3decades

MIRA INFORM REPORT

Report No. :	498015
Report Date :	14.03.2018

IDENTIFICATION DETAILS

Name :	AFTERGUT N. EN ZONEN BVBA

Registered Office :	Hoveniersstraat 2-Bus 415, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2015

Date of Incorporation :	23.02.1995

Com. Reg. No.:	454626132

Legal Form :	Private limited liability company

Line of Business :	Subject is engaged in Wholesale of diamonds and other precious stones

No. of Employees :	3

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

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 name and summary

Business number	454626132
Branche Unit Number	2070737390
Company name	AFTERGUT N. EN ZONEN BVBA
Address	HOVENIERSSTRAAT 2-BUS 415
	2018 ANTWERPEN
Date of establishment	23/02/1995
Telephone number	3232336713
Mobile number	32475421718
Fax number	032336473
Liable for VAT	yes
VAT Number	BE.0454.626.132 Check VAT number

Commentary

The business was established over 22 years ago.

The business has 3 employees.

The business is part of a group.

The business has been at the address for over 14 years.

Operating Result in the latest trading period increased 2897% on the previous trading period

A 28% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 68% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 23% during the latest trading period.

Turnover in the latest trading period decreased 33% on the previous trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2015	113,555,201	64,308	47,268,727	25,026,784
31/12/2014	170,393,042	206,596	42,373,667	26,210,591
31/12/2013	129,261,413	197,539	37,197,575	27,229,264
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2015	57,437,826	3	49,769,771	67,322
31/12/2014	79,981,755	3	44,627,527	175,368
31/12/2013	72,765,984	3	39,290,213	169,829

Payment expectations

Past payments		Payment expectation days	1.86
Industry average payment expectation days	200.93	Industry average day sales outstanding	212.08
Day sales outstanding	81.74

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

07/02/2012

Contractor details

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

Financials

Company accounts

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	25,000,791	31.59	18,999,371	47.57	12,874,987	17.34	10,972,766	54.53	7,100,775
Intangible fixed assets	2,451	-12.96	2,816	-	0	-	0	-	0
Tangible fixed assets	1,085,013	7.03	1,013,782	11.32	910,652	-8.58	996,104	-5.48	1,053,858
Land & building	1,051,791	7.39	979,433	9.52	894,268	-7.63	968,138	-5.21	1,021,377
Plant & machinery	31,320	6.88	29,305	240	8,599	-50.67	17,430	-10.94	19,572
Furniture & Vehicles	1,902	-62.29	5,044	-35.21	7,785	-26.11	10,536	-18.38	12,909
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	23,913,327	32.98	17,982,774	50.30	11,964,335	19.92	9,976,661	64.99	6,046,917
Total current assets	32,437,035	-46.81	60,982,384	1.82	59,890,997	-9.81	66,405,862	5.87	62,721,878
Inventories	6,022,574	75.45	3,432,578	-79.35	16,622,606	-25.74	22,383,604	-9.22	24,656,226
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	6,022,574	75.45	3,432,578	-79.35	16,622,606	-25.74	22,383,604	-9.22	24,656,226
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	25,431,090	-55.12	56,661,914	37.06	41,340,051	2.19	40,455,902	20.43	33,592,690
Other amounts receivable	550,388	27.57	431,449	-72.37	1,561,261	-10.51	1,744,670	-56.95	4,052,842
Cash	41,421	-23.24	53,961	128	23,664	-97.30	877,099	14349	6,070
Miscellaneous current assets	391,562	-2.71	402,482	17.20	343,415	-4.36	359,075	-13.28	414,051
Total Assets	57,437,826	-28.19	79,981,755	9.92	72,765,984	-5.96	77,378,628	10.82	69,822,653
Liabilities
Total shareholders equity	47,271,178	11.55	42,376,483	13.92	37,197,575	-4.00	38,748,718	-1.23	39,233,179
Issued share capital	49,769,771	11.52	44,627,527	13.58	39,290,213	-4.33	41,067,512	-1.94	41,880,301
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	174,062	11.52	156,078	13.58	137,412	-4.33	143,628	-1.94	146,471
Reserves	-2,672,655	-11.03	-2,407,122	-7.94	-2,230,050	90.56	-2,462,422	88.15	-2,793,593
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	10,166,648	-72.96	37,605,272	5.73	35,568,409	-7.93	38,629,911	26.28	30,589,474
Other long term loans	2,206,413	-3.38	2,283,517	-3.10	2,356,684	-2.89	2,426,715	-2.63	2,492,164
Other long term liabilities	549,984	0.00	549,963	-0.01	549,992	0.00	549,984	-0.01	550,031
Total long term debts	2,756,397	-2.72	2,833,480	-2.52	2,906,676	-2.35	2,976,699	-2.15	3,042,195
Current portion of long term debt	77,010	5.38	73,078	5.17	69,486	6.47	65,264	5.68	61,755
Financial debts	6,550,061	-77.35	28,916,938	49.54	19,337,719	-35.59	30,021,629	19.53	25,115,674
Trade creditors	573,747	-89.58	5,506,779	-57.60	12,988,523	148	5,237,294	153	2,067,926
Amounts Payable for Taxes,	180,403	-6.23	192,393	28.59	149,616	-5.00	157,483	88.69	83,462
Remuneration & Social Security
Miscellaneous current liabilities	29,030	-64.86	82,605	-29.03	116,389	-32.15	171,541	-21.48	218,462
Total current liabilities	7,410,251	-78.69	34,771,793	6.46	32,661,733	-8.39	35,653,211	29.43	27,547,279
Total Liabilities	57,437,826	-28.19	79,981,755	9.92	72,765,984	-5.96	77,378,628	10.82	69,822,653

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	0.06	-50.0	0.12	-20.0	0.15	-54.55	0.33	560	0.05
Return on capital employed	0.13	-71.74	0.46	-6.12	0.49	-39.51	0.81	406	0.16
Return on total assets employed	0.11	-57.69	0.26	-3.70	0.27	-38.64	0.44	340	0.10
Return on net assets employed	0.14	-71.43	0.49	-7.55	0.53	-39.08	0.87	411	0.17
Sales / net working capital	4.54	-30.15	6.50	36.84	4.75	42.64	3.33	-15.27	3.93
Stock turnover ratio	5.30	163	2.01	-84.37	12.86	-41.14	21.85	22.41	17.85
Creditor days	1.86	-84.24	11.80	-68.25	37.16	96.93	18.87	238	5.58
Debtor days	81.74	-32.66	121.38	3.98	116.73	-19.03	144.16	62.42	88.76
SHORT TERM STABILITY
Current ratio	4.38	150	1.75	-4.37	1.83	-1.61	1.86	-18.42	2.28
Liquidity ratio / acid ratio	3.56	114	1.66	25.76	1.32	7.32	1.23	-10.87	1.38
Current debt ratio	0.16	-80.49	0.82	-6.82	0.88	-4.35	0.92	31.43	0.70
Cashflow	67,322	-61.61	175,368	3.26	169,829	-47.30	322,276	723	39,135
Net worth	47,268,727	11.55	42,373,667	13.92	37,197,575	-4.00	38,748,718	-1.23	39,233,179
LONG TERM STABILITY
Gearing	18.69	-74.67	73.80	26.13	58.51	-30.27	83.91	18.97	70.53
Equity in percentage	82.30	55.34	52.98	3.64	51.12	2.08	50.08	-10.87	56.19
Total debt ratio	0.22	-75.28	0.89	-7.29	0.96	-4.00	1.00	28.21	0.78
Working capital	25,026,784	-4.52	26,210,591	-3.74	27,229,264	-11.46	30,752,651	-12.57	35,174,599

PROFIT & LOSS

Profit & loss
Operating Income	113,600,020	-33.35	170,436,878	31.84	129,274,164	26.16	102,470,601	-25.87	138,234,807
Turnover	113,555,201	-33.36	170,393,042	31.82	129,261,413	26.20	102,427,387	-25.85	138,138,906
Total operating expenses	112,680,199	-33.86	170,363,850	33.52	127,590,682	25.97	101,286,013	-25.10	135,234,432
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	112,725,019	-33.85	170,407,686	33.54	127,603,433	25.93	101,329,227	-25.12	135,330,333
Employee costs	117,580	8.12	108,745	-4.39	113,740	-16.74	136,602	-6.50	146,106
Wages and salary	-	-	-	-	89,676	-18.73	110,338	-5.81	117,148
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	20,594	-14.70	24,142	-7.32	26,048
Other employee costs	117,580	8.12	108,745	3033	3,470	63.52	2,122	-27.08	2,910
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and	55,493	12.10	49,502	12.44	44,024	-2.87	45,323	27.28	35,608
depreciation
Operating result	875,002	2897	29,192	-98.25	1,670,731	46.38	1,141,374	-60.70	2,904,474
Total financial income	438,674	-80.49	2,248,099	257	629,024	-55.49	1,413,123	-4.55	1,480,446
Total financial expenses	1,249,368	-39.66	2,070,695	-1.50	2,102,216	-5.15	2,216,325	-48.66	4,317,063
Results on ordinary	64,308	-68.87	206,596	4.58	197,539	-41.59	338,171	398	67,857
operations before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	-	-	0	-	0	-	0
Results for the Year Before	64,308	-68.87	206,596	4.58	197,539	-41.59	338,171	398	67,857
Taxation
Taxation	52,478	-35.00	80,730	12.54	71,734	17.18	61,218	-4.84	64,330
Results on ordinary operations after taxation	11,830	-90.60	125,866	0.05	125,805	-54.58	276,953	7752	3,527
Net result	11,829	-90.60	125,866	0.05	125,805	-54.58	276,953	7752	3,527
Profit (Loss) for the Year to be appropiated	11,829	-90.60	125,866	0.05	125,805	-54.58	276,953	7752	3,527

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2015
Full-time Employees	3
Part-time Employees	-
Total Fte Employees	3
Number of hours worked
Full-time Employees	5,312
Part-time Employees	-
Total	5,312
Personnel Charges
Full-time Employees	117,580
Part-time Employees	-
Total	117,580
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	3
Actual working hours	5,312
Personnel Charges	117,580
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	2	-	2
Contracts
Limited Duration Contracts	1	-	1
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	3	-	3
Blue collar worker	-	-	-
Other	-	-	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Suspension of payments / moratorium history

Amount	-
Details	-
Payment expectations
Payment expectation days	1.86
Day sales outstanding	81.74

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment	200.93
expectation days
Industry average day sales	212.08
outstanding

Industry quartile analysis
Payment expectations
Company result	1.86
Lower	131.18
Median	58.79
Upper	26.55

Day sales outstanding
Company result	81.74
Lower	134.36
Median	82.06
Upper	44.92

Shareholder Details

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- AFTERGUT N. EN ZONEN BVBA	454626132	31-12-2013
- - KARNIX LIMITED SOC.ETR. E.P.B.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

Business number

Company name

Date of accounts

874438469

ORDIAM BVBA

31/12/2014

459205522

ANTWERP DIAMOND INTERNATIONAL CORPORATION NV

31/12/2000

Linked Companies

Summary
Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Summons

Legal event type	Social Security Summons
Event date	07/02/2012
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	13/05/2008
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	23/10/2007
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	02/10/2007
Court type	Court name	Antwerpen
Creditor's name	3rd party type
Legal event type	Social Security Summons
Event date	04/09/2007
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	Manager
Start Date	16/06/2016
Street	-
Post code	-
Country	-
Name	Alain Bryfel
Name	Chaim Aftergut
Position	Manager
Start Date	23/02/1995
Street	140 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

FORMER DIRECTOR DETAILS

Name	Maurice Aftergut
Position	Manager
Start Date	23/02/1995
End Date	16/06/2016
Street	25 ALBERTSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.96
UK Pound	1	INR 90.23
Euro	1	INR 80.09
Euro	1	INR 80.58

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	NIT

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.