MIRA INFORM REPORT

Report No. :	311557
Report Date :	13.03.2015

IDENTIFICATION DETAILS

Name :	GSB BVBA

Registered Office :	MEERTSELSTRAAT 78, 3200 AARSCHOT, BE00979713

Country :	Belgium

Financials (as on) :	30.06.2014

Date of Incorporation :	23.09.2009

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in wholesale of other machines and tools.

No. of Employee :	2

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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	818992675
Branche Unit Number	2182592743
Company name	GSB BVBA
Address	MEERTSELSTRAAT 78
	3200 AARSCHOT
Safe number	BE00979713
Number of staff	2
Date of establishment	23/09/2009

Telephone number

Fax number

Commentary

The business was established over 5 years ago. The business has 2 employees.

The business has been at the address for over 5 years. Operating Result in the latest trading period decreased 24% on the previous trading period. Net Worth decreased by 26% during the latest trading period.

The business saw a decrease in their Cash Balance of 71% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
30/06/2014		-34,595	38,714	10,688
30/06/2013		-5,815	52,382	53,965
30/06/2012		-2,651	56,642	71,957
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
30/06/2014	812,598	2	20,000	-10,836
30/06/2013	915,698	2	20,000	5,069
30/06/2012	672,610	2	20,000	7,264

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	74.77	Industry average day sales	117.36
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

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)
JIC Code	149.04
Description	Joint subcommittee for the trade in metals
category
JIC Code	218
Description	Additional national joint committee for the employees
category

Company accounts

Assets
Annual accounts	30-06-2014	%	30-06-2013	%	30-06-2012	%	30-06-2011	%	30-06-2010
Weeks	52		52		52		52		43
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	28,025	39.80	20,046	-26.02	27,098	-4.02	28,233	1009	2,546
Intangible fixed assets	0	-	0	-	0	-	0	-100	158
Tangible fixed assets	28,025	39.80	20,046	-26.02	27,098	-4.02	28,233	1082	2,388
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	16,921	464	3,000	-25.00	4,000	-	-	-	-
Furniture & Vehicles	11,104	-34.86	17,046	-26.20	23,098	-18.19	28,233	1082	2,388
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	784,573	-12.40	895,651	38.75	645,512	-21.60	823,378	417	159,136
Inventories	303,438	41.44	214,541	-18.18	262,226	10.62	237,049	140	98,368
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	303,438	41.44	214,541	-18.18	262,226	10.62	237,049	140	98,368
Trade debtors	294,420	-12.55	336,677	6.56	315,949	-14.83	370,948	1311	26,274
Other amounts receivable	-	-	138,210	-	-	-	30,650	78.93	17,130
Cash	43,352	-71.25	150,794	147	60,972	-52.94	129,554	648	17,301
Miscellaneous current assets	143,363	158	55,429	770	6,365	-88.46	55,177	88070	63
Total Assets	812,598	-11.26	915,698	36.14	672,610	-21.02	851,611	426	161,681

Liabilities

Total shareholders equity	38,714	-26.09	52,382	-7.52	56,642	-3.89	58,933	117	27,074
Issued share capital	20,000	0	20,000	0	20,000	0	20,000	0	20,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	18,714	-42.21	32,382	-11.63	36,642	-5.88	38,933	450	7,074
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	773,884	-10.36	863,316	40.16	615,968	-22.29	792,678	488	134,607
Other long term loans	-	-	21,630	-49.00	42,413	-32.01	62,381	-37.62	100,000
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-100	21,630	-49.00	42,413	-32.01	62,381	-37.62	100,000
Current portion of long term debt	21,630	4.08	20,783	4.08	19,968	4.08	19,186	-	-
Financial debts	80,000	-20.0	100,000	163	38,000	-24.00	50,000	-	-
Trade creditors	246,741	-58.65	596,737	53.81	387,977	-24.04	510,749	1614	29,797
Amounts Payable for Taxes, Remuneration &	22,430	-65.04	64,166	380	13,363	-	-	-	3,882
Social Security
Miscellaneous current liabilities	403,084	571	60,000	-47.48	114,246	-24.02	150,363	16102	928
Total current liabilities	773,884	-8.06	841,686	46.75	573,555	-21.46	730,297	2010	34,607
Total Liabilities	812,598	-11.26	915,698	36.14	672,610	-21.02	851,611	426	161,681

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	-89.36	-1036	-7.86	-193	-2.68	-106	39.24	355	8.62
Return on total assets employed	-4.26	-565	-0.64	-64.10	-0.39	-106	5.59	-17.55	6.78
Return on net assets employed	-89.36	-705	-11.10	-137	-4.68	-105	80.77	99	40.47
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.01	-4.72	1.06	-6.19	1.13	0	1.13	-75.43	4.60
Liquidity ratio / acid ratio	0.62	-23.46	0.81	20.90	0.67	-16.25	0.80	-54.55	1.76
Current debt ratio	19.99	24.39	16.07	58.64	10.13	-18.24	12.39	867	1.28
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	-10,836	-313	5,069	-30.22	7,264	-81.69	39,671	339	9,032
Net worth	38,714	-26.09	52,382	-7.52	56,642	-3.89	58,933	118	26,917
LONG TERM STABILITY
Gearing	262.52	-3.44	271.87	53.41	177.22	-20.62	223.25	-39.56	369.36
Equity in percentage	4.76	-16.78	5.72	-32.07	8.42	21.68	6.92	-58.71	16.76
Total debt ratio	19.99	21.30	16.48	51.61	10.87	-19.18	13.45	170	4.97
Working capital	10,688	-80.19	53,965	-25.00	71,957	-22.69	93,081	-25.25	124,529

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	210,001	-7.03	225,888	204	74,274	-9.14	81,746	414	15,900
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	161,444	-5.29	170,462	1182	13,289	-	-	-	-
Wages and salary	117,833	-8.61	128,935	994	11,779	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	37,648	-1.94	38,394	2641	1,400	-	-	-	-
Other employee costs	5,963	90.31	3,133	2763	109	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	11,250	20.59	9,329	-2.36	9,555	22.30	7,813	299	1,957
Operating result	32,203	-24.30	42,539	-10.19	47,368	-34.97	72,843	439	13,502
Total financial income	7	-99	1,991	9696	20	172	7	66.89	4
Total financial expenses	66,804	32.70	50,344	0.61	50,039	98.19	25,249	890	2,550
Results on ordinary operations before taxation	-34,595	-494	-5,815	-119	-2,651	-105	47,601	334	10,957
Extraordinary Income	40,273	1011	3,623	2189	158	-93.36	2,381	-	-
Extraordinary Charges	27,692	-	-	-	-	-	-	-	-
Extraordinary items	12,581	247	3,623	2189	158	-93.36	2,381	-	0
Results for the Year Before Taxation	-22,014	-904	-2,192	87.92	-2,493	-104	49,983	356	10,957
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	72	-96.50	2,068	1022	-202	-101	18,124	366	3,883
Results on ordinary operations after taxation	-34,667	-339	-7,883	-221	-2,449	-108	29,477	316	7,074
Net result	-22,086	-418	-4,260	-85.99	-2,291	-107	31,859	350	7,074
Profit (Loss) for the Year to be appropiated	-22,086	-418	-4,260	-85.99	-2,291	-107	31,859	350	7,074
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 30-06-2014
Full-time Employees		3
Part-time Employees		0
Total Fte Employees		3
Number of hours worked
Full-time Employees		3,535
Part-time Employees		672
Total		4,207
Personnel Charges
Full-time Employees		135,656
Part-time Employees		25,788
Total		161,444
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	3
Actual working hours		4,449
Personnel Charges		170,462
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	2	1	3
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	2	-	2
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	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	-	1
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

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.
Industry average payment expectation days	74.77
Industry average day sales outstanding	117.36

Industry quartile analysis Payment expectations

Company result	-
Lower	103.19
Median	73.55
Upper	48.04

Day sales outstanding
Company result	-
Lower	77.93
Median	45.88
Upper	23.43

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	Jeannine	Middle name	-
Surname	Goossens
SHAREHOLDER DETAILS
Start date	23/09/2009	End date	-
Percentage owned	50%
SHAREHOLDER ADDRESS
Street name	Jan Vellestraat	House number	11
Minor town	Langdorp	Postal town	Aarschot
Post code	3201	Country	Belgium
SHAREHOLDER NAME
Forename	Louis	Middle name	-
Surname	Verdonck
SHAREHOLDER DETAILS
Start date	23/09/2009	End date	-
Percentage owned	50%
SHAREHOLDER ADDRESS
Street name	Jan Vellestraat	House number	11
Minor town	Langdorp	Postal town	Aarschot
Post code	3201	Country	Belgium

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	OGNI-COSA BVBA
Position	Principal Manager
Start Date	01/11/2011
Date of birth	06/06/2011
Street	78 MEERTSELSTRAAT AARSCHOT
Post code	3200
Country	Belgium
Name	SIXTY8 BVBA
Position	Principal Manager
Start Date	01/11/2011
Date of birth	06/06/2011
Street	78 MEERTSELSTRAAT AARSCHOT
Post code	3200
Country	Belgium
Name	SANIC BVBA
Position	Principal Manager
Start Date	01/11/2011
Date of birth	06/06/2011
Street	78 MEERTSELSTRAAT AARSCHOT
Post code	3200
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.56
UK Pound	1	Rs.93.57
Euro	1	Rs.65.95

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ASH

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

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Individual Shareholders

Linked Companies

Director details

Unit