MIRA INFORM REPORT

Report Date :

20^th January, 2007

IDENTIFICATION DETAILS

Name :	ALPHA LOGICA

Registered Office :	Rue Defacqz 50, 1050 Bruxelles

Country :	Belgium

Financials (as on) :	31.12.2005

Date of Incorporation :	27.10.1995

Legal Form :	NV Public limited company

Line of Business :	Wholesale business in all kinds of mechandise, including household goods, boxes, cosmetics supplies, travelling gear, watches, jewelry, etc.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Company Name

ALPHA LOGICA

Address

Rue Defacqz 50

1050 BRUXELLES

Tel.:+31 (0)2-5431800

Fax.:+31 (0)2-5393950

Legal status

NV Public limited company [nat. law]

Founded

27/10/1995 as P.l.c.

Trade register

54596793

Capital

nominal EUR 211.000,--

Management

Gregory Mathieu SPRL

CARDON Alain

Alsys SA

Board member

ABEND Charly

Activity

Wholesale business in all kinds of mechandise, including household goods, boxes, cosmetics supplies, travelling gear, watches, jewelry, etc.

Staff

10 employees

Turnover

Net turnover:

2005 Euro 37.543.003

2004 Euro 41.766.000

2003 Euro 49.722.000

Real estate

Unknown.

Finances

See balance sheet

Remarks

Net result:

2005 Euro 385.995

2004 Euro 428.000

2003 Euro 2.124.000

The shareholders equity was as of:

31/12/2005 Euro 3.359.007

31/12/2004 Euro 4.246.000

31/12/2003 Euro 3.817.000

The working capital was as of:

31/12/2005 Euro 2.689.000

31/12/2004 Euro 3.860.000

31/12/2003 Euro 3.491.000

Management comprises:

Alain Cardon, Jozef Nellenslaan 89, 8300 Knokke Heist

Alsys SA, Rue Defacqz 50, 1050 Brussel - representeted by

Charles Abend

Grégory Mathieu Sprl, Fond'Roy 16, 1180 Brussels - represented

by Grégory Mathieu

Website : www.alphalogica.com

Parent company :

Alsys SA, Brussels.

Banks

Fortis Bank

VAT-nr.

BE456386384

Mode of payment

On average 15 days beyond terms.

Credit demand

No objections against entering into a business relationship.

The following financial data is retrieved from the corporate balance sheet of :

Alpha Logica Sa

Rue Defacqz 50, 1050 BRUXELLES

Trade register 54596793

BALANCE SHEET

Corporate in Euro(x 1) Euro(x 1)

---31-12-2004--- ------31-12-2005---

Intangible assets 0 337.011

Tangible assets 375.000 311.999

Financial assets 31.000 26.996

Miscellaneous fixed assets 0 0

Total fixed assets 406.000 676.006

Stock 2.508.000 3.283.994

Receivables 4.109.000 12.362.029

Shares 1.020.000 265.990

Liquid assets 2.348.000 2.551.989

Miscellaneous current assets 62.000 0

Total current assets 10.047.000 18.464.002

Shareholders equity 4.246.000 3.359.007

Provisions 0 0

Long-term liabilities 16.000 5.999

Current liabilities 6.187.000 15.775.002

Minority interests 0 0

Miscellaneous liabilities 4.000 0

Total liabilities 10.453.000 19.140.008

PROFIT & LOSS ACCOUNT

Corporate in Euro(x 1) Euro(x 1)

---31-12-2004--- ------31-12-2005---

Turnover 41.766.000 37.543.003

Other income 0 32.995

Total expenses 40.266.000 37.490.004

Operating profit 1.500.000 85.994

Balance financial P/L -812.000 -470.998

Net profit/loss 1] 688.000 -384.979

Taxation 260.000 0

Share in P/L of subsidiaries 0 0

Net profit/loss 2] 428.000 -384.979

Balance extraordinary P/L 0 -992

Taxation 0 0

Extraordinary P/L 2] 0 -992

Res. sub. companies 2] 0 0

Minority interests 0 103.000

Miscellaneous P/L 0 0

Net result 428.000 385.995

----------------------------------------------------------------------------------------------------------------

Legend : 1] = Before tax

2] = After tax

FINANCIAL RATIOS

-----2004----- -----2005-----

EQUITY %

Equity gearing 40,6 17,5

Equity/outside capital 68,4 21,3

LIQUIDITY

Current ratio 1,6 1,2

Acid test 1,2 1

RATES OF RETURN %

Total assets 6,6 -2

Shareholders equity 16,2 -11,5

Pre tax margin % 1,6 -1

Turnover rate 399,6 196,1

(x 1) (x 1)

-------------------- --------------------

Working capital 3.860.000 2.689.000

Shareholders equity + Equalization acc. 4.246.000 3.359.007

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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