MIRA INFORM REPORT

Report Date :

29.08.2012

IDENTIFICATION DETAILS

Name :	HOTTLET FROZEN FOODS NV

Registered Office :	Heiveldekens 4 Kontich 2550

Country :	Belgium

Financials (as on) :	31.03.2011

Date of Incorporation :	01.10.1951

Com. Reg. No.:	403656986

Legal Form :	Public Limited Liability Company

line of business :	Wholesale of sugar and chocolate and sugar confectionery

No. of Employees :	12

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good

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	403656986	Company name	HOTTLET FROZEN FOODS NV
		Telephone number	034513131
Address	HEIVELDEKENS 4 KONTICH	Fax number	034513130
Post code	2550	Number of staff	12
Date of establishment	01/10/1951

Business number	403656986	Company name	HOTTLET FROZEN FOODS NV
Fax number	034513130	Date founded	01/10/1951
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/03/2011
Activity code	46360	liable for VAT	yes
Activity description	Wholesale of sugar and chocolate and sugar confectionery	VAT Number	BE.0403.656.986
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	EUROCOLD NV
Position	Director
Date of birth	12/01/1971
Street	4 HEIVELDEKENS KONTICH
Post code	2550
Country	Belgium

Name	OLIVIER HOTTLET
Position	Managing Director
Street	61 MUSSENBURGLEI EDEGEM
Post code	2650
Country	Belgium

Name	BENOIT HOTTLET
Position	Managing Director
Street	62 MUSSENBURGLEI EDEGEM
Post code	2650
Country	Belgium

Former director details

Name	FIERENS MARC,
Position	Commissioner
Street
Post code
Country

NEGATIVE INFORMATION

Court data summary

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

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 10 TO 19 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	226
Description	JC employees international trade, transport & related activities
category

Protested bills

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

NSSO details

Business number	403656986
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

Minority Interests

Business number	Company name	%	Rating	Limit	Date of accounts
444998683	Misa-Invest NV	12.5	72	€10.000	30/06/2011
444998683	Misa-Invest NV	12.5	72	€10.000	30/06/2011
444998683	Misa-Invest NV	12.5	72	€10.000	30/06/2011

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	11.17
Industry average payment expectation days	59.25	Industry average day sales outstanding	118.44
Day sales outstanding	39.89

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	11.17
Day sales outstanding	39.89

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	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	54,417,542	3,132,983	9,005,482
31/03/2010	52,397,248	3,100,191	8,068,691
31/03/2009	51,820,102	145,284	6,522,427

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/03/2011	19,916,348	213,955	1,000,000	248,419	12
31/03/2010	17,587,656	212,135	1,000,000	971,730	14
31/03/2009	21,184,276	493,634	1,000,000	483,879	14

Trends

Profitability
Liquidity
Net worth

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	54,417,542	3.86	52,397,248	1.11	51,820,102	27,170,195	100
Total operating expenses	51,354,929	3.68	49,534,468	2.24	48,447,606	26,547,507	93.45
Operating result	3,062,614	6.98	2,862,781	-15.11	3,372,496	184,342	1561
Total financial income	2,830,166	53.59	1,842,620	-55.37	4,128,777	47,528	5854
Total financial expenses	2,759,796	71.93	1,605,210	-78.18	7,355,989	53,928	5017
Results on ordinary operations before taxation	3,132,983	1.06	3,100,191	2033	145,284	174,313	1697
Taxation	1,000,363	74.73	572,518	-	-	74,819	1237
Results on ordinary operations after taxation	2,132,620	-15.63	2,527,673	1639	145,284	123,224	1630
Extraordinary items	4,171	1.09	-381,409	-4357	-8,557	-10,155	41.08
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	2,136,791	-0.44	2,146,264	1469	136,727	113,909	1775
other information
Dividends	1,200,000	100	600,000	-	-	620,468	93.40
Director remuneration	-	-	-	-	-	219,092	-
Employee costs	1,002,923	-18.78	1,234,890	19.46	1,033,716	672,474	49.14
Wages and salary	735,870	-16.27	878,874	19.05	738,245	491,299	49.78
Employee pension costs	-	-	-	-	-	15,926	-
Social security contributions	216,935	-16.37	259,401	20.00	216,176	158,248	37.09
Other employee costs	50,118	-48.13	96,615	21.84	79,295	25,622	95.61
Amortization and depreciation	273,626	-7.03	294,304	-12.57	336,613	103,919	163
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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	0	-	0	-	0	19,344	-100
Tangible fixed assets	1,938,489	-9.37	2,138,849	-11.66	2,421,194	595,104	225
Land & building	1,538,820	-5.33	1,625,537	-7.17	1,751,069	590,753	160
Plant & machinery	348,673	-27.28	479,481	-21.51	610,885	209,310	66.58
Other tangible assets	50,997	50.74	33,830	-42.89	59,240	90,015	-43.35
Financial fixed assets	213,955	0.86	212,135	-57.03	493,634	769,368	-72.19
Total fixed assets	2,152,444	-8.44	2,350,983	-19.34	2,914,828	1,105,685	94.67
Inventories	11,537,742	25.12	9,221,651	-19.24	11,418,471	868,308	1228
Raw materials & consumables	26,390	-16.22	31,500	-12.50	36,000	2,364,083	-98.88
Work in progress	0	-	0	-	0	1,155	-100
Finished goods	11,511,352	25.26	9,190,151	-19.26	11,382,471	423,933	2615
Other stocks	0	-	0	-	0	109,670	-100
Trade debtors	5,946,756	18.69	5,010,445	-20.14	6,273,680	897,340	562
Cash	248,419	-74.44	971,730	100	483,879	183,575	35.32
other amounts receivable	30,987	0	30,987	-66.83	93,417	342,990	-90.97
Miscellaneous current assets	0	-100	1,859	-	0	141,592	-100
Total current assets	17,763,904	16.59	15,236,672	-16.60	18,269,448	2,191,809	710
current liabilities
Trade creditors	1,571,785	68.51	932,769	74.90	533,327	889,167	76.77
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,467,077	1.89	5,365,899	-53.04	11,425,786	500,450	992
Miscellaneous current liabilities	2,242,004	41.69	1,582,297	76.45	896,735	615	- -
Total current liabilities	9,280,865	17.76	7,880,964	-38.70	12,855,848	1,659,842	459
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,630,000	-0.49	1,638,000	-9.30	1,806,000	314	- -
Other long term liabilities	0	-	0	-	0	29,861	-100
Total long term debts	1,630,000	-0.49	1,638,000	-9.30	1,806,000	260,266	526
shareholders equity
Issued share capital	1,000,000	0	1,000,000	0	1,000,000	464,688	115
Share premium account	-	-	-	-	-	527,455	-
Reserves	8,005,482	13.25	7,068,691	28.00	5,522,427	805,462	893
Revaluation reserve	-	-	-	-	-	329,801	-
Total shareholders equity	9,005,482	11.61	8,068,691	23.71	6,522,427	1,303,124	591
Working capital	8,483,039	15.33	7,355,708	35.87	5,413,600	531,967	1494
Net worth	9,005,482	11.61	8,068,691	23.71	6,522,427	1,283,780	601
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Ratio analysis

Annual accounts	31-03-2011	change(%)	31-03-2010	change(%)	31-03-2009	Industry average 2011	%
Trading performance
Profit Before Tax	5.76	-2.70	5.92	2014	0.28	-2,00	288
Return on capital employed	29.46	-7.76	31.94	1735	1.74	3,00	882
Return on total assets employed	15.73	-10.78	17.63	2455	0.69	-39,00	40.33
Return on net assets employed	34.79	-9.45	38.42	1622	2.23	-1,00	3479
Sales / net working capital	6.41	-9.97	7.12	-25.60	9.57	5,00	-99
Stock turnover ratio	21.20	20.45	17.60	-20.11	22.03	10,00	112
Debtor days	39.89	14.30	34.90	-21.02	44.19	59,00	-32.39
Creditor days	11.17	62.59	6.87	70.90	4.02	30,00	-62.77
short term stability
Current ratio	1.91	-1.04	1.93	35.92	1.42	369,00	-36.33
Liquidity ratio / acid ratio	0.67	-11.84	0.76	43.40	0.53	369,00	-99
Current debt ratio	1.03	5.10	0.98	-50.25	1.97	3,00	-65.67
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	78.81	-9.21	86.80	-57.21	202.87	7,00	1025
Equity in percentage	45.22	-1.44	45.88	49.01	30.79	-166,00	27.24
Total debt ratio	1.21	2.54	1.18	-47.56	2.25	2,00	-39.50

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Significant Events

Event Date	03/09/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 03-09-2007: Herbenoeming bestuurdersmandaten voor een periode van 6 jaar: Hottlet Olivier (tevens gedelegeerd bestuurder), Hottlet Benoit (tevens gedelegeerd bestuurder) en Eurocold nv.

Rating History

no rating history data found

Limit History

no limit history data found

Industry comparison

Activity code	46360
Activity description	Wholesale of sugar and chocolate and sugar confectionery
Industry average payment expectation days	59.25
Industry average day sales outstanding	118.44

Industry quartile analysis

Payment expectations	View graph
Company result	11.17
Lower	72.49
Median	46.49
Upper	25.20
Day sales outstanding	View graph
Company result	39.89
Lower	67.74
Median	42.79
Upper	19.64

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.78
UK Pound	1	Rs.88.04
Euro	1	Rs.69.62

INFORMATION DETAILS

Report Prepared by :

SDA

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.