MIRA INFORM REPORT

Report Date :

30.08.2012

IDENTIFICATION DETAILS

Name :	METRACO NV
Registered Office :	Spinnerijkaai 45 Bus 203 Kortrijk 8500
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	30.04.1993
Com. Reg. No.:	449992007
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of metals and metal ores
No. of Employees :	2

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 :	Slow but correct
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	A1	A1

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	449992007	Company name	METRACO NV
		Telephone number	052279256
Address	SPINNERIJKAAI 45 BUS 203 KORTRIJK	Fax number	056259874
Post code	8500	Number of staff	2
Date of establishment	30/04/1993

Business number	449992007	Company name	METRACO NV
Fax number	056259874	Date founded	30/04/1993
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46720	liable for VAT	yes
Activity description	Wholesale of metals and metal ores	VAT Number	BE.0449.992.007
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	ELS ROSA RITA COSAERT
Position	Director
Date of birth	20/12/1966
Street	79 KANAALSTRAAT ZWEVEGEM
Post code	8550
Country	Belgium

Name	COMELOG INTERNATIONAL NV
Position	Legal Representative
Date of birth	19/12/2005
Street	45 SPINNERIJKAAI KORTRIJK
Post code	8500
Country	Belgium

Name	COMELOG INTERNATIONAL NV
Position	Director
Date of birth	19/12/2005
Street	45 SPINNERIJKAAI KORTRIJK
Post code	8500
Country	Belgium

Name	COMELOG INTERNATIONAL NV
Position	Managing Director
Date of birth	19/12/2005
Street	45 SPINNERIJKAAI KORTRIJK
Post code	8500
Country	Belgium

Name	OLIVIER ESQUENET
Position	Chairman of the Board
Date of birth	08/06/1964
Street	32 ARGENDAALSTRAAT KORTRIJK
Post code	8510
Country	Belgium

Name	OLIVIER ESQUENET
Position	Managing Director
Date of birth	08/06/1964
Street	32 ARGENDAALSTRAAT KORTRIJK
Post code	8510
Country	Belgium

Name	OLIVIER ESQUENET
Position	Director
Date of birth	08/06/1964
Street	32 ARGENDAALSTRAAT KORTRIJK
Post code	8510
Country	Belgium

Former director details

Name	ROBERT SOEATAERT
Position	Director
Street	55 GROENINGESTRAAT HARELBEKE
Post code	8530
Country	Belgium

Name	MARIE-LOUISE MEIRE
Position	Director
Street	55 GROENINGESTRAAT HARELBEKE
Post code	8530
Country	Belgium

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	-

Joint Industrial Committee (JIC)

JIC Code	149.04
Description	Joint subcommittee for the trade in metals
category

JIC Code	218
Description	Additional national joint committee for the employees
category

NSSO details

Business number	449992007
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

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	1.85
Industry average payment expectation days	44.81	Industry average day sales outstanding	86.82
Day sales outstanding	27.27

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	1.85
Day sales outstanding	27.27

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
31/12/2010	52,279,257	447,599	2,669,554
31/12/2009	29,045,331	121,753	2,353,792
31/12/2008	40,354,447	79,145	2,730,789

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	9,367,446	107,619	238,845	66,306	2
31/12/2009	5,277,719	107,619	238,845	28,623	1
31/12/2008	4,823,750	31	238,845	1,289,280	1

Trends

Profitability
Liquidity
Net worth

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	52,279,257	79.99	29,045,331	-28.02	40,354,447	54,421,397	-3.94
Total operating expenses	51,644,075	78.28	28,967,193	-28.15	40,315,006	53,043,944	-2.64
Operating result	635,182	712	78,138	98.11	39,441	411,682	54.29
Total financial income	956,317	48.42	644,330	-36.72	1,018,241	191,347	399
Total financial expenses	1,143,900	90.42	600,715	-38.61	978,537	295,481	287
Results on ordinary operations before taxation	447,599	267	121,753	53.84	79,145	301,378	48.52
Taxation	145,191	-	-	-	6,022	125,304	15.87
Results on ordinary operations after taxation	302,407	148	121,753	66.50	73,123	210,018	43.99
Extraordinary items	13,354	-	0	-100	31,005	354,765	-96.24
Other appropriations	0.00	-	0.00	-	0	0	-
Net result	315,762	159	121,753	16.93	104,128	565,760	-44.19
other information
Dividends	-	-	498,750	-	-	3,530,682	-
Director remuneration	-	-	-	-	-	145,946	-
Employee costs	162,930	39.53	116,769	52.87	76,387	932,637	-82.53
Wages and salary	129,948	62.96	79,740	42.48	55,965	679,259	-80.87
Employee pension costs	-	-	-	-	-	41,517	-
Social security contributions	32,455	40.34	23,126	60.66	14,394	231,061	-85.95
Other employee costs	527	-96.21	13,904	130	6,028	43,470	-98.79
Amortization and depreciation	21,134	93.77	10,907	-18.21	13,335	189,399	-88.84

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	127,782	-100
Tangible fixed assets	97,519	7.89	90,385	137	38,124	704,659	-86.16
Land & building	22,109	-12.00	25,125	0.00	25,125	638,412	-96.54
Plant & machinery	-	-	-	-	-	303,353	-
Other tangible assets	75,410	15.55	65,260	402	12,999	153,347	-50.82
Financial fixed assets	107,619	0	107,619	347058	31	600,623	-82.08
Total fixed assets	205,138	3.60	198,004	418	38,155	1,206,839	-83.00
Inventories	5,158,043	211	1,654,510	-14.71	1,939,778	2,093,819	146
Raw materials & consumables	-	-	-	-	-	1,898,384	-
Work in progress	0	-	0	-	0	53,685	-100
Finished goods	5,158,043	211	1,654,510	-14.71	1,939,778	1,026,069	402
Other stocks	0	-	0	-	0	150,390	-100
Trade debtors	3,905,756	84.43	2,117,787	121	954,929	1,639,537	138
Cash	66,306	131	28,623	-97.78	1,289,280	588,528	-88.73
other amounts receivable	23,194	-98.18	1,271,472	112	597,885	2,058,760	-98.87
Miscellaneous current assets	9,008	23.00	7,323	96.70	3,723	166,130	-94.58
Total current assets	9,162,308	80.37	5,079,715	6.15	4,785,595	5,767,076	58.87
current liabilities
Trade creditors	261,161	-53.34	559,694	26.95	440,881	1,301,453	-79.93
Short term group loans	-	-	-	-	-	0	-
Other short term loans	3,970,252	70.74	2,325,276	41.72	1,640,762	724,086	448
Miscellaneous current liabilities	2,466,479	6231	38,956	244	11,318	96.27	- -
Total current liabilities	6,697,892	129	2,923,927	39.70	2,092,961	3,222,193	107
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	99,940	-100
Total long term debts	0	-	0	-	0	1,012,109	-100
shareholders equity
Issued share capital	238,845	0	238,845	0.00	238,845	1,426,738	-83.26
Share premium account	-	-	-	-	-	317,722	-
Reserves	2,430,709	14.93	2,114,948	-15.13	2,491,944	1,187,931	104
Revaluation reserve	-	-	-	-	-	444,648	-
Total shareholders equity	2,669,554	13.42	2,353,792	-13.81	2,730,789	2,638,753	1.17
Working capital	2,464,416	14.32	2,155,789	-19.94	2,692,634	2,544,882	-3.16
Net worth	2,669,554	13.42	2,353,792	-13.81	2,730,789	2,510,971	6.32

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.86	104	0.42	110	0.20	8,00	-89.25
Return on capital employed	16.77	224	5.17	78.28	2.90	21,00	-20.14
Return on total assets employed	4.78	106	2.31	40.85	1.64	0,00	-
Return on net assets employed	16.77	224	5.17	78.28	2.90	40,00	-58.08
Sales / net working capital	21.21	57.46	13.47	-10.14	14.99	10,00	-99
Stock turnover ratio	9.87	73.16	5.70	18.50	4.81	18,00	-45.17
Debtor days	27.27	2.48	26.61	207	8.64	119,00	-77.08
Creditor days	1.85	-73.76	7.05	76.69	3.99	-158,00	1.17
short term stability
Current ratio	1.37	-21.26	1.74	-24.02	2.29	10,00	-
Liquidity ratio / acid ratio	0.60	-48.72	1.17	-13.97	1.36	9,00	-93.33
Current debt ratio	2.51	102	1.24	61.04	0.77	0,00	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	148.72	50.54	98.79	64.43	60.08	41,00	262
Equity in percentage	28.50	-36.10	44.60	-21.22	56.61	-112,00	25.45
Total debt ratio	2.51	102	1.24	61.04	0.77	1,00	151

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Significant Events

Event Date	26/05/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 26-05-2007: Herbenoeming bestuurder voor een periode van 6 jaar: Meire Marie-Louise.

Event Date	06/01/2006
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 06-01-2006: De vergadering bevestigt de benoeming vban mevrouw Marie Louise Meire en dit met ingang van 24.04.2004

Industry comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
industry average credit rating	69.32
Industry average credit limit	193568.18

Industry comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
Industry average payment expectation days	44.81
Industry average day sales outstanding	86.82

Industry quartile analysis

Payment expectations
Company result	1.85
Lower	88.47
Median	63.78
Upper	33.83
Day sales outstanding
Company result	27.27
Lower	57.74
Median	33.93
Upper	19.91

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.66
UK Pound	1	Rs.88.04
Euro	1	Rs.69.91

INFORMATION DETAILS

Report Prepared by :

PRL

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.