MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Correct Name :	SOUTHERN EUROPEAN TRADING CORPORATION NV

Registered Office :	Oostendsebaan 100 Gistel, Zip Code 8470

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	07.07.1992

Com. Reg. No.:	437586103

Legal Form :	Public Limited Liability Company

Line of Business :	Non-specialised wholesale of deepfrozen foods

No. of Employees :	22

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good

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

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	437586103	Company name	SOUTHERN EUROPEAN TRADING CORPORATION NV
		Telephone number	059270727
Address	OOSTENDSEBAAN 100 GISTEL	Fax number	059275885
Post code	8470	Number of staff	22
Date of establishment	07/07/1992

DIRECTORS/MANAGEMENT

Current director details

Name	SETRAFIN BVBA
Position	Director
Date of birth	22/12/1994
Street	193 STATIONSSTRAAT OOSTKAMP
Post code	8020
Country	Belgium

Name	PHILIPPE VANTHOURNOUT
Position	Director
Street	147 DORPSSTRAAT DAMME
Post code	8340
Country	Belgium

Name	GEERT SONNEVILLE
Position	Director
Date of birth	05/06/1961
Street	11 WATERPLASWEG KOKSIJDE
Post code	8670
Country	Belgium

Name	GEERT SONNEVILLE
Position	Managing Director
Date of birth	05/06/1961
Street	11 WATERPLASWEG KOKSIJDE
Post code	8670
Country	Belgium

Former director details

Name	ERIC SMEYS
Position	Principal Manager
Street	KNOKKE-HEIST
Post code
Country	Belgium

Name	PHILIPPE VANTHOURNOUT
Position	Managing Director
Street	147 DORPSSTRAAT DAMME
Post code	8340
Country	Belgium

NEGATIVE INFORMATION

Joint Industrial Committee (JIC)

JIC Code	119
Description	Joint committee for the trade in food
category

JIC Code	218
Description	Additional national joint committee for the employees
category

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	24/01/2007	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Brugge
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party

Bankruptcy details

There is no bankruptcy data against this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	26.48
Industry average payment expectation days	68.32	Industry average day sales outstanding	70.59
Day sales outstanding	23.10

Payment expectations

Payment expectation days	26.48
Day sales outstanding	23.10

GROUP STRUCTURE & AFFILIATED COMPANIES

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	56,939,501	2,041,486	4,437,051
31/12/2009	48,881,681	430,194	3,431,885
31/12/2008	51,624,267	984,330	3,353,090

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	16,512,389	85,635	3,142,000	13,286	22
31/12/2009	14,241,085	85,635	2,642,000	20,424	16
31/12/2008	15,224,855	71,449	2,642,000	12,548	17

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	56,939,501	16.48	48,881,681	-5.31	51,624,267	21,557,684	164
Total operating expenses	54,267,959	13.73	47,715,885	-3.37	49,379,313	20,940,577	159
Operating result	2,671,543	129	1,165,796	-48.07	2,244,954	139,456	1815
Total financial income	759,656	-16.70	911,915	81.34	502,870	36,519	1980
Total financial expenses	1,389,713	-15.65	1,647,517	-6.58	1,763,494	71,241	1850
Results on ordinary operations before taxation	2,041,486	374	430,194	-56.30	984,330	101,299	1915
Taxation	544,000	472	-115,050	-137	309,825	49,966	988
Results on ordinary operations after taxation	1,497,486	174	545,244	-19.16	674,505	68,271	2093
Extraordinary items	-6,120	-	0	-	0	13,584	-145
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	1,491,366	173	545,244	-19.16	674,505	82,204	1714
other information
Dividends	314,200	137	132,100	-28.57	184,940	201,278	56.10
Director remuneration	-	-	-	-	-	423,205	-
Employee costs	1,438,630	15.50	1,245,524	2.45	1,215,691	510,362	181
Wages and salary	1,071,590	14.80	933,479	3.12	905,258	355,855	201
Employee pension costs	-	-	-	-	-	1,428	-
Social security contributions	310,275	13.03	274,505	5.17	261,017	130,406	137
Other employee costs	56,766	51.22	37,539	-24.03	49,416	20,400	178
Amortization and depreciation	373,382	11.72	334,219	-17.63	405,757	101,485	267

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	-	1,651	28,759	-100
Tangible fixed assets	620,038	-20.66	781,451	-10.94	877,466	448,711	38.18
Land & building	-	-	-	-	-	635,141	-
Plant & machinery	62,110	-21.24	78,864	179	28,206	96,836	-35.86
Other tangible assets	557,928	-20.59	702,587	-17.27	849,260	89,127	525
Financial fixed assets	85,635	0	85,635	19.85	71,449	1,043,247	-91.79
Total fixed assets	705,673	-18.62	867,086	-8.78	950,566	1,034,545	-31.79
Inventories	11,315,568	24.71	9,073,770	5.67	8,586,746	752,098	1404
Raw materials & consumables	-	-	-	-	-	446,490	-
Work in progress	0	-	0	-	0	504	-100
Finished goods	11,315,568	24.71	9,073,770	5.67	8,586,746	369,606	2961
Other stocks	0	-	0	-	0	81,230	-100
Trade debtors	3,603,409	1.39	3,554,048	-29.37	5,032,075	702,758	412
Cash	13,286	-34.95	20,424	62.77	12,548	190,008	-93.01
other amounts receivable	801,494	24.24	645,131	57.67	409,157	227,554	252
Miscellaneous current assets	72,960	-9.51	80,627	-65.51	233,763	47,747	52.81
Total current assets	15,806,716	18.19	13,373,999	-6.31	14,274,289	1,612,482	880
current liabilities
Trade creditors	3,936,913	37.84	2,856,096	-30.96	4,137,037	801,204	391
Short term group loans	-	-	-	-	-	-	-
Other short term loans	5,509,879	-4.75	5,784,831	7.98	5,357,502	221,885	2383
Miscellaneous current liabilities	1,561,264	60.33	973,790	-30.43	1,399,789	260	- -
Total current liabilities	11,008,056	14.49	9,614,717	-11.75	10,894,328	1,415,202	677
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,067,282	-10.65	1,194,483	22.41	975,786	131	- -
Other long term liabilities	0	-	0	-	0	62,974	-100
Total long term debts	1,067,282	-10.65	1,194,483	22.41	975,786	364,110	193
shareholders equity
Issued share capital	3,142,000	18.93	2,642,000	0	2,642,000	172,284	1723
Share premium account	-	-	-	-	-	2,098	-
Reserves	1,295,051	63.95	789,885	10.82	712,741	541,061	139
Revaluation reserve	-	-	-	-	-	433,021	-
Total shareholders equity	4,437,051	29.29	3,431,885	2.30	3,354,741	753,730	488
Working capital	4,798,661	27.65	3,759,283	11.22	3,379,961	197,280	2332
Net worth	4,437,051	29.29	3,431,885	2.35	3,353,090	724,971	512

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	3.59	307	0.88	-53.93	1.91	2,00	79.50
Return on capital employed	37.09	298	9.30	-59.08	22.73	-61,00	60.80
Return on total assets employed	12.36	309	3.02	-53.32	6.47	1,00	1136
Return on net assets employed	46.01	266	12.54	-57.26	29.34	-31,00	148
Sales / net working capital	11.87	-8.69	13	-14.87	15.27	3,00	-99
Stock turnover ratio	19.87	7.06	18.56	11.61	16.63	8,00	148
Debtor days	23.10	-12.96	26.54	-25.41	35.58	87,00	-73.45
Creditor days	26.48	21.19	21.85	-28.55	30.58	46,00	-42.43
short term stability
Current ratio	1.44	3.60	1.39	6.11	1.31	2,00	-
Liquidity ratio / acid ratio	0.41	-8.89	0.45	-13.46	0.52	2,00	-79.50
Current debt ratio	2.48	-11.43	2.80	-13.85	3.25	0,00	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	148.23	-27.11	203.37	7.72	188.79	33,00	349
Equity in percentage	26.87	11.49	24.10	9.35	22.04	21,00	27.95
Total debt ratio	2.72	-13.65	3.15	-11.02	3.54	1,00	172

Industry quartile analysis

Payment expectations
Company result	26.48
Lower	71.50
Median	43.89
Upper	18.26

Day sales outstanding
Company result	23.10
Lower	73.61
Median	41.83
Upper	14.99

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Number of staff

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	24/01/2007

Business number	437586103	Company name	SOUTHERN EUROPEAN TRADING CORPORATION NV
Fax number	059275885	Date founded	07/07/1992
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46391	liable for VAT	yes
Activity description	Non-specialised wholesale of deepfrozen foods	VAT Number	BE.0437.586.103

Significant Events

Event Date	02/10/2008
Event Description
Event Details	De 80 nieuwe aandelen van de kapitaalsverhoging worden toegekend aan de BVBA Setrafin.

Limit History

no limit history data found

Industry comparison

Activity code	46391
Activity description	Non-specialised wholesale of deepfrozen foods

Industry comparison

Activity code	46391
Activity description	Non-specialised wholesale of deepfrozen foods
Industry average payment expectation days	68.32
Industry average day sales outstanding	70.59

NSSO details

Business number	437586103
Name of defendant	SOUTHERN EUROPEAN TRADING CORPORATION
Legal form of defendant	Limited company
Date of summons	24/01/2007
Labour court	BRUGGE

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

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.