MIRA INFORM REPORT

Report Date :

09.06.2012

IDENTIFICATION DETAILS

Name :	BEHANDELING TRANSPORT EN SERVICES NV
Registered Office :	Bouwerijstraat 2 Hemiksem, Post Code 2620
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	29.08.1988
Com. Reg. No.:	435079444
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Refrigerated warehousing and other storage and warehousing
No. of Employees :	05

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 – 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	435079444	Company name	BEHANDELING TRANSPORT EN SERVICES NV
		Telephone number	038771020
Address	BOUWERIJSTRAAT 2 HEMIKSEM	Fax number	-
Post code	2620	Number of staff	5
Date of establishment	29/08/1988

DIRECTORS/MANAGEMENT

Current director details

Name	DELIÉ NV
Position	Director
Date of birth	25/02/1993
Street	2 BOUWERIJSTRAAT HEMIKSEM
Post code	2620
Country	Belgium

Name	DELIÉ NV
Position	Managing Director
Date of birth	25/02/1993
Street	2 BOUWERIJSTRAAT HEMIKSEM
Post code	2620
Country	Belgium

Name	JOHANNES DE JONG
Position	Director
Street
Post code
Country	Philippines

Former director details

Name	HENDRIK HANSSENS
Position	Managing Director
Street	15 AZALEALAAN ZOERSEL
Post code	2980
Country	Belgium

Name	CHRISTIANE VAN DEN KERCKHOF
Position	Director
Street	18 KIWILAAN ZOERSEL
Post code	2980
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	152.13	Industry average day sales outstanding	102.56
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	52100
Activity description	Refrigerated warehousing and other storage and warehousing
Industry average payment expectation days	152.13
Industry average day sales outstanding	102.56

Industry quartile analysis

Payment expectations
Company result	-
Lower	108.59
Median	67.26
Upper	41.49
Day sales outstanding
Company result	-
Lower	90.17
Median	49.28
Upper	24.88

GROUP STRUCTURE & AFFILIATED COMPANIES

--

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		119,347	742,055
31/12/2009		21,276	741,365
31/12/2008		43,533	740,598

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	1,867,414		62,000	222,741	5
31/12/2009	1,564,735		62,000	146,711	4
31/12/2008	1,584,926		62,000	81,438	4

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	-	-	-	-	-	9,087,503	-
Total operating expenses	-	-	-	-	-	8,499,952	-
Operating result	67,984	-55.33	152,192	35.44	112,371	287,799	-76.38
Total financial income	111,119	256	31,167	-20.01	38,963	61,946	79.38
Total financial expenses	59,756	-63.13	162,083	50.35	107,801	165,930	-63.99
Results on ordinary operations before taxation	119,347	460	21,276	-51.13	43,533	179,498	-33.51
Taxation	50,791	153	20,047	-12.50	22,910	97,252	-47.77
Results on ordinary operations after taxation	68,556	5478	1,229	-94.04	20,623	114,806	-40.29
Extraordinary items	1,134	-92.20	14,538	-	0	51,443	-97.80
Other appropriations	0	-	0	-	0	-	-
Net result	69,690	341	15,767	-23.55	20,623	168,300	-58.59
other information
Dividends	69,000	360	15,000	-25.00	20,000	1,397,168	-95.06
Director remuneration	-	-	-	-	-	54,484	-
Employee costs	155,783	-3.62	161,633	2.74	157,326	1,545,772	-89.92
Wages and salary	111,281	2.63	108,431	-4.39	113,408	1,106,396	-89.94
Employee pension costs	-	-	-	-	-	54,711	-
Social security contributions	39,071	-1.95	39,849	-1.90	40,622	377,148	-89.64
Other employee costs	5,431	-59.33	13,353	305	3,296	72,293	-92.49
Amortization and depreciation	59,942	1.28	59,187	32.97	44,512	482,134	-87.57

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	41,290	-100
Tangible fixed assets	967,933	-2.36	991,364	3.22	960,440	3,600,200	-73.11
Land & building	883,126	-2.25	903,477	-2.20	923,827	2,333,864	-62.16
Plant & machinery	6,260	1048	545	-64.33	1,528	1,607,259	-99
Other tangible assets	78,547	-10.07	87,342	148	35,085	658,967	-88.08
Financial fixed assets	-	-	-	-	-	3,306,040	-
Total fixed assets	967,933	-2.36	991,364	3.22	960,440	5,397,663	-82.07
Inventories	186,192	-12.02	211,620	-5.90	224,883	508,540	-63.39
Raw materials & consumables	-	-	-	-	-	305,673	-
Work in progress	0	-	0	-	0	3,091	-100
Finished goods	0	-	0	-	0	70,350	-100
Other stocks	186,192	-12.02	211,620	-5.90	224,883	20,167	823
Trade debtors	457,496	181	162,780	-43.58	288,532	773,006	-40.82
Cash	222,741	51.82	146,711	80.15	81,438	338,593	-34.22
other amounts receivable	33,052	43.68	23,004	-22.37	29,633	671,522	-95.08
Miscellaneous current assets	0	-100	29,256	-	0	187,102	-100
Total current assets	899,481	56.88	573,371	-8.19	624,486	2,064,712	-56.44
current liabilities
Trade creditors	355,731	130	154,311	113	72,296	761,597	-53.29
Short term group loans	-	-	-	-	-	-	-
Other short term loans	109,953	-66.13	324,611	-13.40	374,852	513,739	-78.60
Miscellaneous current liabilities	205,618	246	59,334	-5.76	62,960	-75.02	- -
Total current liabilities	671,302	24.72	538,256	5.52	510,108	2,059,756	-67.41
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	454,057	204	149,037	-24.25	196,743	-85.39	- -
Other long term liabilities	0	-100	136,077	-1.02	137,477	612,847	-100
Total long term debts	454,057	59.25	285,114	-14.69	334,220	2,399,342	-81.08
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	1,631,058	-96.20
Share premium account	-	-	-	-	-	1,038,540	-
Reserves	16,993	4.23	16,303	4.94	15,536	898,887	-98.11
Revaluation reserve	663,062	0	663,062	0	663,062	1,199,877	-44.74
Total shareholders equity	742,055	0.09	741,365	0.10	740,598	2,658,492	-72.09
Working capital	228,179	549	35,115	-69.30	114,378	4,956	4504
Net worth	742,055	0.09	741,365	0.10	740,598	2,617,202	-71.65

ratio analysis

Annual accounts		31-12-2010	change(%)			31-12-2009	change(%)			31-12-2008		Industry average 2010	%
Trading performance
Profit Before Tax		-	-			-	-			-		-2,00	-
Return on capital employed		9.98	382			2.07	-48.89			4.05		-40,00	24.95
Return on total assets employed		6.39	369			1.36	-50.55			2.75		-3,00	213
Return on net assets employed	16.08			460	2.87			-51.19	5.88		-17,00			94.59
Sales / net working capital	-			-	-			-	-		1,00			-
Stock turnover ratio	-			-	-			-	-		14,00			-
Debtor days	-			-	-			-	-		91,00			-
Creditor days	-			-	-			-	-		196,00			-
short term stability
Current ratio	1.34			25.23	1.07			-12.30	1.22		11,00			-33.00
Liquidity ratio / acid ratio	1.06			58.21	0.67			-14.10	0.78		11,00			-90.36
Current debt ratio	0.90			23.29	0.73			5.80	0.69		2,00			-55.00
Liquidity ratio reprocessed	-			-	-			-	-		-			-
long term stability
Gearing	76.01			18.97	63.89			-17.22	77.18		-80,00			95.01
Equity in percentage	39.74			-16.12	47.38			1.39	46.73		-71,00			55.97
Total debt ratio	1.52			36.94	1.11			-2.63	1.14		2,00			-24.00

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Business number	435079444	Company name	BEHANDELING TRANSPORT EN SERVICES NV
Fax number	-	Date founded	29/08/1988
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	52100	liable for VAT	yes
Activity description	Refrigerated warehousing and other storage and warehousing	VAT Number	BE.0435.079.444
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	21/12/2011
Event Description
Event Details	De vergadering beslist de aandelen aan toonder om te zetten in aandelen op naam.

Industry comparison

Activity code	52100
Activity description	Refrigerated warehousing and other storage and warehousing
industry average credit rating	64.16
Industry average credit limit	53197.15

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

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%)

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.