MIRA INFORM REPORT

Report Date :

25.01.2013

IDENTIFICATION DETAILS

Name :	SHANE BVBA
Registered Office :	Schupstraat 9 -11bus 16 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	28.12.2007
Com. Reg. No.:	894558150
Legal Form :	Private Limited Company
LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES
No. of Employees :	Not Available

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 :	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 – June 30^th, 2012

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

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

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	894558150	Company name	SHANE BVBA
		Telephone number	032341943
Address	SCHUPSTRAAT 9 -11BUS 16 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	0
Date of establishment	28/12/2007

Business number	894558150	Company name	SHANE BVBA
Fax number	-	Date founded	28/12/2007
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0894.558.150
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	SALIL MANILAL
Position	Principal Manager
Start Date	03/08/2010
Street	0 240 EAST, 47TH STREET, APP 14 B
Post code	10017
Country	United States

Name	SALIL MANILAL
Position	Non Statutory Partner
Start Date	28/12/2007
Street	0 240 EAST, 47TH STREET, APP 14 B
Post code	10017
Country	United States

Name	SHALIL MANILAL
Position	Principal Manager
Start Date	28/12/2007
Street
Post code
Country

Name	SHANE MANILAL
Position	Principal Manager
Start Date	02/02/2010
Street
Post code
Country

Former director details

Name	ALEXIS BLUMENSTEIN
Position	Principal Manager
Start Date	31/01/2008
End Date	31/12/2008
Street	22 OUDAAN ANTWERPEN
Post code	2000
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	13/09/2011
Event Description
Event Details	Rechtzetting akte dd. 30-03-2010: ingevolge materiële vergissing werd bij het derde besluit op pagina vier het bedrag van 5879003.40 USD vermeld in plaats van 656791.29 USD.

Export accounts to CSV file

comparison mode

average

median

Protested bills

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

NSSO details

Business number	894558150
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

Business number	Company name	%	Date of accounts
-	AKASH FINANCE HOLDING LIMITED	-	-
-	AKASH FINANCE HOLDING LIMITED	-	-

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	80.38
Industry average payment expectation days	177.45	Industry average day sales outstanding	110.49
Day sales outstanding	113.81

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	80.38
Day sales outstanding	113.81

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	177.45
Industry average day sales outstanding	110.49

Industry quartile analysis

Payment expectations
Company result	80.38
Lower	123.21
Median	73.76
Upper	41.71

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	26,096,045	78,078	5,203,765
31/12/2010	9,147,874	51,556	4,962,218
31/12/2009		41,917	48,485

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	10,927,423		5,038,089	992,749	0
31/12/2010	-		4,878,388	351,842	0
31/12/2009	-		18,550	363,892	0

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	26,096,045	185	9,147,874	-	-	57,207,037	-54.38
Total operating expenses	25,989,402	186	9,081,724	-	-	56,495,049	-54.00
Operating result	106,643	61.21	66,150	40.92	46,942	271,283	-60.69
Total financial income	8,085	49.22	5,418	-	-	169,515	-95.23
Total financial expenses	36,650	83.14	20,012	298	5,025	330,990	-88.93
Results on ordinary operations before taxation	78,078	51.44	51,556	23.00	41,917	93,094	-16.13
Taxation	-1,023	-	-	-	14,581	38,808	-102
Results on ordinary operations after taxation	79,101	53.43	51,556	88.60	27,335	66,848	18.33
Extraordinary items	0	-	0	-	0	7,111	-100
Other appropriations	0	-	0	-	0.00	-	-
Net result	79,101	53.43	51,556	88.60	27,335	73,897	7.04
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	118,597	-
Employee costs	267	-	-	-	-	151,634	-99
Wages and salary	-	-	-	-	-	128,740	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	31,710	-
Other employee costs	267	-	0	-	0	4,340	-93.85
Amortization and depreciation	192	-	-	-	-	21,167	-99
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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	1,785	-100
Tangible fixed assets	4,101	-	-	-	-	206,722	-98.02
Land & building	-	-	-	-	-	381,538	-
Plant & machinery	1,375	-	-	-	-	27,086	-94.92
Other tangible assets	2,726	-	0	-	0	30,694	-91.12
Financial fixed assets	-	-	-	-	-	320,581	-
Total fixed assets	4,101	-	-	-	-	425,036	-99
Inventories	1,777,442	-17.42	2,152,323	40.00	1,537,333	3,401,306	-47.74
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,273	-100
Finished goods	1,777,442	-17.42	2,152,323	-	0	2,355,935	-24.55
Other stocks	0	-	0	-100	1,537,333	458,104	-100
Trade debtors	8,136,978	4.67	7,773,610	43.26	5,426,176	4,313,841	88.62
Cash	992,749	182	351,842	-3.31	363,892	306,895	223
other amounts receivable	14,539	-58.90	35,371	130	15,327	394,561	-96.32
Miscellaneous current assets	1,614	518	261	-	0	38,853	-95.85
Total current assets	10,923,322	5.91	10,313,407	40.46	7,342,729	7,899,147	38.28
current liabilities
Trade creditors	5,723,542	7.28	5,335,210	-26.71	7,279,322	2,874,965	99
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	2,375,567	-100
Miscellaneous current liabilities	116	-99	15,979	7.09	14,921	-99	- -
Total current liabilities	5,723,658	6.96	5,351,189	-26.64	7,294,243	5,520,160	3.69
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	277,684	-100
Total long term debts	0	-	0	-	0	884,525	-100
shareholders equity
Issued share capital	5,038,089	3.27	4,878,388	26198	18,550	1,078,073	367
Share premium account	-	-	-	-	-	173,859	-
Reserves	165,676	97.63	83,830	180	29,935	761,046	-78.23
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	5,203,765	4.87	4,962,218	10134	48,485	1,863,389	179
Working capital	5,199,664	4.79	4,962,218	10134	48,485	2,378,987	118
Net worth	5,203,765	4.87	4,962,218	10134	48,485	1,861,605	179
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ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.30	-46.43	0.56	-	-	-656,00	0.05
Return on capital employed	1.50	44.23	1.04	-98.80	86.45	-13,00	11.54
Return on total assets employed	0.71	42.00	0.50	-12.28	0.57	-31,00	2.29
Return on net assets employed	1.50	44.23	1.04	-98.80	86.45	-20,00	7.50
Sales / net working capital	5.02	172	1.84	-	-	62,00	-99
Stock turnover ratio	6.81	-71.06	23.53	-	-	40,00	-82.98
Debtor days	113.81	-63.31	310.17	-	-	52.160,00	-99
Creditor days	80.38	-62.51	214.43	-	-	236,00	-65.94
short term stability
Current ratio	1.91	-1.04	1.93	91.09	1.01	4,00	-88.06
Liquidity ratio / acid ratio	1.60	4.58	1.53	91.25	0.80	3,00	-46.67
Current debt ratio	1.10	1.85	1.08	-99	150.44	16,00	-93.12
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	276,00	-
Equity in percentage	47.62	-1.02	48.11	7189	0.66	-995,00	4.79
Total debt ratio	1.10	1.85	1.08	-99	150.44	18,00	-93.89

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Day sales outstanding
Company result	113.81
Lower	109.24
Median	56.46
Upper	24.45

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.85
UK Pound	1	Rs.85.25
Euro	1	Rs.71.72

INFORMATION DETAILS

Report Prepared by :

NLM

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.