MIRA
INFORM REPORT

Report Date :

03.02.2014

IDENTIFICATION DETAILS

Name :

KEDIAM

Registered Office :

Hoveniersstraat 53 B.73 Antwerpen, 2018

Country :

Belgium

Financials (as on) :

31.12.2012

Date of Incorporation :

1993

Com. Reg. No.:

449043286

Legal Form :

Private Independent

Line of Business :

·
Wholesale of waste and scrap and other
products

·
Furniture, Floor Covering and Other Goods
Wholesaling

No. of Employees :

02

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 :

Slow but correct

Litigation :

Clear

NOTES :

Any query related to this report can be made
on e-mail : [email-masked]
while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Belgium

A1

A1

Risk Category

ECGC
Classification

Insignificant

A1

Low

A2

Moderate

B1

High

B2

Very High

C1

Restricted

C2

Off-credit

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 2011 Belgian GDP grew by 1.8%, the unemployment rate
decreased slightly to 7.2% from 8.3% the previous year, and the government
reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and
3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third
consecutive quarter of negative growth. This brought economic growth for the
whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible
recession at the end of 2012. However, at year's end, the government appeared
close to meeting its 2012 budget deficit goal of 3% of GDP. 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

KEDIAM

Hoveniersstraat 53 B.73

Antwerpen, 2018

Belgium

Tel:

03 232 78 86

Employees:

2

Company Type:

Private Independent

Incorporation Date:

1993

Fiscal Year End:

31-Dec-2012

Reporting Currency:

Euro

Annual Sales:

32.6  1

Total Assets:

16.7

Business Description

Wholesale of other intermediate products

Wholesale of waste and scrap and other products

Furniture, Floor Covering and Other Goods Wholesaling

Industry

Industry

Miscellaneous
Wholesale

ANZSIC 2006:

373
- Furniture, Floor Covering and Other Goods Wholesaling

ISIC Rev 4:

4669
- Wholesale of waste and scrap and other products n.e.c.

NACE Rev 2:

4676
- Wholesale of other intermediate products

NAICS 2012:

4239
- Miscellaneous Durable Goods Merchant Wholesalers

UK SIC 2007:

4676
- Wholesale of other intermediate products

US SIC 1987:

509
- Miscellaneous Durable Goods

Key Executives

Name

Title

Jigna Shah

Partner

Ketan Shah

Manager, Partner

Philippe Anna Richard Francois

Representative/Auditor

Sarju Kumar Chhotalaleen Shah

Manager

Nirav Bhupendrakumar
Shah

Manager

News

Title

Date

Nirav Shah Passes Away at 32 in Antwerp

Rapaport News (58 Words)

19-Mar-2013

Registered No.(VAT): 449043286

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR
0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location

Hoveniersstraat 53 B.73

Antwerpen, 2018

Belgium

Tel:

03 232 78 86

Suggest
Company URL

Sales EUR(mil):

25.4

Assets EUR(mil):

12.7

Employees:

2

Fiscal Year End:

31-Dec-2012

KeyIDSM:

50402028

Industry:

Retail (Department and Discount)

Incorporation Date:

1993

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(VAT):

449043286

Partner:

Jigna Shah

Industry Codes

ANZSIC 2006 Codes:

373

-

Furniture, Floor Covering and Other Goods Wholesaling

ISIC Rev 4 Codes:

4669

-

Wholesale of waste and scrap and other products n.e.c.

NACE Rev 2 Codes:

4676

-

Wholesale of other intermediate products

NAICS 2012 Codes:

4239

-

Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:

509

-

Miscellaneous Durable Goods

UK SIC 2007:

4676

-

Wholesale of other intermediate products

Business
Description

Wholesale of other intermediate products

Financial Data

Financials in:

EUR(mil)

Revenue:

25.4

Assets:

12.7

Current Assets:

12.4

Fixed Assets:

0.2

Total Liabilities:

12.7

Issued Capital:

2.3

Net Worth:

2.3

Date of Financial Data:

31-Dec-2012

1 Year Growth

NA

NA

Executives Report

Executives

Name

Title

Function

Philippe Anna Richard Francois

Representative/Auditor

Accounting Executive

Age: 52

Jigna Shah

Partner

Partner

Ketan Shah

Manager, Partner

Partner

Age: 45

Nirav Bhupendrakumar
Shah

Manager

Other

Sarju Kumar Chhotalaleen Shah

Manager

Other

Age: 49

News

Nirav Shah Passes Away at 32
in Antwerp

Rapaport News (58 Words)

19-Mar-2013

Annual Profit & Loss

31-Dec-2012

31-Dec-2011

31-Dec-2010

Period Length

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.778237

0.71919

0.755078

Consolidated

No

No

No

Turnover

32.6

37.9

26.6

Other Operating Income

0.0

0.0

0.0

Operating Income

32.6

37.9

26.6

Purchases

35.7

36.6

25.1

Increase
or Decrease in Stocks

-4.0

0.4

0.9

Raw Materials, Consumables, and
Goods for Release

31.7

37.0

25.9

Services and Sundry Goods

0.4

0.4

0.3

Remuneration, Social Security
Charges, and Pensions

0.1

0.1

0.0

Depreciation of and Other Amounts
Written Off of Formation Expense, Intangible and Tangible Fixed Assets

0.0

0.0

0.0

Increase or Decrease in Amounts
Written Off Stocks, Orders, and Trade Debtors

-

-

0.1

Other Operating Charges

0.0

0.0

0.0

Operating Charges

32.2

37.5

26.4

Other Financial Income

0.0

0.0

0.0

Financial Income

0.0

0.0

0.0

Interest and Other Debt Charges

0.3

0.2

0.2

Other Financial Charges

0.1

0.1

0.1

Financial Charges

0.4

0.3

0.3

Gain on Disposal of Fixed Assets

-

0.0

-

Other Extraordinary Income

0.0

-

-

Extraordinary Income

0.0

0.0

-

Other Extraordinary Charges

0.0

-

-

Extraordinary Charges

0.0

-

-

Income Taxes

0.0

-

0.0

Adjustment of Income Taxes and
Write-Back of Tax Provisions

0.0

0.0

0.0

Income Taxes

0.0

0.0

0.0

Employees

2

2

1

Annual Balance Sheet

Financials in: USD (mil)

31-Dec-2012

31-Dec-2011

31-Dec-2010

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.7566

0.770327

0.745406

Consolidated

No

No

No

Intangible Assets

0.0

0.0

0.0

Land &
Buildings

0.2

0.2

0.2

Plant,
Machinery, and Equipment

0.1

0.1

0.0

Furniture
and Vehicles

0.0

0.1

0.1

Tangible Assets

0.3

0.3

0.3

Amounts
Receivable and Cash Guarantees

0.0

0.0

0.0

Other
Capital Assets

0.0

0.0

0.0

Capital Assets

0.0

0.0

0.0

Fixed Assets

0.3

0.3

0.3

Other
Amounts Receivable

-

0.0

-

Amounts Receivable After More
Than One Year

-

0.0

-

Goods
Purchased for Resale

8.1

3.9

4.4

Stocks

8.1

3.9

4.4

Inventory and Orders in
Progress

8.1

3.9

4.4

Trade
Debtors

8.2

10.2

7.4

Other
Amounts Receivable

0.2

0.4

0.2

Amounts Receivable Within One
Year

8.3

10.5

7.6

Liquid Assets

0.0

0.1

0.0

Adjustment Accounts

0.0

0.0

0.0

Current Assets

16.4

14.6

12.0

Total Assets

16.7

14.9

12.4

Issued
Capital

3.0

2.9

3.0

Capital

3.0

2.9

3.0

Legal
Reserve

0.0

0.0

0.0

Reserves
Available for Distribution

0.1

0.1

0.1

Reserves

0.1

0.1

0.1

Capital and Reserves

3.1

3.0

3.0

Credit
Institutions

0.0

0.0

0.0

Other
Loans

0.8

0.2

0.2

Financial
Debts

0.8

0.2

0.3

Other
Amounts Payable

0.5

0.5

0.7

Amounts Due After More Than One
Year

1.2

0.7

1.0

Current
Portion of Amounts Payable After More Than One Year

0.0

0.0

0.0

Credit
Institutions

5.9

6.6

5.1

Financial
Debts

5.9

6.6

5.1

Suppliers

6.5

4.5

3.2

Trade
Debts

6.5

4.5

3.2

Taxes

0.0

0.0

0.0

Remuneration
and Social Security

0.0

0.0

0.0

Taxes,
Wages, and Social Security

0.1

0.0

0.0

Other
Amounts Payable

-

-

0.0

Amounts Payable Within One Year

12.4

11.2

8.3

Adjustment Accounts

0.0

0.0

0.0

Creditors

13.7

11.9

9.3

Total Liabilities + Shareholders' Equity

16.7

14.9

12.4

FOREIGN EXCHANGE RATES

Currency

Unit

Indian Rupees

US Dollar

1

Rs.62.48

UK Pound

1

Rs.102.95

Euro

1

Rs.84.60

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%)