MIRA INFORM REPORT

Report No. :	495417
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	KALPATARU BVBA

Registered Office :	Hoveniersstraat 30-Bus 229, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	20.11.2006

Com. Reg. No.:	885272379

Legal Form :	Private limited liability company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	1

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow

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

(30.09.2017)

Current Rating

(31.12.2017)

Belgium

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

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.

The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company summary

Business number	885272379
Branche Unit Number	2158361648
Company name	KALPATARU BVBA
Address	HOVENIERSSTRAAT 30-BUS 229
	2018 ANTWERPEN
Date of establishment	20/11/2006
Telephone number	3232260750
Mobile number	-
Fax number	-
Liable for VAT	yes
VAT Number	BE.0885.272.379 Check VAT number

Commentary

The business was established over 11 years ago.

The business has 1 employees.

The business has been at the address for over 11 years. Operating Result in the latest trading period decreased 43% on the previous trading period. A 30% decline in Total Assets occurred during the latest trading period. Pre-tax profits increased by 189% compared to the previous trading period. The business saw a decrease in their Cash Balance of 79% during the latest trading perid.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016		60,004	353,347	348,079
31/12/2015		20,734	310,763	302,735
31/12/2014		15,616	294,288	283,292
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	3,381,823	1	18,600	45,344
31/12/2015	4,850,449	1	18,600	19,443
31/12/2014	8,147,940	1	18,600	18,086

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	200.93	Industry average day sales	212.08
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Financials

Company accounts

Assets
Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	5,268	-34.38	8,028	-26.99	10,996	-29.83	15,672	16.90	13,406
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	5,268	-34.38	8,028	-26.99	10,996	-29.83	15,672	16.90	13,406
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	3,001	-43.64	5,325	-32.22	7,856	-24.60	10,420	273	2,787
Furniture & Vehicles	2,267	-16.15	2,703	-13.90	3,140	-40.21	5,252	-50.55	10,620
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0	-	0
Total current assets	3,376,555	-30.27	4,842,421	-40.49	8,136,944	49.02	5,460,134	-14.10	6,356,543
Inventories	1,167,021	-14.26	1,361,061	-20.52	1,712,417	-23.75	2,245,739	-38.13	3,629,582
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	1,167,021	-14.26	1,361,061	-20.52	1,712,417	-23.75	2,245,739	-38.13	3,629,582
Trade debtors	2,162,446	-34.86	3,319,533	-48.14	6,401,166	104	3,124,797	15.56	2,704,055
Other amounts receivable	10,353	70.41	6,075	-35.44	9,410	274	2,510	6.39	2,360
Cash	31,931	-79.24	153,802	1167	12,138	-85.87	85,874	363	18,529
Miscellaneous current assets	4,804	146	1,949	7.48	1,813	49.34	1,214	-39.83	2,018
Total Assets	3,381,823	-30.28	4,850,449	-40.47	8,147,940	48.80	5,475,806	-14.04	6,369,949
Liabilities
Total shareholders equity	353,347	13.70	310,763	5.60	294,288	4.77	280,878	13.91	246,584
Issued share capital	18,600	0	18,600	0	18,600	0	18,600	0	18,600
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	334,747	14.58	292,163	5.98	275,688	5.11	262,278	15.04	227,984
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	3,028,477	-33.29	4,539,686	-42.20	7,853,652	51.18	5,194,928	-15.16	6,123,366
Other long term loans	0	-	0	-	0	-	0	-100	306,452
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-100	306,452
Current portion of long term debt	0	-	0	-	0	-100	2,162	-52.32	4,533
Financial debts	0	-	0	-	0	-100	74,613	4813	1,518
Trade creditors	2,499,898	-41.72	4,289,172	-35.99	6,701,116	36.20	4,920,203	-12.75	5,639,263
Amounts Payable for Taxes,	19,399	202	6,415	45.33	4,414	-69.42	14,432	1343	1,000
Remuneration & Social Security
Miscellaneous current liabilities	509,180	108	244,100	-78.74	1,148,122	525	183,518	7.57	170,599
Total current liabilities	3,028,477	-33.29	4,539,686	-42.20	7,853,652	51.18	5,194,928	-10.69	5,816,914
Total Liabilities	3,381,823	-30.28	4,850,449	-40.47	8,147,940	48.80	5,475,806	-14.04	6,369,949
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	16.98	154	6.67	25.61	5.31	-66.83	16.01	222	4.97
Return on total assets employed	1.77	311	0.43	126	0.19	-76.83	0.82	90.70	0.43
Return on net assets employed	16.98	154	6.67	25.61	5.31	-66.83	16.01	43.46	11.16
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.11	3.74	1.07	2.88	1.04	-0.95	1.05	-3.67	1.09
Liquidity ratio / acid ratio	0.73	-5.19	0.77	-6.10	0.82	32.26	0.62	31.91	0.47
Current debt ratio	8.57	-41.34	14.61	-45.26	26.69	44.27	18.50	-21.58	23.59
Cashflow	45,344	133	19,443	7.50	18,086	-56.25	41,343	47.30	28,067
Net worth	353,347	13.70	310,763	5.60	294,288	4.77	280,878	13.91	246,584
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	27.33	-78.43	126.73
Equity in percentage	10.45	63.03	6.41	77.56	3.61	-29.63	5.13	32.56	3.87
Total debt ratio	8.57	-41.34	14.61	-45.26	26.69	44.27	18.50	-25.49	24.83
Working capital	348,079	14.98	302,735	6.86	283,292	6.82	265,206	-50.85	539,629

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	123,569	-31.97	181,628	-23.43	237,195	1161	-20,415	26.93	-75,795
Operating Charges	0	-	-	-	-	-	-	-	-
Employee costs	17,419	17.44	14,833	14.95	12,903	-36.45	20,303	-	-
Wages and salary	-	-	12,254	0.65	12,174	-18.21	14,885	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	2,308	45.01	1,591	-9.69	1,762	-	-
Other employee costs	17,419	6320	271	31.46	-862	-123	3,656	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	2,760	-6.99	2,968	-36.53	4,676	-33.68	7,050	17.99	5,975
Operating result	90,832	-43.92	161,967	-25.64	217,809	438	-49,644	59.61	-83,274
Total financial income	12,777	14455	88	14777	1	-99	98,941	-21.89	126,663
Total financial expenses	43,605	-69.14	141,322	-30.11	202,194	4561	4,338	-72.69	15,882
Results on ordinary operations before taxation	60,004	189	20,734	32.77	15,616	-65.27	44,960	63.45	27,507
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	-	-	-	-	0	-	0
Results for the Year Before Taxation	60,004	189	20,734	32.77	15,616	-65.27	44,960	63.45	27,507
Taxation	17,420	309	4,259	93.09	2,206	-79.32	10,666	96.98	5,415
Results on ordinary operations after taxation	42,584	158	16,475	22.85	13,410	-60.90	34,294	55.23	22,092
Net result	42,584	158	16,475	22.85	13,410	-60.90	34,294	55.23	22,092
Profit (Loss) for the Year to be appropiated	42,584	158	16,475	22.85	13,410	-60.90	34,294	55.23	22,092
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	-
Part-time Employees	1
Total Fte Employees	1
Number of hours worked
Full-time Employees	-
Part-time Employees	924
Total	924
Personnel Charges
Full-time Employees	-
Part-time Employees	17,419
Total	17,419
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	924
Personnel Charges	14,833
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	1	1
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	1	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	1	1
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Payment Information Summary

Total number of Invoices available	3
Total number of Invoices paid within or up to 30 days after the due date	3
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

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 expectation days	200.93
Industry average day sales outstanding	212.08

Industry quartile analysis Payment expectations

Company result	-
Lower	131.18
Median	58.79
Upper	26.55

Day sales outstanding
Company result	-
Lower	134.36
Median	82.06
Upper	44.92

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

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

Position	Manager
Start Date	01/03/2007
Street	12 PASTOOR DE CONINCKLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	Kshitij Parekh
Former director details
Name	Vipul Parekh
Position	Manager
Start Date	20/11/2006
End Date	28/02/2007
Street	12 PASTOOR DE CONINCKLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.10
UK Pound	1	INR 94.44
Euro	1	INR 79.59
Euro	1	INR 80.06

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

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	KET

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)

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.

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	200
Description	Additional joint committee for the employees
category
Significant Events
Event Date	20/11/2006
Event Description	Legal creation
Event Details

MIRA INFORM REPORT

Company summary

Company information

Financials

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit