MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	BEL-TUFT BVBA

Registered Office :	Drieskouter 5 Tiegem 8573

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	13.01.1987

Com. Reg. No.:	430339510

Legal Form :	Private limited liability company

Line of Business :	Manufacture of carpets and rugs

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	28,000€
Status :	Satisfactory
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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Belgium

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

REGISTERED NAME & COMPANY SUMMARY

Company Summary
Business Name	BEL-TUFT BVBA
Business Number	430339510
Address	DRIESKOUTER 5 TIEGEM
Post Code	8573
Telephone	056687722
Fax Number	056680586
Date of Establisment	13/01/1987
Number of Employees	6

company details
Business Number	430339510
Name	BEL-TUFT BVBA
Fax Number	056680586
Establishment Date	13/01/1987
Company Status	ACTIVE
Company Type	Private limited liability company
Activity Description	Manufacture of carpets and rugs
Activity Code	13930
Liable For Vat	yes
Currency	Euro (€)

CREDIT RECOMENDATION

Current Credit Limit: 28,000€

DIRECTORS/MANAGEMENT

Directors

Company Director
FullName	LOUIS MARIE GABRIEL VAN PARYS
Position	Manager
Address	3 STERRESTRAAT TIELT
Postal Code	8700
Country	--

NEGATIVE INFORMATION

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

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.

SHARE & SHARE CAPITAL INFORMATION

Shareholders

Holding Company
Company Name	AMBEL PROJECTS NV
Business Number	447976286
Share Percentage	24.80
Annual Accounts Date	01/12/2006

PAYMENT INFORMATION

Past Payments
Payment Expectation Days
Days Sales Outstanding
Industry Average Payment Expectation Days	80.34
Industry Average Day Sales Outstanding	110.87

Payment Expectations

Payment Expectations
Payment Expectation Days
Day Sales Outstanding

Industry Comparison
Activity Code	1393
Activity Description	Manufacture of carpets and rugs
Industry Average Day Sales Outstanding	110.87
Industry Average Payment Expectation Days	80.34

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	41.92
Payment Expectations - Median	72.24
Payment Expectations - Upper	108.86
Day Sales Outstanding
Day Sales Outstanding - Lower	32.80
Day Sales Outstanding - Median	53.63
Day Sales Outstanding - Upper	86.32

GROUP STRUCTURE & AFFILIATED COMPANIES

No subsidaries for this company.

FINANCIAL INFORMATION

Accounts & Ratio

Period
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR
Profit & Loss
Turnover	-	-	-	-	-
Total Operating Expenses	-	-	-	-	-
Operating Result	42,357	142.3%	17,478	-61.9%	45,884
Total Financial Income	5,298	-6.0%	5,634	145.7%	2,293
Total Financial Expenses	37,611	-9.8%	41,681	32.1%	31,541
Results on Ordinary Operations Before Tax	10,044	154.1%	-18,570	-211.6%	16,637
Taxation	-	-	-	-	-
Results on Ordinary Operations After Tax	10,044	154.1%	-18,570	-211.6%	16,637
Extraordinary Items	-2,720	-113.6%	20,000	290.3%	-10,509
Net Result	7,324	412.2%	1,430	-76.7%	6,128
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	227,990	-32.1%	335,754	0.0%	335,885
- Wages & Salaries	139,508	-34.5%	212,929	3.3%	206,121
- Social Security Contributions	79,988	-30.5%	115,096	-5.6%	121,981
- Other Employee Costs	8,494	9.9%	7,729	-0.7%	7,783
Amortization & Depreciation	116,625	-3.1%	120,303	13.8%	105,675
Balance Sheet
Accounts End Date	31/12/2009	%	31/12/2008	%	31/12/2007
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	696,442	-14.3%	813,067	-4.3%	849,487
- Land And Buildings	556,917	-8.0%	605,467	-5.6%	641,111
- Plant And Machinery	139,525	-31.4%	203,300	2.1%	199,098
- Other Tangible Assets	0	-100.0%	4,300	-53.7%	9,278
Financial Fixed Assets	140	0.0%	140	0.0%	140
Total Fixed Assets	696,582	-14.3%	813,207	-4.3%	849,627
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	121,851	46.1%	83,390	-4.3%	87,179
Trade Debtors	321,778	-21.0%	407,299	61.9%	251,517
Cash	75,913	213.4%	24,219	-84.3%	154,273
- Miscellaneous Current Assets	16,149	372.7%	3,416	-88.9%	30,904
Total Current Assets	538,509	3.8%	519,009	-8.4%	566,795

- Trade Creditors	216,158	51.7%	142,513	-61.9%	374,004
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	106,334	-4.4%	111,256	2.8%	108,193
- Miscellaneous Current Liabilities	123,459	-35.1%	190,296	76.9%	107,569
Total Current Liabilities	445,951	0.4%	444,065	-24.7%	589,766

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	602,802	-15.0%	709,137	9.3%	649,072
- Other Long Term Liabilities	0	-	0	-	0
Total Long Term Debts	602,802	-15.0%	709,137	9.3%	649,072

- Issued Share Capital	62,000	0.0%	62,000	0.0%	62,000
- Share Premium Account	0	-	0	-	0
- Reserves	124,338	6.3%	117,014	1.2%	115,584
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	186,338	4.1%	179,014	0.8%	177,584

Working Capital	92,558	23.5%	74,944	426.3%	-22,971
Net Worth	186,338	4.1%	179,014	0.8%	177,584
Ratio Analysis
Trading Performance
Pre-tax Profit Margin	-	-	-	-	-
Return On Capital Employed	1.27	160.8%	-2.09	-204.0%	2.01
Return On Total Assets Employed	0.81	158.3%	-1.39	-218.8%	1.17
Return On Net Assets Employed	10.85	143.8%	-24.78	65.8%	-72.43
Sales / Net Working Capital	-	-	-	-	-
Operating Efficiency
Stock Turnover Ratio	-	-	-	-	-
Debtor Days	-	-	-	-	-
Creditor Days	-	-	-	-	-
Short Term Stability
Current Ratio	1.21	3.4%	1.17	21.9%	0.96
Liquidity Ratio / Acid Ratio	0.93	-5.1%	0.98	21.0%	0.81
Current Debt Ratio	2.39	-3.6%	2.48	-25.3%	3.32
Long Term Stability
Gearing	380.56	-17.0%	458.28	7.5%	426.43
Equity In Percentage	0.15	15.4%	0.13	0.0%	0.13
Total Debt Ratio	3.81	-16.8%	4.58	7.5%	4.26

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Latest Branch Details
Street	DESSELGEMSTRAAT
House Number	48
City	DESSELGEM
Postal Code	8792
Trade Registered Number	112276
Trade Registered Entry Date	01/01/1985
Contractor Details
Registration Number		--
Contractor Description		--
Striking Off Date		//
Latest Event
Serial Number	19952
Event Description	Appointment
Industry Comparison
Activity Code	13930
Activity Description	Manufacture of carpets and rugs
Industry Average Credit Rating	75.62
Industry Average Credit Limit (€)	189,728

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.70
UK Pound	1	Rs.82.44
Euro	1	Rs.71.08

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.