MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	SIDEM NV
Registered Office :	Nijverheidslaan 62 Wevelgem 8560
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	29.09.1983
Com. Reg. No.:	424622844
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Agents involved in the sale of and wholesale in motor vehicle parts and accessories
No. of Employees :	19

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 :	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	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	424622844	Company name	SIDEM NV
		Telephone number	056414661
Address	NIJVERHEIDSLAAN 62 WEVELGEM	Fax number	051229451
Post code	8560	Number of staff	19
Date of establishment	29/09/1983

Business number	424622844	Company name	SIDEM NV
Fax number	051229451	Date founded	29/09/1983
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	45310	liable for VAT	yes
Activity description	Agents involved in the sale of and wholesale in motor vehicle parts and accessories	VAT Number	BE.0424.622.844
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	IDEA NV
Position	Legal Representative
Date of birth	06/02/1987
Street	62 NIJVERHEIDSLAAN WEVELGEM
Post code	8560
Country	Belgium

Name	IDEA NV
Position	Director
Date of birth	06/02/1987
Street	62 NIJVERHEIDSLAAN WEVELGEM
Post code	8560
Country	Belgium

Name	FRAVERWEST BVBA
Position	Legal Representative
Date of birth	03/03/2010
Street	17 OMMEGANG ZUID STADEN
Post code	8840
Country	Belgium

Name	FRAVERWEST BVBA
Position	Director
Date of birth	03/03/2010
Street	17 OMMEGANG ZUID STADEN
Post code	8840
Country	Belgium

Name	OMNINVEST NV
Position	Director
Date of birth	14/03/1990
Street	6 SWITCH ROAD POPERINGE
Post code	8970
Country	Belgium

Name	OMNINVEST NV
Position	Managing Director
Date of birth	14/03/1990
Street	6 SWITCH ROAD POPERINGE
Post code	8970
Country	Belgium

Name	GWEN VEERLE VERFAILLIE
Position	Chairman of the Board
Date of birth	01/09/1967
Street	17 OMMEGANG ZUID STADEN
Post code	8840
Country	Belgium

Name	GWEN VEERLE VERFAILLIE
Position	Director
Date of birth	01/09/1967
Street	17 OMMEGANG ZUID STADEN
Post code	8840
Country	Belgium

Name	GWEN VEERLE VERFAILLIE
Position	Managing Director
Date of birth	01/09/1967
Street	17 OMMEGANG ZUID STADEN
Post code	8840
Country	Belgium

Former director details

Name	ROSA DESMEDT
Position	Managing Director
Street	6 SWITCH ROAD POPERINGE
Post code	8970
Country	Belgium

Name	WALTER VERFAILLIE
Position	Chairman of the Board
Street	206 PROFESSOR DEWULFSTRAAT POPERINGE
Post code	8970
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 10 TO 19 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	149.04
Description	Joint subcommittee for the trade in metals
category

Protested bills

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

NSSO details

Business number	424622844
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

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	42.08
Industry average payment expectation days	64.86	Industry average day sales outstanding	84.75
Day sales outstanding	64.31

Payment expectations

Payment expectation days	42.08
Day sales outstanding	64.31

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
Idea NV	430462145

Group Structure

Click the company to view / order a report.
Company name	Number	Latest financials
- IDEA NV	430462145	31-12-2010
- - SIDEM NV	424622844	31-12-2010
- - - SIDEM KFT
- - - SIDEM ROMANIA SRL

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	12,512,975	638,458	371,840	2,009,993	19
31/12/2009	10,986,941	654,360	371,840	1,418,888	17
31/12/2008	9,900,073	673,718	371,840	308,564	16

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	25,619,014	29.42	19,794,823	14.01	17,362,107	31,664,864	-19.09
Total operating expenses	24,693,319	32.89	18,581,195	16.77	15,912,686	30,883,683	-20.04
Operating result	925,695	-23.72	1,213,628	-16.27	1,449,421	221,603	317
Total financial income	1,710,623	98.52	861,685	367	184,456	184,634	826
Total financial expenses	386,892	-15.53	458,043	20.74	379,378	170,364	127
Results on ordinary operations before taxation	2,249,426	39.09	1,617,270	28.92	1,254,499	226,284	894
Taxation	137,748	0.96	136,435	-34.94	209,710	158,514	-13.10
Results on ordinary operations after taxation	2,111,678	42.60	1,480,835	41.74	1,044,789	115,682	1725
Extraordinary items	-121,558	-1277	10,325	6.30	-163,835	1,691	-7288
Other appropriations	0	-	0	-100	1	-	-
Net result	1,990,120	33.46	1,491,160	69.27	880,955	118,872	1574
other information
Dividends	930,000	186	325,000	-	-	2,000,243	-53.51
Director remuneration	-	-	-	-	-	213,689	-
Employee costs	1,023,729	4.00	984,382	14.46	860,037	749,189	36.64
Wages and salary	721,606	3.54	696,948	16.58	597,830	575,665	25.35
Employee pension costs	-	-	-	-	-	29,078	-
Social security contributions	217,387	3.90	209,234	14.64	182,514	169,773	28.05
Other employee costs	84,736	8.36	78,200	-1.87	79,694	29,966	182
Amortization and depreciation	195,776	3.69	188,817	-3.82	196,324	123,952	57.95

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	77,379	-	21,701	-	23,610	68,222	13.42
Tangible fixed assets	767,981	-7.89	833,727	-0.84	840,796	537,332	42.92
Land & building	519,043	-9.20	571,615	-8.87	627,261	664,912	-21.94
Plant & machinery	70,436	-27.99	97,813	-5.54	103,547	128,392	-45.14
Other tangible assets	178,502	8.64	164,299	49.38	109,988	74,687	139
Financial fixed assets	638,458	-2.43	654,360	-2.87	673,718	3,101,848	-79.42
Total fixed assets	1,483,818	-1.72	1,509,788	-1.84	1,538,125	2,550,791	-41.83
Inventories	3,407,412	41.81	2,402,792	29.93	1,849,308	1,787,210	90.66
Raw materials & consumables	-	-	-	-	-	579,975	-
Work in progress	0	-	0	-	0	8,726	-100
Finished goods	3,407,412	41.81	2,402,792	29.93	1,849,308	1,199,312	184
Other stocks	0	-	0	-	0	173,026	-100
Trade debtors	4,514,161	21.97	3,700,939	-21.01	4,685,071	1,236,896	264
Cash	2,009,993	41.66	1,418,888	359	308,564	317,425	533
other amounts receivable	801,567	-33.87	1,212,057	5.10	1,153,207	1,568,033	-48.88
Miscellaneous current assets	296,024	-60.13	742,477	102	365,798	76,226	288
Total current assets	11,029,157	16.38	9,477,153	13.34	8,361,948	4,572,886	141
current liabilities
Trade creditors	2,846,986	27.49	2,233,152	66.35	1,342,407	1,379,026	106
Short term group loans	-	-	-	-	-	-	-
Other short term loans	67,500	-93.08	974,939	-25.49	1,308,403	1,813,177	-96.28
Miscellaneous current liabilities	253,799	29.26	196,343	-59.51	484,913	-54.06	- -
Total current liabilities	3,168,285	-6.94	3,404,434	8.57	3,135,723	3,721,267	-14.86
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	405,209	-14.28	472,709	-32.24	697,648	-54.44	- -
Other long term liabilities	2,230,461	52.68	1,460,898	-7.77	1,583,962	54,424	3998
Total long term debts	2,635,670	36.31	1,933,607	-15.25	2,281,610	573,244	359
shareholders equity
Issued share capital	371,840	0	371,840	0	371,840	2,012,317	-81.52
Share premium account	-	-	-	-	-	10,826,294	-
Reserves	6,337,180	20.09	5,277,060	28.37	4,110,900	284,959	2123
Revaluation reserve	-	-	-	-	-	1,276,533	-
Total shareholders equity	6,709,020	18.77	5,648,900	26.01	4,482,740	2,703,068	148
Working capital	7,860,872	29.45	6,072,719	16.20	5,226,225	851,618	823
Net worth	6,631,641	17.85	5,627,199	26.19	4,459,130	2,634,846	151

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	8.78	7.47	8.17	13.00	7.23	-25,00	35.12
Return on capital employed	24.07	12.85	21.33	14.99	18.55	29,00	-17.00
Return on total assets employed	17.98	22.15	14.72	16.18	12.67	-2,00	899
Return on net assets employed	33.53	17.11	28.63	2.29	27.99	36,00	-6.86
Sales / net working capital	3.26	0	3.26	-1.81	3.32	1,00	-99
Stock turnover ratio	13.30	9.56	12.14	13.99	10.65	23,00	-42.17
Debtor days	64.31	-5.76	68.24	-30.71	98.49	100,00	-35.69
Creditor days	42.08	-4.08	43.87	42.48	30.79	33,00	27.52
short term stability
Current ratio	3.48	25.18	2.78	4.12	2.67	32,00	248
Liquidity ratio / acid ratio	2.41	15.87	2.08	0	2.08	29,00	-91.69
Current debt ratio	0.47	-21.67	0.60	-14.29	0.70	1,00	-53.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	7.05	-72.49	25.63	-42.73	44.75	63,00	-88.81
Equity in percentage	53.95	4.72	51.52	13.51	45.39	-53,00	101
Total debt ratio	0.87	-7.45	0.94	-22.31	1.21	2,00	-56.50

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Significant Events

Event Date	07/06/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 07-06-2007: Gwen Verfaillie en de NV Idea worden herbenoemd als bestuurders tot na de algemene vergadering van 2013.

Industry comparison

Activity code	45310
Activity description	Agents involved in the sale of and wholesale in motor vehicle parts and accessories
industry average credit rating	66.30
Industry average credit limit	74169.62

Industry comparison

Activity code	45310
Activity description	Agents involved in the sale of and wholesale in motor vehicle parts and accessories
Industry average payment expectation days	64.86
Industry average day sales outstanding	84.75

Industry quartile analysis

Payment expectations
Company result	42.08
Lower	86.85
Median	52.14
Upper	24.11
Day sales outstanding
Company result	64.31
Lower	78.15
Median	43.73
Upper	19.77

Summary

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

Companies that match this address

Business number	Company name	Date of accounts
430462145	IDEA NV	31/12/2010

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

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.