MIRA INFORM REPORT

Report Date :

20.12.2013

IDENTIFICATION DETAILS

Name :	HODRA STEEL PRODUCTS BVBA
Registered Office :	Stuivenbergvaart 127 2800 Mechelen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	04.09.2000
Com. Reg. No.:	472790569
Legal Form :	Private Limited Company
Line of Business :	Subject involved in the sale of fuels, ores, metals and industrial chemicals
No. of Employees :	Not Available

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 :	Slow but 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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	472790569
Company name	HODRA STEEL PRODUCTS BVBA
Address	STUIVENBERGVAART 127
	2800 MECHELEN
Number of staff	0
Date of establishment	04/09/2000
Telephone number	015347202
Fax number	015347202

DIRECTORS/MANAGEMENT

Current director details

Name	ANTONIA ELISA GERARDA CALUWAERTS
Position	Partner
Start Date	07/07/2011
Street	127 STUIVENBERGVAART MECHELEN
Post code	2800
Country	Belgium

Name	LUC DE HORNOIS
Position	Principal Manager
Start Date	07/07/2011
Street	127 STUIVENBERGVAART MECHELEN
Post code	2800
Country	Belgium

Name	LUC GASTON LOUISA DE HORNOIS
Position	Non Statutory Partner
Start Date	04/09/2000
Street
Post code
Country

NEGATIVE INFORMATION

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

Business number	472790569	Company name	HODRA STEEL PRODUCTS BVBA
Fax number	015347202	Date founded	04/09/2000
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46120	liable for VAT	yes
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals	VAT Number	BE.0472.790.569
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	472790569
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.

Individual Shareholders

Shareholder Name
Forename	Antonia	Middle name	Gerarda
Surname	Caluwaerts
Shareholder Details
Start date	04/09/2000	End date	-
Percentage owned	-
Shareholder Address
Street name	Stuivenbergvaart	House number	127
Minor town	-	Postal town	Mechelen
Post code	2800	Country	Belgium

Shareholder Name
Forename	Luc	Middle name	Louisa
Surname	De Hornois
Shareholder Details
Start date	04/09/2000	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

PAYMENT INFORMATION

expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	107.96	Industry average day sales outstanding	93.40
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46120
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals
Industry average payment expectation days	107.96
Industry average day sales outstanding	93.40

Industry quartile analysis

Payment expectations
Company result	-
Lower	96.44
Median	59.94
Upper	28.46

Day sales outstanding
Company result	-
Lower	71.33
Median	38.68
Upper	13.08

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number	View linked companies from outside this company's group structure
-	-	No linked companies have been found.

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		192,386	406,240	341,688
31/12/2011		188,590	278,354	254,755
31/12/2010		83,435	245,697	229,862

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	463,929	0	18,600	149,467
31/12/2011	356,753	0	18,600	160,523
31/12/2010	390,224	0	18,600	29,920

Trends

Profitability
Liquidity
Net worth

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	-	-	-	-	-	29,277,993	-
Total operating expenses	-	-	-	-	-	29,060,523	-
Operating result	192,207	1.71	188,985	70.94	110,556	95,871	100
Total financial income	1,053	88.55	559	-97.64	23,708	210,049	-99
Total financial expenses	875	-8.27	954	-98.12	50,829	150,278	-99
Results on ordinary operations before taxation	192,386	2.01	188,590	126	83,435	134,951	42.56
Taxation	64,500	70.04	37,933	-46.65	71,103	45,219	42.64
Results on ordinary operations after taxation	127,886	-15.11	150,657	1121	12,332	99,672	28.31
Extraordinary items	0	-	0	-	0	4,055	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	127,886	-15.11	150,657	1121	12,332	104,264	22.66
other information
Dividends	-	-	118,000	66.20	71,000	418,640	-
Director remuneration	-	-	-	-	-	142,236	-
Employee costs	-	-	-	-	-	698,950	-
Wages and salary	-	-	-	-	-	505,222	-
Employee pension costs	-	-	-	-	-	136,151	-
Social security contributions	-	-	-	-	-	150,189	-
Other employee costs	0	-	0	-	0	33,146	-100
Amortization and depreciation	21,581	118	9,866	-43.91	17,589	72,169	-70.10

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	0	-	0	-	0	8,870	-100
Tangible fixed assets	64,551	173	23,598	49.03	15,834	783,669	-91.76
Land & building	-	-	-	-	573	372,330	-
Plant & machinery	11,922	-11.25	13,434	54.23	8,710	911,741	-98.69
Furniture & Vehicles	52,629	417	10,165	55.17	6,551	21,442 6,795	145
Leasing & Other Similar Rights	-	-	-	-	-	76,553 12,072	-
Other tangible assets	0	-	0	-	0	64,765	-100
Financial fixed assets	-	-	-	-	-	666,438	-
Total fixed assets	64,551	173	23,598	49.03	15,834	1,102,734	-94.15
Inventories	-	-	-	-	-	1,336,109	-
Raw materials & consumables	-	-	-	-	-	754,246	-
Work in progress	0	-	0	-	0	2,089	-100
Finished goods	0	-	0	-	0	510,768	-100
Other stocks	0	-	0	-	0	37,787	-100
Trade debtors	172,902	44.59	119,577	544	18,548	1,456,321	-88.13
Cash	212,714	6.42	199,873	-43.83	355,843	294,451	-27.76
other amounts receivable	13,762	0.41	13,705	-	0	365,912	-96.24
Miscellaneous current assets	0	-	0	-	0	73,550	-100
Total current assets	399,378	19.88	333,155	-11.01	374,390	2,751,500	-85.49
Total Assets	463,929	30.04	356,753	-8.58	390,224	3,730,652 280,853	-87.56
current liabilities
Trade creditors	49,933	-27.81	69,168	-40.12	115,518	1,189,917	-95.80
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	2,141,588 39,358	-
Current portion of long term debt	-	-	-	-	-	92,121 14,334	-
Amounts Payable for Taxes, Remuneration & Social Security	7,756	-15.98	9,231	-67.43	28,346	13,175 -	-93.54
Miscellaneous current liabilities	0	-	0	-100	664	-100	- -
Total current liabilities	57,689	-26.42	78,399	-45.75	144,528	2,748,587	-97.90
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	27,711 163	-
Provisions for Liabilities & Charges	0	-	0	-	0	100,664 0	-100
Other long term liabilities	0	-	0	-	0	3,765	-100
Total long term debts	0	-	0	-	0	259,621	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	926,157	-97.99
Share premium account	-	-	-	-	-	38,310	-
Reserves	387,640	49.23	259,754	14.38	227,097	-201,564	192
Revaluation reserve	-	-	-	-	-	16,524	-
Total shareholders equity	406,240	45.94	278,354	13.29	245,697	725,571	-44.01
Working capital	341,688	34.12	254,755	10.83	229,862	2,913	11629
Cashflow	149,467	-6.89	160,523	436	29,920	164,613	-9.20
Net worth	406,240	45.94	278,354	13.29	245,697	713,574	-43.07

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	0,00	-
Return on capital employed	47.36	-30.10	67.75	99	33.96	30,00	57.87
Return on total assets employed	41.47	-21.55	52.86	147	21.38	48,00	-13.60
Return on net assets employed	47.36	-30.10	67.75	99	33.96	26,00	82.15
Sales / net working capital	-	-	-	-	-	10,00	-
Stock turnover ratio	-	-	-	-	-	43,00	-
Debtor days	-	-	-	-	-	78,00	-
Creditor days	-	-	-	-	-	90,00	-
short term stability
Current ratio	6.92	62.82	4.25	64.09	2.59	6,00	246
Liquidity ratio / acid ratio	6.92	62.82	4.25	64.09	2.59	5,00	38.40
Current debt ratio	0.14	-50.0	0.28	-52.54	0.59	2,00	-93.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	206,00	-
Equity in percentage	87.57	12.24	78.02	23.92	62.96	-4.274,00	2.05
Total debt ratio	0.14	-50.0	0.28	-52.54	0.59	2,00	-93.00

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Industry comparison

Activity code	46120
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals
industry average credit rating	66.67
Industry average credit limit	49733.77

Companies that match this address

No Companies Match this address.

NOTES & COMMENTS

Commentary

The business was established over 13 years ago.
No employees are recorded for this business.
The business has been at the address for over 13 years.
The credit rating for this business has increased from 61 to 66.
The credit limit for this business has increased from €35000 to €38000.
Net Worth increased by 45% during the latest trading period.
A 30% growth in Total Assets occurred during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.38
UK Pound	1	Rs.102.15
Euro	1	Rs.85.29

INFORMATION DETAILS

Report Prepared by :

NIS

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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