MIRA INFORM REPORT

Report Date :

13.08.2014

IDENTIFICATION DETAILS

Name :	GANTREX SA
Registered Office :	Rue Du Commerce 19 1400 Nivelles
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	31.07.2009
Com. Reg. No.:	817646553
Legal Form :	Public Limited Liability Company
Line of Business :	Not Available [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees	37

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 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 name and address

Business number	817646553
Company name	GANTREX SA
Address	RUE DU COMMERCE 19 1400 NIVELLES
Number of staff	37
Date of establishment	31/07/2009
Telephone number	067888030
Fax number	067216321

Commentary

The business was established over 5 years ago.

The business has 37 employees.

The business has been at the address for over 5 years.

Operating Result in the latest trading period decreased 21% on the previous trading period.

Pre-tax profits decreased by 51% compared to the previous trading period.

The business saw an increase in their Cash Balance of 268% during the latest trading period

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	41,787,057	361,105	916,677	1,320,793
31/12/2012	36,263,812	751,108	762,431	2, 111 , 11 5
31/12/2011	30,943,691	-22,589	312,698	-350,190
Accounts DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	19,349,355	37	188,568	296,683
31/12/2012	16,610,534	37	188,568	593,131
31/12/2011	13,302,672	35	188,568	59,585

Payment expectations

Past payments Payment expectation days 83.38

Industry average payment

expectation days - Industry average day sales

outstanding

Day sales outstanding 112.40

Company information

Business number	817646553	Company name	GANTREX SA
Fax number	067216321	Date founded	31/07/2009
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	-	Liable for VAT	yes
Activity description	-	VAT Number	BE.0817.646.553 Check

Contractor details

Registered contractor 032311

number

Contractor description Installations spéciales

Date struck off register 13/07/2010 00:00:00

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	33
Part-time Employees	5
Total Fte Employees	37
Number of hours worked
Full-time Employees	54,887
Part-time Employees	6,555
Total	61,442
Personnel Charges
Full-time Employees	2,738,253
Part-time Employees	327,022
Total	3,065,275
Benefits In Addition To Wages -
During the previous reporting year
Average number employees in Fte	35
Actual working hours	60,472
Personnel Charges	2,908,521

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	33	5	37
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	17	1	18
Higher education (non university)	5	-	5
Higher education	5	-	5
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education - - -
Secondairy education	2	3	4
Higher education (non university)	3	-	3
Higher education	1	1	2
(university)

Total of formal continuing vocational training initiatives For workers paid by the employer	Male	Female
Number of employees	10	1
Number of training hours	251	15
Net costs for enterprise	11,073	1,343
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	-	-

Profit & loss

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry ^%average 2013
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	41,787,057	15.23	36,263,812	17.19	30,943,691	- -
Total operating expenses	40,926,422	16.36	35,171,543	14.91	30,608,907	- -
Operating result	860,636	-21.21	1,092,269	226	334,784	- -
Total financial income	205,925	-40.05	343,468	-38.82	561,421	- -
Total financial expenses	705,456	3.04	684,629	-25.49	918,795	- -
Results on ordinary operations before taxation	361,105	-51.92	751,108	3325	-22,589 -	-
Taxation	187,987	-37.62	301,375	198	100,940	- -
Results on ordinary operations after taxation	173,118	-61.51	449,733	364	-123,530 -	-
Extraordinary items	-18,872	-	0	-	0	- -
Other appropriations	0.00	-	0.00	-	0.00	- -
Net result	154,246	-65.70	449,733	364	-123,530	- -
Gross Operating Margin	-	-	-	-	-	- -
Director remuneration	-	-	-	-	-	- -
Employee costs	3,065,275	5.39	2,908,521	23.67	2,351,835	- -
Wages and salary	2,343,842	5.07	2,230,688	31.44	1,697,150	- -
Employee pension costs	-	-	-	-	-	- -
Social security contributions	546,506	1.32	539,360	13.12	476,811	- -
Other employee costs	174,926	26.33	138,473	-22.15	177,875	- -
Amortization and depreciation	142,437	-0.67	143,398	-21.69	183,115	- -

balance sheet

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry % average 2013
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	- -
Tangible fixed assets	419,457	21.72	344,595	-7.39	372,109	- -
Land & building	103,213	12.06	92,108	-7.95	100,064	- -
Plant & machinery	264,301	34.22	196,923	-2.36	201,687	- -
Furniture & Vehicles	51,943	-6.52	55,564	-15.84	66,021	-- -
Leasing & Other Similar Rights	0	-	0	-100	4,338	-- -
Other tangible assets	0	-	0	-	0	- -
Financial fixed assets	34,620	2735	1,221	-99	294,299	- -
Total fixed assets	454,077	31.31	345,816	-48.11	666,408	- -
Inventories	4,719,445	6.65	4,425,291	26.45	3,499,561	- -
Raw materials & consumables	-	-	-	-	-	- -
Work in progress	0	-	0	-	0	- -
Finished goods	4,719,445	6.65	4,425,291	26.45	3,499,561	- -
Other stocks	0	-	0	-	0	- -
Trade debtors	12,868,148	16.34	11,061,113	44.80	7,638,976	- -
Cash	683,282	268	185,364	-56.40	425,154	- -
other amounts receivable	550,453	6.81	515,336	-41.19	876,261	- -
Miscellaneous current ass ets	73,949	-4.72	77,614	-60.46	196,311	- -
Total current assets	18,895,278	16.17	16,264,717	28.71	12,636,264	- -
Total Assets	19,349,355	16.49	16,610,534	24.87	13,302,672	- - -

CURRENT LIABILITIES

CURRENT LIABILITIES
	Trade creditors	9,349,517	15.46	8,097,726	25.35	6,460,099 -	-
Short term group loans - - - - - - -
	Financial debts	6,653,038	30.52	5,097,282	-8.16	5,550,000 --	-
	Current portion of long term debt	-	-	1,093	-99	307,213 --	-
	Amounts Payable for Taxes, Remuneration & Social Security	1,138,182	36.51	833,792	77.96	468,525 --	-
	Miscellaneous current liabilities	433,748	250	123,710	-38.34	200,617 -	--
	Total current liabilities	17,574,485	24.17	14,153,602	8.99	12,986,454 -	-
	LONG TERM DEBTS AND LIABILITIES
	Long term group loans	-	-	-	-	- -	--
	Other long term loans	858,192	-49.25	1,690,980	-	- -	--
	Deffered taxes	-	-	-	-	- --	-
	Provisions for Liabilities & Charges	0	-100	3,520	0	3,520 --	-
	Other long term liabilities	0	-	0	-	0 -	-
	Total long term debts	858,192	-49.35	1,694,500	48038	3,520 -	-
SHAREHOLDERS EQUITY
	Issued share capital	188,568	0	188,568	0	188,568 -	-
	Share premium account	757	0	757	0	757 -	-
	Reserves	727,353	26.91	573,107	364	123,374 -	-
	Revaluation reserve	-	-	-	-	- -	-
	Total shareholders equity	916,677	20.23	762,431	143	312,698 -	-
	Working capital	1,320,793	-37.44	2, 111 , 11 5	602	-350,190 -	-
	Cashflow	296,683	-49.98	593,131	895	59,585 -	-
	Net worth	916,677	20.23	762,431	143	312,698 -	-

ratio analysis

	Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
	Profit Before Tax	0.86	-58.45	2.07	2957	-0.07	-	-
	Return on capital employed	20.35	-33.43	30.57	428	-7.14	-	-
	Return on total assets employed	1.87	-58.63	4.52	2658	-0.17	-	-
	Return on net assets employed	39.39	-60.01	98.51	1364	-7.22	-	-
	Sales / net working capital	31.64	84.17	17.18	19.44	-88.36	-	-
	Stock turnover ratio	11.29	-7.46	12.20	7.87	11.31	-	-
	Debtor days	112.40	0.96	111.33	23.55	90.11	-	-
	Creditor days	83.38	-0.79	84.04	9.10	77.03	-	-
SHORT TERM STABILITY
	Current ratio	1.08	-6.09	1.15	18.56	0.97
	Liquidity ratio / acid ratio	0.81	-3.57	0.84	20.0	0.70	-	-
	Current debt ratio	19.17	3.29	18.56	-55.31	41.53	-	-
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
	Gearing	819.40	-7.98	890.49	-52.46	1873.12	-	-
	Equity in percentage	4.74	3.27	4.59	95.32	2.35	-	-
	Total debt ratio	20.11	-3.27	20.79	-49.95	41.54	-	-

Payment Information

Payment Information Summary

Total number of Invoices available 1

Total number of Invoices paid within or up to 30 days after the due date 0

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 1

Payment expectations

Payment expectation days 83.38

Day sales outstanding 112.40

Shareholder Details

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Legal events

Court Data

There is no data for this company

Director details

Current director details
Name	DIDIER CLAUDE MARIE HAEGELSTEEN
Position	Managing Director
Start Date	31/07/2009
End Date	12/05/2015
Date of birth	14/12/1965
Street	8 AVENUE DE L'ECUYER RHODE-SAINT-GENESE
Post code	1640
Country	Belgium

Name	DIDIER CLAUDE MARIE HAEGELSTEEN
Position	Director
Start Date	31/07/2009
Date of birth	14/12/1965
Street	8 AVENUE DE L'ECUYER RHODE-SAINT-GENESE
Post code	1640
Country	Belgium
Name	DIDIER CLAUDE MARIE HAEGELSTEEN
Position	Chairman of the Board
Start Date	31/07/2009
Date of birth	14/12/1965
Street	8 AVENUE DE L'ECUYER RHODE-SAINT-GENESE
Post code	1640
Country	Belgium
Name	SOMABIS SCA
Position	Managing Director
Start Date	31/07/2009
End Date	12/05/2015
Date of birth	20/01/2006
Street	19 RUE DU COMMERCE NIVELLES
Post code	1400
Country	Belgium
Name	SOMABIS SCA
Position	Director
Start Date	31/07/2009
Date of birth	20/01/2006
Street	19 RUE DU COMMERCE NIVELLES
Post code	1400
Country	Belgium
Name	SOMABIS SCA
Position	Legal Representative
Start Date	31/07/2009
Date of birth	20/01/2006
Street	19 RUE DU COMMERCE NIVELLES
Post code	1400
Country	Belgium
Name	KD MANAGEMENT SPRL
Position	Legal Representative
Start Date	31/07/2009
Date of birth	10/05/2007
Street	4 RUE DU HAPPART NIVELLES
Post code	1400
Country	Belgium

Name	KD MANAGEMENT SPRL
Position	Managing Director
Start Date	31/07/2009
End Date	12/05/2015
Date of birth	10/05/2007
Street	4 RUE DU HAPPART NIVELLES
Post code	1400

Name	KD MANAGEMENT SPRL
Position	Director
Start Date	31/07/2009
Date of birth	10/05/2007
Street	4 RUE DU HAPPART NIVELLES
Post code	1400
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.18
UK Pound	1	Rs.102.56
Euro	1	Rs.81.78

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.