MIRA INFORM REPORT

Report Date :

29.03.2011

IDENTIFICATION DETAILS

Name :	DURME-NATIE CVBA

Registered Office :	Klein Zuidland 5 Antwerpen 2030

Country :	Belgium

Financials (as on) :	31.12.2008

Date of Incorporation :	24.01.2006

Com. Reg. No.:	879123173

Legal Form :	Cooperative society with limited liability

Line of Business :	Cargo handling in sea ports

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 :	Moderate
Payment Behaviour :	Unknown
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

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

Company Summary

Company Summary
Business Name	DURME-NATIE CVBA
Business Number	879123173
Address	KLEIN ZUIDLAND 5 ANTWERPEN
Post Code	2030
Telephone	035423506
Fax Number	035415069
Date of Establisment	24/01/2006
Number of Employees	1

Credit Information Summary
Company Status	ACTIVE
Date of Deposit at Registry	25/06/2009
Date of Last Accounts	31/12/2008
Turnover	-
Results of Ordinary Operations Before Tax	164,212
Networth	478,538

Past Payments
Payment Expectation Days
Days Sales Outstanding
Industry Average Payment Expectation Days	75.59
Industry Average Day Sales Outstanding	98.37

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//

Accounts & Ratio

Period
Accounts End Date	31/12/2008	%	31/12/2007	%	31/12/2006
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	-	-	-	-	-
Total Operating Expenses	-	-	-	-	-
Operating Result	255,529	138.6%	107,113	12.4%	95,298
Total Financial Income	3,400	-42.4%	5,903	349.2%	1,314
Total Financial Expenses	25,428	93.9%	13,114	1,557.9%	791
Results on Ordinary Operations Before Tax	233,501	133.7%	99,902	4.3%	95,821
Taxation	69,289	119.6%	31,549	116.4%	14,581
Results on Ordinary Operations After Tax	164,212	140.2%	68,353	-15.9%	81,240
Extraordinary Items	0	-	0	-	0
Net Result	164,212	140.2%	68,353	-15.9%	81,240
Other Information
Dividends	-	-	-	-	-
Director Remuneration	15,000	-	-	-	38,000
Employee Costs	29,763	20.8%	24,633	-	0
- Wages & Salaries	25,797	12.8%	22,876	-	-
- Social Security Contributions	3,208	171.6%	1,181	-	-
- Other Employee Costs	758	31.6%	576	-	-
Amortization & Depreciation	180,971	238.1%	53,529	103.0%	26,369

Balance Sheet
Accounts End Date	31/12/2008	%	31/12/2007	%	31/12/2006
Weeks	52	-	52	-	52
Intangible Fixed Assets	33,068	-21.6%	42,156	1,629.1%	2,438
Tangible Fixed Assets	324,355	8.9%	297,887	658.9%	39,251
- Land And Buildings	0	-	0	-	0
- Plant And Machinery	205,914	41.2%	145,797	306.6%	35,855
- Other Tangible Assets	118,441	-22.1%	152,090	4,378.5%	3,396
Financial Fixed Assets	5,245	1.5%	5,165	-83.8%	31,958
Total Fixed Assets	362,668	5.1%	345,208	368.7%	73,647
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	13,400	-	0	-	0
Trade Debtors	167,694	-42.7%	292,458	25.7%	232,589
Cash	403,681	28.7%	313,613	151.2%	124,827
- Miscellaneous Current Assets	2,555	31.6%	1,942	-41.8%	3,334
Total Current Assets	636,410	-1.8%	648,286	65.4%	391,909

- Trade Creditors	234,207	0.2%	233,820	114.4%	109,057
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	110,583	-1.4%	112,112	-	0
- Miscellaneous Current Liabilities	35,700	-54.2%	78,022	6.5%	73,259
Total Current Liabilities	380,490	-10.3%	423,954	132.5%	182,316

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	106,982	-50.9%	217,946	-	0
- Other Long Term Liabilities	0	-	0	-	0
Total Long Term Debts	106,982	-50.9%	217,946	-	0

- Issued Share Capital	250,800	4.5%	240,000	0.0%	240,000
- Share Premium Account	0	-	0	-	0
- Reserves	260,806	133.7%	111,594	158.1%	43,240
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	511,606	45.5%	351,594	24.1%	283,240

Working Capital	255,920	14.1%	224,332	7.0%	209,593
Net Worth	478,538	54.6%	309,438	10.2%	280,802

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	-	-	-	-	-
Return On Capital Employed	37.75	115.2%	17.54	-48.2%	33.83
Return On Total Assets Employed	23.37	132.3%	10.06	-51.1%	20.58
Return On Net Assets Employed	91.24	104.9%	44.53	-2.6%	45.72
Sales / Net Working Capital	-	-	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-	-	-
Debtor Days	-	-	-	-	-
Creditor Days	-	-	-	-	-
Short Term Stability
Current Ratio	1.67	9.2%	1.53	-28.8%	2.15
Liquidity Ratio / Acid Ratio	1.64	7.2%	1.53	-28.8%	2.15
Current Debt Ratio	0.74	-38.8%	1.21	89.1%	0.64
Long Term Stability
Gearing	42.53	-54.7%	93.87	-	0
Equity In Percentage	0.53	43.2%	0.37	-39.3%	0.61
Total Debt Ratio	0.43	-54.3%	0.94	-	0

Payment Expectations

Payment Expectations
Payment Expectation Days
Day Sales Outstanding

Industry Comparison
Activity Code	5224
Activity Description	Cargo handling
Industry Average Day Sales Outstanding	98.37
Industry Average Payment Expectation Days	75.59

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	39.59
Payment Expectations - Median	64.50
Payment Expectations - Upper	99.63
Day Sales Outstanding
Day Sales Outstanding - Lower	27.48
Day Sales Outstanding - Median	51.16
Day Sales Outstanding - Upper	83.90

Shareholders

Holding Company
Company Name	COMLINK SERVICES LIMITED
Business Number	16177422
Share Percentage
Annual Accounts Date	//
Holding Company
Company Name	RECOVER BVBA
Business Number	455934246
Share Percentage	50
Annual Accounts Date	01/12/2009

No subsidaries for this company.

Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--

NSSO Details
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
FullName	GERARD BRENDAN O'DWYER
Position	Managing director
Address	6 AVENUE MARIE-HENRIETTE 92700 COLOMBES
Postal Code	0
Country	France

Company Director
FullName	RECOVER BVBA
Position	Managing director
Address	2 BAASRODEVEERSTRAAT HAMME
Postal Code	9220
Country	--

Company Director
FullName	EUROPORT INVESTMENTS SARL
Position	Director
Address	12 RUE EUGENE RUPPERT 2453 LUXEMBOURG
Postal Code	0
Country	Luxembourg

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.78
UK Pound	1	Rs.71.64
Euro	1	Rs.62.96

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.

Latest Branch Details
Street	NOORDERLAAN
House Number	610
City	ANTWERPEN
Postal Code	2030
Trade Registered Number	0
Trade Registered Entry Date	01/02/2006
view all

Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	//

Latest Event
Serial Number	16223
Event Description	Appointment commissioner
view all

company details
Business Number	879123173
Name	DURME-NATIE CVBA
Fax Number	035415069
Establishment Date	24/01/2006
Company Status	ACTIVE
Company Type	Cooperative society with limited liability
Activity Description	Cargo handling in sea ports
Activity Code	52241
Liable For Vat	yes
Currency	Euro (€)