MIRA INFORM REPORT

Report Date :

21.02.2012

IDENTIFICATION DETAILS

Name :	V.R. DIAMONDS BVBA

Registered Office :	Hoveniersstraat 30 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	15.09.2006

Com. Reg. No.:	883901612

Legal Form :	Private Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

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

REGISTERED NAME & COMPANY SUMMARY

Business number	883901612	Company name	V.R. DIAMONDS BVBA
Safe number	BE01265516	Telephone number	032270512
Address	HOVENIERSSTRAAT 30 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	0
Date of establishment	15/09/2006

DIRECTORS/MANAGEMENT

Current director details

Name	VILIS SUDHIRKUMAR METHA
Position	Principal Manager
Street	31 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	VILIS MEHTA
Position	Principal Manager
Street	31 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	PRADEEP KUMAR SURANA
Position	Principal Manager
Street
Post code
Country	India

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	14/12/2010

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	189
Industry average day sales outstanding	143.21

Industry quartile analysis

Payment expectations
Company result	-
Lower	133.90
Median	88.52
Upper	47.10

Day sales outstanding
Company result	-
Lower	115.33
Median	61.01
Upper	27.27

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name		Company Number
-	-		-

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		12,653	31,857
31/12/2009		2,203	22,747
31/12/2008		1,520	21,469

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	1,672,602		18,600	8,771	0
31/12/2009	758,558		18,600	66,985	1
31/12/2008	594,412		18,600	2,792	0

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	-	-	-	-	-	47,017,214	-
Total operating expenses	-	-	-	-	-	46,418,900	-
Operating result	28,180	618	3,922	90.57	2,058	208,541	-86.49
Total financial income	4	-93.83	63	-91.95	783	154,352	-99
Total financial expenses	15,531	771	1,782	34.90	1,321	304,027	-94.89
Results on ordinary operations before taxation	12,653	474	2,203	44.93	1,520	42,656	-70.34
Taxation	3,543	283	925	164	350	15,443	-77.06
Results on ordinary operations after taxation	9,110	612	1,278	9.23	1,170	32,187	-71.70
Extraordinary items	0	-	0	-	0	9,739	-100
Other appropriations	0.00	-	0	-	0	-	-
Net result	9,110	612	1,278	9.23	1,170	41,923	-78.27
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	12,160	139	5,079	-	-	143,868	-91.55
Wages and salary	10,270	132	4,410	-	-	126,514	-91.88
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	1,889	217	595	-	-	30,693	-93.84
Other employee costs	0	-100	75	-	0	3,189	-100
Amortization and depreciation	10,210	187	3,550	134	1,513	20,804	-50.92

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	1,700	-100
Tangible fixed assets	469,837	3603	12,687	-21.86	16,237	194,061	142
Land & building	446,545	-	-	-	-	361,124	23.65
Plant & machinery	-	-	-	-	-	26,295	-
Other tangible assets	23,292	83.59	12,687	-21.86	16,237	27,426	-15.07
Financial fixed assets	-	-	-	-	-	309,211	-
Total fixed assets	469,837	3603	12,687	-21.86	16,237	404,851	16.05
Inventories	609,868	41.46	431,125	-0.46	433,113	3,035,941	-79.91
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,088	-100
Finished goods	0	-	0	-	0	2,002,221	-100
Other stocks	609,868	41.46	431,125	-0.46	433,113	513,417	18.79
Trade debtors	568,567	132	244,392	74.88	139,747	3,856,687	-85.26
Cash	8,771	-86.91	66,985	2299	2,792	267,817	-96.72
other amounts receivable	14,632	489	2,484	70.14	1,460	335,873	-95.64
Miscellaneous current assets	928	4.87	885	-16.75	1,063	40,485	-97.71
Total current assets	1,202,766	61.26	745,871	29.00	578,175	7,035,740	-82.90
current liabilities
Trade creditors	740,783	166	278,284	156	108,428	2,678,241	-72.34
Short term group loans	-	-	-	-	-	-	-
Other short term loans	16,851	395	3,401	6.85	3,183	1,912,866	-99
Miscellaneous current liabilities	489,954	10.29	444,224	-0.85	448,029	533	- -
Total current liabilities	1,247,588	71.87	725,909	29.71	559,640	4,390,276	-71.58
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	389,408	3832	9,902	-25.56	13,302	-73.37	- -
Other long term liabilities	3,750	-	0	-100	1	720,494	-99
Total long term debts	393,158	3870	9,902	-25.57	13,303	1,307,950	-69.94
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	966,077	-98.07
Share premium account	-	-	-	-	-	183,372	-
Reserves	13,257	219	4,147	44.55	2,869	713,314	-98.14
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	31,857	40.05	22,747	5.95	21,469	1,698,297	-98.12
Working capital	-44,822	-324	19,962	7.70	18,535	2,645,464	-101
Net worth	31,857	40.05	22,747	5.95	21,469	1,696,597	-98.12

Ratio Analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	-1,00	-
Return on capital employed	2.98	-55.85	6.75	54.46	4.37	18,00	-83.44
Return on total assets employed	0.76	162	0.29	11.54	0.26	-79,00	0.96
Return on net assets employed	39.72	310	9.68	36.72	7.08	18,00	120
Sales / net working capital	-	-	-	-	-	36,00	-
Stock turnover ratio	-	-	-	-	-	64,00	-
Debtor days	-	-	-	-	-	164,00	-
Creditor days	-	-	-	-	-	162,00	-
short term stability
Current ratio	0.96	-6.80	1.03	0	1.03	8,00	-89.33
Liquidity ratio / acid ratio	0.48	11.63	0.43	65.38	0.26	5,00	-90.40
Current debt ratio	39.16	22.72	31.91	22.40	26.07	9,00	335
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	1275.27	2080	58.48	-23.84	76.79	150,00	750
Equity in percentage	1.90	-36.67	3	-16.90	3.61	-1.515,00	0.13
Total debt ratio	51.50	59.20	32.35	21.21	26.69	9,00	472

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Companies that match this address

Business number	Company name	Date of accounts
404950056	EASTERN DIAMOND NV	31/12/2010
406822849	KEVORK OSKANIAN 'DJANIK' BVBA	31/12/2010
407183729	ARSLANIAN FRÈRES NV	31/12/2010
412001065	LAYAN GEMS BVBA	31/12/2010
412507940	UNIGEMS BVBA	31/12/2010
413765178	BELGO ASIAN DIAMOND COMPANY BVBA	31/12/2010
414865337	DIAROUGH NV	31/12/2010
416906493	HOLLANDER BROS BVBA	31/12/2008
417236293	THE STAR OF ANTWERP IN VEREFFENING BVBA	-
417512150	DIAMSTAR BVBA	31/12/2010
417710605	NOVA-DIAMOND BVBA IN VEREFFENING BVBA	-
418862529	BELTAJ NV	31/12/2010
420534887	UNI-DESIGN EUROPE BVBA	31/12/2010
421359783	MALCA-AMIT ANTWERP BVBA	31/12/2010
421359783	MALCA-AMIT ANTWERP BVBA	31/12/2010
422385510	ELMYR IMMO BVBA	31/12/2010
422498247	MIDIAM BVBA	31/12/2010
422498247	MIDIAM BVBA	31/12/2010
422728176	AURO DIAMONDS BVBA	31/03/2011
422728176	AURO DIAMONDS BVBA	31/03/2011
423257619	CRYSTAL TRADERS BVBA	31/12/2010
423590288	MOURADIAM NV	31/12/2010
423673729	SAMIR GEMS NV	31/12/2010
424006004	DIMINCO NV	31/03/2011
424057967	ROYAL GEM COMPANY BVBA	31/12/2010
425080823	INTRALCOR BVBA	31/12/2010
425279276	BELINDIAM NV	31/12/2010
425795257	B.K.INVEST NV	31/12/2010
427338349	EURASIA GEMS BVBA	31/12/2010
427397143	DIAMBEL NV	31/12/2010
427517996	DIAGEM BVBA	31/12/2010
427762575	PARUDIAM BVBA	31/12/2010
427838195	AZAR DIAMONDS NV	-
427946281	KHALIL DIAMOND BVBA	-
428034472	SAVRANSKY DIAMONDS INTERNATIONAL BVBA	31/12/2010
428516306	SAMDIMON BVBA	31/12/2010
428687243	INTERCOMMERCIAL DIAMONDS BVBA	31/12/2010
428687243	INTERCOMMERCIAL DIAMONDS BVBA	31/12/2010
428939542	RELIANCE BVBA	31/12/2010
429050202	ADIAM NV	31/12/2010
429050202	ADIAM NV	31/12/2010
429234205	RUSHIDIAM BVBA	31/12/2010
429469280	AAROHI DIAMONDS NV	31/12/2010
429469280	AAROHI DIAMONDS NV	31/12/2010
429873712	TWINKLEDIAM NV	31/12/2010
430033662	KARDIAM BVBA	31/12/2010
430033662	KARDIAM BVBA	31/12/2010
430874295	RAJDIAM BVBA	31/12/2009
431187170	FIVE CEE JEWELRY BVBA	31/12/2010
431516871	ANTWERP DIAMOND BROKERS IN VEREFFENING BVBA	-
432179936	SIDCO NV	31/12/2002
432303066	VITRAAG BVBA	31/12/2010
432846761	D D G C BVBA	-
433849425	JEWELEX ANTWERP NV	31/12/2010
434627801	LAZARE KAPLAN BELGIUM NV	31/05/2011
434647003	KARP IMPEX NV	31/12/2010
434750535	MARTANI BELGIUM P/A NV	31/12/1998
434874160	PELICAN DIAMOND MANUFACTURERS OF ANTWERP IN VEREFF	-
435257410	MUNIC GEMS	31/12/2010
435663028	POLYDIAM NV	31/12/2010
435745477	ELITE JEWELS EBVBA	31/12/2010
436147929	HIRSCH ACCOUNTANTSKANTOOR BVBA	31/12/2010
436238593	GADY FRUCHTER IN VEREFFENING BVBA	31/12/1999
437233141	SCHWEDIAM BVBA	31/12/2010
437509590	EMBASSY GEMS P/A 7E BTW-CON BVBA	31/12/2005
437509590	EMBASSY GEMS P/A 7E BTW-CON BVBA	31/12/2005
437668057	SIMA DIAMOND NV	31/12/2010
437870074	MALAY GEMS BVBA	31/12/2010
438425654	SAGAR .	-
438572236	L.A.R. DIAMONDS NV	31/12/2010
438664979	PROTEA GEM DIAMONDS BVBA	31/12/2010
438668741	ARARADIAM IN VEREFFENING BVBA	-
438716845	SANT DIAM BVBA	31/12/2010
438725654	SAGAR BVBA	31/12/2010
438837896	SOCIÉTÉ LIBANESE DE DIAMANT NV	-
439513532	COPIDA IN VEREFFENING BVBA	-
439607067	RICHDIAM BVBA	31/12/2010
439745837	SOLITAIRE - THE DIAMOND COMPANY BVBA	31/12/2010
440106618	STARGEMS BVBA	31/12/2010
440324669	AMI DIAMONDS BVBA	31/12/2010
440491351	YAHYA DIAMONDS BVBA	31/12/2010
440720686	D.E.F. DIAMONDS IN VEREFFENING BVBA	31/12/1999
441343862	DIANISH NV	31/12/2010
441344060	DIAMOND MANUFAC EN TRADING CO BVBA	-
441543208	SACHDIAM BVBA	31/12/2010
441552512	MIKORA II IN VEREFFENING NV	-
442011677	CARMEL BVBA	-
443145191	AGENTSCHAP DIAMANT CENTRUM NV IN VEREFFENING	-
443359779	SWETGEMS BVBA	31/12/2010
443588126	IDÉAL CUT DIAMONDS IN VEREFFENING BVBA	31/12/1998
445525849	J & K DIAMONDS BVBA	31/12/2010
445908208	JAYVIDIAM NV	31/12/2010
446025497	LIZA DIMON BVBA	31/12/2010
446132395	DIATHAI NV	-
446149619	ANTWERP DIAMOND HOUSE MANAGEMENT	-
446886423	DIA-VEER BVBA	31/12/2010
446938386	NOORDIAM BVBA	31/12/2010
446989658	COMPTOIRS DIAMANTAIRES BELGES IN VEREFFENING BVBA	-
448337958	JEWEL TRADE IN VEREFFENING BVBA	31/12/2007
448365474	MARTANI ANTWERP IN VEREFFENING NV	-
448377352	PINALDIAM BVBA	31/12/2010
448419023	YAEL STAR BVBA	31/12/2010
448717743	NAKODIAM BVBA	31/12/2010
448738628	PRIMO INTERNATIONAL NV	31/12/2009
448917681	MENI DIAMONDS IN VEREFFENING BVBA	-
449131576	SMOLENSK FANCY IN VEREFFENING NV	-
449476620	ELMYR SERVICES BVBA	31/03/2011
449607371	ISHAAN DIAMONDS BVBA	30/09/2010
450764344	MAJER DIAMOND COMPANY BVBA	31/12/2010
451371088	POCL NV	31/05/2010
451371187	LAZARE KAPLAN BELGIUM JEWELRY IN VEREFFENING NV	-
451378117	EVER SHINE BVBA	31/12/2010
451943982	SWET CHEMICALS BVBA	-
452095224	M. RAJESH BVBA	31/12/2010
452299419	BLUE GEMS NV	31/12/2010
452383947	GOPI JEWELLERS IN VEREFFENING BVBA	30/06/2010
452704839	DIAMOND DISTRIBUTION & CO OP AANDELEN CVBA	31/12/1999
453084327	GEMBLUE BVBA	30/06/2011
453740165	I.C.O. CHANGE BVBA	-
453786289	RARE GEMS BVBA	31/12/2010
453928425	MIDAGEM BVBA	31/12/2010
454010379	INTERDIAM BVBA	30/06/2011
454587926	SAPFIR DIAMOND MANUFACTURING NV	31/12/2010
454764605	CHATILA DIAMONDS BVBA	31/12/2000
455919004	EXPRESS ARRIVAL SERVICE (BELGIUM) IN VEREFFENING N	-
458250566	GENERAL TRADING DIAMOND COMPANY BVBA	31/12/2010
458259771	D-GOLDI BVBA	31/12/2010
458427938	DIAROUGH EUROPEAN SALES NV	31/12/2010
458428037	KIRAN EXPORTS BVBA	31/03/2011
458912245	B.S. GEMS BVBA	31/12/2009
459037058	BRIGHT STAR BELGIUM BVBA	-
459277281	FANCY FLAWLESS BVBA	31/12/2010
459870763	ABHIDIMON BVBA	31/12/2010
459929854	ANKUR DIAMONDS NV	31/12/2010
460118906	MI AMOR JEWELRY BVBA	31/03/2011
460264802	A.C. DIAM BVBA	31/03/2011
460312411	SHINE STAR IN VEREFFENING BVBA	31/12/1999
460581041	PRIYANKA GEMS BVBA	30/06/2010
461114442	SRB DIAM P/A BTW CLÚ 7 BVBA	31/12/2009
461522238	M.S.D. NV	31/12/2010
461938447	GLOBAL INTERNATIONAL DIAMONDS BVBA	31/12/2000
462514212	MARJAN DIAMONDS NV	31/12/2010
462514707	BELFORD INTERNATIONAL NV	30/04/2011
462514806	SUPER DIAM BVBA	31/12/2010
462624672	AYMAN UNIVERSAL DIAMONDS IN VEREFFENING NV	31/12/1998
462799074	BELGIAN GEMS TRADING CO. IN VEREFFENING NV	31/12/2009
462951108	JEWEL IMPEX BVBA	31/12/2010
463100863	BHP BILLITON DIAMONDS (BELGIUM) NV	30/06/2010
463527960	A.K. INTERNATIONAL BVBA	31/12/2010
464235367	BELGIUM INVESTMENTS IN VEREFFENING NV	31/05/2006
465648993	DANYDIAM BVBA	31/12/2010
465976320	POCL IN VEREFFENING BVBA	31/05/2006
466186948	MI AMOR NV	31/12/2010
466361647	BHP TRANSPORT BELGIUM IN VEREFFENING NV	05/06/2003
466604246	D.A.JHAVERI BVBA	31/03/2011
466974628	WORLD-WIDE TRADE COMPANY BVBA	31/12/2008
467061235	DAVIDONA DIAMONDS BVBA	-
472014470	PASMI DIMON BVBA	31/12/2008
472528471	HSK BVBA	31/12/2010
472531045	FIRST E DIAMOND IN VEREFFENING NV	31/12/2001
472800368	MIKISA GEMS BVBA	31/12/2010
473072463	ANTWERP DIAMOND HOUSE II NV	30/11/2010
473753542	UNIGLO BVBA	31/12/2010
475439956	SANGHAVI JEWELS BVBA	31/12/2010
476205365	CAMEA BVBA	31/12/2008
476926333	SANKALP DIAM BVBA	31/12/2010
477670263	SUNSTAR BVBA	31/12/2010
477689960	DHARM DIAM BVBA	31/12/2010
478360547	ALISAR GEMS BVBA	31/12/2010
478554943	CHINTAN GEMS BVBA	30/06/2011
478820209	MUNIC JEWELS BVBA	31/12/2010
479419728	NOUR DIAM NV	31/12/2010
479511679	ENVY EBVBA	31/12/2010
479872460	DIANISH JEWELS BVBA	31/12/2010
480759516	ELÉGANCE JEWELLERY BVBA	31/12/2010
506334951	SEMERCIYAN KIRKOR	-
506494111	KHALIL NABIL	-
506500940	JOGANI ARUN JAYANTILAL	-
506514105	TENENBAUM EFRAÏM	-
506525684	BIBRING KARNI	-
509922070	CUYPERS CHRISTEL	-
564464774	KORN LAURENT	-
806224804	MIRACLE BVBA	31/12/2009
806632994	MOXDIAM BVBA	31/12/2010
816876986	COMINGEMS BVBA	-
819313468	GREEN SOLAR BVBA	31/03/2011
819437885	FIRE STONE BVBA	31/12/2010
822903854	MUNIC SOURCING NV	31/12/2010
825193351	CONCEPT DIAMONDS BVBA	31/12/2010
828631903	KALP DIAMONDS BVBA	-
830516968	ARJUDIAM BVBA	-
831314645	GITANJALI RESOURCES BVBA	-
834566125	SHANKAR (EUROPE) BVBA	-
840118483	ZAIDAN GEMS BVBA	-
840926355	DB EUROPEAN SALES BVBA	-
843673831	KP SANGHVI EUROPE BVBA	-
851316738	V.M.E. HOVENIERSSTRAAT 30 PRF-INTRPRF VEN.	-
860708021	BEL-AR DIAMONDS BVBA	31/12/2010
860718810	PROTEA GEM DIAMONDS JEWELRY BVBA	31/12/2010
861159268	LUCKY DIAMONDS BVBA	31/12/2010
861938733	JEWEL GOLDI BVBA	31/12/2010
861953579	BLUE ICE BVBA	31/12/2010
862455308	JEWELS ERA BVBA	31/12/2010
862908139	K.P.SANGHVI ( BELGIUM) IN VEREFFENING BVBA	31/12/2010
863210621	CIEMME BVBA	31/03/2011
863211710	VEERA DIMON BVBA	31/12/2010
863551210	D.N. GEMS B.V.B.A. BVBA	31/03/2011
863637619	DIAMBEL JEWELLERY BVBA	31/12/2010
863930597	DERCO MANUFACTURING BVBA	31/12/2006
864822702	AMAZING DIAMONDS BVBA	31/12/2010
864940387	R.D. DIAMONDS IN VEREFFENING BVBA	31/12/2010
865620278	VEEDIAM BVBA	31/12/2010
865979673	A.C. JEWELS BVBA	31/03/2011
866079247	AARYAA DIMON BVBA	31/12/2010
866324717	PARV BVBA	31/12/2010
866380838	REGAL INVESTMENTS II NV	31/12/2010
867397160	VENUS JEWEL (BELGIUM) BVBA	31/12/2009
867624220	ENCHANTE FINE JEWELRY BELGIUM BVBA	31/12/2010
869689726	VME GEB ANTWERPEN HOVENIERSSTRAAT 30-38 VME	-
870281030	WORLD SHINER BELGIUM BVBA	31/12/2010
870589054	SNP CREATIONS IN VEREFFENING BVBA	31/12/2009
873165789	NISHANT GEMS BVBA	31/12/2010
874131435	INDIGO JEWELLERY (BELGIUM) BVBA	31/12/2010
874376410	ALIZA IN VEREFFENING BVBA	30/06/2008
875091042	SHINING STAR BVBA	31/12/2010
876095189	V3-GEMS BVBA	31/12/2010
877266911	SE EGON JEWELLERY	-
877296209	VICTOR DIAMONDS BVBA	31/12/2010
877548112	DIAMOND MINES BVBA	31/12/2010
877774873	BELLATAIRE BVBA	31/05/2010
878308769	DE TOLEDO DIAMONDS INTERNATIONAL BVBA	31/12/2010
881342790	SHESHIL DIAM BVBA	31/12/2009
882360005	ALLURE DIAM BVBA	31/12/2010
883800751	FIBERIC BVBA	31/12/2010
884052951	SAMDIMON JEWELLERY BVBA	31/12/2010
885272379	KALPATARU BVBA	31/12/2010
885506268	G. DIAM BVBA	31/12/2010
886659281	SHOWBIZZ DIAMONDS P/A BTW CLÚ 7 BVBA	-
886831210	D.N. JEWELS ANTWERP BVBA	30/06/2011
887954529	SUN & MOON GEMS BVBA	31/12/2010
888486049	DIAMOND ASSESSMENT BVBA	31/12/2010
888557810	RIWAGEM BVBA	31/12/2010
889635005	BHANSALI DIAMONDS N.V. NV	31/12/2010
889952036	T.J. DIAMONDS BVBA	31/12/2010
890927281	HED DIAMONDS BVBA	31/12/2010
891051896	STONEWORKS (ANTWERP) BVBA	30/06/2009
891939645	BHP BILLITON PETROLEUM LTD	-
892650220	LOKKA SUITES BVBA	31/12/2010
894558150	SHANE BVBA	31/12/2010
894561714	SHANE CRÚATIONS BVBA	31/12/2010
894781943	H.V.DIAM BVBA	31/12/2010
895820536	DIASQUA EUROPE BVBA	31/12/2010
896564268	HOLLANDER & SONS BVBA	31/12/2009
896638009	BHP MINERALS EUROPE LTD	-
898750134	NAMGEM TRADING BVBA	31/05/2011
899849105	S.V. DIAM IN VEREFFENING BVBA	-	-	-
899851479	S. VINODKUMAR (EUROPE) SALES BVBA	53	0	31/12/2010

NOTES & COMMENTS

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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.