MIRA INFORM REPORT

Report Date :

30.03.2012

IDENTIFICATION DETAILS

Name :	DAMCO BELGIUM NV
Registered Office :	Schouwkensstraat 7 Antwerpen, Post Code 2030
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	19.07.1979
Com. Reg. No.:	419732856
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Other supporting transport activities
No. of Employees :	100

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	1.650.000 (€)
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	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	419732856	Company name	DAMCO BELGIUM NV
		Telephone number	035416322
Address	SCHOUWKENSSTRAAT 7 ANTWERPEN	Fax number	3235406915
Post code	2030	Number of staff	100
Date of establishment	19/07/1979

Business number	419732856	Company name	DAMCO BELGIUM NV
Fax number	3235406915	Date founded	19/07/1979
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	52290	liable for VAT	Yes
Activity description	Other supporting transport activities	VAT Number	BE.0419.732.856
Belgian Bullettin of Acts Publications	moniteur belge

CREDIT RECOMENDATION

Current Credit Limit: 1.650.000 (€)

DIRECTORS/MANAGEMENT

Current director details

Name	SOREN MARTIN OVERGAARD
Position	Director
Date of birth	19/06/1963
Street	3 SERINGENLAAN WASSENAAR
Post code	2241 VH
Country	The Netherlands
Name	SOREN MARTIN OVERGAARD
Position	Managing Director
Date of birth	19/06/1963
Street	3 SERINGENLAAN WASSENAAR
Post code	2241 VH
Country	The Netherlands

there is no data for this company
Name	STEEN JAKOBSEN
Position	Director
Date of birth	20/08/1973
Street	330 KRALINGSEWEG ROTTERDAM
Post code	3066 RB
Country	The Netherlands
Name	STEEN JAKOBSEN
Position	Managing Director
Date of birth	20/08/1973
Street	330 KRALINGSEWEG ROTTERDAM
Post code	3066 RB
Country	The Netherlands

Name	FRANZ GROTE
Position	Director
Street	32 NOORDEINDE DELFT
Post code	2611
Country	The Netherlands
Name	FRANZ GROTE
Position	Managing Director
Street	32 NOORDEINDE DELFT
Post code	2611
Country	The Netherlands

Former director details

Name	CHARLES PAUL DE RIJCK
Position	Director
Street	8 BURGEMEESTER GUSTAAF VAN LANDEGHEMSTRAAT SINT-GILLIS-WAAS
Post code	9170
Country	Belgium
Name	NICK KURT DECLERCQ
Position	Director
Date of birth	23/08/1969
Street	1 WATERMOLENSTRAAT LEUVEN
Post code	3018
Country	Belgium

Name	NICK KURT DECLERCQ
Position	Managing Director
Date of birth	23/08/1969
Street	1 WATERMOLENSTRAAT LEUVEN
Post code	3018
Country	Belgium
Name	PETRUS G M VERSTRATEN
Position	Director
Street	62 SCHANSLAAN BORSBEEK
Post code	2150
Country	Belgium

Name	CHARLES DE RYCK
Position	Managing Director
Street	8 BURGEMEESTER GUSTAAF VAN LANDEGHEMSTRAAT SINT-GILLIS-WAAS
Post code	9170
Country	Belgium
Name	CHARLES DE RYCK
Position	Director
Street	8 BURGEMEESTER GUSTAAF VAN LANDEGHEMSTRAAT SINT-GILLIS-WAAS
Post code	9170
Country	Belgium

Name	HENDRICUS VAN DEN DUNGEN
Position	Director
Street	20 PEELLAND WAALWIJK
Post code	5144 E
Country	The Netherlands
Name	WILLEM ROB OORD
Position	Director
Street
Post code
Country	The Netherlands

Name	GIJSBERTUS JOHANNES MARIA SMULDERS
Position	Director
Date of birth	25/09/1956
Street
Post code
Country	The Netherlands
Name	RENÉ VAN LOON
Position	Director
Date of birth	05/07/1963
Street
Post code
Country	The Netherlands

Name	PETRUS JOHANNES VAN DER WIJNGAART
Position	Director
Date of birth	07/01/1956
Street
Post code
Country	The Netherlands
Name	MARTIJN ANTONIUS JOHANNES VERMUNT
Position	Managing Director
Date of birth	11/03/1977
Street
Post code
Country	The Netherlands

Name	MARTIJN ANTONIUS JOHANNES VERMUNT
Position	Director
Date of birth	11/03/1977
Street
Post code
Country	The Netherlands
Name	ERIC VAN DEN DUNGEN
Position	Director
Street
Post code
Country

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	FROM 100 TO 199 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	140
Description	Joint committee for the transport
category

JIC Code	226
Description	JC employees international trade, transport & related activities
category

Protested bills

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

NSSO details

Business number	419732856
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	41.99
Industry average payment expectation days	108.51	Industry average day sales outstanding	142.35
Day sales outstanding	69.54

Export accounts to CSV file

comparison mode

average

median

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	41.99
Day sales outstanding	69.54

Industry comparison

Activity code	52290
Activity description	Other supporting transport activities
Industry average payment expectation days	108.51
Industry average day sales outstanding	142.35

Industry quartile analysis

Payment expectations	View graph
Company result	41.99
Lower	114.77
Median	70.18
Upper	45.27
Day sales outstanding	View graph
Company result	69.54
Lower	98.25
Median	53.18
Upper	28.65

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	80,642,012	2,289,532	11,927,812
31/12/2009	58,974,264	1,202,918	10,332,880
31/12/2008	66,869,155	1,484,643	9,467,218

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	21,818,141	13,100	5,168,420	3,098,266	91
31/12/2009	17,361,964	13,100	5,168,420	853,778	102
31/12/2008	18,410,077	12,246	5,168,420	1,931,868	95

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	80,642,012	36.74	58,974,264	-11.81	66,869,155	9,501,378	748
Total operating expenses	78,088,193	35.98	57,428,112	-12.26	65,452,523	9,289,174	740
Operating result	2,553,819	65.17	1,546,152	9.14	1,416,632	95,194	2582
Total financial income	678,312	14.72	591,279	-12.63	676,787	86,838	681
Total financial expenses	942,600	0.87	934,513	53.51	608,776	60,110	1468
Results on ordinary operations before taxation	2,289,532	90.33	1,202,918	-18.98	1,484,643	114,290	1903
Taxation	674,064	133	289,062	-66.44	861,325	50,415	1237
Results on ordinary operations after taxation	1,615,467	76.77	913,856	46.61	623,318	79,518	1931
Extraordinary items	-20,535	42.61	-48,195	-108	599,819	31,223	-165
Other appropriations	0.00	-	0	-	0	0	-
Net result	1,594,932	84.24	865,661	-29.23	1,223,137	111,996	1324
other information
Dividends	-	-	-	-	-	736,187	-
Director remuneration	-	-	-	-	-	326,604	-
Employee costs	6,102,393	-1.36	6,186,798	5.28	5,876,417	1,008,952	504
Wages and salary	4,165,007	-3.44	4,313,567	4.23	4,138,338	731,872	469
Employee pension costs	-	-	-	-	26,958	42,129	-
Social security contributions	1,244,559	2.34	1,216,061	-2.20	1,243,442	240,550	417
Other employee costs	692,826	5.43	657,170	40.52	467,679	48,090	1340
Amortization and depreciation	363,962	-9.59	402,576	-43.80	716,318	123,754	194

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	27,975	-100
Tangible fixed assets	1,063,886	-23.75	1,395,326	-23.32	1,819,662	710,433	49.75
Land & building	823,910	-21.70	1,052,280	-17.56	1,276,355	757,213	8.81
Plant & machinery	74,050	-16.88	89,090	-19.49	110,658	448,643	-83.49
Other tangible assets	165,925	-34.66	253,956	-41.30	432,649	148,914	11.42
Financial fixed assets	13,100	0	13,100	6.97	12,246	381,686	-96.57
Total fixed assets	1,076,986	-23.53	1,408,426	-23.12	1,831,908	941,602	14.38
Inventories	-	-	-	-	-	180,881	-
Raw materials & consumables	-	-	-	-	-	546,225	-
Work in progress	0	-	0	-	0	1,445	-100
Finished goods	0	-	0	-	0	4,951	-100
Other stocks	0	-	0	-	0	6,565	-100
Trade debtors	15,364,187	60.10	9,596,762	-28.65	13,450,524	1,019,879	1406
Cash	3,098,266	262	853,778	-55.81	1,931,868	368,240	741
other amounts receivable	495,884	-34.25	754,214	-32.61	1,119,250	395,698	25.32
Miscellaneous current assets	1,782,819	-62.46	4,748,784	6105	76,527	98,259	1714
Total current assets	20,741,156	30.01	15,953,538	-3.77	16,578,169	1,885,387	1000
current liabilities
Trade creditors	8,983,150	52.86	5,876,658	-24.66	7,800,333	803,504	1017
Short term group loans	-	-	-	-	-	0	-
Other short term loans	4,403	-94.48	79,763	-	0	200,807	-97.81
Miscellaneous current liabilities	783,763	-2.53	804,142	2.21	786,764	54.08	- -
Total current liabilities	9,771,316	44.53	6,760,563	-21.27	8,587,097	1,480,013	560
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	119,013	-55.68	268,521	-24.52	355,762	72,922	63.21
Total long term debts	119,013	-55.68	268,521	-24.52	355,762	528,657	-77.49
shareholders equity
Issued share capital	5,168,420	0.00	5,168,420	0	5,168,420	298,728	1630
Share premium account	-	-	-	-	-	3,215,667	-
Reserves	6,759,392	30.88	5,164,460	20.14	4,298,798	375,922	1698
Revaluation reserve	-	-	-	-	-	147,651	-
Total shareholders equity	11,927,812	15.44	10,332,880	9.14	9,467,218	744,964	1501
Working capital	10,969,840	19.33	9,192,975	15.04	7,991,072	405,374	2606
Net worth	11,927,812	15.44	10,332,880	9.14	9,467,218	716,453	1564

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	2.84	39.22	2.04	-8.11	2.22	-29,00	9.79
Return on capital employed	19.01	67.49	11.35	-24.88	15.11	15,00	26.73
Return on total assets employed	10.49	51.37	6.93	-14.02	8.06	-2,00	524
Return on net assets employed	19.19	64.86	11.64	-25.77	15.68	3,00	539
Sales / net working capital	7.35	14.49	6.42	-23.30	8.37	15,00	-99
Stock turnover ratio	-	-	-	-	-	26,00	-
Debtor days	69.54	17.07	59.40	-19.10	73.42	2.141,00	-96.75
Creditor days	41.99	12.42	37.35	-14.14	43.50	174,00	-75.87
short term stability
Current ratio	2.12	-10.17	2.36	22.28	1.93	13,00	-78.80
Liquidity ratio / acid ratio	2.12	-10.17	2.36	22.28	1.93	13,00	-83.69
Current debt ratio	0.82	26.15	0.65	-28.57	0.91	10,00	-91.80
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	0.04	-94.81	0.77	-	-	263,00	-99
Equity in percentage	54.67	-8.13	59.51	15.73	51.42	-19,00	287
Total debt ratio	0.83	22.06	0.68	-27.66	0.94	11,00	-92.45

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Significant Events

Event Date	27/11/2008
Event Description	re-appointment of director(s)
Event Details	Commentaar 27-11-2008: Herbenoeming gedelegeerd bestuurders tot de volgende algemene vergadering: Declercq Nick en Vermunt Martijn.

Event Date	12/06/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 12-06-2007: Herbenoeming van de bestuurder de heer Willem Rob Oord voor onbepaalde duur.

Event Date	27/11/2008
Event Description
Event Details	Bekrachtiging van de benoeming van volgende bestuurders: Declercq Nick, Vermunt Martijn, Overgaard Soren en Jekobsen Steen.

Limit History

no limit history data found

Industry comparison

Activity code	52290
Activity description	Other supporting transport activities
industry average credit rating	67.71
Industry average credit limit	41440.62

Minority Interests

No minority interests found

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404209787	GEYTENBEEK BVBA	31/12/2002
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404555029	NEDLLOYD RIJN- EN BINNENVAART IN VEREFFENING NV	31/12/2002
429623787	AK STEEL NV	31/12/2010
429623787	AK STEEL NV	31/12/2010
434921274	GASDAM BEL, IN VEREFFENING NV	-
441545384	P & O CONTAINERS EUROPE NV IN VEREFFENING NV	31/12/1998
448566206	P&O NEDLLOYD GLOBAL LOGISTICS IN VEREFFENING NV	31/12/1998
450489576	NEDLLOYD=WIM VOS NV	-
458251061	NEDLLOYD=REGIONAL DISPATCH CENTE NV	-
459484941	P & O NEDLLOYD (BELGIUM)	-
467114782	CS TRANS BVBA	31/12/2010
796504117	DAMCO BELGIUM NV	-
825589962	GERLACH & CO=S RAPHIN PHILIPPE NV	-
826294104	GERLACH&CO=INTERFOOD POLSKA SP Z NV	-
836182164	GERLACH & CO =VITIMEX GMBH NV	-

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.15
UK Pound	1	Rs.81.41
Euro	1	Rs.68.22

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.