MIRA INFORM REPORT

Report Date :

22.02.2013

IDENTIFICATION DETAILS

Name :	SAP INTERNATIONAL CORPORATION BVBA
Registered Office :	KREKELENBERG 69 2980 ZOERSEL
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	26.02.1987
Com. Reg. No.:	430564489
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Manufacturing of fertilizers, agrochemicals, animal nutrition & health product etc.
No. of Employees :	2

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	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	430564489
Company name	SAP INTERNATIONAL CORPORATION BVBA
Address	KREKELENBERG 69
	2980 ZOERSEL
Number of staff	2
Date of establishment	26/02/1987
Telephone number	033090651
Fax number	033091931

Business number	430564489	Company name	SAP INTERNATIONAL CORPORATION BVBA
Fax number	033091931	Date founded	26/02/1987
Company status	Active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46190	liable for VAT	yes
Activity description	Agents involved in the sale of a variety of goods (Manufacturing of fertilizers, agrochemicals, animal nutrition & health product etc.)	VAT Number	BE.0430.564.489
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	TIM ANDRÉ OLIVIER SAP
Position	Principal Manager
Start Date	30/03/2010
Date of birth	13/11/1971
Street	44 GELMELSTRAAT HOOGSTRATEN
Post code	2320
Country	Belgium

Former director details

Name	INTERNATIONAL MANAGEMENT AND RESOURCES CORPORATION BVBA
Position	Director
Start Date	06/09/1999
End Date	30/03/2010
Date of birth	01/01/1993
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

Name	INTERNATIONAL MANAGEMENT AND RESOURCES CORPORATION BVBA
Position	Managing Director
Start Date	23/05/2005
End Date	31/12/2011
Date of birth	01/01/1993
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

Name	ANNE-MARIE LOUISE BERTHE POTIER
Position	Director
Start Date	23/05/2005
End Date	31/12/2011
Date of birth	20/09/1947
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

Name	TIM ANDRÉ OLIVIER SAP
Position	Director
Start Date	23/05/2005
End Date	31/12/2011
Date of birth	13/11/1971
Street	44 GELMELSTRAAT HOOGSTRATEN
Post code	2320
Country	Belgium

Name	NICK LIONEL ANDRÉ SAP
Position	Director
Start Date	03/05/2010
End Date	30/03/2010
Date of birth	09/01/1974
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

Name	NICK LIONEL ANDRÉ SAP
Position	Chairperson
Start Date	18/08/2008
End Date	-
Date of birth	09/01/1974
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

Name	NICK LIONEL ANDRÉ SAP
Position	Managing Director
Start Date	05/02/2008
End Date	-
Date of birth	09/01/1974
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	226
Description	JC employees international trade, transport & related activities
category

Significant Events

Event Date	16/06/2008
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 16-06-2008: Op de Algemene Vergadering van 16 juni 2008 blijkt dat de heer Sap Noël zijn ontslag als bestuurder heeft aangeboden.

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	430564489
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	Dennis	Middle name	Luc
Surname	Sap
Shareholder Details
Start date	03/05/2010(estimated)	End date	-
Percentage owned	15.20%
Shareholder Address
Street name	Krekelenberg	House number	69
Minor town	-	Postal town	Zoersel
Post code	2980	Country	Belgium

---

Shareholder Name
Forename	Nick	Middle name	André
Surname	Sap
Shareholder Details
Start date	03/05/2010(estimated)	End date	-
Percentage owned	15.20%
Shareholder Address
Street name	Krekelenberg	House number	69
Minor town	-	Postal town	Zoersel
Post code	2980	Country	Belgium

---

Shareholder Name
Forename	Tim	Middle name	Olivier
Surname	Sap
Shareholder Details
Start date	03/05/2010(estimated)	End date	-
Percentage owned	20%
Shareholder Address
Street name	Gelmelstraat	House number	44
Minor town	-	Postal town	Hoogstraten
Post code	2320	Country	Belgium

---

Shareholder Name
Forename	Anne-Marie	Middle name	Berthe
Surname	Potier
Shareholder Details
Start date	03/05/2010(estimated)	End date	-
Percentage owned	22.40%
Shareholder Address
Street name	Krekelenberg	House number	69
Minor town	-	Postal town	Zoersel
Post code	2980	Country	Belgium

---

Shareholder Name
Forename	Noël	Middle name	-
Surname	Sap
Shareholder Details
Start date	03/05/2010(estimated)	End date	-
Percentage owned	27.20%
Shareholder Address
Street name	Krekelenberg	House number	69
Minor town	-	Postal town	Zoersel
Post code	2980	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	68.27	Industry average day sales outstanding	252.45
Day sales outstanding	-

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46190
Activity description	Agents involved in the sale of a variety of goods
Industry average payment expectation days	68.27
Industry average day sales outstanding	252.45

Industry quartile analysis

Payment expectations
Company result	-
Lower	100.75
Median	48.05
Upper	20.96
Day sales outstanding
Company result	-
Lower	74.52
Median	34.24
Upper	11.17

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

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

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.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		-95,216	1,510,717
31/12/2010		235,111	1,464,591
31/12/2009		308,470	1,322,077

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	1,800,993		95,000	1,386,104	2
31/12/2010	2,895,084		95,000	1,920,851	3
31/12/2009	1,936,733		125,000	1,752,233	3

Trends

Profitability
Liquidity
Net worth

Profit & loss

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	-	-	-	-	-	5,911,283	-
	Total operating expenses	-	-	-	-	-	5,776,941	-
	Operating result	-107,609	-155	192,245	-38.57	312,957	50,270	-314
	Total financial income	59,977	-5.15	63,232	-11.67	71,586	44,971	33.37
	Total financial expenses	47,584	133	20,366	-73.23	76,073	33,653	41.40
	Results on ordinary operations before taxation	-95,216	-140	235,111	-23.78	308,470	55,754	-270
	Taxation	47,559	-24.02	62,596	-30.78	90,426	22,318	113
	Results on ordinary operations after taxation	-142,774	-182	172,515	-20.88	218,044	40,869	-449
	Extraordinary items	188,900	-	0	-100	3,409	154	122562
	Other appropriations	0.00	-	0	-	0.00	-	-
	Net result	46,125	-73.26	172,515	-22.10	221,453	40,687	13.37
	other information
	Dividends	-	-	-	-	-	238,027	-
	Director remuneration	-	-	-	-	-	522,703	-
	Employee costs	118,827	-8.71	130,163	-7.12	140,145	270,893	-56.13
	Wages and salary	88,412	-13.43	102,125	-3.73	106,082	219,615	-59.74
	Employee pension costs	-	-	-	-	-	14,963	-
	Social security contributions	22,794	-7.04	24,521	-2.39	25,120	62,418	-63.48
	Other employee costs	7,621	116	3,517	-60.67	8,943	5,281	44.32
	Amortization and depreciation	6,839	9.42	6,250	-7.52	6,759	24,240	-71.79

balance sheet

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	16,288	-100
	Tangible fixed assets	13,512	-24.56	17,912	-25.87	24,161	206,293	-93.45
	Land & building	-	-	-	-	-	371,800	-
	Plant & machinery	-	-	-	-	-	20,540	-
	Other tangible assets	13,512	-24.56	17,912	-25.87	24,161	31,955	-57.71
	Financial fixed assets	-	-	-	-	-	397,890	-
	Total fixed assets	13,512	-24.56	17,912	-25.87	24,161	418,424	-96.77
	Inventories	-	-	-	-	-	383,816	-
	Raw materials & consumables	-	-	-	-	-	107,081	-
	Work in progress	0	-	0	-	0	3,864	-100
	Finished goods	0	-	0	-	0	62,601	-100
	Other stocks	0	-	0	-	0	40,301	-100
	Trade debtors	372,311	-60.56	944,029	665	123,399	278,799	33.54
	Cash	1,386,104	-27.84	1,920,851	9.62	1,752,233	102,953	1246
	other amounts receivable	29,065	136	12,292	-45.73	22,650	91,039	-68.07
	Miscellaneous current assets	0	-	0	-100	14,290	52,822	-100
	Total current assets	1,787,481	-37.87	2,877,172	50.43	1,912,572	625,064	185
	current liabilities
	Trade creditors	244,171	-82.50	1,395,472	139	583,393	267,448	-8.70
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	0	-	0	-	0	117,806	-100
	Miscellaneous current liabilities	46,105	31.65	35,021	12.02	31,264	-70.02	- -
	Total current liabilities	290,277	-79.71	1,430,493	132	614,657	518,967	-44.07
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Other long term liabilities	0	-	0	-	0	25,424	-100
	Total long term debts	0	-	0	-	0	124,496	-100
	shareholders equity
	Issued share capital	95,000	0	95,000	-24.00	125,000	158,917	-40.22
	Share premium account	-	-	-	-	-	225,956	-
	Reserves	1,415,717	3.37	1,369,591	14.41	1,197,077	189,059	648
	Revaluation reserve	-	-	-	-	-	250,281	-
	Total shareholders equity	1,510,717	3.15	1,464,591	10.78	1,322,077	356,835	323
	Working capital	1,497,204	3.49	1,446,679	11.46	1,297,915	106,097	1311
	Net worth	1,510,717	3.15	1,464,591	10.78	1,322,077	340,388	343

ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	-	-	-	-	-	-1,00	-
	Return on capital employed	-6.30	-139	16.05	-31.20	23.33	-30,00	21.00
	Return on total assets employed	-5.29	-165	8.12	-49.03	15.93	-8,00	66.12
	Return on net assets employed	-6.30	-139	16.05	-31.20	23.33	657,00	-100
	Sales / net working capital	-	-	-	-	-	1,00	-
	Stock turnover ratio	-	-	-	-	-	111,00	-
	Debtor days	-	-	-	-	-	416,00	-
	Creditor days	-	-	-	-	-	72,00	-
	short term stability
	Current ratio	6.16	206	2.01	-35.37	3.11	12,00	-77.19
	Liquidity ratio / acid ratio	6.16	206	2.01	-35.37	3.11	12,00	-48.67
	Current debt ratio	0.19	-80.61	0.98	113	0.46	27,00	-99
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	-	-	-	-	-	4.005,00	-
	Equity in percentage	83.88	65.80	50.59	-25.89	68.26	-991,00	8.46
	Total debt ratio	0.19	-80.61	0.98	113	0.46	45,00	-99

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Industry comparison

Activity code	46190
Activity description	Agents involved in the sale of a variety of goods
industry average credit rating	72.17
Industry average credit limit	4358.65

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.48
UK Pound	1	Rs.82.71
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

PDT

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.