MIRA INFORM REPORT

Report Date :

21.12.2013

IDENTIFICATION DETAILS

Name :	BENELUX METALS NV
Registered Office :	Wijnantslaan 6 3630 Maasmechelen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	27.10.1995
Com. Reg. No.:	456366093
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of metals and metal ores
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

Company name and address

Business number	456366093
Company name	BENELUX METALS NV
Address	WIJNANTSLAAN 6
	3630 MAASMECHELEN
Safe number	BE00338878
Number of staff	0
Date of establishment	27/10/1995
Telephone number	089712684
Fax number	089732624

Commentary

The business was established over 18 years ago.

No employees are recorded for this business.

The business has been at the address for over 12 months.

The business has changed address 1 times in the last year.

The credit rating for this business has increased from 54 to 65.

The credit limit for this business has increased from €0 to €82000.

Operating Result in the latest trading period decreased 134% on the previous trading period.

Net Worth decreased by 27% during the latest trading period.

A 26% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 272% compared to the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		-57,375	256,965	207,055
31/12/2011		33,345	353,858	292,761
31/12/2010		288,426	298,336	280,928

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	1,432,895	0	62,500	-46,673
31/12/2011	1,134,662	0	62,469	70,360
31/12/2010	977,690	0	62,469	247,672

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	46.72	Industry average day sales outstanding	69.22
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	456366093	Company name	BENELUX METALS NV
Fax number	089732624	Date founded	27/10/1995
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46720	liable for VAT	yes
Activity description	Wholesale of metals and metal ores	VAT Number	BE.0456.366.093
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

Significant Events

Event Date	12/11/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 15-06-2012: Herbenoemd als bestuurders tot na de jaarvergadering van 2018: Lodewijk Berkhof (tevens gedelegeerd bestuurder) en Martinus Stessen.

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	-	-	-	-	-	42,554,651	-
	Total operating expenses	-	-	-	-	-	42,130,054	-
	Operating result	-35,510	-134	104,300	-67.23	318,252	180,914	-119
	Total financial income	323,004	9837	3,250	-78.82	15,344	120,241	168
	Total financial expenses	344,869	364	74,205	64.28	45,171	156,189	120
	Results on ordinary operations before taxation	-57,375	-272	33,345	-88.44	288,426	139,780	-141
	Taxation	5,485	-	-	-	-10,234	72,447	-92.43
	Results on ordinary operations after taxation	-62,860	-288	33,345	-88.84	298,660	84,071	-174
	Extraordinary items	0	-100	22,178	33.08	-67,040	-14,713	0
	Other appropriations	0.00	-	0.00	-	0.00	-	-
	Net result	-62,860	-213	55,522	-76.03	231,620	69,653	-190
	other information
	Dividends	34,034	-	-	-	-	364,903	-90.67
	Director remuneration	-	-	-	-	-	171,146	-
	Employee costs	-	-	-	-	-	964,061	-
	Wages and salary	-	-	-	-	-	681,379	-
	Employee pension costs	-	-	-	-	-	36,863	-
	Social security contributions	-	-	-	-	-	229,269	-
	Other employee costs	0	-	0	-	0	39,345	-100
	Amortization and depreciation	16,187	9.09	14,838	-7.56	16,052	120,634	-86.58
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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	10,439	-100
	Tangible fixed assets	49,910	-24.49	66,097	279	17,407	651,608	-92.34
	Land & building	-	-	-	-	-	630,745	-
	Plant & machinery	-	-	-	-	-	308,824	-
	Furniture & Vehicles	49,910	-24.49	66,097	279	17,407	46,157 16,525	8.13
	Leasing & Other Similar Rights	-	-	-	-	-	314,255 47,362	-
	Other tangible assets	0	-	0	-	0	22,243	-100
	Financial fixed assets	-	-	-	-	-	515,252	-
	Total fixed assets	49,910	-24.49	66,097	279	17,407	945,978	-94.72
	Inventories	100,617	11.70	90,077	-47.96	173,078	2,020,087	-95.02
	Raw materials & consumables	-	-	-	-	-	2,738,640	-
	Work in progress	0	-	0	-	0	115,876	-100
	Finished goods	0	-	0	-	0	860,196	-100
	Other stocks	100,617	11.70	90,077	-47.96	173,078	171,418	-41.30
	Trade debtors	587,697	74.15	337,468	-29.55	479,026	1,361,267	-56.83
	Cash	573,592	16.04	494,319	551	75,898	410,641	39.68
	other amounts receivable	120,784	-17.29	146,034	-26.94	199,872	483,962	-75.04
	Miscellaneous current assets	295	-55.69	667	-97.94	32,408	133,476	-99
	Total current assets	1,382,985	29.42	1,068,564	11.28	960,282	3,634,583	-61.95
	Total Assets	1,432,895	26.28	1,134,662	16.06	977,690	4,524,399 891,147	-68.33
	current liabilities
	Trade creditors	433,670	227	132,359	-31.08	192,052	940,910	-53.91
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	726,754	14.82	632,926	112	297,647	1,880,440 190,082	-61.35
	Current portion of long term debt	-	-	-	-	-	79,055 28,799	-
	Amounts Payable for Taxes, Remuneration & Social Security	6,643	-	-	-	-	29,487 -	-95.81
	Miscellaneous current liabilities	8,863	-15.73	10,518	-94.45	189,655	-97.69	- -
	Total current liabilities	1,175,931	51.58	775,803	14.20	679,354	2,221,495	-47.07
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Deffered taxes	-	-	-	-	-	80,382 15,490	-
	Provisions for Liabilities & Charges	0	-100	5,000	-	0	74,151 0	-100
	Other long term liabilities	0	-	0	-	0	19,553	-100
	Total long term debts	0	-100	5,000	-	0	453,747	-100
	shareholders equity
	Issued share capital	62,500	0.05	62,469	0	62,469	578,600	-89.20
	Share premium account	-	-	-	-	-	282,209	-
	Reserves	194,465	-33.26	291,389	23.54	235,867	1,226,588	-84.15
	Revaluation reserve	-	-	-	-	-	485,395	-
	Total shareholders equity	256,965	-27.38	353,858	18.61	298,336	1,833,555	-85.99
	Working capital	207,055	-29.28	292,761	4.21	280,928	1,413,088	-85.35
	Cashflow	-46,673	-166	70,360	-71.59	247,672	172,816	-127
	Net worth	256,965	-27.38	353,858	18.61	298,336	1,823,116	-85.91
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ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	-	-	-	-	-	1,00	-
	Return on capital employed	-22.33	-340	9.29	-90.39	96.68	-13,00	-71.77
	Return on total assets employed	-4	-236	2.94	-90.03	29.50	-7,00	57.14
	Return on net assets employed	-22.33	-337	9.42	-90.26	96.68	-14,00	-59.50
	Sales / net working capital	-	-	-	-	-	16,00	-
	Stock turnover ratio	-	-	-	-	-	18,00	-
	Debtor days	-	-	-	-	-	108,00	-
	Creditor days	-	-	-	-	-	55,00	-
	short term stability
	Current ratio	1.18	-14.49	1.38	-2.13	1.41	14,00	-60.67
	Liquidity ratio / acid ratio	1.09	-13.49	1.26	8.62	1.16	13,00	-91.62
	Current debt ratio	4.58	109	2.19	-3.95	2.28	3,00	52.67
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	282.82	58.12	178.86	79.27	99.77	320,00	-11.62
	Equity in percentage	17.93	-42.51	31.19	2.23	30.51	-2,00	896
	Total debt ratio	4.58	107	2.21	-3.07	2.28	4,00	14.50

Industry comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
industry average credit rating	69.32
Industry average credit limit	193568.18

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
Industry average payment expectation days	46.72
Industry average day sales outstanding	69.22

Industry quartile analysis

Payment expectations
Company result	-
Lower	82.15
Median	61.10
Upper	34.75
Day sales outstanding
Company result	-
Lower	59.87
Median	35.23
Upper	17.80

Company result	-
Lower	82.15
Median	61.10
Upper	34.75

Company result	-
Lower	59.87
Median	35.23
Upper	17.80

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

NSSO details

Business number	456366093
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

Current director details

Name	LODEWIJK ELISABETH JOSEPH BERKHOF
Position	Managing Director
Start Date	24/08/2012
End Date	15/06/2018
Date of birth	09/11/1957
Street	6 WIJNANTSLAAN MAASMECHELEN
Post code	3630
Country	Belgium

Name	LODEWIJK ELISABETH JOSEPH BERKHOF
Position	Director
Start Date	15/06/2012
Date of birth	09/11/1957
Street	6 WIJNANTSLAAN MAASMECHELEN
Post code	3630
Country	Belgium

Name	HUBERTUS WILHELMUS ELISABETH KNOPS
Position	Director
Start Date	15/10/1996
Street	6 AKKERWINDE
Post code
Country	The Netherlands

Name	MARTINUS STESSEN
Position	Director
Start Date	24/08/2012
End Date	15/06/2018
Street
Post code
Country	The Netherlands

Name	MARTINUS STASSEN
Position	Director
Start Date	15/06/2012
Street
Post code
Country

Former director details

Name	ASHOKKUMAR GANESH JATIA
Position	Director
Start Date	24/11/2009
End Date	31/12/2009
Street	85 INDUSTRIEWEG LANAKEN
Post code	3620
Country	Belgium

Name	ASHOKKUMAR GANESH JATIA
Position	Director
Start Date	24/08/2012
End Date	31/12/2012
Street	81 JATIA SADAN
Post code	25 MS
Country	India

Name	FRANCISCUS HUGO ALEXANDER MINKENBERG
Position	Director
Start Date	15/10/1996
End Date	-
Street	11 VAN SONSBEECKLAAN BEEK
Post code	6191
Country	The Netherlands

Name	FRANCISCUS HUGO ALEXANDER MINKENBERG
Position	Chairman of the Board
Start Date	15/10/1996
End Date	-
Street	11 VAN SONSBEECKLAAN BEEK
Post code	6191
Country	The Netherlands

Name	STESSEN HOLDING
Position	Director
Start Date	20/11/2009
End Date	31/12/2011
Street	18 TORENSTRAAT MAASTRICHT
Post code	6267 ES
Country	The Netherlands

Name	G.N. INVESTMENTS
Position	Director
Start Date	20/11/2009
End Date	31/12/2011
Street	1 PRAAMKADE MAASTRICHT
Post code	6222 NN
Country	The Netherlands

Name	BERKHOF PARTICIPATIONS
Position	Managing Director
Start Date	08/11/2010
End Date	31/12/2011
Street	1 PRAAMKADE MAASTRICHT
Post code	6222 NN
Country	The Netherlands

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.101.81
Euro	1	Rs.84.88

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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