MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	VITAFOR NV
Registered Office :	Industriepark-Noord 18 Sint-Niklaas
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	23.10.1972
Com. Reg. No.:	412725991
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of pharmaceutical goods
No. of Employees :	08

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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	412725991	Company name	VITAFOR NV
		Telephone number	037600680
Address	INDUSTRIEPARK-NOORD 18 SINT-NIKLAAS	Fax number	037660370
Post code	9100	Number of staff	8
Date of establishment	23/10/1972

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	23,114,118	269,060	3,042,219
31/12/2009	17,404,816	655,981	2,822,248
31/12/2008	23,832,026	922,926	2,383,617

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	6,968,307	426,212	100,000	609,824	8
31/12/2009	5,452,751	449,859	100,000	278,366	5
31/12/2008	5,636,797	320,436	100,000	148,329	6

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	30.02
Industry average payment expectation days	66.34	Industry average day sales outstanding	111.52
Day sales outstanding	57.36

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	412725991	Company name	VITAFOR NV
Fax number	037660370	Date founded	23/10/1972
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46460	liable for VAT	yes
Activity description	Wholesale of pharmaceutical goods	VAT Number	BE.0412.725.991
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	100
Description	Additional joint committee for labourers
category

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

Significant Events

Event Date	28/06/2011
Event Description
Event Details	Uitbreiding van het maatschappelijk doel.

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	23,114,118	32.80	17,404,816	-26.97	23,832,026	38,514,339	-39.99
Total operating expenses	22,610,913	35.66	16,667,458	-27.25	22,909,211	37,228,116	-39.26
Operating result	503,205	-31.76	737,358	-20.10	922,815	489,922	2.71
Total financial income	346,493	66.26	208,410	-68.85	669,160	823,906	-57.95
Total financial expenses	580,638	100	289,786	-56.69	669,048	590,578	-1.68
Results on ordinary operations before taxation	269,060	-58.98	655,981	-28.92	922,926	656,593	-59.02
Taxation	61,597	-45.60	113,236	-15.96	134,748	167,309	-63.18
Results on ordinary operations after taxation	207,463	-61.78	542,745	-31.14	788,178	538,963	-61.51
Extraordinary items	12,509	56.58	-22,108	-3859	588	61,320	-79.60
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	219,972	-57.75	520,637	-33.99	788,766	600,683	-63.38
OTHER INFORMATION
Dividends	0	-	-	-	-	1,597,734	-100
Director remuneration	0	-	-	-	-	318,100	-100
Employee costs	263,650	-4.20	275,215	36.47	201,668	2,489,782	-89.41
Wages and salary	187,306	-9.53	207,047	32.35	156,442	1,810,573	-89.65
Employee pension costs	0	-	-	-	-	196,271	-100
Social security contributions	42,306	-10.99	47,530	43.27	33,176	502,632	-91.58
Other employee costs	34,038	64.93	20,638	71.27	12,050	142,475	-76.11
Amortization and depreciation	32,115	2.59	31,305	-8.20	34,100	900,164	-96.43

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	1,671,201	-100
Tangible fixed assets	83,133	-3.79	86,407	4.95	82,333	931,255	-91.07
Land & building	0	-	-	-	-	927,442	-100
Plant & machinery	-	-	-	-	-	342,066	-
Other tangible assets	83,133	-3.79	86,407	4.95	82,333	231,158	-64.04
Financial fixed assets	426,212	-5.26	449,859	40.39	320,436	17,050,260	-97.50
Total fixed assets	509,344	-5.02	536,266	33.15	402,768	13,680,011	-96.28
Inventories	1,959,662	22.11	1,604,785	40.21	1,144,561	2,458,853	-20.30
Raw materials & consumables	0	-	-	-	-	1,287,219	-100
Work in progress	0	-	0	-	0	11,176	-100
Finished goods	1,959,662	22.11	1,604,785	40.21	1,144,561	1,385,949	41.39
Other stocks	0	-	0	-	0	84,952	-100
Trade debtors	3,632,517	42.06	2,557,091	-7.01	2,749,751	2,697,231	34.68
Cash	609,824	119	278,366	87.67	148,329	574,412	6.16
other amounts receivable	256,960	-46.04	476,243	-24.57	631,389	2,095,503	-87.74
Miscellaneous current assets	0	-	0	-100	559,999	296,370	-100
Total current assets	6,458,963	31.37	4,916,485	-6.07	5,234,029	7,159,962	-9.79
CURRENT LIABILITIES
Trade creditors	1,859,418	373	393,089	-79.20	1,889,623	2,581,947	-27.98
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,767,602	-4.52	1,851,287	63.06	1,135,375	1,319,754	33.93
Miscellaneous current liabilities	112,392	-7.76	121,849	-40.43	204,559	-96.25	- -
Total current liabilities	3,739,412	58.03	2,366,225	-26.73	3,229,557	6,743,369	-44.55
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	186,676	-29.36	264,278	1018	23,623	-97.61	- -
Other long term liabilities	0	-	0	-	0	266,731	-100
Total long term debts	186,676	-29.36	264,278	1018	23,623	3,736,315	-95.00
SHAREHOLDERS EQUITY
Issued share capital	100,000	0	100,000	0	100,000	5,922,220	-98.31
Share premium account	0	-	-	-	-	10,779,671	-100
Reserves	2,942,219	8.08	2,722,248	19.21	2,283,617	2,755,433	6.78
Revaluation reserve	0	-	-	-	-	204,107	-100
Total shareholders equity	3,042,219	7.79	2,822,248	18.40	2,383,617	9,115,237	-66.62
Working capital	2,719,551	6.64	2,550,260	27.23	2,004,472	416,593	552
Net worth	3,042,219	7.79	2,822,248	18.40	2,383,617	7,444,036	-59.13

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	1.16	-69.23	3.77	-2.58	3.87	41.024,00	-99
Return on capital employed	8.33	-60.80	21.25	-44.57	38.34	-8,00	104
Return on total assets employed	3.86	-67.91	12.03	-26.51	16.37	-13,00	29.69
Return on net assets employed	8.84	-61.96	23.24	-39.98	38.72	-20,00	44.20
Sales / net working capital	8.50	24.63	6.82	-42.64	11.89	3,00	-99
Stock turnover ratio	8.48	-8.03	9.22	92.08	4.80	15,00	-43.47
Debtor days	57.36	6.96	53.63	27.36	42.11	108,00	-46.89
Creditor days	30.02	248	8.61	-71.40	30.11	71,00	-57.72
SHORT TERM STABILITY
Current ratio	1.73	-16.83	2.08	28.40	1.62	17,00	-
Liquidity ratio / acid ratio	1.20	-14.29	1.40	10.24	1.27	17,00	-92.94
Current debt ratio	1.23	46.43	0.84	-37.78	1.35	0,00	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	64.24	-14.30	74.96	54.18	48.62	39,00	64.72
Equity in percentage	43.66	-15.65	51.76	22.39	42.29	-7,00	623
Total debt ratio	1.29	38.71	0.93	-31.62	1.36	1,00	29.00

Industry comparison

Activity code	46460
Activity description	Wholesale of pharmaceutical goods

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	30.02
Day sales outstanding	57.36

Industry comparison

Activity code	46460
Activity description	Wholesale of pharmaceutical goods
Industry average payment expectation days	66.34
Industry average day sales outstanding	111.52

Industry quartile analysis

Payment expectations
Company result	30.02
Lower	103.74
Median	69.84
Upper	44.06
Day sales outstanding
Company result	57.36
Lower	77.50
Median	48.10
Upper	25.54

Summary

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

Group Structure

No group structure for this company.

Minority Shareholders

Business number	Company name	Limit	Date of accounts
430176885	Aminevit Laboratories NV	€1.500	30/06/2011
430176885	Aminevit Laboratories NV	€1.500	30/06/2011
426417641	Diamond Feed NV	€4.000	30/06/2011

Minority Interests

Business number	Company name	Limit	Date of accounts
-	VIAL SPRL	-	-

Companies that match this address

Business number	Company name	Date of accounts
449172653	ADDI - TECH 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	412725991
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	BART VAN DE BERGHE
Position	Managing Director
Street	39 PATER VERTENTENSTRAAT HAMME
Post code	9220
Country	Belgium
Name	BART VAN DE BERGHE
Position	Director
Street	39 PATER VERTENTENSTRAAT HAMME
Post code	9220
Country	Belgium

Name	MARIT GEERTRUI PEETERS
Position	Managing Director
Date of birth	26/05/1970
Street	23 OUD-VEERSTRAAT KRUIBEKE
Post code	9150
Country	Belgium
Name	MARIT GEERTRUI PEETERS
Position	Director
Date of birth	26/05/1970
Street	23 OUD-VEERSTRAAT KRUIBEKE
Post code	9150
Country	Belgium

Name	BART VAN DEN BERGHE
Position	Managing Director
Street	75 PRINSENMEERS DENDERMONDE
Post code	9200
Country	Belgium
Name	BART VAN DEN BERGHE
Position	Director
Street	75 PRINSENMEERS DENDERMONDE
Post code	9200
Country	Belgium

Name	JOHAN (JO) DE KERPEL
Position	Chairman of the Board
Street	36 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium
Name	JOHAN (JO) DE KERPEL
Position	Director
Street	36 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

Name	JOHAN (JO) DE KERPEL
Position	Managing Director
Street	36 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium
Name	JOHAN DE KERPEL
Position	Chairman of the Board
Street	25 MEISTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	JOHAN DE KERPEL
Position	Director
Street	25 MEISTRAAT ANTWERPEN
Post code	2000
Country	Belgium
Name	MALGORZATA PODWYSOCKA
Position	Director
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Report Prepared by :

MNL

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.