MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	DIA-VEER BVBA
Registered Office :	Hoveniersstraat 30 Bus 229 Antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	13.03.1992
Com. Reg. No.:	446886423
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of Diamonds and other Precious Stones
No. of Employees :	Not Available

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 :	Slow but correct
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 (31.03.2011)	Current Rating (30.06.2012)
Belgium	A1	A1

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

Summary

Business number 446886423

Company name DIA-VEER BVBA

Telephone number 032133982

Address HOVENIERSSTRAAT 30 BUS 229 ANTWERPEN

Fax number 032263815

Post code 2018

Number of staff 0

Date of establishment 13/03/1992

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	10,980,535	77,582	827,534
31/12/2009	8,082,993	60,744	768,298
31/12/2008	9,374,377	62,911	723,017

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	7,444,456	4,665	600,000	164,114	0
31/12/2009	4,885,017	4,665	600,000	52,552	0
31/12/2008	4,715,199	4,665	600,000	48,300	0

Payment expectations

Past payments		Payment expectation days	198.19
Industry average payment	181.66	Industry average day sales	120.19

expectation days outstanding

Day sales outstanding 183.09

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number 446886423 Company name DIA-VEER BVBA

Fax number 032263815 Date founded 13/03/1992

Company status active Company type Private Limited Company (BL/LX)

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.0446.886.423

Belgian Bullettin of Acts

Publications moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register
Personnel limit NSSO
Code	-
Description	FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category

Financials

Export accounts to CSV file

comparison mode average

profit and loss

Annual accounts	31-12-2010		31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	10,980,535	35.85	8,082,993	-13.78	9,374,377	46,740,522	-76.51
Total operating expenses	10,807,323	36.48	7,918,901	-14.25	9,234,560	46,135,968	-76.58
Operating result	173,212	5.56	164,092	17.36	139,817	209,836	-17.45
Total financial income	25	-84.76	164	272	44	156,494	-99
Total financial expenses	95,655	-7.59	103,512	34.52	76,950	309,305	-69.07
Results on ordinary operations before taxation	77,582	27.72	60,744	-3.44	62,911	41,001	89.22
Taxation	18,801	21.59	15,463	-7.14	16,652	15,160	24.02
Results on ordinary operations after taxation	58,781	29.81	45,281	-2.11	46,259	30,715	91.38
Extraordinary items	455	-	0	-	0	2,671	-82.97
Other appropriations	0	-	0	-	0	-	-
Net result	59,236	30.82	45,281	-2.11	46,259	33,383	77.44
Dividends	-	-	-	-	-	326,298	-
Director remuneration	90,240	0	90,240	0	90,240	113,424	-20.44
Employee costs	17,187	-1.77	17,497	6.92	16,364	144,452	-88.10
Wages and salary	14,253	0	14,253	4.51	13,638	127,039	-88.78
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	2,639	-13.13	3,038	15.78	2,624	30,861	-91.45
Other employee costs	295	43.20	206	101	102	3,129	-90.57
Amortization and depreciation	13,440	-10.24	14,974	-0.36	15,028	21,861	-38.52

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	1,691	-100
Tangible fixed assets	304,750	78.77	170,473	-8.07	185,447	194,031	57.06
Land & building	267,896	70.49	157,132	-2.85	161,741	359,645	-25.51
Plant & machinery	3,402	-64.54	9,595	-28.70	13,458	27,541	-87.65
Other tangible assets	33,452	793	3,746	-63.45	10,248	27,327	22.41
Financial fixed assets	4,665	0	4,665	0	4,665	314,215	-98.52
Total fixed assets	309,415	76.67	175,138	-7.88	190,112	407,442	-24.06
Inventories	1,442,730	97.46	730,642	-34.60	1,117,273	3,144,238	-54.12
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,055	-100
Finished goods	1,442,730	97.46	730,642	-25.50	980,753	2,075,779	-30.50
Other stocks	0	-	0	-100	136,520	519,689	-100
Trade debtors	5,508,141	41.29	3,898,329	16.81	3,337,313	3,839,402	43.46
Cash	164,114	212	52,552	8.80	48,300	265,248	-38.13
other amounts receivable	10,227	-48.90	20,014	-8.94	21,980	369,718	-97.23
Miscellaneous current assets	9,829	17.83	8,342	3674	221	42,570	-76.91
Total current assets	7,135,041	51.49	4,709,879	4.08	4,525,087	7,131,382	0.05
CURRENT LIABILITIES
Trade creditors	5,868,303	76.44	3,326,012	32.96	2,501,446	2,696,973	117
Short term group loans	-	-	-	-	-	-	-
Other short term loans	21,599	0.09	21,580	-45.51	39,606	1,920,584	-98.88
Miscellaneous current liabilities	165,015	-13.72	191,255	-77.68	856,793	194	--
Total current liabilities	6,054,917	71.10	3,538,847	4.15	3,397,845	4,426,970	36.77
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	--
Other long term loans	562,005	-2.75	577,872	-2.77	594,337	-64.27	--
Other long term liabilities	0	-	0	-	0	715,771	-100
Total long term debts	562,005	-2.75	577,872	-2.77	594,337	1,343,254	-58.16
SHAREHOLDERS EQUITY
Issued share capital	600,000	0	600,000	0	600,000	1,024,087	-41.41
Share premium account	-	-	-	-	-	183,372	-
Reserves	227,534	35.20	168,298	36.81	123,017	682,076	-66.64
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	827,534	7.71	768,298	6.26	723,017	1,723,881	-52.00
Working capital	1,080,124	-7.76	1,171,032	3.88	1,127,242	2,704,412	-60.06
Net worth	827,534	7.71	768,298	6.26	723,017	1,722,189	-51.95

Ratio analysis

Annual accounts	31-12-2010	Change (%)	31-12-2009		change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	0.71	-5.33		0.75	11.94	0.67	-2,00		35.50
Return on capital employed	5.58	23.73		4.51	-5.65	4.78	17,00		-67.18
Return on total assets employed	1.04	-16.13		1.24	-6.77	1.33	-78,00		1.33
Return on net assets employed	9.38	18.58		7.91	-9.08	8.70	19,00		-50.63
Sales / net working capital	10.17	47.39		6.90	-17.07	8.32	35,00		-99
Stock turnover ratio	13.14	45.35		9.04	-24.16	11.92	67,00		-80.39
Debtor days	183.09	4.00		176.04	35.48	129.94	167,00		9.63
Creditor days	198.19	29.28		153.30	55.05	98.87	171,00		15.90
SHORT TERM STABILITY
Current ratio	1.18	-11.28		1.33	0	1.33	8,00		-86.89
Liquidity ratio / acid ratio	0.94	-16.07		1.12	12.00	1	5,00		-81.20
Current debt ratio	7.32	58.79		4.61	-1.91	4.70	9,00		-18.67
Liquidity ratio reprocessed	-	-		-	-	-	-		-
LONG TERM STABILITY
Gearing	70.52	-9.61		78.02	-11.02	87.68	124,00		-43.13
Equity in percentage	11.12	-29.31		15.73	2.61	15.33	-1.492,00		0.75
Total debt ratio	8	49.25		5.36	-2.90	5.52	9,00		-11.11

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	198.19
Day sales outstanding	183.09

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	181.66
Industry average day sales outstanding	120.19

Industry quartile analysis

Payment expectations
Company result	198.19
Lower	131.84
Median	77.27
Upper	42.51
Day sales outstanding
Company result	183.09
Lower	109.67
Median	57.26
Upper	24.18

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

NSSO details

Business number 446886423

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	VIPUL RASIKLAL PAREKH
Position	Principal Manager
Street	19 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium
Name	PANKAJ PAREKH
Position	Principal Manager
Street	17 BELGIELEI ANTWERPEN
Post code	2018
Country	Belgium

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.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

INFORMATION DETAILS

Report Prepared by :

PDT

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.