MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	A. VIAENE & ZOON NV
Registered Office :	Ambachtenstraat 44 Izegem 8870
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	13.12.1975
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Manufacture of brooms and brushes
No. of Employees :	9

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 :	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 – 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

REGISTERED NAME & COMPANY SUMMARY

Business number	415650542	Company name	A. VIAENE & ZOON NV
		Telephone number	-
Address	AMBACHTENSTRAAT 44 IZEGEM	Fax number	-
Post code	8870	Number of staff	7
Date of establishment	13/12/1975

DIRECTORS/MANAGEMENT

Current director details

Name	DANINCK MAGDA,
Position	Director
Street	225 KREKELSTRAAT IZEGEM
Post code	8870
Country	Belgium

Name	VERONIQUE VIAENE
Position	Director
Street	61 HAZELAARSTRAAT IZEGEM
Post code	8870
Country	Belgium

Name	MAGDA DAENINCK
Position	Director
Street	225 KREKELSTRAAT IZEGEM
Post code	8870
Country	Belgium

Name	IVAN VIAENE
Position	Managing Director
Date of birth	08/05/1964
Street	225 KREKELSTRAAT IZEGEM
Post code	8870
Country	Belgium

Name	IVAN VIAENE
Position	Director
Date of birth	08/05/1964
Street	225 KREKELSTRAAT IZEGEM
Post code	8870
Country	Belgium

Former director details

Name	IVAN VIAENE
Position	Principal Manager
Date of birth	08/05/1964
Street	225 KREKELSTRAAT IZEGEM
Post code	8870
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	415650542	Company name	A. VIAENE & ZOON NV
Fax number	-	Date founded	13/12/1975
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	32910	liable for VAT	yes
Activity description	Manufacture of brooms and brushes	VAT Number	BE.0415.650.542
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

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	126
Description	Joint committee for the upholstery and the woodworks
category

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

Significant Events

Event Date	27/06/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 27-06-2012: Herbenoemd als bestuurder voor 6 jaar: Viaene Ivan (tevens als gedelegeerd bestuurder), Daeninck Magda en Viaene Veronique

Protested bills

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

NSSO details

Business number	415650542
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	68.11	Industry average day sales outstanding	69.68
Day sales outstanding	-

Export accounts to CSV file

comparison mode

average

median

Industry comparison

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	32910
Activity description	Manufacture of brooms and brushes
Industry average payment expectation days	68.11
Industry average day sales outstanding	69.68

Industry quartile analysis

Payment expectations	View graph
Company result	-
Lower	90.26
Median	68.29
Upper	47.25
Day sales outstanding	View graph
Company result	-
Lower	96.56
Median	63.29
Upper	51.21

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		-54,484	877,533
31/12/2010		-2,143	919,740
31/12/2009		32,213	907,838

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	2,272,753	3,196	64,998	58,476	7
31/12/2010	2,402,945	1,696	64,998	185,247	8
31/12/2009	2,382,677	3,430	64,998	91,263	7

Profit & loss

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	-	-	-	-	-	2,290,959	-
	Total operating expenses	-	-	-	-	-	2,171,318	-
	Operating result	-23,795	-156	41,774	-39.03	68,516	69,108	-134
	Total financial income	6,733	335	1,547	21.52	1,273	12,424	-45.81
	Total financial expenses	37,422	-17.69	45,465	20.99	37,576	26,097	43.39
	Results on ordinary operations before taxation	-54,484	-2442	-2,143	-106	32,213	54,843	-199
	Taxation	114	-22.29	147	59.24	-249	27,058	-99
	Results on ordinary operations after taxation	-54,599	-2283	-2,291	-107	32,462	35,516	-253
	Extraordinary items	0	-100	1,740	-	0	-3,147	0
	Other appropriations	546.75	-10.0	607.50	-10.0	675.00	-	-
	Net result	-54,052	-94994	57	-99	33,137	33,754	-260
	other information
	Dividends	-	-	-	-	20,000	82,015	-
	Director remuneration	-	-	-	-	-	-	-
	Employee costs	376,711	9.68	343,456	32.46	259,281	271,184	38.91
	Wages and salary	251,965	16.14	216,941	33.39	162,634	177,144	42.24
	Employee pension costs	-	-	-	-	-	2,585	-
	Social security contributions	122,232	-1.71	124,357	31.81	94,344	85,815	42.44
	Other employee costs	2,514	16.45	2,159	-6.29	2,304	14,978	-83.22
	Amortization and depreciation	165,876	-4.57	173,828	-2.62	178,505	82,174	101
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balance sheet

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	6,147	-	17,992	-	29,837	24,744	-75.16
	Tangible fixed assets	864,130	-14.75	1,013,598	-10.45	1,131,894	335,081	157
	Land & building	315,229	-11.15	354,806	-11.79	402,251	180,520	74.62
	Plant & machinery	531,943	-16.18	634,646	-12.54	725,651	152,981	247
	Other tangible assets	16,958	-29.77	24,146	504	3,992	51,770	-67.24
	Financial fixed assets	3,196	88.49	1,696	-50.56	3,430	49,873	-93.59
	Total fixed assets	873,473	-15.47	1,033,285	-11.32	1,165,161	393,479	121
	Inventories	996,141	36.01	732,413	-0.38	735,188	395,187	152
	Raw materials & consumables	-	-	-	-	-	1,090,462	-
	Work in progress	0	-	0	-	0	4,295	-100
	Finished goods	0	-	0	-	0	21,717	-100
	Other stocks	996,141	36.01	732,413	-0.38	735,188	265,321	275
	Trade debtors	344,495	-23.76	451,831	28.38	351,956	367,266	-6.20
	Cash	58,476	-68.43	185,247	102	91,263	110,963	-47.30
	other amounts receivable	168	0	168	-99	38,039	106,333	-99
	Miscellaneous current assets	0	-	0	-100	1,070	13,847	-100
	Total current assets	1,399,280	2.16	1,369,660	12.50	1,217,516	993,596	40.83
	current liabilities
	Trade creditors	455,433	20.44	378,151	90.11	198,912	270,650	68.27
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	142,605	-1.71	145,084	-19.26	179,685	88,210	61.67
	Miscellaneous current liabilities	77,836	-9.10	85,629	33.04	64,364	-38.08	- -
	Total current liabilities	675,875	11.01	608,864	37.45	442,961	484,567	39.48
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	708,277	-16.76	850,882	-14.57	995,966	44.43	- -
	Other long term liabilities	4,921	-10.0	5,468	-10.00	6,075	7,257	-32.19
	Total long term debts	713,198	-16.72	856,350	-14.54	1,002,041	287,489	148
	shareholders equity
	Issued share capital	64,998	0	64,998	0	64,998	213,338	-69.53
	Share premium account	-	-	-	-	-	0	-
	Reserves	818,682	-6.19	872,734	0.01	872,677	382,944	113
	Revaluation reserve	-	-	-	-	-	0	-
	Total shareholders equity	883,680	-5.76	937,732	0.01	937,675	596,282	48.20
	Working capital	723,405	-4.91	760,796	-1.78	774,555	509,029	42.11
	Net worth	877,533	-4.59	919,740	1.31	907,838	571,538	53.54
	back to top

ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	-	-	-	-	-	2,00	-
	Return on capital employed	-3.41	-2741	-0.12	-107	1.66	9,00	-137
	Return on total assets employed	-2.40	-2566	-0.09	-106	1.35	7,00	-134
	Return on net assets employed	-6.17	-2582	-0.23	-106	3.44	10,00	-161
	Sales / net working capital	-	-	-	-	-	8,00	-
	Stock turnover ratio	-	-	-	-	-	30,00	-
	Debtor days	-	-	-	-	-	62,00	-
	Creditor days	-	-	-	-	-	-78,00	-
	short term stability
	Current ratio	2.07	-8.00	2.25	-18.18	2.75	9,00	107
	Liquidity ratio / acid ratio	0.60	-42.86	1.05	-3.67	1.09	8,00	-92.50
	Current debt ratio	0.76	16.92	0.65	38.30	0.47	1,00	-24.00
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	96.29	-9.34	106.21	-15.29	125.38	74,00	30.12
	Equity in percentage	38.99	-0.84	39.32	-1.33	39.85	52,00	-25.02
	Total debt ratio	1.57	0.64	1.56	1.30	1.54	2,00	-21.50

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.78

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.