debts	1	-	0	-	0	107,379	-99
	shareholders equity
	Issued share capital	62,000	0	62,000	0	62,000	127,074	-51.21
	Share premium account	-	-	-	-	-	7,465	-
	Reserves	4,066	47.69	-8,525	48.96	-17,412	158,271	-97.43
	Revaluation reserve	-	-	-	-	-	507,945	-
	Total shareholders equity	66,066	23.55	53,475	19.93	44,588	303,999	-78.27
	Working capital	62,560	27.19	49,186	10.31	44,588	138,760	-54.91
	Net worth	66,066	23.55	53,475	19.93	44,588	296,197	-77.70
	back to top

ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	-	-	-	-	-	-8,00	-
	Return on capital employed	28.02	2.98	27.21	153	10.72	-1,00	2802
	Return on total assets employed	0.54	1.89	0.53	194	0.18	1,00	-46.00
	Return on net assets employed	28.02	2.98	27.21	153	10.72	20,00	40.10
	Sales / net working capital	-	-	-	-	-	4,00	-
	Stock turnover ratio	-	-	-	-	-	31,00	-
	Debtor days	-	-	-	-	-	138,00	-
	Creditor days	-	-	-	-	-	-52,00	-
	short term stability
	Current ratio	1.02	0	1.02	0	1.02	9,00	-66.00
	Liquidity ratio / acid ratio	0.44	-30.16	0.63	28.57	0.49	9,00	-95.11
	Current debt ratio	50.45	0.42	50.24	-13.21	57.89	3,00	1581
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	512.25	1616	29.84	1384	2.01	176,00	191
	Equity in percentage	1.94	-0.51	1.95	14.71	1.70	-73,00	2.66
	Total debt ratio	50.45	0.42	50.24	-13.21	57.89	4,00	1161

Rating History

Date	Rating	Description
06/07/2012	49	credit against collateral

Limit History

date	Credit limit
06/07/2012	0

Industry comparison

Activity code	46150
Activity description	Agents involved in the sale of furniture, household goods, hardware and ironmongery
industry average credit rating	70.31
Industry average credit limit	3779.66

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46150
Activity description	Agents involved in the sale of furniture, household goods, hardware and ironmongery
Industry average payment expectation days	72.10
Industry average day sales outstanding	90.55

Industry quartile analysis

Payment expectations	View graph
Company result	-
Lower	95.47
Median	51
Upper	20.36
Day sales outstanding	View graph
Company result	-
Lower	90.41
Median	33.35
Upper	15.47

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Protested bills

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

NSSO details

Business number	887137155
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		SANGEETA MANOJ MEHTA
Position		Director
Street		14 BERKENLAAN ANTWERPEN
Post code		2610
Country		Belgium
Name	CHAITANYA VANJARA
Position	Managing Director
Street	173 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	CHAITANYA VANJARA
Position	Director
Street	173 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name		MANOJ KUMAR RASIKLAL MEHTA
Position		Managing Director
Street		70 JACHTLAAN EDEGEM
Post code		2650
Country		Belgium

Name	MANOJ KUMAR RASIKLAL MEHTA
Position	Chairperson
Street	70 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium
Name	MANOJ KUMAR RASIKLAL MEHTA
Position	Director
Street	70 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

Former director details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.38
UK Pound	1	Rs.87.79
Euro	1	Rs.69.47

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

MIRA INFORM REPORT

Report Date :

24.08.2012

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Undetermined
Payment Behaviour :	--
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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

GENERAL OBSERVATIONS

Note :

Kindly provide us with additional information such as Correct Name, Address, Contact Details, Name of Contact Person or a copy of the Upper Part of Letterhead within 15 days of receiving this report, a would be sent without any additional cost.

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	No
2]	Locality of the firm	Yes
3]	Constitutions of the firm	No
4]	Premises details	No
5]	Type of Business	No
6]	Line of Business	No
7]	Promoter's background	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	No
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	Yes
27]	Financials, if provided	No
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Site visit was conducted on the given address but subject company found closed so any type information was not received. No further, information can be made available.

OBSERVATION POINT

Name of the company	V Square International (Sursey Unit)
Address	Unit No. 3 and 4, Plot No.296, Surat Special Economic Zone, Sachin, Surat, Gujarat, India
Location	Easy
Landmark (if any)	Surat Special Exonimic Zone
Locality	Factory
Visiting car provided as proof of visit	No

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.18
UK Pound	1	Rs. 87.65
Euro	1	Rs. 69.15

INFORMATION DETAILS

Report Prepared by :

DPT

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	-

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.