MIRA INFORM REPORT

Report Date :

22.08.2012

IDENTIFICATION DETAILS

Name :	BELGIAN TYRE SERVICES BVBA

Registered Office :	Durmelaan 1 Aalter, Zip Code 9880

Country :	Belgium

Financials (as on) :	30.09.2011

Date of Incorporation :	19.09.1991

Com. Reg. No.:	445243757

Legal Form :	Private Limited Company

Line of Business :	Agents involved in the sale of and wholesale in motor vehicle parts and accessories

No. of Employees :	04 employees

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	445243757	Company name	BELGIAN TYRE SERVICES BVBA
		Telephone number	093802315
Address	DURMELAAN 1 AALTER	Fax number	093802318
Post code	9880	Number of staff	4
Date of establishment	19/09/1991

DIRECTORS/MANAGEMENT

Current director details

Name	LEO BIASSINO
Position	Principal Manager
Date of birth	09/09/1952
Street	64 NEDERZWALMSESTEENWEG ZINGEM
Post code	9750
Country	Belgium

Name	LEO BIASINO
Position	Principal Manager
Street	64 NEDERZWALMSESTEENWEG ZINGEM
Post code	9750
Country	Belgium

NEGATIVE INFORMATION

summary

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

Business number	445243757	Company name	BELGIAN TYRE SERVICES BVBA
Fax number	093802318	Date founded	19/09/1991
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	30/09/2011
Activity code	45310	liable for VAT	yes
Activity description	Agents involved in the sale of and wholesale in motor vehicle parts and accessories	VAT Number	BE.0445.243.757
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	445243757
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

Minority Shareholders

No minority shareholders found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	63.36	Industry average day sales outstanding	74.39
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	45310
Activity description	Agents involved in the sale of and wholesale in motor vehicle parts and accessories
Industry average payment expectation days	63.36
Industry average day sales outstanding	74.39

Industry quartile analysis

Payment expectations
Company result	-
Lower	88.51
Median	52.68
Upper	24.15
Day sales outstanding
Company result	-
Lower	81.47
Median	43.73
Upper	18.85

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
30/09/2011		4,443	189,731
30/09/2010		-1,049	186,852
30/09/2009		-58,036	195,789

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
30/09/2011	1,064,678	99	49,579	52,723	4
30/09/2010	1,046,203	99	49,579	26,144	4
30/09/2009	997,125	99	49,579	25,217	3

Profit & loss

Annual accounts	30-09-2011	%	30-09-2010	%	30-09-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	41,833,704	-
Total operating expenses	-	-	-	-	-	40,766,724	-
Operating result	25,423	31.41	19,346	58.33	-33,168	353,563	-92.81
Total financial income	4,349	-3.99	4,530	-5.40	4,788	414,792	-98.95
Total financial expenses	25,329	1.62	24,925	-15.95	29,656	344,450	-92.65
Results on ordinary operations before taxation	4,443	423	-1,049	1.81	-58,036	409,768	-98.92
Taxation	5,647	463	1,002	93.54	-1,071	154,507	-96.35
Results on ordinary operations after taxation	-1,204	58.72	-2,051	3.60	-56,965	293,215	-100
Extraordinary items	4,084	59.30	-6,886	-119	35,419	35,400	-88.46
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	2,879	32.22	-8,937	41.48	-21,546	328,783	-99
other information
Dividends	-	-	-	-	-	696,987	-
Director remuneration	-	-	-	-	-	208,310	-
Employee costs	217,907	15.97	187,895	22.56	153,314	975,570	-77.66
Wages and salary	148,323	18.89	124,759	18.65	105,144	717,291	-79.32
Employee pension costs	-	-	-	-	-	16,470	-
Social security contributions	49,910	14.60	43,551	9.34	39,831	214,053	-76.68
Other employee costs	19,673	0.45	19,585	134	8,339	43,524	-54.80
Amortization and depreciation	39,024	-1.43	39,588	-38.54	64,416	134,516	-70.99

balance sheet

Annual accounts	30-09-2011	%	30-09-2010	%	30-09-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	90,564	-100
Tangible fixed assets	242,482	-0.29	243,193	6.22	228,944	756,252	-67.94
Land & building	152,794	-5.97	162,487	-5.63	172,180	862,592	-82.29
Plant & machinery	26,406	-13.78	30,627	-28.18	42,646	172,043	-84.65
Other tangible assets	63,282	26.36	50,080	254	14,118	125,659	-49.64
Financial fixed assets	99	0	99	0.16	99	4,977,032	-99
Total fixed assets	242,581	-0.29	243,293	6.22	229,043	3,913,474	-93.80
Inventories	425,765	8.72	391,610	-3.33	405,116	3,144,692	-86.46
Raw materials & consumables	-	-	-	-	-	469,331	-
Work in progress	0	-	0	-	0	16,919	-100
Finished goods	0	-	0	-	0	2,203,490	-100
Other stocks	425,765	8.72	391,610	-3.33	405,116	194,230	119
Trade debtors	332,048	-6.95	356,839	15.00	310,294	1,925,748	-82.76
Cash	52,723	101	26,144	3.67	25,217	326,949	-83.87
other amounts receivable	0	-100	10,577	-47.16	20,017	2,713,658	-100
Miscellaneous current assets	11,562	-34.83	17,741	138	7,438	117,046	-90.12
Total current assets	822,097	2.39	802,911	4.53	768,082	7,500,333	-89.04
current liabilities
Trade creditors	299,944	2.27	293,291	17.20	250,256	2,249,331	-86.67
Short term group loans	-	-	-	-	-	-	-
Other short term loans	388,583	-1.20	393,291	8.46	362,629	2,448,830	-84.13
Miscellaneous current liabilities	52,652	95.45	26,939	-29.74	38,341	-91.56	- -
Total current liabilities	741,179	3.88	713,521	9.57	651,226	5,302,767	-86.02
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	133,767	-8.27	145,831	-2.85	150,110	-94.03	- -
Other long term liabilities	0	-	0	-	0	66,088	-100
Total long term debts	133,767	-8.27	145,831	-2.85	150,110	1,351,115	-90.10
shareholders equity
Issued share capital	49,579	0	49,579	0.00	49,579	3,405,704	-98.54
Share premium account	-	-	-	-	-	11,858,277	-
Reserves	140,152	2.10	137,273	-6.11	146,210	551,308	-74.58
Revaluation reserve	-	-	-	-	-	1,361,918	-
Total shareholders equity	189,731	1.54	186,852	-4.56	195,789	4,581,267	-95.86
Working capital	80,918	-9.48	89,390	-23.50	116,856	2,197,566	-96.32
Net worth	189,731	1.54	186,852	-4.56	195,789	4,490,702	-95.78

Ratio analysis

Annual accounts	30-09-2011	change(%)	30-09-2010	change(%)	30-09-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	16,00	-
Return on capital employed	1.37	428	-0.32	1.91	-16.78	32,00	-95.72
Return on total assets employed	0.42	420	-0.10	1.72	-5.82	5,00	-91.60
Return on net assets employed	2.34	417	-0.56	1.89	-29.64	10,00	-76.60
Sales / net working capital	-	-	-	-	-	7,00	-
Stock turnover ratio	-	-	-	-	-	22,00	-
Debtor days	-	-	-	-	-	309,00	-
Creditor days	-	-	-	-	-	-54,00	-
short term stability
Current ratio	1.11	-1.77	1.13	-4.24	1.18	32,00	-72.25
Liquidity ratio / acid ratio	0.53	-8.62	0.58	3.57	0.56	24,00	-97.79
Current debt ratio	3.91	2.36	3.82	14.71	3.33	4,00	-2.25
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	275.31	-4.58	288.53	10.18	261.88	178,00	54.67
Equity in percentage	17.82	-0.22	17.86	-9.06	19.64	21,00	-15.14
Total debt ratio	4.61	0.22	4.60	12.47	4.09	4,00	15.25

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Limit History

no limit history data found

Industry comparison

Activity code	45310
Activity description	Agents involved in the sale of and wholesale in motor vehicle parts and accessories

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.55.54
UK Pound	1	Rs.87.39
Euro	1	Rs.68.72

INFORMATION DETAILS

Report Prepared by :

MNL

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.