MIRA INFORM REPORT

Report Date :

19.07.2011

IDENTIFICATION DETAILS

Name :	GRADATEX SPRL

Registered Office :	55 Pepinster Post Code 4860

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	27.09.1994

Com. Reg. No.:	453481829

Legal Form :	Private Limited Company

Line of Business :	Manufacture of bedding, table-linen and textile articles for household use

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor

Payment Behaviour :	Unknown

Litigation :	----

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^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Belgium

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

Bottom of Form

REGISTERED NAME & COMPANY SUMMARY

Business number	453481829	Company name	GRADATEX SPRL
Address	55 PEPINSTER	Telephone number	087462197
Post code	4860	Fax number	-
Date of establishment	27/09/1994	Number of staff	1

Business number	453481829	Company name	GRADATEX SPRL
Fax number	-	Date founded	27/09/1994
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2009
Activity code	13921	liable for VAT	yes
Activity description	Manufacture of bedding, table-linen and textile articles for household use	VAT Number	BE.0453.481.829
Belgian Bullettin of Acts Publications	moniteur belge

CREDIT RECOMENDATION

Current Credit Limit: No credit limit recommended.

DIRECTORS/MANAGEMENT

Current director details

Name	FREDERIC GRAND
Position	Principal Manager
Date of birth	14/07/1959
Street	55 NIDS D'AGUESSES PEPINSTER
Post code	4860
Country	Belgium

Former director details

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	2897.93
NSSO details
Date of summons	-

Protested bills

Drawee name	GRADATEX SPRL
Address	NIDS D'AGUESSES 55, PEPINSTER, 4860
Bill amount	2.897,93
Bill currency	EUR
Maturity of bill	22
Name of drawer	KABELWERK EUPEN-CABLERIE D'EUPEN-KABELFABRIEK SA
City of drawer	EUPEN

NSSO details

Business number	453481829
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

SHARE & SHARE CAPITAL INFORMATION

Individual Shareholders

Shareholder Name
Forename	Frédéric	Middle name	Albert
Surname	GRAND
Shareholder Details
Start date	27/09/1994	End date	-
Percentage owned	-
Shareholder Address
Street name	Nids d'Aguesses	House number	55
Minor town	-	Postal town	Pepinster
Post code	4860	Country	Belgium

Shareholder Name
Forename	Carole	Middle name	Louise
Surname	DANGRE
Shareholder Details
Start date	27/09/1994	End date	-
Percentage owned	-
Shareholder Address
Street name	Nids d'Aguesses	House number	55
Minor town	-	Postal town	Pepinster
Post code	4860	Country	Belgium

PAYMENT INFORMATION

Suspension of payments / moratorium history

Amount	2.897,93
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

GROUP STRUCTURE & AFFILIATED COMPANIES

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

FINANCIAL INFORMATION

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	-	-	-	-	-	349,037	-
Total operating expenses	-	-	-	-	-	349,750	-
Operating result	6,009	-40.73	10,137	-3.15	10,467	21,719	-72.34
Total financial income	0	-93.25	4	-	-	4,233	-99
Total financial expenses	1,956	-29.15	2,761	61.41	-4,496	15,837	-87.65
Results on ordinary operations before taxation	4,053	-45.08	7,379	23.58	5,971	9,983	-59.40
Taxation	-	-	-	-	-	6,810	-
Results on ordinary operations after taxation	4,053	-45.08	7,379	23.58	5,971	6,365	-36.33
Extraordinary items	0	-	0	-	0	-306	0
Other appropriations	0.00	-	0	-	0	-	-
Net result	4,053	-45.08	7,379	23.58	5,971	6,068	-33.21
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	1,023	-89.02	9,323	-42.73	16,279	154,085	-99
Wages and salary	-	-	8,079	-34.73	12,377	109,564	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	876	-74.24	3,400	41,250	-
Other employee costs	1,023	178	367	-26.89	502	7,371	-86.12
Amortization and depreciation	2,871	-18.42	3,519	-73.66	13,360	31,671	-90.94

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	0	-	0	-	0	1,204	-100
Tangible fixed assets	5,742	-33.33	8,612	-29.01	12,131	193,357	-97.03
Land & building	-	-	-	-	-	272,480	-
Plant & machinery	5,742	-33.33	8,612	-29.01	12,131	20,216	-71.60
Other tangible assets	0	-	0	-	0	17,619	-100
Financial fixed assets	-	-	-	-	-	30,938	-
Total fixed assets	5,742	-33.33	8,612	-29.01	12,131	205,921	-97.21
Inventories	144,707	-2.11	147,833	-25.22	197,686	152,012	-4.81
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	0	-
Finished goods	0	-	0	-	0	0	-
Other stocks	144,707	-2.11	147,833	-25.22	197,686	142,512	1.54
Trade debtors	18,140	-81.27	96,836	-56.65	223,402	109,378	-83.42
Cash	851	309	208	-90.55	2,202	42,087	-97.98
other amounts receivable	58,341	1.65	57,397	222	17,824	32,176	81.32
Miscellaneous current assets	0	-100	1	-	0	59,557	-100
Total current assets	222,039	-26.54	302,275	-31.47	441,114	384,395	-42.24
current liabilities
Trade creditors	51,393	-56.55	118,275	-35.04	182,080	84,065	-38.86
Short term group loans	-	-	-	-	-	-	-
Other short term loans	10,697	-10.73	11,983	-17.02	14,441	47,693	-77.57
Miscellaneous current liabilities	2,028	-90.35	21,019	-79.88	104,494	-98.02	- -
Total current liabilities	64,118	-57.62	151,277	-49.74	301,015	234,331	-72.64
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	0	-1	10,347	-100
Total long term debts	0	-	0	0	-1	147,916	-100
shareholders equity
Issued share capital	6,200	0	6,200	0	6,200	53,488	-88.41
Share premium account	-	-	-	-	-	-	-
Reserves	157,463	2.64	153,410	5.05	146,031	123,562	27.44
Revaluation reserve	-	-	-	-	-	496,324	-
Total shareholders equity	163,663	2.54	159,610	4.85	152,231	208,070	-21.34
Working capital	157,921	4.58	150,998	7.78	140,099	150,064	5.24
Net worth	163,663	2.54	159,610	4.85	152,231	206,866	-20.88

ratio analysis

Annual accounts	31-12-2009	change(%)	31-12-2008	change(%)	31-12-2007	Industry average 2009	%
Trading performance
Profit Before Tax	-	-	-	-	-	0,00	-
Return on capital employed	2.48	-46.32	4.62	17.86	3.92	-1.362,00	0.18
Return on total assets employed	1.78	-24.89	2.37	79.55	1.32	-2,00	89.00
Return on net assets employed	2.48	-46.32	4.62	17.86	3.92	-18,00	13.78
Sales / net working capital	-	-	-	-	-	2,00	-

Stock turnover ratio	-	-	-	-	-	28,00	-
Debtor days	-	-	-	-	-	74,00	-
Creditor days	-	-	-	-	-	49,00	-
short term stability
Current ratio	3.46	73.00	2	36.05	1.47	2,00	15.33
Liquidity ratio / acid ratio	1.21	18.63	1.02	25.93	0.81	2,00	-39.50
Current debt ratio	0.39	-58.95	0.95	-52.02	1.98	3,00	-87.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	6.54	-12.92	7.51	-20.86	9.49	346,00	-98.11
Equity in percentage	71.85	39.95	51.34	52.84	33.59	19,00	278
Total debt ratio	0.39	-58.95	0.95	-52.02	1.98	4,00	-90.25

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2009		4,053	163,663
31/12/2008		7,379	159,610
31/12/2007		5,971	152,231

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Summary

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

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

Joint Industrial Committee (JIC)

Export accounts to CSV file

comparison mode

average

median

Industry comparison

Activity code	13921
Activity description	Manufacture of bedding, table-linen and textile articles for household use
industry average credit rating	72.67
Industry average credit limit	30467.99

Industry comparison

Activity code	13921
Activity description	Manufacture of bedding, table-linen and textile articles for household use
Industry average payment expectation days	50.75
Industry average day sales outstanding	59.04

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.57
UK Pound	1	Rs.71.75
Euro	1	Rs.62.60

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.