MIRA INFORM REPORT

Report Date :

06.02.2013

IDENTIFICATION DETAILS

Name :	DIA-VEER BVBA

Registered Office :	Hoveniersstraat 30 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

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 :

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

(31.03.2012)

Current Rating

(30.06.2012)

Belgium

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	446886423
Company name	DIA-VEER BVBA
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	0
Date of establishment	13/03/1992
Telephone number	032133982
Fax number	032263815

DIRECTORS/MANAGEMENT

Current director details

Name	VIPUL RASIKLAL PAREKH
Position	Principal Manager
Start Date	09/09/2010
Street	19 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	PANKAJ PAREKH
Position	Principal Manager
Start Date	09/09/2010
Street	17 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	MARGARETA VAN POPPEL
Position	Principal Manager
Start Date	31/08/1997
End Date	-
Street	OTTIGNIES-LOUVAIN-LA-NEUVE
Post code
Country	Belgium

NEGATIVE INFORMATION

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	31/12/2011
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

Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Protested bills

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

NSSO details

Business number	446886423
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	148.68
Industry average payment expectation days	176.30	Industry average day sales outstanding	109.63
Day sales outstanding	139.99

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	148.68
Day sales outstanding	139.99

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	176.30
Industry average day sales outstanding	109.63

Industry quartile analysis

Payment expectations
Company result	148.68
Lower	122.08
Median	73.75
Upper	41.43

Day sales outstanding
Company result	139.99
Lower	107.66
Median	54.99
Upper	24.45

GROUP STRUCTURE & AFFILIATED COMPANIES

\csukserver01002INT'L CREDIT REPORT2013.02.002013.02.05servicescompany_searchshareholders.aspx?CompanyNumber=446886423Ultimate 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
31/12/2011	11,494,200	58,237	859,976
31/12/2010	10,980,535	77,582	827,534
31/12/2009	8,082,993	60,744	768,298

\csukserver01002INT'L CREDIT REPORT2013.02.002013.02.05servicescompany_searchaccounts.aspx?CompanyNumber=446886423Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	6,277,789	4,665	600,000	369,505	0
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

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	11,494,200	4.68	10,980,535	35.85	8,082,993	57,071,239	-79.86
Total operating expenses	11,434,848	5.81	10,807,323	36.48	7,918,901	56,388,961	-79.72
Operating result	59,352	-65.73	173,212	5.56	164,092	261,829	-77.33
Total financial income	34,149	136497	25	-84.76	164	170,510	-79.97
Total financial expenses	35,264	-63.13	95,655	-7.59	103,512	344,956	-89.78
Results on ordinary operations before taxation	58,237	-24.93	77,582	27.72	60,744	70,732	-17.67
Taxation	7,106	-62.20	18,801	21.59	15,463	38,720	-81.65
Results on ordinary operations after taxation	51,131	-13.01	58,781	29.81	45,281	44,559	14.75
Extraordinary items	-18,689	-4207	455	-	0	11,605	-261
Other appropriations	0.00	-	0	-	0	-	-
Net result	32,442	-45.23	59,236	30.82	45,281	56,103	-42.17
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	90,240	0	90,240	0	90,240	118,597	-23.91
Employee costs	17,675	2.84	17,187	-1.77	17,497	152,302	-88.40
Wages and salary	14,608	2.49	14,253	0	14,253	129,219	-88.70
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	2,802	6.16	2,639	-13.13	3,038	31,839	-91.20
Other employee costs	265	-10.11	295	43.20	206	4,350	-93.90
Amortization and depreciation	25,907	92.76	13,440	-10.24	14,974	21,715	19.30

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	1,777	-100
Tangible fixed assets	290,054	-4.82	304,750	78.77	170,473	208,237	39.29
Land & building	260,712	-2.68	267,896	70.49	157,132	381,832	-31.72
Plant & machinery	2,420	-28.87	3,402	-64.54	9,595	27,852	-91.31
Other tangible assets	26,923	-19.52	33,452	793	3,746	30,991	-13.13
Financial fixed assets	4,665	0.01	4,665	0	4,665	321,397	-98.55
Total fixed assets	294,720	-4.75	309,415	76.67	175,138	427,235	-31.02
Inventories	1,187,078	-17.72	1,442,730	97.46	730,642	3,531,853	-66.39
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,263	-100
Finished goods	1,187,078	-17.72	1,442,730	97.46	730,642	2,466,975	-51.88
Other stocks	0	-	0	-	0	456,042	-100
Trade debtors	4,408,346	-19.97	5,508,141	41.29	3,898,329	4,396,176	0.28
Cash	369,505	125	164,114	212	52,552	306,990	20.36
other amounts receivable	7,000	-31.55	10,227	-48.90	20,014	448,139	-98.44
Miscellaneous current assets	11,141	13.35	9,829	17.83	8,342	41,939	-73.44
Total current assets	5,983,069	-16.15	7,135,041	51.49	4,709,879	8,147,077	-26.56
current liabilities
Trade creditors	4,657,749	-20.63	5,868,303	76.44	3,326,012	2,931,738	58.87
Short term group loans	-	-	-	-	-	-	-
Other short term loans	104,579	384	21,599	0.09	21,580	2,444,471	-95.72
Miscellaneous current liabilities	110,321	-33.14	165,015	-13.72	191,255	-72.43	- -
Total current liabilities	4,872,649	-19.53	6,054,917	71.10	3,538,847	5,660,263	-13.91
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	545,163	-3.00	562,005	-2.75	577,872	-66.10	- -
Other long term liabilities	0	-	0	-	0	281,871	-100
Total long term debts	545,163	-3.00	562,005	-2.75	577,872	937,625	-41.86
shareholders equity
Issued share capital	600,000	0	600,000	0	600,000	1,170,543	-48.74
Share premium account	-	-	-	-	-	173,859	-
Reserves	259,976	14.26	227,534	35.20	168,298	725,228	-64.15
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	859,976	3.92	827,534	7.71	768,298	1,919,934	-55.21
Working capital	1,110,420	2.80	1,080,124	-7.76	1,171,032	2,486,814	-55.35
Net worth	859,976	3.92	827,534	7.71	768,298	1,918,157	-55.17

Ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.51	-28.17	0.71	-5.33	0.75	-662,00	0.08
Return on capital employed	4.14	-25.81	5.58	23.73	4.51	-13,00	31.85
Return on total assets employed	0.93	-10.58	1.04	-16.13	1.24	-30,00	3.10
Return on net assets employed	6.77	-27.83	9.38	18.58	7.91	-19,00	35.63
Sales / net working capital	10.35	1.77	10.17	47.39	6.90	61,00	-99
Stock turnover ratio	10.33	-21.39	13.14	45.35	9.04	62,00	-83.34
Debtor days	139.99	-23.54	183.09	4.00	176.04	51.715,00	-99
Creditor days	148.68	-24.98	198.19	29.28	153.30	299,00	-50.27
short term stability
Current ratio	1.23	4.24	1.18	-11.28	1.33	4,00	-92.31
Liquidity ratio / acid ratio	0.98	4.26	0.94	-16.07	1.12	3,00	-67.33
Current debt ratio	5.67	-22.54	7.32	58.79	4.61	16,00	-64.56
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	75.55	7.13	70.52	-9.61	78.02	273,00	-72.33
Equity in percentage	13.70	23.20	11.12	-29.31	15.73	-990,00	1.38
Total debt ratio	6.30	-21.25	8	49.25	5.36	17,00	-62.94

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Number of staff	0
Date of establishment	13/03/1992
Telephone number	032133982
Fax number	032263815

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

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.53.29
UK Pound	1	Rs.83.96
Euro	1	Rs.71.88

INFORMATION DETAILS

Report Prepared by :

SDA

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.