MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	UNITASK NV
Registered Office :	Hoveniersstraat 2 Bus 146 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	19.06.1992
Com. Reg. No.:	447684197
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Non-specialised wholesale trade
No. of Employees :	07 employees

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Company summary

Business number	447684197	Company name	UNITASK NV
		Telephone number	032327676
Address	HOVENIERSSTRAAT 2 BUS 146 ANTWERPEN	Fax number	034702469
Post code	2018	Number of staff	7
Date of establishment	19/06/1992

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010		108,136	42,084
31/12/2009		127,895	-14,096
31/12/2008		-79,691	-153,163

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	10,804,740	16,223	61,500	60,576	7
31/12/2009	5,681,202	10,199	61,500	226,901	5
31/12/2008	3,912,097	2,787	61,500	18,751	5

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	81.47	Industry average day sales outstanding	331.10
Day sales outstanding	-

Court data summary

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

Business number	447684197	Company name	UNITASK NV
Fax number	034702469	Date founded	19/06/1992
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46900	liable for VAT	yes
Activity description	Non-specialised wholesale trade	VAT Number	BE.0447.684.197
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 10 TO 19 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	22/12/2011
Event Description	new co-ordinated text of the statutes filed
Event Details	Commentaar 22-12-2011: Statutenwijziging.

comparison mode

average

median

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	-	-	-	-	-	12,095,572	-
Total operating expenses	-	-	-	-	-	11,700,518	-
Operating result	206,144	-8.88	226,222	128	98,940	89,667	129
Total financial income	6,473	900	647	679	83	122,881	-94.73
Total financial expenses	104,481	5.56	98,973	-44.62	178,714	60,395	73.00
Results on ordinary operations before taxation	108,136	-15.45	127,895	160	-79,691	136,508	-20.78
Taxation	25,820	14344244	0	-	-	40,017	-35.48
Results on ordinary operations after taxation	82,316	-35.64	127,895	160	-79,691	111,687	-26.30
Extraordinary items	0	-100	9,000	-	0	-22,180	0
Other appropriations	0.00	-	0.00	-	0	0	-
Net result	82,316	-39.87	136,895	171	-79,691	89,384	-7.91
OTHER INFORMATION
Dividends	-	-	-	-	-	546,160	-
Director remuneration	-	-	-	-	-	252,187	-
Employee costs	255,028	50.32	169,659	85.35	91,535	438,857	-41.89
Wages and salary	205,707	48.31	138,701	83.15	75,730	327,769	-37.24
Employee pension costs	-	-	-	-	-	66,835	-
Social security contributions	45,011	49.85	30,038	95.98	15,327	101,571	-55.69
Other employee costs	4,310	368	920	92.37	478	14,423	-70.11
Amortization and depreciation	30,166	64.79	18,305	8.17	16,923	55,746	-45.89

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	43,511	-	17,374	-	19,546	18,192	139
Tangible fixed assets	589,503	437	109,733	1.51	108,102	366,967	60.64
Land & building	525,186	624	72,467	13.37	63,920	552,821	-5.00
Plant & machinery	35,652	59.30	22,380	-15.85	26,595	72,228	-50.64
Other tangible assets	28,665	92.58	14,885	-15.36	17,587	49,694	-42.32
Financial fixed assets	16,223	59.06	10,199	265	2,787	3,141,771	-99
Total fixed assets	649,236	372	137,306	5.27	130,435	2,179,592	-70.21
Inventories	6,506,630	91.78	3,392,786	24.03	2,735,416	394,506	1549
Raw materials & consumables	-	-	-	-	-	953,122	-
Work in progress	0	-	0	-	0	3,794	-100
Finished goods	0	-	0	-	0	97,540	-100
Other stocks	6,506,630	91.78	3,392,786	24.03	2,735,416	111,193	5751
Trade debtors	3,522,270	85.78	1,895,908	91.94	987,745	470,758	648
Cash	60,576	-73.30	226,901	1110	18,751	182,709	-66.85
other amounts receivable	52,282	278	13,828	-47.89	26,539	736,280	-92.90
Miscellaneous current assets	13,746	-5.02	14,473	9.55	13,211	118,729	-88.42
Total current assets	10,155,503	83.18	5,543,896	46.60	3,781,662	1,726,421	488
CURRENT LIABILITIES
Trade creditors	5,747,007	101	2,848,708	46.63	1,942,799	474,097	1112
Short term group loans	-	-	-	-	-	0	-
Other short term loans	974,785	-4.94	1,025,439	17.64	871,690	155,377	527
Miscellaneous current liabilities	3,996,290	122	1,796,523	47.49	1,218,082	753	- -
Total current liabilities	10,718,083	89.01	5,670,671	40.62	4,032,571	1,062,272	908
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,062	-85.35	7,253	-44.81	13,142	-99	- -
Other long term liabilities	0	-	0	-100	1	87,079	-100
Total long term debts	1,062	-85.35	7,253	-44.81	13,143	361,438	-99
SHAREHOLDERS EQUITY
Issued share capital	61,500	0	61,500	0	61,500	1,354,276	-95.46
Share premium account	-	-	-	-	-	40,675	-
Reserves	24,094	41.38	-58,222	29.84	-195,117	870,134	-97.23
Revaluation reserve	-	-	-	-	-	331,570	-
Total shareholders equity	85,594	2510	3,278	2.45	-133,617	2,236,971	-96.17
Working capital	-562,579	-343	-126,774	50.53	-250,909	664,150	-184
Net worth	42,084	298	-14,096	9.20	-153,163	2,218,779	-98.10

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-210,00	-
Return on capital employed	124.79	-89.72	1214.42	1735	66.15	-21,00	594
Return on total assets employed	1	-55.56	2.25	110	-2.04	-21,00	4.76
Return on net assets employed	126.34	-96.76	3901.31	6441	59.64	8,00	1479
Sales / net working capital	-	-	-	-	-	1,00	-
Stock turnover ratio	-	-	-	-	-	252,00	-
Debtor days	-	-	-	-	-	1.010,00	-
Creditor days	-	-	-	-	-	75,00	-
SHORT TERM STABILITY
Current ratio	0.95	-3.06	0.98	4.26	0.94	9,00	9.50
Liquidity ratio / acid ratio	0.34	-10.53	0.38	46.15	0.26	9,00	-96.22
Current debt ratio	125.22	-92.76	1729.78	5731	-30.18	-10,00	1252
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	1140.08	-96.38	31501.24	4756	-662.22	-90,00	1266
Equity in percentage	0.80	1233	0.06	1.75	-3.43	-934,00	0.09
Total debt ratio	125.23	-92.77	1731.99	5719	-30.28	-9,00	1391

Industry comparison

Activity code	46900
Activity description	Non-specialised wholesale trade

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46900
Activity description	Non-specialised wholesale trade
Industry average payment expectation days	81.47
Industry average day sales outstanding	331.10

Industry quartile analysis

Payment expectations
Company result	-
Lower	108.33
Median	61.56
Upper	26.54
Day sales outstanding
Company result	-
Lower	90.38
Median	45.34
Upper	17.61

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

No minority shareholders found

Minority Interests

No minority interests found

Protested bills

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

NSSO details

Business number	447684197
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	MAURICE WECHSLER
Position	Director
Date of birth	28/08/1986
Street	7 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	B. JOSEPH WECHSLER
Position	Managing Director
Date of birth	31/05/1959
Street	5 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	B. JOSEPH WECHSLER
Position	Director
Date of birth	31/05/1959
Street	5 VAN EYCKLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	SAMUEL WECHSLER
Position	Managing Director
Street	8 RUBENSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	SAMUEL WECHSLER
Position	Director
Street	8 RUBENSLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	ZVI IYTZCHAK WEINROTH
Position	Director
Date of birth	19/12/1949
Street
Post code
Country	Israël

Former director details

Name	BORIS SERGEEV
Position	Director
Street	23 HELDENHULDELAAN MORTSEL
Post code	2640
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

PDT

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.