MIRA INFORM REPORT

Report Date :

13.12.2013

IDENTIFICATION DETAILS

Name :	MEGHMANI EUROPE BVBA
Registered Office :	Grotesteenweg 42-44, 2600 Antwerpen
Country :	Belgium
Financials (as on) :	31.03.2012
Date of Incorporation :	28.10.2004
Com. Reg. No.:	869763861
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesaler of chemical products for industrial use
No. of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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 – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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	869763861
Company name	MEGHMANI EUROPE BVBA
Address	GROTESTEENWEG 42-44
	2600 ANTWERPEN
Number of staff	1
Date of establishment	28/10/2004
Telephone number	033375357

DIRECTORS/MANAGEMENT

Current director details

Name	ANAND I PATEL
Position	Principal Manager
Start Date	20/05/2010
Country	India

Former director details

Name	KETAN MAPARA
Position	Principal Manager
Start Date	01/04/2006
End Date	-
Date of birth	21/05/1969
Street	391 PRINS BOUDEWIJNLAAN EDEGEM
Post code	2650
Country	Belgium

Name	MAPARA KETAN
Position	Principal Manager
Start Date	06/03/2006
End Date	31/03/2011
Street	391 PRINS BOUDEWIJNLAAN EDEGEM
Post code	2650
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	869763861	Company name	MEGHMANI EUROPE BVBA
Fax number		Date founded	28/10/2004
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/03/2012
Activity code	46751	liable for VAT	yes
Activity description	Wholesale of chemical products for industrial use	VAT Number	BE.0869.763.861
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number

869763861

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	182.52
Industry average payment expectation days	68.31	Industry average day sales outstanding	113.46
Day sales outstanding	230.17

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use

Payment expectations

Payment expectation days	182.52
Day sales outstanding	230.17

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	68.31
Industry average day sales outstanding	113.46

Industry quartile analysis

Payment expectations
Company result	182.52
Lower	91.36
Median	61.43
Upper	40.89

Day sales outstanding
Company result	230.17
Lower	69.28
Median	41.47
Upper	23.92

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

Group - Number of Companies	0
Linkages - Number of Companies	6
Number of Countries	3

Group Structure

No group structure for this company.

Linked Companies

Name	number	Latest Key financials	Turnover
MEGHMANI ORGANICS	04-24052	31.03.2012	€161.072.553

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/03/2012	4,426,310	8,152	-810,705	-990,594
31/03/2011	2,691,457	-18,111	-832,582	-1,015,180
31/03/2010	3,651,364	-91,933	-575,107	-744,866

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/03/2012	4,116,285	1	24,750	43,958
31/03/2011	3,253,375	1	24,750	-235,081
31/03/2010	5,528,486	1	24,750	-62,155

Profit & loss

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	4,426,310	64.46	2,691,457	-26.29	3,651,364	45,939,311	-90.36
Total operating expenses	4,349,916	63.71	2,657,167	-27.05	3,642,632	44,149,557	-90.15
Operating result	76,394	122	34,290	292	8,731	705,096	-89.17
Total financial income	17,139	-79.98	85,597	128	37,418	475,164	-96.39
Total financial expenses	85,382	-38.13	137,999	-0.06	138,082	269,918	-68.37
Results on ordinary operations before taxation	8,152	45.01	-18,111	19.70	-91,933	881,809	-99
Taxation	-	-	-	-	-	210,821	-
Results on ordinary operations after taxation	8,152	45.01	-18,111	19.70	-91,933	713,402	-98.86
Extraordinary items	13,726	5.73	-239,364	-4348	5,634	-2,018	680
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	21,877	8.50	-257,475	-198	-86,299	711,280	-96.92
other information
Dividends	-	-	-	-	-	3,352,822	-
Director remuneration	-	-	-	-	-	225,866	-
Employee costs	130,253	32.70	98,158	73.60	56,543	1,149,402	-88.67
Wages and salary	108,679	30.69	83,156	111	39,350	820,431	-86.75
Employee pension costs	-	-	-	-	-	226,555	-
Social security contributions	17,126	36.42	12,554	35.11	9,292	245,223	-93.02
Other employee costs	4,449	81.72	2,448	-69.02	7,902	62,396	-92.87
Amortization and depreciation	22,081	-1.40	22,394	-7.24	24,143	290,703	-92.40

Balance sheet

Annual accounts	31-03-2012	%	31-03-2011	%	31-03-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	41,388	-100
Tangible fixed assets	512,554	-4.13	534,635	-2.80	550,029	1,328,306	-61.41
Land & building	495,727	-2.72	509,601	-2.65	523,475	770,099	-35.63
Plant & machinery	-	-	-	-	-	1,210,686	-
Furniture & Vehicles	16,313	-33.24	24,433	-5.54	25,868	52,321 17,814	-68.82
Leasing & Other Similar Rights	-	-	-	-	-	77,450 30,094	-
Other tangible assets	515	-14.29	601	-12.50	686	81,556	-99
Financial fixed assets	25,270	-19.49	31,386	15.74	27,117	4,284,041	-99
Total fixed assets	537,824	-4.98	566,020	-1.93	577,145	4,077,270	-86.81
Inventories	543,835	-8.42	593,844	-22.53	766,544	2,821,651	-80.73
Raw materials & consumables	-	-	-	-	-	3,064,998	-
Work in progress	0	-	0	-	0	41,056	-100
Finished goods	543,835	-8.42	593,844	-22.53	766,544	1,376,761	-60.50
Other stocks	0	-	0	-	0	136,932	-100
Trade debtors	2,791,286	49.90	1,862,116	-52.02	3,881,086	3,172,026	-12.00
Cash	237,869	3.20	230,495	-14.93	270,959	526,699	-54.84
other amounts receivable	4,570	-	0	-100	32,751	1,911,877	-99
Miscellaneous current assets	900	0	900	-	0	3,189,056	-99
Total current assets	3,578,461	33.16	2,687,355	-45.72	4,951,340	10,622,768	-66.31
Total Assets	4,116,285	26.52	3,253,375	-41.15	5,528,486	14,326,088 877,159	-71.27
current liabilities
Trade creditors	2,175,255	64.18	1,324,938	172	486,987	2,378,102	-8.53
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	5,556,669 183,327	-
Current portion of long term debt	25,488	6.36	23,965	5.82	22,647	266,621 32,572	-90.44
Amounts Payable for Taxes, Remuneration & Social Security	-	-	15,284	254	4,311	34,422 -	-
Miscellaneous current liabilities	2,368,312	1.28	2,338,348	-54.88	5,182,262	15.37	- -
Total current liabilities	4,569,055	23.40	3,702,535	-35.00	5,696,206	6,475,238	-29.44
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	357,934	-6.65	383,422	-5.88	407,387	-87.55	- -
Deffered taxes	-	-	-	-	-	35,253 7,061	-
Provisions for Liabilities & Charges	0	-	0	-	0	163,047 0	-100
Other long term liabilities	0	-	0	-	0	94,048	-100
Total long term debts	357,934	-6.65	383,422	-5.88	407,387	1,366,077	-73.80
shareholders equity
Issued share capital	24,750	0	24,750	0	24,750	4,258,365	-99
Share premium account	-	-	-	-	-	478,834	-
Reserves	-835,455	97.45	-857,332	-42.92	-599,857	2,194,072	-138
Revaluation reserve	-	-	-	-	-	217,864	-
Total shareholders equity	-810,705	97.37	-832,582	-44.77	-575,107	6,484,772	-112
Working capital	-990,594	97.58	-1,015,180	-36.29	-744,866	4,147,530	-123
Cashflow	43,958	18.70	-235,081	-278	-62,155	965,861	-95.45
Net worth	-810,705	97.37	-832,582	-44.77	-575,107	6,443,384	-112

Ratio analysis

Annual accounts	31-03-2012	change(%)	31-03-2011	change(%)	31-03-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.18	26.87	-0.67	26.59	-2.52	185,00	-99
Return on capital employed	-1.80	-144	4.03	-92.65	54.81	-57,00	3.16
Return on total assets employed	0.20	35.71	-0.56	33.73	-1.66	-4,00	5.00
Return on net assets employed	-1.01	-146	2.18	-86.37	15.99	-50,00	2.02
Sales / net working capital	-4.47	-68.68	-2.65	54.08	-4.90	-3,00	-100
Stock turnover ratio	12.29	-44.29	22.06	5.10	20.99	12,00	2.42
Debtor days	230.17	-8.85	252.53	-34.91	387.96	100,00	130
Creditor days	182.52	0.29	182	272	48.80	69,00	164
short term stability
Current ratio	0.78	6.85	0.73	-16.09	0.87	14,00	-80.50
Liquidity ratio / acid ratio	0.66	15.79	0.57	-21.92	0.73	14,00	-95.29
Current debt ratio	-5.64	-26.74	-4.45	44.95	-9.90	4,00	-241
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-47.29	96.65	-48.93	65.44	-74.77	84,00	-156
Equity in percentage	-19.70	76.98	-25.59	-146	-10.40	-71,00	27.75
Total debt ratio	-6.08	-23.83	-4.91	46.28	-10.61	6,00	-201

ADDITIONAL INFORMATION

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-03-2012
Full-time Employees	1
Part-time Employees	-
Total Fte Employees	1
Number of hours worked
Full-time Employees	3,625
Part-time Employees	-
Total	3,625
Personnel Charges
Full-time Employees	130,253
Part-time Employees	-
Total	130,253
Benefits In Addition To Wages	1,051
During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,908
Personnel Charges	83,156
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	2	-	2
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	-	2
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	-
Actual working hours	-
Cost of temporary staff	-

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	2	-	2
Leavers	-	-	-

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel (NSSO classification)

Code	-
Description	1 EMPLOYEES

Joint Industrial Committee (JIC)

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

Significant Events

Event Date	31/01/2007
Event Description
Event Details	Etablissement du nouveau texte des statuts en néerlandais.

Event Date	31/01/2007
Event Description
Event Details	Vaststelling nederlandse tekst statuten

NOTES & COMMENTS

Commentary

The business was established over 9 years ago.
The business has 1 employees.
Number of employees in the latest trading period increased 100% on the previous trading period.
The business has been at the address for over 5 years.
Operating Result in the latest trading period increased 122% on the previous trading period.
A 26% growth in Total Assets occurred during the latest trading period.
Net Worth is a negative amount during the latest trading period.
Working Capital is a negative amount during the latest trading period.
Turnover in the latest trading period increased 64% on the previous trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.62
UK Pound	1	Rs.100.84
Euro	1	Rs.84.98

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%)

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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.