MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	FIRESTAR DIAMOND BVBA
Registered Office :	Hoveniersstraat 53 Bus 36 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.03.2011
Date of Incorporation :	31.07.2009
Com. Reg. No.:	817647147
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	2

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Belgium	A1	A1

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		817647147	Company name	FIRESTAR DIAMOND BVBA
Telephone number	-
Address		HOVENIERSSTRAAT 53 BUS 36 ANTWERPEN	Fax number	-
Post code		2018	Number of staff	2
Date of establishment		31/07/2009
Business number		817647147	Company name	FIRESTAR DIAMOND BVBA
Fax number		-	Date founded	31/07/2009
Company status		active	Company type	Private Limited Company (BL/LX)
Currency		Euro (€)	Date of latest accounts	31/03/2011
Activity code		46761	liable for VAT	yes
Activity description		Wholesale of diamonds and other precious stones	VAT Number	BE.0817.647.147
Belgian Bullettin of Acts Publications		moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	DEEPAK KUMAR MODI
Position	Principal Manager
Street	44 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	NEESHAL MODI
Position	Principal Manager
Street	44 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Protested bills

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

NSSO details

Business number	817647147
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

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	62.54
Industry average payment expectation days	191.30	Industry average day sales outstanding	143.19
Day sales outstanding	110.40

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	62.54
Day sales outstanding	110.40

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
-	-

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
31/03/2011	61,539,026	616,325	5,914,809

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/03/2011	23,573,639	3,000	5,513,100	1,370,065	2

Trends

Profitability	-
Liquidity	-
Net worth	-

Profit & loss

Annual accounts	31-03-2011	%		%		Industry average	%
Weeks	52		-		-
Currency	EUR		-		-
Turnover	61,539,026	-	-	-	-	-	-
Total operating expenses	60,686,340	-	-	-	-	-	-
Operating result	852,687	-	-	-	-	-	-
Total financial income	682	-	-	-	-	-	-
Total financial expenses	237,043	-	-	-	-	-	-
Results on ordinary operations before taxation	616,325	-	-	-	-	-	-
Taxation	184,525	-	-	-	-	-	-
Results on ordinary operations after taxation	431,800	-	-	-	-	-	-
Extraordinary items	0	-	-	-	-	-	-
Other appropriations	0.00	-	-	-	-	-	-
Net result	431,800	-	-	-	-	-	-
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	43,444	-	-	-	-	-	-
Wages and salary	37,257	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	3,622	-	-	-	-	-	-
Other employee costs	2,566	-	-	-	-	-	-
Amortization and depreciation	4,121	-	-	-	-	-	-

balance sheet

Annual accounts	31-03-2011	%		%		Industry average	%
Weeks	52		-		-
Currency	EUR		-		-
Intangible fixed assets	30,091	-	-	-	-	-	-
Tangible fixed assets	32,222	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	26,920	-	-	-	-	-	-
Other tangible assets	5,302	-	-	-	-	-	-
Financial fixed assets	3,000	-	-	-	-	-	-
Total fixed assets	65,312	-	-	-	-	-	-
Inventories	3,390,452	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	-	-	-	-	-
Finished goods	3,390,452	-	-	-	-	-	-
Other stocks	0	-	-	-	-	-	-
Trade debtors	18,612,932	-	-	-	-	-	-
Cash	1,370,065	-	-	-	-	-	-
other amounts receivable	112,320	-	-	-	-	-	-
Miscellaneous current assets	22,558	-	-	-	-	-	-
Total current assets	23,508,327	-	-	-	-	-	-
current liabilities
Trade creditors	10,398,076	-	-	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	6,952,759	-	-	-	-	-	-
Miscellaneous current liabilities	277,904	-	-	-	-	-	- -
Total current liabilities	17,628,739	-	-	-	-	-	-
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	-	-	-	-	-
Total long term debts	0	-	-	-	-	-	-
shareholders equity
Issued share capital	5,513,100	-	-	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	431,800	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	5,944,900	-	-	-	-	-	-
Working capital	5,879,588	-	-	-	-	-	-
Net worth	5,914,809	-	-	-	-	-	-

ratio analysis

Annual accounts	31-03-2011	change(%)		change(%)		Industry average	%
Trading performance
Profit Before Tax	1	-	-	-	-	-	-
Return on capital employed	10.37	-	-	-	-	-	-
Return on total assets employed	2.61	-	-	-	-	-	-
Return on net assets employed	10.37	-	-	-	-	-	-
Sales / net working capital	10.47	-	-	-	-	-	-
Stock turnover ratio	5.51	-	-	-	-	-	-
Debtor days	110.40	-	-	-	-	-	-
Creditor days	62.54	-	-	-	-	-	-
short term stability
Current ratio	1.33	-	-	-	-	-	-
Liquidity ratio / acid ratio	1.14	-	-	-	-	-	-
Current debt ratio	2.97	-	-	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	116.95	-	-	-	-	-	-
Equity in percentage	25.25	-	-	-	-	-	-
Total debt ratio	2.97	-	-	-	-	-	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Significant Events

Event Date	09/03/2012
Event Description	authority appointed
Event Details	Commentaar 12-03-2012: Op de vergadering werd besloten om de volgende machten af te vaardigen aan Mehta Bankim Madhu om: de dagelijkse briefwisseling te ondertekenen en alle handelingen die betrekking hebben op het beheer van de dagelijkse

Event Date	09/03/2012
Event Description	authority appointed
Event Details	zaken van de commerciële en administratieve diensten van de maatschappij in het kader en in de perken van de dagelijkse uitbating, te vervullen.

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

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	191.30
Industry average day sales outstanding	143.19

Industry quartile analysis

Payment expectations
Company result	62.54
Lower	133.90
Median	89.39
Upper	46.84
Day sales outstanding
Company result	110.40
Lower	116.43
Median	59.92
Upper	27.38

NOTES & COMMENTS

Na

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.56.05
UK Pound	1	Rs.86.69
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

PRL

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.