MIRA INFORM REPORT

Report Date :

05.04.2013

IDENTIFICATION DETAILS

Name :	WERTI NV
Registered Office :	Ridderstraat 9, 3800 Sint-Truiden
Country :	Belgium
Financials (as on) :	30.06.2011
Date of Incorporation :	21.12.1994
Com. Reg. No.:	454023049
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Non-specialised wholesale trade
No. of Employees :	11

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 :	Usually 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 – 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	454023049
Company name	WERTI NV
Address	RIDDERSTRAAT 9
	3800 SINT-TRUIDEN
Number of staff	11
Date of establishment	21/12/1994
Telephone number	-
Fax number	-

DIRECTORS/MANAGEMENT

Current director details

Name	ANGÈLE MARIE JEANNE WERELDS
Position	Director
Start Date	28/11/2003
Street	9 RIDDERSTRAAT SINT-TRUIDEN
Post code	3800
Country	Belgium
Name	ANGÈLE MARIE JEANNE WERELDS
Position	Chairman of the Board
Start Date	21/12/1994
Street	9 RIDDERSTRAAT SINT-TRUIDEN
Post code	3800
Country	Belgium

Former director details

Name		GUIDO YVES LYCOPS
Position		Director
Start Date		17/12/2007
End Date		21/12/2012
Date of birth		26/05/1950
Street		45 TONGERSESTEENWEG BORGLOON
Post code		3840
Country		Belgium
Name	FRANÇOIS DE SMET
Position	Director
Start Date	17/12/2007
End Date	21/12/2012
Street	134 HOFSTRAAT SINT-NIKLAAS
Post code	9100
Country	Belgium

Name	JOHN JEURIS
Position	Director
Start Date	17/12/2007
End Date	21/12/2012
Street	81 KERKSTRAAT NIEUWERKERKEN
Post code	3850
Country	Belgium
Name		ERNEST GHISLAIN VIRGINIE VANBECKEVOORT
Position		Director
Start Date		01/06/2010
End Date		21/12/2012
Street		51 LEOPOLD II STRAAT SINT-TRUIDEN
Post code		3800
Country		Belgium

Name	ANGÈLE MARIE JEANNE WERELDS
Position	Managing Director
Start Date	17/12/2007
End Date	21/12/2012
Street	9 RIDDERSTRAAT SINT-TRUIDEN
Post code	3800
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	454023049	Company name	WERTI NV
Fax number	-	Date founded	21/12/1994
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	30/06/2011
Activity code	46900	liable for VAT	yes
Activity description	Non-specialised wholesale trade	VAT Number	BE.0454.023.049
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	-

Joint Industrial Committee (JIC)

JIC Code	100
Description	Additional joint committee for labourers
category

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

Significant Events

Event Date	17/12/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 17-12-2007: Verlenging van de lopende mandaten van volgende bestuurders: Werelds Angèle (tevens als gedelegeerd bestuurder), Vanbeckevoort Ernest, De Smet François en Jeuris John.

Companies that match this address

Business number	Company name	Rating	Date of accounts
641547211	TILLY RUDI RENÉ GH	-	-
858066255	WERELDS ANGÈLE	88	-
876229704	MAGENTO BVBA	46	31/12/2011

Protested bills

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

NSSO details

Business number	454023049
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

Individual Shareholders

Shareholder Name
Forename	Koen	Middle name	Herman
Surname	WERELDS
Shareholder Details
Start date	21/12/1994	End date	-
Percentage owned	-
Shareholder Address
Street name	Bareelstraat	House number	4
Minor town	Denderhoutem	Postal town	Haaltert
Post code	9450	Country	Belgium

Shareholder Name
Forename	Angèle	Middle name	Jeanne
Surname	Werelds
Shareholder Details
Start date	21/12/1994	End date	-
Percentage owned	-
Shareholder Address
Street name	Ridderstraat	House number	9
Minor town	-	Postal town	Sint-Truiden
Post code	3800	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	73.92	Industry average day sales outstanding	294.21
Day sales outstanding	-

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comparison mode

average

median

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46900
Activity description	Non-specialised wholesale trade
Industry average payment expectation days	73.92
Industry average day sales outstanding	294.21

Industry quartile analysis

Payment expectations
Company result	-
Lower	103.39
Median	58.89
Upper	23.24
Day sales outstanding
Company result		-
Lower		86.36
Median		44.67
Upper		17.30

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
BE00322174	Werti NV	454023049	No linked companies have been found.

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Click the company to view / order a report.

Company name	Number	Latest financials
- WERTI NV	454023049	30-06-2011
- - SN ETS. BLANCHARD WEVA - SOC.ETR. E.P.B.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
30/06/2011		162,605	1,200,063	751,646
30/06/2010		127,517	1,083,594	642,205
30/06/2009		83,542	983,370	577,173

Accounts & ratios

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
30/06/2011	4,208,434	11	76,847	282,953
30/06/2010	4,139,183	11	76,847	268,729
30/06/2009	4,285,994	11	76,847	240,985

Profit & loss

Annual accounts	30-06-2011	%	30-06-2010	%	30-06-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	10,510,412	-
Total operating expenses	-	-	-	-	-	10,466,521	-
Operating result	276,199	8.17	255,349	13.17	225,630	30,797	796
Total financial income	89	-92.23	1,143	-71.03	3,945	141,345	-99
Total financial expenses	113,683	-11.86	128,975	-11.68	146,033	276,584	-58.90
Results on ordinary operations before taxation	162,605	27.52	127,517	52.64	83,542	-117,252	138
Taxation	66,453	26.42	52,566	41.44	37,165	38,164	74.12
Results on ordinary operations after taxation	96,152	28.29	74,951	61.61	46,377	-140,613	68.38
Extraordinary items	9,803	-31.79	14,372	-	0	-92,728	10.57
Other appropriations	10513.47	-3.56	10902.01	-3.81	11333.71	-	-
Net result	116,469	16.21	100,225	73.67	57,711	-233,290	49.92
other information
Dividends	-	-	-	-	-	405,119	-
Director remuneration	-	-	-	-	-	586,093	-
Employee costs	383,827	2.51	374,414	-2.58	384,318	379,683	1.09
Wages and salary	270,310	1.30	266,834	-1.24	270,180	286,205	-5.55
Employee pension costs	-	-	-	-	-	64,293	-
Social security contributions	87,297	1.42	86,071	-9.79	95,408	89,110	-2.03
Other employee costs	26,220	21.90	21,509	14.83	18,731	10,905	140
Amortization and depreciation	166,484	-1.20	168,504	-8.06	183,275	49,744	234
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balance sheet

Annual accounts	30-06-2011	%	30-06-2010	%	30-06-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	13,486	-100
Tangible fixed assets	1,689,964	-7.89	1,834,667	-3.71	1,905,447	384,936	339
Land & building	1,586,376	-5.93	1,686,466	-5.70	1,788,482	613,094	158
Plant & machinery	36,225	-13.77	42,011	-21.22	53,324	65,048	-44.31
Other tangible assets	67,363	-36.56	106,191	66.86	63,642	45,708	47.38
Financial fixed assets	70,248	0	70,248	0	70,248	3,380,063	-97.92
Total fixed assets	1,760,212	-7.60	1,904,915	-3.58	1,975,695	2,283,177	-22.91
Inventories	1,582,955	4.42	1,515,909	-5.72	1,607,914	374,622	322
Raw materials & consumables	-	-	-	-	-	1,075,721	-
Work in progress	0	-	0	-	0	4,168	-100
Finished goods	0	-	0	-	0	91,468	-100
Other stocks	1,582,955	4.42	1,515,909	-5.72	1,607,914	96,792	1535
Trade debtors	752,914	25.12	601,736	0.33	599,773	433,600	73.64
Cash	80,554	-20.02	100,721	15.24	87,403	157,535	-48.87
other amounts receivable	20,000	580	2,938	-	0	694,195	-97.12
Miscellaneous current assets	11,799	-8.98	12,964	-14.76	15,209	120,775	-90.23
Total current assets	2,448,222	9.58	2,234,268	-3.29	2,310,299	1,599,812	53.03
current liabilities
Trade creditors	492,348	21.49	405,273	-8.08	440,919	464,322	6.04
Short term group loans	-	-	-	-	-	-	-
Other short term loans	994,911	0.78	987,165	-6.81	1,059,357	179,933	452
Miscellaneous current liabilities	209,317	4.85	199,626	-14.27	232,850	-66.71	- -
Total current liabilities	1,696,576	6.56	1,592,063	-8.14	1,733,126	1,229,906	37.94
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,175,074	-10.73	1,316,291	-6.74	1,411,362	107	- -
Other long term liabilities	136,721	-7.14	147,235	-6.89	158,137	96,228	42.08
Total long term debts	1,311,795	-10.37	1,463,526	-6.75	1,569,498	358,162	266
shareholders equity
Issued share capital	76,847	0	76,847	0	76,847	1,338,949	-94.26
Share premium account	-	-	-	-	-	391,463	-
Reserves	1,123,216	11.57	1,006,747	11.06	906,523	656,582	71.07
Revaluation reserve	-	-	-	-	-	436,951	-
Total shareholders equity	1,200,063	10.75	1,083,594	10.19	983,370	2,017,158	-40.51
Working capital	751,646	17.04	642,205	11.27	577,173	369,905	103
Cashflow	282,953	5.29	268,729	11.51	240,985	-191,879	147
Net worth	1,200,063	10.75	1,083,594	10.19	983,370	2,003,672	-40.11
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ratio analysis

Annual accounts	30-06-2011	change(%)	30-06-2010	change(%)	30-06-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-2.623,00	-
Return on capital employed	6.47	29.14	5.01	53.21	3.27	37,00	-82.51
Return on total assets employed	3.86	25.32	3.08	57.95	1.95	-5.763,00	0.07
Return on net assets employed	13.55	15.12	11.77	38.47	8.50	25,00	-45.80
Sales / net working capital	-	-	-	-	-	4,00	-
Stock turnover ratio	-	-	-	-	-	54,00	-
Debtor days	-	-	-	-	-	142,00	-
Creditor days	-	-	-	-	-	84,00	-
short term stability
Current ratio	1.44	2.86	1.40	5.26	1.33	14,00	44.00
Liquidity ratio / acid ratio	0.51	13.33	0.45	9.76	0.41	14,00	-96.36
Current debt ratio	1.41	-4.08	1.47	-16.48	1.76	1,00	41.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	180.82	-14.94	212.58	-15.39	251.25	136,00	32.96
Equity in percentage	28.52	8.94	26.18	14.12	22.94	-10.830,00	0.26
Total debt ratio	2.51	-10.99	2.82	-16.07	3.36	2,00	25.50

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Rating History

no rating history data found

Limit History

no limit history data found

Industry comparison

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

Minority Interests

No minority interests found

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.64
UK Pound	1	Rs.82.41
Euro	1	Rs.70.07

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.