MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Name :	KALPATARU BVBA

Registered Office :	Hoveniersstraat 30 Antwerpen, Post 2018

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 :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor

Payment Behaviour :	Unknown

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Belgium

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

REGISTERED NAME & COMPANY SUMMARY

Company Summary

Company Summary
Business Name	KALPATARU BVBA
Business Number	885272379
Address	HOVENIERSSTRAAT 30 ANTWERPEN
Post Code	2018
Telephone	032260750
Fax Number	032263815
Date of Establishment	22/11/2006
Number of Employees	0

Company Information

company details
Business Number	885272379
Name	KALPATARU BVBA
Fax Number	032263815
Establishment Date	22/11/2006
Company Status	ACTIVE
Company Type	Private limited liability company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)

DIRECTORS/MANAGEMENT

Directors

Company Director
Full Name	KSHITIJ PANKAJ PAREKH
Position	Manager
Address	0
Postal Code	0
Country	--

NEGATIVE INFORMATION

Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--

NSSO Details
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data
There is no bankruptcy data against this company.
Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//
Latest Branch Details
Street	--
House Number
City	--
Postal Code
Trade Registered Number
Trade Registered Entry Date	//

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No holding companies for this company.

PAYMENT INFORMATION

Payment Expectations

Payment Expectations
Payment Expectation Days
Day Sales Outstanding

Industry Average Day Sales Outstanding	124.66
Industry Average Payment Expectation Days	137

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	41.25
Payment Expectations - Median	90.32
Payment Expectations - Upper	162.53
Day Sales Outstanding
Day Sales Outstanding - Lower	31.52
Day Sales Outstanding - Median	75.21
Day Sales Outstanding - Upper	158.58
Past Payments
Payment Expectation Days
Days Sales Outstanding
Industry Average Payment Expectation Days	137
Industry Average Day Sales Outstanding	124.66

GROUP STRUCTURE & AFFILIATED COMPANIES

No subsidiaries for this company.

FINANCIAL INFORMATION

Accounts & Ratio

Period
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	-	-	-	-	-
Total Operating Expenses	-	-	-	-	-
Operating Result	47,304	-15.4%	55,903	289.5%	14,352
Total Financial Income	261	-90.8%	2,825	-93.6%	44,409
Total Financial Expenses	14,211	3.3%	13,752	21.7%	11,299
Results on Ordinary Operations Before Tax	33,354	-25.8%	44,976	-5.2%	47,462
Taxation	6,047	-57.3%	14,166	1.2%	14,000
Results on Ordinary Operations After Tax	27,307	-11.4%	30,810	-7.9%	33,462
Extraordinary Items	0	-	0	-	0
Net Result	27,307	-11.4%	30,810	-7.9%	33,462
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	0	-	0	-	0
- Wages & Salaries	-	-	-	-	-
- Social Security Contributions	-	-	-	-	-
- Other Employee Costs	-	-	-	-	-
Amortization & Depreciation	3,935	479.5%	679	57.2%	432

Balance Sheet
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	23,005	907.7%	2,283	-22.9%	2,962
- Land And Buildings	0	-	0	-	0
- Plant And Machinery	1,604	-29.7%	2,283	-22.9%	2,962
- Other Tangible Assets	21,401	-	0	-	0
Financial Fixed Assets	0	-	0	-	0
Total Fixed Assets	23,005	907.7%	2,283	-22.9%	2,962
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	772,847	26.0%	613,614	-26.5%	834,950
Trade Debtors	2,291,024	42.1%	1,612,612	-44.1%	2,885,608
Cash	208,478	629.1%	28,593	44.6%	19,772
- Miscellaneous Current Assets	0	-	0	-	0
Total Current Assets	3,467,518	49.9%	2,312,916	-38.3%	3,747,966

- Trade Creditors	3,174,792	54.9%	2,049,666	-42.2%	3,547,923
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	4,094	-68.0%	12,787	-	0
- Miscellaneous Current Liabilities	185,322	9.1%	169,874	12.5%	150,943
Total Current Liabilities	3,364,208	50.7%	2,232,327	-39.6%	3,698,866

- 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

- Issued Share Capital	18,600	0.0%	18,600	0.0%	18,600
- Share Premium Account	0	-	0	-	0
- Reserves	91,579	42.5%	64,272	92.1%	33,462
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	110,179	33.0%	82,872	59.2%	52,062

Working Capital	103,310	28.2%	80,589	64.1%	49,100
Net Worth	110,179	33.0%	82,872	59.2%	52,062

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	-	-	-	-	-
Return On Capital Employed	26.41	-51.3%	54.27	-40.5%	91.16
Return On Total Assets Employed	0.96	-50.5%	1.94	52.8%	1.27
Return On Net Assets Employed	32.29	-42.1%	55.81	-42.3%	96.66
Sales / Net Working Capital	-	-	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-	-	-
Debtor Days	-	-	-	-	-
Creditor Days	-	-	-	-	-
Short Term Stability
Current Ratio	1.03	-1.0%	1.04	3.0%	1.01
Liquidity Ratio / Acid Ratio	0.80	5.3%	0.76	-3.8%	0.79
Current Debt Ratio	30.53	13.3%	26.94	-62.1%	71.05
Long Term Stability
Gearing	18.36	19.0%	15.43	-	0
Equity In Percentage	0.03	-25.0%	0.04	300.0%	0.01
Total Debt Ratio	0.18	20.0%	0.15	-	0

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	//

Latest Event
Serial Number	48330
Event Description	Appointment
Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Limit (€)	140,177
Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products

NOTES & COMMENTS

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.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing in the world. Indi ranks third in the world in domestic diamond consumption.

- 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 –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

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.