MIRA INFORM REPORT

Report Date :

04.10.2012

IDENTIFICATION DETAILS

Name :	MARHILL BVBA
Registered Office :	Frederik Burvenichstraat 158 –Bgent 9050
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	23.07.1990
Com. Reg. No.:	441086714
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Non-specialised wholesale trade (Packaging for bulk products)
No. of Employees :	3

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	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	441086714	Company name	MARHILL BVBA
		Telephone number	092109090
Address	FREDERIK BURVENICHSTRAAT 158 -BGENT	Fax number	092109093
Post code	9050	Number of staff	3
Date of establishment	23/07/1990

Business number	441086714	Company name	MARHILL BVBA
Fax number	092109093	Date founded	23/07/1990
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46900	liable for VAT	yes
Activity description	Non-specialised wholesale trade (Packaging for bulk products)	VAT Number	BE.0441.086.714
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	HENTON NV
Position	Principal Manager
Date of birth	10/12/2003
Street	15 MEIERIJ MERELBEKE
Post code	9820
Country	Belgium

Former director details

Name	HILDE FOCQUET
Position	Director
Street	189 GANZENDRIES GENT
Post code	9000
Country	Belgium

Name	MARC SMET
Position	Principal Manager
Date of birth	12/08/1965
Street	121 PRINSES CLEMENTINALAAN GENT
Post code	9000
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

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)

Export accounts to CSV file

comparison mode

average

median

NSSO details

Business number	441086714
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

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Marc	Middle name	-
Surname	Smet
Shareholder Details
Start date	11/04/1997(estimated)	End date	-
Percentage owned	100%
Shareholder Address
Street name	Ganzendries	House number	189
Minor town	-	Postal town	Gent
Post code	9000	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	80.80	Industry average day sales outstanding	314.67
Day sales outstanding	-

GROUP STRUCTURE & AFFILIATED COMPANIES

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
31/12/2011		364,494	4,299,341
31/12/2010		409,919	4,264,380
31/12/2009		370,700	4,104,844

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	4,663,080	148	99,157	843,098	3
31/12/2010	4,719,417	148	99,157	2,086,746	3
31/12/2009	4,478,881	148	99,157	1,977,958	4

Trends

Profitability
Liquidity
Net worth

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	-	-	-	-	-	12,860,244	-
Total operating expenses	-	-	-	-	-	12,744,609	-
Operating result	308,760	-5.67	327,329	2.30	319,962	55,764	453
Total financial income	62,473	-28.59	87,479	52.37	57,411	150,041	-58.36
Total financial expenses	6,740	37.85	4,889	-26.73	6,673	295,279	-97.72
Results on ordinary operations before taxation	364,494	-11.08	409,919	10.58	370,700	-101,201	360
Taxation	79,781	20730	383	-88.89	3,447	46,699	70.84
Results on ordinary operations after taxation	284,712	-30.48	409,536	11.51	367,253	-131,092	217
Extraordinary items	248	-	0	-	0	-99,337	0.25
Other appropriations	0.00	-	0	-	0	-	-
Net result	284,960	-30.42	409,536	11.51	367,253	-230,342	123
other information
Dividends	250,000	0	250,000	0	250,000	429,359	-41.77
Director remuneration	-	-	-	-	-	512,575	-
Employee costs	199,007	-3.15	205,473	14.76	179,048	497,223	-59.98
Wages and salary	140,504	-6.92	150,949	21.31	124,432	369,662	-61.99
Employee pension costs	-	-	-	-	-	61,357	-
Social security contributions	49,268	1.88	48,358	17.91	41,014	115,318	-57.28
Other employee costs	9,235	49.77	6,166	-54.67	13,602	15,745	-41.35
Amortization and depreciation	48,311	-17.30	58,418	8.01	54,087	63,764	-24.23

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	0	-	0	-	0	22,778	-100
Tangible fixed assets	110,998	-18.06	135,460	-0.17	135,690	431,070	-74.25
Land & building	56,298	-23.21	73,314	5.53	69,472	635,600	-91.14
Plant & machinery	16,530	-39.33	27,247	-43.04	47,832	78,543	-78.95
Other tangible assets	38,170	9.37	34,899	89.81	18,386	57,684	-33.83
Financial fixed assets	148	-0.34	148	0	148	3,451,482	-99
Total fixed assets	111,145	-18.04	135,608	-0.17	135,838	2,399,768	-95.37
Inventories	524,679	94.37	269,935	28.66	209,800	489,216	7.25
Raw materials & consumables	-	-	-	-	-	1,230,371	-
Work in progress	0	-	0	-	0	5,592	-100
Finished goods	0	-	0	-	0	141,429	-100
Other stocks	524,679	94.37	269,935	28.66	209,800	109,877	377
Trade debtors	807,626	13.11	714,002	30.73	546,163	553,883	45.81
Cash	843,098	-59.60	2,086,746	5.50	1,977,958	169,906	396
other amounts receivable	2,376,532	57.06	1,513,126	-5.97	1,609,122	733,856	223
Miscellaneous current assets	0	-	0	-	0	137,098	-100
Total current assets	4,551,934	-0.70	4,583,809	5.54	4,343,043	1,861,418	144
current liabilities
Trade creditors	92,582	-50.19	185,878	76.64	105,227	544,624	-83.00
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	212,745	-100
Miscellaneous current liabilities	271,157	0.74	269,159	0.13	268,810	-60.45	- -
Total current liabilities	363,739	-20.06	455,037	21.66	374,037	1,396,237	-73.95
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	118,460	-100
Total long term debts	0	-	0	-	0	438,320	-100
shareholders equity
Issued share capital	99,157	0.00	99,157	0	99,157	1,451,969	-93.17
Share premium account	-	-	-	-	-	47,848	-
Reserves	4,200,183	0.84	4,165,223	3.98	4,005,687	680,570	517
Revaluation reserve	-	-	-	-	-	405,268	-
Total shareholders equity	4,299,341	0.82	4,264,380	3.89	4,104,844	2,148,211	100
Working capital	4,188,195	1.44	4,128,772	4.03	3,969,006	465,181	800
Net worth	4,299,341	0.82	4,264,380	3.89	4,104,844	2,125,434	102

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-2.561,00	-
Return on capital employed	8.48	-11.76	9.61	6.42	9.03	40,00	-78.80
Return on total assets employed	7.82	-10.01	8.69	4.95	8.28	-5.940,00	0.13
Return on net assets employed	8.48	-11.76	9.61	6.42	9.03	19,00	-55.37
Sales / net working capital	-	-	-	-	-	-17,00	-
Stock turnover ratio	-	-	-	-	-	54,00	-
Debtor days	-	-	-	-	-	138,00	-
Creditor days	-	-	-	-	-	107,00	-
short term stability
Current ratio	12.51	24.23	10.07	-13.26	11.61	14,00	1151
Liquidity ratio / acid ratio	11.07	16.77	9.48	-14.21	11.05	13,00	-14.85
Current debt ratio	0.08	-27.27	0.11	22.22	0.09	1,00	-92.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	150,00	-
Equity in percentage	92.20	2.04	90.36	-1.41	91.65	-11.103,00	0.83
Total debt ratio	0.08	-27.27	0.11	22.22	0.09	2,00	-96.00

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Industry comparison

Activity code	46900
Activity description	Non-specialised wholesale trade
industry average credit rating	60.59
Industry average credit limit	26717.87

Industry comparison

Activity code	46900
Activity description	Non-specialised wholesale trade
Industry average payment expectation days	80.80
Industry average day sales outstanding	314.67

Industry quartile analysis

Payment expectations
Company result	-
Lower	107.05
Median	61.47
Upper	26.47
Day sales outstanding
Company result	-
Lower	90.36
Median	45.34
Upper	17.61

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.33
UK Pound	1	Rs.84.30
Euro	1	Rs.67.45

INFORMATION DETAILS

Report Prepared by :

PRL

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.