MIRA INFORM REPORT

Report Date :

30.10.2012

IDENTIFICATION DETAILS

Name :	DIANINE BVBA
Registered Office :	Hoveniersstraat 30 -B 226antwerpen 2018
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	02.03.2004
Com. Reg. No.:	863820434
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 :	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 (31.03.2011)	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

REGISTERED NAME & COMPANY SUMMARY

Business number	863820434	Company name	DIANINE BVBA
		Telephone number	032130111
Address	HOVENIERSSTRAAT 30 -B 226ANTWERPEN	Fax number	032263854
Post code	2018	Number of staff	0
Date of establishment	02/03/2004

DIRECTORS/MANAGEMENT

Current director details

Name	RATNESH RAMESH GANDHI
Position	Principal Manager
Date of birth	17/01/1982
Street	7 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	RATNESH RAMESH GANDHI
Position	Non Statutory Partner
Date of birth	17/01/1982
Street	7 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	DHARMESH RAMESH GANDHI
Position	Principal Manager
Date of birth	02/02/1981
Street	7 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	JAN LEEMANS
Position	Non Statutory Partner
Street	0 THE RESIDENCES BD T2 PHASE 1 HALLE
Post code	1501
Country	Belgium

Name	JAN LEEMANS
Position	Principal Manager
Street	0 THE RESIDENCES BD T2 PHASE 1 HALLE
Post code	1501
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	863820434	Company name	DIANINE BVBA
Fax number	032263854	Date founded	02/03/2004
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0863.820.434
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

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Significant Events

Event Date	12/05/2011
Event Description
Event Details	Op de kapitaalverhoging wordt volledig ingeschreven in geld door : Gandi Dharmesh, Gandhi Ratnesh en Gandhi Ramesh.

NSSO details

Business number	863820434
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

Individual Shareholders

Shareholder Name
Forename	Dharmesh	Middle name	-
Surname	Gandhi
Shareholder Details
Start date	25/05/2011(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	Belgiëlei	House number	7
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Ratnesh	Middle name	-
Surname	Gandhi
Shareholder Details
Start date	25/05/2011(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	Belgiëlei	House number	7
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Ramesh	Middle name	-
Surname	Gandhi
Shareholder Details
Start date	25/05/2011(estimated)	End date	-
Percentage owned	-
Shareholder Address
Street name	Belgiëlei	House number	7
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	84.10
Industry average payment expectation days	178.33	Industry average day sales outstanding	109.49
Day sales outstanding	90.65

Payment expectations

Payment expectation days	84.10
Day sales outstanding	90.65

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.33
Industry average day sales outstanding	109.49

Industry quartile analysis

Payment expectations
Company result	84.10
Lower	129.17
Median	75.20
Upper	41.95
Day sales outstanding
Company result	90.65
Lower	109.24
Median	57.26
Upper	24.45

GROUP STRUCTURE & AFFILIATED COMPANIES

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
31/12/2011	13,894,725	30,407	228,624
31/12/2010		34,307	122,341
31/12/2009		21,046	99,302

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	4,701,651	450	102,600	114,530	0
31/12/2010	3,664,119	450	18,600	114,882	0
31/12/2009	2,266,672	450	18,600	80,772	1

PROFIT & LOSS

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	13,894,725	-	-	-	-	58,292,508	-76.16
Total operating expenses	13,912,040	-	-	-	-	57,498,213	-75.80
Operating result	-17,315	-117	100,919	50.60	67,009	293,781	-105
Total financial income	95,556	3526	2,635	597	378	175,285	-45.49
Total financial expenses	47,834	-30.92	69,247	49.43	46,341	338,591	-85.87
Results on ordinary operations before taxation	30,407	-11.37	34,307	63.01	21,046	113,137	-73.12
Taxation	8,124	-20.98	10,281	85.81	5,533	39,234	-79.29
Results on ordinary operations after taxation	22,282	-7.26	24,026	54.88	15,513	86,684	-74.29
Extraordinary items	0	0	-987	-	0	7,835	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	22,282	-3.28	23,039	48.52	15,513	94,426	-76.40
other information
Dividends	-	-	-	-	-	137,001	-
Director remuneration	58,138	-	-	-	-	127,466	-54.39
Employee costs	14,130	-28.13	19,662	-4.32	20,549	159,244	-91.13
Wages and salary	11,351	-29.00	15,987	-12.60	18,293	134,873	-91.58
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	1,877	-39.33	3,094	73.70	1,781	33,390	-94.38
Other employee costs	902	55.47	580	22.02	476	4,553	-80.18
Amortization and depreciation	24,989	24.48	20,075	12.69	17,814	21,047	18.73

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,923	-100
Tangible fixed assets	193,931	5.06	184,593	9.74	168,208	204,129	-5.00
Land & building	116,117	-3.24	120,010	-0.44	120,544	374,978	-69.03
Plant & machinery	2,968	-37.20	4,725	-39.38	7,795	27,912	-89.37
Other tangible assets	74,846	25.04	59,857	50.13	39,869	30,203	147
Financial fixed assets	450	0	450	0	450	312,784	-99
Total fixed assets	194,381	5.05	185,043	9.71	168,658	416,549	-53.34
Inventories	934,342	547	144,322	64.24	87,874	3,422,497	-72.70
Raw materials & consumables	-	-	-	-	-	3,184,382	-
Work in progress	0	-	0	-	0	2,475	-100
Finished goods	934,342	-	0	-	0	2,367,649	-60.54
Other stocks	0	-100	144,322	64.24	87,874	468,347	-100
Trade debtors	3,450,985	7.43	3,212,328	66.75	1,926,378	4,349,785	-20.66
Cash	114,530	-0.31	114,882	42.23	80,772	312,463	-63.35
other amounts receivable	7,413	-1.74	7,544	152	2,990	411,821	-98.20
Miscellaneous current assets	0	-	0	-	0	40,576	-100
Total current assets	4,507,270	29.55	3,479,076	65.83	2,098,014	7,976,096	-43.49
current liabilities
Trade creditors	3,205,613	24.06	2,583,990	88.30	1,372,277	2,883,306	11.18
Short term group loans	-	-	-	-	-	-	-
Other short term loans	134,453	532	21,268	35.85	15,655	2,406,938	-94.41
Miscellaneous current liabilities	662,708	-14.13	771,769	22.89	628,001	72.21	- -
Total current liabilities	4,002,774	18.53	3,377,026	67.52	2,015,934	5,550,203	-27.88
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	470,253	185	164,751	8.79	151,436	-69.39	- -
Other long term liabilities	0	-	0	-	0	292,458	-100
Total long term debts	470,253	185	164,751	8.79	151,436	921,571	-48.97
shareholders equity
Issued share capital	102,600	451	18,600	0	18,600	1,028,168	-90.02
Share premium account	-	-	-	-	-	173,859	-
Reserves	126,024	21.48	103,741	28.55	80,702	820,370	-84.64
Revaluation reserve	-	-	-	-	-	772,031	-
Total shareholders equity	228,624	86.87	122,341	23.20	99,302	1,873,312	-87.80
Working capital	504,496	394	102,050	24.33	82,080	2,425,892	-79.20
Net worth	228,624	86.87	122,341	23.20	99,302	1,871,389	-87.78

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.22	-	-	-	-	-731,00	0.03
Return on capital employed	4.35	-63.60	11.95	42.43	8.39	-20,00	21.75
Return on total assets employed	0.65	-30.85	0.94	1.08	0.93	-33,00	1.97
Return on net assets employed	13.30	-52.57	28.04	32.33	21.19	-28,00	47.50
Sales / net working capital	27.54	-	-	-	-	59,00	-99
Stock turnover ratio	6.72	-	-	-	-	42,00	-84.00
Debtor days	90.65	-	-	-	-	58.113,00	-99
Creditor days	84.10	-	-	-	-	251,00	-66.49
short term stability
Current ratio	1.13	9.71	1.03	-0.96	1.04	4,00	-93.72
Liquidity ratio / acid ratio	0.89	-10.10	0.99	-1.00	1	3,00	-70.33
Current debt ratio	17.51	-36.56	27.60	35.96	20.30	18,00	-2.72
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	264.50	73.96	152.05	-9.64	168.27	296,00	-10.64
Equity in percentage	4.86	45.51	3.34	-23.74	4.38	-1.079,00	0.45
Total debt ratio	19.57	-32.40	28.95	32.62	21.83	19,00	3.00

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Industry comparison

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

Minority Interests

No minority interests found

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.53.81
UK Pound	1	Rs.86.52
Euro	1	Rs.69.50

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.