MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	BOUMMATERIALEN MAERTENS NV
Registered Office :	Diksmuidse Heirweg 73 Zedelgem, Post Code 8210
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	12.04.1988
Com. Reg. No.:	433800331
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Building markets and other DIY-stores of construction materials, general assortment
No. of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	25.500 Euro
Status :	Small Company
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	433800331	Company name	BOUMMATERIALEN MAERTENS NV
		Telephone number	050209101
Address	DIKSMUIDSE HEIRWEG 73 ZEDELGEM	Fax number	-
Post code	8210	Number of staff	1
Date of establishment	12/04/1988
Business number	433800331	Company name	BOUMMATERIALEN MAERTENS NV
Fax number	-	Date founded	12/04/1988
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	47521	liable for VAT	yes
Activity description	Building markets and other DIY-stores of construction materials, general assortment	VAT Number	BE.0433.800.331
Belgian Bullettin of Acts Publications	moniteur belge

CREDIT RECOMENDATION

Current Credit Limit: 25.500 Euro

DIRECTORS/MANAGEMENT

Current director details

Name	DANIEL MAERTENS
Position	Chairman of the Board
Street	73 DIKSMUIDSE HEIRWEG ZEDELGEM
Post code	8210
Country	Belgium
Name	KOEN MAERTENS
Position	Managing Director
Street	17 WOUDWEG NAAR ZEDELGEM JABBEKE
Post code	8490
Country	Belgium

Name	KOEN MAERTENS
Position	Director
Street	17 WOUDWEG NAAR ZEDELGEM JABBEKE
Post code	8490
Country	Belgium
Name	KRISTOF MAERTENS
Position	Managing Director
Street	54 KERKEWEG JABBEKE
Post code	8490
Country	Belgium

Former director details

Name	DANIEL MAERTENS
Position	Managing Director
Street	73 DIKSMUIDSE HEIRWEG ZEDELGEM
Post code	8210
Country	Belgium
Name	DANIEL MAERTENS
Position	Director
Street	73 DIKSMUIDSE HEIRWEG ZEDELGEM
Post code	8210
Country	Belgium

Name	DANIEL MAERTENS
Position	Principal Manager
Street	73 DIKSMUIDSE HEIRWEG ZEDELGEM
Post code	8210
Country	Belgium
Name	KRISTOF MAERTENS
Position	Director
Street	54 KERKEWEG JABBEKE
Post code	8490
Country	Belgium

NEGATIVE INFORMATION

Protested bills

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

NSSO details

Business number	433800331
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

Court data summary

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

Contractor details

Registered contractor number	052811
Contractor description	Autres travaux de terrassement
Date struck off register	21/03/2011 00:00:00

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	124
Description	Joint committee for the construction
category

Significant Events

Event Date	22/12/2011
Event Description
Event Details	De aandelen aan toonder worden vernietigd en er wordt een melding gemaakt dat de aandelen op naam zijn.

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	47521
Activity description	Building markets and other DIY-stores of construction materials, general assortment
Industry average payment expectation days	66.14
Industry average day sales outstanding	73.36

Industry quartile analysis

Payment expectations
Company result	-
Lower	72.44
Median	37.28
Upper	12.86
Day sales outstanding
Company result	-
Lower	75.44
Median	41.17
Upper	19.87

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	66.14	Industry average day sales outstanding	73.36
Day sales outstanding	-

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
-	-

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		48,358	560,830
31/12/2009		-2,577	507,275
31/12/2008		20,048	498,925

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	921,188		62,000	31,014	3
31/12/2009	861,428		62,000	11,290	3
31/12/2008	1,049,726	67	62,000	120,626	3

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	-	-	-	-	-	7,687,420	-
Total operating expenses	-	-	-	-	-	7,329,640	-
Operating result	65,113	1562	-4,166	-118	22,329	125,698	-48.20
Total financial income	15,062	5.75	14,242	35.68	10,497	37,311	-59.63
Total financial expenses	31,816	151	12,654	-0.97	12,778	50,214	-36.64
Results on ordinary operations before taxation	48,358	1876	-2,577	-112	20,048	110,448	-56.22
Taxation	2,528	-	-	-	-	52,018	-95.14
Results on ordinary operations after taxation	45,831	1778	-2,577	-112	20,048	73,976	-38.05
Extraordinary items	7,724	-29.32	10,928	3704	-295	26,604	-70.97
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	53,555	541	8,351	-57.72	19,753	99,982	-46.44
other information
Dividends	-	-	-	-	-	225,622	-
Director remuneration	-	-	-	-	-	118,236	-
Employee costs	129,727	-3.64	134,634	25.67	107,134	463,842	-72.03
Wages and salary	77,751	3.96	74,787	21.42	61,596	338,176	-77.01
Employee pension costs	-	-	-	-	-	4,536	-
Social security contributions	41,250	-19.95	51,531	33.40	38,628	105,321	-60.83
Other employee costs	10,726	28.98	8,316	20.35	6,910	22,708	-52.76
Amortization and depreciation	43,939	-44.39	79,019	-10.29	88,085	72,188	-39.13

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	-	0	26,152	-100
Tangible fixed assets	145,076	-12.02	164,906	-20.20	206,653	383,935	-62.21
Land & building	82,541	-12.91	94,772	35.71	69,835	409,457	-79.84
Plant & machinery	7,635	-50.27	15,352	-75.04	61,511	79,223	-90.36
Other tangible assets	54,901	0.22	54,782	-27.26	75,307	79,714	-31.13
Financial fixed assets	-	-	-	-	67	436,062	-
Total fixed assets	145,076	-12.02	164,906	-20.23	206,720	664,976	-78.18
Inventories	444,565	0	444,565	4.62	424,917	631,149	-29.56
Raw materials & consumables	-	-	-	-	-	238,388	-
Work in progress	0	-	0	-	0	1,791	-100
Finished goods	0	-	0	-	0	264,069	-100
Other stocks	444,565	0	444,565	4.62	424,917	226,230	96.51
Trade debtors	273,053	18.51	230,413	-13.96	267,808	262,467	4.03
Cash	31,014	174	11,290	-90.64	120,626	133,172	-76.71
other amounts receivable	27,477	167	10,253	-31.68	15,007	310,984	-91.16
Miscellaneous current assets	2	-	0	-100	14,648	41,218	-99
Total current assets	776,112	11.43	696,521	-17.38	843,006	1,235,253	-37.17
current liabilities
Trade creditors	13,684	-91.06	152,999	-50.96	311,972	445,330	-96.93
Short term group loans	-	-	-	-	-	-	-
Other short term loans	172,394	227	52,569	1.39	51,846	128,187	34.49
Miscellaneous current liabilities	105,233	227	32,143	-5.21	33,911	-62.83	- -
Total current liabilities	291,311	22.55	237,711	-40.23	397,729	839,963	-65.32
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	69,048	-40.70	116,442	-23.93	153,072	-87.82	- -
Other long term liabilities	0	-	0	-	0	46,486	-100
Total long term debts	69,048	-40.70	116,442	-23.93	153,072	386,836	-82.15
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	247,937	-74.99
Share premium account	-	-	-	-	-	11,827	-
Reserves	498,830	12.03	445,275	1.91	436,925	372,147	34.04
Revaluation reserve	-	-	-	-	-	367,025	-
Total shareholders equity	560,830	10.56	507,275	1.67	498,925	631,392	-11.18
Working capital	484,801	5.66	458,811	3.04	445,277	395,290	22.64
Net worth	560,830	10.56	507,275	1.67	498,925	605,239	-7.34

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	1,00	-
Return on capital employed	7.68	1873	-0.41	-113	3.07	-16,00	48.00
Return on total assets employed	5.25	1750	-0.30	-115	1.91	85,00	-93.82
Return on net assets employed	8.62	1690	-0.51	-112	4.02	-7,00	123
Sales / net working capital	-	-	-	-	-	10,00	-
Stock turnover ratio	-	-	-	-	-	31,00	-
Debtor days	-	-	-	-	-	42,00	-
Creditor days	-	-	-	-	-	43,00	-
short term stability
Current ratio	2.66	-9.22	2.93	38.21	2.12	6,00	33.00
Liquidity ratio / acid ratio	1.14	7.55	1.06	0.95	1.05	5,00	-77.20
Current debt ratio	0.52	10.64	0.47	-41.25	0.80	2,00	-74.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	43.05	29.20	33.32	-18.87	41.07	91,00	-52.69
Equity in percentage	60.88	3.38	58.89	23.90	47.53	-1.623,00	3.75
Total debt ratio	0.64	-8.57	0.70	-36.36	1.10	2,00	-68.00

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Industry comparison

Activity code	47521
Activity description	Building markets and other DIY-stores of construction materials, general assortment

Industry comparison

Activity code	47521
Activity description	Building markets and other DIY-stores of construction materials, general assortment
Industry average payment expectation days	66.14
Industry average day sales outstanding	73.36

NOTES & COMMENTS

Na

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.