MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	GILIMPEX NV
Registered Office :	Groenenborgerlaan 25 Antwerpen 2610
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	30.08.1990
Com. Reg. No.:	441275269
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of machine tools
No. of Employees :	1

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Belgium	A1	A1

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

Company name and address Top of Form

Business number	441275269	Company name	GILIMPEX NV
		Telephone number	038772424
Address	GROENENBORGERLAAN 25 ANTWERPEN	Fax number	038772091
Post code	2610	Number of staff	1
Date of establishment	30/08/1990

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		28,673	677,081
31/12/2009		79,248	649,239
31/12/2008		91,958	586,122

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	955,571	1,036	62,000	230,962	1
31/12/2009	835,878	1,036	62,000	170,485	1
31/12/2008	719,727	1,036	62,000	207,373	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	88.82	Industry average day sales outstanding	122.33
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	441275269	Company name	GILIMPEX NV
Fax number	038772091	Date founded	30/08/1990
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46620	liable for VAT	yes
Activity description	Wholesale of machine tools	VAT Number	BE.0441.275.269
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

Significant Events

Event Date	28/12/2011
Event Description
Event Details	De buitengewone algemene vergadering van de aandeelhouders heeft beslist de aandelen statutair op naam te stellen.

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	14,194,068	-
Total operating expenses	-	-	-	-	-	13,667,564	-
Operating result	30,947	-57.85	73,428	-13.98	85,360	189,939	-83.71
Total financial income	2,371	-65.26	6,825	-10.49	7,625	67,514	-96.49
Total financial expenses	4,645	362	1,004	-2.24	1,027	66,171	-92.98
Results on ordinary operations before taxation	28,673	-63.82	79,248	-13.82	91,958	185,205	-84.52
Taxation	830	-95.94	20,463	12.58	18,176	87,365	-99
Results on ordinary operations after taxation	27,842	-52.64	58,785	-20.33	73,782	127,399	-78.15
Extraordinary items	0	-100	4,331	762	-568	58	-100
Other appropriations	0.00	-	0	-100	1	-	-
Net result	27,842	-55.89	63,116	-13.79	73,215	126,778	-78.04
other information
Dividends	-	-	-	-	-	595,071	-
Director remuneration	-	-	-	-	-	107,509	-
Employee costs	37,481	19.05	31,484	64.36	19,155	899,782	-95.83
Wages and salary	27,567	-2.48	28,269	76.53	16,014	657,286	-95.81
Employee pension costs	-	-	-	-	-	49,312	-
Social security contributions	8,827	338	2,014	1682	113	206,885	-95.73
Other employee costs	1,087	-9.46	1,201	-60.34	3,028	42,948	-97.47
Amortization and depreciation	69,567	179	24,889	-7.75	26,980	111,040	-37.35

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	42,574	-100
Tangible fixed assets	104,748	105	50,927	4.84	48,577	419,106	-75.01
Land & building	-	-	-	-	-	421,294	-
Plant & machinery	72,000	-	-	-	750	95,683	-24.75
Other tangible assets	32,748	-35.70	50,927	6.48	47,827	105,063	-68.83
Financial fixed assets	1,036	0	1,036	0	1,036	1,861,092	-99
Total fixed assets	105,784	103	51,963	4.74	49,613	1,669,535	-93.66
Inventories	62,017	361	13,425	-54.84	29,730	1,592,472	-96.11
Raw materials & consumables	-	-	-	-	-	1,012,781	-
Work in progress	0	-	0	-	0	377,848	-100
Finished goods	0	-	0	-	0	545,820	-100
Other stocks	62,017	361	13,425	-54.84	29,730	171,115	-63.76
Trade debtors	193,109	-23.42	252,157	217	79,312	1,037,987	-81.40
Cash	230,962	35.47	170,485	-17.79	207,373	317,370	-27.23
other amounts receivable	136,123	29.64	105,000	-18.65	129,068	564,278	-75.88
Miscellaneous current assets	227,576	-6.29	242,848	8.11	224,631	134,221	69.55
Total current assets	849,787	8.40	783,915	16.98	670,114	3,162,156	-73.13
current liabilities
Trade creditors	170,839	164	64,493	-30.15	92,335	995,439	-82.84
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	760,003	-100
Miscellaneous current liabilities	107,652	-11.87	122,146	2673	4,404	-87.30	- -
Total current liabilities	278,491	49.21	186,639	92.93	96,739	2,551,634	-89.09
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-100	36,866	163,603	-100
Total long term debts	0	-	0	-100	36,866	597,337	-100
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	807,004	-92.32
Share premium account	-	-	-	-	-	239,580	-
Reserves	615,081	4.74	587,239	12.04	524,122	725,951	-15.27
Revaluation reserve	-	-	-	-	-	277,731	-
Total shareholders equity	677,081	4.29	649,239	10.77	586,122	1,554,018	-56.43
Working capital	571,296	-4.35	597,276	4.17	573,375	610,522	-6.42
Net worth	677,081	4.29	649,239	10.77	586,122	1,511,444	-55.20

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	-12,00	-
Return on capital employed	4.23	-65.36	12.21	-17.28	14.76	11,00	-61.55
Return on total assets employed	3	-68.35	9.48	-25.82	12.78	-319,00	0.94
Return on net assets employed	4.23	-65.36	12.21	-22.18	15.69	11,00	-61.55
Sales / net working capital	-	-	-	-	-	8,00	-
Stock turnover ratio	-	-	-	-	-	28,00	-
Debtor days	-	-	-	-	-	126,00	-
Creditor days	-	-	-	-	-	84,00	-
short term stability
Current ratio	3.05	-27.38	4.20	-39.39	6.93	39,00	52.50
Liquidity ratio / acid ratio	2.83	-31.48	4.13	-37.61	6.62	37,00	-92.35
Current debt ratio	0.41	41.38	0.29	70.59	0.17	2,00	-79.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	1.009,00	-
Equity in percentage	70.86	-8.77	77.67	-4.63	81.44	-2.691,00	2.63
Total debt ratio	0.41	41.38	0.29	26.09	0.23	7,00	-94.14

Industry comparison

Activity code	46620
Activity description	Wholesale of machine tools
industry average credit rating	70.65
Industry average credit limit	76204.22

Industry comparison

Activity code	46620
Activity description	Wholesale of machine tools
Industry average payment expectation days	88.82
Industry average day sales outstanding	122.33

Industry quartile analysis

Payment expectations
Company result	-
Lower	106.80
Median	76.59
Upper	53.54
Day sales outstanding
Company result	-
Lower	78.97
Median	46.94
Upper	27.74

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

NSSO details

Business number	441275269
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	DIDIER MARIE JOSEPH GILLAIN
Position	Managing Director
Date of birth	12/11/1961
Street	25 GROENENBORGERLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	DIDIER MARIE JOSEPH GILLAIN
Position	Director
Date of birth	12/11/1961
Street	25 GROENENBORGERLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	CHRISTIAN MARIE FRANÇOIS GILLAIN
Position	Managing Director
Street	12 MAURICE LEYTENSSTRAAT ANTWERPEN
Post code	2610
Country	Belgium
Name	CHRISTIAN MARIE FRANÇOIS GILLAIN
Position	Director
Street	12 MAURICE LEYTENSSTRAAT ANTWERPEN
Post code	2610
Country	Belgium

Former director details

Name	MICHEL STRUYF
Position	Director
Date of birth	15/05/1961
Street	24 AZALEALAAN SCHILDE
Post code	2970
Country	Belgium
Name	PIERRE MARIE JOSEPH STRUYF
Position	Director
Date of birth	03/03/1959
Street	240 BINNENSTEENWEG BOECHOUT
Post code	2530
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

INFORMATION DETAILS

Report Prepared by :

PRL

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.