MIRA INFORM REPORT

Report Date :

01.03.2012

IDENTIFICATION DETAILS

Correct Name :	RAVAGO DISTRIBUTION CENTER NV
Registered Office :	Moerenstraat 85 Arendonk, Post Code 2370
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	31.05.2007
Com. Reg. No.:	889844445
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of chemical products for industrial use
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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^th, 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	889844445	Company name	RAVAGO DISTRIBUTION CENTER NV
Safe number	BE01322048	Telephone number	014672012
Address	MOERENSTRAAT 85 ARENDONK	Fax number	014701550
Post code	2370	Number of staff	-
Date of establishment	31/05/2007

Business number	889844445	Company name	RAVAGO DISTRIBUTION CENTER NV
Fax number	014701550	Date founded	31/05/2007
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46751	liable for VAT	yes
Activity description	Wholesale of chemical products for industrial use	VAT Number	BE.0889.844.445
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	WOKAN BVBA
Position	Director
Date of birth	08/01/2002
Street	17 WIPPELBERG ARENDONK
Post code	2370
Country	Belgium
Name	LEMO-BEHEER BVBA
Position	Director
Date of birth	01/10/1998
Street	54 OUDE ARENDONKSE BAAN OUD-TURNHOUT
Post code	2360
Country	Belgium

Name	LEMO-BEHEER BVBA
Position	Legal Representative
Date of birth	01/10/1998
Street	54 OUDE ARENDONKSE BAAN OUD-TURNHOUT
Post code	2360
Country	Belgium
Name	BOPLICITY BVBA
Position	Legal Representative
Date of birth	26/03/2010
Street	12 ARTHUR GOEMAERELEI ANTWERPEN
Post code	2018
Country	Belgium

Name	BOPLICITY BVBA
Position	Director
Date of birth	26/03/2010
Street	12 ARTHUR GOEMAERELEI ANTWERPEN
Post code	2018
Country	Belgium
Name	NATHCO CVA
Position	Managing Director
Date of birth	03/02/1992
Street	35 ZOERSELBOSDREEF ZOERSEL
Post code	2980
Country	Belgium

Name	NATHCO CVA
Position	Director
Date of birth	03/02/1992
Street	35 ZOERSELBOSDREEF ZOERSEL
Post code	2980
Country	Belgium

Former director details

Name	WEVO BEHEER BVBA
Position	Director
Date of birth	23/12/1998
Street	4 RAAPSTRAAT ANTWERPEN
Post code	2000
Country	Belgium
Name	WEVO BEHEER BVBA
Position	Legal Representative
Date of birth	23/12/1998
Street	4 RAAPSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	FILAX INVEST NV
Position	Director
Date of birth	30/06/1999
Street	102 BRANDSTRAAT BUGGENHOUT
Post code	9255
Country	Belgium
Name	DE NEEF&PARTNERS,BEDRIJFSREVISOR BVBA
Position	Commissioner
Date of birth	14/04/1988
Street	71 PARKLAAN SINT-NIKLAAS
Post code	9100
Country	Belgium

Name	ASPHALIA NV
Position	Director
Date of birth	28/01/2000
Street	51 POEDERSTRAAT ARENDONK
Post code	2370
Country	Belgium
Name	ASPHALIA NV
Position	Legal Representative
Date of birth	28/01/2000
Street	51 POEDERSTRAAT ARENDONK
Post code	2370
Country	Belgium

Name	WOKAN BVBA
Position	Legal Representative
Date of birth	08/01/2002
Street	17 WIPPELBERG ARENDONK
Post code	2370
Country	Belgium
Name	GREVACAM BVBA
Position	Legal Representative
Date of birth	03/10/2003
Street	63 DE DARIES ARENDONK
Post code	2370
Country	Belgium

Name	GREVACAM BVBA
Position	Director
Date of birth	03/10/2003
Street	63 DE DARIES ARENDONK
Post code	2370
Country	Belgium
Name	J.C. ENTERPRISES BVBA
Position	Legal Representative
Date of birth	13/02/2008
Street	18 EEKHOORNTJESLAAN KRAAINEM
Post code	1950
Country	Belgium

Name	J.C. ENTERPRISES BVBA
Position	Director
Date of birth	13/02/2008
Street	18 EEKHOORNTJESLAAN KRAAINEM
Post code	1950
Country	Belgium
Name	NATHCO CVA
Position	Legal Representative
Date of birth	03/02/1992
Street	35 ZOERSELBOSDREEF 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	-

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	26/05/2011
Event Description
Event Details	Neerlegging van de eenparige en schriftelijke besluiten van de aandeelhouders dd. 26 mei 2011 overeenkomstig artikel 556 van het Wetboek van vennootschappen.

Protested bills

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

NSSO details

Business number	889844445
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

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	26.03
Industry average payment expectation days	59.74	Industry average day sales outstanding	92.75
Day sales outstanding	1.68

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	26.03
Day sales outstanding	1.68

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	59.74
Industry average day sales outstanding	92.75

Industry quartile analysis

Payment expectations
Company result	26.03
Lower	84.85
Median	61.08
Upper	45.86
Day sales outstanding
Company result	1.68
Lower	74.12
Median	42.07
Upper	25.92

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number
BE01322048	Ravago Distribution Center NV	889844445

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Safe number	Latest financials
- RAVAGO DISTRIBUTION CENTER NV	889844445	BE01322048	31-12-2010
- - RAVAGO LOGISTIC CENTER NV	881573117	BE01243511	31-12-2010

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	903,150,618	31,309,852	3,629,580
31/12/2009	645,726,420	8,745,635	1,945,876
31/12/2008	965,129,801	10,758,756	23,620,081

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	111,088,995	2,003,966	6,060,000	311,977	0
31/12/2009	140,536,554	2,616,576	6,060,000	149,901	0
31/12/2008	144,712,639	2,548,100	6,060,000	348,479	0

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	903,150,618	39.87	645,726,420	-33.09	965,129,801	56,763,582	1491
Total operating expenses	871,599,156	37.41	634,316,432	-32.94	945,906,068	53,519,429	1528
Operating result	31,551,462	176	11,409,988	-40.65	19,223,733	1,123,421	2708
Total financial income	2,685,464	9.63	2,449,604	-52.32	5,137,767	516,948	419
Total financial expenses	2,927,074	-42.76	5,113,957	-62.40	13,602,744	527,058	455
Results on ordinary operations before taxation	31,309,852	258	8,745,635	-18.71	10,758,756	1,089,115	2774
Taxation	10,575,634	296	2,665,181	-15.20	3,142,766	274,830	3748
Results on ordinary operations after taxation	20,734,219	240	6,080,454	-20.16	7,615,990	883,147	2247
Extraordinary items	-1,246,061	-	0	0	-4,300	102,814	-1311
Other appropriations	0.00	-	0	0	-1	0	-
Net result	19,488,158	220	6,080,454	-20.12	7,611,689	985,117	1878
other information
Dividends	19,900,000	-33.67	30,000,000	130	13,000,000	3,062,123	549
Director remuneration	-	-	-	-	-	254,005	-
Employee costs	9,042	86.51	4,848	-85.74	33,991	1,354,943	-99
Wages and salary	-	-	-	-	-	968,493	-
Employee pension costs	-	-	-	-	-	90,085	-
Social security contributions	-	-	-	-	-	295,162	-
Other employee costs	9,042	86.51	4,848	-85.74	33,991	85,000	-89.36
Amortization and depreciation	2,373,107	2.08	2,324,824	0.60	2,310,900	324,310	631

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	3,135,706	-	5,231,252	-	7,476,592	195,361	1505
Tangible fixed assets	2,858,043	-8.85	3,135,603	9.04	2,875,717	1,421,417	101
Land & building	2,149,327	0.00	2,149,326	0.00	2,149,327	764,152	181
Plant & machinery	708,716	-28.14	986,277	35.78	726,390	1,309,213	-45.87
Other tangible assets	0	-	0	-	0	128,931	-100
Financial fixed assets	2,003,966	-23.41	2,616,576	2.69	2,548,100	6,328,188	-68.33
Total fixed assets	7,997,714	-27.18	10,983,431	-14.86	12,900,410	5,788,303	38.17
Inventories	81,922,343	3.10	79,462,181	-4.21	82,957,105	3,375,156	2327
Raw materials & consumables	31,983,586	-25.21	42,761,728	20.99	35,341,965	3,564,284	797
Work in progress	0	-	0	-	0	77,400	-100
Finished goods	49,938,758	36.07	36,700,453	-22.92	47,615,139	1,613,244	2995
Other stocks	0	-	0	-100	1	132,260	-100
Trade debtors	4,168,157	-64.97	11,898,466	-32.27	17,566,617	3,096,463	34.61
Cash	311,977	108	149,901	-56.98	348,479	664,134	-53.02
other amounts receivable	16,684,140	-56.14	38,038,735	22.95	30,938,487	2,475,434	573
Miscellaneous current assets	4,663	21.44	3,840	149	1,541	2,269,189	-99
Total current assets	103,091,282	-20.43	129,553,123	-1.71	131,812,229	10,669,660	866
current liabilities
Trade creditors	62,148,810	-12.72	71,207,408	51.63	46,962,259	2,864,293	2069
Short term group loans	-	-	-	-	-	0	-
Other short term loans	14,031,185	-46.07	26,017,043	-47.68	49,722,658	1,931,724	626
Miscellaneous current liabilities	28,143,715	-22.12	36,134,975	118	16,550,297	1731	- -
Total current liabilities	104,323,710	-21.77	133,359,426	17.77	113,235,214	6,275,161	1562
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-100	380,752	270,981	-100
Total long term debts	0	-	0	-100	380,752	2,766,025	-100
shareholders equity
Issued share capital	6,060,000	0	6,060,000	0	6,060,000	4,286,113	41.39
Share premium account	-	-	-	-	-	6,093,750	-
Reserves	705,285	-36.87	1,117,128	-95.54	25,036,673	2,333,566	-69.78
Revaluation reserve	-	-	-	-	-	222,727	-
Total shareholders equity	6,765,285	-5.74	7,177,128	-76.92	31,096,673	6,898,808	-1.94
Working capital	-1,232,428	32.38	-3,806,303	-120	18,577,015	4,394,499	-128
Net worth	3,629,580	86.53	1,945,876	-91.76	23,620,081	6,703,447	-45.86

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	3.47	157	1.35	21.62	1.11	115,00	-96.98
Return on capital employed	462.80	279	121.85	256	34.18	-35,00	1322
Return on total assets employed	28.18	353	6.22	-16.29	7.43	3,00	839
Return on net assets employed	462.80	279	121.85	252	34.60	-198,00	233
Sales / net working capital	-732.82	-331	-169.65	-426	51.95	13,00	-100
Stock turnover ratio	9.07	-26.32	12.31	43.14	8.60	18,00	-49.61
Debtor days	1.68	-75.04	6.73	1.36	6.64	100,00	-98.32
Creditor days	26.03	-36.47	40.97	126	18.12	154,00	-83.10
short term stability
Current ratio	0.99	2.06	0.97	-16.38	1.16	16,00	-95.88
Liquidity ratio / acid ratio	0.20	-47.37	0.38	-11.63	0.43	16,00	-98.75
Current debt ratio	15.42	-17.01	18.58	410	3.64	24,00	-35.75
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	207.40	-42.79	362.50	126	159.90	3.386,00	-93.87
Equity in percentage	6.27	18.30	5.30	-76.61	22.66	-15,00	41.80
Total debt ratio	15.42	-17.01	18.58	409	3.65	42,00	-63.29

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
industry average credit rating	69
Industry average credit limit	167313.70

Minority Interests

Business number	Company name	Safe number	%	Date of accounts
473959816	Ravago Coordination Center NV	BE00457391	5	31/12/2010

Companies that match this address

no Companies Match this address

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.94
UK Pound	1	Rs.77.95
Euro	1	Rs.65.94

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.