MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	DIMEXON ANTWERP NV

Registered Office :	Hoveniersstraat 53 Antwerpen, Post Code 2018

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	21.06.2005

Com. Reg. No.:	874584266

Legal Form :	Public Limited Liability Company

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employees :	11

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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	874584266	Company name	DIMEXON ANTWERP NV
		Telephone number	0475924977
Address	HOVENIERSSTRAAT 53 ANTWERPEN	Fax number	032137799
Post code	2018	Number of staff	11
Date of establishment	21/06/2005
Business number	874584266	Company name	DIMEXON ANTWERP NV
Fax number	032137799	Date founded	21/06/2005
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.0874.584.266
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	MIHIR RAMESHCHANDRA DIWAN
Position	Managing Director
Date of birth	25/01/1971
Street	93 RINGLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	MIHIR RAMESHCHANDRA DIWAN
Position	Director
Date of birth	25/01/1971
Street	93 RINGLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	VISHAL PANKAJ MEHTA
Position	Managing Director
Street
Post code
Country	United Arab Emirates

Name	VISHAL PANKAJ MEHTA
Position	Director
Street
Post code
Country	United Arab Emirates

Name	RAJ KOTHARI
Position	Director
Street
Post code
Country

Name	PANKAJ KIRTILAL MEHTA
Position	Chairman of the Board
Street
Post code
Country

Name	PANKAJ KIRTILAL MEHTA
Position	Managing Director
Street
Post code
Country

Name	PANKAJ KIRTILAL MEHTA
Position	Director
Street
Post code
Country

Former director details

Name	KAUSHIK KIRTILAL MEHTA
Position	Non Statutory Partner
Street	25 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	RAJ PRAVIN KOTHARI
Position	Director
Date of birth	20/05/1966
Street	97 INGENIEUR HAESAERTSLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	RAJ PRAVIN KOTHARI
Position	Managing Director
Date of birth	20/05/1966
Street	97 INGENIEUR HAESAERTSLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	RAJIV PANKAJ MEHTA
Position	Director
Street	70 BEUKENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	RAJIV PANKAJ MEHTA
Position	Managing Director
Street	70 BEUKENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	RAJIV PANKAJ MEHTA
Position	Chairman of the Board
Street	70 BEUKENLAAN ANTWERPEN
Post code	2020
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

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

Significant Events

Event Date	11/01/2012
Event Description	proposal to change address filed
Event Details

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

Business number	Company name		%	Date of accounts
-	DIMEXON INTERNATIONAL HOLDING		0.18	-

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Rajiv	Middle name	-
Surname	Mehta
Shareholder Details
Start date	30/10/2008(estimated)	End date	-
Percentage owned	59.61%
Shareholder Address
Street name	Beukenlaan	House number	70
Minor town	-	Postal town	Antwerpen
Post code	2020	Country	Belgium

Shareholder Name
Forename	Pankaj	Middle name	-
Surname	Mehta
Shareholder Details
Start date	30/10/2008(estimated)	End date	-
Percentage owned	40.20%
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	United Arab Emirates

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	40.94
Industry average payment expectation days	188.87	Industry average day sales outstanding	142.66
Day sales outstanding	91.37

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	40.94
Day sales outstanding	91.37

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	188.87
Industry average day sales outstanding	142.66

Industry quartile analysis

Payment expectations
Company result	40.94
Lower	134.01
Median	88.31
Upper	47.10

Day sales outstanding
Company result	91.37
Lower	116.43
Median	62.37
Upper	27.29

GROUP STRUCTURE & AFFILIATED COMPANIES

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

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	161,935,798	33.39	121,398,945	-23.55	158,803,935	47,572,529	240
Total operating expenses	156,425,822	26.25	123,902,284	-21.25	157,336,373	46,964,357	233
Operating result	5,509,976	220	-2,503,339	-270	1,467,562	208,739	2539
Total financial income	72,876	356	15,948	-94.54	291,914	154,766	-52.91
Total financial expenses	878,273	57.19	558,737	-7.32	602,849	304,919	188
Results on ordinary operations before taxation	4,704,579	154	-3,046,129	-363	1,156,627	42,328	11014
Taxation	55,102	1855	2,818	-	-	15,327	259
Results on ordinary operations after taxation	4,649,477	152	-3,048,947	-363	1,156,627	31,927	14462
Extraordinary items	0	-	0	-	0	9,575	-100
Other appropriations	1	-	0	-	0	-	-
Net result	4,649,478	152	-3,048,947	-363	1,156,627	41,496	11104
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	114,314	-
Employee costs	751,778	24.15	605,541	-35.14	933,584	144,796	419
Wages and salary	578,310	32.89	435,193	-36.18	681,894	127,514	353
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	145,233	22.67	118,395	-26.29	160,630	30,950	369
Other employee costs	28,234	-45.65	51,953	-42.95	91,060	3,203	781
Amortization and depreciation	256	-	-	-	-	20,740	-98.77

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	1,715	-100
Tangible fixed assets	2,574,957	-	-	-	-	193,177	1232
Land & building	2,569,576	-	-	-	-	361,650	610
Plant & machinery	5,381	-	-	-	-	26,381	-79.60
Other tangible assets	0	-	0	-	0	27,276	-100
Financial fixed assets	466	352	103	-30.87	149	311,705	-99
Total fixed assets	2,575,423	2500310	103	-30.87	149	405,494	535
Inventories	11,351,524	-0.17	11,370,861	-60.49	28,779,919	3,042,631	273
Raw materials & consumables	-	-	-	-	-	2,155,796	-
Work in progress	0	-	0	-	0	2,106	-100
Finished goods	11,351,524	-0.17	11,370,861	-60.49	28,779,919	2,008,632	465
Other stocks	0	-	0	-	0	514,709	-100
Trade debtors	40,538,520	36.72	29,650,709	-48.11	57,142,341	3,845,845	954
Cash	3,104,487	381	645,009	-57.10	1,503,558	268,820	1054
other amounts receivable	2,959,958	3683	78,240	-82.68	451,667	332,518	790
Miscellaneous current assets	198,234	201	65,719	-	0	40,806	385
Total current assets	58,152,723	39.09	41,810,538	-52.42	87,877,485	7,026,679	727
current liabilities
Trade creditors	17,544,154	77.16	9,903,107	-71.36	34,578,543	2,684,801	553
Short term group loans	-	-	-	-	-	-	-
Other short term loans	20,991,912	34.66	15,588,486	-15.07	18,354,560	1,909,118	999
Miscellaneous current liabilities	85,219	-32.34	125,948	-44.33	226,226	83.92	- -
Total current liabilities	38,621,285	50.76	25,617,541	-51.81	53,159,329	4,382,107	781
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	-1	-	0	-	0	724,322	-100
Total long term debts	-1	-	0	-	0	1,316,576	-100
shareholders equity
Issued share capital	19,855,384	7.81	18,417,434	-45.07	33,530,443	959,021	1970
Share premium account	-	-	-	-	-	183,372	-
Reserves	2,251,478	101	-2,224,334	-287	1,187,862	711,948	216
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	22,106,862	36.52	16,193,100	-53.36	34,718,305	1,690,044	1208
Working capital	19,531,438	20.62	16,192,997	-53.36	34,718,156	2,644,572	638
Net worth	22,106,862	36.52	16,193,100	-53.36	34,718,305	1,688,329	1209

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	2.91	115	-2.51	-443	0.73	-2,00	145
Return on capital employed	21.28	113	-18.81	-664	3.33	17,00	25.18
Return on total assets employed	7.75	106	-7.29	-652	1.32	-79,00	9.81
Return on net assets employed	21.28	113	-18.81	-664	3.33	18,00	18.22
Sales / net working capital	8.29	10.53	7.50	64.11	4.57	37,00	-99
Stock turnover ratio	7.01	-25.19	9.37	-48.29	18.12	63,00	-88.87
Debtor days	91.37	2.49	89.15	-32.12	131.34	162,00	-43.60
Creditor days	40.94	40.35	29.17	-63.64	80.22	164,00	-75.04
short term stability
Current ratio	1.51	-7.36	1.63	-1.21	1.65	8,00	-83.22
Liquidity ratio / acid ratio	1.21	1.68	1.19	7.21	1.11	5,00	-75.80
Current debt ratio	1.75	10.76	1.58	3.27	1.53	9,00	-80.56
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	94.96	-1.36	96.27	82.09	52.87	151,00	-37.11
Equity in percentage	36.40	-6.02	38.73	-1.97	39.51	-1.529,00	2.38
Total debt ratio	1.75	10.76	1.58	3.27	1.53	9,00	-80.56

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	161,935,798	4,704,579	22,106,862
31/12/2009	121,398,945	-3,046,129	16,193,100
31/12/2008	158,803,935	1,156,627	34,718,305

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	60,728,146	466	19,855,384	3,104,487	11
31/12/2009	41,810,641	103	18,417,434	645,009	6
31/12/2008	87,877,634	149	33,530,443	1,503,558	8

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Report Prepared by :

MNL

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.