MIRA INFORM REPORT

Report Date :

21.11.2014

IDENTIFICATION DETAILS

Name :	KALPATARU BVBA

Registered Office :	Hoveniersstraat 30-Bus 229 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	20.11.2006

Com. Reg. No.:	885272379

Legal Form :	Private Limited Company (BL/LX)

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employees :	1

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

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 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 summary

Business number	885272379
Company name	KALPATARU BVBA
Address	HOVENIERSSTRAAT 30-BUS 229
	2018 ANTWERPEN
Number of staff	1
Date of establishment	20/11/2006

Commentary

The business was established over 7 years ago.
The business has 1 employees.
The business has been at the address for over 7 years.
The credit rating for this business has decreased from 77 to 76.
The credit limit for this business has increased from €205000 to €240000.
Pre-tax profits increased by 63% compared to the previous trading period.
The business saw an increase in their Cash Balance of 363% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		44,960	280,878	265,206
31/12/2012		27,507	246,584	539,629
31/12/2011		69,566	224,492	218,787

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	5.475.806	1	18,600	41,343
31/12/2012	6.369.949	0	18,600	28,067
31/12/2011	6.161.294	0	18,600	55,576

Payment expectations
Past payments	Payment expectation days	-
Industry average payment 122.99	Industry average day sales	140.69
expectation days	outstanding
Day sales outstanding

BANKRUPTCY DETAILS
Court action tvpe	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons

Company accounts

Profit & loss

Annual accounts	31-122013	%	31-122012	%	31-122011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	55,139,894	-
Total operating expenses	-	-	-	-	-	54,682,887	-
Operating result	-49,644	59.61	-83,274	-204	79,737	149,474	-133
Total financial income	98,941	-21.89	126,663	11727966	1	79,609	24.28
Total financial expenses	4,338	-72.69	15,882	56.13	10,173	188,551	-97.70
Results on ordinary operations before taxation	44,960	63.45	27,507	-60.46	69,566	34,401	30.69
Taxation	10,666	96.98	5,415	-72.71	19,840	21,514	-50.42

Results on ordinary operations after taxation	34,294	55.23	22,092	-55.57	49,726	18,624	84.14
Extraordinary items	0	-	0	-	0	5,366	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	34,294	55.23	22,092	-55.57	49,726	24,125	42.15
other information
Gross Operating Margin	-20,415	26.93	-75,795	-186	87,811	33,386	-161
Dividends	-	-	-	-	-	234,766	-
Director remuneration	-	-	-	-	-	125,886	-
Employee costs	20,303	-	-	-	-	138,315	-85.32
Wages and salary	14,885	-	-	-	-	119,605	-87.55
Employee pension costs	-	-	-	-	-	23,129	-
Social security contributions	1,762	-	-	-	-	29,538	-94.03
Other employee costs	3,656	-	0	-	0	3,950	-7.45
Amortization and depreciation	7,050	17.99	5,975	2.13	5,850	17,913	-60.65

Balance

Annual accounts	31-122013		%	31-122012	%		31-122011	Industry average 2013		%
Weeks	52			52			52

Currency	EUR			EUR			EUR
Intangible fixed assets	0		-	0	-		0	1,273		-100
Tangible fixed assets	15,672		16.90	13,406	0.61		13,325	188,331		-91.68
Land & building	-		-	-	-		-	367,237		-
Plant & machinery	10,420		273	2,787	55.99		1,786	26,761		-61.06
Furniture & Vehicles	5,252		-50.55	10,620	-7.96		11,538	15,834 4,605		-66.83
Leasing & Other Similar Rights	-		-	-	-		-	107,517 34,551		-
Other tangible assets	0		-	0	-		0	9,055		-100
Financial fixed assets	-		-	-	-		-	181,947		-
Total fixed assets	15,672		16.90	13,406	0.61		13,325	299,830		-94.77
Inventories	2,245,739		-38.13	3,629,582	311		881,505	2,915,426		-22.97
Raw materials & consumables	-		-	-	-		-	6,545,857		-
Work in progress	0		-	0	-		0	1,134		-100
Finished goods	0		-	0	-		0	1,932,668		-100
Other stocks	2,245,739		-38.13	3,629,582	311		881,505	450,353		398
Trade debtors	3,124,797		15.56	2,704,055	-41.76		4,642,556 4,240,731			-26.31
Cash	85,874		363	18,529	-96.63		549,921	460,710,536		-99
other amounts receivable	2,510		6.39	2,360	-96.78		73,252	199,853		-98.74
Miscellaneous current assets	1,214		-39.83	2,018	173		737	-453,531,122		0.00
Total current assets	5,460,134		-14.10	6,356,543	3.39		6,147,969	7,110,957		-23.22
Total Assets	5,475,806		-14.04	6,369,949	3.39		6,161,294	7,377,775 1,283,429		-25.78
CURRENT LIABILITIES
Trade creditors		4,920,203	-12.75	5,639,263		-0.46	5,665,320	2,894,877	69.96
Short term group loans		-	-	-		-	-	-	-
Financial debts		74,613	4813	1,518		-97.33	56,895	4,398,237 146,879	-98.30
Current portion of long term debt		2,162	-52.32	4,533		9.17	4,153	76,21313,806	-97.16
Amounts Payable for Taxes, Remuneration & Social Security		14,432	1343	1,000		-90.0	10,000 {	3,295 -	53.54
Miscellaneous current liabilities		183,518	7.57	170,599		-11.52	192,814	-23.72
Total current liabilities		5,194,928	-10.69	5,816,914		-1.89	5,929,183	5,066,369	2.54
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-	-	-		-	-	-
Other long term loans		-	-	306,452		3921	7,620	-	--
Deffered taxes		-	-	-		-	-	46,266 28,377	-
Provisions for Liabilities & Charges		0	-	0		-	0	3,961 0	-100
Other long term liabilities		0	-	0		-	0	244,937	-100
Total long term debts		0	-100	306,452		3921	7,620	676,418	-100
SHAREHOLDERS EQUITY
Issued share capital		18,600	0	18,600		0	18,600	965,164	-98.07
Share premium account		-	-	-		-	-	124,160	-
Reserves		262,278	15.04	227,984		10.73	205,892	640,663	-59.06
Revaluation reserve		-	-	-		-	-	852,199	-
Total shareholders equity		280,878	13.91	246,584		9.84	224,492	1,627,055	-82.74
Working capital		265,206	-50.85	539,629		146	218,787	2,044,588	-87.03
Cashflow		41,343	47.30	28,067		^19.50	55,576	38,648	6.97
Net worth		280,878	13.91	246,584		9.84	224,492	1,625,782	-82.72

Ratio

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-7,00	-
Return on capital employed	16.01	222	4.97	-83.42	29.97	-8,00	200
Return on total assets employed	0.82	90.70	0.43	-61.95	1.13	-8,00	10.25
Return on net assets employed	16.01	43.46	11.16	-63.99	30.99	-8,00	200
Sales / net working capital	-	-	-	-	-	134,00	-
Stock turnover ratio	-	-	-	-	-	76,00	-
Debtor days	-	-	-	-	-	140,69	-
Creditor days	-	-	-	-	-	122,99	-
SHORT TERM STABILITY
Current ratio	1.05	-3.67	1.09	4.81	1.04	4,00	-89.50
Liquidity ratio / acid ratio	0.62	31.91	0.47	-47.19	0.89	3,00	-79.33
Current debt ratio	18.50	-21.58	23.59	-10.68	26.41	10,00	85.00
Liquidity ratio reprocessed ......
LONG TERM STABILITY
Gearing	27.33	-78.43	126.73	314	30.59	231,00	-88.17
Equity in percentage	5.13	32.56	3.87	6.32	3.64	-212,00	2.42
Total debt ratio	18.50	-25.49	24.83	-6.12	26.45	11,00	68.18

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

industry average credit 64.48

rating

Industry average credit limit 140177.31

Payment Information

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations
Payment expectation days	-
Day sales outstanding	-
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	122.99
expectation days
Industry average day sales	140.69
outstanding

Day sales Outstanding

Company result
Lower	122.66
Median	75.38
Upper	46.98

Day sales Outstanding

Company result
Lower	102.33
Median	54.34
Upper	24.45

Shareholder Details

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

Companies that match this address

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Current director details

Name KSHITIJ PANKAJ PAREKH

Position Principal Manager

Start Date 16/08/2010

Street 12 PASTOOR DE CONINCKLAAN ANTWERPEN

Post code 2610

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.10
UK Pound	1	Rs.97.32
Euro	1	Rs.77.91

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	SDA

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.

Business number	885272379	Company name	KALPATARU BVBA
Fax number		Date founded	20/11/2006
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46761	Liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0885.272.379 Check VAT number
Belgian Bullettin of Acts Publications	moniteur beige

Social Balance Sheet	Total
During the reporting year ended 31-12-2013

Full-time Employees	1
Part-time Employees
Total Fte Employees	1

Number of hours worked
Full-time Employees	1.474
Part-time Employees
Total	1,474

Personnel Charges
Full-time Employees	20.303
Part-time Employees
Total	20,303
Benefits In Addition To Wanes

During the previous reporting year
Average number employees in Fte
Actual working hours
Personnel Charges
Benefits In Addition To Wages	-

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	1	-	1
Leavers - - -

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Accounts

Company information

Company accounts

Unit