MIRA INFORM REPORT

Report Date :

16.05.2011

IDENTIFICATION DETAILS

Name :	ANUCHEM BVBA
Registered Office :	32, Seringenlaan, Stabroek 2018
Country :	Belgium
Financials (as on) :	31.12.2009
Date of Incorporation :	07.04.1993
Com. Reg. No.:	449832352
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale of chemical products for industrial use

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
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

company details
Company Number	449832352
Name	ANUCHEM BVBA
Address	32, SERINGENLAAN, STABROEK
Post Code	2018
Telephone Number
Fax Number	--
Establishment Date	07-04-1993
Company Status	ACTIVE
Company Type	Private limited liability company
Number of Employees	0
Activity Description	Wholesale of chemical products for industrial use
Activity Code	46751
Liable For Vat	yes
Currency	Euro (€)
Latest Branch Details
Street	HOVENIERSSTRAAT
House Number	2
City	ANTWERPEN
Postal Code	2018
Trade Registered Number	295899
Trade Registered Entry Date	01-05-1993
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	116604
Event Description	Change of operating address
Rating and Limit
Credit Information
Credit Limit (€)
Purchase Limit (€)
Industry Comparison
Industry Average Credit Limit (€)	177,149
Payment Expectations
Payment Expectations
Payment Expectation Days
Day Sales Outstanding
Industry Comparison
Activity Code	4675
Activity Description	Wholesale of chemical products
Industry Average Day Sales Outstanding	92.66
Industry Average Payment Expectation Days	64.98
Industry Quartile Analysis
Payment Expectations - Lower	44.27
Payment Expectations - Median	65.83
Payment Expectations - Upper	97.20
Day Sales Outstanding - Lower	19.04
Day Sales Outstanding - Median	43.40
Day Sales Outstanding - Upper	77.49
Company Shareholder Holding

Company Accounts

Period
Accounts End Date	31-12-2009	31-12-2008	31-12-2007
Currency	EUR	EUR	EUR
Weeks	52	52	52
Profit & Loss
Turnover	-	-	-
Total Operating Expenses	-	-	-
Operating Result	-68,362	10,012	-119
Total Financial Income	110,646	84	55
Total Financial Expenses	43,570	1,117	163
Results on Ordinary Operations Before Tax	-1,286	8,979	-226
Taxation	-	-	-12
Results on Ordinary Operations After Tax	-1,286	8,979	-214
Extraordinary Items	0	0	0
Net Result	-1,286	8,979	-214
Other Information
Dividends	-	1,875	-
Director Remuneration	-	-	-
Employee Costs	0	0	0
- Wages & Salaries	-	-	-
- Employee Pension Costs	-	-	-
- Social Security Contributions	-	-	-
- Other Employee Costs	-	-	-
Amortization & Depreciation	-	-	-
Balance Sheet
Intangible Fixed Assets	0	0	0
Tangible Fixed Assets	0	0	0
- Land And Buildings	0	0	0
- Plant And Machinery	0	0	0
- Other Tangible Assets	0	0	0
Financial Fixed Assets	0	0	0
Total Fixed Assets	0	0	0
Inventories	212,625	55,250	2,800
- Raw Materials & Consumables	0	0	0
- Work in Progress	0	0	0
- Finished Goods	0	0	0
- Other Stocks	212,625	55,250	2,800
Trade Debtors	149,988	1,134,000	25,100
Cash	12,356	34,672	32,862
- Miscellaneous Current Assets	0	0	0
Total Current Assets	377,908	1,225,541	61,747
Current Liabilities
- Trade Creditors	318,352	1,164,230	9,416
- Short Term Group Loans	0	0	0
- Other Short Term Loans	0	0	0
- Miscellaneous Current Liabilities	1,407	1,875	0
Total Current Liabilities	319,759	1,166,105	9,416
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	0	0	0
- Other Long Term Liabilities	0	0	0
Total Long Term Debts	0	0	0
Shareholders Equity
- Issued Share Capital	18,750	18,750	18,750
- Share Premium Account	0	0	0
- Reserves	39,400	40,686	33,581
- Revaluation Reserve	0	0	0
Total Shareholders Equity	58,150	59,436	52,331
Working Capital	58,149	59,436	52,331
Net Worth	58,150	59,436	52,331
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-	-	-
Return On Capital Employed	-2.21	15.11	-0.43
Return On Total Assets Employed	-0.34	0.73	-0.37
Return On Net Assets Employed	-2.21	15.11	-0.43
Sales / Net Working Capital	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-
Debtor Days	-	-	-
Creditor Days	-	-	-
Short Term Stability
Current Ratio	1.18	1.05	6.56
Liquidity Ratio / Acid Ratio	0.52	1	6.26
Current Debt Ratio	5.50	19.62	0.18
Long Term Stability
Gearing	0	0	0
Equity In Percentage	0.15	0.05	0.85
Total Debt Ratio	0	0	0

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
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--
Directors
Company Director
Full Name	ASIT DANKHUMAR JAVERI
Birth Date	1956-06-25
Position Description	Manager
Address	37 RATNAGAR PALACE 400007 BOMBAY
Country	India
Postal Code	0
Birth Date
Company Director
Full Name	RONY VERSCHAEREN
Birth Date
Position Description	Manager
Address	56 TE COUWELAARLEI ANTWERPEN (DEURNE)
Country	--
Postal Code	2100
Birth Date
Company Director
Full Name	JANI NITIN RAMESHCHANDRA
Birth Date
Position Description	Manager
Address	2 ROAD NO GOREGAON WEST
Country	India
Postal Code	0
Birth Date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.91
UK Pound	1	Rs.73.06
Euro	1	Rs.64.03

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.