MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	UNICA BVBA
Registered Office :	Pontstraat 6 Gent 9031
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	01.07.1974
Com. Reg. No.:	414318573
Legal Form :	Private Limited Company
line of business :	Wholesale of iron and steal scrap and old non-ferrometals
No. of Employees :	3

RATING & COMMENTS

MIRA’s Rating :

Be

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 – 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	414318573	Company name	UNICA BVBA
		Telephone number	092267459
Address	PONTSTRAAT 6 GENT	Fax number	092272256
Post code	9031	Number of staff	3
Date of establishment	01/07/1974

DIRECTORS/MANAGEMENT

Current director details

Name	PATRICK WAUTERS
Position	Principal Manager
Street	8 PONTSTRAAT GENT
Post code	9031
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	414318573	Company name	UNICA BVBA
Fax number	092272256	Date founded	01/07/1974
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46772	liable for VAT	yes
Activity description	Wholesale of iron and steal scrap and old non-ferrometals	VAT Number	BE.0414.318.573
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 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	149.04
Description	Joint subcommittee for the trade in metals
category

JIC Code	201
Description	Joint committee for the independent retail sales
category

Protested bills

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

NSSO details

Business number	414318573
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

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	59.46	Industry average day sales outstanding	79.16
Day sales outstanding	-

Industry comparison

Activity code	46772
Activity description	Wholesale of iron and steal scrap and old non-ferrometals
industry average credit rating	78.74
Industry average credit limit	28540.98

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46772
Activity description	Wholesale of iron and steal scrap and old non-ferrometals
Industry average payment expectation days	59.46
Industry average day sales outstanding	79.16

Industry quartile analysis

Payment expectations	View graph
Company result	-
Lower	50.51
Median	25.18
Upper	12.42
Day sales outstanding	View graph
Company result	-
Lower	47.68
Median	28.27
Upper	10.16

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding 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
31/12/2011		173,201	2,969,123
31/12/2010		1,022,035	2,881,789
31/12/2009		304,200	2,634,769

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	5,838,355		125,000	726,321	3
31/12/2010	6,339,884		125,000	1,051,803	3
31/12/2009	4,817,759		125,000	1,105,754	3

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	-	-	-	-	-	27,256,871	-
	Total operating expenses	-	-	-	-	-	26,529,605	-
	Operating result	243,915	-78.57	1,138,059	168	423,626	305,151	-20.07
	Total financial income	63,461	78.08	35,637	39.06	25,627	27,052	134
	Total financial expenses	134,175	-11.53	151,661	4.56	145,054	49,307	172
	Results on ordinary operations before taxation	173,201	-83.05	1,022,035	235	304,200	282,405	-38.67
	Taxation	8,368	-88.85	75,015	1723	-4,351	102,729	-91.85
	Results on ordinary operations after taxation	164,834	-82.59	947,020	206	308,551	199,819	-17.51
	Extraordinary items	2,500	-	0	-	0	39,656	-93.70
	Other appropriations	0.00	-	0.00	-	0.00	-	-
	Net result	167,334	-82.33	947,020	206	308,551	238,000	-29.69
	other information
	Dividends	-	-	-	-	-	808,298	-
	Director remuneration	-	-	-	-	-	414,465	-
	Employee costs	139,447	4.52	133,411	-2.11	136,291	492,286	-71.67
	Wages and salary	88,626	-5.49	93,778	1.67	92,241	357,009	-75.18
	Employee pension costs	-	-	-	-	-	7,527	-
	Social security contributions	34,930	-1.64	35,511	4.34	34,033	129,409	-73.01
	Other employee costs	15,891	285	4,123	-58.84	10,017	23,178	-31.44
	Amortization and depreciation	27,549	4.37	26,396	-24.70	35,055	186,141	-85.20

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	6,803	-100
	Tangible fixed assets	31,456	8.87	28,892	-39.38	47,660	748,407	-95.80
	Land & building	-	-	-	-	-	538,170	-
	Plant & machinery	13,396	-50.00	26,792	-32.62	39,761	252,245	-94.69
	Other tangible assets	18,060	760	2,100	-73.42	7,899	132,305	-86.35
	Financial fixed assets	-	-	-	-	-	871,552	-
	Total fixed assets	31,456	8.87	28,892	-39.38	47,660	1,257,194	-97.50
	Inventories	2,006,510	118	916,900	-40.74	1,547,145	937,863	113
	Raw materials & consumables	-	-	-	-	-	2,484,237	-
	Work in progress	0	-	0	-	0	5,695	-100
	Finished goods	0	-	0	-	0	223,075	-100
	Other stocks	2,006,510	118	916,900	-40.74	1,547,145	190,820	951
	Trade debtors	262,530	-27.25	360,889	-36.98	572,647	685,009	-61.67
	Cash	726,321	-30.95	1,051,803	-4.88	1,105,754	362,442	100
	other amounts receivable	42,075	-14.82	49,394	193	16,833	395,190	-89.35
	Miscellaneous current assets	2,769,462	-29.57	3,932,006	157	1,527,720	230,410	1101
	Total current assets	5,806,899	-7.99	6,310,992	32.30	4,770,099	2,253,986	157
	current liabilities
	Trade creditors	184,268	-26.97	252,324	104	123,502	715,655	-74.25
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	0	-	0	-	0	215,476	-100
	Miscellaneous current liabilities	2,684,964	-16.25	3,205,771	55.66	2,059,488	529	- -
	Total current liabilities	2,869,232	-17.03	3,458,095	58.41	2,182,990	1,326,028	116
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Other long term liabilities	0	-	0	-	0	126,300	-100
	Total long term debts	0	-	0	-	0	378,894	-100
	shareholders equity
	Issued share capital	125,000	0	125,000	0	125,000	227,369	-45.02
	Share premium account	-	-	-	-	-	12,036	-
	Reserves	2,844,123	3.17	2,756,789	9.84	2,509,769	1,438,461	97.72
	Revaluation reserve	-	-	-	-	-	746,220	-
	Total shareholders equity	2,969,123	3.03	2,881,789	9.38	2,634,769	1,695,330	75.14
	Working capital	2,937,667	2.97	2,852,898	10.27	2,587,109	927,958	216
	Net worth	2,969,123	3.03	2,881,789	9.38	2,634,769	1,688,527	75.84

ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	-	-	-	-	-	3,00	-
	Return on capital employed	5.83	-83.56	35.47	207	11.55	26,00	-77.58
	Return on total assets employed	2.97	-81.58	16.12	155	6.31	0,00	-
	Return on net assets employed	5.83	-83.56	35.47	207	11.55	55,00	-89.40
	Sales / net working capital	-	-	-	-	-	-22,00	-
	Stock turnover ratio	-	-	-	-	-	8,00	-
	Debtor days	-	-	-	-	-	82,00	-
	Creditor days	-	-	-	-	-	-574,00	-
	short term stability
	Current ratio	2.02	10.99	1.82	-16.89	2.19	4,00	1.00
	Liquidity ratio / acid ratio	1.32	-15.38	1.56	5.41	1.48	4,00	-67.00
	Current debt ratio	0.97	-19.17	1.20	44.58	0.83	2,00	-51.50
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	-	-	-	-	-	286,00	-
	Equity in percentage	50.86	11.90	45.45	-16.90	54.69	-434,00	11.72
	Total debt ratio	0.97	-19.17	1.20	44.58	0.83	3,00	-67.67

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Companies that match this address

Business number	Company name	Rating	Limit	Date of accounts
587146047	WAUTERS MARCEL	-	-	-
739046958	WAUTERS-VAN DE MEIRSSCHE PATRICK	-	-	-

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

SDA

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.