MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	STONEWORLD LIMITED
Registered Office :	Muinebheag Business Park Royal Oak Road Bagenalstown 137608
Country :	Ireland
Financials (as on) :	31.12.2010
Date of Incorporation :	02.03.2004
Com. Reg. No.:	IE382555
Legal Form :	Private limited with Share Capital
Line of Business :	Cutting, Shaping and Finishing of Stone
No. of Employees :	Not Available

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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Ireland	A2	A2

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 Name	STONEWORLD LIMITED	Company Number	IE382555
Registered Address	MUINEBHEAG BUSINESS PARK
	ROYAL OAK ROAD
	BAGENALSTOWN
	137608
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	02/03/2004	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€100,000
SIC03	2670	Currency	EUR
SIC03 Description	CUTTING, SHAPING & FINISHING OF STONE
SIC07	23700
SIC07 Description	CUTTING, SHAPING AND FINISHING OF STONE
Principal Activity

DIRECTORS/MANAGEMENT

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	0

Current Directors

Name	MICHAEL MEANEY	Date of Birth	16/07/1959
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	02/03/2004
Address	TINNEGARNEY,  BAGENALSTOWN,  CO CARLOW,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	PEADAR BRENNAN	Date of Birth	15/07/1961
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	02/03/2004
Address	FRENEYSTOWN,  CLIFDEN,  CO. KILKENNY,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	NIALL JORDAN	Date of Birth	28/06/1971
Officers Title		Nationality
Present Appointments	3	Function	Director
Appointment Date	02/03/2004
Address	32 QUINNAGH GREEN,  BLACKBOG ROAD,  CARLOW,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	NIALL JORDAN	Date of Birth	28/06/1971
Officers Title		Nationality
Present Appointments	3	Function	Company Secretary
Appointment Date	02/03/2004
Address	32 QUINNAGH GREEN,  BLACKBOG ROAD,  CARLOW,

Creditor Details

No Creditor Data

Total Value -

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value -

NEGATIVE INFORMATION

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Exact CJ Details

There are no exact CJ details

Possible CJ Details

There are no possible CJ details

Writ Details

Unregistered - Exact CJ Details

No CJs found

Unregistered - Possible CJ Details

No CJs found

Registered - Exact CJ Details

No CJs found

Registered - Possible CJ Details

No CJs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
MICHAEL MEANEY	51,000 ORDINARY EUR 1.00
PEADER BRENNAN	24,500 ORDINARY EUR 1.00
NIALL JORDAN	24,500 ORDINARY EUR 1.00

PAYMENT INFORMATION

Payment Information Summary

Total number of Invoices available	8
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	3
Total number of Invoices currently outstanding where the due date has not yet been reached	3
Total number of Invoices currently outstanding beyond the due date	1

Creditor Details

No Creditor Data

Total Value

-

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

-

GROUP STRUCTURE & AFFILIATED COMPANIES

Group - Summary

Linkages 0 companies

Countries In 0 countries

Group structure

Group

0 companies

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2010	-	-	€1,226,635	-
31/12/2009	-	-	€1,333,113	-
31/12/2008	-	-	€1,417,092	-

Profit & Loss

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	€120,215	1.3%	€118,715	-	€118,715	1.9%	€116,473	56.4%	€74,480
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Tangible Assets	€1,350,308	-8.2%	€1,470,523	-7.5%	€1,589,238	-5.5%	€1,682,090	-1%	€1,699,575
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€1,350,308	-8.2%	€1,470,523	-7.5%	€1,589,238	-5.5%	€1,682,090	-1%	€1,699,575
Stock	€524,367	-14.4%	€612,778	-14.4%	€716,018	-1.3%	€725,693	46.3%	€496,180
Trade Debtors	€153,255	-6.2%	€163,407	-40.5%	€274,436	-26.5%	€373,334	-42.4%	€648,111
Cash	€111,625	-8.5%	€121,971	-40.6%	€205,278	111.8%	€96,917	-34.5%	€148,042
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-100%	€1,905	189.5%	€658	-	0	-	0
Total Current Assets	€789,247	-12.3%	€900,061	-24.8%	€1,196,390	0%	€1,195,944	-7.5%	€1,292,333
Trade Creditors	€51,898	17.7%	€44,087	-79.5%	€215,030	131.7%	€92,814	-87.7%	€757,591
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	€49,598	-7.2%	€53,465	-11.2%	€60,213	-15.7%	€71,400	-	0
Miscellaneous Current Liabilities	€21,645	-35.3%	€33,435	-56.4%	€76,685	-69%	€247,533	-	0
Total Current Liabilities	€123,141	-6%	€130,987	-62.8%	€351,928	-14.5%	€411,747	-45.7%	€757,591
Bank Loans & Overdrafts and LTL	€789,779	-12.9%	€906,484	-10.8%	€1,016,608	-10.2%	€1,132,092	-4.1%	€1,180,177
Other Long Term Finance	0	-	0	-	0	-100%	€1,132,092	-	0
Total Long Term Liabilities	€789,779	-12.9%	€906,484	-10.8%	€1,016,608	-10.2%	€1,132,092	-4.1%	€1,180,177

Capital & Reserves

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Called Up Share Capital	€100,000	-	€100,000	-	€100,000	-	€100,000	-	€100,000
P & L Account Reserve	€1,126,635	-8.6%	€1,233,113	-6.4%	€1,317,092	6.7%	€1,234,195	29.4%	€954,140
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	€1,226,635	-8%	€1,333,113	-5.9%	€1,417,092	6.2%	€1,334,195	26.6%	€1,054,140

Other Financial Items

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Net Worth	€1,226,635	-8%	€1,333,113	-5.9%	€1,417,092	6.2%	€1,334,195	26.6%	€1,054,140
Working Capital	€666,106	-13.4%	€769,074	-8.9%	€844,462	7.7%	€784,197	46.6%	€534,742
Total Assets	€2,139,555	-9.7%	€2,370,584	-14.9%	€2,785,628	-3.2%	€2,878,034	-3.8%	€2,991,908
Total Liabilities	€912,920	-12%	€1,037,471	-24.2%	€1,368,536	-11.4%	€1,543,839	-20.3%	€1,937,768
Net Assets	€1,226,635	-8%	€1,333,113	-5.9%	€1,417,092	6.2%	€1,334,195	26.6%	€1,054,140

Cash Flow

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€2,016,414	-10%	€2,239,597	-8%	€2,433,700	-1.3%	€2,466,287	10.4%	€2,234,317
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers	BANK OF IRELAND
Bank Branch Code	90-64-94

Ratios

Date Of Accounts	31/12/10	31/12/09	31/12/08	31/12/07	31/12/06
Pre-tax profit margin %	-	-	-	-	-
Current ratio	6.41	6.87	3.40	2.90	1.71
Sales/Net Working Capital	-	-	-	-	-
Gearing %	64.40	68	71.70	84.90	112
Equity in %	57.30	56.20	50.90	46.40	35.20
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	2.15	2.19	1.36	1.14	1.05
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	0.10	0.09	0.24	0.30	0.71
Total Debt Ratio	0.74	0.77	0.96	1.15	1.83
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Mortgage Summary

Outstanding	2
Satisfied	0

Mortgage Details

Mortgage Type:	A charge on land, wherever situate, or any interest therein, but not including a charge for any rent
Date Charge Created:	06/12/06
Date Charge Registered:	21/12/06
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK IRELAND LIMITED
Amount Secured:
Details:

Mortgage Type:	A charge on land, wherever situate, or any interest therein, but not including a charge for any rent
Date Charge Created:	22/11/06
Date Charge Registered:	04/12/06
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK IRELAND LIMITED
Amount Secured:
Details:	Facilities provided to the Company by Ulster Bank Ireland Limited secured by way undertaking dated 22nd November 2006 from Kearney Roche & McGuinn Solicitors, 9 The Parade, Kilkenny

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.69

INFORMATION DETAILS

Report Prepared by :

SHG

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.