MIRA INFORM REPORT

Report Date :

03.01.2013

IDENTIFICATION DETAILS

Name :	SILVER INTERNATIONAL NV
Registered Office :	President Kennedypark 8 –Akortrijk 8500
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	23.06.1982
Com. Reg. No.:	422837351
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of household textiles and bedding
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 :	Unknown
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

Company name and address

Top of Form

Business number	422837351	Company name	SILVER INTERNATIONAL NV
		Telephone number	056594400
Address	PRESIDENT KENNEDYPARK 8 -AKORTRIJK	Fax number	056594401
Post code	8500	Number of staff	0
Date of establishment	23/06/1982

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		4,638	366,931
31/12/2010		82,698	362,293
31/12/2009		-56,063	279,595

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	927,769	3,357	62,000	308,433	0
31/12/2010	953,752	2,939	62,000	599,306	0
31/12/2009	694,524	6,211	62,000	287,597	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	63.41	Industry average day sales outstanding	111.31
Day sales outstanding	-

Court data summary

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

Business number	422837351	Company name	SILVER INTERNATIONAL NV
Fax number	056594401	Date founded	23/06/1982
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46412	liable for VAT	yes
Activity description	Wholesale of household textiles and bedding	VAT Number	BE.0422.837.351
Belgian Bullettin of Acts Publications	moniteur belge

Joint Industrial Committee (JIC)

Significant Events

Event Date	24/07/2011
Event Description	authority appointed
Event Details	Commentaar 24-07-2011: Intrekking bijzondere volmacht van Philippe Bisschop met ingang van 24-7-2011.

Export accounts to CSV file

comparison mode

average

median

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	-	-	-	-	-	6,628,583	-
Total operating expenses	-	-	-	-	-	6,396,396	-
Operating result	-7,753	-111	64,862	105	-61,394	65,954	-111
Total financial income	51,651	56.74	32,953	6.76	30,866	38,638	33.68
Total financial expenses	39,260	159	15,117	-40.80	25,535	40,111	-2.12
Results on ordinary operations before taxation	4,638	-94.39	82,698	147	-56,063	60,015	-92.27
Taxation	-	-	-	-	-	31,737	-
Results on ordinary operations after taxation	4,638	-94.39	82,698	147	-56,063	40,166	-88.45
Extraordinary items	0	-	0	-100	2,833	7,531	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	4,638	-94.39	82,698	155	-53,230	47,813	-90.30
other information
Dividends	-	-	-	-	-	207,132	-
Director remuneration	-	-	-	-	-	431,132	-
Employee costs	-	-	-	-	-	300,280	-
Wages and salary	-	-	-	-	-	236,847	-
Employee pension costs	-	-	-	-	-	11,379	-
Social security contributions	-	-	-	-	-	64,921	-
Other employee costs	0	-	0	-	0	9,224	-100
Amortization and depreciation	-	-	-	-	-	45,391	-

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	10,868	-100
Tangible fixed assets	-	-	-	-	-	249,676	-
Land & building	-	-	-	-	-	324,940	-
Plant & machinery	-	-	-	-	-	39,784	-
Other tangible assets	0	-	0	-	0	59,847	-100
Financial fixed assets	3,357	14.23	2,939	-52.68	6,211	378,881	-99
Total fixed assets	3,357	14.23	2,939	-52.68	6,211	482,965	-99
Inventories	265,840	74.36	152,469	-47.84	292,333	417,840	-36.38
Raw materials & consumables	-	-	-	-	-	907,335	-
Work in progress	0	-	0	-	0	1,552	-100
Finished goods	0	-	0	-	0	132,022	-100
Other stocks	265,840	74.36	152,469	-47.84	292,333	139,656	90.35
Trade debtors	346,498	74.17	198,939	83.62	108,340	270,006	28.33
Cash	308,433	-48.54	599,306	108	287,597	109,429	181
other amounts receivable	3,091	3033	99	126	44	178,045	-98.26
Miscellaneous current assets	550	-	0	-	0	131,325	-99
Total current assets	924,412	-2.78	950,813	38.14	688,313	965,335	-4.24
current liabilities
Trade creditors	265,510	1.75	260,942	410	51,085	197,773	34.25
Short term group loans	-	-	-	-	-	-	-
Other short term loans	110	34.20	82	117	37	155,463	-99
Miscellaneous current liabilities	45,219	-43.78	80,435	953	7,633	-76.33	- -
Total current liabilities	310,838	-8.97	341,459	481	58,756	533,876	-41.78
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	250,000	0	250,000	-29.81	356,173	42,284	491
Total long term debts	250,000	0	250,000	-29.81	356,173	158,196	58.03
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	214,405	-71.08
Share premium account	-	-	-	-	-	332,513	-
Reserves	304,931	1.54	300,293	38.01	217,595	477,303	-36.11
Revaluation reserve	-	-	-	-	-	196,613	-
Total shareholders equity	366,931	1.28	362,293	29.58	279,595	707,931	-48.17
Working capital	613,574	0.69	609,354	-3.21	629,557	431,459	42.21
Net worth	366,931	1.28	362,293	29.58	279,595	697,063	-47.36

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-484,00	-
Return on capital employed	0.75	-94.45	13.51	153	-8.82	5,00	-85.00
Return on total assets employed	0.50	-94.23	8.67	107	-8.07	-22,00	2.27
Return on net assets employed	1.26	-94.48	22.83	113	-20.05	12,00	-89.50
Sales / net working capital	-	-	-	-	-	-18,00	-
Stock turnover ratio	-	-	-	-	-	41,00	-
Debtor days	-	-	-	-	-	234,00	-
Creditor days	-	-	-	-	-	3,00	-
short term stability
Current ratio	2.97	6.83	2.78	-76.26	11.71	8,00	197
Liquidity ratio / acid ratio	2.12	-9.40	2.34	-65.28	6.74	7,00	-69.71
Current debt ratio	0.85	-9.57	0.94	347	0.21	1,00	-15.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	0.03	50.0	0.02	100	0.01	104,00	-99
Equity in percentage	39.55	4.11	37.99	-5.64	40.26	-7.048,00	0.56
Total debt ratio	1.53	-6.13	1.63	10.14	1.48	2,00	-23.50

Industry comparison

Activity code	46412
Activity description	Wholesale of household textiles and bedding
industry average credit rating	61.57
Industry average credit limit	23939.40

Industry comparison

Activity code	46412
Activity description	Wholesale of household textiles and bedding
Industry average payment expectation days	63.41
Industry average day sales outstanding	111.31

Industry quartile analysis

Payment expectations
Company result	-
Lower	79.44
Median	40.15
Upper	12.29
Day sales outstanding
Company result	-
Lower	85.51
Median	40.18
Upper	15.11

Summary

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

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details

Business number	422837351
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	JOSIANE GRIVEL
Position	Chairman of the Board
Start Date	16/06/2010
Street	12 SUETTAZ BRUSSEL
Post code	1008
Country	Belgium
Name	JOSIANE GRIVEL
Position	Managing Director
Start Date	16/06/2010
Street	12 SUETTAZ BRUSSEL
Post code	1008
Country	Belgium

Name	ALBERT GRIVEL
Position	Director
Start Date	16/06/2010
End Date	16/06/2015
Street	14 CHEMIN DE FONTENAY
Post code	1007
Country	Switzerland

Former director details

Name	DIRK DE KEYSER
Position	Commissioner
Start Date	21/11/1997
End Date	-
Street	31 PRESIDENT KENNEDYPARK KORTRIJK
Post code	8500
Country	Belgium
Name	JOSIANE GRIVEL
Position	Director
Start Date	16/06/2009
End Date	31/12/2010
Street	12 SUETTAZ BRUSSEL
Post code	1008
Country	Belgium

Name	CECILE GRIVEL
Position	Director
Start Date	16/06/2010
End Date	-
Street	14 CHEMIN DE FONTENAY
Post code	1007
Country	Switzerland
Name	KETTY COHEN
Position	Director
Start Date	30/11/2009
End Date	16/06/2010
Street
Post code
Country	United Kingdom

Name	ELIE-MOSES COHEN
Position	Director
Start Date	30/11/2009
End Date	16/06/2010
Street
Post code
Country	United Kingdom
Name	ELIE-MOSES COHEN
Position	Chairman of the Board
Start Date	17/06/1997
End Date	16/06/2010
Street
Post code
Country	United Kingdom

Name	VIOLA COHEN
Position	Director
Start Date	31/12/1997
End Date	31/12/2009
Street	11 RIDGE HILL LONDEN
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.39
UK Pound	1	Rs.88.76
Euro	1	Rs.72.19

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%)