MIRA INFORM REPORT

Report Date :

24.04.2013

IDENTIFICATION DETAILS

Name :	ARETS GRAPHICS NV
Registered Office :	Tunnelweg 3 2845 Niel
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	15.12.1989
Com. Reg. No.:	439245296
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Manufacture of paints, varnishes and similar coatings, printing ink and mastics
No. of Employees :	77

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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	439245296
Company name	ARETS GRAPHICS NV
Address	TUNNELWEG 3
	2845 NIEL
Number of staff	77
Date of establishment	15/12/1989
Telephone number	038806790
Fax number	038806790

Date of summons

-

Business number	439245296	Company name	ARETS GRAPHICS NV
Fax number	038806790	Date founded	15/12/1989
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	20300	liable for VAT	yes
Activity description	Manufacture of paints, varnishes and similar coatings, printing ink and mastics	VAT Number	BE.0439.245.296
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	FORTIS PRIVATE EQUITY MANAGEMENT SA
Position	Director
Start Date	25/06/2007
End Date	14/05/2013
Date of birth	25/07/1989
Street	3 RUE MONTAGNE DU PARC BRUSSELS
Post code	1000
Country	Belgium

Name	FORTIS PRIVATE EQ EXP BELGIUM NV
Position	Director
Start Date	05/08/2008
End Date	14/05/2013
Date of birth	30/12/1983
Street	3 RUE MONTAGNE DU PARC BRUSSELS
Post code	1000
Country	Belgium

Name	CUREX BVBA
Position	Director
Start Date	25/06/2007
Date of birth	22/06/2007
Street	51 EEKSTRAAT ZELE
Post code	9240
Country	Belgium

Name	CUREX BVBA
Position	Managing Director
Start Date	25/06/2007
End Date	14/05/2013
Date of birth	22/06/2007
Street	51 EEKSTRAAT ZELE
Post code	9240
Country	Belgium

Name	ILEX MANAGEMENT BVBA
Position	Managing Director
Start Date	25/06/2007
Date of birth	22/06/2007
Street	16 WINTERKEER GALMAARDEN
Post code	1570
Country	Belgium

Name	ILEX MANAGEMENT BVBA
Position	Director
Start Date	25/06/2007
Date of birth	22/06/2007
Street	16 WINTERKEER GALMAARDEN
Post code	1570
Country	Belgium

Name	ILEX MANAGEMENT BVBA
Position	Chairman of the Board
Start Date	25/06/2007
End Date	14/05/2013
Date of birth	22/06/2007
Street	16 WINTERKEER GALMAARDEN
Post code	1570
Country	Belgium

Former director details

Name	LUC DEHANDSCHUTTER
Position	Principal Manager
Start Date	29/05/1997
End Date	30/09/1999
Street	21 ALBERT DINEURLAAN SCHOTEN
Post code	2900
Country	Belgium

Name	LUC DEHANDSCHUTTER
Position	Director
Start Date	23/02/2000
End Date	23/02/2000
Street	21 ALBERT DINEURLAAN SCHOTEN
Post code	2900
Country	Belgium

Name	NEXT INVEST NV
Position	Director
Start Date	31/07/2006
End Date	25/06/2007
Date of birth	24/09/1991
Street	16 WINTERKEER GALMAARDEN
Post code	1570
Country	Belgium

Name	NEXT INVEST NV
Position	Managing Director
Start Date	31/07/2006
End Date	25/06/2007
Date of birth	24/09/1991
Street	16 WINTERKEER GALMAARDEN
Post code	1570
Country	Belgium

Name	LEA ELIANE JANSSENS
Position	Director
Start Date	12/11/2007
End Date	25/06/2007
Street	188 ASTRIDLAAN GERAARDSBERGEN
Post code	9500
Country	Belgium

Name	LUYCKX & C° BVBA
Position	Director
Start Date	23/07/2007
End Date	08/05/2007
Street
Post code
Country

NEGATIVE INFORMATION

Court data summary

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

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Joint Industrial Committee (JIC)

JIC Code	116
Description	Joint committee for the chemical industry
category

JIC Code	207
Description	Joint committee for the employees off he chemical industry
category

NSSO details

Business number	439245296
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	19.73
Industry average payment expectation days	109.32	Industry average day sales outstanding	106.85
Day sales outstanding	112.95

Industry comparison

Payment expectations

Payment expectation days	19.73
Day sales outstanding	112.95

Industry comparison

Activity code	20300
Activity description	Manufacture of paints, varnishes and similar coatings, printing ink and mastics
Industry average payment expectation days	109.32
Industry average day sales outstanding	106.85

Industry quartile analysis

Payment expectations
Company result	19.73
Lower	110.65
Median	68.94
Upper	49.53
Day sales outstanding
Company result	112.95
Lower	60.26
Median	38.70
Upper	21.14

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
Arets International NV	890356466

Summary

Group - Number of Companies	12
Linkages - Number of Companies	2
Number of Countries	2

Group Structure

Company name	Number	Latest financials
- ARETS INTERNATIONAL NV	890356466	31-12-2011
- - ARETS GRAPHICS NV	439245296	31-12-2011
- - - ARETS GRAPHICS BALTICA UAB
- - - ARETS ASIA PACIFIC PTE. LTD
- - - ARETS DE MEXICO, S.A. DE
- - - ARETS DEUTSCHLAND GMBH
- - - ARETS FRANCE SAS
- - - ARETS GRAPHICS CANADA INC
- - - ARETS GRAPHICS INDIA PVT LTD
- - - ARETS MIDDLE EAST FZE
- - - ICE ARETS UK LTD
- - - UAB ARETS GRAPHICS BALTICA

Linked Companies

Name	number	Latest Key financials	Turnover
ARETS DEUTSCHLAND GMBH	HRB 146999 B	31.12.2011	-
ARETS UK LTD	05814235	31.12.2012	£3.615.313

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	36,765,061	407,202	8,878,751	9,534,673
31/12/2010	39,060,494	7,396,985	9,270,364	11,282,571
31/12/2009	32,907,622	1,372,654	4,827,405	8,420,979

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	23,247,263	77	2,100,000	231,092
31/12/2010	24,477,417	76	2,100,000	5,196,571
31/12/2009	22,526,108	67	2,100,000	844,167

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	36,765,061	-5.88	39,060,494	18.70	32,907,622	27,756,711	32.45
Total operating expenses	36,213,945	15.14	31,451,472	8.90	28,881,661	26,238,497	38.02
Operating result	551,116	-92.76	7,609,022	89.00	4,025,962	539,793	2.10
Total financial income	1,110,814	-2.80	1,142,861	11.43	1,025,603	287,346	286
Total financial expenses	1,254,728	-7.39	1,354,898	-63.17	3,678,910	448,012	180
Results on ordinary operations before taxation	407,202	-94.50	7,396,985	438	1,372,654	371,951	9.48
Taxation	4,393	-99	2,309,312	568	345,435	113,151	-96.12
Results on ordinary operations after taxation	402,809	-92.08	5,087,673	395	1,027,219	289,217	39.28
Extraordinary items	-812,699	-39.82	-581,251	56.19	-1,034,359	-117,815	-589
Other appropriations	10422.58	0.01	10422	-0.01	10422.58	-	-
Net result	-399,468	-108	4,516,844	137482	3,283	172,119	-332
other information
Dividends	-	-	-	-	-	3,069,266	-
Director remuneration	-	-	934,035	33.65	698,872	703,167	-
Employee costs	3,873,649	16.65	3,320,867	-0.50	3,337,605	1,655,344	134
Wages and salary	2,566,334	19.78	2,142,482	-0.53	2,154,005	1,140,175	125
Employee pension costs	13,145	-	8,191	-	6,776	515,432	-97.45
Social security contributions	1,104,308	16.06	951,488	2.29	930,169	364,491	202
Other employee costs	189,861	-13.19	218,706	-11.33	246,654	86,615	119
Amortization and depreciation	630,560	-7.23	679,727	-19.17	840,884	219,634	187

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	82,940	-	94,436	-	24,193	136,333	-39.16
Tangible fixed assets	4,173,033	-1.61	4,241,398	-4.96	4,462,538	940,730	343
Land & building	3,551,842	-3.08	3,664,866	-6.71	3,928,548	727,622	388
Plant & machinery	506,993	-2.75	521,306	9.10	477,828	244,853	107
Other tangible assets	114,198	106	55,226	-1.67	56,162	236,954	-51.81
Financial fixed assets	333,939	-38.70	544,741	150	217,817	3,645,685	-90.84
Total fixed assets	4,589,912	-5.96	4,880,575	3.74	4,704,548	3,632,133	26.37
Inventories	4,506,135	5.08	4,288,476	14.66	3,740,291	2,098,249	114
Raw materials & consumables	2,209,983	-10.46	2,468,249	14.19	2,161,438	5,131,086	-56.93
Work in progress	253,113	232	76,045	151	30,200	31,389	706
Finished goods	2,043,039	17.13	1,744,183	12.63	1,548,653	800,225	155
Other stocks	0	0	-1	-	0	195,985	-100
Trade debtors	11,377,331	-15.39	13,447,532	31.30	10,241,828	1,833,424	520
Cash	886,554	-14.57	1,037,736	-44.46	1,868,469	190,309	365
other amounts receivable	1,691,022	147	684,222	-62.96	1,847,268	1,727,943	-2.14
Miscellaneous current assets	196,308	41.35	138,876	12.26	123,705	1,884,137	-89.58
Total current assets	18,657,350	-4.79	19,596,842	9.96	17,821,560	7,206,956	158
current liabilities
Trade creditors	1,957,143	-5.04	2,061,090	-46.95	3,885,084	1,498,865	30.57
Short term group loans	-	-	-	-	-	-	-
Other short term loans	3,810,000	31.38	2,900,000	-30.12	4,150,000	1,384,757	175
Miscellaneous current liabilities	3,355,535	0.07	3,353,181	145	1,365,497	226	- -
Total current liabilities	9,122,678	9.72	8,314,271	-11.56	9,400,581	3,830,390	138
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,970,000	-38.64	4,840,000	-26.67	6,600,000	-39.04	- -
Other long term liabilities	2,192,894	11.98	1,958,346	16.99	1,673,929	470,535	366
Total long term debts	5,162,894	-24.06	6,798,346	-17.83	8,273,929	3,247,273	58.99
shareholders equity
Issued share capital	2,100,000	0	2,100,000	0	2,100,000	2,402,943	-12.61
Share premium account	-	-	-	-	-	105,964	-
Reserves	6,861,691	-5.55	7,264,800	164	2,751,598	1,185,603	478
Revaluation reserve	-	-	-	-	-	115,372	-
Total shareholders equity	8,961,691	-4.30	9,364,800	93.03	4,851,598	3,605,205	148
Working capital	9,534,673	-15.49	11,282,571	33.98	8,420,979	3,376,566	182
Cashflow	231,092	-95.55	5,196,571	515	844,167	375,221	-38.41
Net worth	8,878,751	-4.22	9,270,364	92.04	4,827,405	3,468,873	155

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	1.11	-94.14	18.94	354	4.17	-11,00	10.09
Return on capital employed	2.88	-93.71	45.76	337	10.46	-10,00	28.80
Return on total assets employed	1.75	-94.21	30.22	396	6.09	-33,00	5.30
Return on net assets employed	4.54	-94.25	78.99	179	28.29	12,00	-62.17
Sales / net working capital	3.86	11.56	3.46	-11.51	3.91	16,00	-99
Stock turnover ratio	12.26	11.66	10.98	-3.43	11.37	23,00	-46.70
Debtor days	112.95	-10.11	125.66	10.62	113.60	91,00	24.12
Creditor days	19.73	-17.52	23.92	-51.28	49.10	9,00	119
short term stability
Current ratio	2.05	-13.14	2.36	24.21	1.90	5,00	205
Liquidity ratio / acid ratio	1.55	-15.76	1.84	22.67	1.50	3,00	-48.33
Current debt ratio	1.02	14.61	0.89	-54.12	1.94	-1,00	102
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	75.66	-8.46	82.65	-62.70	221.58	158,00	-52.11
Equity in percentage	38.69	0.73	38.41	78.15	21.56	-4.952,00	0.78
Total debt ratio	1.59	-1.24	1.61	-55.77	3.64	0,00	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Significant Events

Event Date	09/05/2006
Event Description	re-appointment of director(s)
Event Details	Commentaar 09-05-2006: Herbenoeming bestuurder en gedelegeerd bestuurder voor een periode eindigend onmiddellijk na de jaarvergadering van 2012: NV Next Invest.

Event Date	04/05/2007
Event Description	new co-ordinated text of the statutes filed
Event Details	Commentaar 04-05-2007: Neerlegging van de gecoördineerde tekst van de statuten van de NV Arets Graphics, na de statutenwijziging van 4 mei 2007.

Event Date	28/06/2007
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 28-06-2007: Bevestiging van het ontslag van SPRL Luyckx & C° als bestuurder.

Event Date	04/07/2007
Event Description
Event Details	Mededeling overeenkomstig het Wetboek van Vennootschappen.

Event Date	28/06/2007
Event Description
Event Details	Mededeling overeenkomstig het Wetboek van Vennootschappen.

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

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%)

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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.