MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	MULTI-FISH NV
Registered Office :	Sontstraat 101 Brugge 8380
Country :	Belgium
Financials (as on) :	31.03.2012
Date of Incorporation :	18.04.2007
Com. Reg. No.:	888839011
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of fish, crustaceans and molluscs
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	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 and address Top of Form

Business number	888839011	Company name	MULTI-FISH NV
		Telephone number	050542720
Address	SONTSTRAAT 101 BRUGGE	Fax number	050542728
Post code	8380	Number of staff	10
Date of establishment	18/04/2007

Ultimate holding company

Company name	Company Number
Fox Consulting NV	475249322

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/03/2012		654,260	977,015
31/03/2011		495,480	651,041
31/03/2010		354,136	399,803

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/03/2012	3,993,008	7,013	200,000	508,500	10
31/03/2011	3,647,211	7,013	200,000	341,083	9
31/03/2010	2,361,915	6,000	200,000	131,132	8

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	63.07	Industry average day sales outstanding	69.21
Day sales outstanding	-

Court data summary

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

Business number	888839011	Company name	MULTI-FISH NV
Fax number	050542728	Date founded	18/04/2007
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/03/2012
Activity code	46381	liable for VAT	yes
Activity description	Wholesale of fish, crustaceans and molluscs	VAT Number	BE.0888.839.011
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

JIC Code	143
Description	Joint committee for the offshore fishing
category

Significant Events

Event Date	20/12/2011
Event Description
Event Details	Bevestiging van het bestaan van aandelen op naam. Er zijn nooit aandelen aan toonder gemaakt.

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	937,431	-
Total operating expenses	-	-	-	-	-	950,722	-
Operating result	783,274	45.85	537,046	40.37	382,593	32,115	2338
Total financial income	4,145	-83.91	25,764	1223	1,947	9,598	-56.81
Total financial expenses	133,159	97.77	67,330	121	30,404	30,349	338
Results on ordinary operations before taxation	654,260	32.05	495,480	39.91	354,136	11,952	5374
Taxation	177,794	25.91	141,207	120	63,967	23,365	660
Results on ordinary operations after taxation	476,466	34.49	354,273	22.09	290,168	-4,035	11808
Extraordinary items	772	-	0	0	-86,335	2,918	-73.54
Other appropriations	0	-	0.00	-	0.00	-	-
Net result	477,238	34.71	354,273	73.81	203,833	-1,082	44107
other information
Dividends	-	-	-	-	-	75,371	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	370,094	-2.11	378,057	29.70	291,486	344,404	7.46
Wages and salary	251,850	2.73	245,147	32.99	184,340	233,551	7.84
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	108,951	-6.45	116,457	13.47	102,637	90,752	20.05
Other employee costs	9,292	-43.52	16,453	264	4,509	13,753	-32.44
Amortization and depreciation	65,279	-59.39	160,764	108	77,048	59,893	8.99

balance sheet

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	131,192	-	79,928	-	136,893	20,410	542
Tangible fixed assets	162,492	69.77	95,711	0.07	95,646	343,745	-52.73
Land & building	28,699	-25.84	38,699	-20.53	48,699	592,905	-95.16
Plant & machinery	48,716	4.25	46,729	21.59	38,434	67,432	-27.76
Other tangible assets	85,077	727	10,282	20.79	8,513	39,436	115
Financial fixed assets	7,013	0.01	7,013	16.88	6,000	2,432	188
Total fixed assets	300,696	64.63	182,652	-23.43	238,539	368,129	-18.32
Inventories	1,449,642	1.89	1,422,797	179	509,032	425,742	240
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	0	-
Finished goods	0	-	0	-	0	0	-
Other stocks	1,449,642	1.89	1,422,797	179	509,032	246,482	488
Trade debtors	1,677,194	2.02	1,643,970	12.35	1,463,212	411,185	307
Cash	508,500	49.08	341,083	160	131,132	105,116	383
other amounts receivable	56,975	0.47	56,709	183	20,000	81,019	-29.68
Miscellaneous current assets	1	-	0	-	0	22,739	-99
Total current assets	3,692,312	6.57	3,464,559	63.16	2,123,376	861,009	328
current liabilities
Trade creditors	723,241	-22.85	937,448	10.86	845,580	354,308	104
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-100	456,406	-	0	215,593	-100
Miscellaneous current liabilities	1,861,559	52.29	1,222,388	79.86	679,639	748	- -
Total current liabilities	2,584,800	-1.20	2,616,242	71.53	1,525,219	770,694	235
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	300,001	0.00	300,000	0	300,000	33,199	803
Total long term debts	300,001	0.00	300,000	0	300,000	245,555	22.17
shareholders equity
Issued share capital	200,000	0	200,000	0	200,000	110,526	80.95
Share premium account	-	-	-	-	-	-	-
Reserves	908,207	71.05	530,969	57.70	336,696	43,042	2010
Revaluation reserve	-	-	-	-	-	390,842	-
Total shareholders equity	1,108,207	51.61	730,969	36.20	536,696	174,139	536
Working capital	1,107,512	30.55	848,317	41.82	598,157	90,315	1126
Net worth	977,015	50.07	651,041	62.84	399,803	153,729	535

ratio analysis

Annual accounts	31-03-2012	change(%)	31-03-2011	change(%)	31-03-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	-2,00	-
Return on capital employed	46.46	-3.33	48.06	13.54	42.33	93,00	-50.04
Return on total assets employed	16.39	20.60	13.59	-9.34	14.99	-4,00	409
Return on net assets employed	59.04	-12.89	67.78	2.73	65.98	22,00	168
Sales / net working capital	-	-	-	-	-	22,00	-
Stock turnover ratio	-	-	-	-	-	1,00	-
Debtor days	-	-	-	-	-	76,00	-
Creditor days	-	-	-	-	-	78,00	-
short term stability
Current ratio	1.43	8.33	1.32	-5.04	1.39	2,00	-28.50
Liquidity ratio / acid ratio	0.87	11.54	0.78	-26.42	1.06	1,00	-13.00
Current debt ratio	2.33	-34.92	3.58	26.06	2.84	2,00	16.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	62.44	-	-	362,00	-
Equity in percentage	28.70	40.07	20.49	-15.05	24.12	16,00	79.38
Total debt ratio	2.60	-34.84	3.99	17.35	3.40	4,00	-35.00

Industry comparison

Industry comparison

Activity code	46381
Activity description	Wholesale of fish, crustaceans and molluscs
Industry average payment expectation days	63.07
Industry average day sales outstanding	69.21

Industry quartile analysis

Payment expectations
Company result	-
Lower	67.43
Median	40.17
Upper	13.77
Day sales outstanding
Company result	-
Lower	68.55
Median	37.93
Upper	15.27

Summary

Group - Number of Companies	4
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- FOX CONSULTING NV	475249322	30-12-2011
- - JOHANS BVBA	471606080	30-06-2011
- - LA BRETAGNE LOGISTICS NV	466099054	30-09-2011
- - MULTI-FISH NV	888839011	31-03-2012

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Donaat	Middle name	Emma
Surname	De Vos
Shareholder Details
Start date	16/04/2007	End date	-
Percentage owned	0.08%
Shareholder Address
Street name	Lange Meire	House number	94C
Minor town	-	Postal town	Laarne
Post code	9270	Country	Belgium

Companies that match this address

no Companies Match this address

NSSO details

Business number	888839011
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	LA BRETAGNE LOGISTICS NV
Position	Legal Representative
Start Date	05/01/2009
Date of birth	12/05/1999
Street	9 KRAAKSTRAAT BRUGGE
Post code	8380
Country	Belgium
Name	LA BRETAGNE LOGISTICS NV
Position	Director
Start Date	05/01/2009
Date of birth	12/05/1999
Street	9 KRAAKSTRAAT BRUGGE
Post code	8380
Country	Belgium

Name	FOX CONSULTING NV
Position	Legal Representative
Start Date	18/04/2007
Date of birth	29/06/2001
Street	94 LANGE MEIRE LAARNE
Post code	9270
Country	Belgium
Name	FOX CONSULTING NV
Position	Managing Director
Start Date	18/04/2007
Date of birth	29/06/2001
Street	94 LANGE MEIRE LAARNE
Post code	9270
Country	Belgium

Name	FOX CONSULTING NV
Position	Director
Start Date	18/04/2007
Date of birth	29/06/2001
Street	94 LANGE MEIRE LAARNE
Post code	9270
Country	Belgium
Name	FOX CONSULTING NV
Position	Chairman of the Board
Start Date	16/04/2007
Date of birth	29/06/2001
Street	94 LANGE MEIRE LAARNE
Post code	9270
Country	Belgium

Name	BERT VAN LOOCK
Position	Director
Start Date	12/03/2012
Street
Post code
Country
Name	BERT VAN LOOCK
Position	Managing Director
Start Date	12/03/2012
Street
Post code
Country

Former director details

Name	LUC COPPIN BVBA
Position	Director
Start Date	16/04/2007
End Date	16/01/2008
Date of birth	09/01/2006
Street	59 GROENESTRAAT DAMME
Post code	8340
Country	Belgium
Name	LUC COPPIN BVBA
Position	Managing Director
Start Date	16/04/2007
End Date	16/01/2008
Date of birth	09/01/2006
Street	59 GROENESTRAAT DAMME
Post code	8340
Country	Belgium

Name	DIRK VERSCHAEVE BVBA
Position	Managing Director
Start Date	16/01/2008
End Date	-
Date of birth	16/04/2007
Street	10 LETTENBURGSTRAAT ZUIENKERKE
Post code	8377
Country	Belgium
Name	DIRK VERSCHAEVE BVBA
Position	Legal Representative
Start Date	18/04/2007
End Date	-
Date of birth	16/04/2007
Street	10 LETTENBURGSTRAAT ZUIENKERKE
Post code	8377
Country	Belgium

Name	DIRK VERSCHAEVE BVBA
Position	Director
Start Date	18/04/2007
End Date	-
Date of birth	16/04/2007
Street	10 LETTENBURGSTRAAT ZUIENKERKE
Post code	8377
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.