MIRA INFORM REPORT

Report No. :	515303
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	DIANCO DMCC
Registered Office :	Unit No: Almas-43-H Almas Tower Plot No: Jlt-Ph1-A0 Jumeirah Lakes Towers Po Box: 625820 Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2017
Date of Incorporation :	13.02.2015
Com. Reg. No.:	DMCC-30130
Legal Form :	DMCC Free Zone - Limited Liability Company
Line of Business :	Trading as importers and wholesalers of rough and polished diamonds.
No. of Employees :	5 (06.2018)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
United Arab Emirates	A2	A2

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

UNITED ARAB EMIRATES - ECONOMIC OVERVIEW

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP from the oil and gas sector to 30%.

Since the discovery of oil in the UAE nearly 60 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.

The global financial crisis of 2008-09, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.

The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

BRIEF SUMMARY
COMPANY NAME	Dianco DMCC
ADDRESS	Building	Street			Area			PO Box
	Almas Tower, Office No. 43-H	Lake Avenue, Plot No: JLT-PH1-A0			Jumeirah Lakes Towers			Dubai 625820
TEL/FAX	Verified Phones: (+971 4) 361 9827 / Fax: (+971 4) 360 9693
EMAIL/WEBSITE	Email: sujal@diancollc.ae / mahendra@diancollc.ae / Website: www.diancogroup.com
ACTIVITY	NACE 4690 - Non-specialised wholesale trade;
PRINCIPAL	Manoj Mehta					Workforce
	Managing Director					5
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	13/02/2015		DMCC-30130	DMCC Free Zone - Limited Liability Company			Active

IDENTIFICATION
CO. NAME	Dianco DMCC
BUILDING	Almas Tower, Office No. 43-H
STREET	Lake Avenue, Plot No: JLT-PH1-A0
AREA	Jumeirah Lakes Towers
POSTAL ADDRESS	Dubai 625820
CITY	Dubai
COUNTRY	United Arab Emirates
TELEPHONE	(+971 4) 361 9827 / (+971 50) 505 8135 (Sujal Shah)
FAX	(+971 4) 360 9693
VERIFIED EMAIL	sujal@diancollc.ae / mahendra@diancollc.ae
WEBSITE	www.diancogroup.com
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	09:00-18:30	13:00-14:00
REGISTERED ADDRESS	Unit No: ALMAS-43-H Almas Tower Plot No: JLT-PH1-A0 Jumeirah Lakes Towers PO Box: 625820 Dubai

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Manoj Mehta	Managing Director
	Mahindra Kumar Jiyatilal Jain Sujal Shah	Sales Manager Assistant Sales Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	5	06.2018

FINANCIAL SUMMARY
SALES	31/12/2017 (approx)	31/12/2018 (Projected)
	USD 100,000,000	USD 100,000,000
NET PROFIT / (LOSS)	Not given but stated to be profitable
FISCAL YEAR-END	31 December.

LEGAL STATUS
INCORPORATION	13/02/2015
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trade License No.: DMCC-30130 (expiry date: 12/02/2021)	Dubai Multi Commodities Centre
REGISTRATION NO.	Registration No.: DMCC0234 / Account File No.: 33814
CAPITAL	Not given
BUSINESS HISTORY	The Company was incorporated in Dubai Multi Commodities Centre on 13 February 2005.
LEGAL FORM	DMCC Free Zone - Limited Liability Company
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	1. Manoj Mehta Nationality: Indian 2. Sameep Mehta Nationality: Indian 3. Ajesh Mehta Nationality: Indian * The exact shareholding percentage was not disclosed. ** Dubai Multi Commodities Centre (DMCC) is a free zone authority offering 100% business ownership, a guaranteed 50 year tax holiday and freehold property options. Entities licensed by DMCC (Free Zone Establishment or Free Zone Companies / LLC) are not required to have a local sponsor. DMCC is a strategic initiative of the Dubai government created to establish a commodity market place in Dubai. It provides industry specific market infrastructure and a range of facilities for the gold & precious metals, diamonds & coloured stones, energy and other commodities industries.	100.00%

OPERATION
BANKERS	1. ABN AMRO Bank N.V. Currency House, Level 6, #601 Dubai International Finance Centre P.O. Box 506507 Dubai United Arab Emirates Telephone: (+971 4) 440 9400 2. Antwerp Diamond Bank Asia Pacific Ltd. Almas Tower, 48th floor Office 48A, Jumeirah Lakes Towers P.O. Box : 340550 Dubai Telephone: (+971 4) 424 0155 Fax : (+971 4) 424 0154
ACTIVITY CODE (NACE)	4690 - Non-specialised wholesale trade;
LINE OF BUSINESS	Trading as importers and wholesalers of rough and polished diamonds. Subject’s suppliers includes: Alrosa, De Beers, Dominion Diamonds and Rio Tinto.
IMPORT FROM	Russia, Hong Kong, Africa and Belgium.
EXPORT TO	India, Belgium and Hong Kong.
FACILITIES	Leased premises comprising administrative offices located at the heading address.
RELATED COMPANIES	Associates 1. Dianco BVBA 2 Hoveniersstraat PB 306 Antwerp 2018 Belgium Telephone: (+32 3) 232 9827 2. D Navinchandra Exports Pvt Ltd GW-8101, 8th Floor, G-Tower Bharat Diamond Bourse Bandra Kurla Complex Bandra (East) Mumbai India Telephone : (+91 22) 6607 6000 Fax : (+91 22) 6607 6099 3. Dianco LLC Dubai Telephone: (+971 4) 235 2846 / 47 Fax : (+971 4) 235 2801 Trade License No.: 571419 4. Dianco (HK) Ltd Hong Kong China 5. Dianco (Shanghai) Ltd B706a, China Diamond Exchange, 1701 Century Avenue, Pudong, Shanghai China

SPECIAL REMARKS
INTERVIEWED	Mahindra Kumar Jiyatilal Jain (Sales Manager).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.20
UK Pound	1	INR 89.58
Euro	1	INR 78.79
UAE DH	1	INR 18.46

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	POJ

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.