MIRA INFORM REPORT

Report No. :	346154
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	GEMBEL EUROPEAN SALES NV

Registered Office :	Vestingstraat 74 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.03.2014

Date of Incorporation :	11.03.1997

Com. Reg. No.:	460253815

Legal Form :	Public limited company

LINE OF BUSINESS :	WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

No. of Employees :	8

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 summery

Business number	460253815
Branche Unit Number	2081116489
Company name	GEMBEL EUROPEAN SALES NV
Address	VESTINGSTRAAT 74
	2018 ANTWERPEN
Number of staff	8
Date of establishment	11/03/1997
Telephone number	032314815
Fax number	032340539

Commentary

The business was established over 18 years ago.

The business has 8 employees.

The business is part of a group.

The business has been at the address for over 18 years.

Pre-tax profits decreased by 42% compared to the previous trading period.

The business saw an increase in their Cash Balance of 57% during the latest trading period.

Turnover in the latest trading period decreased 57% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2014	44,248,685	283,769	21,141,173	26,904,823
31/03/2013	104,897,517	495,459	20,976,309	27,227,963
31/12/2011	59,611,968	215,221	20,811,909	26,983,926
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2014	82,771,892	8	957,582	171,858
31/03/2013	102,254,021	7	957,582	188,684
31/12/2011	80,551,121	8	957,582	155,706

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	311.38
Industry average payment	192.91	Industry average day sales	194.90
expectation days		outstanding
Day sales outstanding	510.23

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

16/12/2014

Company accounts

Assets
Annual accounts	31-03-2014	%	31-03-2013	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		65		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	764,050	-0.44	767,447	-2.07	783,698	-4.87	823,780	555	125,605
Intangible fixed assets	0	-	0	-	0	-	0	-100	678
Tangible fixed assets	14,050	-19.47	17,447	-48.23	33,698	-54.33	73,780	-40.94	124,927
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	5,900	-13.69	6,836	-61.48	17,744	-45.55	32,588	-32.15	48,027
Furniture & Vehicles	8,150	-23.19	10,611	-32.66	15,758	-61.37	40,793	-45.89	75,387
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-100	197	-50.54	398	-73.69	1,514
Financial fixed assets	750,000	0	750,000	0	750,000	0	750,000	-	0
Total current assets	82,007,842	-19.19	101,486,574	27.23	79,767,423	10.98	71,878,229	-17.88	87,527,159
Inventories	13,521,547	-7.37	14,597,779	-23.27	19,023,627	-30.73	27,464,584	-13.81	31,866,681
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	13,521,547	-7.37	14,597,779	-23.27	19,023,627	-30.73	27,464,584	-13.81	31,866,681
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	61,854,764	-24.90	82,362,526	39.80	58,913,090	44.66	40,726,544	-24.62	54,026,465
Other amounts receivable	1,067,706	400	213,121	291	54,447	420	10,457	-94.19	180,024
Cash	5,464,186	57.54	3,468,367	235	1,033,583	-64.16	2,883,751	296	727,342
Miscellaneous current assets	99,640	-35.34	154,103	156	60,015	-30.74	86,657	-	0
Total Assets	82,771,892	-19.05	102,254,021	26.94	80,551,121	10.80	72,702,008	-17.06	87,652,764
Liabilities
Total shareholders equity	21,141,173	0.79	20,976,309	0.79	20,811,909	0.55	20,698,495	0.52	20,592,099
Issued share capital	957,582	0	957,582	0	957,582	0	957,582	0	957,582
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	20,183,590	0.82	20,018,727	0.83	19,854,327	0.57	19,740,913	0.54	19,634,516
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	61,630,719	-24.17	81,277,711	36.05	59,739,212	14.88	52,003,513	-22.45	67,060,666
Other long term loans	6,527,700	-7.00	7,019,100	0.91	6,955,715	829	748,391	-	0
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-100	5,987,209	7.81	5,553,600
Total long term debts	6,527,700	-7.00	7,019,100	0.91	6,955,715	3.27	6,735,600	21.28	5,553,600
Current portion of long term debt	0	-	0	-	0	-	0	-	0
Financial debts	18,743,734	-14.81	22,002,070	11.14	19,795,967	3.31	19,161,667	-28.10	26,650,742
Trade creditors	35,866,185	-30.90	51,901,789	59.59	32,522,557	26.63	25,682,287	-25.90	34,659,071
Amounts Payable for Taxes,	164,095	79.58	91,377	-0.01	91,389	3.07	88,663	128	38,871
Remuneration & Social Security
Miscellaneous current liabilities	329,006	24.92	263,375	-29.50	373,585	11.42	335,296	111	158,382
Total current liabilities	55,103,019	-25.80	74,258,611	40.69	52,783,497	16.60	45,267,913	-26.40	61,507,066
Total Liabilities	82,771,892	-19.05	102,254,021	26.94	80,551,121	10.80	72,702,008	-17.06	87,652,764

Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.64	36.17	0.47	30.56	0.36	9.09	0.33	-2.94	0.34
Return on capital employed	1.03	-41.81	1.77	126	0.78	2.63	0.76	11.76	0.68
Return on total assets employed	0.34	-29.17	0.48	77.78	0.27	-6.90	0.29	45.00	0.20
Return on net assets employed	1.34	-43.22	2.36	129	1.03	1.98	1.01	16.09	0.87
Sales / net working capital	1.64	-57.40	3.85	74.21	2.21	-6.36	2.36	18.59	1.99
Stock turnover ratio	30.56	119	13.92	-56.38	31.91	-27.11	43.78	-28.96	61.63
Creditor days	311.38	69.33	183.89	-9.02	202.13	30.20	155.25	-38.46	252.27
Debtor days	510.23	78.03	286.59	-20.55	360.72	52.21	236.99	-37.86	381.37
SHORT TERM STABILITY
Current ratio	1.49	8.76	1.37	-9.27	1.51	-5.03	1.59	11.97	1.42
Liquidity ratio / acid ratio	1.24	5.98	1.17	1.74	1.15	17.35	0.98	8.89	0.90
Current debt ratio	2.61	-26.27	3.54	39.37	2.54	15.98	2.19	-26.76	2.99
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	171,858	-8.92	188,684	21.18	155,706	-5.57	164,899	8.42	152,093
Net worth	21,141,173	0.79	20,976,309	0.79	20,811,909	0.55	20,698,495	0.52	20,591,421
LONG TERM STABILITY
Gearing	119.54	-13.60	138.35	7.63	128.54	33.63	96.19	-25.68	129.42
Equity in percentage	25.54	24.52	20.51	-20.63	25.84	-9.24	28.47	21.20	23.49
Total debt ratio	2.92	-24.55	3.87	34.84	2.87	14.34	2.51	-23.01	3.26
Working capital	26,904,823	-1.19	27,227,963	0.90	26,983,926	1.40	26,610,315	2.27	26,020,094
Profit & loss
Operating Income	44,264,322	-57.88	105,100,485	75.87	59,759,639	-4.89	62,832,591	21.31	51,793,623
Turnover	44,248,685	-57.82	104,897,517	75.97	59,611,968	-4.96	62,726,119	21.31	51,707,791
Total operating expenses	42,041,711	-59.19	103,018,220	75.41	58,728,865	-2.73	60,379,357	20.40	50,147,020
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	42,057,348	-59.26	103,221,187	75.32	58,876,537	-2.66	60,485,830	20.41	50,232,852
Employee costs	321,178	-27.37	442,218	19.55	369,906	-41.62	633,630	15.63	547,961
Wages and salary	252,695	-24.77	335,880	17.74	285,278	-48.71	556,172	17.85	471,913
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	63,266	-21.22	80,313	14.87	69,913	9.95	63,585	-1.17	64,338
Other employee costs	5,217	-79.96	26,026	76.86	14,715	6.08	13,872	18.47	11,710
Director remuneration	560,806	-20.61	706,361	19.12	592,972	11.70	530,859	19.92	442,677
Amortization and depreciation	6,995	-71.20	24,284	-42.58	42,292	-27.71	58,502	-12.05	66,520
Operating result	2,206,974	17.44	1,879,297	112	883,103	-62.37	2,346,762	50.36	1,560,771
Total financial income	45,906	-89.66	444,120	-4.53	465,181	453	83,980	108	40,364
Total financial expenses	1,969,112	7.72	1,827,959	61.33	1,133,063	-48.99	2,221,409	56.11	1,422,946
Results on ordinary operations	283,769	-42.73	495,459	130	215,221	2.81	209,332	17.48	178,188
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	192,604	-	-	-	-	-	-
Extraordinary items	-	-	-192,604	-	0	-	0	-	0
Results for the Year Before Taxation	283,769	-6.30	302,855	40.72	215,221	2.81	209,332	17.48	178,188
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	118,906	-14.12	138,455	36.00	101,807	-1.10	102,936	11.14	92,615
Results on ordinary operations	164,863	-53.82	357,004	214	113,414	6.60	106,396	24.33	85,573
after taxation
Net result	164,863	0.28	164,400	44.96	113,414	6.60	106,396	24.33	85,573
Profit (Loss) for the Year to be appropiated	164,863	0.28	164,400	44.96	113,414	6.60	106,396	24.33	85,573
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-03-2014
Full-time Employees	6
Part-time Employees	3
Total Fte Employees	8
Number of hours worked
Full-time Employees	10,693
Part-time Employees	2,593
Total	13,286
Personnel Charges
Full-time Employees	258,495
Part-time Employees	62,683
Total	321,178
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	8
Actual working hours	17,116
Personnel Charges	442,218
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	7	3	9
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	3	1	4
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	4	2	5
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	7	2	8
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

Payment Information Summary
Total number of Invoices available	7
Total number of Invoices paid within or up to 30 days after the due date	7
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	0

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	311.38
Day sales outstanding	510.23
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	192.91
Industry average day sales outstanding	194.90

Industry quartile analysis Payment expectations

Company result	311.38
Lower	134.78
Median	60.30
Upper	28.46

Day sales outstanding
Company result	510.23
Lower	131.59
Median	85.12
Upper	47.22

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

Business	Company name	%	Date of
number			accounts
429761171	MENAMANI INVESTMENT	20.12	31/12/2013
	CORPORATION NV

Linked Companies

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Summons

Legal event type	Social Security Summons
Event date	16/12/2014
Court type	Court name	Antwerpen
Creditor's name	3rd party type

Legal event type	Social Security Summons
Event date	06/09/2011
Court type		Court name	Antwerpen
Creditor's name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party

Legal event type	Social Security Summons
Event date	28/06/2011
Court type	Court name	Antwerpen
Creditor's name	3rd party type

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

Position	Managing Director
Start Date	08/01/2008
Date of birth	06/02/1965
Street	33 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	Chetan Mehta
Position	Director
Start Date	08/01/2008
Date of birth	06/02/1965
Street	33 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Former director details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.82
UK Pound	1	Rs.100.55
Euro	1	Rs.73.75

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	TRU

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)
JIC Code	218
Description	Additional national joint committee for the employees
category
JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category
Significant Events
Event Date	16/12/2014
Event Description	re-appointment of director(s)
Event Details	Commentaar 16-12-2014: Herbenoemd als bestuurders en gedelegeerd bestuurders voor een
	periode van 6 jaar : Rashmi, Chetan en Bhavin Mehta.

Event Date	11/03/1997
Event Description	Legal creation
Event Details