MIRA INFORM REPORT

Report Date :

16.04.2012

IDENTIFICATION DETAILS

Name :	VIRANI DIAMONDS CC
Registered Office :	3^rd Floor Jewellery Centre Jewel City 225 Main Street Johannesburg Gauteng 2001
Country :	South Africa
Date of Incorporation :	28.10.2008
Com. Reg. No.:	2008/227671/23
Legal Form :	Close Corporation
Line of Business :	Wholesale trade in precious stones, jewellery and silverware
No. of Employees :	2

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 :	Small Company
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
South Africa	A2	A2

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

Summary

Subject Name	VIRANI DIAMONDS CC
Country	SOUTH AFRICA
Requested Credit Limit	US$ 150 000 000
Enquiry Terms	D/A
Account Review
Subject Contact person	AKSHAY PATEL – Director
Assessment	On investigation we made contact with AKSHAY PATEL who assisted us with some information on the subject, we however were unable to obtain further information on the subject due to the accountant of the subject having the information and is unreachable. This appears to be a small business having only 2 employees. We await further information on the subject. We cannot recommend credit dealings at present. Please see the available information on the subject below.

Company Information

Registered Name	VIRANI DIAMONDS CC
Trading as/ Division Name	VIRANI DIAMONDS
Previous Name	None
Date of Name Change	None
Registration Number	2008/227671/23
Registration Date	2008-10-28
Date Commenced Trading	2008-10-28
Age of Business	3 Years 6 Months
History of Business	Unavailable
History of Principals	Unavailable
Shareholders and % holding	70 % and 30%, however CIPC information below has 2 members having 85% and 15 %, we await to confirm this information.
Authorised Share Capital	Unavailable
Issued Share Capital	Unavailable
Status	In Business
Operations Assessment	Import and resale of diamonds
Industry/ Customers	Specialised manufacturers and jewellery stores
Export	Yes BELGIUM INDIA DUBAI
Major Industry Code / SICC	61393
Definition of Code	Wholesale trade in precious stones, jewellery and silverware
Head Office Physical Address	3^rd Floor Jewellery Centre Jewel City 225 Main Street JOHANNESBURG GAUTENG 2001
Head Office Postal Address	PO Box 1099 LENASIA 1827
Current Tel Number	011 3346430 – 011 5844325
Cell number	072 7910777
Current Fax Number	011 3346430
Current Email Address	viranidiamonds@telkomsa.net
Web Site Address	None

Auditors Information

Company Registered Name	PRIMESH & ASSOCIATES
Trading Name	Unavailable
Registration Number	Unavailable
Physical Address	Unavailable
Postal Address	PO Box 1326 LENASIA 1820
Contact Person	SAGIE MOONSAMY
Contact Number	011 3342048 – 082 3220831
Email	Unavailable
Principals	Unavailable
Judgements Against Subject	Unavailable
Judgements Against Principals	Unavailable
Subject Verified as Client	Unavailable
SAICA number	Unavailable
VAT Number	Unavailable
Tax Number	Unavailable
BEE Status	Unavailable
Financial Year End	Unavailable
Years With Auditors	4
Website	Unavailable

Previous Auditors

Company Name	Phone Number	Time with previous auditors
Unavailable

Tax Information

Vat Number	4820257410
Status	Active
Vat Liable Date	2010-12-13
Tax Number	Unavailable
Tax Clearance Expire Date	Unavailable
Financial Year End	February

Black Economic Empowerment

Status	Unavailable
Score
Expire Date
BEE Certificate Available

ISO Status

Type of ISO Grade	Unavailable
ISO Certificate
ISO Certificate Available
Certified by an Accredited Agent

Workman’s compensation

Registered	Unavailable
Compliance Certified

Company Structure

Subsidiaries

Subsidiary Company	None
Shareholding
Registration Number
Import / Export

Number of Employees	2
1. Salaried employees	2
2. Permanent employees	2

Company Fleet	No of vehicles:	Owned/ Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of	None
1. Cars
2. Light Delivery Vehicles
3. Trailers
4. Busses
5. Trucks
6. Fork Lifts
7. Other

Offices
Head Office Owned/ Rented	Leased
Rental Company	REDEFINE PROPERTIES
Lease Agreement	5 Years
Lease Expire Date	Unavailable
Type of Premises	Office Block

Branches Names	Country	Province
None

Branches Owned/ Rented	None
Rental Company
Owned
Value
Bank
Bond
Lease Agreement
Lease Expire Date
Type of Premises

Management Overview

Organisation chart

Level	Position	Name
Unavailable

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company	Sub
Unavailable

Trade References

Key deals signed within the past 12 months.

Company	Value	Contact
Unavailable

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds
1	Unavailable

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	Unavailable

Adverse Information on Subject

Judgements

Judgements	None
Possible Judgements	None
Civil Court	None
RDs	None

Business Rescue

Date registered	Business rescue practitioner	Contact Information	Details
None

Default Listings

Date	Details
None

Notarial Bonds

Date	Details
None

Bank Information

Bank	Unavailable
Account Name
Overdraft Facilities	Yes/No

Bank Codes History

Date requested	Bank Code	Enquiry Amount	Number of RD’s	RD amount	RD Date	Bank Comments	Years with bank
Unavailable

Previous Bank Accounts

Banker	Branch Code	Account Holder	Account number	Date opened	Years with bank
Unavailable

Deeds Information

Property Interests for Company

Title Deed No.	None	Erf/Site No.
Deeds Office		Physical Address
Property Type		Extent / Size
Purchase Date		Purchase price
% Ownership		Bond Holder
Bond Number		Bond Amount

Financial Information

Financial Estimates

CURRENT ASSETS

Unavailable

Please note the following:

Turnover and assets less than R 1,000,000.00	The subject falls within the National Credit Act
Turnover and assets less than R 2,000,000.00	The subject falls within the Consumer Protection Act

Principals

Number of Principals	2
Average Age of Active Principals	29

Active Principals

Principal 1 of 2: AKSHAY PATEL

Surname	PATEL
First Name	AKSHAY
Other Names	Unavailable
Marital Status	Single
ID Number	8705245576083
Verified ID Number	Yes
Current Age	25
Designation	Director
Status	Active
Appointment Date	2008-10-28
Physical Address (at time of Appointment)	16 Nasturtium Street Extension 3 LENASIA 1827
Postal Address	PO Box 42235 FORDSBURG 2033
Current Tel Number	011 5844325 – 0113346430
Cell number	072 7910777
Current Fax Number	011 3346430
Current Email Address	viranidiamonds@telkomsa.net
Shareholding	85.0000

Adverse Information for: AKSHAY PATEL

Judgement

Number of Judgements

None

Debt Review

Debt review

None

Other

Default data

None

Business Information for: AKSHAY PATEL

Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation
VIRANI DIAMONDS CC	2008/227671/23	In Business	3 Years 6 Months	0	No
KRISHNA DIAMONDS CC	2008/227674/23	In Business	3 Years 6 Months	0	No

Previous Business Interests

Average Age of Previous Business Interests

None

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation
None

Deeds Information

Property Interests for: AKSHAY PATEL

Title Deed No.	None	Erf/Site No.
Deeds Office		Physical Address
Property Type		Extent / Size
Purchase Date		Purchase price
% Ownership		Bond Holder
Bond Number		Bond Amount

Principal 2 of 2: SITHEMBILE MTHETHWA

Surname	MTHETHWA
First Name	SITHEMBILE
Other Names	Unavailable
Marital Status	Unavailable
ID Number	7906301033081
Verified ID Number	Yes
Current Age	33
Designation	Unavailable
Status	Active
Appointment Date	2008-10-28
Physical Address (at time of Appointment)	066 Sphwie Village DOBSONVILLE 1863
Postal Address	PO Box 066 DOBSONVILLE 1863
Current Tel Number	011 3346606
Cell number	073 1364457
Current Fax Number	Unavailable
Current Email Address	Unavailable
Shareholding	15.0000

Adverse Information for: SITHEMBILE MTHETHWA

Judgement

Number of Judgements

None

Debt Review

Debt review

None

Other

Default data

None

Business Information for: SITHEMBILE MTHETHWA

Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation
VIRANI DIAMONDS CC	2008/227671/23	In Business	3 Years 6 Months	0	No
KRISHNA DIAMONDS CC	2008/227674/23	In Business	3 Years 6 Months	0	No

Previous Business Interests

Average Age of Previous Business Interests

None

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation
None

Deeds Information

Property Interests for: SITHEMBILE MTHETHWA

Title Deed No.	None	Erf/Site No.
Deeds Office		Physical Address
Property Type		Extent / Size
Purchase Date		Purchase price
% Ownership		Bond Holder
Bond Number		Bond Amount

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.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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.