MIRA INFORM REPORT

Report Date :

30.10.2012

IDENTIFICATION DETAILS

Name :	INSTRUMENTATION DIFRA SA
Registered Office :	Rue De L'industrie 33 Eupen 4700

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	25.03.1983

Com. Reg. No.:	423864066

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Manufacture of medical and dental instruments and supplies

No. of Employees :	6

RATING & COMMENTS

MIRA’s Rating :

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

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	423864066	Company name	INSTRUMENTATION DIFRA SA
		Telephone number	087898089
Address	RUE DE L'INDUSTRIE 33 EUPEN	Fax number	087898089
Post code	4700	Number of staff	6
Date of establishment	25/03/1983

DIRECTORS/MANAGEMENT

Current director details

Name	ROBERT DIRIX
Position	Director
Street	26 RUE DE LA LIBERTÉ WELKENRAEDT
Post code	4840
Country	Belgium

Name	ROBERT DIRIX
Position	Chairman of the Board
Street	26 RUE DE LA LIBERTÉ WELKENRAEDT
Post code	4840
Country	Belgium

Name	ROBERT DIRIX
Position	Managing Director
Street	26 RUE DE LA LIBERTÉ WELKENRAEDT
Post code	4840
Country	Belgium

Former director details

Name	MATHILDE RUTTEN
Position	Director
Street	28 RUE DE LA LIBERTÉ WELKENRAEDT
Post code	4840
Country	Belgium

Name	OLIVIER DIRIX
Position	Director
Street	112 RUE DE LIMBOURG LONTZEN
Post code	4710
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	423864066	Company name	INSTRUMENTATION DIFRA SA
Fax number	087898089	Date founded	25/03/1983
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	32500	liable for VAT	yes
Activity description	Manufacture of medical and dental instruments and supplies	VAT Number	BE.0423.864.066
Belgian Bullettin of Acts Publications	moniteur belge

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	111
Description	JC for the metal, machinery and electrical construction
category

JIC Code	209
Description	Joint committee for the employees off the metal industry
category

Significant Events

Event Date	12/06/2006
Event Description	re-appointment of director(s)
Event Details	Commentaire 12-06-2006: Renouvellement les mandats d'administrateurs pour une durée de 6 ans: Dirix Robert, Dirix Olivier, Rutten Mathilde.

NSSO details

Business number	423864066
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	54.94	Industry average day sales outstanding	75.99
Day sales outstanding	-

comparison mode

average

median

Industry comparison

Activity code	32500
Activity description	Manufacture of medical and dental instruments and supplies
Industry average payment expectation days	54.94
Industry average day sales outstanding	75.99

Industry quartile analysis

Payment expectations
Company result	-
Lower	91.53
Median	50.19
Upper	30.44

Day sales outstanding
Company result	-
Lower	60.26
Median	31.09
Upper	13.64

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		103,627	778,746
31/12/2010		47,843	666,399
31/12/2009	1,851,885	384,526	1,061,534

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	1,440,866		62,000	194,244	6
31/12/2010	1,439,492		62,000	654,727	6
31/12/2009	1,618,158	6,839	62,000	609,632	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	-	-	-	-	1,851,885	6,779,096	-
Total operating expenses	-	-	-	-	1,466,756	6,427,265	-
Operating result	110,468	171	40,745	-89.42	385,129	112,950	-2.20
Total financial income	2,372	-76.15	9,945	141	4,113	66,546	-96.44
Total financial expenses	9,213	223	2,847	-39.62	4,715	30,427	-69.72
Results on ordinary operations before taxation	103,627	116	47,843	-87.56	384,526	143,645	-27.86
Taxation	19,275	233	5,775	-91.46	67,663	46,701	-58.73
Results on ordinary operations after taxation	84,352	100	42,068	-86.72	316,864	109,176	-22.74
Extraordinary items	-19,850	-40559	-49	-102	2,423	-36,713	54.07
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	64,502	53.51	42,019	-86.84	319,287	72,760	-11.35
other information
Dividends	-	-	-	-	-	652,271	-
Director remuneration	-	-	-	-	-	225,921	-
Employee costs	301,593	-10.60	337,348	-3.94	351,192	677,772	-55.50
Wages and salary	217,739	-15.47	257,573	-1.28	260,919	490,794	-55.64
Employee pension costs	-	-	-	-	-	19,372	-
Social security contributions	62,090	-10.53	69,401	7.06	64,828	150,736	-58.81
Other employee costs	21,765	109	10,374	-59.23	25,445	39,433	-44.81
Amortization and depreciation	69,733	16.52	59,848	1.82	58,779	72,821	-4.24

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	2,247	-	50,091	-	62,177	132,670	-98.31
Tangible fixed assets	529,859	393	107,377	-13.66	124,367	279,763	89.40
Land & building	497,057	897	49,826	-7.27	53,734	316,633	56.98
Plant & machinery	18,365	-20.63	23,138	69.90	13,618	71,963	-74.48
Other tangible assets	14,437	-58.05	34,414	-39.64	57,016	65,427	-77.93
Financial fixed assets	-	-	-	-	6,839	709,610	-
Total fixed assets	532,105	237	157,468	-18.57	193,383	777,081	-31.53
Inventories	399,995	4.39	383,184	-2.75	394,020	267,966	49.27
Raw materials & consumables	-	-	-	-	-	457,516	-
Work in progress	0	-	0	-	0	9,396	-100
Finished goods	0	-	0	-	0	96,793	-100
Other stocks	399,995	4.39	383,184	-2.75	394,020	63,264	532
Trade debtors	277,362	111	131,255	-51.96	273,205	382,323	-27.45
Cash	194,244	-70.33	654,727	7.40	609,632	135,235	43.63
other amounts receivable	31,159	-70.84	106,840	-27.77	147,917	380,658	-91.81
Miscellaneous current assets	6,000	-0.31	6,018	-	0	41,028	-85.38
Total current assets	908,760	-29.12	1,282,024	-10.02	1,424,774	1,113,365	-18.38
current liabilities
Trade creditors	93,061	113	43,557	-61.34	112,660	293,622	-68.31
Short term group loans	-	-	-	-	-	-	-
Other short term loans	151,145	-20.89	191,060	-10.38	213,184	140,449	7.62
Miscellaneous current liabilities	415,667	-14.31	485,066	219	152,033	6.25	- -
Total current liabilities	659,873	-8.31	719,683	50.60	477,877	812,715	-18.81
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	3,319	-79.97	16,570	-	- -
Other long term liabilities	0	-	0	-	0	51,995	-100
Total long term debts	0	-100	3,319	-79.97	16,570	213,131	-100
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	482,348	-87.15
Share premium account	-	-	-	-	-	195,685	-
Reserves	718,993	9.86	654,490	-38.36	1,061,711	331,141	117
Revaluation reserve	-	-	-	-	-	172,686	-
Total shareholders equity	780,993	9.00	716,490	-36.24	1,123,711	820,195	-4.78
Working capital	248,887	-55.74	562,341	-40.61	946,898	300,649	-17.22
Net worth	778,746	16.86	666,399	-37.22	1,061,534	687,525	13.27

RATIO ANALYSIS

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	20.76	-2,00	-
Return on capital employed	13.27	99	6.65	-80.28	33.72	34,00	-60.97
Return on total assets employed	7.19	116	3.32	-86.03	23.76	-17,00	42.29
Return on net assets employed	13.27	98.65	6.68	-80.48	34.22	48,00	-72.35
Sales / net working capital	-	-	-	-	1.96	1,00	-
Stock turnover ratio	-	-	-	-	21.28	17,00	-
Debtor days	-	-	-	-	53.85	79,00	-
Creditor days	-	-	-	-	28.04	56,00	-
short term stability
Current ratio	1.38	-22.47	1.78	-40.27	2.98	6,00	-31.00
Liquidity ratio / acid ratio	0.77	-38.40	1.25	-42.13	2.16	5,00	-84.60
Current debt ratio	0.84	-16.00	1	132	0.43	2,00	-58.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	19.35	-28.68	27.13	32.67	20.45	85,00	-77.24
Equity in percentage	54.29	5.27	51.57	-28.59	72.22	-107,00	50.74
Total debt ratio	0.84	-16.83	1.01	129	0.44	3,00	-72.00

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Industry comparison

Activity code	32500
Activity description	Manufacture of medical and dental instruments and supplies
industry average credit rating	77.61
Industry average credit limit	18298.75

Minority Interests

No minority interests found

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.81
UK Pound	1	Rs.86.52
Euro	1	Rs.69.50

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.