MIRA INFORM REPORT

Report Date :

11.06.2012

IDENTIFICATION DETAILS

Name :	BORLIX NV
Registered Office :	Lanceloot Blondeellaan 15 Brugge 8380
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	02.03.1998
Com. Reg. No.:	462704252
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Refrigerated warehousing and other storage and warehousing
No. of Employees :	3

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

Top of Form

Company name and address

Business number		462704252	Company name	BORLIX NV
Telephone number	050544861
Address		LANCELOOT BLONDEELLAAN 15 BRUGGE	Fax number	050544942
Post code		8380	Number of staff	3
Date of establishment		02/03/1998

Ultimate holding company

Company name	Company Number
-	-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	21,532,948	485,216	1,140,944
31/12/2009	17,216,600	308,307	593,373
31/12/2008	15,118,860	140,163	284,191

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	6,452,502	77	1,375,000	1,262,702	3
31/12/2009	4,653,310	77	1,375,000	654,706	2
31/12/2008	4,219,034	77	1,375,000	300,488	3

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	21.99
Industry average payment expectation days	144.65	Industry average day sales outstanding	103.51
Day sales outstanding	29.41

Court data summary

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

Business number	462704252	Company name	BORLIX NV
Fax number	050544942	Date founded	02/03/1998
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.0462.704.252
Belgian Bullettin of Acts Publications	moniteur belge

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	140
Description	Joint committee for the transport
category

JIC Code	226
Description	JC employees international trade, transport & related activities
category

Significant Events

Event Date	29/05/2009
Event Description	re-appointment of director(s)
Event Details	Commentaar 29-05-2009: Herbenoeming bestuurders voor een periode van 6 jaar: Benoit Verhaeghe (tevens gedelegeerd bestuurder en voorzitter van de raad van bestuur), Luc Seurynck, Antoon Praet, NV Voeders Degrave en NV Meunerie Liegeois.

Export accounts to CSV file

comparison mode

average

median

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	21,532,948	25.07	17,216,600	13.87	15,118,860	9,061,328	137
Total operating expenses	20,916,974	24.79	16,762,296	13.17	14,811,957	8,474,983	146
Operating result	615,975	35.59	454,305	48.03	306,903	287,949	113
Total financial income	2,011	-53.88	4,362	1829	226	62,028	-96.76
Total financial expenses	132,770	-11.70	150,359	-9.95	166,965	166,499	-20.26
Results on ordinary operations before taxation	485,216	57.38	308,307	119	140,163	179,166	170
Taxation	-827	-	-	-	-1,335	97,252	-100
Results on ordinary operations after taxation	486,043	57.65	308,307	117	141,498	114,616	324
Extraordinary items	53,020	694	-7,633	-	0	51,301	3.35
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	539,063	79.29	300,674	112	141,498	168,072	220
other information
Dividends	-	-	-	-	-	1,397,168	-
Director remuneration	-	-	-	-	-	54,484	-
Employee costs	137,623	6.35	129,406	-28.58	181,188	1,546,490	-91.10
Wages and salary	103,154	21.10	85,179	-33.63	128,346	1,106,538	-90.68
Employee pension costs	-	-	-	-	-	54,711	-
Social security contributions	26,119	-18.99	32,240	-28.15	44,874	377,768	-93.09
Other employee costs	8,349	-30.34	11,987	50.44	7,968	72,265	-88.45
Amortization and depreciation	348,866	4.01	335,402	0.19	334,756	483,753	-27.88

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	7,615	-	16,123	-	24,631	41,402	-81.61
Tangible fixed assets	2,096,009	18.30	1,771,706	-8.50	1,936,273	3,629,947	-42.26
Land & building	1,013,657	-2.68	1,041,536	-2.89	1,072,530	2,376,633	-57.35
Plant & machinery	966,888	37.63	702,529	-17.48	851,300	1,602,708	-39.67
Other tangible assets	115,465	317	27,641	122	12,443	657,844	-82.45
Financial fixed assets	77	0	77	-0.31	77	3,306,040	-99
Total fixed assets	2,103,701	17.66	1,787,906	-8.83	1,960,981	5,422,150	-61.20
Inventories	1,311,929	133	560,737	-48.66	1,092,192	508,540	157
Raw materials & consumables	9,168	-32.89	13,662	-	-	305,673	-97.00
Work in progress	0	-	0	-	0	3,084	-100
Finished goods	1,302,761	138	547,075	-	0	70,196	1755
Other stocks	0	-	0	-100	1,092,192	20,123	-100
Trade debtors	1,734,735	7.69	1,610,800	89.67	849,279	774,226	124
Cash	1,262,702	92.87	654,706	117	300,488	337,865	273
other amounts receivable	247	0	247	-37.42	395	675,467	-99
Miscellaneous current assets	39,188	0.70	38,914	147	15,699	186,697	-79.01
Total current assets	4,348,801	51.77	2,865,404	26.90	2,258,053	2,068,575	110
current liabilities
Trade creditors	1,260,308	298	316,283	0.88	313,533	761,210	65.57
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,724,445	53.36	1,124,445	-26.32	1,526,190	515,686	234
Miscellaneous current liabilities	72,324	-85.66	504,316	1422	33,125	-91.33	- -
Total current liabilities	3,057,077	57.17	1,945,044	3.85	1,872,848	2,072,927	47.48
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	677,224	56.59	432,494	-3.59	448,606	-78.34	- -
Other long term liabilities	1,569,642	-5.80	1,666,275	4.88	1,588,758	612,944	156
Total long term debts	2,246,866	7.06	2,098,769	3.01	2,037,364	2,413,430	-6.90
shareholders equity
Issued share capital	1,375,000	0	1,375,000	0	1,375,000	1,630,357	-15.66
Share premium account	-	-	-	-	-	1,038,540	-
Reserves	-226,441	29.58	-765,504	71.80	-1,066,178	900,160	-125
Revaluation reserve	-	-	-	-	-	1,199,877	-
Total shareholders equity	1,148,559	88.44	609,496	97.36	308,822	2,658,780	-56.80
Working capital	1,291,724	40.35	920,359	138	385,205	-4,352	29681
Net worth	1,140,944	92.28	593,373	108	284,191	2,617,378	-56.41

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	2.25	25.70	1.79	92.47	0.93	-2,00	112
Return on capital employed	14.29	25.57	11.38	90.62	5.97	-40,00	35.72
Return on total assets employed	7.52	13.42	6.63	99	3.32	-3,00	250
Return on net assets employed	42.25	-16.47	50.58	11.43	45.39	-16,00	264
Sales / net working capital	16.67	-10.90	18.71	-52.33	39.25	1,00	0.38
Stock turnover ratio	6.09	86.81	3.26	-54.85	7.22	14,00	-56.50
Debtor days	29.41	-13.88	34.15	66.59	20.50	91,00	-67.68
Creditor days	21.99	219	6.89	-10.87	7.73	195,00	-88.72
short term stability
Current ratio	1.42	-3.40	1.47	21.49	1.21	11,00	-29.00
Liquidity ratio / acid ratio	0.99	-16.10	1.18	90.32	0.62	11,00	-91.00
Current debt ratio	2.66	-16.61	3.19	-47.36	6.06	2,00	33.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	209.10	-18.14	255.45	-60.05	639.46	-79,00	264
Equity in percentage	17.82	35.62	13.14	78.53	7.36	-71,00	25.10
Total debt ratio	4.62	-30.32	6.63	-47.63	12.66	2,00	131

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

Payment expectations

Payment expectation days	21.99
Day sales outstanding	29.41

Industry comparison

Activity code	52100
Activity description	Refrigerated warehousing and other storage and warehousing
Industry average payment expectation days	144.65
Industry average day sales outstanding	103.51

Industry quartile analysis

Payment expectations
Company result	21.99
Lower	110.06
Median	67.39
Upper	41.49
Day sales outstanding
Company result	29.41
Lower	90.80
Median	49.52
Upper	24.96

Summary

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

Group Structure

No group structure for this company.

Minority Shareholders

Business number	Company name	%	Date of accounts
428137610	Voeders Degrave NV	20	31/12/2010
402466064	Meunerie Liégeois SA	20	31/12/2010

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Marc	Middle name	-
Surname	Seurynck
Shareholder Details
Start date	02/03/1998	End date	-
Percentage owned	10%
Shareholder Address
Street name	Izegemsestraat	House number	31
Minor town	Sint-Eloois-Winkel	Postal town	Ledegem
Post code	8880	Country	Belgium

Shareholder Name
Forename	Marc	Middle name	-
Surname	Seurynck
Shareholder Details
Start date	02/03/1998	End date	-
Percentage owned	10%
Shareholder Address
Street name	Izegemsestraat	House number	31
Minor town	Sint-Eloois-Winkel	Postal town	Ledegem
Post code	8880	Country	Belgium

Shareholder Name
Forename	Benoit	Middle name	-
Surname	Verhaeghe
Shareholder Details
Start date	02/03/1998	End date	-
Percentage owned	20%
Shareholder Address
Street name	Molenstraat	House number	1
Minor town	Boezinge	Postal town	Ieper
Post code	8904	Country	Belgium

Shareholder Name
Forename	Antoon	Middle name	Johan
Surname	Praet
Shareholder Details
Start date	02/03/1998	End date	-
Percentage owned	20%
Shareholder Address
Street name	Spiegelrei	House number	22
Minor town	-	Postal town	Brugge
Post code	8000	Country	Belgium

Companies that match this address

Business number	Company name	Date of accounts
416723876	BORLIM = HEINRICH NAGEL KG	-
428880055	BORLIM AGENCIES IN VEREFFENING NV	-

NSSO details

Business number	462704252
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	MARC SEURYNCK
Position	Director
Date of birth	29/03/1954
Street	31 IZEGEMSESTRAAT LEDEGEM
Post code	8880
Country	Belgium
Name		LUC SEURYNCK
Position		Director
Street		58 GULLEGEMSESTRAAT LEDEGEM
Post code		8880
Country		Belgium

Name	VOEDERS DEGRAVE NV
Position	Director
Date of birth	20/11/1969
Street	20 STAMPKOTSTRAAT STADEN
Post code	8840
Country	Belgium
Name	VOEDERS DEGRAVE NV
Position	Legal Representative
Date of birth	20/11/1969
Street	20 STAMPKOTSTRAAT STADEN
Post code	8840
Country	Belgium

Name	MEUNERIE LIÉGEOIS SA
Position	Director
Date of birth	01/01/1949
Street	26 PLACE DU MARCHÉBATTICE HERVE
Post code	4651
Country	Belgium
Name	MEUNERIE LIÉGEOIS SA
Position	Legal Representative
Date of birth	01/01/1949
Street	26 PLACE DU MARCHÉBATTICE HERVE
Post code	4651
Country	Belgium

Name	ANTOON HENDRIK JOHAN PRAET
Position	Director
Date of birth	24/06/1953
Street	22 SPIEGELREI BRUGGE
Post code	8000
Country	Belgium
Name	BENOIT VERHAEGHE
Position	Chairman of the Board
Date of birth	28/11/1958
Street	1 MOLENSTRAAT IEPER
Post code	8904
Country	Belgium

Name	BENOIT VERHAEGHE
Position	Director
Date of birth	28/11/1958
Street	1 MOLENSTRAAT IEPER
Post code	8904
Country	Belgium
Name	BENOIT VERHAEGHE
Position	Managing Director
Date of birth	28/11/1958
Street	1 MOLENSTRAAT IEPER
Post code	8904
Country	Belgium

Name	LUC SEURYNCK
Position	Director
Street
Post code
Country

Former director details

Name	ANTOON HENDRIK JOHAN PRAET
Position	Managing Director
Date of birth	24/06/1953
Street	22 SPIEGELREI BRUGGE
Post code	8000
Country	Belgium

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 :

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.