MIRA INFORM REPORT

Report No. :	332391
Report Date :	20.07.2015

IDENTIFICATION DETAILS

Name :	GAS FLOW SOLUTIONS BVBA

Registered Office :	Draaiboom 60 2360 Oud-Turnhout

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	02.04.2012

Com. Reg. No.:	845010748

Legal Form :	Private Limited Company

Line of Business :	Wholesale of other machines and tools

No. of Employees :	1

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

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 summary

Business number	845010748
Branche Unit Number	2208666343
Company name	GAS FLOW SOLUTIONS BVBA
Address	DRAAIBOOM 60
	2360 OUD-TURNHOUT
Number of staff	1
Date of establishment	02/04/2012
Telephone number	014460600
Fax number	014460601

Commentary

The business has 1 employees.

The business has been at the address for over 3 years.

A 90% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 342% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		4,700	135,880	43,527
31/12/2012		-18,769	131,231	72,274

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	714,331	1	150,000	20,825
31/12/2012	375,850	1	150,000	-11,096

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	73.78	Industry average day sales	117.61
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount –

NSSO DETAILS

Date of summons -

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
Weeks	52		39
Currency	EUR		EUR
Total fixed assets	92,353	56.64	58,957
Intangible fixed assets	0	-	0
Tangible fixed assets	87,853	61.33	54,457
Land & building	925	-10.80	1,037
Plant & machinery	78,625	81.80	43,248
Furniture & Vehicles	8,303	-18.37	10,172
Leasing & Other Similar Rights	-	-	-
Other tangible assets	0	-	0
Financial fixed assets	4,500	0	4,500
Total current assets	621,978	96.27	316,893
Inventories	178,055	76.99	100,600
Raw materials & consumables	-	-	-
Work in progress	92,992	-7.56	100,600
Finished goods	0	-	0
Other stocks	85,063	-	0
Trade debtors	87,499	-27.34	120,430
Other amounts receivable	6,947	-58.94	16,918
Cash	349,477	342	78,945
Miscellaneous current assets	0	-	0
Total Assets	714,331	90.06	375,850
Liabilities
Total shareholders equity	135,880	3.54	131,231
Issued share capital	150,000	0	150,000
Share premium account	-	-	-
Revaluation reserve	-	-	-
Reserves	-14,120	75.23	-18,769
Provisions for Liabilities & Charges	0	-	0
Deffered taxes	-	-	-
Creditors	578,451	136	244,619
Other long term loans	-	-	-
Long term group loans	-	-	-
Other long term liabilities	0	-	0
Total long term debts	0	-	0
Current portion of long term debt	-	-	-
Financial debts	-	-	-
Trade creditors	65,023	59.42	40,788
Amounts Payable for Taxes, Remuneration & Social Security	13,428	250	3,831
Miscellaneous current liabilities	500,000	150	200,000
Total current liabilities	578,451	136	244,619
Total Liabilities	714,331	90.06	375,850
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-
Return on capital employed	3.46	24.20	-14.30
Return on total assets employed	0.66	13.23	-4.99
Return on net assets employed	3.46	24.20	-14.30
Sales / net working capital	-	-	-
Stock turnover ratio	-	-	-
Creditor days	-	-	-
Debtor days	-	-	-
SHORT TERM STABILITY
Current ratio	1.08	-16.92	1.30
Liquidity ratio / acid ratio	0.77	-12.50	0.88
Current debt ratio	4.26	129	1.86
Liquidity ratio reprocessed	-	-	-
Cashflow	20,825	187	-11,096
Net worth	135,880	3.54	131,231
LONG TERM STABILITY
Gearing	-	-	-
Equity in percentage	19.02	-45.53	34.92
Total debt ratio	4.26	129	1.86
Working capital	43,527	-39.78	72,274
Profit & loss
Operating Income	-	-	-
Turnover	-	-	-
Total operating expenses	-	-	-
Gross Operating Margin	81,452	158	31,525
Operating Charges	-	-	-
Employee costs	60,117	39.51	43,092
Wages and salary	48,708	49.50	32,580
Employee pension costs	-	-	-
Social security contributions	6,901	5.36	6,550
Other employee costs	4,508	13.78	3,962
Director remuneration	-	-	-
Amortization and depreciation	16,176	110	7,673
Operating result	4,500	23.39	-19,240
Total financial income	476	0.85	472
Total financial expenses	276	27500	1
Results on ordinary operations before taxation	4,700	25.04	-18,769
Extraordinary Income	-	-	-
Extraordinary Charges	-	-	-
Extraordinary items	0	-	0
Results for the Year Before Taxation	4,700	25.04	-18,769
Other appropriations	-	-	-
Taxation	51	-	-
Results on ordinary operations after taxation	4,649	24.77	-18,769
Net result	4,649	24.77	-18,769
Profit (Loss) for the Year to be appropiated	4,649	24.77	-18,769
Dividends	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		1
Part-time Employees		-
Total Fte Employees		1
Number of hours worked
Full-time Employees		1,862
Part-time Employees		-
Total		1,862
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,488
Personnel Charges		43,092
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	-	-		-
Higher education (non	1	-		1
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	46699
Activity description	Wholesale of other machines and tools, n.e.c

Payment Information

Payment Information Summary
Total number of Invoices available	98
Total number of Invoices paid within or up to 30 days after the due date	77
Total number of Invoices paid more than 30 days after the due date	10
Total number of Invoices currently outstanding where the due date has not yet been reached	11
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	46699
Activity description	Wholesale of other machines and tools, n.e.c.
Industry average payment expectation days	73.78
Industry average day sales outstanding	117.61

Industry quartile analysis

Payment expectations
Company result	-
Lower	103.19
Median	72.75
Upper	47.53

Day sales outstanding
Company result	-
Lower	79.83
Median	45.77
Upper	23.51

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	HANS DE GROOF
Position	Principal Manager
Start Date	02/04/2012
Date of birth	20/05/1985
Street	60 DRAAIBOOM OUD-TURNHOUT
Post code	2360
Country	Belgium

Former director details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.49
UK Pound	1	Rs.99.43
Euro	1	Rs.69.14

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	VNT

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.

MIRA INFORM REPORT

Company summary

Commentary

Payment expectations

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Industry quartile analysis

Shareholder Details

Group Structure

Minority Shareholders

Minority Interests

Companies that match this address

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit