MIRA INFORM REPORT

Report Date :

05.01.2013

IDENTIFICATION DETAILS

Name :	VAN LAERE INTERNATIONAL NV
Registered Office :	Zwaarveld 48 Hamme, 9220
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	01.07.1978
Com. Reg. No.:	420539144
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of household textiles and bedding
No. of Employees :	22

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

Maximum Credit Limit :	EUR 175.000
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 (31.03.2012)	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	420539144	Company name	VAN LAERE INTERNATIONAL NV
		Telephone number	052444821
Address	ZWAARVELD 48 HAMME	Fax number	052446043
Post code	9220	Number of staff	22
Date of establishment	01/07/1978

CREDIT recommendation

Current Credit Limit: 175.000

Credit Rating / Limit additional comments: good credit worthiness

DIRECTORS/MANAGEMENT

Current director details

Name	NADINE DAVID
Position	Director
Start Date	22/04/2008
Street	95 MOLENSTRAAT WAASMUNSTER
Post code	9250
Country	Belgium

Name	LAURENT VAN LAERE
Position	Director
Start Date	08/08/2010
Street	95 MOLENSTRAAT WAASMUNSTER
Post code	9250
Country	Belgium

Name	LAUNA - INVEST B.V. BVBA
Position	Managing Director
Start Date	08/08/2010
Date of birth	18/12/1989
Street	95 MOLENSTRAAT WAASMUNSTER
Post code	9250
Country	Belgium

Former director details

Name	LUCIEN VAN LAERE
Position	Director
Start Date	12/08/1997
End Date	-
Street	8 DOKTER VICTOR VAN CAUTERENSTRAAT ZELE
Post code	9240
Country	Belgium

Name	LUCIEN VAN LAERE
Position	Chairman of the Board
Start Date	11/06/1997
End Date	-
Street	8 DOKTER VICTOR VAN CAUTERENSTRAAT ZELE
Post code	9240
Country	Belgium

Name	PHILIPPE VAN LAERE
Position	Director
Start Date	12/08/1997
End Date	-
Street	95 MOLENSTRAAT WAASMUNSTER
Post code	9250
Country	Belgium

Name	LAUNA - INVEST B.V. BVBA
Position	Director
Start Date	08/05/1995
End Date	31/12/2009
Date of birth	18/12/1989
Street	95 MOLENSTRAAT WAASMUNSTER
Post code	9250
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	420539144	Company name	VAN LAERE INTERNATIONAL NV
Fax number	052446043	Date founded	01/07/1978
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.0420.539.144
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 20 TO 49 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	100
Description	Additional joint committee for labourers
category

JIC Code	218
Description	Additional national joint committee for the employees
category

Significant Events

Event Date	07/05/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 07-05-2007: Herbenoeming van volgende bestuurders, voor een periode van 6 jaar: Launa-Invest (tevens als gedelegeerd bestuurder), Nadine David en Laurent Van Laere.

Protested bills

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

NSSO details

Business number	420539144
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

PAYMENT INFORMATION

Payment expectations

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

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comparison mode

average

median

Industry comparison

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

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

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number
-	-	-	No linked companies have been found.

Summary

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

Group Structure

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		236,214	1,711,738
31/12/2010		93,028	1,532,219
31/12/2009		-311,554	1,440,630

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	8,282,089	48,211	247,894	102,757	22
31/12/2010	5,928,034	50,113	247,894	57,382	20
31/12/2009	5,625,330	37,411	247,894	95,361	18

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	473,728	43.43	330,283	170	-193,389	65,954	618
	Total financial income	124,941	98.67	62,889	-11.13	70,764	38,638	223
	Total financial expenses	362,455	20.76	300,144	58.87	188,929	40,111	803
	Results on ordinary operations before taxation	236,214	153	93,028	29.86	-311,554	60,015	293
	Taxation	5	-	-	-	-	31,737	-99
	Results on ordinary operations after taxation	236,209	153	93,028	29.86	-311,554	40,166	488
	Extraordinary items	3,968	-	0	-100	4,170	7,531	-47.31
	Other appropriations	0	-	0.00	-	0.00	-	-
	Net result	240,177	158	93,028	30.26	-307,384	47,813	402
	other information
	Dividends	58,824	-	-	-	-	207,132	-71.60
	Director remuneration	-	-	-	-	-	431,132	-
	Employee costs	1,226,535	32.40	926,399	-9.05	1,018,529	300,280	308
	Wages and salary	846,269	28.77	657,195	-8.71	719,919	236,847	257
	Employee pension costs	-	-	-	-	-	11,379	-
	Social security contributions	222,227	30.95	169,698	-8.89	186,251	64,921	242
	Other employee costs	158,040	58.83	99,505	-11.44	112,359	9,224	1613
	Amortization and depreciation	294,243	24.89	235,595	28.41	183,467	45,391	548

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	16,507	-	14,673	-	13,233	10,868	51.89
	Tangible fixed assets	1,231,552	-4.76	1,293,040	-1.68	1,315,112	249,676	393
	Land & building	1,012,046	-8.28	1,103,405	-7.65	1,194,764	324,940	211
	Plant & machinery	19,095	22.01	15,650	-17.99	19,084	39,784	-52.00
	Other tangible assets	200,411	15.19	173,985	71.81	101,264	59,847	234
	Financial fixed assets	48,211	-3.80	50,113	33.95	37,411	378,881	-87.28
	Total fixed assets	1,296,270	-4.53	1,357,825	-0.58	1,365,757	482,965	168
	Inventories	4,908,610	45.62	3,370,871	7.21	3,144,200	417,840	1074
	Raw materials & consumables	-	-	-	-	-	907,335	-
	Work in progress	0	-	0	-	0	1,552	-100
	Finished goods	0	-	0	-	0	132,022	-100
	Other stocks	4,908,610	45.62	3,370,871	7.21	3,144,200	139,656	3414
	Trade debtors	1,523,114	71.86	886,235	22.33	724,435	270,006	464
	Cash	102,757	79.07	57,382	-39.83	95,361	109,429	-6.10
	other amounts receivable	149,186	72.86	86,304	-16.36	103,181	178,045	-16.21
	Miscellaneous current assets	302,152	78.35	169,417	-11.94	192,395	131,325	130
	Total current assets	6,985,819	52.86	4,570,209	7.29	4,259,573	965,335	623
	current liabilities
	Trade creditors	1,295,091	155	506,798	-29.82	722,139	197,773	554
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	2,916,538	75.01	1,666,491	34.27	1,241,114	155,463	1776
	Miscellaneous current liabilities	973,673	22.47	795,018	7.57	739,075	409	- -
	Total current liabilities	5,185,302	74.69	2,968,307	9.84	2,702,328	533,876	871
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	1,368,542	-3.14	1,412,835	-3.83	1,469,139	454	- -
	Other long term liabilities	0	-	0	-	0	42,284	-100
	Total long term debts	1,368,542	-3.14	1,412,835	-3.83	1,469,139	158,196	765
	shareholders equity
	Issued share capital	247,894	0.00	247,894	0	247,894	214,405	15.62
	Share premium account	-	-	-	-	-	332,513	-
	Reserves	1,480,351	13.96	1,298,998	7.71	1,205,970	477,303	210
	Revaluation reserve	-	-	-	-	-	196,613	-
	Total shareholders equity	1,728,245	11.72	1,546,891	6.40	1,453,863	707,931	144
	Working capital	1,800,517	12.40	1,601,902	2.87	1,557,245	431,459	317
	Net worth	1,711,738	11.72	1,532,219	6.36	1,440,630	697,063	145

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	7.63	142	3.14	29.46	-10.66	5,00	52.60
	Return on total assets employed	2.85	81.53	1.57	28.34	-5.54	-22,00	12.95
	Return on net assets employed	13.67	127	6.01	28.04	-21.43	12,00	13.92
	Sales / net working capital	-	-	-	-	-	-18,00	-
	Stock turnover ratio	-	-	-	-	-	41,00	-
	Debtor days	-	-	-	-	-	234,00	-
	Creditor days	-	-	-	-	-	3,00	-
	short term stability
	Current ratio	1.35	-12.34	1.54	-2.53	1.58	8,00	35.00
	Liquidity ratio / acid ratio	0.40	0	0.40	-2.44	0.41	7,00	-94.29
	Current debt ratio	3	56.25	1.92	3.23	1.86	1,00	200
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	247.94	24.55	199.07	6.79	186.42	104,00	138
	Equity in percentage	20.91	-20.07	26.16	0.96	25.91	-7.048,00	0.30
	Total debt ratio	3.79	33.92	2.83	-1.39	2.87	2,00	89.50

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Rating History

Date	Rating	Description
03/07/2012	60	credit worthy
01/09/2011	86	good credit worthiness
01/04/2011	85	good credit worthiness

Limit History

date	Credit limit
03/07/2012	71,000
01/09/2011	100,000
01/04/2011	93,000

Minority Interests

No minority interests found

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.84
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

NLM

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.