MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	DIAJEWEL NV

Registered Office :	Hoveniersstraat 9 Antwerpen 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	19.10.1978

Legal Form :	Public Limited Liability Company (BE)

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Belgium

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

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	418772556	Company name	DIAJEWEL NV
		Telephone number	032313770
Address	HOVENIERSSTRAAT 9 ANTWERPEN	Fax number	032260602
Post code	2018	Number of staff	4
Date of establishment	19/10/1978

DIRECTORS/MANAGEMENT

Current director details

Former director details

Name	DILIP RAMNIKLAL THAKKER
Position	Director
Start Date	24/04/1997
End Date	01/01/2002
Street	68 FRILINGLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	DILIP RAMNIKLAL THAKKER
Position	Chairman of the Board
Start Date	24/04/1997
End Date	-
Street	68 FRILINGLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	DILIP RAMNIKLAL THAKKER
Position	Managing Director
Start Date	23/09/2011
End Date	-
Street	68 FRILINGLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	ANITA HENRI STEPHANIE POPPE
Position	Director
Start Date	24/04/1997
End Date	16/06/2008
Street	68 FRILINGLEI BRASSCHAAT
Post code	2930
Country	Belgium

Name	AKSHAYKUMAR TRIKAMIAL MEHTA
Position	Managing Director
Start Date	11/08/2010
End Date	-
Street	147 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	AKSHAYKUMAR TRIKAMIAL MEHTA
Position	Director
Start Date	24/04/1997
End Date	01/01/2002
Street	147 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SANAT ARVINDBHAI JHAVERI
Position	Director
Start Date	12/06/2008
End Date	-
Street	2 LANGE LEEMSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	SHEKHAR NARESH SEDANI
Position	Director
Start Date	01/01/2007
End Date	-
Street	122 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SHALIN JHAVERI
Position	Director
Start Date	01/07/2008
End Date	-
Street
Post code
Country

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	418772556	Company name	DIAJEWEL NV
Fax number	032260602	Date founded	19/10/1978
Company status	active	Company type	Public Limited Liability Company (BE)
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.0418.772.556
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Protested bills

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

NSSO details

Business number	418772556
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name		%	Date of accounts
11-41203	GOLDIAM INTERNATIONAL		10.82	31/03/2012

Individual Shareholders

Shareholder Name
Forename	Akshaykumar	Middle name	-
Surname	Mehta
Shareholder Details
Start date	17/07/1997(estimated)	End date	-
Percentage owned	20%
Shareholder Address
Street name	Belgiëlei	House number	147
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Dilip	Middle name	-
Surname	Thakker
Shareholder Details
Start date	17/07/1997(estimated)	End date	-
Percentage owned	40%
Shareholder Address
Street name	Frilinglei	House number	68
Minor town	-	Postal town	Brasschaat
Post code	2930	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	18.24
Industry average payment expectation days	177.49	Industry average day sales outstanding	110.45
Day sales outstanding	62

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	18.24
Day sales outstanding	62

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	177.49
Industry average day sales outstanding	110.45

Industry quartile analysis

Payment expectations
Company result	18.24
Lower	127.34
Median	73.81
Upper	41.66

Day sales outstanding
Company result	62
Lower	112.47
Median	57.26
Upper	24.94

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

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

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	201,552,060	203,545	8,539,372
31/12/2009	107,516,334	112,701	7,799,719
31/12/2008	89,064,381	60,256	7,732,658

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	40,830,592	159,667	8,133,903	88,390	4
31/12/2009	37,538,077	134,885	7,544,349	8,484	4
31/12/2008	47,967,611	134,885	7,544,349	225,042	4

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	201,552,060	87.46	107,516,334	20.72	89,064,381	46,701,640	331
Total operating expenses	200,410,790	88.38	106,388,267	21.52	87,548,400	46,097,377	334
Operating result	1,141,270	1.17	1,128,067	-25.59	1,515,981	210,837	441
Total financial income	215,149	29794	720	94.51	370	156,807	37.21
Total financial expenses	1,152,874	13.46	1,016,086	-30.22	1,456,095	310,196	271
Results on ordinary operations before taxation	203,545	80.61	112,701	87.04	60,256	41,370	392
Taxation	76,888	68.47	45,640	82.20	25,049	15,191	406
Results on ordinary operations after taxation	126,657	88.87	67,061	90.48	35,207	31,044	307
Extraordinary items	3,488	-	0	-	0	2,651	31.57
Other appropriations	-1	-	0.00	-	0	-	-
Net result	130,144	94.07	67,061	90.48	35,207	33,691	286
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	313,451	-	-	-	-	113,916	175
Employee costs	129,979	-4.93	136,714	7.27	127,444	144,424	-10.00
Wages and salary	94,651	-2.30	96,882	9.00	88,886	127,262	-25.63
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	18,142	-3.42	18,785	3.06	18,227	30,930	-41.34
Other employee costs	17,187	-18.34	21,048	3.52	20,331	3,130	449
Amortization and depreciation	53,651	2.82	52,180	2.75	50,782	21,861	145

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	1,658	-100
Tangible fixed assets	663,451	2.94	644,533	-6.34	688,146	195,097	240
Land & building	562,766	5.05	535,732	-2.50	549,487	361,440	55.70
Plant & machinery	88,947	-9.22	97,976	-20.10	122,617	27,581	222
Other tangible assets	11,738	8.43	10,825	-32.52	16,042	27,362	-57.10
Financial fixed assets	159,667	18.37	134,885	0.00	134,885	314,188	-49.18
Total fixed assets	823,117	5.61	779,418	-5.30	823,031	408,769	101
Inventories	5,109,364	-50.89	10,403,242	-29.14	14,680,953	3,155,631	61.91
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,058	-100
Finished goods	5,109,364	-50.89	10,403,242	-29.14	14,680,953	2,086,234	144
Other stocks	0	-	0	-	0	520,514	-100
Trade debtors	34,237,077	33.00	25,741,475	-18.56	31,606,301	3,857,915	787
Cash	88,390	941	8,484	-96.23	225,042	265,944	-66.76
other amounts receivable	329,631	-3.66	342,145	-5.21	360,951	370,324	-10.99
Miscellaneous current assets	243,013	-7.71	263,313	-2.96	271,333	42,641	469
Total current assets	40,007,475	8.84	36,758,659	-22.03	47,144,580	7,162,571	458
current liabilities
Trade creditors	10,014,326	37.23	7,297,450	-46.98	13,762,470	2,705,881	270
Short term group loans	-	-	-	-	-	-	-
Other short term loans	19,772,212	-0.05	19,782,279	-6.59	21,177,557	1,933,354	922
Miscellaneous current liabilities	134,763	-68.25	424,496	-41.50	725,579	159	- -
Total current liabilities	29,921,301	8.79	27,504,225	-22.88	35,665,606	4,448,673	572
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,496,800	7.81	1,388,310	-62.99	3,750,808	-5.23	- -
Other long term liabilities	873,119	3.23	845,824	3.33	818,539	717,020	21.77
Total long term debts	2,369,919	6.08	2,234,134	-51.11	4,569,347	1,345,462	76.14
shareholders equity
Issued share capital	8,133,903	7.81	7,544,349	0.00	7,544,349	1,025,175	693
Share premium account	-	-	-	-	-	183,372	-
Reserves	405,469	58.78	255,369	35.61	188,309	689,340	-41.18
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	8,539,372	9.48	7,799,719	0.87	7,732,658	1,732,263	392
Working capital	10,086,174	8.99	9,254,435	-19.38	11,478,974	2,713,899	271
Net worth	8,539,372	9.48	7,799,719	0.87	7,732,658	1,730,605	393

Ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.10	0	0.10	42.86	0.07	-2,00	5.00
Return on capital employed	1.87	66.96	1.12	128	0.49	17,00	-89.00
Return on total assets employed	0.50	66.67	0.30	130	0.13	-78,00	0.64
Return on net assets employed	2.38	65.28	1.44	84.62	0.78	19,00	-87.47
Sales / net working capital	19.98	71.94	11.62	49.74	7.76	35,00	-99
Stock turnover ratio	2.54	-73.76	9.68	-41.26	16.48	67,00	-96.21
Debtor days	62	-29.05	87.39	-32.53	129.53	167,00	-62.87
Creditor days	18.24	-27.16	25.04	-56.36	57.38	171,00	-89.33
short term stability
Current ratio	1.34	0	1.34	1.52	1.32	8,00	-85.11
Liquidity ratio / acid ratio	1.17	21.88	0.96	5.49	0.91	5,00	-76.60
Current debt ratio	3.50	-0.85	3.53	-23.43	4.61	9,00	-61.11
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	249.07	-8.24	271.43	-15.80	322.38	124,00	100
Equity in percentage	20.91	0.63	20.78	28.91	16.12	-1.494,00	1.40
Total debt ratio	3.78	-0.79	3.81	-26.73	5.20	9,00	-58.00

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Number of staff	4
Date of establishment	19/10/1978

Personnel limit NSSO

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

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

JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade
category

Significant Events

Event Date	12/06/2008
Event Description	re-appointment of director(s)
Event Details	Commentaar 12-06-2008: Herbenoeming gedelegeerd bestuurders tot na de jaarvergadering van 2014: Thakker Dilip en Mehta Akshaykumar. Herbenoeming bestuurders tot na de jaarvergadering van 2014: Poppe Anita en Sedani Shekhar.

Event Date	30/09/2008
Event Description
Event Details	Uitbreiding doel.

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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.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.