MIRA INFORM REPORT

Report Date :

13.05.2011

IDENTIFICATION DETAILS

Name :	LUMINAS BVBA
Registered Office :	62, Pelikaanstraat, Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	14.03.2007
Com. Reg. No.:	888166939
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones

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)
Belgium	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 details
Company Number	888166939
Name	LUMINAS BVBA
Address	62, PELIKAANSTRAAT, ANTWERPEN
Telephone Number	038272468
Fax Number	032318724
Establishment Date	14-03-2007
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	1
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)
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	89110
Event Description	Change of articles of association
Limit
Credit Information
Purchase Limit (€)	350,000
Industry Comparison
Industry Average Credit Limit (€)	118,540
Payment Expectations
Payment Expectations
Payment Expectation Days	281.98
Day Sales Outstanding	99.01
Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	124.36
Industry Average Payment Expectation Days	134.41
Industry Quartile Analysis
Payment Expectations - Lower	40.62
Payment Expectations - Median	87.39
Payment Expectations - Upper	161.05
Day Sales Outstanding - Lower	30.95
Day Sales Outstanding - Median	73.85
Day Sales Outstanding - Upper	156.45
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	2,319,065	2,461,412	1,207,167
Total Operating Expenses	2,310,149	2,430,371	1,180,807
Operating Result	8,916	31,041	26,360
Total Financial Income	5	604	-
Total Financial Expenses	1,974	3,523	1,065
Results on Ordinary Operations Before Tax	6,947	28,122	25,295
Taxation	4,184	10,000	6,700
Results on Ordinary Operations After Tax	2,763	18,122	18,595
Extraordinary Items	0	0	0
Net Result	2,763	18,122	18,595
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	16,284	0	0
- Wages & Salaries	15,068	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	1,216	-	-
- Other Employee Costs	-	-	-
Amortization & Depreciation	1,869	487	1,030
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	5,657	840	749
- Land And Buildings	0	0	0
- Plant And Machinery	0	0	0
- Other Tangible Assets	5,657	840	749
Financial Fixed Assets	2,900	2,900	0
Total Fixed Assets	8,557	3,740	749
Inventories	1,203,530	1,620,850	469,771
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	1,203,530	1,620,850	469,771
Trade Debtors	629,097	308,532	665,368
Cash	17,455	38,980	140,612
- Miscellaneous Current Assets	0	0	0
Total Current Assets	1,851,353	1,974,376	1,276,765
Current Liabilities
- Trade Creditors	1,784,685	1,904,698	1,232,219
- Short Term Group Loans	0	0	0
- Other Short Term Loans	0	0	0
- Miscellaneous Current Liabilities	15,745	16,700	6,700
Total Current Liabilities	1,800,430	1,921,398	1,238,919
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	0	0	0
- Other Long Term Liabilities	0	0	0
Total Long Term Debts	0	0	0
Shareholders Equity
- Issued Share Capital	20,000	20,000	20,000
- Share Premium Account	0	0	0
- Reserves	39,480	36,717	18,595
- Revaluation Reserve	0	0	0
Total Shareholders Equity	59,480	56,717	38,595
Working Capital	50,923	52,978	37,846
Net Worth	59,480	56,717	38,595
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	0.30	1.14	2.10
Return On Capital Employed	11.68	49.58	65.54
Return On Total Assets Employed	0.37	1.42	1.98
Return On Net Assets Employed	13.64	53.08	66.84
Sales / Net Working Capital	45.54	46.46	31.90
Operating Efficiency
Stock Turnover Ratio	51.90	65.85	38.92
Debtor Days	99.01	45.75	201.18
Creditor Days	281.98	286.05	380.89
Short Term Stability
Current Ratio	1.03	1.03	1.03
Liquidity Ratio / Acid Ratio	0.36	0.18	0.65
Current Debt Ratio	30.27	33.88	32.10
Long Term Stability
Gearing	0	0	0
Equity In Percentage	0.03	0.03	0.03
Total Debt Ratio	0	0	0

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	PREMAL KOTHARI
Birth Date
Position Description	Manager
Address	22 ACACIALAAN ANTWERPEN
Country	--
Postal Code	2020

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.79
UK Pound	1	Rs.73.19
Euro	1	Rs.63.59

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

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.