MIRA INFORM REPORT

Report Date :

16.04.2011

IDENTIFICATION DETAILS

Name :	KALPATARU BVBA
Registered Office :	30, Hoveniersstraat, Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	22.11.2006
Com. Reg. No.:	885272379
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale of diamonds and other precious stones

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Belgium	a1	a1

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

Company Summary

company details
Company Number	885272379
Name	KALPATARU BVBA
Address	30, HOVENIERSSTRAAT, ANTWERPEN
Post Code
Telephone Number	032260750
Fax Number	032263815
Establishment Date	22-11-2006
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	0
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)
Latest Branch Details
Street	--
House Number
City	--
Postal Code
Trade Registered Number
Trade Registered Entry Date	--
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	48330
Event Description	Appointment
Limit
Credit Information
Purchase Limit (€)
Industry Comparison
Industry Average Credit Limit (€)	156,057
Payment Expectations
Payment Expectations
Payment Expectation Days
Day Sales Outstanding
Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	125.81
Industry Average Payment Expectation Days	136.81
Industry Quartile Analysis
Payment Expectations - Lower	41.37
Payment Expectations - Median	90.61
Payment Expectations - Upper	162.53
Day Sales Outstanding - Lower	31.71
Day Sales Outstanding - Median	74.99
Day Sales Outstanding - Upper	159.31
Company Shareholder Holding

Company Accounts

Period
Accounts End Date	31-12-2009	31-12-2008	31-12-2007
Currency	EUR	EUR	EUR
Weeks	52	52	52
Profit & Loss
Turnover	-	-	-
Total Operating Expenses	-	-	-
Operating Result	47,304	55,903	14,352
Total Financial Income	261	2,825	44,409
Total Financial Expenses	14,211	13,752	11,299
Results on Ordinary Operations Before Tax	33,354	44,976	47,462
Taxation	6,047	14,166	14,000
Results on Ordinary Operations After Tax	27,307	30,810	33,462
Extraordinary Items	0	0	0
Net Result	27,307	30,810	33,462
Other Information
Dividends	-	-	-
Director Remuneration	-	-	-
Employee Costs	0	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	-	-	-
Amortization & Depreciation	3,935	679	432
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	23,005	2,283	2,962
- Land And Buildings	0	0	0
- Plant And Machinery	1,604	2,283	2,962
- Other Tangible Assets	21,401	0	0
Financial Fixed Assets	0	0	0
Total Fixed Assets	23,005	2,283	2,962
Inventories	772,847	613,614	834,950
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	772,847	613,614	834,950
Trade Debtors	2,291,024	1,612,612	2,885,608
Cash	208,478	28,593	19,772
- Miscellaneous Current Assets	0	0	0
Total Current Assets	3,467,518	2,312,916	3,747,966
Current Liabilities
- Trade Creditors	3,174,792	2,049,666	3,547,923
- Short Term Group Loans	0	0	0
- Other Short Term Loans	4,094	12,787	0
- Miscellaneous Current Liabilities	185,322	169,874	150,943
Total Current Liabilities	3,364,208	2,232,327	3,698,866
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	16,136	0	0
- Other Long Term Liabilities	0	0	0
Total Long Term Debts	16,136	0	0
Shareholders Equity
- Issued Share Capital	18,600	18,600	18,600
- Share Premium Account	0	0	0
- Reserves	91,579	64,272	33,462
- Revaluation Reserve	0	0	0
Total Shareholders Equity	110,179	82,872	52,062
Working Capital	103,310	80,589	49,100
Net Worth	110,179	82,872	52,062
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	26.41	54.27	91.16
Return On Total Assets Employed	0.96	1.94	1.27
Return On Net Assets Employed	32.29	55.81	96.66
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.03	1.04	1.01
Liquidity Ratio / Acid Ratio	0.80	0.76	0.79
Current Debt Ratio	30.53	26.94	71.05
Long Term Stability
Gearing	18.36	15.43	0
Equity In Percentage	0.03	0.04	0.01
Total Debt Ratio	0.18	0.15	0

Company Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--
NSSO Details
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--
Directors
Company Director
Full Name	KSHITIJ PANKAJ PAREKH
Birth Date
Position Description	Manager
Address	0
Country	--
Postal Code	0
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.52
UK Pound	1	Rs.72.72
Euro	1	Rs.64.41

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

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.