MIRA INFORM REPORT

Report Date :

08.06.2011

IDENTIFICATION DETAILS

Name :	DIVINE GEMS BVBA
Registered Office :	30, Hoveniersstraat, Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	25.07.2002
Com. Reg. No.:	478160609
Legal Form :	Private limited liability company
Line of Business :	Wholesale of diamonds and other precious stones

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 :	Unknown
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, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Belgium	a1	a1

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

Bottom of Form

Company Summary

company details
Company Number	478160609
Name	DIVINE GEMS BVBA
Address	30, HOVENIERSSTRAAT, ANTWERPEN
Post Code	2018
Telephone Number	032264807
Fax Number	032264807
Establishment Date	25-07-2002
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	0
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)
Latest Branch Details
Street	BELGIELEI
House Number	20
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	352399
Trade Registered Entry Date	01-12-2002
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	28231
Event Description	Appointment
Limit
Credit Information
Purchase Limit (€)
Industry Comparison
Industry Average Credit Limit (€)	160,342
Payment Expectations
Payment Expectations
Payment Expectation Days
Day Sales Outstanding
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 Expectations - Lower	41.25
Payment Expectations - Median	90.32
Payment Expectations - Upper	162.53
Day Sales Outstanding - Lower	31.52
Day Sales Outstanding - Median	75.21
Day Sales Outstanding - Upper	158.58
Company Shareholder Holding

Company Accounts

Period
Accounts End Date	31-12-2009	31-12-2008	31-12-2007
Currency	EUR	EUR	EUR
Weeks	52	52	52
Profit & Loss
Turnover	-	-	-
Total Operating Expenses	-	-	-
Operating Result	34,131	35,260	47,258
Total Financial Income	47	801	20
Total Financial Expenses	7,205	4,164	10,640
Results on Ordinary Operations Before Tax	26,973	31,897	36,638
Taxation	13,124	5,763	10,160
Results on Ordinary Operations After Tax	13,849	26,134	26,478
Extraordinary Items	0	0	0
Net Result	13,849	26,134	26,478
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	0	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	-	-	-
Amortization & Depreciation	574	530	491
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	2,309	519	472
- Land And Buildings	0	0	0
- Plant And Machinery	2,309	519	472
- Other Tangible Assets	0	0	0
Financial Fixed Assets	0	0	0
Total Fixed Assets	2,309	519	472
Inventories	965,002	1,838,250	1,013,809
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	965,002	1,838,250	1,013,809
Trade Debtors	1,817,280	1,712,524	1,010,448
Cash	36,204	40,714	23,429
- Miscellaneous Current Assets	8,159	4,940	0
Total Current Assets	2,827,544	3,598,649	2,049,900
Current Liabilities
- Trade Creditors	2,706,859	3,490,979	1,974,561
- Short Term Group Loans	0	0	0
- Other Short Term Loans	4,352	3,849	3,534
- Miscellaneous Current Liabilities	19,670	6,287	13,417
Total Current Liabilities	2,730,881	3,501,115	1,991,512
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	0	0	0
- Other Long Term Liabilities	130	13,060	0
Total Long Term Debts	130	13,060	0
Shareholders Equity
- Issued Share Capital	18,600	18,600	18,600
- Share Premium Account	0	0	0
- Reserves	80,242	66,393	40,259
- Revaluation Reserve	0	0	0
Total Shareholders Equity	98,842	84,993	58,859
Working Capital	96,663	97,534	58,388
Net Worth	98,842	84,993	58,859
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	27.25	32.53	62.25
Return On Total Assets Employed	0.95	0.89	1.79
Return On Net Assets Employed	27.90	32.70	62.75
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.04	1.03	1.03
Liquidity Ratio / Acid Ratio	0.68	0.50	0.52
Current Debt Ratio	27.63	41.19	33.84
Long Term Stability
Gearing	4.40	4.53	6
Equity In Percentage	0.03	0.02	0.03
Total Debt Ratio	0.04	0.05	0.06

Company Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--
NSSO Details
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--
Directors
Company Director
Full Name	VISHAL MEHTA
Birth Date
Position Description	Manager
Address	20 BELGIELEI ANTWERPEN
Country	--
Postal Code	2018
Birth Date
Company Director
Full Name	WORLD SHINER BELGIUM BVBA
Birth Date
Position Description	Manager
Address	30 HOVENIERSSTRAAT ANTWERPEN
Country	--
Postal Code	2018
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.74
UK Pound	1	Rs.73.25
Euro	1	Rs.65.48

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.