MIRA INFORM REPORT

Report No. :	303440
Report Date :	21.01.2015

IDENTIFICATION DETAILS

Name :	ALISAR GEMS BVBA
Registered Office :	Hoveniersstraat 30-Bus 257, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	11.09.2002
Com. Reg. No.:	478360547
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employee :	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 :	Slow But Correct
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Belgium	A2	A2

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 478360547

Branche Unit Number 2114183492

Company name ALISAR GEMS BVBA

Address HOVENIERSSTRAAT 30-BUS 257

2018 ANTWERPEN

Number of staff 1

Date of establishment 11/09/2002

Telephone number 034855702

Fax number 034855775

Ultimate holding company

Safe number Company name Company Number

- - -

Commentary

The business was established over 12 years ago.

The business has 1 employees.

The business has been at the address for over 6 years.

Operating Result in the latest trading period decreased 46% on the previous trading period.

Pre-tax profits decreased by 48% compared to the previous trading period.

The business saw an increase in their Cash Balance of 31% during the latest trading period.

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX NET WORTH	WORKING CAPITAL
31/12/2013	65,039,807	312,268 1,417,598	1,246,219
31/12/2012	73,809,762	608,853 1,211,310	1,051,028
31/12/2011	57,807,855	715,281 615,501	462,194
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
31/12/2013	8,012,476	1 785,000	235,510
31/12/2012	8,763,658	1 785,000	432,708
31/12/2011	5,442,685	1 220,000	532,232

Trends

Profitability

Liquidity

Net worth

Payment expectations
Past payments		Payment expectation days	31.18
Industry average payment expectation days	123.86	Industry average day sales outstanding	140.10
Day sales outstanding	16.18
Court data summary
BANKRUPTCY DETAILS
Court action type PROTESTED BILLS	no
Bill amount -
NSSO DETAILS
Date of summons -

Company information

* Business number	478360547	Company name	ALISAR GEMS BVBA
Fax number	034855775	Date founded	11/09/2002
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.0478.360.547 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number -

Contractor description -

Date struck off register

Personnel (NSSO classification)

Code -

Description -

Joint Industrial Committee (JIC)

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	520,732	-4.74	546,639	-3.89	568,747	-21.18	721,558	-4.16	752,844
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	519,586	-4.85	546,093	-3.89	568,202	-21.19	721,012	-4.05	751,479
Land & building	509,367	-4.49	533,288	-4.29	557,209	-20.74	703,032	-4.39	735,304
Plant & machinery	4,548	-37.14	7,234	-1.51	7,345	-43.44	12,986	11.39	11,658
Furniture & Vehicles	5,672	4.40	5,433	61.17	3,371	-26.38	4,579	15.54	3,963
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-100	138	-50.18	277	-33.33	415	-25.00	554
Financial fixed assets	1,146	109	546	0.07	546	0	546	-60.03	1,365
Total current assets	7,491,745	-8.83	8,217,019	68.59	4,873,937	4.46	4,665,798	114	2,177,748
Inventories	4,481,657	-2.97	4,618,749	88.88	2,445,368	-32.70	3,633,677	90.97	1,902,782
Raw materials & consumables	4,481,657	-2.97	4,618,749	88.88	2,445,368	-	-	-	1,902,782
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-100	3,633,677	-	0
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	2,883,733	-17.54	3,497,266	49.31	2,342,227	138	981,306	282	256,275
Other amounts receivable	5,952	14.89	5,181	-13.63	5,999	-61.93	15,756	248	4,521
Cash	120,070	31.74	91,145	31.16	69,492	114	32,349	128	14,170
Miscellaneous current assets	333	-92.89	4,678	-56.89	10,851	300	2,711		0
Total Assets	8,012,476	-8.57	8,763,658	61.02	5,442,685	1.03	5,387,355	83.83	2,930,592
Liabilities
Total shareholders equity	1,417,598	17.03	1,211,310	96.80	615,501	170	227,521	32.47	171,757
Issued share capital	785,000	0	785,000	256	220,000	340	50,000	0	50,000
Share premium account	-	-	-	-	-	-	-	-	-

Revaluation reserves	-	-		-	-	-	-	-	-	-
Reserves	632,598	48.39		426,310	7.79	395,501	122	177,521	45.80	121,757
Provisions for Liabilities & Charges	0	-		0	-	0	-	0	-	0
Deffered taxes	-	-		-	-	-	-	-	-	-
Creditors	6,594,878	-12.68	7,552,348		56.45	4,827,183	-6.45	5,159,834	87.03	2,758,834
Other long term loans	349,352	-9.58	386,357		-7.00	415,440	-9.81	460,612	-8.76	504,808
Long term group loans	-	-	-		-	-	-	-	-	-
Other long term liabilities	0	-	0		-	0	-	0	-100	1
Total long term debts	349,352	-9.58	386,357		-7.00	415,440	-9.81	460,612	-8.76	504,809
Current portion of long term debt	34,533	18.74	29,083		6.38	27,339	-38.14	44,196	6.16	41,630
Financial debts	-	-	156		-52.61	329	-	-	-	-
Trade creditors	5,526,357	-11.32	6,231,627		90.91	3,264,222	32.59	2,461,867	130	1,066,626
Amounts Payable for Taxes, Remuneration & Social Security	246,192	-21.37	313,107		71.23	182,862	3677	4,841	-36.09	7,574
Miscellaneous current liabilities	438,443	-25.94	592,018		-36.82	936,992	-57.18	2,188,319	92.26	1,138,196
Total current liabilities	6,245,526	-12.84	7,165,991		62.43	4,411,744	-6.12	4,699,222	108	2,254,026
Total Liabilities	8,012,476	-8.57	8,763,658		61.02	5,442,685	1.03	5,387,355	83.83	2,930,592

RATIO ANALYSIS

TRADING PERFORMANCE

Profit Before Tax	0.48	-41.46	0.82	-33.87	1.24	675	0.16	-33.33	0.24
Return on capital employed	17.67	-53.63	38.11	-45.07	69.38	416	13.42	19.93	11.19
Return on total assets employed	3.90	-43.88	6.95	-47.11	13.14	668	1.71	-33.72	2.58
Return on net assets employed	22.03	-56.17	50.26	-56.75	116.21	186	40.57	-7.98	44.09
Sales / net working capital	52.19	-25.69	70.23	-43.85	125.07	7.20	-1,738.20	-313	-420.22
Stock turnover ratio	6.89	10.06	6.26	47.99	4.23	-32.32	6.25	5.22	5.94
Creditor days	31.18	0.29	31.09	50.41	20.67	31.74	15.69	28.29	12.23
Debtor days	16.18	-6.42	17.29	16.90	14.79	140	6.16	110	2.92

SHORT TERM STABILITY

Current ratio	1.20	4.35	1.15	4.55	1.10	11.11	0.99	2.06	0.97
Liquidity ratio / acid ratio	0.48	-4.00	0.50	-9.09	0.55	150	0.22	83.33	0.12
Current debt ratio	4.41	-25.51	5.92	-17.43	7.17	-65.28	20.65	57.39	13.12
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	235,510	-45.57	432,708	-18.70	532,232	458	95,250	5.67	90,143
Net worth	1,417,598	17.03	1,211,310	96.80	615,501	170	227,521	32.47	171,757

LONG TERM STABILITY

Gearing	27.08	-21.07	34.31	-52.34	71.99	-67.55	221.87	-30.26	318.15
Equity in percentage	17.69	28.00	13.82	22.19	11.31	168	4.22	-27.99	5.86
Total debt ratio	4.65	-25.36	6.23	-20.54	7.84	-65.43	22.68	41.22	16.06
Working capital	1,246,219	18.57	1,051,028	127	462,194	1382	-33,425	43.82	-76,278

Profit & loss

Operating Income	65,074,454			-11.85	73,825,369		27.47	57,915,690		-0.38	58,138,087	81.18	32,088,175
Turnover	65,039,807			-11.88	73,809,762		27.68	57,807,855		-0.50	58,098,900	81.25	32,053,886
Total operating expenses	64,693,794			-11.58	73,165,029		26.90	57,654,968		0.67	57,272,143	79.93	31,829,358
Gross Operating Margin	-			-	-		-	-		-	-	-
Operating Charges	64,728,441			-11.55	73,180,636		26.69	57,762,803		0.79	57,311,330	79.86	31,863,648
Employee costs	66,002			20.98	54,555		11.62	48,877		11.51	43,831	-43.76	77,932
Wages and salary	44,822			41.60	31,654		10.02	28,771		11.13	25,890	-59.27	63,560
Employee pension costs
Social security contributions	10,659			26.79	8,407		14.95	7,314		24.31	5,883	-57.74	13,921
Other employee costs	10,521			-27.42	14,495		13.31	12,792		6.09	12,058	2567	452
Director remuneration	154,969			123	69,272		-66.59	207,362		112	97,356	37.45	70,830
Amortization and depreciation	29,222			-8.39	31,899		1.82	31,330		-20.66	39,486	4.02	37,962
Operating result		346,013	-46.33		644,733	321		152,887	-81.51		826,757	268	224,528
Total financial income		21,124	-70.78		72,286	-95.08		1,468,649	84.92		794,199	2268040	35
Total financial expenses		54,869	-49.27		108,166	-88.06		906,255	-40.71		1,528,641	927	148,831
Results on ordinary operations before taxation		312,268	-48.71		608,853	-14.88		715,281	674		92,315	21.90	75,732
Extraordinary Income		-	-		-	-		-	-		-	-
Extraordinary Charges		-	-		-	-		-	-		-	-
Extraordinary items		0	-		0	-		0	-		0	-	0
Results for the Year Before Taxation		312,268	-48.71		608,853	-14.88		715,281	674		92,315	21.90	75,732
Other appropriations		-	-		-	-		-	-		-	-
Taxation		105,980	-49.06		208,044	-2.96		214,379	486		36,551	55.20	23,551
Results on ordinary operations after taxation		206,288	-48.53		400,809	-19.98		500,902	798		55,764	6.87	52,181
Net result		206,288	-48.53		400,809	-19.98		500,902	798		55,764	6.87	52,181
Profit (Loss) for the Year to be appropiated		206,288	-48.53		400,809	-19.98		500,902	798		55,764	6.87	52,181
Dividends		-	-		-	-		112,922	-		-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	1
Part-time Employees	1
Total Fte Employees	1
Number of hours worked
Full-time Employees	1,900
Part-time Employees	516
Total	2,416
Personnel Charges
Full-time Employees	51,906
Part-time Employees	14,096
Total	66,002
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	1
Actual working hours	2,083
Personnel Charges	54,555
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	2	2
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	1	1	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time Part-Time	Total Fte
Management	- -	-
White collar worker	1 1	2
Blue collar worker	- 1	0
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	-	1	1
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

Suspension of payments / moratorium history
Amount -
Details -
Payment expectations
Payment expectation days	31.18
Day sales outstanding	16.18
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	123.86
Industry average day sales outstanding	140.10

Industry quartile analysis

Payment expectations

Company result 31.18

Lower 120.92

Median 74.35

Upper 45.81

Day sales outstanding

Company result 16.18

Lower 101.92

Median 54.07

Upper 23.99

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

Individual Shareholders

SHAREHOLDER NAME

Forename	Yasser	Middle name	-
Surname	Khalil
SHAREHOLDER DETAILS
Start date	11/09/2002	End date	-
Percentage owned SHAREHOLDER ADDRESS	50%
Street name	Fruithoflaan	House number	1209
Minor town	Berchem	Postal town	Antwerpen
Post code	2600	Country	Belgium
SHAREHOLDER NAME
Forename	Ali	Middle name	-
Surname SHAREHOLDER DETAILS	Hashim
Start date	11/09/2002	End date	-
Percentage owned SHAREHOLDER ADDRESS	50%
Street name	Belpairestraat	House number	8
Minor town	Berchem	Postal town	Antwerpen
Post code	2600	Country	Belgium
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 ALI HASHIM

Current director details

Name ALI HASHIM

Zelliksesteenweg 12

1082 Brussel

Position Principal Manager

Start Date 03/09/2011

Street 8 BELPAIRESTRAAT ANTWERPEN

Post code 2600

Country Belgium

Name YASSER ABOUKHAHL KHALIL

Position Principal Manager

Start Date 03/09/2011

Date of birth 25/06/1970

Street 120 FRUITHOFLAAN ANTWERPEN

Post code 2600

Country Belgium

Name ALI MOHAMAD HASHIM

Position Principal Manager

Start Date 01/07/2009

Date of birth 09/06/1968

Street 8 BELPAIRESTRAAT ANTWERPEN

Post code 2600

Country Belgium

Name YASSER ABOU KHALIL YASSER

Position Principal Manager

Start Date 22/04/2005

Street

Post code

Country

Name YASSER ABOU KHALIL

Position Principal Manager

Start Date 22/04/2005

Street

Post code

Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.84
UK Pound	1	Rs.93.26
Euro	1	Rs.71.56

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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.