MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	LUMINAS BVBA
Registered Office :	Pelikaanstraat 62 Antwerpen Post Code
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	14.03.2007
Com. Reg. No.:	888166939
Legal Form :	Private Limited 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 :	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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Belgium	a1	a1

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

Company name & address

Business number	888166939	Company name	LUMINAS BVBA
Address	PELIKAANSTRAAT 62 ANTWERPEN	Telephone number	-
Post code	2018	Fax number	-
Date of establishment	14/03/2007	Number of staff	1

Credit information

Purchase Limit

350.000

Holding company

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

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	5,144,688	3,612	60,403
31/12/2009	2,319,065	6,947	59,480
31/12/2008	2,461,412	28,122	56,717

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	5,426,850	2,900	20,000	46,115	2
31/12/2009	3,660,341	2,900	20,000	17,455	1
31/12/2008	3,899,513	2,900	20,000	38,980	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	185.02
Industry average payment expectation days	197.53	Industry average day sales outstanding	146.68
Day sales outstanding	73.86

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	888166939	Company name	LUMINAS BVBA
Fax number	-	Date founded	14/03/2007
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0888.166.939
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

Significant Events

Event Date	19/05/2011
Event Description
Event Details	De 285 nieuwe aandelen worden toegekend aan Kothari Russel.

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	5,144,688	121	2,319,065	-5.78	2,461,412	34,768,806	-85.20
Total operating expenses	5,137,940	122	2,310,149	-4.95	2,430,371	34,473,959	-85.10
Operating result	6,748	-24.32	8,916	-71.28	31,041	107,317	-93.71
Total financial income	1	-71.49	5	-99	604	131,826	-99
Total financial expenses	3,137	58.87	1,974	-43.96	3,523	191,836	-98.36
Results on ordinary operations before taxation	3,612	-48.00	6,947	-75.30	28,122	31,392	-88.49
Taxation	2,689	-35.72	4,184	-58.16	10,000	13,210	-79.64
Results on ordinary operations after taxation	923	-66.59	2,763	-84.75	18,122	22,561	-95.91
Extraordinary items	0	-	0	-	0	-669	0
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	923	-66.59	2,763	-84.75	18,122	21,907	-95.79
OTHER INFORMATION
Dividends	-	-	-	-	-	124,135	-
Director remuneration	-	-	-	-	-	117,628	-
Employee costs	32,247	94.31	16,596	-	-	112,012	-71.21
Wages and salary	23,404	55.32	15,068	-	-	94,916	-75.34
Employee pension costs	-	-	-	-	-	1,113	-
Social security contributions	7,765	538	1,216	-	-	21,580	-64.02
Other employee costs	1,077	245	312	-	0	1,928	-44.12
Amortization and depreciation	12,664	577	1,869	283	487	17,496	-27.62

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,087	-100
Tangible fixed assets	47,337	736	5,657	573	840	161,033	-70.60
Land & building	-	-	-	-	-	319,124	-
Plant & machinery	-	-	-	-	-	21,719	-
Other tangible assets	47,337	736	5,657	573	840	19,940	137
Financial fixed assets	2,900	0	2,900	0.01	2,900	157,134	-98.15
Total fixed assets	50,237	487	8,558	128	3,740	259,587	-80.65
Inventories	1,606,258	33.46	1,203,530	-25.75	1,620,850	2,261,296	-28.97
Raw materials & consumables	-	-	-	-	-	2,730,157	-
Work in progress	0	-	0	-	0	2,589	-100
Finished goods	0	-	0	-	0	1,400,280	-100
Other stocks	1,606,258	33.46	1,203,530	-25.75	1,620,850	465,631	244
Trade debtors	1,041,016	65.48	629,097	103	308,532	2,816,042	-63.03
Cash	46,115	164	17,455	-55.22	38,980	224,221	-79.43
other amounts receivable	0	-100	1,271	-78.87	6,014	121,525	-100
Miscellaneous current assets	0	-	0	0	-1	24,283	-100
Total current assets	2,693,389	45.48	1,851,353	-6.23	1,974,375	5,069,107	-46.87
CURRENT LIABILITIES
Trade creditors	2,604,490	45.94	1,784,685	-6.30	1,904,698	2,181,727	19.38
Short term group loans	-	-	-	-	-	-	-
Other short term loans	11,476	-	0	-	0	1,160,322	-99
Miscellaneous current liabilities	33,670	113	15,745	-5.72	16,700	-90.36	- -
Total current liabilities	2,649,636	47.17	1,800,430	-6.30	1,921,398	3,595,465	-26.31
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	33,588	-	-	-	-	-95.90	- -
Other long term liabilities	0	-	0	-	0	131,450	-100
Total long term debts	33,588	-	0	-	0	456,272	-92.64
SHAREHOLDERS EQUITY
Issued share capital	20,000	0	20,000	0	20,000	713,795	-97.20
Share premium account	-	-	-	-	-	121,738	-
Reserves	40,403	2.34	39,480	7.53	36,717	517,842	-92.20
Revaluation reserve	-	-	-	-	-	608,562	-
Total shareholders equity	60,403	1.55	59,480	4.87	56,717	1,246,467	-95.15
Working capital	43,754	-14.08	50,922	-3.88	52,977	1,473,642	-97.03
Net worth	60,403	1.55	59,480	4.87	56,717	1,245,380	-95.15

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	0.07	-76.67	0.30	-73.68	1.14	-2,00	3.50
Return on capital employed	3.84	-67.12	11.68	-76.44	49.58	14,00	-72.57
Return on total assets employed	0.13	-64.86	0.37	-73.94	1.42	-98,00	0.13
Return on net assets employed	5.98	-48.80	11.68	-76.44	49.58	16,00	-62.62
Sales / net working capital	117.58	158	45.54	-1.98	46.46	44,00	-99
Stock turnover ratio	31.22	-39.85	51.90	-21.18	65.85	75,00	-58.37
Debtor days	73.86	-25.40	99.01	116	45.75	180,00	-58.97
Creditor days	185.02	-34.39	281.98	-1.42	286.05	190,00	-2.62
SHORT TERM STABILITY
Current ratio	1.02	-0.97	1.03	0	1.03	9,00	-89.80
Liquidity ratio / acid ratio	0.41	13.89	0.36	100	0.18	5,00	-91.80
Current debt ratio	43.87	44.93	30.27	-10.66	33.88	10,00	338
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	74.61	-	-	-	-	132,00	-43.48
Equity in percentage	2.20	-31.25	3.20	11.50	2.87	-1.883,00	0.12
Total debt ratio	44.42	46.75	30.27	-10.66	33.88	10,00	344

Limit History

No limit history data found

Industry comparison

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	185.02
Day sales outstanding	73.86

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	197.53
Industry average day sales outstanding	146.68

Industry quartile analysis

Payment expectations
Company result	185.02
Lower	139.41
Median	91.36
Upper	47.15
Day sales outstanding
Company result	73.86
Lower	127.36
Median	63
Upper	29.27

Summary

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

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

Individual Shareholders

SHAREHOLDER NAME
Forename	Russel	Middle name	-
Surname	Kothari
SHAREHOLDER DETAILS
Start date	27/09/2011(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	India

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435854949	GAVRIEL LERNER DIAMONDS BVBA	84000	31/12/2010
435854949	GAVRIEL LERNER DIAMONDS BVBA	84000	31/12/2010
435937103	ATLASS & CO BVBA	115000	31/12/2010
436672917	MAZAL DIAMONDS IN VEREFFENING NV	-	31/05/2010
436672917	MAZAL DIAMONDS IN VEREFFENING NV	-	31/05/2010
436745864	KRIS-DIAMONDS BVBA	0	31/03/2010
436745864	KRIS-DIAMONDS BVBA	0	31/03/2010
437190381	NATURAL FANCY COLOUR DIAMONDS BVBA	-	-
437313612	ADDO DIAMONDS BVBA	2500	31/12/2010
438138508	BELGIAN DIAMOND SUPPLIERS BVBA	-	31/12/1998
438285392	ANTWERP COLOURED GEMS CVBA	46000	30/06/2010
438361806	ROJOCO BVBA BVBA	0	31/12/2010
438830077	TWIN TRACK CORPORATION NV	-	31/12/2008
440183624	A HABERKORN-PH ROTHMAN BVBA	-	-
440491054	ANTWERP GEM DIAMOND MANUFACTURING COMPANY BVBA	-	-
440837284	J C KEPPIE CO	-	-
440870443	AYA CORP BVBA	-	31/12/2002
440909441	DIAMOND PROMOTION & SERVICES BVBA	-	31/12/1998
440980905	N N DIAMONDS BVBA	0	31/12/2010
441618234	D.I.S. IN VEREFFENING BVBA	-	-
441625360	SIMMCOBEL NV	1000	31/12/2009
441864593	SEBER CRÉATIONS BVBA	265000	31/12/2010
441864593	SEBER CRÉATIONS BVBA	265000	31/12/2010
441931703	T.P. BELGIUM IN VEREFFENING NV	-	31/03/2008
441931703	T.P. BELGIUM IN VEREFFENING NV	-	31/03/2008
441984062	BOGHOSSIAN GERARD EN ROGER BVBA	260000	31/12/2010
441984062	BOGHOSSIAN GERARD EN ROGER BVBA	260000	31/12/2010
442058692	VERIMCO NV	500	31/12/2010
443630686	W VERREYKEN IN VEREFFENING NV	-	-
444110441	M S KINSBERGEN BVBA	-	-
444124297	BRABO DEVELOPMENT INTERNATIONAL EN LIQUIDATION NV	-	-
444166562	MAZAL BROKERS BVBA	0	31/12/2010
444166562	MAZAL BROKERS BVBA	0	31/12/2010
444603062	GARNAR ANTWERP NV	-	-
444603161	VAHE OSKANIAN DIAMONDS NV	33500	31/12/2009
444603161	VAHE OSKANIAN DIAMONDS NV	33500	31/12/2009
444751136	DI-STAR ANTWERP IN VEREFFENING BVBA	-	31/12/2001
445451516	BLOOMING STAR BVBA	190000	31/12/2010
445523968	ELITE ENTERPRICE IN VEREFFENING BVBA	-	-
445720839	THE MANOR HOUSE BVBA	0	31/12/2009
445849414	DIAMANT INTERNATIONAL BVBA	-	31/12/2000
446562462	IMMODOOR P/A 8E BTW CONTROLE NV	-	31/12/2009
446896123	NAGAHORI CORPORATION	3000	-
446896321	D.J.M. LIMITED IN VEREFFENING BVBA	-	31/12/2010
447257496	HARDWILL DIAMONDS BVBA	61000	31/12/2010
448544826	SNEHDIAM BVBA	27500	31/12/2009
448967072	SCHACHTER & NAMDAR BELGIUM BVBA	-	31/12/2003
449313007	WEINBERG BERNARD BVBA	635000	31/12/2010
449313007	WEINBERG BERNARD BVBA	635000	31/12/2010
449539372	NAÏRI DIAMONDS IN VEREFFENING NV	-	31/12/2001
449539372	NAÏRI DIAMONDS IN VEREFFENING NV	-	31/12/2001
449729711	JOACHIM GOLDENSTEIN DIAMOND EXPORT BVBA	-	-
450593803	SINGLE STAR BVBA	250000	31/07/2010
451063163	ASTRON DIAMOND NV	17500	31/12/2010
451090283	ALTAI DIAMONDS IN VEREFFENING NV	-	-
451308138	BERENFELD MICHEL & ZOON BVBA	39000	31/12/2010
451327142	VAN DEN PLAS EN ZONEN BVBA	82000	31/12/2010
452154018	ANTEX INTERNATIONAL DIAMOND CY BVBA	0	31/12/2010
452776204	BEDIMEX BVBA	47000	31/12/2010
453475889	GENETRA IN VEREFFENING BVBA	-	-
453684242	I. & W. INTERNATIONAL NV	0	31/12/2009
453918725	ELIDIAM BVBA	31500	31/12/2010
454587431	NICE DIMON BVBA	39000	31/12/2010
454615838	CHRIS CLAIRE OVERSEAS COMPAGNIE IN VEREFFENING. BV	-	-
454661071	EXELCO NV	0	31/12/2009
454737582	STARS & STRIPES NV	-	-
455128948	MOUAWAD RARE JEWELS IN VEREFFENING BVBA	-	31/12/2002
455195957	LIPTON DIAMONDS INTERNATIONAL IN VEREFFENING BVBA	-	-
455544662	MEGENS DIAMONDS BVBA	0	31/12/2009
455632655	DIAMOND TRADING NV	1800000	31/12/2009
456076380	THOMAS FARBER (ANTWERP) NV	40500	31/12/2010
456696982	GABI S. TOLKOWSKY ANS SONS BVBA	68000	31/12/2010
457308676	DIALPHA BVBA	10000	31/12/2010
457403401	CUPID DIAMONDS IN VEREFFENING NV	-	30/09/2004
458760609	FRISCH DIAMOND CORPORATION NV	0	31/12/2010
458817918	ATLAS GEMS NV	0	31/12/2009
458859092	BAX DIAMONDS BVBA	-	31/12/2003
459093080	ERKENY IN VEREFFENING NV	-	31/12/1998
459648950	S & A DIAMONDS BVBA	83000	31/12/2010
459981423	GEM IMPEX BVBA	29000	31/12/2010
460017946	DHWANI GEMS BVBA	33000	31/12/2010
460581041	PRIYANKA GEMS BVBA	355000	30/06/2010
460718227	NEW WORLD DIAMONDS NV	-	31/12/2003
460772467	UGAM BVBA	67000	30/06/2010
462326051	A.O.T. DIAMONDS BVBA	56000	30/09/2010
463611401	FAR EAST DIAMOND DISTRIBUTORS COMPANY IN VEREFFENI	-	31/12/2001
464577540	HARRY WINSTON DIAMOND INTERNATIONAL NV	0	31/01/2010
465915942	MILU IN VEREFFENING BVBA	-	30/06/2002
466507741	S N K DIAMONDS IN VEREFFENING BVBA	-	31/12/2005
466572572	BEAUTY GEMS BVBA	120000	30/09/2010
467188919	M & M KORNREICH DIAMONDS P/A 8E BVBA	-	31/12/2009
467706284	ELIA & CO BVBA	0	31/12/2010
468314614	THIERRY BAMPS IN VEREFFENING NV	-	31/12/2010
470012213	FLORA GEMS BVBA	19500	31/12/2010
470151872	JACOBS EN SMOLDERS BVBA	0	31/12/2009
471155427	MILLENNIUM STAR BVBA	-	31/12/2008
471350813	ETERNITY DIAMONDS NV	0	31/12/2009
471350813	ETERNITY DIAMONDS NV	0	31/12/2009
471642407	DIALANCO INTERNATIONAL BVBA	68000	31/12/2010
472119289	DINO FINE P/A 8E BTW CONTROLE BVBA	-	31/12/2008
472970218	DIAMOND GROUP BVBA	0	31/12/2010
473023468	ALLADIAM MFG NV	38000	30/06/2010
473305758	INDIAM BVBA	13500	31/12/2010
473592305	AFRO LÉONE BVBA	18500	31/12/2010
474266454	LEYBEL ELIELI BELGIUM BVBA	51000	31/12/2010
474558543	INDEPENDENT DIAMANTAIRES ASSOCIATION VZW	1000	-
474754919	KOMERY DIAMONDS BVBA	0	31/12/2010
474807377	FIMA DIAMONDS BVBA	0	31/12/2009
475099466	LUC VETS DIAMONDS NV	8500	31/12/2010
475160438	D'ORIGINE BVBA	0	31/12/2010
475161329	D'ORIGINE INTERNATIONAL BVBA	-	31/12/2005
475242491	BARSAMIAN MANUFACTURING IN VEREFFENING NV	-	31/12/2003
475416301	HOPE BELGIUM NV	105000	30/06/2010
477063123	CENJAL HOLDING BELGIUM NV	145000	31/12/2010
477230496	EURO DISTRIBUTORS DIAMONDS BVBA	420000	31/12/2010
478318282	HIPPIQUE NV	3500	31/12/2010
478660950	RICHELIEU BVBA	0	31/12/2010
479202566	AVNINA GEMS BVBA	1850000	31/03/2010
479231072	A.T.GEMS INTERNATIONAL BVBA	-	31/12/2009
479736264	DIABRO BVBA	0	31/12/2010
506125115	BENYACAR RENÉ JOSÉ	-	-
506134716	CHAPON JULES	-	-
506136595	WOLFGANG ALBERT NOÉ	-	-
506138674	DEKKER MAX	-	-
506203705	JOS URLIK & ZONEN FV	-	-
506212712	MANNEKENS IRENE	-	-
506218551	LENS JEAN	-	-
506246166	SPITZMAN HENRI	-	-
506271704	STEEN HENRI	-	-
506393151	LANDAU JACQUES	-	-
506404138	BOGHOSSIAN JEAN	-	-
506415224	TCHERKEZIAN GEORGES	-	-
506416907	ZANDMER MARC LUCIEN	-	-
506418984	HIRSCHBERG MAXIME HENRI JOSÉ	-	-
506427003	MIRE EN STELLMAN	-	-
506427694	BROTMANN JAAK	-	-
506440562	JEGER GEORGE	-	-
506443631	FUHRER MARCEL	-	-
506446106	TABBOUCHE OVADIA ROBERT	-	-
506464714	APPEL LEVIA	-	-
506484312	MARTIN EDELSTEIN	-	-
507431546	CACCIOLA ROBERTO	-	-
507435407	GHESQUIÈRE GILBERTE IRIS	-	-
507450649	TRAU ARTHUR	-	-
507481333	BOGHOSSIAN GERARD LAURENT	-	-
507483907	REICHMANN HENRY	-	-
507488657	OKON DONALD	-	-
507493607	HEIREMANS JOZEF AUGUST	-	-
507546065	VAN MOPPES ARNOLD JACQUES	-	-
509318492	NAGNENSKY SYLVAIN	-	-
512810492	THORNE RICHARD	-	-
559037823	ABADJIAN OHANNES	-	-
808850633	D.A.H. DIAMONDS BVBA	0	31/12/2010
809582883	GERETTI DIAMONDS ANTWERP BVBA	0	31/12/2010
809646033	EXELCO BOTSWANA BVBA	0	31/12/2010
810585943	FUTURE GEMS BVBA	0	30/09/2010
811814873	DEX BVBA	0	31/12/2009
820241896	GOLDIE INTERNATIONAL LIMITED	3000	-
823229991	ISTANBOULLI & SONS BVBA	0	31/12/2010
824075475	RATNAKAR BVBA	0	31/12/2010
825191569	PERCEPT DIAMONDS BVBA	0	31/12/2010
830513208	DIAMOND VAULT NV	0	-
833932556	DIAMOND COMPANY BVBA	0	-
833972049	KLP DIAMONDS BVBA	0	-
837520764	SUNRAYS BVBA	0	-
859722282	R. C. M. BVBA	0	31/12/2010
860189961	ROUGH COMPANY BVBA	-	-
861468975	EURODIAMONDS BVBA	0	30/06/2010
862484705	PODICKO DIAMONDS BVBA	0	31/12/2010
863211413	ADLER R. BVBA	3000	31/12/2010
864798154	D.P.DIAM BVBA	0	31/12/2010
864995223	DIAMAZ INTERNATIONAL NV	28500	31/12/2010
866050840	ANGOLEONE BVBA	0	31/12/2010
866077960	F.T.K . WORLDWIDE MFG BVBA	0	31/12/2009
869936679	F. MOUAWAD BVBA	0	31/12/2009
870077825	LA JOLLA TRADING NV	14500	31/12/2010
870927861	JA-DIAM BVBA	0	31/12/2009
870950627	FAERBER DIAMOND BVBA	33000	31/12/2010
872381178	MY DEAR DIAMONDS BVBA	0	31/12/2010
872909136	MANNAT ENTERPRISE IN VEREFFENING BVBA	-	31/12/2009
876762313	SHRENUJ NV	4200000	31/03/2011
877584932	D. OKON BVBA	0	31/12/2009
880725653	ARCADIA DIAMONDS BVBA	0	31/12/2010
880934697	SHUBH JEWELS BVBA	0	31/12/2010
883900424	BELGIAN JEWELLERY MANUFACTURING BVBA	0	31/12/2010
884871909	TIME STAR BVBA	235000	31/12/2010
886017497	BC HOLDING NV	0	31/12/2010
891846209	RSD BVBA	0	31/12/2010
893075337	EXELCO SOURCING BVBA	0	31/12/2009
894975250	S.R. DIAMOND BVBA	0	31/12/2009
895044239	POLIGEM EUROPE BVBA	0	31/12/2010
895792030	PAON BVBA	0	31/12/2010
896897929	LENNO & CO BVBA	0	31/12/2010
897156958	DIARAM BVBA	0	31/12/2010
897260589	DIAMANTICA BVBA	0	31/12/2010

Protested bills

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

NSSO details

Business number	888166939
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

Current director details

Name	PRASHANT KOTHARI
Position	Non Statutory Partner
Street	22 ACACIALAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	PREMAL KOTHARI
Position	Principal Manager
Street	22 ACACIALAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	RUSSEL PUNIT KOTHARI
Position	Principal Manager
Street
Post code
Country	India

Former director details

Name	RUSSEL PUNIT KOTHAR
Position	Principal Manager
Street
Post code
Country
Name	RUSSEL PUNIT KOTHARI
Position	Principal Manager
Street
Post code
Country

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.14
UK Pound	1	Rs.77.58
Euro	1	Rs.67.58

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.