MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	POSH FASHIONATION BVBA
Registered Office :	Prins Albertstraat 54 Brugge, Posta Code 8310
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	14.07.2005
Com. Reg. No.:	875169929
Legal Form :	Private Limited Company
Line of Business :	Public relations and communication activities
No. of Employees :	01 employee

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 but Correct
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

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	875169929	Company name	POSH FASHIONATION BVBA
		Telephone number	050781379
Address	PRINS ALBERTSTRAAT 54 BRUGGE	Fax number	-
Post code	8310	Number of staff	1
Date of establishment	14/07/2005

Business number	875169929	Company name	POSH FASHIONATION BVBA
Fax number	-	Date founded	14/07/2005
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	70210	liable for VAT	yes
Activity description	Public relations and communication activities	VAT Number	BE.0875.169.929
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	VIRGINIE BLANCKAERT
Position	Principal Manager
Street	54 PRINS ALBERTSTRAAT BRUGGE
Post code	8310
Country	Belgium

Name	VIRGINIE BLANCKAERT
Position	Non Statutory Partner
Street	54 PRINS ALBERTSTRAAT BRUGGE
Post code	8310
Country	Belgium

Name	ERIK LEFÈVRE
Position	Principal Manager
Street	54 PRINS ALBERTSTRAAT BRUGGE
Post code	8310
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Protested bills

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

NSSO details

Business number	875169929
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	Erik	Middle name	-
Surname	Lefèvre
Shareholder Details
Start date	14/07/2005	End date	-
Percentage owned	5%
Shareholder Address
Street name	Prins Albertstraat	House number	54
Minor town	Sint-Kruis	Postal town	Brugge
Post code	8310	Country	Belgium

Shareholder Name
Forename	Virginie	Middle name	-
Surname	Blanckaert
Shareholder Details
Start date	14/07/2005	End date	-
Percentage owned	95%
Shareholder Address
Street name	Prins Albertstraat	House number	54
Minor town	Sint-Kruis	Postal town	Brugge
Post code	8310	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	185.06	Industry average day sales outstanding	104.30
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
-	-

Summary

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

Group Structure

No group structure for this company.

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
31/12/2010		80,101	161,759
31/12/2009		17,062	6,568
31/12/2008		24,552	3,409

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	1,057,442	4,283	106,200	66,978	1
31/12/2009	963,913	2,625	6,200	21,790	0
31/12/2008	583,958		6,200	37,693	0

Trends

Profitability
Liquidity
Net worth

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	-	-	-	-	-	950,006	-
Total operating expenses	-	-	-	-	-	864,093	-
Operating result	122,784	140	51,148	19.55	42,782	30,476	302
Total financial income	3,487	70.94	2,040	63.71	1,246	69,920	-95.01
Total financial expenses	46,170	27.80	36,125	85.49	19,476	14,105	227
Results on ordinary operations before taxation	80,101	369	17,062	-30.51	24,552	79,321	0.98
Taxation	22,067	221	6,861	-5.53	7,263	15,159	45.57
Results on ordinary operations after taxation	58,034	468	10,201	-41.00	17,289	67,899	-14.53
Extraordinary items	0	-	0	-	0	2,430	-100
Other appropriations	0.00	-	0.00	-	0	0	-
Net result	58,034	468	10,201	-41.00	17,289	70,398	-17.56
other information
Dividends	-	-	-	-	-	96,544	-
Director remuneration	-	-	-	-	-	349,739	-
Employee costs	6,915	-	-	-	-	242,690	-97.15
Wages and salary	5,842	-	-	-	-	208,705	-97.20
Employee pension costs	-	-	-	-	-	47,117	-
Social security contributions	538	-	-	-	-	59,603	-99
Other employee costs	535	-	0	-	0	3,819	-85.99
Amortization and depreciation	64,783	12.45	57,609	98.37	29,042	26,250	146

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	21,010	-	18,167	-	11,125	27,875	-24.63
Tangible fixed assets	348,573	1.74	342,600	43.80	238,241	173,215	101
Land & building	213,847	0.33	213,151	6.46	200,213	328,461	-34.89
Plant & machinery	125,084	8.20	115,602	622	16,006	60,895	105
Other tangible assets	9,642	-30.37	13,847	-37.12	22,022	25,699	-62.48
Financial fixed assets	4,283	63.18	2,625	-	-	1,169,851	-99
Total fixed assets	373,866	2.88	363,392	45.73	249,366	752,718	-50.33
Inventories	415,065	19.26	348,022	158	134,405	128,866	222
Raw materials & consumables	-	-	-	-	-	241,652	-
Work in progress	0	-	0	-	0	4,399	-100
Finished goods	0	-	0	-	0	1,721	-100
Other stocks	415,065	19.26	348,022	158	134,405	5,717	7160
Trade debtors	162,649	-6.62	174,186	28.38	135,680	70,254	131
Cash	66,978	207	21,790	-42.19	37,693	77,993	-14.12
other amounts receivable	14,105	-63.65	38,808	44.73	26,813	652,386	-97.84
Miscellaneous current assets	24,779	39.87	17,716	1771500	1	54,687	-54.69
Total current assets	683,576	13.83	600,522	79.48	334,592	862,646	-20.76
current liabilities
Trade creditors	256,227	12.96	226,824	14.18	198,661	56,660	352
Short term group loans	-	-	-	-	-	0	-
Other short term loans	254,752	-13.41	294,217	742	34,937	37,165	585
Miscellaneous current liabilities	96,124	0.32	95,818	4.98	91,270	-27.00	- -
Total current liabilities	607,104	-1.58	616,858	89.88	324,868	222,092	173
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	267,569	-16.99	322,321	31.80	244,556	1.88	- -
Other long term liabilities	0	-	0	-	0	59,729	-100
Total long term debts	267,569	-16.99	322,321	31.80	244,556	174,776	53.09
shareholders equity
Issued share capital	106,200	1612	6,200	0	6,200	980,080	-89.16
Share premium account	-	-	-	-	-	676,917	-
Reserves	76,569	313	18,535	122	8,334	174,514	-56.12
Revaluation reserve	-	-	-	-	-	207,019	-
Total shareholders equity	182,769	638	24,735	70.19	14,534	1,164,882	-84.31
Working capital	76,472	468	-16,336	-267	9,724	640,554	-88.06
Net worth	161,759	2362	6,568	92.67	3,409	1,136,514	-85.77

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	67,00	-
Return on capital employed	17.79	261	4.92	-48.10	9.48	70,00	-74.59
Return on total assets employed	7.58	328	1.77	-57.86	4.20	-51,00	14.86
Return on net assets employed	43.83	-36.46	68.98	-59.17	168.93	103,00	-57.45
Sales / net working capital	-	-	-	-	-	4,00	-
Stock turnover ratio	-	-	-	-	-	12,00	-
Debtor days	-	-	-	-	-	116,00	-
Creditor days	-	-	-	-	-	262,00	-
short term stability
Current ratio	1.13	16.49	0.97	-5.83	1.03	7,00	-99
Liquidity ratio / acid ratio	0.44	7.32	0.41	-33.87	0.62	7,00	-93.71
Current debt ratio	3.32	-86.69	24.94	11.59	22.35	790,00	-99
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	285.78	-88.53	2492.58	29.62	1923.03	338,00	-15.45
Equity in percentage	17.63	572	2.62	3.15	2.54	-204,00	8.64
Total debt ratio	4.79	-87.38	37.97	-3.09	39.18	791,00	-99

ADDITIONAL INFORMATION

Limit History

no limit history data found

Industry comparison

Activity code	70210
Activity description	Public relations and communication activities

Industry comparison

Activity code	70210
Activity description	Public relations and communication activities
Industry average payment expectation days	185.06
Industry average day sales outstanding	104.30

Industry quartile analysis

Payment expectations
Company result	-
Lower	105.66
Median	54.61
Upper	28.42
Day sales outstanding
Company result	-
Lower	63.85
Median	21.54
Upper	7.02

Companies that match this address

no Companies Match this address

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

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.