MIRA INFORM REPORT

Report Date :

02.07.2013

IDENTIFICATION DETAILS

Name :	SHIV DIAMONDS CC

Registered Office :	Suite 423, S.A. Diamond Center 240, Commissioner Street

Country :	South Africa

Date of Incorporation :	17.05.2004

Com. Reg. No.:	B2004/047530/23

Legal Form :	Close Corporation

Line of Business :	Wholesale trade in precious stones, jewellery and silverware

No. of Employees :	5

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

South Africa

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SOUTH AFRICA - ECONOMIC OVERVIEW

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors and a stock exchange that is the 15th largest in the world. Even though the country possesses modern infrastructure that support a relatively efficient distribution of goods to major urban centers throughout the region, some components retard growth. The economy began to slow in the second half of 2007 due to an electricity crisis. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Subsequently, the global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. State power supplier Eskom has built two new power stations and installed new power demand management programs to improve power grid reliability. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

Source : CIA

Summary

Subject Name	SHIV DIAMONDS CC
Country	South Africa
Account Review	Recommended Every 6 Months
Subject Contact Person	VEJAY - Financial Manager
Assessment	This is a well-established family business. On investigation contact was made with the financial manager, VEJAY who assisted with the required information. The company has been in operation for 9 Years 2 Months. A bank code was obtained for an amount of R 100 000 over 30 days. The company is meeting its commitments timeously with suppliers. No adverse information was revealed during the investigation. Please see the information obtained below.

Auditors Information

Company Registered Name	PRIMESH AND ASSOCIATES CC
Trading Name	None
Registration Number	B2004/090314/23
Physical Address	SA DIAMOND CENTRE, 240 COMMISSIONER STREET, JOHANNESBURG, 2001
Postal Address	PO BOX 1326, LENASIA, 1820
Contact Person	SEGERAN MOONSAMY
Contact Number	0113342048
Email	None
Principals	1
Judgements Against Subject	No information found on file
Judgements Against Principals	No information found on file
Subject Verified as Client	Yes
Practice Number	633
VAT Number	4110225952
Tax Number	9339672157
BEE Status	None
Financial Year End	February
No of years in Business	1 Years 5 Months
Website	None
Comment

Previous Auditors Information - No Information on Record

Tax Information

Vat Number	4630214817
Status	ACTIVE
Vat Liable Date	2004/09/01
Tax Number	9314548158
Tax Clearance Expire Date
Financial Year End	February
Comment

Black Economic Empowerment Information - No Information on Record ISO Information - No Information on Record

Workman's compensation

Registered	Yes
Compliance Certified	Yes
Comment

Company Structure

Subsidiaries

Subsidiary Company	There are no reported subsidiaries
Shareholding
Registration Number
Import / Export
Comment
Employees
Number of Employees	5
1. Salaried employees	5
2. Waged employees	0
3. Permanent employees	5
4. Casual employees	0
5. Contracted employees	0
Comment	The total number of employees includes the members of the company

Company Fleet

Company Fleet	No of vehicles:	Ownerd/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of
Comment	The vehicles are privately owned
Cars

Offices

Offices	Offices
Head Office Owned/ Rented	Leased
Rental Company	Unavailable
Owned by
Value
Bond
Bank
Lease Agreement	Annually
Lease Expire Date
Type of Premises	Offices.
Comment
Branch Information
Branches Names	Country	Province
There are no reported branches	South Africa	Unavailable
Branch Detail Information
Branches Owned/ Rented
Rental Company	Unavailable
Owned by	Unavailable
Value	R 0.00
Bond	R 0.00
Bank	Unavailable
Lease Agreement	Unavailable
Lease Expire Date	Unavailable
Type of Premises	Unavailable
Comment

Management Overview

Organisation Chart

Level	Position	Name	Comment

1	MEMBER	DAHYABHAIKESHAVBHAI PATEL

1	MEMBER	PRADIPKUMAR DAHYABHAI PATEL

1	MEMBER	MANOJKUMAR DAHYABHAI PATEL

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company	Sub	Comment
37 % - DAHYABHAI KESHAVBHAI PATEL	SHIV DIAMONDS CC
37 % - PRADIPKUMAR DAHYABHAI PATEL	SHIV DIAMONDS CC
26 % - MANOJKUMAR DAHYABHAI PATEL	SHIV DIAMONDS CC

Key Deals - No Information on Record

Trade References

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds	Comment
1	AKSHAR INVESTMENTS CC	0113348698
2	SPARKLE DIAMEX	91009869510136			Referee based in Mumbai India.
3	CS DIAMONDS CC	0538316529			Unable to provide trade references
4	FLAWLESS DIAMONDS	0113349181

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	8 Years			30 Days		30 Days	This is a good account. The figures were not made available.
2 Foreign supplier.

3							Unable to provide trade references
4	3 Years			COD		COD	The referee does not deal with the subject on credit basis, all dealing are strictly cash. It is however a good account.

Adverse Information on Subject

Judgements - No information on record BusinessRescue - No Information on Record

Default Listing - No information on record

Notarial Bonds - No information on record

Bank Information

Bank	NEDBANK
Branch	BUSINESS CENTRAL GAUTENG
Brach Code	198765
Bank Account Number	1284098354
Type of Account	CHEQUE
Account Name	SHIV DIAMONDS CC
Overdraft Facilities	The company has a overdraft facility
Bank Code	C - For R 100 000
Bank Comment	The subject's bankers consider them good for all business normal engagements.

Bank Code History - No Information on Record

Previous Bank Account Information - No Information on Record

Deeds Information - No information on record

Principals

Number of Principals	3
Average Age of Active Principals	42
Active Principals Principal - 1of 3 DAHYABHAI PATEL
Surname	PATEL
First Name	DAHYABHAI
Other Names	KESHAVBHAI
Marital Status
ID Number	Z1930849
Verified ID Number	No
Current Age	59 Years
Designation
Status	Active
Appointment Date	2004/05/17
Physical Address (at time of Appointment)	UNIT 5, RIDGEWAY HEIGHTS, 12-13 BOURKE CLOSE, MONDEOR, 2091
Postal Address	P O BOX 1326, LENASIA, 1820
Current Tel Number
Cell number
Shareholding/Membership	37 %

Principal's Adverse - No information on record

Business Information forDAHYABHAI PATEL Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
SHIV DIAMONDS CC B2004/047530/23		In Business	9 Years 9 Months	0	No

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

Principal - 2of 3 MANOJKUMAR PATEL

Surname	PATEL
First Name	MANOJKUMAR
Other Names	DAHYABHAI
Marital Status
ID Number	E2551627
Verified ID Number	No
Current Age	31 Years 1 Months
Designation	Member
Status	Active
Appointment Date	2012/02/24
Physical Address (at time of Appointment)	11 DELPHINIUM STREET, WINCHESTER HILLS, EXT 2, 1614
Postal Address	P O BOX 146587, BRACKEN GARDENS, 1452
Current Tel Number
Cell number
Shareholding/Membership	26 %

Principal's Adverse - No information on record

Business Information forMANOJKUMAR PATEL

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
SHIV DIAMONDS CC B2004/047530/23		In Business	9 Years 9 Months	0	No

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

Principal - 3of 3

PRADIPKUMAR PATEL

Surname	PATEL
First Name	PRADIPKUMAR
Other Names	DAHYABHAI
Marital Status
ID Number	H7696395
Verified ID Number	No
Current Age	36 Years 6 Months
Designation
Status	Active
Appointment Date	2006/10/04
Physical Address (at time of Appointment)	UNIT 5, RIDEWAY HEIGHTS, 12-13 BOURKE CLOSE, MONDEOR, 2091
Postal Address	P O BOX 1326, LENASIA, 1820
Current Tel Number
Cell number
Shareholding/Membership	37 %

Principal's Adverse - No information on record

Business Information for PRADIPKUMAR PATEL

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
SHIV DIAMONDS CC B2004/047530/23		In Business	9 Years 9 Months	0	No

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.14
UK Pound	1	Rs.90.05
Euro	1	Rs.77.06

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.

Registered Name	SHIV DIAMONDS CC
Trading as/ Division Name	None
Previous Name	None
Date of Name Change	None
Registration Number	B2004/047530/23
Registration Date	2004/05/17
Date Commenced Trading	2004-05-17
Age of Business	9 Years 2 Months
History of Business	SHIV DIAMONDS CC was registered in May 2005 and operations commenced immediately.
History of Principals	There are 3 active members within the business.
Shareholders/Members/Partners of subject and % holding	37 % - DAHYABHAI KESHAVBHAI PATEL, 37 % -PRADIPKUMAR DAHYABHAI PATEL, 26 % -MANOJKUMAR DAHYABHAI PATEL
Authorised Share Capital	R 0.00
Issued Share Capital/Members Contribution	R 100.00
Status	In Business
Operations Assessment	The company operates as manufactures of diamond -studded jewelry for international markets as well as the wholesale of rough cut diamonds.
Industry/ Customers	Jewelry retailers
Export	Yes
Export Countries
Import	Yes
Import Countries	India
Major Industry Code / SICC	61393
Definition of Code	Wholesale trade in precious stones, jewellery and silverware
Head Office Physical Address	SUITE 423, S.A. DIAMOND CENTER 240, COMMISSIONER STREET
Head Office Postal Address	P O BOX 1326, LENASIA, 1820
Current Tel Number	0113348548
Cell Number	Unavailable
Current Fax Number	0113346806
Current Email Address	shivdiamonds.sa@mail.com
Web Site Address	None
Comments

Summary

Company Information

Auditors Information

Tax Information

Bank Information

Unit