MIRA INFORM REPORT

Report Date :

11.12.2012

IDENTIFICATION DETAILS

Name :	MEGHMANI EUROPE BVBA
Registered Office :	Grotesteenweg 42 Antwerpen, Post Code 2600
Country :	Belgium
Financials (as on) :	31.03.2011
Date of Incorporation :	28.10.2004
Com. Reg. No.:	869763861
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of chemical products for industrial use
No. of Employees :	01 employee

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Small Company
Payment Behaviour :	Slow
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company name & address

Business number	869763861	Company name	MEGHMANI EUROPE BVBA
		Telephone number	-
Address	GROTESTEENWEG 42 ANTWERPEN	Fax number	-
Post code	2600	Number of staff	1
Date of establishment	28/10/2004

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/03/2011	2,691,457	-18,111	-832,582
31/03/2010	3,651,364	-91,933	-575,107
31/03/2009	5,484,745	-87,526	-488,809

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/03/2011	3,253,375	31,386	24,750	230,495	1
31/03/2010	5,528,486	27,117	24,750	270,959	1
31/03/2009	5,152,470	10,061	24,750	580,879	1

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	182
Industry average payment expectation days	66.40	Industry average day sales outstanding	107.82
Day sales outstanding	252.53

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company summary

Business number	869763861	Company name	MEGHMANI EUROPE BVBA
Fax number	-	Date founded	28/10/2004
Company status	active	Company type	Private Limited Company (BL/LX)
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.0869.763.861
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

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

Significant Events

Event Date	31/01/2007
Event Description
Event Details	Etablissement du nouveau texte des statuts en néerlandais.

Event Date	31/01/2007
Event Description
Event Details	Vaststelling nederlandse tekst statuten

Export accounts to CSV file

comparison mode

average

median

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	2,691,457	-26.29	3,651,364	-33.43	5,484,745	54,668,587	-95.08
Total operating expenses	2,657,167	-27.05	3,642,632	-33.88	5,508,897	52,627,388	-94.95
Operating result	34,290	292	8,731	36.15	-24,152	801,954	-95.72
Total financial income	85,597	128	37,418	-61.44	97,046	474,746	-81.97
Total financial expenses	137,999	-0.06	138,082	-13.92	160,420	498,731	-72.33
Results on ordinary operations before taxation	-18,111	19.70	-91,933	-5.03	-87,526	752,061	-102
Taxation	-	-	-	-	-	227,167	-
Results on ordinary operations after taxation	-18,111	19.70	-91,933	-5.03	-87,526	583,635	-103
Extraordinary items	-239,364	-4348	5,634	45.67	3,868	-10,330	-2217
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	-257,475	-198	-86,299	-3.16	-83,658	573,457	-144
OTHER INFORMATION
Dividends	-	-	-	-	-	1,371,876	-
Director remuneration	-	-	-	-	-	263,756	-
Employee costs	98,158	73.60	56,543	-48.24	109,250	1,201,832	-91.83
Wages and salary	83,156	111	39,350	-59.17	96,376	857,121	-90.30
Employee pension costs	-	-	-	-	-	72,776	-
Social security contributions	12,554	35.11	9,292	101	4,622	253,328	-95.04
Other employee costs	2,448	-69.02	7,902	-4.24	8,251	80,294	-96.95
Amortization and depreciation	22,394	-7.24	24,143	7.81	22,394	281,157	-92.04

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	67,984	-100
Tangible fixed assets	534,635	-2.80	550,029	0.51	547,214	1,321,293	-59.54
Land & building	509,601	-2.65	523,475	-2.70	537,976	731,815	-30.36
Plant & machinery	-	-	-	-	2,814	1,155,131	-
Other tangible assets	25,034	-5.72	26,554	313	6,424	127,238	-80.33
Financial fixed assets	31,386	15.74	27,117	169	10,061	3,481,469	-99
Total fixed assets	566,020	-1.93	577,145	3.57	557,275	3,633,046	-84.42
Inventories	593,844	-22.53	766,544	-15.36	905,646	3,045,504	-80.50
Raw materials & consumables	-	-	-	-	-	3,072,558	-
Work in progress	0	-	0	-	0	49,789	-100
Finished goods	593,844	-22.53	766,544	-15.36	905,646	1,504,982	-60.54
Other stocks	0	-	0	-	0	136,372	-100
Trade debtors	1,862,116	-52.02	3,881,086	30.57	2,972,439	3,228,682	-42.33
Cash	230,495	-14.93	270,959	-53.35	580,879	626,589	-63.21
other amounts receivable	0	-100	32,751	-75.96	136,232	2,096,370	-100
Miscellaneous current assets	900	-	0	-	0	2,513,377	-99
Total current assets	2,687,355	-45.72	4,951,340	7.75	4,595,196	10,401,833	-74.16
CURRENT LIABILITIES
Trade creditors	1,324,938	172	486,987	-	-	2,697,093	-50.88
Short term group loans	-	-	-	-	-	-	-
Other short term loans	23,965	5.82	22,647	-	0	2,205,205	-98.91
Miscellaneous current liabilities	2,353,632	-54.62	5,186,572	-0.01	5,187,243	40.04	- -
Total current liabilities	3,702,535	-35.00	5,696,206	9.81	5,187,243	6,478,052	-42.84
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	383,422	-5.88	407,387	-10.27	454,037	-82.95	- -
Other long term liabilities	0	-	0	-	0	293,929	-100
Total long term debts	383,422	-5.88	407,387	-10.27	454,037	1,220,161	-68.58
SHAREHOLDERS EQUITY
Issued share capital	24,750	0	24,750	0	24,750	3,725,937	-99
Share premium account	-	-	-	-	-	6,745,774	-
Reserves	-857,332	-42.92	-599,857	-16.80	-513,559	1,977,159	-143
Revaluation reserve	-	-	-	-	-	219,799	-
Total shareholders equity	-832,582	-44.77	-575,107	-17.65	-488,809	5,987,494	-113
Working capital	-1,015,180	-36.29	-744,866	-25.81	-592,047	3,923,781	-125
Net worth	-832,582	-44.77	-575,107	-17.65	-488,809	5,919,509	-114

ratio analysis

Annual accounts	31-03-2011	change(%)	31-03-2010	change(%)	31-03-2009	Industry average 2011	%
TRADING PERFORMANCE
Profit Before Tax	-0.67	26.59	-2.52	-57.50	-1.60	-30,00	2.23
Return on capital employed	4.03	-92.65	54.81	-78.22	251.71	-42,00	9.60
Return on total assets employed	-0.56	33.73	-1.66	97.65	-1.70	4,00	-114
Return on net assets employed	2.18	-86.37	15.99	-10.72	17.91	23,00	-90.52
Sales / net working capital	-2.65	54.08	-4.90	52.92	-9.26	10,00	-100
Stock turnover ratio	22.06	5.10	20.99	27.14	16.51	14,00	57.57
Debtor days	252.53	-34.91	387.96	96.13	197.81	132,00	91.31
Creditor days	182	272	48.80	-	-	10,00	1720
SHORT TERM STABILITY
Current ratio	0.73	-16.09	0.87	-2.25	0.89	10,00	-75.67
Liquidity ratio / acid ratio	0.57	-21.92	0.73	2.82	0.71	10,00	-94.30
Current debt ratio	-4.45	44.95	-9.90	93.31	-10.61	3,00	-248
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	-48.93	65.44	-74.77	80.49	-92.89	151,00	-132
Equity in percentage	-25.59	-146	-10.40	-9.59	-9.49	-42,00	60.93
Total debt ratio	-4.91	46.28	-10.61	91.94	-11.54	5,00	-198

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	182
Day sales outstanding	252.53

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	66.40
Industry average day sales outstanding	107.82

Industry quartile analysis

Payment expectations
Company result	182
Lower	92.04
Median	63.15
Upper	42.22

Day sales outstanding
Company result	252.53
Lower	70.91
Median	43.34
Upper	25.37

Summary

Group - Number of Companies	0
Linkages - Number of Companies	6
Number of Countries	3

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies

NAME	NUMBER	LATEST KEY FINANCIALS	TURNOVER
MEGHMANI ORGANICS	04-24052	31.03.2011	€157.938.805
MEGHMANI CHEMOTECH LIMITED	-	-	-
MEGHMANI ENERGY LIMITED	-	-	-
MEGHMANI FINECHEM LIMITED	-	-	-
MEGHMANI ORGANICS USA, INC	-	-	-
PT MEGHMANI INDONESIA	-	-	-

NSSO details

Business number	869763861
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

Current director details

Name	ANAND I PATEL
Position	Principal Manager
Start Date	20/05/2010
Street
Post code
Country	India

Former director details

Name	KETAN MAPARA
Position	Principal Manager
Start Date	01/04/2006
End Date	-
Date of birth	21/05/1969
Street	391 PRINS BOUDEWIJNLAAN EDEGEM
Post code	2650
Country	Belgium
Name	MAPARA KETAN
Position	Principal Manager
Start Date	06/03/2006
End Date	31/03/2011
Street	391 PRINS BOUDEWIJNLAAN EDEGEM
Post code	2650
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.87.09
Euro	1	Rs.70.13

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%)

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