MIRA INFORM REPORT

Report Date :

08.05.2013

IDENTIFICATION DETAILS

Name :	DIMEXON ANTWERP NV
Registered Office :	Hoveniersstraat 53 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	21.06.2005
Com. Reg. No.:	874584266
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	12

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

Company name and address

Top of Form

Business number	874584266
Company name	DIMEXON ANTWERP NV
Address	HOVENIERSSTRAAT 53
	2018 ANTWERPEN
Number of staff	12
Date of establishment	21/06/2005
Telephone number	032066100
Fax number	032066200

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	173,266,196	-1,531,923	21,339,333
31/12/2010	161,935,798	4,704,579	22,106,862
31/12/2009	121,398,945	-3,046,129	16,193,100

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	70,074,956	4,373	20,505,379	8,944,401	12
31/12/2010	60,728,146	466	19,855,384	3,104,487	11
31/12/2009	41,810,641	103	18,417,434	645,009	6

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	29.19
Industry average payment expectation days	176.31	Industry average day sales outstanding	109.74
Day sales outstanding	69.20

Court data summary

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

Business number	874584266	Company name	DIMEXON ANTWERP NV
Fax number	032066200	Date founded	21/06/2005
Company status	active	Company type	Public Limited Liability Company (BE)
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.0874.584.266
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 10 TO 19 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

Significant Events

Event Date	11/01/2012
Event Description	proposal to change address filed
Event Details

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	173,266,196	7.00	161,935,798	33.39	121,398,945	57,071,239	203
Total operating expenses	173,768,471	11.09	156,425,822	26.25	123,902,284	56,388,961	208
Operating result	-502,275	-109	5,509,976	220	-2,503,339	261,580	-292
Total financial income	230,029	215	72,876	356	15,948	170,510	34.91
Total financial expenses	1,259,676	43.43	878,273	57.19	558,737	344,640	265
Results on ordinary operations before taxation	-1,531,923	-132	4,704,579	154	-3,046,129	70,654	-2268
Taxation	-40,692	-173	55,102	1855	2,818	38,720	-205
Results on ordinary operations after taxation	-1,491,231	-132	4,649,477	152	-3,048,947	44,504	-3450
Extraordinary items	0	-	0	-	0	11,595	-100
Other appropriations	1	0	1	-	0	-	-
Net result	-1,491,230	-132	4,649,478	152	-3,048,947	56,038	-2761
other information
Dividends	-	-	-	-	-	135,797	-
Director remuneration	-	-	-	-	-	118,597	-
Employee costs	973,489	29.49	751,778	24.15	605,541	152,302	539
Wages and salary	698,051	20.71	578,310	32.89	435,193	129,219	440
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	192,779	32.74	145,233	22.67	118,395	31,775	506
Other employee costs	82,659	192	28,234	-45.65	51,953	4,346	1801
Amortization and depreciation	2,003	682	256	-	-	21,699	-90.77

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	3,623,543	40.72	2,574,957	-	-	208,237	1640
Land & building	3,574,537	39.11	2,569,576	-	-	381,832	836
Plant & machinery	49,006	810	5,381	-	-	27,852	75.95
Other tangible assets	0	-	0	-	0	30,964	-100
Financial fixed assets	4,373	838	466	352	103	321,397	-98.64
Total fixed assets	3,627,916	40.87	2,575,423	2500310	103	427,235	749
Inventories	20,238,281	78.29	11,351,524	-0.17	11,370,861	3,531,853	473
Raw materials & consumables	-	-	-	-	-	3,816,893	-
Work in progress	0	-	0	-	0	2,261	-100
Finished goods	20,238,281	78.29	11,351,524	-0.17	11,370,861	2,464,757	721
Other stocks	0	-	0	-	0	455,632	-100
Trade debtors	32,849,480	-18.97	40,538,520	36.72	29,650,709	4,392,223	647
Cash	8,944,401	188	3,104,487	381	645,009	306,714	2816
other amounts receivable	4,175,175	41.06	2,959,958	3683	78,240	447,746	832
Miscellaneous current assets	239,703	20.92	198,234	201	65,719	41,902	472
Total current assets	66,447,040	14.26	58,152,723	39.09	41,810,538	8,139,766	716
current liabilities
Trade creditors	13,898,726	-20.78	17,544,154	77.16	9,903,107	2,928,994	374
Short term group loans	-	-	-	-	-	-	-
Other short term loans	32,611,709	55.35	20,991,912	34.66	15,588,486	2,442,273	1235
Miscellaneous current liabilities	94,427	10.81	85,219	-32.34	125,948	-76.38	- -
Total current liabilities	46,604,862	20.67	38,621,285	50.76	25,617,541	5,655,192	724
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,130,762	-	-	-	-	32.49	- -
Other long term liabilities	0	0	-1	-	0	289,264	-100
Total long term debts	2,130,762	213076200	-1	-	0	944,427	125
shareholders equity
Issued share capital	20,505,379	3.27	19,855,384	7.81	18,417,434	1,169,545	1653
Share premium account	-	-	-	-	-	173,859	-
Reserves	833,954	-62.96	2,251,478	101	-2,224,334	724,519	15.10
Revaluation reserve	-	-	-	-	-	776,200	-
Total shareholders equity	21,339,333	-3.47	22,106,862	36.52	16,193,100	1,918,204	1012
Working capital	19,842,178	1.59	19,531,438	20.62	16,192,997	2,484,574	698
Net worth	21,339,333	-3.47	22,106,862	36.52	16,193,100	1,916,428	1013

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-0.88	-130	2.91	115	-2.51	-662,00	0.13
Return on capital employed	-6.53	-130	21.28	113	-18.81	-12,00	54.42
Return on total assets employed	-2.19	-128	7.75	106	-7.29	-31,00	7.06
Return on net assets employed	-7.18	-133	21.28	113	-18.81	-18,00	39.89
Sales / net working capital	8.73	5.31	8.29	10.53	7.50	61,00	-99
Stock turnover ratio	11.68	66.62	7.01	-25.19	9.37	62,00	-81.16
Debtor days	69.20	-24.26	91.37	2.49	89.15	51.715,00	-99
Creditor days	29.19	-28.70	40.94	40.35	29.17	299,00	-90.24
short term stability
Current ratio	1.43	-5.30	1.51	-7.36	1.63	4,00	-91.06
Liquidity ratio / acid ratio	0.99	-18.18	1.21	1.68	1.19	3,00	-67.00
Current debt ratio	2.18	24.57	1.75	10.76	1.58	16,00	-86.38
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	162.81	71.45	94.96	-1.36	96.27	273,00	-40.36
Equity in percentage	30.45	-16.35	36.40	-6.02	38.73	-990,00	3.08
Total debt ratio	2.28	30.29	1.75	10.76	1.58	17,00	-86.59

Industry comparison

Payment expectations

Payment expectation days	29.19
Day sales outstanding	69.20

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	29.19
Lower	122.08
Median	73.75
Upper	41.43
Day sales outstanding
Company result	69.20
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

Business number	Company name	%	Date of accounts
-	DIMEXON INTERNATIONAL HOLDING	0.18	-

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Rajiv	Middle name	-
Surname	Mehta
Shareholder Details
Start date	30/10/2008(estimated)	End date	-
Percentage owned	59.61%
Shareholder Address
Street name	Beukenlaan	House number	70
Minor town	-	Postal town	Antwerpen
Post code	2020	Country	Belgium

Shareholder Name
Forename	Pankaj	Middle name	-
Surname	Mehta
Shareholder Details
Start date	30/10/2008(estimated)	End date	-
Percentage owned	40.20%
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	United Arab Emirates

NSSO details

Business number	874584266
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	MIHIR RAMESHCHANDRA DIWAN
Position	Managing Director
Start Date	01/01/2011
Date of birth	25/01/1971
Street	93 RINGLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	MIHIR RAMESHCHANDRA DIWAN
Position	Director
Start Date	25/09/2008
Date of birth	25/01/1971
Street	93 RINGLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	VISHAL PANKAJ MEHTA
Position	Managing Director
Start Date	01/01/2011
Street
Post code
Country	United Arab Emirates
Name	VISHAL PANKAJ MEHTA
Position	Director
Start Date	01/01/2011
Street
Post code
Country	United Arab Emirates

Name	RAJ KOTHARI
Position	Director
Start Date	25/09/2008
Street
Post code
Country
Name	PANKAJ KIRTILAL MEHTA
Position	Chairman of the Board
Start Date	04/05/2011
Street
Post code
Country

Name	PANKAJ KIRTILAL MEHTA
Position	Managing Director
Start Date	04/05/2011
Street
Post code
Country
Name	PANKAJ KIRTILAL MEHTA
Position	Director
Start Date	04/05/2011
Street
Post code
Country

Former director details

Name	KAUSHIK KIRTILAL MEHTA
Position	Non Statutory Partner
Start Date	08/06/2005
End Date	28/06/2008
Street	25 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	RAJ PRAVIN KOTHARI
Position	Director
Start Date	25/09/2008
End Date	01/01/2011
Date of birth	20/05/1966
Street	97 INGENIEUR HAESAERTSLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	RAJ PRAVIN KOTHARI
Position	Managing Director
Start Date	25/09/2008
End Date	01/01/2011
Date of birth	20/05/1966
Street	97 INGENIEUR HAESAERTSLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	RAJIV PANKAJ MEHTA
Position	Director
Start Date	25/09/2008
End Date	04/05/2011
Street	70 BEUKENLAAN ANTWERPEN
Post code	2020
Country	Belgium

Name	RAJIV PANKAJ MEHTA
Position	Managing Director
Start Date	25/09/2008
End Date	04/05/2011
Street	70 BEUKENLAAN ANTWERPEN
Post code	2020
Country	Belgium
Name	RAJIV PANKAJ MEHTA
Position	Chairman of the Board
Start Date	25/09/2008
End Date	04/05/2011
Street	70 BEUKENLAAN ANTWERPEN
Post code	2020
Country	Belgium

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.

- 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.54.27
UK Pound	1	Rs.84.31
Euro	1	Rs.70.99

INFORMATION DETAILS

Report Prepared by :

NLM

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.