MIRA INFORM REPORT

Report Date :

29.04.2011

IDENTIFICATION DETAILS

Name :	DE BEERS UK LIMITED
Formerly Known As :	DIAMOND TRADING COMPANY LIMITED(THE)
Registered Office :	17 Charterhouse Street, London, EC1N 6RA
Country :	United Kingdom
Financials (as on) :	31.12.2009
Date of Incorporation :	10.09.1986
Legal Form :	Private limited with Share Capital
Line of Business :	The sorting and sale of rough diamonds. Accounts data converted from US Dollars.

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
United Kingdom	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 Name	DE BEERS UK LIMITED	Company Number	02054170
Registered Address	17 CHARTERHOUSE STREET	Trading Address	17 Charterhouse Street London EC1N 6RA
	LONDON
	EC1N 6RA
Website Address	http://www.debeersgroup.com
Telephone Number	02074044444	Fax Number
TPS	No	FPS	No
Incorporation Date	10/09/1986	Company Status	Active - Accounts Filed
Previous Name	DIAMOND TRADING COMPANY LIMITED(THE)	Type	Private limited with Share Capital
		Filing Date of Accounts	21/04/2010
Date of Change	01/08/2008	Share Capital	£32,856,822
Sic Code	5190	Currency	GBP
Sic Description	OTHER WHOLESALE
Principal Activity	The sorting and sale of rough diamonds. Accounts data converted from US Dollars.

Commentary

No exact match CCJs are recorded against the company.

The previous 12 month trading period saw a drop in Sales of 45%.

In the previous 12 month trading period Net Worth decreased by 28.9%.

A 5.6% decline in Total Assets occurred in the previous 12 month trading period.

Pre-tax profits decreased by 151.5% in the previous 12 month trading period.

The company saw an decrease in their Cash Balance of 55.6% in the previous 12 month trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company has changed its registered name recently.

The company was established over 23 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2009	£2,091,670,733	-£23,362,563	£37,224,896	447
31/12/2008	£3,805,611,525	£45,383,398	£53,867,607	582
31/12/2007	£2,964,587,689	£22,057,769	-£5,363,329	618

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	0

Exact CCJ Details

There are No Exact CCJ Details

Possible CCJ Details

Writ Details

There are no Writ Details

Mortgage Summary

Outstanding	2
Satisfied	0

Mortgage Details

Type:	DEBENTURE
Date Charge Created:	05/03/10
Date Charge Registered:	24/03/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	COMMERBANK AKTIENGESELLSCHAFT,FILIALE LUXEMBURG
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE OR ANY OF THE OTHER SECURED PARTIESON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIRST FIXED CHARGE THE REAL PROPERTY,THE TANGIBLE MOVEABLE PROPERTY,THE ACCOUNTS SEE IMAGE FOR FULLDETAILS

Mortgage Type:	MORTGAGE
Date Charge Created:	05/03/10
Date Charge Registered:	24/03/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	COMMERZBANK AKTIENGESELLSCHAFT,FILIALE LUXEMBURG
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE OR ANY OF THE OTHER SECURED PARTIESUNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	F/H LAND AND BUILDINGS ON THE EAST SIDEOF HARGRAVE ROAD MAIDENHEAD T/NO BK175245,F/H LAND BEING 143AND 144 SAFFRON HILL LONDON T/NO LN70182,F/H LAND BEING 141 AND 142 SAFFRON HILL LONDON T/NO LN115500 (FOR FURTHER DETAILS OF PROPERTY CHARGED PLEASE REFER TO FROM MG01) ANY BUILDINGS,FIXTURES,FITTINGS,FIXED PLANT OR MACHINERY FROM TIME TO TIME SITUATED ON OR FORMING PART OF SUCH PROPERTY AND ALL RELATED RIGHTS SEE IMAGE FOR FULL DETAILS

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	33

Current Directors

Name	Michael Barrie Page	Date of Birth	18/11/1960
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	20/04/2006
Address	Flat 3 The Bullion Building
	132-136 St John Street
	London
	EC1V 4JT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jane Louise Disborough	Date of Birth	07/02/1965
Officers Title	Ms	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	07/10/2008
Address	4 Abingdon Mansions
	Abingdon Road
	London
	W8 6AD

Disqualified				Disqualified End Date
Disqualification Exception		No
Name	Bruce Alan Cleaver		Date of Birth		17/05/1965
Officers Title	Mr		Nationality		South African
Present Appointments	4		Function		Director
Appointment Date	07/10/2008
Address	40 Oakhill Road
	Sevenoaks
	TN13 1NS
Disqualified			Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Andrew Donovan	Date of Birth	06/05/1966
Officers Title	Mr	Nationality	British
Present Appointments	10	Function	Company Secretary
Appointment Date	09/05/2005
Address	3 Tallow Road
	Brentford
	TW8 8EU
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Individual Share Value
DE BEERS SA	32,856,822 ORDINARY GBP 1.00

Profit & Loss

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£2,091,670,733	-45%	£3,805,611,525	28.4%	£2,964,587,689	-5.1%	£3,122,350,000	-4.5%	£3,269,833,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£2,020,818,883	-	£3,559,517,373	-	£2,745,286,573	-8.2%	£2,989,012,000	-4.5%	£3,128,843,000
Gross Profit	£70,851,849	-71.2%	£246,094,152	12.2%	£219,301,116	64.5%	£133,337,000	-5.4%	£140,990,000
Wages & Salaries	£40,449,001	-29.4%	£57,330,388	2.4%	£56,009,191	25.8%	£44,524,000	-54.7%	£98,343,000
Directors Emoluments	£1,788,752	-64.2%	£5,000,330	89.2%	£2,643,034	3.8%	£2,546,000	-48.5%	£4,945,000
Operating Profit	-£33,282,126	-194%	£35,397,903	-31.7%	£51,816,896	202.1%	-£50,742,000	-999.9%	£2,543,000
Depreciation	£3,510,253	-41.5%	£5,999,209	95.4%	£3,069,737	-14.2%	£3,576,000	5.8%	£3,380,000
Audit Fees	£390,321	-13.1%	£449,001	20%	£374,186	23.9%	£302,000	120.4%	£137,000
Interest Payments	£18,910,134	-31.1%	£27,464,891	-7.7%	£29,759,127	31.3%	£22,668,000	-	-
Pre Tax Profit	-£23,362,563	-151.5%	£45,383,398	105.7%	£22,057,769	138.1%	-£57,933,000	-999.9%	£3,499,000
Taxation	£6,719,852	146.9%	-£14,329,795	-205.7%	-£4,687,674	-68%	-£2,790,000	79.4%	-£13,519,000
Profit After Tax	-£16,642,711	-153.6%	£31,053,603	78.8%	£17,370,095	128.6%	-£60,723,000	-506%	-£10,020,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-£16,642,711	-153.6%	£31,053,603	78.8%	£17,370,095	128.6%	-£60,723,000	-506%	-£10,020,000

Balance Sheet

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Tangible Assets	£271,126,788	7.2%	£252,819,938	100.1%	£126,340,958	-2%	£128,961,000	-0.9%	£130,100,000
Intangible Assets	£5,113,074	-41.4%	£8,721,567	259.5%	£2,425,895	205.1%	£795,000	57.1%	£506,000
Total Fixed Assets	£276,239,863	5.6%	£261,541,505	103.1%	£128,766,854	-0.8%	£129,756,000	-0.7%	£130,606,000
Stock	£555,799,433	-9.6%	£614,861,212	9.4%	£561,815,886	-8.8%	£616,009,000	-11.3%	£694,602,000
Trade Debtors	0	-	0	-	0	-	0	-	0
Cash	£448,342	-55.6%	£1,010,747	82.5%	£553,956	-63.2%	£1,507,000	999.9%	£9,000
Other Debtors	£14,026,505	-43.3%	£24,723,413	-71.7%	£87,475,635	90.3%	£45,964,000	-76.8%	£197,807,000
Miscellaneous Current Assets	£6,514,143	239.3%	£1,919,958	-93.3%	£28,826,440	935.1%	£2,785,000	-	0
Total Current Assets	£576,788,422	-10.2%	£642,515,329	-5.3%	£678,671,918	1.9%	£666,265,000	-25.3%	£892,418,000
Trade Creditors	£12,130,942	-67%	£36,722,490	9.9%	£33,411,099	-	0	-	0
Bank Loans & Overdrafts	£679,043,318	-	0	-	0	-	0	-	0
Other Short Term Finance	£122,639,942	-0.4%	£123,079,053	-60.9%	£315,167,399	19%	£264,912,000	-66.8%	£797,600,000
Miscellaneous Current Liabilities	£776,027	-91.3%	£8,968,155	123%	£4,021,108	-90%	£40,159,000	-29.9%	£57,299,000
Total Current Liabilities	£814,590,229	382.7%	£168,769,697	-52.1%	£352,599,606	15.6%	£305,071,000	-64.3%	£854,899,000
Bank Loans & Overdrafts and LTL	£680,256,478	-0.2%	£681,419,529	48.1%	£460,202,495	-10.5%	£513,951,000	306.7%	£126,382,000
Other Long Term Finance	£1,213,160	8.4%	£1,119,536	-	0	-100%	£431,576,000	-	0
Total Long Term Liabilities	£1,213,160	-99.8%	£681,419,529	48.1%	£460,202,495	-10.5%	£513,951,000	306.7%	£126,382,000

Capital & Reserves

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Called Up Share Capital	£41,489,418	-	£41,489,418	364.1%	£8,940,060	-1.2%	£9,046,000	-9.6%	£10,010,000
P & L Account Reserve	-£190,843,937	-9.6%	-£174,201,226	-10.8%	-£157,203,454	11%	-£176,634,000	-37.7%	-£128,267,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£186,579,416	-	£186,579,416	30.6%	£142,900,066	-1.2%	£144,586,000	-9.6%	£160,000,000
Shareholder Funds	£37,224,896	-30.9%	£53,867,607	999.9%	-£5,363,329	76.7%	-£23,002,000	-155.1%	£41,743,000

Other Financial Items

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Worth	£32,111,822	-28.9%	£45,146,041	679.6%	-£7,789,224	67.3%	-£23,797,000	-157.7%	£41,237,000
Working Capital	-£237,801,807	-150.2%	£473,745,632	45.3%	£326,072,312	-9.7%	£361,194,000	862.7%	£37,519,000
Total Assets	£853,028,285	-5.6%	£904,056,834	12%	£807,438,772	1.4%	£796,021,000	-22.2%	£1,023,024,000
Total Liabilities	£815,803,389	-4%	£850,189,227	4.6%	£812,802,101	-0.8%	£819,022,000	-16.5%	£981,281,000
Net Assets	£37,224,896	-30.9%	£53,867,607	999.9%	-£5,363,329	76.7%	-£23,001,000	-155.1%	£41,743,000

Cash Flow

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Cashflow from Operations	-£45,722,292	66.1%	-£134,722,753	-654.7%	£24,286,219	-	-	-100%	£3,376,000
Net Cashflow before Financing	-£20,702,182	84.4%	-£133,117,294	-711%	£21,788,113	-	-	-100%	£254,000
Net Cashflow from Financing	£20,139,777	-84.9%	£133,404,760	687.1%	-£22,723,830	-	-	-	-
Increase in Cash	-£562,405	-295.6%	£287,466	130.7%	-£935,717	-	-	-100%	£254,000

Miscellaneous

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Contingent Liability	NO	-	NO	-	YES	-	YES	-	YES
Capital Employed	£38,438,056	-94.8%	£735,287,137	61.7%	£454,839,166	-7.4%	£490,950,000	192%	£168,125,000
Number of Employees	447	-23.2%	582	-5.8%	618	-5.9%	657	-1.4%	666

Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	NATIONAL WESTMINSTER BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/12/09	31/12/08	31/12/07	31/12/06	31/12/05
Pre-tax profit margin %	-1.12	1.19	0.74	-1.86	0.11
Current ratio	0.71	3.81	1.92	2.18	1.04
Sales/Net Working Capital	-8.80	8.03	9.09	-	-
Gearing %	1827.40	1265	-8580.50	-2234.40	302.80
Equity in %	4.40	6	-0.70	-2.90	4.10
Creditor Days	2.11	3.51	4.10	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.02	0.16	0.33	0.16	0.23
Return On Capital Employed %	-60.77	6.17	4.85	-11.80	2.08
Return On Total Assets Employed %	-2.73	5.01	2.73	-7.28	0.34
Current Debt Ratio %	21.88	3.13	-65.74	-13.26	20.48
Total Debt Ratio %	21.91	15.78	-151.55	-35.61	23.51
Stock Turnover Ratio %	26.57	16.15	18.95	19.73	21.24
Return on Net Assets Employed %	-62.76	84.24	-411.27	251.87	8.38

Status History

No Status History found

Event History

Date	Description
04/05/2010	New Accounts Filed
04/05/2010	New Accounts Filed
24/07/2009	Mr S.C. Lussier has left the board
11/06/2009	New Company Secretary Mr A. Donovan appointed
31/05/2009	Annual Returns
21/05/2009	New Board Member Mr S.C. Lussier appointed
01/05/2009	New Accounts Filed
10/12/2008	V. Shine has left the board
29/10/2008	Mr P.G. Rowley has left the board
29/10/2008	Mr J.E. Oppenheimer has left the board
29/10/2008	Ms R.N. Kainyah has left the board
29/10/2008	Mr G.P. Penny has left the board
29/10/2008	Mr N.F. Oppenheimer has left the board
27/10/2008	New Board Member Mr S.C. Lussier appointed
27/10/2008	New Board Member Mr B.A. Cleaver appointed

Previous Company Names

Date	Previous Name	Companies House Documents
01/08/2008	DIAMOND TRADING COMPANY LIMITED(THE)

Company Name	DE BEERS UK LIMITED	Company Number	02054170
Holding Company		Ownership Status	Wholly Owned
Ultimate Holding Company	DE BEERS SA	Companies in Group	17

Ultimate Parent Company	DE BEERS SA
Companies in Group	17
Company Name	Registered Number	Latest Key Financials	Rating [0-100]	Limit	Turnover
DE BEERS SA	Foreign (LUXEMBOURG)			-	-
CHEVIOT HOLDINGS LTD	Foreign (LIECHTENST.)			-	-
-  DE BEERS UK LIMITED	02054170	31-12-2009	59	£750,000	£2,091,670,733
CITY & WEST EAST LIMITED	00531446	31-12-2008	54	£500	£30,000
FOREVERMARK LIMITED	06501918	31-12-2009	0	£0	-
THE DIAMOND TRADING COMPANY LIMITED	06624056	31-12-2009	0	£0	-
-  DELIBES HOLDINGS LTD	Foreign (VIRGIN ISL.)			-	-
-  RIVERBANK INVESTMENTS LIMITED	04140577	31-12-2009	63	£500	£0
-  DE BEERS INTANGIBLES LIMITED	03971521	31-12-2009	88	£1,000	£0
DE BEERS TRADEMARKS LIMITED	04140608	31-12-2009	88	£1,000	£0
DE BEERS DIAMOND JEWELLERS LIMITED	04117269	31-12-2008	93	£600,000	£76,638,548
-  ELEMENT SIX ABRASIVES SA	Foreign (LUXEMBOURG)			-	-
ELEMENT SIX (UK) LIMITED.	01050981	31-12-2008	96	£55,000	£271,237
ELEMENT SIX (HOLDINGS) LIMITED	Foreign (IRELAND)	31-12-2008	48	£500	£0
ELEMENT SIX LIMITED	02946905	31-12-2008	97	£115,000	£14,392,398
ELEMENT SIX (PRODUCTION) LIMITED	01483153	31-12-2008	0	£0	-
ELEMENT SIX ABRASIVES SA	Foreign (LUXEMBOURG)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.33
UK Pound	1	Rs.74.14
Euro	1	Rs.65.78

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.