MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	BELTRAMI NV

Registered Office :	Venetiëlaan 22 Harelbeke, Post Code 8530

Country :	Belgium

Financials (as on) :	30.12.2010

Date of Incorporation :	29.04.1986

Com. Reg. No.:	428833535

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of construction materials, general assortment

No. of Employees :	44

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	(€) 620.000

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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	428833535	Company name	BELTRAMI NV
		Telephone number	056237000
Address	VENETIËLAAN 22 HARELBEKE	Fax number	056716655
Post code	8530	Number of staff	44
Date of establishment	29/04/1986

Business number	428833535	Company name	BELTRAMI NV
Fax number	056716655	Date founded	29/04/1986
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	30/12/2010
Activity code	46731	liable for VAT	yes
Activity description	Wholesale of construction materials, general assortment	VAT Number	BE.0428.833.535
Belgian Bullettin of Acts Publications	moniteur belge

CREDIT RECOMENDATION

Current Credit Limit: (€) 620.000

DIRECTORS/MANAGEMENT

Current director details

Name	FRANK VANDELANOTTE BEDRIJFSREVIS B.V. BVBA
Position	Commissioner
Date of birth	09/12/1996
Street	24 BLOEMENHOF KUURNE
Post code	8520
Country	Belgium

Name	JAAK VANTOMME
Position	Director
Street	4 PLATANENLAAN HARELBEKE
Post code	8530
Country	Belgium

Name	STEFAAN CALLEWIER
Position	Director
Date of birth	05/08/1968
Street	40 POLITIEKE-GEVANGENENSTRAAT HARELBEKE
Post code	8530
Country	Belgium

Name	HERWIG CALLEWIER
Position	Director
Date of birth	26/03/1963
Street	14 KORTRIJKSESTEENWEG HARELBEKE
Post code	8530
Country	Belgium

Name	BELCONA NV
Position	Managing Director
Date of birth	17/07/1997
Street	14 KORTRIJKSESTEENWEG HARELBEKE
Post code	8530
Country	Belgium

Former director details

Name	ANNE-MIE DESMET
Position	Director
Street	66 ANDRIES PEVERNAGESTRAAT HARELBEKE
Post code	8530
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

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	21.59
Industry average payment expectation days	116.94	Industry average day sales outstanding	1739.88
Day sales outstanding	67.98

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	21.59
Day sales outstanding	67.98

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number
Belcona NV		461244007

Group Structure

Company name	Number	Latest financials
- BELCONA NV	461244007	30-06-2011
- - BELTRAMI NV	428833535	30-12-2010
- - - CALIM NV	427963406	31-12-2010
- - CHL BVBA	469867010	30-12-2010
- - STONEASY BVBA	818817580	31-12-2010
- - BELTAMI SUD SOC.ETR. E.P.B.
- - BELTRAMI ITALIA SRL SOC.ETR. E.P.B.
- - BELTRAMI POLSKA SOC.ETR. E.P.B.
- - BELTRAMI SOC.ETR. E.P.B.
- - BELTRAMI U.K. SOC.ETR. E.P.B.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
30/12/2010	31,525,532	968,569	6,008,444
30/12/2009	29,262,627	2,083,267	5,698,944
30/12/2008	32,055,144	932,986	4,874,265

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
30/12/2010	13,201,837	69,986	65,000	379,788	44
30/12/2009	12,038,240	71,957	65,000	586,637	44
30/12/2008	12,107,596	97,099	65,000	580,505	44

Trends

Profitability
Liquidity
Net worth

Profit & loss

Annual accounts	30-12-2010	%	30-12-2009	%	30-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	31,525,532	7.73	29,262,627	-8.71	32,055,144	9,450,627	233
Total operating expenses	30,204,120	12.02	26,962,366	-10.74	30,206,381	9,031,684	234
Operating result	1,321,412	-42.55	2,300,261	24.42	1,848,763	150,937	775
Total financial income	156,649	-47.68	299,419	22.70	244,034	63,818	145
Total financial expenses	509,491	-1.34	516,413	-55.47	1,159,811	52,771	865
Results on ordinary operations before taxation	968,569	-53.51	2,083,267	123	932,986	157,698	514
Taxation	266,505	-58.88	648,055	143	266,532	59,295	349
Results on ordinary operations after taxation	702,064	-51.08	1,435,212	115	666,454	115,601	507
Extraordinary items	7,133	65.59	-10,875	56.48	-19,256	43,673	-83.67
Other appropriations	302.77	-11.47	342	-17.79	416	0	-
Net result	709,500	-50.20	1,424,679	119	647,614	158,233	348
other information
Dividends	400,000	-33.33	600,000	50.0	400,000	564,574	-29.15
Director remuneration	-	-	-	-	-	171,321	-
Employee costs	2,301,645	10.05	2,091,432	3.64	2,018,061	568,717	304
Wages and salary	1,695,224	10.96	1,527,813	2.66	1,488,233	404,979	318
Employee pension costs	-	-	-	-	-	10,426	-
Social security contributions	557,999	5.68	528,013	9.07	484,089	155,374	259
Other employee costs	48,422	35.99	35,607	-22.15	45,740	22,969	110
Amortization and depreciation	847,190	4.27	812,520	35.55	599,429	118,103	617

Balance Sheet

Annual accounts	30-12-2010	%	30-12-2009	%	30-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	54,098	-100
Tangible fixed assets	3,735,113	-1.02	3,773,437	36.93	2,755,703	688,292	442
Land & building	892	-54.95	1,981	-48.90	3,877	669,544	-99
Plant & machinery	114,105	-42.41	198,127	-33.22	296,676	178,956	-36.24
Other tangible assets	3,620,115	1.31	3,573,329	45.54	2,455,150	120,784	2897
Financial fixed assets	69,986	-2.74	71,957	-25.89	97,099	2,751,588	-97.46
Total fixed assets	3,805,099	-1.05	3,845,394	34.79	2,852,802	2,407,644	58.04
Inventories	2,746,560	46.03	1,880,809	-32.17	2,772,966	638,263	330
Raw materials & consumables	-	-	-	-	-	826,451	-
Work in progress	0	-	0	-	0	7,384	-100
Finished goods	2,746,560	46.03	1,880,809	-32.17	2,772,966	241,460	1037
Other stocks	0	-	0	-	0	179,828	-100
Trade debtors	5,871,495	6.34	5,521,253	-1.60	5,611,241	553,824	960
Cash	379,788	-35.26	586,637	1.06	580,505	285,024	33.25
other amounts receivable	381,806	155	149,423	-38.45	242,783	256,221	49.01
Miscellaneous current assets	17,088	-68.77	54,724	15.70	47,299	141,380	-87.91
Total current assets	9,396,738	14.69	8,192,846	-11.47	9,254,794	1,682,198	458
current liabilities
Trade creditors	1,786,532	26.57	1,411,471	-52.32	2,960,416	422,304	323
Short term group loans	-	-	-	-	-	0	-
Other short term loans	1,387,767	-12.69	1,589,532	-26.98	2,176,864	303,439	357
Miscellaneous current liabilities	1,795,161	108	861,762	7.76	799,697	406	- -
Total current liabilities	4,969,460	28.65	3,862,765	-34.94	5,936,977	1,064,333	366
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,181,304	-8.78	2,391,332	88.59	1,267,987	314	- -
Other long term liabilities	42,629	-49.97	85,199	200	28,367	68,071	-37.38
Total long term debts	2,223,933	-10.20	2,476,531	91.04	1,296,354	388,153	472
shareholders equity
Issued share capital	65,000	0	65,000	0	65,000	1,601,044	-95.94
Share premium account	-	-	-	-	-	39,164	-
Reserves	5,943,444	5.49	5,633,944	17.15	4,809,265	872,172	581
Revaluation reserve	-	-	-	-	-	481,296	-
Total shareholders equity	6,008,444	5.43	5,698,944	16.92	4,874,265	2,498,883	140
Working capital	4,427,278	2.24	4,330,081	30.51	3,317,817	617,865	616
Net worth	6,008,444	5.43	5,698,944	16.92	4,874,265	2,444,785	145

Ratio Analysis

Annual accounts	30-12-2010	change(%)	30-12-2009	change(%)	30-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	3.07	-56.88	7.12	144	2.91	-440,00	0.70
Return on capital employed	11.77	-53.81	25.48	68.52	15.12	47,00	-74.96
Return on total assets employed	7.34	-57.60	17.31	124	7.71	-1,00	734
Return on net assets employed	16.12	-55.91	36.56	91.01	19.14	40,00	-59.70
Sales / net working capital	7.12	5.33	6.76	-30.02	9.66	16,00	-99
Stock turnover ratio	8.71	35.46	6.43	-25.66	8.65	21,00	-58.52
Debtor days	67.98	-1.29	68.87	7.79	63.89	3.790,00	-98.21
Creditor days	21.59	12.98	19.11	-46.58	35.77	261,00	-91.73
short term stability
Current ratio	1.89	-10.85	2.12	35.90	1.56	6,00	89.00
Liquidity ratio / acid ratio	1.34	-17.79	1.63	49.54	1.09	5,00	-73.20
Current debt ratio	0.83	22.06	0.68	-44.26	1.22	1,00	-17.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	59.40	-14.96	69.85	-1.16	70.67	54,00	10.00
Equity in percentage	45.51	-3.87	47.34	17.59	40.26	-121,00	37.61
Total debt ratio	1.20	8.11	1.11	-25.00	1.48	1,00	20.00

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Contractor details

Registered contractor number	052801
Contractor description	Autres activités
Date struck off register	10/10/1996 00:00:00

Personnel limit NSSO

Code	-
Description	FROM 20 TO 49 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	106.02
Description	Joint subcommittee for the cement agglomerates
category

JIC Code	124
Description	Joint committee for the construction
category

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

Significant Events

Event Date	10/06/2006
Event Description	re-appointment of director(s)
Event Details	Commentaar 10-06-2006: Herbenoeming bestuurders: Herwig Callewier, Stefaan Callewier en Jaak Vantomme voor een periode van 6 jaar. Herbenoeming gedelegeerd bestuurder: NV Belcona voor een periode van 6 jaar.

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comparison mode

average

median

Industry comparison

Activity code	46731
Activity description	Wholesale of construction materials, general assortment
industry average credit rating	70.18
Industry average credit limit	65514.21

Industry comparison

Activity code	46731
Activity description	Wholesale of construction materials, general assortment
Industry average payment expectation days	116.94
Industry average day sales outstanding	1739.88

Industry quartile analysis

Payment expectations
Company result	21.59
Lower	87.53
Median	58.61
Upper	35.62

Day sales outstanding
Company result	67.98
Lower	72.85
Median	41.67
Upper	19.80

Summary

Group - Number of Companies	10
Linkages - Number of Companies	1
Number of Countries	1

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name	Date of accounts
463794513	VANDENBROUCKE=ROOK KRIMPE NV	-
469867010	CHL BVBA	30/12/2010
877807537	CAPAVEN BVBA	30/06/2011

Linked Companies

Name		number	Latest Key financials	Turnover
CAPAVEN BVBA		877807537	30.06.2011	-

Protested bills

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

NSSO details

Business number	428833535
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.79
UK Pound	1	Rs.78.79
Euro	1	Rs.65.73

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.