MIRA INFORM REPORT

Report Date :

20.01.2013

IDENTIFICATION DETAILS

Name :	SPARTA LOGISTIX NV
Registered Office :	Sint-Lucaslaan 54 Antwerpen 2180
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	20.02.2008
Com. Reg. No.:	895863195
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Sea and coastal freight water transport
No. of Employees :	7

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 (31.03.2012)	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	895863195	Company name	SPARTA LOGISTIX NV
		Telephone number	035440050
Address	SINT-LUCASLAAN 54 ANTWERPEN	Fax number	03 544 00 70
Post code	2180	Number of staff	7
Date of establishment	20/02/2008

Business number	895863195	Company name	SPARTA LOGISTIX NV
Fax number	03 544 00 70	Date founded	20/02/2008
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	50200	liable for VAT	yes
Activity description	Sea and coastal freight water transport	VAT Number	BE.0895.863.195
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	PHU LOGIXX SPRL
Position	Legal Representative
Start Date	01/07/2011
Date of birth	14/04/2008
Street	6 RUE DES VICTIMES ESTAIMPUIS
Post code	7730
Country	Belgium

Name	PHU LOGIXX SPRL
Position	Director
Start Date	01/07/2011
End Date	07/04/2017
Date of birth	14/04/2008
Street	6 RUE DES VICTIMES ESTAIMPUIS
Post code	7730
Country	Belgium

Name	M & M LOGISTICS BVBA
Position	Director
Start Date	17/11/2011
Date of birth	29/11/1999
Street	93 SCHEPERSVELDLEI ANTWERPEN
Post code	2180
Country	Belgium

Name	M & M LOGISTICS BVBA
Position	Legal Representative
Start Date	01/07/2011
Date of birth	29/11/1999
Street	93 SCHEPERSVELDLEI ANTWERPEN
Post code	2180
Country	Belgium

Name	HLM GCV
Position	Legal Representative
Start Date	01/07/2011
Date of birth	16/10/2008
Street	15 LANGE NIEUWSTRAAT BEVEREN-WAAS
Post code	9130
Country	Belgium

Name	HLM GCV
Position	Director
Start Date	01/07/2011
End Date	07/04/2017
Date of birth	16/10/2008
Street	15 LANGE NIEUWSTRAAT BEVEREN-WAAS
Post code	9130
Country	Belgium

Name	WNM CONSULTING GCV
Position	Legal Representative
Start Date	01/07/2011
Date of birth	01/07/2011
Street	42 GRIFF.SCHOBBENLAAN ANTWERPEN
Post code	2140
Country	Belgium

Name	WNM CONSULTING GCV
Position	Director
Start Date	01/07/2011
End Date	07/04/2017
Date of birth	01/07/2011
Street	42 GRIFF.SCHOBBENLAAN ANTWERPEN
Post code	2140
Country	Belgium

Name	L2D CONSULTING & LOGISTICS GCV
Position	Legal Representative
Start Date	25/05/2012
Date of birth	01/10/2011
Street	23 ROGGESTRAAT ANTWERPEN
Post code	2170
Country	Belgium

Name	SPARTAXX NV
Position	Legal Representative
Start Date	16/11/2011
Date of birth	17/12/2007
Street	54 SINT-LUCASLAAN ANTWERPEN
Post code	2180
Country	Belgium

Name	SPARTAXX NV
Position	Chairman of the Board
Start Date	15/02/2008
Date of birth	17/12/2007
Street	54 SINT-LUCASLAAN ANTWERPEN
Post code	2180
Country	Belgium

Name	SPARTAXX NV
Position	Director
Start Date	15/02/2008
End Date	05/04/2013
Date of birth	17/12/2007
Street	54 SINT-LUCASLAAN ANTWERPEN
Post code	2180
Country	Belgium

Former director details

Name	ERIC (NIC) WIM KRIS HANNE
Position	Director
Start Date	15/02/2008
End Date	26/08/2010
Date of birth	20/02/1968
Street	15 HOUTELWEG RIJKEVORSEL
Post code	2310
Country	Belgium

Name	JURGEN D'HAUWE
Position	Director
Start Date	26/08/2010
End Date	-
Street	14 LANGE NIEUWSTRAAT BEVEREN-WAAS
Post code	9130
Country	Belgium

Name	NIC HANNE
Position	Director
Start Date	15/02/2008
End Date	26/08/2010
Street	15 HOUTELWEG ANTWERPEN
Post code	2030
Country	Belgium

Name	MARCEL DUBOURG
Position	Director
Start Date	26/08/2010
End Date	-
Street	66 MOLENSTRAAT TEMSE
Post code	9140
Country	Belgium

Name	MARCEL DUBOURG
Position	Director
Start Date	26/08/2010
End Date	-
Street	6 RUE DES VICTIMES ESTAIMPUIS
Post code	7730
Country	Belgium

Name	PASCAL FREDDY LUCIEN HUIN
Position	Director
Start Date	26/08/2010
End Date	-
Date of birth	28/01/1968
Street	6 RUE DES VICTIMES ESTAIMPUIS
Post code	7730
Country	Belgium

Name	NANCY DECKERS
Position	Director
Start Date	26/08/2010
End Date	-
Date of birth	25/07/1973
Street	42 GRIFFIER SCHOBBENSLAAN ANTWERPEN
Post code	2140
Country	Belgium

Name	PHILIPPE MARIA H. BAETEN
Position	Director
Start Date	26/08/2010
End Date	25/05/2012
Date of birth	27/04/1967
Street	23 ROGGESTRAAT ANTWERPEN
Post code	2170
Country	Belgium

Name	JORG MATTHYNS
Position	Director
Start Date	26/08/2010
End Date	-
Street	44 HOF VAN DELFTLAAN ANTWERPEN
Post code	2180
Country	Belgium

Name	PHILIPPE BAETEN
Position	Director
Start Date	26/08/2010
End Date	24/05/2012
Street	23 ROGGESTRAAT ANTWERPEN
Post code	2170
Country	Belgium

Name	PASCAL HUIN
Position	Director
Start Date	26/08/2010
End Date	-
Street	6 RUE DES VICTIMES ESTAIMPUIS
Post code	7730
Country	Belgium

Name	L2D CONSULTING & LOGISTICS GCV
Position	Director
Start Date	25/05/2012
End Date	-
Date of birth	01/10/2011
Street	23 ROGGESTRAAT ANTWERPEN
Post code	2170
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	-

Joint Industrial Committee (JIC)

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

Export accounts to CSV file

comparison mode

average

median

Protested bills

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

NSSO details

Business number	895863195
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	Eric (Nic)	Middle name	Kris
Surname	Hanne
Shareholder Details
Start date	15/02/2008	End date	-
Percentage owned	0.16%
Shareholder Address
Street name	Houtelweg	House number	15
Minor town	-	Postal town	Rijkevorsel
Post code	2310	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	34.29
Industry average payment expectation days	111.48	Industry average day sales outstanding	128.46
Day sales outstanding	43.71

Industry comparison

Activity code	50200
Activity description	Sea and coastal freight water transport
industry average credit rating	63
Industry average credit limit	281408.98

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	34.29
Day sales outstanding	43.71

Industry comparison

Activity code	50200
Activity description	Sea and coastal freight water transport
Industry average payment expectation days	111.48
Industry average day sales outstanding	128.46

Industry quartile analysis

Payment expectations
Company result	34.29
Lower	129.41
Median	67.62
Upper	31.39

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
Spartaxx CVBA	894316244

Summary

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

Group Structure

Company name	Number	Latest financials
- SPARTAXX CVBA	894316244	31-12-2011
- - SPARTA LOGISTIX NV	895863195	31-12-2011

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	27,909,046	593,289	452,849
31/12/2010	29,047,905	199,775	378,555
31/12/2009	30,190,737	698,283	253,577

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	4,358,579		61,500	776,025	7
31/12/2010	3,028,749		61,500	608,829	9
31/12/2009	3,023,089	50	61,500	228,711	9

Profit & loss

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		97
	Currency	EUR		EUR		EUR
	Turnover	27,909,046	-3.92	29,047,905	-3.79	30,190,737	52,832,588	-47.17
	Total operating expenses	27,319,391	-5.83	29,011,637	-1.90	29,572,586	53,134,308	-48.58
	Operating result	589,656	1525	36,268	-94.13	618,151	-99,204	594
	Total financial income	55,894	-73.06	207,461	-35.69	322,606	1,015,554	-94.50
	Total financial expenses	52,261	18.90	43,954	-81.87	242,474	1,270,506	-95.89
	Results on ordinary operations before taxation	593,289	196	199,775	-71.39	698,283	-394,689	150
	Taxation	202,776	171	74,797	-29.57	106,206	65,776	208
	Results on ordinary operations after taxation	390,513	212	124,978	-78.89	592,077	-434,635	89.85
	Extraordinary items	-16,219	-	0	-	0	-1,546,755	1.05
	Other appropriations	0.00	-	0.00	-	0	-	-
	Net result	374,294	199	124,978	-78.89	592,077	-1,963,440	19.06
	other information
	Dividends	300,000	-	-	-	-	8,772,160	-96.58
	Director remuneration	-	-	-	-	-	455,774	-
	Employee costs	704,129	8.99	646,073	-25.89	871,749	1,332,446	-47.16
	Wages and salary	535,512	17.39	456,187	-23.90	599,437	1,031,735	-48.10
	Employee pension costs	-	-	-	-	-	13,186	-
	Social security contributions	123,036	-1.27	124,620	-18.42	152,754	251,971	-51.17
	Other employee costs	45,581	-30.16	65,266	-45.41	119,558	54,598	-16.52
	Amortization and depreciation	19,252	63.48	11,776	-	-	1,367,660	-98.59
	back to top

balance sheet

	Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
	Weeks	52		52		97
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	57,421	-100
	Tangible fixed assets	124,966	115	57,878	-	-	19,760,092	-99
	Land & building	-	-	-	-	-	808,818	-
	Plant & machinery	36,375	-	-	-	-	24,698,011	-99
	Other tangible assets	88,591	53.06	57,878	-	0	1,731,467	-94.88
	Financial fixed assets	-	-	-	-	50	6,760,124	-
	Total fixed assets	124,966	115	57,878	115656	50	22,708,178	-99
	Inventories	-	-	-	-	-	950,049	-
	Raw materials & consumables	-	-	-	-	-	8,112,911	-
	Work in progress	0	-	0	-	0	10,540	-100
	Finished goods	0	-	0	-	0	32,236	-100
	Other stocks	0	-	0	-	0	19,271	-100
	Trade debtors	3,342,507	65.65	2,017,787	31.59	1,533,443	2,627,567	27.21
	Cash	776,025	27.46	608,829	166	228,711	481,234	61.26
	other amounts receivable	112,602	-66.40	335,162	-73.42	1,260,885	6,996,751	-98.39
	Miscellaneous current assets	2,479	-72.73	9,092	-	0	1,835,241	-99
	Total current assets	4,233,613	42.50	2,970,871	-1.73	3,023,039	12,161,698	-65.19
	current liabilities
	Trade creditors	2,566,899	24.78	2,057,108	-10.53	2,299,188	3,336,167	-23.06
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	700,000	1094	58,604	-	0	2,887,281	-75.76
	Miscellaneous current liabilities	239,539	31.29	182,452	-61.21	470,324	-94.93	- -
	Total current liabilities	3,506,438	52.58	2,298,164	-17.02	2,769,512	10,701,421	-67.23
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Other long term liabilities	399,293	13.43	352,030	-	0	617,857	-35.37
	Total long term debts	399,293	13.43	352,030	-	0	12,687,051	-96.85
	shareholders equity
	Issued share capital	61,500	0	61,500	0	61,500	2,013,770	-96.95
	Share premium account	-	-	-	-	-	18,210,806	-
	Reserves	391,349	23.43	317,055	65.07	192,077	6,056,841	-93.54
	Revaluation reserve	-	-	-	-	-	203,864	-
	Total shareholders equity	452,849	19.63	378,555	49.29	253,577	9,407,597	-95.19
	Working capital	727,176	8.10	672,706	165	253,527	1,460,277	-50.20
	Net worth	452,849	19.63	378,555	49.29	253,577	9,350,176	-95.16
	back to top

ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	2.13	208	0.69	-70.13	2.31	105,00	-97.97
	Return on capital employed	69.62	154	27.34	-90.07	275.37	-19,00	366
	Return on total assets employed	13.61	106	6.60	-71.43	23.10	-3,00	453
	Return on net assets employed	131.01	148	52.77	-80.84	275.37	-182,00	71.98
	Sales / net working capital	38.38	-11.12	43.18	-63.74	119.08	-25,00	-99
	Stock turnover ratio	-	-	-	-	-	22,00	-
	Debtor days	43.71	72.43	25.35	36.73	18.54	98,00	-55.40
	Creditor days	34.29	32.50	25.88	-8.81	28.38	120,00	-71.42
	short term stability
	Current ratio	1.21	-6.20	1.29	18.35	1.09	20,00	-89.00
	Liquidity ratio / acid ratio	1.21	-6.20	1.29	18.35	1.09	20,00	-93.95
	Current debt ratio	7.74	27.51	6.07	-44.41	10.92	11,00	-29.64
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	154.58	898	15.48	-	-	725,00	-78.68
	Equity in percentage	10.39	-16.88	12.50	48.99	8.39	-104,00	9.99
	Total debt ratio	8.62	23.14	7	-35.90	10.92	14,00	-38.43

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Trends

Profitability
Liquidity
Net worth

Day sales outstanding
Company result	43.71
Lower	108.93
Median	44.73
Upper	19.26

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.94
UK Pound	1	Rs.86.24
Euro	1	Rs.72.20

INFORMATION DETAILS

Report Prepared by :

SDA

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.