MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	LA ZELOISE NV
Registered Office :	Dommekensstraat 8 Zele , Post Code 9240
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	24.04.2008
Com. Reg. No.:	897508633
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Subject is engaged in Textile Weaving
No. of Employees :	22

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 :	(€) 29.500
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

Company name & address

Business number 897508633

Company name LA ZELOISE NV

Address DOMMEKENSSTRAAT 8 ZELE

Post code 9240

Telephone number 052459730

Fax number 052449248

Number of staff 22

Date of establishment 24/04/2008

Credit information

credit limit (€) 29.500

Ultimate holding company

Company name Jutimmo NV

Company Number 400190722

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		-33,607	99,832
31/12/2009		-122,038	-126,810
31/12/2008		-19,755	-15,022

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	1,480,511		250,000	30,994	22
31/12/2009	1,431,231		100,000	61,468	25
31/12/2008	1,647,939		100,000	110,913	25

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	72.82	Industry average day sales outstanding	81.13
Day sales outstanding	--

Court data summary

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

Business number	897508633	Company name	LA ZELOISE NV
Fax number	052449248	Date founded	24/04/2008
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	13200	liable for VAT	yes
Activity description	Textile weaving	VAT Number	BE.0897.508.633

Belgian Bullettin of Acts Publications

moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

JIC Code	120
Description	Joint committee for the textile industry and knitting
category

JIC Code	214
Description	JC for the employees in the textile industry and the knitting
category

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	-	-	-	-	-	15,699,056	-
Total operating expenses	-	-	-	-	-	15,535,557	-
Operating result	6,940	9.49	-73,151	-558	15,967	29,117	-76.16
Total financial income	5,973	60.92	3,712	52.05	2,441	64,471	-90.74
Total financial expenses	46,520	-11.56	52,598	37.82	38,163	118,824	-60.85
Results on ordinary operations before taxation	-33,607	27.54	-122,038	-517	-19,755	-25,336	-32.64
Taxation	-	-	-	-	-	75,380	-
Results on ordinary operations after taxation	-33,607	27.54	-122,038	-517	-19,755	-69,370	48.45
Extraordinary items	0	-	0	-	0	56,020	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	-33,607	27.54	-122,038	-517	-19,755	-12,109	-177
other information
Dividends	-	-	-	-	-	973,945	-
Director remuneration	-	-	-	-	-	237,549	-
Employee costs	675,262	1.41	665,847	74.01	382,645	1,445,115	-53.27
Wages and salary	464,757	-0.54	467,278	73.22	269,755	1,026,497	-54.72
Employee pension costs	-	-	-	-	-	20,903	-
Social security contributions	187,172	5.51	177,394	71.47	103,458	403,937	-53.66
Other employee costs	23,333	10.19	21,175	124	9,432	67,396	-65.38
Amortization and depreciation	45,614	11.09	41,061	86.28	22,042	147,629	-69.10

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	74,768	-	85,017	-	95,267	20,791	259
Tangible fixed assets	99,069	-11.28	111,669	-16.19	133,244	811,634	-87.79
Land & building	-	-	-	-	-	583,646	-
Plant & machinery	67,571	-20.14	84,608	-8.44	92,410	299,638	-77.45
Other tangible assets	31,499	16.40	27,061	-33.73	40,834	155,317	-79.72
Financial fixed assets	-	-	-	-	-	2,588,652	-
Total fixed assets	173,838	-11.62	196,687	-13.93	228,511	2,210,331	-92.14
Inventories	889,404	7.78	825,221	-11.76	935,243	1,294,791	-31.31
Raw materials & consumables	-	-	-	-	-	1,615,935	-
Work in progress	0	-	0	-	0	94,688	-100
Finished goods	0	-	0	-	0	313,269	-100
Other stocks	889,404	7.78	825,221	-11.76	935,243	249,432	256
Trade debtors	329,765	0.80	327,143	-7.65	354,246	928,322	-64.48
Cash	30,994	-49.58	61,468	-44.58	110,913	346,639	-91.06
other amounts receivable	11,445	-19.22	14,169	60.82	8,811	191,132	-94.01
Miscellaneous current assets	45,066	588	6,543	-35.94	10,215	172,248	-73.84
Total current assets	1,306,673	5.84	1,234,544	-13.03	1,419,428	2,521,993	-48.19
current liabilities
Trade creditors	173,085	25.68	137,723	25.00	110,178	792,657	-78.16
Short term group loans	-	-	-	-	-	-	-
Other short term loans	703,476	1.70	691,687	-15.94	822,808	375,189	87.50
Miscellaneous current liabilities	226,560	20.87	187,448	7.51	174,356	-73.77	- -
Total current liabilities	1,103,121	8.48	1,016,858	-8.17	1,107,342	2,000,232	-44.85
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	202,790	-55.54	456,166	-0.91	460,353	-76.14	- -
Other long term liabilities	0	-	0	0	-1	425,296	-100
Total long term debts	202,790	-55.54	456,166	-0.91	460,352	829,252	-75.55
shareholders equity
Issued share capital	250,000	150	100,000	0	100,000	739,649	-66.20
Share premium account	-	-	-	-	-	69,391	-
Reserves	-75,400	53.18	-141,793	-617	-19,755	882,327	-108
Revaluation reserve	-	-	-	-	-	1,689,929	-
Total shareholders equity	174,600	417	-41,793	-152	80,245	1,793,418	-90.26
Working capital	203,553	-6.49	217,686	-30.25	312,086	521,761	-60.99
Net worth	99,832	78.73	-126,810	-744	-15,022	1,772,626	-94.37

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	-3,00	-
Return on capital employed	-8.91	30.25	-29.45	-706	-3.65	-5,00	-78.20
Return on total assets employed	-2.27	26.61	-8.53	-610	-1.20	-4,00	56.75
Return on net assets employed	-19.25	-106	292.01	1186	-24.62	-16,00	-20.31
Sales / net working capital	-	-	-	-	-	-2,00	-
Stock turnover ratio	-	-	-	-	-	43,00	-
Debtor days	-	-	-	-	-	83,00	-
Creditor days	-	-	-	-	-	70,00	-
short term stability
Current ratio	1.18	-2.48	1.21	-5.47	1.28	12,00	18.00
Liquidity ratio / acid ratio	0.38	-5.00	0.40	-9.09	0.44	12,00	-96.83
Current debt ratio	6.32	25.98	-24.33	-276	13.80	1,00	532
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	519.05	18.90	-2746.52	-271	1599.05	88,00	489
Equity in percentage	12.42	400	-3.10	-159	5.17	29,00	-57.17
Total debt ratio	7.48	21.22	-35.25	-280	19.54	2,00	274

Industry comparison

Activity code	13200
Activity description	Textile weaving
industry average credit rating	73.63
Industry average credit limit	45766.17

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	13200
Activity description	Textile weaving
Industry average payment expectation days	72.82
Industry average day sales outstanding	81.13

Industry quartile analysis

Payment expectations
Company result	-
Lower	96.02
Median	68.18
Upper	51.37
Day sales outstanding
Company result	-
Lower	93.34
Median	65.35
Upper	30.11

Summary

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

Group Structure

Company name	Number	Latest financials
- JUTIMMO NV	400190722	31-12-2010
- - LA ZELOISE NV	897508633	31-12-2010

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Magdalène	Middle name	Louisa
Surname	Haegens
Shareholder Details
Start date	23/04/2008	End date	05/05/2010
Percentage owned	5.10%
Shareholder Address
Street name	Stationsstraat	House number	4
Minor town	-	Postal town	Zele
Post code	9240	Country	Belgium

Shareholder Name
Forename	Annemie	Middle name	-
Surname	HAEGENS
Shareholder Details
Start date	23/04/2008	End date	05/05/2010
Percentage owned	33.20%
Shareholder Address
Street name	Maaistraat	House number	2
Minor town	-	Postal town	Dendermonde
Post code	9200	Country	Belgium

Shareholder Name
Forename	Filip	Middle name	-
Surname	Haegens
Shareholder Details
Start date	05/05/2010	End date	-
Percentage owned	0.04%
Shareholder Address
Street name	Stationsstraat	House number	11
Minor town	-	Postal town	Zele
Post code	9240	Country	Belgium

Companies that match this address

Business number	Company name	Date of accounts
400190722	JUTIMMO NV	31/12/2010
400190722	JUTIMMO NV	31/12/2010

Protested bills

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

NSSO details

Business number	897508633
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

Current director details

Name	JUTIMMO NV
Position	Director
Date of birth	01/08/1901
Street	8 DOMMEKENSSTRAAT ZELE
Post code	9240
Country	Belgium
Name	FILIP HAEGENS
Position	Director
Date of birth	25/05/1959
Street	11 STATIONSSTRAAT ZELE
Post code	9240
Country	Belgium

Name	FILIP HAEGENS
Position	Managing Director
Date of birth	25/05/1959
Street	11 STATIONSSTRAAT ZELE
Post code	9240
Country	Belgium
Name	ALAIN HAEGENS
Position	Chairman of the Board
Date of birth	28/04/1961
Street	2 MAAISTRAAT DENDERMONDE
Post code	9200
Country	Belgium

Name	ALAIN HAEGENS
Position	Director
Date of birth	28/04/1961
Street	2 MAAISTRAAT DENDERMONDE
Post code	9200
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.94
UK Pound	1	Rs.78.25
Euro	1	Rs.65.39

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.