MIRA INFORM REPORT

Report Date :

09.10.2013

IDENTIFICATION DETAILS

Name :	DOMINION DIAMOND MARKETING NV
Registered Office :	Hoveniersstraat 30, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	30.06.2012
Date of Incorporation :	08.04.1998
Com. Reg. No.:	463100863
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesaler of diamonds and other precious stones
No. of Employees :	22

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

Company name & address

Business number	463100863
Company name	DOMINION DIAMOND MARKETING NV
Address	HOVENIERSSTRAAT 30
	2018 ANTWERPEN
Number of staff	22
Date of establishment	08/04/1998
Telephone number	032011090
Fax number	032130846

Commentary

The business was established over 15 years ago.
The business has 22 employees.
The business has changed its registered name recently.
The business has been at the address for over 10 years.
The credit rating for this business has increased from 88 to 90.
The credit limit for this business has increased from €990000 to €1000000.
Sales in the latest trading period decreased 56% on the previous trading period.
Pre-tax profits decreased by 42% compared to the previous trading period.
The business saw an increase in their Cash Balance of 46% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
30/06/2012	16,235,830	2,607,818	8,468,593	7,319,845
30/06/2011	17,781,151	4,552,298	7,181,795	5,616,751
30/06/2010	16,133,849	1,158,267	2,970,863	1,608,594

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
30/06/2012	12,804,634	22	7,121,654	1,580,995
30/06/2011	12,273,396	26	7,121,654	4,582,298
30/06/2010	7,975,724	29	7,121,654	1,813,385

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	52.10
Industry average payment expectation days	174.41	Industry average day sales outstanding	109.07
Day sales outstanding	64.64

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	463100863		Company name	DOMINION DIAMOND MARKETING NV
Fax number	032130846		Date founded	08/04/1998
Company status	active		Company type	Public Limited Liability Company (BE)
Currency	Euro (€)		Date of latest accounts	30/06/2012
Activity code	46761		liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones		VAT Number	BE.0463.100.863
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel

(NSSO classification)

Code	-
Description	-

Joint Industrial Committee

(JIC)

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

JIC Code	324.01
Description	Joint subcommittee for the diamant-cutting
category

Significant Events

Event Date	10/04/2013
Event Description	authority appointed
Event Details	Commentaar 10-04-2013: Heeft besloten om alle bestaande volmachten die vóór 10 april 2013 werden toegekend door de vennootschap, met ingang van vandaag in te trekken.

Comparison Mode

averagemedian

Export accounts to CSV file

Profit & loss

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	16,235,830	-8.69	17,781,151	10.21	16,133,849	47,365,376	-65.72
Total operating expenses	14,063,575	9.54	12,838,605	-13.69	14,875,001	46,816,734	-69.96
Operating result	2,172,254	-56.05	4,942,546	292	1,258,848	332,497	553
Total financial income	1,317,640	103	647,850	21.46	533,392	124,168	961
Total financial expenses	882,076	-15.03	1,038,098	63.75	633,972	307,311	187
Results on ordinary operations before taxation	2,607,818	-42.71	4,552,298	293	1,158,267	139,743	1766
Taxation	1,143,050	174	416,599	33390	1,244	55,764	1949
Results on ordinary operations after taxation	1,464,768	-64.58	4,135,699	257	1,157,023	99,529	1371
Extraordinary items	-177,971	-564	38,356	-	0	-2,277	-7716
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	1,286,797	-69.17	4,174,055	260	1,157,023	97,252	1223
other information
Dividends	-	-	-	-	-	0	-
Director remuneration	-	-	-	-	-	94,559	-
Employee costs	5,061,005	-3.88	5,265,412	-24.60	6,982,882	206,675	2348
Wages and salary	3,817,468	-7.61	4,132,078	-28.41	5,772,216	175,822	2071
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	820,213	3.49	792,527	-2.76	815,029	39,223	1991
Other employee costs	423,324	24.21	340,807	-13.86	395,637	7,281	5714
Amortization and depreciation	294,198	-27.94	408,243	-37.80	656,361	28,338	938

balance sheet

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	36,877	4,808	-100
Tangible fixed assets	1,148,067	-26.59	1,563,864	14.85	1,361,669	329,985	247
Land & building	-	-	-	-	873,723	627,512	-
Plant & machinery	206,377	-27.82	285,902	-31.73	418,783	35,120	487
Other tangible assets	941,691	-26.31	1,277,962	1747	69,164	55,522	1596
Financial fixed assets	680	-42.37	1,180	96.67	600	29,730	-97.71
Total fixed assets	1,148,747	-26.60	1,565,044	11.86	1,399,147	335,875	242
Inventories	-	-	-	-	-	3,396,270	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	20,631	-100
Finished goods	0	-	0	-	0	2,344,679	-100
Other stocks	0	-	0	-	0	443,144	-100
Trade debtors	2,875,381	-37.61	4,608,909	164	1,743,072	8,777,284	-67.24
Cash	8,658,929	46.16	5,924,480	25.91	4,705,307	384,219	2153
other amounts receivable	121,577	42.84	85,112	20.88	70,413	200,826	-39.46
Miscellaneous current assets	0	-100	89,851	55.49	57,786	9,357	-100
Total current assets	11,655,886	8.85	10,708,352	62.83	6,576,578	12,176,446	-4.28
current liabilities
Trade creditors	2,007,428	22.85	1,634,097	23.50	1,323,177	4,454,285	-54.93
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	4,236,292	-100
Miscellaneous current liabilities	2,328,613	-32.65	3,457,504	-5.14	3,644,807	319	- -
Total current liabilities	4,336,041	-14.84	5,091,601	2.49	4,967,984	9,074,461	-52.22
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	204,639	-100
Total long term debts	0	-	0	-	0	1,047,456	-100
shareholders equity
Issued share capital	7,121,654	0	7,121,654	0	7,121,654	1,642,882	333
Share premium account	-	-	-	-	-	98,781	-
Reserves	1,346,939	2139	60,141	1.46	-4,113,914	609,881	120
Revaluation reserve	-	-	-	-	-	1,664,632	-
Total shareholders equity	8,468,593	17.92	7,181,795	138	3,007,741	2,374,480	256
Working capital	7,319,845	30.32	5,616,751	249	1,608,594	3,101,985	135
Cashflow	1,580,995	-65.50	4,582,298	152	1,813,385	121,775	1198
Net worth	8,468,593	17.92	7,181,795	141	2,970,863	2,346,840	260

ratio analysis

Annual accounts	30-06-2012	change(%)	30-06-2011	change(%)	30-06-2010	Industry average 2012	%
Trading performance
Profit Before Tax	16.06	-37.27	25.60	256	7.18	1,00	1506
Return on capital employed	30.79	-51.43	63.39	64.61	38.51	170,00	-81.89
Return on total assets employed	20.37	-45.08	37.09	155	14.52	8,00	154
Return on net assets employed	30.79	-51.43	63.39	64.61	38.51	21,00	46.62
Sales / net working capital	2.22	-29.97	3.17	-68.39	10.03	35,00	-99
Stock turnover ratio	-	-	-	-	-	24,00	-
Debtor days	64.64	-31.68	94.61	139	39.43	125,00	-48.29
Creditor days	52.10	12.14	46.46	43.09	32.47	79,00	-34.05
short term stability
Current ratio	2.69	28.10	2.10	59.09	1.32	4,00	-55.17
Liquidity ratio / acid ratio	2.69	28.10	2.10	59.09	1.32	3,00	-10.33
Current debt ratio	0.51	-28.17	0.71	-56.97	1.65	6,00	-91.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	183,00	-
Equity in percentage	66.14	13.02	58.52	54.45	37.89	8,00	726
Total debt ratio	0.51	-28.17	0.71	-56.97	1.65	7,00	-92.71

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	52.10
Day sales outstanding	64.64

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	174.41
Industry average day sales outstanding	109.07

Industry quartile analysis

Payment expectations
Company result	52.10
Lower	122.56
Median	73.03
Upper	41.43

Day sales outstanding
Company result	64.64
Lower	105.52
Median	54.63
Upper	23.72

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

Protested bills

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

NSSO details

Business number	463100863
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	IAN ROSE
Position	Managing Director
Start Date	27/09/2000
End Date
Street	145 HOOGBOOMSTEENWEG BRASSCHAAT
Post code	2930
Country	Belgium

Name	JAMES R. W. POUNDS
Position	Director
Start Date	10/04/2013
End Date
Street
Post code
Country	Canada

Name	JAMES R. W. POUNDS
Position	Vice Chairperson
Start Date	10/04/2013
End Date
Street
Post code
Country	Canada

Name	JAMES RICHARD ROTHWELL
Position	Director
Start Date	30/03/1998
End Date
Street	1630 WESTERN PARKWAY, VANCOUVER
Post code
Country	Canada

Name	ROBERT A. GANNICOTT
Position	Managing Director
Start Date	10/04/2013
End Date
Street
Post code
Country	Canada

Name	ROBERT A. GANNICOTT
Position	Director
Start Date	10/04/2013
End Date
Street
Post code
Country	Canada

Name	ROBERT A. GANNICOTT
Position	Chairman of the Board
Start Date	10/04/2013
End Date
Street
Post code
Country	Canada

Former director details

Name	VINCENT NICOLETTI
Position	Director
Start Date	01/03/2008
End Date	03/10/2011
Street	2305 STAMFOR ON KENT, KENT STREET ANTWERPEN
Post code	2000
Country	Belgium

Name	MONIQUE BIJNEN
Position	Director
Start Date	04/02/2013
End Date	21/12/2012
Street	39 KIPDORP ANTWERPEN
Post code	2000
Country	Belgium

Name	INGE VAN NUFFEL
Position	Director
Start Date	21/12/2012
End Date	10/04/2013
Street	15 KASTANJELAAN GROBBENDONK
Post code	2288
Country	Belgium

Name	MARTIN HENRY LEAKE
Position	Director
Start Date	08/05/2013
End Date	10/04/2013
Date of birth	20/06/1966
Street	97 LAGE KAART BRASSCHAAT
Post code	2930
Country	Belgium

Name	MARTIN HENRY LEAKE
Position	Managing Director
Start Date	03/10/2011
End Date	10/04/2013
Date of birth	20/06/1966
Street	97 LAGE KAART BRASSCHAAT
Post code	2930
Country	Belgium

Name	ANTON VAN BROUWERSHAVEN
Position	Director
Start Date	01/01/2008
End Date	-
Street	25 TORFHEIDEDREEF SCHILDE
Post code	2970
Country	Belgium

Name	CHRISTOPHER JOHN RYDER
Position	Managing Director
Start Date	20/12/2007
End Date	03/10/2011
Street	110 MCINTOSHSTREET
Post code	S7T 0A8
Country	Canada

Name	CHRISTOPHER JOHN RYDER
Position	Director
Start Date	30/06/2006
End Date	03/10/2011
Street	110 MCINTOSHSTREET
Post code	S7T 0A8
Country	Canada

Name	JAMES RICHARD ROTHWELL
Position	Chairman of the Board
Start Date	27/07/2000
End Date	27/07/2000
Street	1630 WESTERN PARKWAY, VANCOUVER
Post code
Country	Canada

Name	ROBERT CARLYLE
Position	Managing Director
Start Date	27/06/2005
End Date	01/01/2008
Street
Post code
Country	The Netherlands

Name	ROBERT CARLYLE
Position	Director
Start Date	27/06/2005
End Date	-
Street
Post code
Country	The Netherlands

Name	NIELS WAGE
Position	Director
Start Date	03/10/2011
End Date	10/04/2013
Street	5 MARINA BOULEVARD
Post code	018983
Country	Singapore

Name	JACOBUS STRAUSS
Position	Director
Start Date	15/10/2003
End Date	-

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.61.69
UK Pound	1	Rs.99.20
Euro	1	Rs.83.69

INFORMATION DETAILS

Report Prepared by :

NIS

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.