MIRA INFORM REPORT

Report Date :

14.02.2013

IDENTIFICATION DETAILS

Name :	DIABLUE BVBA
Registered Office :	Hoveniersstraat 9 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	27.11.1986
Com. Reg. No.:	429873613
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	1

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

Company name and address

Top of Form

Business number	429873613
Company name	DIABLUE BVBA
Address	HOVENIERSSTRAAT 9
	2018 ANTWERPEN
Number of staff	1
Date of establishment	27/11/1986
Telephone number	032269272
Fax number	032269301

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	21,069,918	67,472	1,890,687
31/12/2010		34,858	56,582
31/12/2009		6,031	21,724

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	7,205,428		1,784,137	44,033	1
31/12/2010	58,493		18,600	39,558	0
31/12/2009	1,728,307		18,600	66,153	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	15.68
Industry average payment expectation days	176.31	Industry average day sales outstanding	109.74
Day sales outstanding	52.68

Court data summary

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

Business number	429873613	Company name	DIABLUE BVBA
Fax number	032269301	Date founded	27/11/1986
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.0429.873.613
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Export accounts to CSV file

comparison mode

average

median

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	21,069,918	-	-	-	-	57,071,239	-63.08
Total operating expenses	20,948,366	-	-	-	-	56,388,961	-62.85
Operating result	121,552	242	35,519	425	6,754	261,580	-53.53
Total financial income	91	680	12	-	-	170,510	-99
Total financial expenses	54,170	7946	673	-6.83	722	344,640	-84.28
Results on ordinary operations before taxation	67,472	93.56	34,858	477	6,031	70,654	-4.50
Taxation	1	-	-	-	-	38,720	-99
Results on ordinary operations after taxation	67,472	93.56	34,858	477	6,031	44,504	51.61
Extraordinary items	1,097	-	0	-	0	11,595	-90.54
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	68,569	96.71	34,858	477	6,031	56,038	22.36
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	118,597	-
Employee costs	14,571	-	-	-	-	152,302	-90.43
Wages and salary	12,805	-	-	-	-	129,219	-90.09
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	315	-	-	-	-	31,775	-99
Other employee costs	1,451	-	0	-	0	4,346	-66.62
Amortization and depreciation	10,379	78.95	5,800	0	5,800	21,699	-52.17

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	1,775	-100
Tangible fixed assets	642,731	21076	3,035	-65.65	8,835	208,237	208
Land & building	610,299	-	-	-	-	381,832	59.83
Plant & machinery	22,384	-	-	-	-	27,852	-19.63
Other tangible assets	10,049	231	3,035	-65.65	8,835	30,964	-67.55
Financial fixed assets	-	-	-	-	-	321,397	-
Total fixed assets	642,731	21076	3,035	-65.65	8,835	427,235	50.44
Inventories	3,423,070	-	-	-	435,386	3,531,853	-3.08
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,261	-100
Finished goods	3,423,070	-	0	-	0	2,464,757	38.88
Other stocks	0	-	0	-100	435,386	455,632	-100
Trade debtors	3,040,980	-	0	-100	1,187,810	4,392,223	-30.76
Cash	44,033	11.31	39,558	-40.20	66,153	306,714	-85.64
other amounts receivable	48,263	216	15,256	-48.29	29,504	447,746	-89.22
Miscellaneous current assets	6,351	886	644	3.99	619	41,902	-84.84
Total current assets	6,562,697	11733	55,457	-96.77	1,719,472	8,139,766	-19.37
current liabilities
Trade creditors	900,096	84418	1,065	-99	1,647,226	2,928,994	-69.27
Short term group loans	-	-	-	-	-	-	-
Other short term loans	2,001,685	-	0	-100	11	2,442,273	-18.04
Miscellaneous current liabilities	30,817	3542	846	-98.57	59,346	-92.29	- -
Total current liabilities	2,932,598	153363	1,911	-99	1,706,583	5,655,192	-48.14
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	450,000	-	-	-	-	-72.02	- -
Other long term liabilities	1,932,143	-	0	-	0	289,264	567
Total long term debts	2,382,143	-	0	-	0	944,427	152
shareholders equity
Issued share capital	1,784,137	9492	18,600	0	18,600	1,169,545	52.55
Share premium account	-	-	-	-	-	173,859	-
Reserves	106,551	180	37,982	1115	3,124	724,519	-85.29
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	1,890,687	3241	56,582	160	21,724	1,918,204	-1.43
Working capital	3,630,099	6679	53,547	315	12,889	2,484,574	46.11
Net worth	1,890,687	3241	56,582	160	21,724	1,916,428	-1.34

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.32	-	-	-	-	-662,00	0.05
Return on capital employed	1.58	-97.44	61.61	121	27.76	-12,00	13.17
Return on total assets employed	0.94	-98.42	59.59	16925	0.35	-31,00	3.03
Return on net assets employed	3.57	-94.21	61.61	121	27.76	-18,00	19.83
Sales / net working capital	5.80	-	-	-	-	61,00	-99
Stock turnover ratio	16.25	-	-	-	-	62,00	-73.79
Debtor days	52.68	-	-	-	-	51.715,00	-99
Creditor days	15.68	-	-	-	-	299,00	-94.76
short term stability
Current ratio	2.24	-92.28	29.02	2773	1.01	4,00	-86.00
Liquidity ratio / acid ratio	1.07	-96.31	29.02	3769	0.75	3,00	-64.33
Current debt ratio	1.55	5066	0.03	-99	78.56	16,00	-90.31
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	129.67	-	-	-	0.05	273,00	-52.50
Equity in percentage	26.24	-72.87	96.73	7576	1.26	-990,00	2.65
Total debt ratio	2.81	9266	0.03	-99	78.56	17,00	-83.47

Payment expectations

Payment expectation days	15.68
Day sales outstanding	52.68

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	176.31
Industry average day sales outstanding	109.74

Industry quartile analysis

Payment expectations
Company result	15.68
Lower	122.08
Median	73.75
Upper	41.43
Day sales outstanding
Company result	52.68
Lower	107.66
Median	54.84
Upper	24.45

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details

Business number	429873613
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

Current director details

Name	DILIP ABHUBHAI DESAI
Position	Principal Manager
Start Date	28/07/2011
Street	4 BLAUWMEESLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	KALPEN SHAH
Position	Principal Manager
Start Date	01/10/2007
Street
Post code
Country

Former director details

Name	ANKIT GIRISH SHAH
Position	Principal Manager
Start Date	01/12/2006
End Date	-
Street	82 PRINS BOUDEWIJNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	KALPEN HARSHAD SHAH
Position	Principal Manager
Start Date	09/08/2012
End Date	31/03/2011
Street	157 PRINS BOUDEWIJNLAAN EDEGEM
Post code	2650
Country	Belgium

Name	ANKIT SHAH
Position	Principal Manager
Start Date	01/12/2006
End Date	-
Street
Post code
Country

Bottom of Form

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.53.85
UK Pound	1	Rs.84.42
Euro	1	Rs.72.40

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.