3decades

MIRA INFORM REPORT

Report No. :	490252
Report Date :	03.02.2018

IDENTIFICATION DETAILS

Name :	KOMAL GEMS NV

Registered Office :	Hoverniersstraat 2, bus 347, office 619, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2015

Date of Incorporation :	17.02.1989

Legal Form :	NV (corporation-Profit)

Line of Business :	Subject manufactures diamond and jewelry products

No. of Employees :	6

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.

The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company summery

Company name: KOMAL GEMS NV

Address: Hoverniersstraat 2, bus 347, office 619, 2018 Antwerpen Belgium

Telephone: +32 3 326 4281

Fax: +33 3 226 9373

Website: kpmakgems.eu

TVA: 0436.733.986

Judicial form: NV (corporation-Profit)

Date incorporated: 02-17-1989

Stock Value: EUR. 13,070,000=

Name of manager: Girdharbhai GAJERA

ACTIVITIES & OPERATIONS

IST

Business:

KOMAL GEMS NV manufactures diamond and jewelry products.

The Company offers wholesale distribution of jewelry, precious stones and metals, costume jewelry, watches, clocks, and silverware.

Komal Gems distribute their products worldwide.

Staff: 6

Operations & branches:

At the headquarters, we find a small workshop, showroom and office.

SHAREHOLDERS & MANAGERS

Shareholders:

Komal Gems NV is a branch of the Laxmi Diamond Group in India

Management:

- Kasturben GAJERA

- Rakesh GAJERA

- Girdharbhai GAJERA

Girdharbhai GAJERA is also Director and officer at

LAXMI JEWEL

Hoverniersstraat 2, bus 347, office 619, 2018 Antwerpen

TVA: 0862.915.067

FINANCIALS

In EURO	2015	2014
Sales	186,791,386	203,537,741
Net profit	209,483	253,520

Assets

Annual accounts	31-12-2015	31-12-2014	31-12-2013	31-12-2012	31-12-2011
Weeks	52	52	52	52	52
Currency	EUR	EUR	EUR	EUR	EUR
Total fixed assets	1,041,282	510,056	542,882	554,376	553,202
Tangible fixed assets	1,022,482	491,256	528,002	539,496	538,322
Land & building	956,865	420,409	436,797	453,186	469,574
Plant & machinery	30,278	36,148	41,751	22,919	23,978
Furniture & Vehicles	35,339	34,699	49,454	63,391	44,770
Financial fixed assets	18,800	18,800	14,880	14,880	14,880
Total current assets	62,396,214	67,332,293	59,536,301	72,562,557	63,470,966
Inventories	7,996,871	8,745,692	12,057,216	12,864,881	15,189,450
Finished goods	7,996,871	8,745,692	12,057,216	12,864,881	15,189,450
Trade debtors	50,132,394	57,831,357	47,045,242	59,489,167	41,090,720
Other amounts receivable	3,433,406	653,229	242,757	9,817	12,404
Cash	811,825	85,025	175,667	187,438	7,161,945
Miscellaneous current assets	21,718	16,990	15,419	11,254	16,447
Total Assets	63,437,496	67,842,349	60,079,183	73,116,933	64,024,168

Liabilities

Total shareholders equity	14,432,577	14,223,094	13,969,574	13,728,498	11,515,046
Issued share capital	13,070,000	13,070,000	13,070,000	13,070,000	11,106,000
Reserves	1,362,577	1,153,094	899,574	658,498	409,046
Creditors	49,004,919	53,619,255	46,109,609	59,388,435	52,509,122
Other long term loans	13,380,954	11,471,515	9,872,428	7,030,010	4,966,714
Total long term debts	13,380,954	11,471,515	9,872,428	7,030,010	4,966,714
Current portion of long term debt	111,774	79,590	76,054	72,676	69,392
Financial debts	24,094,003	27,811,652	22,284,761	24,514,097	19,996,304
Trade creditors	10,928,339	13,758,315	13,375,194	27,220,008	25,373,182
Amounts Payable for Taxes, Remuneration & Social Security	170,045	145,279	103,499	77,619	58,009
Miscellaneous current liabilities	319,803	352,904	397,673	474,025	2,045,521
Total current liabilities	35,623,965	42,147,740	36,237,181	52,358,425	47,542,408
Total Liabilities	63,437,496	67,842,349	60,079,183	73,116,933	64,024,168

Profit & loss

Operating Income	186,824,733	203,570,974	158,925,994	161,379,976	127,674,116
Turnover	186,791,386	203,537,741	158,822,207	161,348,352	127,657,416
Total operating expenses	184,543,495	202,535,350	156,204,775	159,092,112	126,418,122
Operating Charges	184,576,842	202,568,583	156,308,562	159,123,736	126,434,821
Employee costs	223,477	215,616	205,883	167,760	166,441
Wages and salary	174,844	172,618	162,285	134,132	132,886
Social security contributions	42,061	41,090	38,600	31,116	29,895
Other employee costs	6,572	1,908	4,998	2,512	3,660
Amortization and depreciation	60,503	42,665	46,626	38,636	36,471
Operating result	2,247,891	1,002,391	2,617,432	2,256,240	1,239,294
Total financial income	339,558	1,420,956	32,135	190,917	377,846
Total financial expenses	2,326,097	2,126,652	2,233,171	2,132,121	1,358,908
Results on ordinary operations before taxation	261,352	296,695	416,396	315,036	258,232
Extraordinary Charges	-	-	135,481	-	-
Extraordinary items	-	-	-135,481	0	0
Results for the Year Before Taxation	261,352	296,695	280,915	315,036	258,232
Taxation	51,868	43,175	39,839	65,585	56,296
Results on ordinary operations after taxation	209,483	253,520	376,557	249,452	201,937
Net result	209,483	253,520	241,076	249,452	201,937
Profit (Loss) for the Year to be appropiated	209,483	253,520	241,076	249,452	201,937

Banks: HSBC

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary: None

COMPANY CREDIT HISTORY

Trade references:

Date reported: June 2017

High credit: EUR 3,000

Now owing: 0

Past due: 0

Last purchase: May 2017

Line of business: Office supply

Paying status: On terms

Date reported: June 2017

High credit: EUR 30,000

Now owing: 0

Past due: 0

Last purchase: May 2017

Line of business: Payroll

Paying status: As agreed

Date reported: June 2017

High credit: EUR 180

Now owing: 0

Past due: 0

Last purchase: May 2017

Line of business: Telecommunications

Paying status: On terms

Domestic credit history

National Credit Bureaus gave a satisfying credit risk.

According to our credit analysts, during the last 6 months, domestic payments were made on due date.

Other comments:

The Company maintains its business.

The Company is in good standing.

This means that all taxes were paid on due date.

The risk is low.

Our opinion:

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.08
UK Pound	1	INR 91.34
Euro	1	INR 80.03
Euro	1	INR 79.94

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.