MIRA INFORM REPORT

Report Date :

19.02.2013

IDENTIFICATION DETAILS

Name :	INNOCHEM NV
Registered Office :	Burg. Adriaensenlaan 66 2450 Meerhout
Country :	Belgium
Financials (as on) :	30.06.2012
Date of Incorporation :	15.07.1988
Com. Reg. No.:	434738657
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of chemical products for industrial use
No. of Employees :	4

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 2.0%, the unemployment rate decreased slightly to 7.7% 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. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 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 arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Business number	434738657
Company name	INNOCHEM NV
Address	BURG. ADRIAENSENLAAN 66
	2450 MEERHOUT
Number of staff	4
Date of establishment	15/07/1988
Telephone number	014301134
Fax number	014301109

DIRECTORS/MANAGEMENT

Current director details

Name	GEERT DE RIDDER
Position	Director
Start Date	06/03/2012
Date of birth	28/11/1975
Street	126 DROESHOUTSTRAAT OPWIJK
Post code	1745
Country	Belgium

Name	CHRISTINE SMEETS
Position	Director
Start Date	24/02/2010
Street	68 BURGEMEESTER ADRIAENSENLAAN MEERHOUT
Post code	2450
Country	Belgium

Name	GEERT DE RIDDER
Position	Director
Start Date	07/02/2013
Street	66 KROMSTRAAT MEERHOUT
Post code	2450
Country	Belgium

Name	JAN FIAS
Position	Managing Director
Start Date	06/03/2012
Street	66 BURGEMEESTER ADRIAENSENLAAN MEERHOUT
Post code	2450
Country	Belgium

Name	JAN FIAS
Position	Director
Start Date	04/11/2002
Street	66 BURGEMEESTER ADRIAENSENLAAN MEERHOUT
Post code	2450
Country	Belgium

Former director details

Name	JOHAN VAN DAMME
Position	Director
Start Date	27/05/1997
End Date	-
Street	63 RETIESEBAAN KASTERLEE
Post code	2460
Country	Belgium

Name	PHILIPPE BRUNEEL
Position	Director
Start Date	04/11/1996
End Date	-
Street	18 CHEMIN DES PILOTES DOORNIK
Post code	7540
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	434738657	Company name	INNOCHEM NV
Fax number	014301109	Date founded	15/07/1988
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	30/06/2012
Activity code	46751	liable for VAT	yes
Activity description	Wholesale of chemical products for industrial use	VAT Number	BE.0434.738.657
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	434738657
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	15.49
Industry average payment expectation days	65.91	Industry average day sales outstanding	107.14
Day sales outstanding	58.53

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
industry average credit rating	69
Industry average credit limit	167313.70

Payment expectations

Payment expectation days	15.49
Day sales outstanding	58.53

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	65.91
Industry average day sales outstanding	107.14

Industry quartile analysis

Payment expectations
Company result	15.49
Lower	93.86
Median	61.86
Upper	41.09

Day sales outstanding
Company result	58.53
Lower	71.02
Median	42.75
Upper	25.37

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
Innochem NV	434738657

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Click the company to view / order a report.

Company name	Number	Latest financials
- INNOCHEM NV	434738657	30-06-2012
- - CHIMIE UNION BVBA

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
30/06/2012	21,810,133	1,798,425	11,844,186
30/06/2011	22,740,773	2,403,467	10,507,573
30/06/2010	19,809,273	1,817,859	8,956,263

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
30/06/2012	12,905,899	94,381	619,734	5,190,915	4
30/06/2011	12,485,999	99,106	619,734	5,684,968	4
30/06/2010	11,257,005	71,885	619,734	2,924,364	4

Profit & loss

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	21,810,133	-4.09	22,740,773	14.80	19,809,273	8,855,979	146
Total operating expenses	20,159,630	-1.27	20,419,308	14.07	17,900,334	8,517,672	136
Operating result	1,650,503	-28.90	2,321,465	21.61	1,908,939	179,693	818
Total financial income	218,179	-30.82	315,360	29.52	243,478	50,146	335
Total financial expenses	70,257	-69.89	233,358	-30.25	334,558	57,134	22.97
Results on ordinary operations before taxation	1,798,425	-25.17	2,403,467	32.21	1,817,859	174,292	931
Taxation	498,432	-39.34	821,678	46.51	560,818	81,826	509
Results on ordinary operations after taxation	1,299,993	-17.82	1,581,789	25.83	1,257,041	117,469	1006
Extraordinary items	-83,380	39.61	-210,479	-	0	8,133	-1125
Other appropriations	0	-	0	-	0	-	-
Net result	1,216,613	-11.28	1,371,310	9.09	1,257,041	121,747	899
other information
Dividends	-	-	-	-	-	150,929	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	366,758	5.51	347,603	-1.32	352,237	352,974	3.91
Wages and salary	316,985	4.42	303,574	2.15	297,196	274,523	15.47
Employee pension costs	-	-	-	-	-	2,159	-
Social security contributions	37,252	3.95	35,837	-15.28	42,300	74,130	-49.75
Other employee costs	12,521	52.84	8,192	-35.70	12,741	19,891	-37.05
Amortization and depreciation	9,589	-30.18	13,733	-61.04	35,248	55,509	-82.73

Balance sheet

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	158,122	-	278,122	-	458,122	5,496	2777
Tangible fixed assets	2,478	-79.46	12,067	-61.95	31,710	329,410	-99
Land & building	-	-	-	-	-	525,924	-
Plant & machinery	261	-95.82	6,241	-21.73	7,974	40,642	-99
Other tangible assets	2,217	-61.95	5,826	-75.46	23,736	50,300	-95.59
Financial fixed assets	94,381	-4.77	99,106	37.87	71,885	51,623	82.83
Total fixed assets	254,981	-34.50	389,295	-30.70	561,717	311,493	-18.14
Inventories	3,291,877	35.36	2,431,918	-30.97	3,522,772	741,554	343
Raw materials & consumables	-	-	-	-	-	1,849,156	-
Work in progress	0	-	0	-	0	0	-
Finished goods	3,291,877	35.36	2,431,918	-30.97	3,522,772	275,198	1096
Other stocks	0	-	0	-	0	137,039	-100
Trade debtors	3,497,116	-11.12	3,934,459	-1.96	4,013,214	909,221	284
Cash	5,190,915	-8.69	5,684,968	94.40	2,924,364	368,449	1308
other amounts receivable	669,396	2587	24,909	-89.22	231,125	206,989	223
Miscellaneous current assets	1,614	-92.11	20,450	436	3,813	236,396	-99
Total current assets	12,650,918	4.58	12,096,704	13.10	10,695,288	2,225,788	468
current liabilities
Trade creditors	855,652	10.00	777,885	-50.48	1,570,919	652,525	31.13
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	245,937	-100
Miscellaneous current liabilities	47,939	-93.60	748,673	1225	56,498	-89.19	- -
Total current liabilities	903,591	-40.81	1,526,558	-6.20	1,627,417	1,323,759	-31.74
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-100	173,746	-19.26	215,203	56,876	-100
Total long term debts	0	-100	173,746	-19.26	215,203	166,201	-100
shareholders equity
Issued share capital	619,734	0	619,734	0	619,734	197,057	214
Share premium account	-	-	-	-	-	68	-
Reserves	11,382,574	11.97	10,165,961	15.59	8,794,651	824,302	1280
Revaluation reserve	-	-	-	-	-	0	-
Total shareholders equity	12,002,308	11.28	10,785,695	14.57	9,414,385	1,021,363	1075
Working capital	11,747,327	11.14	10,570,146	16.57	9,067,871	902,029	1202
Net worth	11,844,186	12.72	10,507,573	17.32	8,956,263	1,015,867	1065

Ratio analysis

Annual accounts	30-06-2012	change(%)	30-06-2011	change(%)	30-06-2010	Industry average 2012	%
Trading performance
Profit Before Tax	8.25	-21.95	10.57	15.14	9.18	11,00	-25.00
Return on capital employed	14.98	-31.69	21.93	16.15	18.88	39,00	-61.59
Return on total assets employed	13.93	-27.64	19.25	19.20	16.15	4,00	248
Return on net assets employed	14.98	-32.76	22.28	15.38	19.31	43,00	-65.16
Sales / net working capital	1.86	-13.49	2.15	-1.38	2.18	9,00	-99
Stock turnover ratio	15.09	41.16	10.69	-39.88	17.78	11,00	37.18
Debtor days	58.53	-7.32	63.15	-14.60	73.95	103,00	-43.17
Creditor days	15.49	11.44	13.90	-56.60	32.03	0,00	-
short term stability
Current ratio	14	76.77	7.92	20.55	6.57	14,00	600
Liquidity ratio / acid ratio	10.36	63.67	6.33	43.54	4.41	13,00	-20.31
Current debt ratio	0.08	-42.86	0.14	-17.65	0.17	2,00	-96.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	88,00	-
Equity in percentage	94.15	6.56	88.35	1.34	87.18	-58,00	162
Total debt ratio	0.08	-50.0	0.16	-20.0	0.20	2,00	-96.00

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Joint Industrial Committee (JIC)

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

Significant Events

Event Date	07/11/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 07-11-2011: Herbenoemd als bestuurders voor een periode van 6 jaar: Geert De Ridder en Christine Smeets en als gedelegeerd bestuurder Jan Fias.

Companies that match this address

no Companies Match this address

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.29
UK Pound	1	Rs.84.09
Euro	1	Rs.72.44

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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