MIRA INFORM REPORT

Report Date :

15.04.2011

IDENTIFICATION DETAILS

Name :	INDEPENDENT IODINE COMPANY NV
Registered Office :	Hortensiadreef 40 Kalmthout, 2920
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	27.09.2000
Com. Reg. No.:	472861142
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	---

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	535.000 (€)
Status :	Satisfactory
Payment Behaviour :	Usually 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, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Summary

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Business number	472861142	Company name	INDEPENDENT IODINE COMPANY NV
Address	HORTENSIADREEF 40 KALMTHOUT	Telephone number	036201890
Post code	2920	Fax number	036201893
Date of establishment	27/09/2000	Number of staff	1

Credit information

credit limit (€)	535.000
purchase limit	4.200.000

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2009	27,933,122	411,468	746,728
31/12/2008	22,013,626	-28,281	592,690
31/12/2007	26,535,000	350,000	624,000

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	77.39
Industry average payment expectation days	-	Industry average day sales outstanding	-
Day sales outstanding	76.84

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	472861142	Company name	INDEPENDENT IODINE COMPANY NV
Fax number	036201893	Date founded	27/09/2000
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2009
Activity code	-	liable for VAT	yes
Activity description	-	VAT Number	BE.0472.861.142.

Latest branch details

Street	-	Entry date	-
House or po box number	-	Trade register number	-
City	-
Post code	-

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

AMB Publications

AMB publication serial number	183090
Contents	Reappointment
Event filed date	17/12/2010

AMB publication serial number	173287
Contents	Reappointment commissioner
Event filed date	03/11/2008

AMB publication serial number	57956
Contents	Dismissal
Event filed date	17/04/2008

AMB publication serial number	48718
Contents	Dismissal
Event filed date	02/04/2008

AMB publication serial number	48718
Contents	Appointment
Event filed date	02/04/2008

AMB publication serial number	193702
Contents	Extension of goal
Event filed date	29/12/2006

AMB publication serial number	193702
Contents	Rectification
Event filed date	29/12/2006

AMB publication serial number	76938
Contents	Extension of goal
Event filed date	04/05/2006

AMB publication serial number	179981
Contents	Reappointment commissioner
Event filed date	14/12/2005

AMB publication serial number	43352
Contents	Appointment
Event filed date	21/03/2005

Belgian Bullettin of Acts Publications moniteur belge

AMB publication serial number	20010629-686
Contents	Change of legal form NV / SA
Event filed date	06/06/2001

AMB publication serial number	20010629-686
Contents	Increase of capital from EUR 18600 to EUR 124000
Event filed date	06/06/2001

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

Significant Events

Event Date	28/06/2010
Event Description	re-appointment of director(s)
Event Details	Commentaar 28-06-2010: Herbenoemd als bestuurder voor een periode van 6 jaar : De Urruticoechea Sartorius Carlos.

Export accounts to CSV file

comparison mode

Profit & loss

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	27,933,122	26.89	22,013,626	-17.04	26,535,000	-	-
Total operating expenses	27,477,831	24.75	22,026,896	-15.83	26,168,000	-	-
Operating result	455,291	3430	-13,270	-103	367,000	-	-
Total financial income	1,088	-92.72	14,951	6.79	14,000	-	-
Total financial expenses	44,911	49.89	29,962	96.65	-31,000	-	-
Results on ordinary operations before taxation	411,468	1454	-28,281	-108	350,000	-	-
Taxation	57,214	-	-	-	-126,000	-	-
Results on ordinary operations after taxation	354,254	1252	-28,281	-105	476,000	-	-
Extraordinary items	14,699	116	-12,651	-1365	1,000	-	-
Other appropriations	0.00	-	0	0	-253000	-	-
Net result	368,953	901	-40,932	-118	224,000	-	-
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	8,920	-80.18	45,000	-	-
Employee costs	67,950	-27.99	94,357	-6.58	101,000	-	-
Wages and salary	51,196	-33.23	76,673	-0.42	77,000	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	13,675	-27.22	18,788	-1.12	19,000	-	-
Other employee costs	3,079	278	-1,105	-122	5,000	-	-
Amortization and depreciation	54,404	-11.71	61,622	-9.38	68,000	-	-
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balance sheet

Annual accounts	31-12-2009	%	31-12-2008	%	31-12-2007	Industry average 2009	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	7,513	-	5,682	-	15,000	-	-
Tangible fixed assets	223,672	-20.25	280,466	55.81	180,000	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	2,393	-22.70	3,096	-	-	-	-
Other tangible assets	221,279	-20.22	277,370	54.09	180,000	-	-
Financial fixed assets	-	-	-	-	-	-	-
Total fixed assets	231,185	-19.21	286,148	45.99	196,000	-	-
Inventories	-	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	-
Finished goods	0	-	0	-	0	-	-
Other stocks	0	-	0	-	0	-	-
Trade debtors	5,880,448	64.73	3,569,743	-28.46	4,990,000	-	-
Cash	1,252,247	75.63	713,020	31.55	542,000	-	-
other amounts receivable	142,187	2.12	139,229	132	60,000	-	-
Miscellaneous current assets	72,509	-8.15	78,940	-0.08	79,000	-	-
Total current assets	7,347,391	63.24	4,500,932	-20.63	5,671,000	-	-
current liabilities
Trade creditors	5,826,242	57.34	3,703,049	-27.26	5,091,000	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	43,857	-20.43	55,120	-17.73	67,000	-	-
Miscellaneous current liabilities	771,498	278	203,944	251	58,000	-	- -
Total current liabilities	6,641,597	67.63	3,962,113	-24.04	5,216,000	-	-
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	182,738	-19.35	226,595	1959	11,000	-	- -
Other long term liabilities	0	-	0	-100	1,000	-	-
Total long term debts	182,738	-19.35	226,595	1788	12,000	-	-
shareholders equity
Issued share capital	124,000	0	124,000	0	124,000	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	630,241	32.86	474,372	-7.89	515,000	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	754,241	26.05	598,372	-6.36	639,000	-	-
Working capital	705,794	30.99	538,819	18.42	455,000	-	-
Net worth	746,728	25.99	592,690	-5.02	624,000	-	-
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ratio analysis

Annual accounts	31-12-2009	change(%)	31-12-2008	change(%)	31-12-2007	Industry average 2009	%
Trading performance
Profit Before Tax	1.47	1130	-0.13	-109	1.32	-	-
Return on capital employed	43.91	1280	-3.43	-106	53.76	-	-
Return on total assets employed	5.43	920	-0.59	-109	5.97	-	-
Return on net assets employed	54.55	1153	-4.73	-108	54.77	-	-
Sales / net working capital	39.58	-3.13	40.86	-29.94	58.32	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Debtor days	76.84	29.82	59.19	-13.77	68.64	-	-
Creditor days	77.39	26.12	61.36	-13.59	71.01	-	-
short term stability
Current ratio	1.11	-2.63	1.14	4.59	1.09	-	-
Liquidity ratio / acid ratio	1.11	-2.63	1.14	4.59	1.09	-	-
Current debt ratio	8.81	33.08	6.62	-18.87	8.16	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	30.04	-36.19	47.08	285	12.21	-	-
Equity in percentage	9.96	-20.38	12.51	14.56	10.92	-	-
Total debt ratio	9.05	29.29	7	-14.43	8.18	-	-

Rating History

no rating history data found

Limit History

no limit history data found

Industry comparison

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	77.39
Day sales outstanding	76.84

Industry comparison

Holding company

Business number	Company name	%	Rating	Limit	Date of accounts
451876478	HDT NV	18.85	83	30500	31/12/2009
Addresslinked Enterprise type Hortensiadreef, Kalmthout Owned Subject / Share Owner

Subsidiaries

No subsidiary companies found

Companies that match this address

Business number	Company name	Rating	Limit	Date of accounts
451876478	HDT NV	83	30500	31/12/2009
475951680	INDEPENDENT IODINE AMERICA IN VEREFFENING BVBA	-	-	31/12/2004
894579233	INDEPENDENT LODINE HOLDING BVBA	57	0	31/12/2009

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	472861142
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	MARIA VAN DIJCK
Position	Principal Manager
Date of birth	28/03/1964
Street	74 BETEKOMSESTEENWEG BEGIJNENDIJK
Post code	3130
Country	Belgium
Name	DIRK EMIEL MARLEEN SCHOUTEDEN
Position	Director
Date of birth	02/04/1960
Street	40 HORTENSIADREEF KALMTHOUT
Post code	2920
Country	Belgium

Name
Position	Managing Director
Date of birth	15/10/2001
Street	40 HORTENSIADREEF KALMTHOUT
Post code	2920
Country	Belgium
Name
Position	Director
Date of birth	30/12/1993
Street	40 HORTENSIADREEF KALMTHOUT
Post code	2920
Country	Belgium

Name
Position	Managing Director
Date of birth	27/12/2007
Street	40 HORTENSIADREEF KALMTHOUT
Post code	2920
Country	Belgium
Name	CARLOS VICENTE DE URRUTICOECHEA SATORIUS
Position	Director
Street	99 AVNENIDA EL GOLF SANTIAGO
Post code
Country	Chile

Name	CARLOS DE URRUTICOECHEA SARTORIUS
Position	Director
Street	702 AVENIDA EL GOLF 99 OFFICINA
Post code	0
Country	Chile

Former director details

Name	ANGÈLE MBUYI KASONGO
Position	Director
Street	40 HORTENSIADREEF KALMTHOUT
Post code	2920
Country	Belgium
Name
Position	Director
Date of birth	15/10/2001
Street	40 HORTENSIADREEF KALMTHOUT
Post code	2920
Country	Belgium

Name
Position	Managing Director
Date of birth	30/12/1993
Street	40 HORTENSIADREEF KALMTHOUT
Post code	2920
Country	Belgium

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.48
UK Pound	1	Rs.72.37
Euro	1	Rs.64.42

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.