MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	JBC NV
Registered Office :	Industriepark Centrum-Zuid 3401, 3530 Houthalen-Helchteren
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	20.08.1986
Com. Reg. No.:	429340608
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Retail sale in non-specialised stores with food, beverages or tobacco
No. of Employees :	216

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 – 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	429340608
Company name	JBC NV
Address	INDUSTRIEPARK CENTRUM-ZUID 3401
	3530 HOUTHALEN-HELCHTEREN
Number of staff	216
Date of establishment	20/08/1986
Telephone number	011608806
Fax number	011525100

DIRECTORS/MANAGEMENT

Current director details

Name	JURA NV
Position	Legal Representative
Start Date	01/09/2002
Date of birth	07/02/1992
Street	19 KOEKOEKSTRAAT HOUTHALEN-HELCHTEREN
Post code	3530
Country	Belgium

Name	L.C.C. MANAGEMENT NV
Position	Legal Representative
Start Date	01/09/2002
Date of birth	11/07/1989
Street	434 GENKERSTEENWEG HASSELT
Post code	3500
Country	Belgium

Name	IMMO IRIS NV
Position	Legal Representative
Start Date	07/06/2010
Date of birth	03/11/1995
Street	2080 CENTRUM-ZUID HOUTHALEN-HELCHTEREN
Post code	3530
Country	Belgium

Name	BELUCO CVOHA
Position	Legal Representative
Start Date	01/09/2002
Date of birth	21/01/1997
Street	22 BORGVELD HEUSDEN-ZOLDER
Post code	3550
Country	Belgium

Name	MEERWAARDE,OMNIPRESENCE,SYMPATHI BVBA
Position	Legal Representative
Start Date	31/03/2008
Date of birth	31/01/2005
Street	66 DRIELINDENBAAN MERCHTEM
Post code	1785
Country	Belgium

Name	GHL12 BVBA
Position	Legal Representative
Start Date	31/08/2012
Date of birth	31/08/2012
Street	12 LAKERBERG HOUTHALEN-HELCHTEREN
Post code	3530
Country	Belgium

Name	GHL12 BVBA
Position	Director
Start Date	31/08/2012
Date of birth	31/08/2012
Street	12 LAKERBERG HOUTHALEN-HELCHTEREN
Post code	3530
Country	Belgium

Name	FIDIGO BVBA
Position	Legal Representative
Start Date	19/12/2012
Date of birth	08/09/1982
Street	77 OUDEHEERWEG-HEIDE WAASMUNSTER
Post code	9250
Country	Belgium

Name	FIDIGO BVBA
Position	Director
Start Date	19/12/2012
End Date	02/06/2014
Date of birth	08/09/1982
Street	77 OUDEHEERWEG-HEIDE WAASMUNSTER
Post code	9250
Country	Belgium

Name	BART CLAES
Position	Managing Director
Start Date	04/11/2010
Street	2080 CENTRUM-ZUID HOUTHALEN-HELCHTEREN
Post code	3530
Country	Belgium

Name	BART CLAES & CO VOF
Position	Legal Representative
Start Date	31/03/2008
Date of birth	25/02/2008
Street	2 WANBEEKSTRAAT HASSELT
Post code	3500
Country	Belgium

Name	BART CLAES & CO VOF
Position	Director
Start Date	31/03/2008
Date of birth	25/02/2008
Street	2 WANBEEKSTRAAT HASSELT
Post code	3500
Country	Belgium

Name	ANN CLAES & CO VOF
Position	Director
Start Date	31/03/2008
Date of birth	25/02/2008
Street	50 BRUINSTRAAT ZONHOVEN
Post code	3520
Country	Belgium

Name	ANN CLAES & CO VOF
Position	Legal Representative
Start Date	31/03/2008
Date of birth	25/02/2008
Street	50 BRUINSTRAAT ZONHOVEN
Post code	3520
Country	Belgium

Name	LUC BEERTEN
Position	Legal Representative
Start Date	01/09/2002

Former director details

Name	JEAN-BAPTISTE CLAES
Position	Director
Start Date	24/08/2007
End Date	20/10/2010
Street	96 ALVINNENBERG MEERHOUT
Post code	2450
Country	Belgium

Name	JEAN-BAPTISTE CLAES
Position	Chairman of the Board
Start Date	09/08/2004
End Date	20/10/2010
Street	96 ALVINNENBERG MEERHOUT
Post code	2450
Country	Belgium

Name	JEAN-BAPTISTE CLAES
Position	Managing Director
Start Date	07/06/2010
End Date	31/12/2011
Street	96 ALVINNENBERG MEERHOUT
Post code	2450
Country	Belgium

Name	ANN CLAES
Position	Director
Start Date	09/08/2004
End Date	31/03/2008
Street	50 BRUINSTRAAT ZONHOVEN
Post code	3520
Country	Belgium

Name	JURA NV
Position	Director
Start Date	07/06/2010
End Date	03/06/2013
Date of birth	07/02/1992
Street	19 KOEKOEKSTRAAT HOUTHALEN-HELCHTEREN
Post code	3530
Country	Belgium

Name	L.C.C. MANAGEMENT NV
Position	Director
Start Date	07/06/2010
End Date	03/06/2013
Date of birth	11/07/1989
Street	434 GENKERSTEENWEG HASSELT
Post code	3500
Country	Belgium

Name	IMMO IRIS NV
Position	Director
Start Date	07/06/2010
End Date	03/06/2013
Date of birth	03/11/1995
Street	2080 CENTRUM-ZUID HOUTHALEN-HELCHTEREN
Post code	3530
Country	Belgium

Name	BELUCO CVOHA
Position	Director
Start Date	07/06/2010
End Date	04/06/2012
Date of birth	21/01/1997
Street	22 BORGVELD HEUSDEN-ZOLDER
Post code	3550
Country	Belgium

Name	MEERWAARDE,OMNIPRESENCE,SYMPATHI BVBA
Position	Director
Start Date	07/06/2010
End Date	03/06/2013
Date of birth	31/01/2005
Street	66 DRIELINDENBAAN MERCHTEM
Post code	1785
Country	Belgium

Name	BART CLAES
Position	Director
Start Date	24/08/2007
End Date	31/03/2008
Street	2080 CENTRUM-ZUID HOUTHALEN-HELCHTEREN
Post code	3530
Country	Belgium

Name	BART CLAES & CO VOF
Position	Managing Director
Start Date	07/06/2010
End Date	03/06/2013
Date of birth	25/02/2008
Street	2 WANBEEKSTRAAT HASSELT
Post code	3500
Country	Belgium

Name	ANN CLAES & CO VOF
Position	Managing Director
Start Date	23/02/2011
End Date	03/06/2013
Date of birth	25/02/2008
Street	50 BRUINSTRAAT ZONHOVEN
Post code	3520
Country	Belgium

Name	JAFA STYLE SOC. ETRANGERE
Position	Director
Start Date	23/02/2011
End Date	03/06/2013
Street
Post code
Country	Spain

Name	JAN CLAES
Position	Managing Director
Start Date	07/06/2004
End Date	-

Name	JAN CLAES
Position	Director
Start Date	07/06/2004

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no

Business number	429340608	Company name	JBC NV
Fax number	011525100	Date founded	20/08/1986
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	47191	liable for VAT	yes
Activity description	Retail sale in non-specialised stores with food, beverages or tobacco not predominating (sales area < 2500 m²)	VAT Number	BE.0429.340.608
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number

429340608

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	27.65
Industry average payment expectation days	55.69	Industry average day sales outstanding	4563.66
Day sales outstanding	6.97

Payment Information Summary

Total number of Invoices available	3
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	1
Total number of Invoices currently outstanding beyond the due date	1

Payment expectations

Payment expectation days	27.65
Day sales outstanding	6.97

Industry comparison

Activity code	47191
Activity description	Retail sale in non-specialised stores with food, beverages or tobacco not predominating (sales area < 2500 m²)
Industry average payment expectation days	55.69
Industry average day sales outstanding	4563.66

Industry quartile analysis

Payment expectations
Company result	27.65
Lower	33.34
Median	10.22
Upper	3.01

Day sales outstanding
Company result	6.97
Lower	57.14
Median	30.66
Upper	11.54

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
Stichting Administratiekantoor Frere-Bourgeois	41127822

Group Structure

Company name	Number	Latest financials
- STICHTING ADMINISTRATIEKANTOOR FRERE-BOU...	41127822
- - FINANCIÈRE DE LA SAMBRE SA	413936117	31-12-2012
- - - ERBE NV	435557615	31-12-2012
- - - - AGESPAR	426065372
- - - - COMPAGNIE NATIONALE A PORTEFEUILLE EN AB...	466498932	31-12-2012
- - - - - BELHOLDING BELGIUM SA	446979661	31-12-2012
- - - - - CAROLOREGIENNE DE PARTICIPATIONS SA	441649215	31-12-2012
- - - - - - CARSPORT SA	439710601	31-12-2012
- - - - - - NEWCOR SA	467825060	31-12-2012
- - - - - - - FIBELPAR SA	414752204	31-12-2012
- - - - - - - - TRANSCOR ASTRA GROUP SA	402981550	31-12-2012
- - - - - - - - - TRANSCOR INTERNATIONAL SA	449998242	31-12-2012
- - - - - - - - - - TRANSCOR ENERGY SA	402405686	31-12-2012
- - - - - - - - - - - TRANSCOR BALTIC
- - - - - - - - - - TRANSCOR OIL SERVICES SA	478751022	31-12-2012
- - - - - - - - - - TRANSCOR FRANCE	451506612	30-06-2012
- - - - - - - - - ASTRA COAL CORPORATION
- - - - - - - - - ASTRA TRANSCOR ENERGY N.V.	14631299	31-12-2011
- - - - - - - - - TRANSCOR ASTRA LUXEMBOURG S.A.	B135540
- - - - - - - - BSS INVESTMENTS NV	463426606	31-12-2012
- - - - - - - - - CHEVAL BLANC FINANCE SAS	513647867	31-12-2012
- - - - - - - - EUROPART SA	424942251	31-12-2012
- - - - - - - - - FIDENTIA GREEN BUILDINGS SCA	894533406	31-12-2012
- - - - - - - - GROUPE JEAN DUPUIS SA	405630244	31-12-2012
- - - - - - - - - NEWTRANS TRADING SA	467762605	31-12-2011
- - - - - - - - S.W.I.LUX SA
- - - - - CLAES RETAIL GROUP NV	462417806	31-12-2012
- - - - - - G.F.COMPANY NV	466658783	31-12-2012
- - - - - - - SURPRISE
- - - - - - GIRLS IMMO NV	480095362	31-12-2012
- - - - - - IMARC NV	427827408	31-12-2012
- - - - - - IMMO BRILJANT NV	811980763	31-12-2012
- - - - - - IMMO IRIS NV	456438745	31-12-2012
- - - - - - JBC NV	429340608	31-12-2012
- - - - - - - ACE FASHION S.A.	B50182	31-12-2012
- - - - - - - JBC GMBH SOC.ETR. E.P.B.
- - - - - - - JBC OVERSEAS LIMITED SOC.ETR. E.P.B.
- - - - - COMPAGNIE NATIONALE . PORTEFEUILLE SA	404676971	31-12-2010
- - - - - - CENTRE DE COORDINATION DE CHARLEROI SA	454199332	31-12-2009
- - - - - - MOLIGNÉE ENERGIE SA	476102724	31-12-2007
- - - - - - KERMADEC S.A.	B32984	31-12-2012
- - - - - - PARGESA ASSET MANAGEMENT (NETHERLANDS) N...	24191699	31-12-2012
- - - - - FIDENTIA OFFICES SCA	893358320	31-12-2012
- - - - - INVESTERINGSMAATSCHAPPIJ ORION SA	426114070	31-12-2012
- - - - - STARCO TIELEN NV	433817157	31-12-2012
- - - - - - BELGIAN ICE CREAM GROUP NV	438625684	31-12-2012
- - - - - - - ARTIC NV	402780523	31-12-2010
- - - - - - - - ARTIC FRANCE	722004454	31-12-2010
- - - - - - - BELGIAN MOMENT NV	466018682	31-12-2012
- - - - - - - FRISA NV	407203129	31-12-2010
- - - - - - - MIO SA	403902852	31-12-2010
- - - - - - - - MIO FRANCE
- - - - - KERMADEC SA
- - - - - SWIFIN SA
- - FRERE-BOURGEOIS SA	407239355	31-12-2012
- - - DOMAINES FRERE-BOURGEOIS SA	508674334
- - - DIANE SA	CHE103290697
- - - FILUX

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	204,015,107	23,527,694	97,596,709	74,323,461
31/12/2011	181,147,563	14,986,144	82,584,954	58,104,168
31/12/2010	170,094,742	19,726,098	72,544,291	44,835,425

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	121,645,760	216	3,813,000	25,410,867
31/12/2011	102,701,542	200	3,813,000	21,636,915
31/12/2010	90,437,512	182	3,813,000	27,124,574

Trends

Profitability
Liquidity
Net worth

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	204
Part-time Employees	12
Total Fte Employees	216
Number of hours worked
Full-time Employees	247,418
Part-time Employees	91,761
Total	339,179
Personnel Charges
Full-time Employees	8,182,286
Part-time Employees	3,034,598
Total	11,216,884
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	191
Actual working hours	313,536
Personnel Charges	9,732,386
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	151	73	204
Limited Duration Contracts	9	5	12
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondary education	35	10	43
Higher education (non university)	20	1	21
Higher education (university)	1	-	1
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondary education	33	43	63
Higher education (non university)	53	24	71
Higher education (university)	17	-	17

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	115	57	157
Blue collar worker	45	21	60
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	14
Actual working hours	26,738
Cost of temporary staff	509,498

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	30	8	37
Leavers	17	3	19

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	61	167
Number of training hours	550	3,102
Net costs for enterprise	49,641	254,530
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	1	-
Number of training hours	65	-
Net costs for enterprise	159	-

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	204,015,107	12.62	181,147,563	6.50	170,094,742	14,381,570	1318
Total operating expenses	180,156,907	7.34	167,837,386	10.42	151,999,136	13,449,515	1239
Operating result	23,858,200	79.25	13,310,177	-26.45	18,095,606	268,239	8794
Total financial income	2,360,095	-36.09	3,692,988	-27.68	5,106,770	28,598	8152
Total financial expenses	2,690,602	33.39	2,017,021	-41.98	3,476,278	45,217	5850
Results on ordinary operations before taxation	23,527,694	57.00	14,986,144	-24.03	19,726,098	247,673	9399
Taxation	6,856,872	85.62	3,693,968	-31.64	5,404,027	124,858	5391
Results on ordinary operations after taxation	16,670,821	47.63	11,292,176	-21.16	14,322,071	170,903	9654
Extraordinary items	-73,695	12.17	-605,602	-178	768,915	86	-85792
Other appropriations	53332.48	6.48	50086.98	-3.54	51923.70	-	-
Net result	16,650,458	55.08	10,736,661	-29.10	15,142,910	171,632	9601
other information
Dividends	850,000	0	850,000	-97.40	32,670,917	290,396	192
Director remuneration	2,245,214	208	728,455	41.72	514,005	1,151,813	94.93
Employee costs	11,216,884	15.25	9,732,386	7.24	9,075,623	610,689	1736
Wages and salary	8,137,887	16.45	6,988,462	7.21	6,518,281	481,241	1591
Employee pension costs	-	-	-	-	-	652	-
Social security contributions	2,381,742	13.65	2,095,611	7.15	1,955,725	122,559	1843
Other employee costs	697,256	7.55	648,313	7.76	601,617	20,742	3261
Amortization and depreciation	8,760,408	-19.63	10,900,254	-9.03	11,981,664	130,260	6625

Balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	616,401	-	614,998	-	775,593	9,616	6310
Tangible fixed assets	22,691,562	-6.69	24,317,206	-13.23	28,023,533	586,722	3767
Land & building	7,186,810	-6.49	7,685,976	-10.95	8,631,350	481,069	1393
Plant & machinery	264,830	19.49	221,628	38.60	159,904	88,131	200
Furniture & Vehicles	1,133,967	17.47	965,317	-18.85	1,189,526	30,855 8,375	3575
Leasing & Other Similar Rights	-	-	-	-	-	59,366 14,032	-
Other tangible assets	14,105,955	-8.67	15,444,285	-14.40	18,042,753	215,474	6446
Financial fixed assets	2,140,351	19.60	1,789,537	1.22	1,768,019	36,172	5817
Total fixed assets	25,448,314	-4.77	26,721,742	-12.58	30,567,145	602,804	4121
Inventories	19,492,456	-20.66	24,569,602	1.34	24,245,013	758,496	2469
Raw materials & consumables	322,007	232	96,848	-56.00	220,094	322,007	0.00
Work in progress	0	-	0	-	0	0	-
Finished goods	19,066,161	-21.76	24,368,466	4.79	23,253,519	380,975	4904
Other stocks	104,288	0	104,288	-86.48	771,400	180,596	-42.25
Trade debtors	3,896,181	-27.51	5,374,797	89.12	2,841,937	98,826	3842
Cash	43,265,231	80.17	24,013,205	167	8,971,716	457,029	9366
other amounts receivable	28,211,808	70.46	16,550,283	662	2,171,896	336,365	8287
Miscellaneous current assets	1,331,771	-75.66	5,471,914	-74.71	21,639,806	22,362	5855
Total current assets	96,197,447	26.61	75,979,801	26.91	59,870,367	1,469,065	6448
Total Assets	121,645,760	18.45	102,701,542	13.56	90,437,512	2,022,993 294,960	5913
current liabilities
Trade creditors	13,645,243	6.09	12,862,302	46.34	8,789,191	420,791	3142
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	139,614 24,619	-
Current portion of long term debt	300,364	-9.93	333,463	-11.54	376,943	42,942 22,679	599
Amounts Payable for Taxes, Remuneration & Social Security	4,550,070	153	1,791,839	-39.85	2,979,125	13,506 -	2580
Miscellaneous current liabilities	3,378,309	16.98	2,888,028	-0.06	2,889,683	2508	- -
Total current liabilities	21,873,985	22.37	17,875,633	18.89	15,034,942	754,755	2798
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	924,334	-24.53	1,224,698	-21.40	1,558,161	267	- -
Deffered taxes	316,106	-14.44	369,439	-11.94	419,526	53,324 7,558	492
Provisions for Liabilities & Charges	318,225	900	31,821	-69.69	105,000	11,347 0	2704
Other long term liabilities	0	-	0	-	0	12,809	-100
Total long term debts	1,558,665	-4.14	1,625,957	-21.93	2,082,687	172,122	805
shareholders equity
Issued share capital	3,813,000	0	3,813,000	0	3,813,000	135,265	2718
Share premium account	-	-	-	-	-	4,435	-
Reserves	94,400,110	18.91	79,386,952	14.21	69,506,883	955,768	9776
Revaluation reserve	-	-	-	-	-	111,678	-
Total shareholders equity	98,213,110	18.04	83,199,952	13.48	73,319,883	1,096,116	8860
Working capital	74,323,461	27.91	58,104,168	29.59	44,835,425	714,310	10304
Cashflow	25,410,867	17.44	21,636,915	-20.23	27,124,574	289,570	8675
Net worth	97,596,709	18.18	82,584,954	13.84	72,544,291	1,086,500	8882

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	11.53	39.42	8.27	-28.71	11.60	-4,00	288
Return on capital employed	23.58	33.45	17.67	-32.45	26.16	-21,00	112
Return on total assets employed	19.34	32.56	14.59	-33.10	21.81	-13,00	148
Return on net assets employed	23.96	33.04	18.01	-33.05	26.90	0,00	-
Sales / net working capital	2.74	-12.18	3.12	-17.68	3.79	3,00	-99
Stock turnover ratio	9.55	-29.57	13.56	-4.84	14.25	33,00	-71.06
Debtor days	6.97	-35.64	10.83	77.54	6.10	33,00	-78.88
Creditor days	27.65	-1.14	27.97	32.50	21.11	58,00	-52.33
short term stability
Current ratio	4.40	3.53	4.25	6.78	3.98	5,00	10.00
Liquidity ratio / acid ratio	3.51	21.88	2.88	21.52	2.37	4,00	-12.25
Current debt ratio	0.22	4.76	0.21	0	0.21	4,00	-94.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	1.25	-33.16	1.87	-29.17	2.64	410,00	-99
Equity in percentage	81.15	-0.43	81.50	-0.33	81.77	-232,00	34.98
Total debt ratio	0.24	4.35	0.23	0	0.23	6,00	-96.00

ADDITIONAL INFORMATION

Personnel (NSSO classification)

Code	-
Description	216 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	100
Description	Additional joint committee for labourers

JIC Code	109
Description	JC for the industry of the clothing and garments firms

JIC Code	201
Description	Joint committee for the independent retail sales

JIC Code	215
Description	JC for the employees in the clotting and garments firms

JIC Code	218
Description	Additional national joint committee for the employees

Significant Events

Event Date	03/06/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 03-06-2013: Herbenoemd als bestuurders voor een periode van 1 jaar : VOF Claes Bart & Co (tevens gedelegeerd bestuurder), VOF Claes Ann & Co (tevens gedelegeerd bestuurder), NV Jura, NV LCC Management, BVBA Meerwaarde, Omniprese

Event Date	03/06/2013
Event Description	re-appointment of director(s)
Event Details	nce, Sympathie & Trial (M.O.S.T.), BVBA GHL12, NV Immo Chris en NV Fidigo.

Industry comparison

Activity code	47191
Activity description	Retail sale in non-specialised stores with food, beverages or tobacco not predominating (sales area < 2500 m²)

Linked Companies

Name	number	Latest Key financials	Turnover
BGL BNP PARIBAS	B6481	31.12.2012	€1.937.900.000
BNP PARIBAS U.K. HOLDINGS LIMITED	02106892	31.12.2012	-
BNP PARIBAS CARDIF	382983922	31.12.2010	€9.778.955
AUSTIN FINANCE	485260640	31.12.2012	-
TAITBOUT PARTICIPATION 3 SNC	433912250	31.12.2012	-
FORTIS PROPRIETARY INVESTMENT (IRELAND) LIMITED	IE371449	31.12.2010	€260.295.031
FINDOMESTIC BANCA S.P.A.	03562770481	-	-
OMNIUM GESTION DEVELOPPEMENT IMMO-OGDI	632016010	31.12.2011	-
BNP PARIBAS S.B RÉ	B145794	31.12.2012	€18.941.168
FINANCIERE DES ITALIENS	422994954	31.12.2012	-
OPTICHAMPS	428634695	31.12.2012	-
PARTICIPATIONS OPERA	451489785	31.12.2012	-
COMPAGNIE D'INVESTISSEMENTS DE PARIS	311689178	31.12.2011	-
BNP PARIBAS REAL ESTATE	692012180	31.12.2012	€60.970.162
SOCIETE ORBAISIENNE DE PARTICIPATIONS	428753479	31.12.2011	€19.204.254
BNP PARIBAS LEASE GROUP	97081660157	-	-
BNP PUK HOLDING LIMITED	02028843	31.12.2012	-
FIDEX HOLDINGS LIMITED	03618931	31.10.2011	-
FINANCIERE BNP PARIBAS	344709415	31.12.2011	-
BNP PARIBAS INTERNATIONAL FINANCE DUBLIN	IE086266	31.12.2011	€6.476.991

NOTES & COMMENTS

Commentary

The business was established over 27 years ago.
The business has 216 employees.
The business is part of a group.
The business has been at the address for over 1 month.
The business has been at the address for less than 6 months.
The business has changed address 1 times in the last year.
Operating Result in the latest trading period increased 79% on the previous trading period.
Pre-tax profits increased by 56% compared to the previous trading period.
The business saw an increase in their Cash Balance of 80% during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

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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