MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	MEEUWENHOF NV
Registered Office :	Zandstraat 103 Bredene 8450
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	13.10.1995
Com. Reg. No.:	456292354
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Business and other management consultancy activities
No. of Employees :	1

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 :	4.500 Euro
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, 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	456292354	Company name	MEEUWENHOF NV
Safe number	BE00338322	Telephone number	-
Address	ZANDSTRAAT 103 BREDENE	Fax number	-
Post code	8450	Number of staff	1
Date of establishment	13/10/1995
Business number	456292354	Company name	MEEUWENHOF NV
Fax number	-	Date founded	13/10/1995
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	70220	liable for VAT	yes
Activity description	Business and other management consultancy activities	VAT Number	BE.0456.292.354
Belgian Bullettin of Acts Publications	moniteur belge

CREDIT RECOMENDATION

Current Credit Limit: 4.500 Euro

DIRECTORS/MANAGEMENT

Current director details

Name	SABINE VANWYNSBERGHE
Position	Director
Date of birth	08/10/1971
Street	11 LIJSTERDREEF JABBEKE
Post code	8490
Country	Belgium
Name	STEFAN ROGER GERMAINE VANWYNSBERGHE
Position	Director
Date of birth	27/10/1969
Street	3 BAKKERSSTRAAT BRUGGE
Post code	8000
Country	Belgium

Name	PAULETTE ZOE MARCELLE DESAEGHER
Position	Managing Director
Date of birth	24/02/1945
Street	393 LEGEWEG BRUGGE
Post code	8200
Country	Belgium
Name	PAULETTE ZOE MARCELLE DESAEGHER
Position	Director
Date of birth	24/02/1945
Street	393 LEGEWEG BRUGGE
Post code	8200
Country	Belgium

Name	FRANS VANWYNSBERGHE
Position	Director
Date of birth	02/11/1943
Street	393 LEGEWEG BRUGGE
Post code	8200
Country	Belgium
Name	FRANS VANWYNSBERGHE
Position	Chairman of the Board
Date of birth	02/11/1943
Street	393 LEGEWEG BRUGGE
Post code	8200
Country	Belgium

Former director details

Name	SABINE VANWIJNSBERGHE
Position	Director
Street	393 LEGEWEG BRUGGE
Post code	8200
Country	Belgium
Name	FRANS VANWIJNSBERGHE
Position	Chairman of the Board
Street	393 LEGEWEG BRUGGE
Post code	8200
Country	Belgium

NEGATIVE INFORMATION

NSSO details

Business number	456292354
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 Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	23/05/2009
Event Description	re-appointment of director(s)
Event Details	Commentaar 23-05-2009: Herbenoeming bestuurders tot de algemene vergadering van 2015: Desaegher Paulette (tevens gedelegeerd bestuurder), Vanwynsberghe Stefan en Vanwynsberghe Sabine.

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	Safe number	%	Date of accounts
891360219	Euro Masima NV	BE01336549	34.75	31/12/2010

Individual Shareholders

Shareholder Name
Forename	Sabine	Middle name	-
Surname	Vanwynsberghe
Shareholder Details
Start date	13/10/1995	End date	-
Percentage owned	-
Shareholder Address
Street name	Lijsterdreef	House number	11A
Minor town	Varsenare	Postal town	Jabbeke
Post code	8490	Country	Belgium

Shareholder Name
Forename	Stefan	Middle name	Germaine
Surname	Vanwynsberghe
Shareholder Details
Start date	13/10/1995	End date	-
Percentage owned	-
Shareholder Address
Street name	Bakkersstraat	House number	3
Minor town	-	Postal town	Brugge
Post code	8000	Country	Belgium

Shareholder Name
Forename	Frans	Middle name	-
Surname	Vanwynsberghe
Shareholder Details
Start date	13/10/1995	End date	-
Percentage owned	-
Shareholder Address
Street name	Legeweg	House number	393
Minor town	Sint-Andries	Postal town	Brugge
Post code	8200	Country	Belgium

Shareholder Name
Forename	Paulette	Middle name	Marcelle
Surname	Desaegher
Shareholder Details
Start date	13/10/1995	End date	-
Percentage owned	-
Shareholder Address
Street name	Legeweg	House number	393
Minor town	Sint-Andries	Postal town	Brugge
Post code	8200	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	8.20
Industry average payment expectation days	75.32	Industry average day sales outstanding	232.65
Day sales outstanding	22.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	8.20
Day sales outstanding	22.31

Industry comparison

Activity code	70220
Activity description	Business and other management consultancy activities
Industry average payment expectation days	75.32
Industry average day sales outstanding	232.65

Industry quartile analysis

Payment expectations	View graph
Company result	8.20
Lower	130.36
Median	65.05
Upper	30.01
Day sales outstanding	View graph
Company result	22.31
Lower	73.35
Median	26.98
Upper	8.64

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

Summary

Group - Number of Companies	0
Linkages - Number of Companies	1
Number of Countries	2

Group Structure

No group structure for this company.

Linked Companies

Name	Safe number	number	Latest Key financials	Rating	Limit	Turnover
EURO MASIMA NV	BE01336549	891360219	31.12.2010	64	€6.500	€185.539

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	1,239,457	-7,578	805,487
31/12/2009	629,101	14,447	744,968
31/12/2008	268,766	-2,418	728,660

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	1,337,579	100,748	575,000	4,125	0
31/12/2009	1,007,182	99,351	575,000	11,660	0
31/12/2008	888,424	99,398	575,000	38,817	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	1,239,457	97.02	629,101	134	268,766	2,334,612	-46.91
Total operating expenses	1,229,131	104	600,807	130	260,591	2,218,730	-44.60
Operating result	10,326	-63.51	28,294	246	8,175	47,130	-78.09
Total financial income	240	-0.98	243	-69.23	789	373,206	-99
Total financial expenses	18,144	28.77	14,090	23.79	11,382	196,456	-90.76
Results on ordinary operations before taxation	-7,578	-152	14,447	597	-2,418	186,626	-104
Taxation	618	293	-211	-108	2,428	30,211	-97.96
Results on ordinary operations after taxation	-8,196	-155	14,657	302	-4,846	164,193	-104
Extraordinary items	100,399	200798	-50	-100	53,360	-28,086	357
Other appropriations	0.00	-	0.00	-100	21351	0	-
Net result	92,203	531	14,607	-79.09	69,865	136,122	-32.26
other information
Dividends	-	-	-	-	-	849,489	-
Director remuneration	-	-	-	-	-	420,520	-
Employee costs	-	-	-	-	-	407,675	-
Wages and salary	-	-	-	-	-	342,658	-
Employee pension costs	-	-	-	-	-	17,391	-
Social security contributions	-	-	-	-	-	100,620	-
Other employee costs	0	-	0	-	0	7,273	-100
Amortization and depreciation	48,516	72.75	28,085	51.87	18,493	31,849	52.33

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	16,797	-100
Tangible fixed assets	908,262	31.47	690,856	3.15	669,785	316,770	186
Land & building	796,813	24.24	641,345	-1.79	653,065	522,819	52.41
Plant & machinery	-	-	-	-	-	26,314	-
Other tangible assets	111,449	125	49,511	196	16,720	41,339	169
Financial fixed assets	100,748	1.41	99,351	-0.05	99,398	5,288,196	-98.09
Total fixed assets	1,009,010	27.69	790,207	2.73	769,183	3,163,316	-68.10
Inventories	248,690	192	84,975	5.66	80,424	361,820	-31.27
Raw materials & consumables	-	-	-	-	-	922,201	-
Work in progress	0	-	0	-	0	6,395	-100
Finished goods	0	-	0	-	0	4,675	-100
Other stocks	248,690	192	84,975	5.66	80,424	18,227	1264
Trade debtors	75,755	-37.05	120,341	-	0	160,058	-52.67
Cash	4,125	-64.62	11,660	-69.96	38,817	138,219	-97.02
other amounts receivable	0	-	0	-	0	1,667,262	-100
Miscellaneous current assets	0	-	0	-	0	251,418	-100
Total current assets	328,570	51.43	216,976	81.96	119,241	2,240,752	-85.34
current liabilities
Trade creditors	27,607	-3.60	28,637	11733	242	82,657	-66.60
Short term group loans	-	-	-	-	-	0	-
Other short term loans	33,000	120	15,000	-	0	515,022	-93.59
Miscellaneous current liabilities	354,921	68.70	210,385	37.17	153,379	-44.15	- -
Total current liabilities	415,528	63.58	254,022	65.36	153,621	1,225,814	-66.10
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	80,438	2045	3,750	-	-	-92.98	- -
Other long term liabilities	36,126	713	4,442	-27.69	6,143	123,635	-70.78
Total long term debts	116,564	1322	8,192	33.36	6,143	673,868	-82.70
shareholders equity
Issued share capital	575,000	0	575,000	0	575,000	2,612,134	-77.99
Share premium account	-	-	-	-	-	10,023,367	-
Reserves	230,487	35.61	169,968	10.61	153,660	454,863	-49.33
Revaluation reserve	-	-	-	-	-	584,159	-
Total shareholders equity	805,487	8.12	744,968	2.24	728,660	3,287,972	-75.50
Working capital	-86,959	-134	-37,046	-7.76	-34,380	1,014,937	-108
Net worth	805,487	8.12	744,968	2.24	728,660	3,268,609	-75.36

Ratio Analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-0.61	-126	2.30	255	-0.90	60,00	-101
Return on capital employed	-0.82	-142	1.92	581	-0.33	22,00	-103
Return on total assets employed	-0.57	-139	1.43	529	-0.27	-15,00	3.80
Return on net assets employed	-0.94	-148	1.94	587	-0.33	53,00	-101
Sales / net working capital	-14.25	83.92	-16.98	-117	-7.82	-1,00	-100
Stock turnover ratio	20.06	48.48	13.51	-54.85	29.92	126,00	-84.08
Debtor days	22.31	-68.05	69.82	-	-	453,00	-95.08
Creditor days	8.20	-52.87	17.40	5017	0.34	69,00	-88.12
short term stability
Current ratio	0.79	-7.06	0.85	8.97	0.78	43,00	-99
Liquidity ratio / acid ratio	0.19	-63.46	0.52	108	0.25	43,00	-99
Current debt ratio	0.52	52.94	0.34	61.90	0.21	3.343,00	-99
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	14.08	458	2.52	-	-	264,00	-94.67
Equity in percentage	60.22	-18.59	73.97	-9.81	82.02	-251,00	23.99
Total debt ratio	0.66	88.57	0.35	59.09	0.22	3.378,00	-99

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Industry comparison

Activity code	70220
Activity description	Business and other management consultancy activities

Business number	Company name	Date of accounts
428335865	ZANDPOLDER BVBA	31/12/2010

Companies that match this address

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.65.74

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.