MIRA INFORM REPORT

Report No. :	331124
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	HELICS GEMB BVBA

Registered Office :	Hoveniersstraat 30-Bus 199, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	07.05.2012

Com. Reg. No.:	845843067

Legal Form :	Private Limited Company

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name and Summary

Business number	845843067
Branche Unit Number	2209380084
Company name	HELICS GEMB BVBA
Address	HOVENIERSSTRAAT 30-BUS 199 2018 ANTWERPEN
Number of staff	0
Date of establishment	07/05/2012
Telephone number	0489889077
Fax number	--

Commentary

No employees are recorded for this business.

The business has been at the address for over 2 years.

Operating Result in the latest trading period increased 183% on the previous trading period.

Net Worth increased by 64% during the latest trading period.

A 1382% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 149% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 22% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		25,572	42,035	-137,789
31/12/2012	1,752,876	10,248	25,478	24,240
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	689,095	0	18,600	26,865
31/12/2012	46,474	0	18,600	6,964

Payment expectations

Past payments

Payment expectation days

Industry average payment

expectation days

103.32

Industry average day sales

outstanding

181.89

Day sales outstanding

COURT DATA SUMMARY

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Company accounts

ASSETS
Annual accounts	31-12-2013	%	31-12-2012
Weeks	52		34
Currency	EUR		EUR
Total fixed assets	216,768	17417	1,237
Intangible fixed assets	0	-	0
Tangible fixed assets	216,768	17417	1,237
Land & building	138,867	-	-
Plant & machinery	73,366	5829	1,237
Furniture & Vehicles	4,535	-	-
Leasing & Other Similar Rights	-	-	-
Other tangible assets	0	-	0
Financial fixed assets	-	-	-
Total current assets	472,328	944	45,236
Inventories	160,944	-	-
Raw materials & consumables	-	-	-
Work in progress	0	-	0
Finished goods	0	-	0
Other stocks	160,944	-	0
Trade debtors	287,179	2771	10,000
Other amounts receivable	4,484	195	1,520
Cash	14,923	-22.41	19,233
Miscellaneous current assets	4,797	-66.88	14,483
Total Assets	689,095	1382	46,474

LIABILITIES

Total shareholders equity	42,035	64.99	25,478
Issued share capital	18,600	0	18,600
Share premium account	-	-	-
Revaluation reserve	-	-	-
Reserves	23,435	240	6,878
Provisions for Liabilities & Charges	0	-	0
Deffered taxes	-	-	-
Creditors	647,061	2981	20,996
Other long term loans	36,944	-	-
Long term group loans	-	-	-
Other long term liabilities	0	-	0
Total long term debts	36,944	-	0
Current portion of long term debt	34,306	-	-
Financial debts	-	-	-
Trade creditors	565,882	3132	17,508
Amounts Payable for Taxes, Remuneration & Social Security	9,254	165	3,488
Miscellaneous current liabilities	674	-	0
Total current liabilities	610,116	2805	20,996
Total Liabilities	689,095	1382	46,474

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	-	-	0.58
Return on capital employed	32.38	-19.49	40.22
Return on total assets employed	3.71	-83.17	22.05
Return on net assets employed	60.84	51.27	40.22
Sales / net working capital	-	-	72.31
Stock turnover ratio	-	-	-
Creditor days	-	-	3.67
Debtor days	-	-	2.08
SHORT TERM STABILITY
Current ratio	0.77	-64.19	2.15
Liquidity ratio / acid ratio	0.51	-76.28	2.15
Current debt ratio	14.51	1669	0.82
Liquidity ratio reprocessed	-	-	-
Cashflow	26,865	285	6,964
Net worth	42,035	64.99	25,478
LONG TERM STABILITY
Gearing	169.50	-	-
Equity in percentage	6.10	-88.87	54.82
Total debt ratio	15.39	1776	0.82
Working capital	-137,789	-668	24,240

PROFIT & LOSS
Operating Income	-	-	-
Turnover	-	-	1,752,876
Total operating expenses	-	-	1,741,379
Gross Operating Margin	59,290	411	11,582
Operating Charges	-	-	-
Employee costs	-	-	-
Wages and salary	-	-	-
Employee pension costs	-	-	-
Social security contributions	-	-	-
Other employee costs	0	-	0
Director remuneration	-	-	-
Amortization and depreciation	10,308	11924	86
Operating result	32,571	183	11,497
Total financial income	51	36328	0
Total financial expenses	7,049	464	1,249
Results on ordinary operations before taxation	25,572	149	10,248
Extraordinary Income	-	-	-
Extraordinary Charges	-	-	-
Extraordinary items	0	-	0
Results for the Year Before Taxation	25,572	149	10,248
Other appropriations	-	-	-
Taxation	9,015	167	3,370
Results on ordinary operations after taxation	16,557	140	6,878
Net result	16,557	140	6,878
Profit (Loss) for the Year to be appropiated	16,557	140	6,878
Dividends	-	-	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
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 expectation days	103.32
Industry average day sales outstanding	181.89

INDUSTRY QUARTILE ANALYSIS

PAYMENT EXPECTATIONS

Company result	-
Lower	117.11
Median	75.33
Upper	45.49

Day sales outstanding
Company result	-
Lower	101.92
Median	53.69
Upper	24.84

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	HIREN SHAH
Position	Principal Manager
Start Date	01/01/2014
Street	7 THEO MERTENSPLEIN EDEGEM
Post code	2650
Country	Belgium

Name	CHINTAN RAMESHBHAI SHAH
Position	Principal Manager
Start Date	15/12/2012
Street	105 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details
Name	CHIRAG KISHOR JOGANI
Position	Principal Manager
Start Date	07/05/2012
End Date	31/12/2013
Street	71 ZWALUWENLAAN ANTWERPEN
Post code	2610
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIT

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.

Registered contractor number	-
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
Significant Events
Event Date	07/11/2013
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 07-11-2013: Ontslag van Jogani Chirag als zaakvoerder vanaf 31/12/2013. Benoemingvan Shah Hiren als nieuwe zaakvoerder vanaf 01/01/2014.

MIRA INFORM REPORT

Company name and Summary

Commentary

Accounts

Payment expectations

COURT DATA SUMMARY

Company information

Company accounts

Industry comparison

Payment Information

Shareholder Details

Linked Companies

Director details

Unit