MIRA INFORM REPORT

Report Date :

28.06.2012

IDENTIFICATION DETAILS

Name :	SHAYONA BVBA

Registered Office :	Belgielei 170 Antwerpen, 2018

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

No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
Payment Behaviour :	Slow
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

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

EGISTERED NAME & COMPANY SUMMARY

Company Summary
Business Name	SHAYONA BVBA
Business Number	422692940
Address	BELGIELEI 170 ANTWERPEN
Post Code	2018
Telephone	032337240
Fax Number	032318653
Date of Establisment	26/04/1982
Number of Employees	2

company details
Business Number	422692940
Name	SHAYONA BVBA
Fax Number	032318653
Establishment Date	26/04/1982
Company Status	ACTIVE
Company Type	Private limited liability company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)

DIRECTORS/MANAGEMENT

Directors

Company Director
FullName	SHAMJI BHAI PATEL
Position	Manager
Address	170 BELGIELEI ANTWERPEN
Postal Code	2018
Country	--

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.

PAYMENT INFORMATION

Past Payments
Payment Expectation Days	3323.25
Days Sales Outstanding	1197.46
Industry Average Payment Expectation Days	137
Industry Average Day Sales Outstanding	124.66

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 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

No subsidaries for this company.

FINANCIAL INFORMATION

Date of Deposit at Registry	23/12/2010
Date of Last Accounts	31/12/2009
Turnover	450,772
Results of Ordinary Operations Before Tax	-
Networth	-99,146

Accounts & Ratio

Period
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	450,772	-52.5%	949,504	6,722.1%	13,918
Total Operating Expenses	461,175	-59.4%	1,135,201	6,840.6%	16,356
Operating Result	-10,403	94.4%	-185,697	-7,516.8%	-2,438
Total Financial Income	1	-100.0%	14,560	727,900.0%	2
Total Financial Expenses	174	-99.6%	46,665	-68.3%	147,355
Results on Ordinary Operations Before Tax	-10,576	95.1%	-217,802	-45.4%	-149,791
Taxation	-	-	-	-	-307
Results on Ordinary Operations After Tax	-10,576	95.1%	-217,802	-45.7%	-149,484
Extraordinary Items	0	-100.0%	119,501	5.9%	112,830
Net Result	-10,576	89.2%	-98,301	-168.2%	-36,654
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	0	-	0	-	0
- Wages & Salaries	-	-	-	-	-
- Social Security Contributions	-	-	-	-	-
- Other Employee Costs	-	-	-	-	-
Amortization & Depreciation	-	-	-	-	1,435

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	0	-	0	-100.0%	27,500
- Land And Buildings	0	-	0	-100.0%	27,500
- Plant And Machinery	0	-	0	-	0
- Other Tangible Assets	0	-	0	-	0
Financial Fixed Assets	3,583	0.0%	3,583	0.0%	3,583
Total Fixed Assets	3,583	0.0%	3,583	-88.5%	31,083
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	2,999,967	33.8%	2,242,658	-33.2%	3,355,675
Trade Debtors	1,478,857	41.2%	1,047,673	0.0%	1,047,673
Cash	24,152	504.9%	3,993	-98.6%	295,254
- Miscellaneous Current Assets	0	-	0	-	0
Total Current Assets	4,544,784	36.2%	3,335,708	-29.1%	4,707,064

- Trade Creditors	4,198,908	39.5%	3,010,361	0.2%	3,005,416
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	194,033	-0.8%	195,604	-86.7%	1,473,142
- Miscellaneous Current Liabilities	253,875	22.9%	206,642	-11.9%	234,651
Total Current Liabilities	4,646,816	36.2%	3,412,607	-27.6%	4,713,209

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	0	-	0	-	0
- Other Long Term Liabilities	697	-95.4%	15,254	0.3%	15,207
Total Long Term Debts	697	-95.4%	15,254	0.3%	15,207

- Issued Share Capital	18,592	0.0%	18,592	0.0%	18,592
- Share Premium Account	0	-	0	-	0
- Reserves	-117,738	-9.9%	-107,162	-1,109.4%	-8,861
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	-99,146	-11.9%	-88,570	-1,010.2%	9,731

Working Capital	-102,032	-32.7%	-76,899	-1,151.4%	-6,145
Net Worth	-99,146	-11.9%	-88,570	-1,010.2%	9,731

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	-2.35	89.8%	-22.94	97.9%	-1,076.24
Return On Capital Employed	10.74	-96.4%	297.07	149.5%	-600.65
Return On Total Assets Employed	-0.23	96.5%	-6.52	-106.3%	-3.16
Return On Net Assets Employed	10.37	-96.3%	283.23	-88.4%	2,437.61
Sales / Net Working Capital	-4.42	64.2%	-12.35	-446.5%	-2.26
Operating Efficiency
Stock Turnover Ratio	665.52	181.8%	236.19	-99.0%	24,110.32
Debtor Days	1,197.46	197.3%	402.74	-98.5%	27,475.26
Creditor Days	3,323.25	243.3%	967.92	-98.6%	67,068.77
Short Term Stability
Current Ratio	0.98	0.0%	0.98	-2.0%	1.00
Liquidity Ratio / Acid Ratio	0.33	3.1%	0.32	10.3%	0.29
Current Debt Ratio	-46.87	-21.6%	-38.53	-108.0%	484.35
Long Term Stability
Gearing	-195.70	11.4%	-220.85	-101.5%	15,138.65
Equity In Percentage	-0.02	33.3%	-0.03	-	0
Total Debt Ratio	-1.96	11.3%	-2.21	-101.5%	151.39

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

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

Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Rating	64.48
Industry Average Credit Limit (€)	140,177

NOTES & COMMENTS

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.57.21
UK Pound	1	Rs.89.42
Euro	1	Rs.71.46

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.