MIRA INFORM REPORT

Report Date :

12.05.2014

IDENTIFICATION DETAILS

Name :	DIANCO BVBA

Registered Office :	Hoveniersstraat 2, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	20.06.1984

Com. Reg. No.:	425866919

Legal Form :	Private Limited Company (BL/LX)

Line of business :	Wholesaler of diamonds and other precious stones

No. of Employees :	04 (31.12.2011)

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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

Business number	425866919
Company name	DIANCO BVBA
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN

Number of staff	04 (31.12.2011)
Date of establishment	20/06/1984
Telephone number	032329827
Fax number	032319683

Head office

Hovenierstraat 2 PB 306,2018,Antwerp,10^TH Floor, Belgium

Commentary

The business was established over 29 years ago.
The business has 4 employees.
The business has been at the address for over 26 years.
A 34% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 32% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 90% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	126,262,608	172,533	6,741,986	10,456,248
31/12/2010	121,866,495	256,040	6,545,605	6,001,719
31/12/2009	63,005,999	89,390	6,358,472	5,815,235

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	37,626,964	4	5,269,519	296,947
31/12/2010	28,033,441	3	5,269,519	233,765
31/12/2009	32,374,072	4	5,269,519	115,228

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	32.87
Industry average payment expectation days	162.11	Industry average day sales outstanding	105.91
Day sales outstanding	85.36

Court data summary

Bankruptcy details
Court action type	no

Company accounts

Comparison Mode

averagemedian Export accounts to CSV file

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	126,262,608	3.61	121,866,495	93.42	63,005,999	49,567,599	154
Total operating expenses	125,474,296	3.75	120,938,350	96.49	61,550,776	48,933,721	156
Operating result	788,312	-15.07	928,145	-36.22	1,455,223	237,792	231
Total financial income	7,391	2268	312	-99	98,557	148,961	-95.04
Total financial expenses	623,170	-7.32	672,417	-54.08	1,464,390	287,043	117
Results on ordinary operations before taxation	172,533	-32.61	256,040	186	89,390	84,348	104
Taxation	83,333	19.14	69,944	93.33	36,178	37,920	119
Results on ordinary operations after taxation	89,200	-52.07	186,096	249	53,212	59,093	50.95
Extraordinary items	123,554	-	0	-	0	3,218	3739
Other appropriations	32360.98	3020	1037	0.02	1036.78	-	-
Net result	245,115	30.98	187,133	244	54,249	62,195	294
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	217,968	18.74	183,569	-7.34	198,109	127,746	70.63
Wages and salary	171,002	21.23	141,050	-8.69	154,469	108,527	57.57
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	40,367	16.30	34,709	-9.95	38,545	27,065	49.15
Other employee costs	6,599	-15.50	7,810	53.31	5,094	3,598	83.42
Amortization and depreciation	51,832	11.15	46,632	-23.53	60,979	18,392	181

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	1,459	-100
Tangible fixed assets	704,490	3.86	678,321	-0.94	684,748	177,029	297
Land & building	391,211	-34.53	597,571	-3.84	621,459	344,924	13.42
Plant & machinery	271,059	556	41,301	88.53	21,907	21,796	1143
Other tangible assets	42,219	7.02	39,449	-4.67	41,382	24,558	71.92
Financial fixed assets	-	-	-	-	-	275,637	-
Total fixed assets	704,490	3.86	678,321	-0.94	684,748	362,460	94.36
Inventories	7,159,674	77.44	4,034,944	-53.35	8,649,753	3,059,710	133
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,455	-100
Finished goods	7,159,674	77.44	4,034,944	-53.35	8,649,753	2,043,301	250
Other stocks	0	-	0	-	0	470,962	-100
Trade debtors	29,529,525	29.15	22,865,138	0.54	22,742,053	3,925,709	652
Cash	38,689	-90.21	395,091	69.90	232,538	239,002	-83.81
other amounts receivable	167,670	300	41,819	-3.77	43,459	244,545	-31.44
Miscellaneous current assets	26,917	48.48	18,128	-15.77	21,522	21,348	26.09
Total current assets	36,922,474	34.97	27,355,120	-13.68	31,689,325	6,974,699	429
current liabilities
Trade creditors	11,299,929	11.74	10,112,692	-31.24	14,706,281	2,817,971	300
Short term group loans	-	-	-	-	-	-	-
Other short term loans	15,050,705	51.39	9,941,716	-10.55	11,114,650	1,890,061	696
Miscellaneous current liabilities	115,591	-91.10	1,298,993	2343	53,158	-68.73	- -
Total current liabilities	26,466,226	23.94	21,353,401	-17.47	25,874,090	4,959,298	433
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	12,768	-50.81	25,957	-	- -
Other long term liabilities	4,418,752	3531	121,667	5.29	115,553	142,636	2997
Total long term debts	4,418,752	3186	134,435	-5.00	141,510	597,461	639
shareholders equity
Issued share capital	5,269,519	0.00	5,269,519	0.00	5,269,519	1,019,505	416
Share premium account	-	-	-	-	-	108,219	-
Reserves	1,472,467	15.39	1,276,086	17.18	1,088,953	695,720	111
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	6,741,986	3.00	6,545,605	2.94	6,358,472	1,736,509	288
Working capital	10,456,248	74.22	6,001,719	3.21	5,815,235	2,015,401	418
Cashflow	296,947	27.03	233,765	102	115,228	77,354	283
Net worth	6,741,986	3.00	6,545,605	2.94	6,358,472	1,735,050	288

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	0.14	-33.33	0.21	50.0	0.14	-740,00	0.02
Return on capital employed	1.55	-59.53	3.83	177	1.38	-14,00	11.07
Return on total assets employed	0.46	-49.45	0.91	225	0.28	-33,00	1.39
Return on net assets employed	2.56	-34.53	3.91	177	1.41	-12,00	21.33
Sales / net working capital	12.08	-40.52	20.31	87.53	10.83	66,00	-99
Stock turnover ratio	5.67	71.30	3.31	-75.89	13.73	67,00	-91.54
Debtor days	85.36	24.65	68.48	-48.02	131.75	57.718,00	-99
Creditor days	32.87	7.70	30.52	-65.00	87.21	327,00	-89.95
short term stability
Current ratio	1.40	9.38	1.28	4.92	1.22	4,00	-92.22
Liquidity ratio / acid ratio	1.12	2.75	1.09	22.47	0.89	3,00	-62.67
Current debt ratio	3.93	20.55	3.26	-19.90	4.07	18,00	-78.17
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	223.24	46.79	152.08	-13.20	175.21	264,00	-15.44
Equity in percentage	17.92	-23.25	23.35	18.89	19.64	-1.076,00	1.67
Total debt ratio	4.58	39.63	3.28	-19.80	4.09	19,00	-75.89

Payment expectations

Payment expectation days	32.87
Day sales outstanding	85.36

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	162.11
Industry average day sales outstanding	105.91

Industry quartile analysis

Payment expectations
Company result	32.87
Lower	120.63
Median	73.03
Upper	40.04


Day sales outstanding
Company result	85.36
Lower	104.97
Median	54.29
Upper	23.49


Company result	32.87
Lower	120.63
Median	73.03
Upper	40.04


Company result	85.36
Lower	104.97
Median	54.29
Upper	23.49

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	425866919
Name of defendant	DIANCO
Legal form of defendant	Private limited liability company
Date of summons	20/10/2008
Labour court	ANTWERPEN

Bankruptcy details


There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	17/11/2008	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party

Legal event type	Social Security Summons
Legal event sub type
Event date	20/10/2008	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party

Current director details

Name	MANOJ KUMAR RASIKLAL MEHTA
Position	Principal Manager
Start Date	26/01/1996
Street	70 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

Name	BIREN BIPINBHAI JHAVERI
Position	Principal Manager
Start Date	01/04/2009
Street	106 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SAUMIL MEHTA
Position	Principal Manager
Start Date	01/07/2009
Street	106 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SAMEEP MEHTA
Position	Principal Manager
Start Date	17/01/2013

FORMER DIRECTOR DETAILS

Name	PHILIPS BELGIUM SA
Position	Liquidator
Start Date	15/03/2010
End Date	31/12/2011
Street	80 TWEESTATIONSSTRAAT BRUSSEL
Post code	1070
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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Report Prepared by :

PDT

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.

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

JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade
category

Code	-
Description	04 EMPLOYEES

MIRA INFORM REPORT

Company name and address

Head office

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Payment expectations

Industry comparison

Industry quartile analysis

Group Structure

Minority Shareholders

Minority Interests

NSSO details

Bankruptcy details

Legal events

Current director details

FORMER DIRECTOR DETAILS

Unit