MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	DIAROUGH SOURCING SA

Registered Office :	12f, Rue Guillaume Kroll 1882

Country :	Luxembourg

Financials (as on) :	2011

Date of Incorporation :	18.11.2004

Com. Reg. No.:	B 104.283

Legal Form :	Limited Company by Shares

LINE OF BUSINESS :	WHOLESALE OF HOUSEHOLD GOODS

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Luxembourg

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

LUXEMBOURG - ECONOMIC OVERVIEW

This small, stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector, which now accounts for about 27% of GDP, has more than compensated for the decline in steel. Most banks are foreign-owned and have extensive foreign dealings, but Luxembourg has lost some of its advantages as a favorable tax location because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 40% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average. Following strong expansion from 2004 to 2007, Luxembourg's economy contracted 3.6% in 2009, but rebounded in 2010-11 before slowing again in 2012. The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks among the highest in the world, and is the highest in the euro zone. Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009. Nevertheless, the deficit was cut to 1.1% in 2011 and 0.9% in 2012. Even during the financial crisis and recovery, Luxembourg retained the highest current account surplus as a share of GDP in the euro zone, owing largely to their strength in financial services. Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP. Luxembourg's economy, while stabile, grew slowly in 2012 due to ongoing weak growth in the euro area. Authorities have strengthened supervision of domestic banks because of their exposure to the activities of foreign banks.

Source : CIA

Summary

Company name DIAROUGH SOURCING SA

Operative address 12F, RUE GUILLAUME KROLL

1882 LUXEMBOURG Luxembourg

Legal form Limited company by shares

Registration number Trade register number: B 104.283 (Luxembourg)

Trade register number: B 104.283 (Luxembourg)

Year	2011	Mutation	2010	Mutation	2009
Fixed assets	43.664.813	10,55	39.497.871	-6,19	42.103.221
Total equity	319.317	54,31	206.933	133,38	88.666
Short term liabilities	69.016.595	35,81	50.818.252	0,47	50.582.690

Net result				-100,00	16.473

Working capital	-4.130.301	-170,85	-1.524.961	-119,11	7.979.557
Quick ratio	0,94	-3,09	0,97	-16,38	1,16

Registration

Registration number Trade register number: B 104.283 (Luxembourg)

Trade register number: B 104.283 (Luxembourg)

Status Active

Establishment date 2004-11-18

Legal form Limited company by shares

Subscribed share capital EUR 77.179

Activities

NACE Wholesale of household goods (4649)

Relations

Shareholders ULTIMATE GLOBAL SHAREHOLDER

Name: EGON DIAMOND SARL

National id number: B 55.785 (Luxembourg)

Address: 20, Rue Eugene Ruppert Zipcode: 2453

City: LUXEMBOURG

Country: LU Type: Industrial company

Share direct: 99.00%

TOTAL assets: 45.04 mil. EUR

Shareholders funds: -9.0108 mil. EUR

SHAREHOLDERS

Name: EGON DIAMOND SARL

National id number: B 55.785 (Luxembourg)

Address: 20, Rue Eugene Ruppert Zipcode: 2453

City: LUXEMBOURG Country: LU Type: Industrial company

Share direct: 99.00%

TOTAL assets: 45.04 mil. EUR

Shareholders funds: -9.0108 mil. EUR

Number of employees: 0

Name: EGON FINANCE SA

National id number: B 55.468 (Luxembourg)

Address: 412F, Rte d'Esch Zipcode: 1471

City: LUXEMBOURG

Country: LU Phone: +352 26270421 FAX: +352 26270637

Type: Financial company Share direct: 1.00% Turnover: 5 mil. EUR

TOTAL assets: 25.71 mil. EUR Shareholders funds: 6.9155 mil. EUR

Number of employees: 0

Management

Management Fullname: Mr. Nishit Mahendra Kuma Parikh

Type: Individual Gender: Male

date of birth: 1965/04/22 Age: 48

Country of nationality: Belgium

Address: 2020, Antwerpen, 2020, Antwerpen, Belgium

Country: Belgium

Number of involvements: 7

Function: Administrative Board (AG)

Level of responsibility: Member

Fullname: Mr. Saurin Parikh

Type: Individual Gender: Male

date of birth: 1970/06/18 Age: 42

Country of nationality: Belgium

Address: 340560, Dubai, 340560, Dubai, United Arab Emirates

Country: United Arab Emirates

Number of involvements: 3

Function: Administrative Board (AG)

Level of responsibility: Member

Fullname: Mr. Jeffrey A. Sacks

Type: Individual Gender: Male

date of birth: 1954/08/20 Age: 58

Country of nationality: United States

Address: 60091, W ilmette, IL, 60091, W ilmette, IL, United States Country: United States

Number of involvements: 7 Function: Administrative Board (AG)

Level of responsibility: Member

Fullname: RSM Audit Luxembourg Sarl

Type: Company Address: Rue Adolphe 6-5, 1116, Luxembourg, Luxembourg Country: Luxembourg

Number of involvements: 12 Function: Member, Supervisory Board (AG)

Level of responsibility: Member

Financial analysis

Trend Fluctuating

Profitability Positive

Solvability Limited

Liquidity Negative

Show amount in Euro

KEY FIGURES

Year	2011 2010 2009
Quick ratio	0,94 0,97 1,16
Current ratio	0,94 0,97 1,16
Working capital/ balance total	-0,04 -0,02 0,08
Equity / balance total	-0,04 -0,02 0,08
Equity / Fixed assets	0,01 0,01
Solvability	1,00 1,00 1,00
Working capital	-4.130.301 -1.524.961 7.979.557
Equity	319.317 206.933 88.666
Mutation equity	54,31 133,38
Mutation short term liabilities	35,81 0,47
Return on total assets (ROA)	0 02
Return on equity (ROE)	26,04
Gross profit margin	17, 04
Net profit margin	1,12
Average collection ratio	0,03
Equity turnover ratio	16, 62
Total assets turnover ratio	0,01
Fixed assets turnover ratio	0,03
Inventory conversion ratio	47,11
Turnover	1.473.457
Operating result	251.120
Net res ult after taxes	16.473

Summary

The 2011 financial result structure is a negative working captial of -4.130.301 euro,

which is in agreement with -4 % of the total assets of the company.

The working capital has diminished with -170.85 % compared to previous year. The

ratio, with respect to the total assets of the company has however, declined.

The deterioration between 2010 and 2011 has mainly been caused by an increase of

the current liabilities.

The current ratio of the company in 2011 was 0.94. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2011 of the company was 0.94. Acompany with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

The 2010 financial result structure is a negative working captial of -1.524.961 euro,

which is in agreement with -2 % of the total assets of the company.

The working capital has diminished with -119.11 % compared to previous year. The

ratio, with respect to the total assets of the company has however, declined.

The deterioration between 2009 and 2010 has mainly been caused by an increase of

the current liabilities.

The current ratio of the company in 2010 was 0.97. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2010 of the company was 0.97. Acompany with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Last annual account 2011

Remark annual account The company is obliged to file its financial statements.

Type of annual account Corporate

Annual account DIAROUGH SOURCING SA

12F, RUE GUILLAUME KROLL 1882 LUXEMBOURG Luxembourg

BALANCE

Year	2011	2010	2009
Other fixed assets	43.664.813	39.497.871	42.103.221
Fixed assets	43.664.813	39.497.871	42.103.221
Inventories			31.276
Liquid funds	1.775.961	6.653.786	4.877.790
Other current assets	63.110.333	42.639.505	53.653.181
Current assets	64.886.294	49.293.291	58.562.247
Total assets	108.551.107	88.791.162	100.665.468
Total equity	319.317	206.933	88.666
Provisions	111.141	71.581	24.817

Long term liabilities	39.104.054	37.694.396	49.969.295
Accounts payable	58.626.802	41.413.993	40.217.624
Liabilities towards credit institutes			1.152
Other short term liabilities	10.389.793	9.404.259	10.363.914
Short term liabilities	69.016.595	50.818.252	50.582.690
Total liabilities	108.551.107	88.791.162	100.665.468

Summary The total assets of the company increased with 22.25 % between 2010 and 2011. The fixed asset growth of 10.55 % is lower than the total asset growth. In 2011 the assets of the company were 10855110700 % composed of fixed assets and -10855110600 % by current assets. The assets are being financed by an equity of 10855110700 %, and total debt of -10855110600 %.

The total assets of the company decreased with -11.8 % between 2009 and 2010. This total assets decrease has been reflected in a reduction of non current assets of - 6.19 %. In 2010 the assets of the company were 8879116200 % composed of fixed assets and -8879116100 % by current assets. The assets are being financed by an equity of 8879116200 %, and total debt of -8879116100 %.

Profit and loss

Year	2009
Revenues	454.269.903
Net turnover	1.473.457
Operating result	251.120
Financial income	3.371.096

Financial expenses	3.599.129
Financial result	-228.033
Result on ordinary operations before taxes	23.088

Taxation on the res ult of ordinary activities	6.615
Result of ordinary activities after taxes	16.473

Net result	16.473

Publications

Remarks Status: Active

Category: Large company

Last year: 2011

TOTAL assets last year: 108.551.107 EUR

Number of shareholders: 2

Number of subsidiaries: 0

Number of branches: 0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIT

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.

MIRA INFORM REPORT

Summary

Company information

Registration

Activities

Relations

Management

Financial analysis

Financial statement

Publications

Unit