MIRA INFORM REPORT

Report Date :

16.04.2012

IDENTIFICATION DETAILS

Name :	VROMAN NV

Registered Office :	Oudenaardestraat 49 Anzegem 8570

Country :	Belgium

Financials (as on) :	31.03.2011

Date of Incorporation :	06.12.1988

Com. Reg. No.:	436114671

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of chemical products for industrial use

No. of Employees :	11

RATING & COMMENTS

MIRA’s Rating :

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

Business number		436114671	Company name	VROMAN NV
Telephone number	056726737
Address		OUDENAARDESTRAAT 49 ANZEGEM	Fax number	056726737
Post code		8570	Number of staff	11
Date of establishment		06/12/1988

Business number	436114671	Company name	VROMAN NV
Fax number	056726737	Date founded	06/12/1988
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/03/2011
Activity code	46751	liable for VAT	yes
Activity description	Wholesale of chemical products for industrial use	VAT Number	BE.0436.114.671
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	ISABELLE VAN WIJNSBERGHE
Position	Director
Street	67 BEUKENLAAN WIELSBEKE
Post code	8710
Country	Belgium
Name	NICOLAS MARIE JOZEF DEBRUYNE
Position	Director
Date of birth	24/10/1972
Street	67 BEUKENLAAN WIELSBEKE
Post code	8710
Country	Belgium

Name	NICOLAS MARIE JOZEF DEBRUYNE
Position	Managing Director
Date of birth	24/10/1972
Street	67 BEUKENLAAN WIELSBEKE
Post code	8710
Country	Belgium
Name	ISABELLE VAN WYNSBERGHE
Position	Director
Street
Post code
Country

Former director details

Name	ARSENE VROMAN
Position	Director
Street	53 SIONLAAN KORTRIJK
Post code	8500
Country	Belgium
Name	ARSENE VROMAN
Position	Managing Director
Street	53 SIONLAAN KORTRIJK
Post code	8500
Country	Belgium

Name	GEERT COTTYN
Position	Director
Street	CHARLEROI
Post code
Country	Belgium
Name	DENISE DECUYPERE
Position	Director
Street	53 SIONLAAN KORTRIJK
Post code	8500
Country	Belgium

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	20/04/2009

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	116
Description	Joint committee for the chemical industry
category

JIC Code	207
Description	Joint committee for the employees off he chemical industry
category

Significant Events

Event Date	27/06/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 27-06-2011: Herbenoeming bestuurders voor een periode van zes jaar: Debruyne Nicolas (tevens gedelegeerd bestuurder) en Van Wynsberghe Isabelle.

NSSO details

Business number

436114671

Bankruptcy details

There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	20/04/2009	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Kortrijk
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	60.18	Industry average day sales outstanding	88
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	60.18
Industry average day sales outstanding	88

Industry quartile analysis

Company result	-
Lower	84.87
Median	60.73
Upper	45.33

Company result	-
Lower	76.75
Median	42.07
Upper	25.60

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number
-		-

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/03/2011		181,983	949,973
31/03/2010		209,066	744,784
31/03/2009		213,960	601,373

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/03/2011	3,474,839	8,000	92,960	70,049	11
31/03/2010	2,704,550		92,960	390,292	6
31/03/2009	1,536,162		92,960	68,411	5

Profit & loss

Annual accounts	31-03-2011	%	31-03-2010	%	31-03-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	20,619,282	-
Total operating expenses	-	-	-	-	-	19,866,305	-
Operating result	175,944	-19.74	219,206	-7.12	236,002	274,721	-35.96
Total financial income	34,581	79.95	19,217	194	6,535	193,297	-82.11
Total financial expenses	28,541	-2.78	29,357	2.73	28,577	126,694	-77.47
Results on ordinary operations before taxation	181,983	-12.95	209,066	-2.29	213,960	338,102	-46.18
Taxation	59,232	-14.46	69,243	-8.75	75,881	84,379	-29.80
Results on ordinary operations after taxation	122,751	-12.21	139,823	1.26	138,079	283,256	-56.66
Extraordinary items	83,278	1290	5,988	56.22	-10,651	-1,472	5657
Other appropriations	0.00	-	0.00	0.00	-1	-	-
Net result	206,028	41.30	145,811	14.43	127,427	282,053	-26.95
other information
Dividends	-	-	-	-	-	1,592,487	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	380,175	63.41	232,647	33.41	174,387	720,212	-47.21
Wages and salary	291,979	64.42	177,582	8.67	163,409	560,842	-47.94
Employee pension costs	-	-	-	-	-	35,102	-
Social security contributions	83,488	64.41	50,780	569	7,590	144,994	-42.42
Other employee costs	4,708	9.87	4,285	26.48	3,388	41,050	-88.53
Amortization and depreciation	364,679	66.02	219,660	23.21	178,283	150,822	141

Balance Sheet

Annual accounts	31-03-2011	%	31-03-2010	%	31-03-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	3,240	-	2,400	-	0	91,395	-96.45
Tangible fixed assets	1,896,237	268	514,512	14.39	449,779	482,717	292
Land & building	1,579,384	657	208,366	-14.19	242,827	736,080	114
Plant & machinery	177,606	26.80	140,072	389	28,589	148,458	19.63
Other tangible assets	139,247	-16.15	166,074	-6.89	178,363	56,688	145
Financial fixed assets	8,000	-	-	-	-	876,162	-99
Total fixed assets	1,907,477	269	516,912	14.93	449,779	1,119,242	70.43
Inventories	346,012	14.60	301,941	45.91	206,943	1,340,584	-74.19
Raw materials & consumables	-	-	-	-	-	2,951,725	-
Work in progress	0	-	0	-	0	27,710	-100
Finished goods	0	-	0	-	0	439,783	-100
Other stocks	346,012	14.60	301,941	45.91	206,943	90,881	280
Trade debtors	1,127,927	-14.56	1,320,167	74.87	754,946	1,147,753	-1.73
Cash	70,049	-82.05	390,292	470	68,411	450,842	-84.46
other amounts receivable	23,374	-85.24	158,371	216	49,971	1,384,325	-98.31
Miscellaneous current assets	0	-100	16,866	175	6,112	890,869	-100
Total current assets	1,567,362	-28.35	2,187,638	101	1,086,383	4,663,112	-66.39
current liabilities
Trade creditors	1,914,778	41.01	1,357,860	189	468,980	874,080	119
Short term group loans	-	-	-	-	-	-	-
Other short term loans	304,269	27.78	238,114	169	88,287	276,654	9.98
Miscellaneous current liabilities	126,867	-10.46	141,682	51.71	93,391	-64.72	- -
Total current liabilities	2,345,914	35.00	1,737,656	167	650,658	1,481,210	58.38
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	165,441	-24.70	219,710	-22.67	284,131	-85.94	- -
Other long term liabilities	10,271	-	0	-	0	55,932	-81.64
Total long term debts	175,713	-20.03	219,710	-22.67	284,131	526,750	-66.64
shareholders equity
Issued share capital	92,960	0	92,960	0.00	92,960	635,367	-85.37
Share premium account	-	-	-	-	-	136	-
Reserves	860,252	31.49	654,224	28.68	508,413	3,008,445	-71.41
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	953,213	27.57	747,184	24.25	601,373	3,643,815	-73.84
Working capital	-778,552	-273	449,982	3.27	435,725	3,181,901	-124
Net worth	949,973	27.55	744,784	23.85	601,373	3,552,420	-73.26

Ratio Analysis

Annual accounts	31-03-2011	change(%)	31-03-2010	change(%)	31-03-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	9,00	-
Return on capital employed	16.12	-25.44	21.62	-10.51	24.16	23,00	-29.91
Return on total assets employed	5.24	-32.21	7.73	-44.51	13.93	13,00	-59.69
Return on net assets employed	19.09	-31.77	27.98	-21.36	35.58	20,00	-4.55
Sales / net working capital	-	-	-	-	-	15,00	-
Stock turnover ratio	-	-	-	-	-	16,00	-
Debtor days	-	-	-	-	-	89,00	-
Creditor days	-	-	-	-	-	68,00	-
short term stability
Current ratio	0.67	-46.83	1.26	-24.55	1.67	7,00	-33.00
Liquidity ratio / acid ratio	0.52	-52.29	1.09	-19.26	1.35	6,00	-91.33
Current debt ratio	2.46	5.58	2.33	115	1.08	1,00	146
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	49.28	-19.57	61.27	-1.07	61.93	255,00	-80.67
Equity in percentage	27.46	-0.69	27.65	-29.37	39.15	-170,00	16.15
Total debt ratio	2.65	1.15	2.62	69.03	1.55	2,00	32.50

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
industry average credit rating	69
Industry average credit limit	167313.70

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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.