MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	D.H.K. SA
Registered Office :	Rue De Wallonie 3 6200-Chatelineau
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	27.05.1983
Com. Reg. No.:	424028867
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Non-specialised wholesale trade
No. of Employees :	From 20 To 49 Employees

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

Maximum Credit Limit :	145.000 €
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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	424028867	Company name	D.H.K. SA
Address	Rue De Wallonie 3 6200-Chatelineau	Country	Belgium
Fax number	071243355	Date founded	27/05/1983
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46900	liable for VAT	yes
Activity description	Non-specialised wholesale trade	VAT Number	BE.0424.028.867
Belgian Bullettin of Acts Publications	moniteur belge

CREDIT RECOMENDATION

Current Credit Limit: 145.000€

DIRECTORS/MANAGEMENT

Current director details

Name	THIERRY DUBOIS
Position	Director
Date of birth	13/08/1962
Street	21 ALLÉE DE LA COMMANDERIE GERPINNES
Post code	6280
Country	Belgium

Name	THIERRY DUBOIS
Position	Managing Director
Date of birth	13/08/1962
Street	21 ALLÉE DE LA COMMANDERIE GERPINNES
Post code	6280
Country	Belgium

Name	PHILIPPE DUBOIS
Position	Director
Date of birth	23/03/1974
Street	3 RUE DU PRINCE DE LIÈGE GERPINNES
Post code	6280
Country	Belgium

Former director details

Name	PHILIPPE DUBOIS
Position	Managing Director
Date of birth	23/03/1974
Street	3 RUE DU PRINCE DE LIÈGE GERPINNES
Post code	6280
Country	Belgium

NEGATIVE INFORMATION

Contractor deta

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 20 TO 49 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	116
Description	Joint committee for the chemical industry
category

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

Court data summary

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

Protested bills

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

NSSO details

Business number	424028867
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

Individual Shareholders

Shareholder Name
Forename	Thierry	Middle name	-
Surname	Dubois
Shareholder Details
Start date	23/08/2005	End date	-
Percentage owned	50%
Shareholder Address
Street name	Allée de la Commanderie	House number	21
Minor town	-	Postal town	Gerpinnes
Post code	6280	Country	Belgium

---

Shareholder Name
Forename	Philippe	Middle name	-
Surname	Dubois
Shareholder Details
Start date	23/08/2005	End date	-
Percentage owned	50%
Shareholder Address
Street name	Rue du Prince de Liège	House number	3
Minor town	Villers-Poterie	Postal town	Gerpinnes
Post code	6280	Country	Belgium

PAYMENT INFORMATION

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46900
Activity description	Non-specialised wholesale trade
Industry average payment expectation days	102.32
Industry average day sales outstanding	140.48

Industry quartile analysis

Payment expectations	View graph
Company result	-
Lower	106.08
Median	61.90
Upper	30.42
Day sales outstanding	View graph
Company result	-
Lower	85.11
Median	47.06
Upper	19.41

GROUP STRUCTURE & AFFILIATED COMPANIES

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

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	-	-	-	-	-	12,957,868	-
Total operating expenses	-	-	-	-	-	12,592,406	-
Operating result	659,612	83.79	358,891	-26.19	486,263	90,299	630
Total financial income	132,071	28.84	102,509	-16.40	122,619	130,123	1.50
Total financial expenses	101,913	29.05	78,974	2.92	76,730	63,125	61.45
Results on ordinary operations before taxation	689,770	80.37	382,426	-28.14	532,152	141,766	386
Taxation	219,168	119	99,977	-36.80	158,190	39,257	458
Results on ordinary operations after taxation	470,602	66.61	282,449	-24.47	373,962	117,316	301
Extraordinary items	-4,313	-295	2,202	20.39	-10,800	-24,642	17.50
Other appropriations	0	-	0	-	0	0	-
Net result	466,289	63.81	284,651	-21.62	363,162	92,627	403
other information
Dividends	96,289	13.75	84,651	-	-	548,678	-82.45
Director remuneration	-	-	-	-	-	274,365	-
Employee costs	997,233	13.33	879,975	13.73	773,763	450,038	121
Wages and salary	719,839	9.82	655,493	25.63	521,765	342,701	110
Employee pension costs	-	-	-	-	-	51,041	-
Social security contributions	225,335	15.22	195,569	-9.63	216,408	106,434	111
Other employee costs	52,059	80.05	28,913	-18.76	35,590	13,364	289
Amortization and depreciation	181,374	1.01	179,560	-2.26	183,715	58,269	211

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	-	167	18,247	-100
Tangible fixed assets	501,193	-16.44	599,785	-20.55	754,926	388,839	28.89
Land & building	379,531	-10.64	424,744	-9.62	469,957	569,001	-33.30
Plant & machinery	3,921	-92.96	55,703	-55.46	125,052	74,620	-94.75
Other tangible assets	117,741	-1.34	119,338	-25.38	159,917	62,172	89.38
Financial fixed assets	1,056,353	0.61	1,050,000	-	-	3,388,846	-68.83
Total fixed assets	1,557,546	-5.59	1,649,785	118	755,093	2,366,969	-34.20
Inventories	1,568,010	8.07	1,450,973	7.45	1,350,315	440,059	256
Raw materials & consumables	-	-	-	-	-	1,002,788	-
Work in progress	0	-	0	-	0	2,891	-100
Finished goods	0	-	0	-	0	127,415	-100
Other stocks	1,568,010	8.07	1,450,973	7.45	1,350,315	107,558	1357
Trade debtors	1,324,723	14.03	1,161,775	15.94	1,002,010	495,923	167
Cash	500,520	-5.12	527,518	19.52	441,371	185,103	170
other amounts receivable	348	-99	54,889	436	10,233	759,008	-99
Miscellaneous current assets	45,066	472	7,875	71490	11	123,367	-63.47
Total current assets	3,438,667	7.36	3,203,030	14.23	2,803,940	1,806,955	90.30
current liabilities
Trade creditors	605,452	-19.37	750,885	33.07	564,291	484,875	24.87
Short term group loans	-	-	-	-	-	0	-
Other short term loans	175,587	-53.00	373,625	99	186,832	160,188	9.61
Miscellaneous current liabilities	530,750	39.72	379,869	37.20	276,879	7.73	- -
Total current liabilities	1,311,789	-12.80	1,504,379	46.34	1,028,002	1,101,299	19.11
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,082,079	-2.35	1,108,176	129	482,855	71.61	- -
Other long term liabilities	14,605	-17.82	17,771	-15.12	20,937	88,352	-83.47
Total long term debts	1,096,684	-2.60	1,125,947	123	503,792	388,295	182
shareholders equity
Issued share capital	500,000	0	500,000	0	500,000	1,456,020	-65.66
Share premium account	-	-	-	-	-	45,154	-
Reserves	2,087,740	21.20	1,722,489	12.78	1,527,239	935,859	123
Revaluation reserve	-	-	-	-	-	356,816	-
Total shareholders equity	2,587,740	16.43	2,222,489	9.63	2,027,239	2,405,141	7.59
Working capital	2,126,878	25.21	1,698,651	-4.35	1,775,938	705,656	201
Net worth	2,587,740	16.43	2,222,489	9.64	2,027,072	2,386,894	8.41

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	-231,00	-
Return on capital employed	18.72	63.92	11.42	-45.70	21.03	5,00	274
Return on total assets employed	13.81	75.25	7.88	-47.29	14.95	-21,00	65.76
Return on net assets employed	26.66	54.91	17.21	-34.44	26.25	15,00	77.73
Sales / net working capital	-	-	-	-	-	1,00	-
Stock turnover ratio	-	-	-	-	-	275,00	-
Debtor days	-	-	-	-	-	1.071,00	-
Creditor days	-	-	-	-	-	95,00	-
short term stability
Current ratio	2.62	23.00	2.13	-21.98	2.73	10,00	52.40
Liquidity ratio / acid ratio	1.43	23.28	1.16	-17.73	1.41	9,00	-84.11
Current debt ratio	0.51	-25.00	0.68	33.33	0.51	-5,00	10.20
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	48.60	-27.10	66.67	101	33.03	-45,00	108
Equity in percentage	51.79	13.08	45.80	-19.59	56.96	-1.007,00	5.14
Total debt ratio	0.93	-21.19	1.18	55.26	0.76	-3,00	31.00

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Significant Events

Event Date	07/05/2008
Event Description	re-appointment of director(s)
Event Details	Commentaire 07-05-2008: L'AGE a accepté la reconduction du mandat des administrateurs pour un nouveau terme de 6 ans: Mons Thierry Dubois (administrateur et administrateur délégué) et Mons Philippe Dubois (administrateur).

Industry comparison

Activity code	46900
Activity description	Non-specialised wholesale trade
industry average credit rating	60.59
Industry average credit limit	26717.87

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.65
UK Pound	1	Rs.79.09
Euro	1	Rs.65.32

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.