MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	GEA PROCESS ENGINEERING NV
Registered Office :	Bergensesteenweg 186, 1500 Halle
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	01.12.1912
Com. Reg. No.:	400888924
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Manufacturer of other general-purpose machinery
No. of Employees :	188

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 :	Good
Payment Behaviour :	Regular
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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

Company name & address

Business number	400888924
Company name	GEA PROCESS ENGINEERING NV
Address	BERGENSESTEENWEG 186
	1500 HALLE
Number of staff	188
Date of establishment	01/12/1912
Telephone number	015285110
Fax number	01528 51 11

Commentary

The business was established over 58 years ago.
The business has 188 employees.
The business has been at the address for over 22 years.
The credit rating for this business has increased from 71 to 100.
The credit limit for this business has increased from €1800000 to €2000000.
Operating Result in the latest trading period increased 149% on the previous trading period.
Pre-tax profits increased by 161% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 39% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	54,999,649	2,563,306	12,717,583	12,917,495
31/12/2011	40,797,412	979,280	11,587,994	11,743,130
31/12/2010	45,724,258	2,491,854	10,472,889	11,149,164

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	64,233,086	188	9,709,008	2,723,434
31/12/2011	58,316,467	165	9,709,008	1,460,315
31/12/2010	37,716,962	157	9,709,008	3,595,189

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	90.01
Industry average payment expectation days	89.99	Industry average day sales outstanding	142.88
Day sales outstanding	90.66

Payment Information Summary]

Total number of Invoices available	20
Total number of Invoices paid within or up to 30 days after the due date	4
Total number of Invoices paid more than 30 days after the due date	9
Total number of Invoices currently outstanding where the due date has not yet been reached	5
Total number of Invoices currently outstanding beyond the due date	2

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	400888924		Company name	GEA PROCESS ENGINEERING NV
Fax number	01528 51 11		Date founded	01/12/1912
Company status	active		Company type	Public Limited Liability Company (BE)
Currency	Euro (€)		Date of latest accounts	31/12/2012
Activity code	28299		liable for VAT	yes
Activity description	Manufacture of other general-purpose machinery n.e.c.		VAT Number	BE.0400.888.924
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Joint Industrial Committee (JIC)

JIC Code	111
Description	JC for the metal, machinery and electrical construction
category

JIC Code	209
Description	Joint committee for the employees off the metal industry
category

Significant Events

Event Date	16/05/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 16-05-2012: Herbenoemd voor een periode van 3 jaar: Anthony Butler als bestuurder en Jan Vogeleer als gedelegeerd bestuurder.

comparison mode

averagemedian

Export accounts to CSV file

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	54,999,649	34.81	40,797,412	-10.78	45,724,258	12,487,157	340
Total operating expenses	52,311,421	31.70	39,719,448	-8.18	43,256,839	11,885,502	340
Operating result	2,688,228	149	1,077,964	-56.31	2,467,419	190,784	1309
Total financial income	96,290	-42.31	166,922	-45.75	307,683	61,783	55.85
Total financial expenses	221,212	-16.71	265,606	-6.23	283,248	55,867	295
Results on ordinary operations before taxation	2,563,306	161	979,280	-60.70	2,491,854	191,288	1240
Taxation	235,853	5820	3,984	0.75	-532,046	118,695	98.71
Results on ordinary operations after taxation	2,327,453	138	975,296	-67.75	3,023,900	100,435	2217
Extraordinary items	446	-96.01	11,165	-66.67	33,500	18,169	-97.55
Other appropriations	461	-20.38	579	0	579	-	-
Net result	2,328,360	135	987,040	-67.72	3,057,979	118,996	1856
other information
Dividends	1,000,000	-	-	-	-	184,767	441
Director remuneration	-	-	-	-	-	-	-
Employee costs	14,858,386	12.77	13,176,131	7.19	12,292,337	1,230,643	1107
Wages and salary	9,226,954	12.22	8,222,430	7.26	7,665,807	876,122	953
Employee pension costs	77,389	-	93,978	-	-	14,953	417
Social security contributions	3,204,270	11.41	2,876,215	4.30	2,757,632	294,205	989
Other employee costs	2,349,773	18.47	1,983,508	6.13	1,868,898	63,616	3593
Amortization and depreciation	395,074	-16.52	473,275	-11.90	537,210	139,560	183

balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	427,358	-	229,482	-	358,672	20,784	1956
Tangible fixed assets	1,552,138	-0.57	1,561,056	12.10	1,392,581	566,094	174
Land & building	476,964	-12.66	546,092	-13.94	634,517	522,740	-8.76
Plant & machinery	255,260	23.89	206,031	15.91	177,754	148,785	71.56
Other tangible assets	819,914	1.36	808,933	39.40	580,310	118,387	592
Financial fixed assets	2,023	24.65	1,623	1.56	1,598	189,388	-98.93
Total fixed assets	1,981,519	10.57	1,792,161	2.24	1,752,851	694,626	185
Inventories	29,920,658	6.47	28,102,230	59.15	17,657,902	1,404,860	2029
Raw materials & consumables	4,530,643	103	2,223,932	26.71	1,755,069	1,196,152	278
Work in progress	22,819,580	-2.26	23,346,360	67.60	13,929,887	594,479	3738
Finished goods	2,570,435	1.52	2,531,938	28.33	1,972,946	177,948	1344
Other stocks	0	-	0	-	0	137,880	-100
Trade debtors	13,661,379	14.17	11,965,597	50.41	7,955,164	926,711	1374
Cash	33,812	-39.22	55,628	-10.17	61,925	362,987	-90.69
other amounts receivable	18,382,540	15.21	15,955,180	56.31	10,207,139	2,042,188	800
Miscellaneous current assets	253,178	-43.19	445,671	443	81,981	139,219	81.86
Total current assets	62,251,567	10.13	56,524,306	57.17	35,964,111	4,511,162	1279
current liabilities
Trade creditors	12,899,470	-3.19	13,324,117	63.29	8,159,643	722,624	1685
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	123,271	-100
Miscellaneous current liabilities	36,434,602	15.82	31,457,059	88.87	16,655,304	3329	- -
Total current liabilities	49,334,072	10.17	44,781,176	80.46	24,814,947	1,899,344	2497
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	1,754,073	2.11	1,717,815	-17.03	2,070,454	98,296	1684
Total long term debts	1,754,073	2.11	1,717,815	-17.03	2,070,454	235,869	643
shareholders equity
Issued share capital	9,709,008	0	9,709,008	0	9,709,008	1,324,574	632
Share premium account	-	-	-	-	-	1,006,671	-
Reserves	3,435,933	62.96	2,108,468	87.83	1,122,553	1,611,266	113
Revaluation reserve	-	-	-	-	-	190,269	-
Total shareholders equity	13,144,941	11.23	11,817,476	9.10	10,831,561	3,019,121	335
Working capital	12,917,495	10.00	11,743,130	5.33	11,149,164	2,611,818	394
Cashflow	2,723,434	86.50	1,460,315	-59.38	3,595,189	248,218	997
Net worth	12,717,583	9.75	11,587,994	10.65	10,472,889	2,998,337	324

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	4.66	94.17	2.40	-55.96	5.45	4,00	16.50
Return on capital employed	17.20	137	7.24	-62.51	19.31	3,00	473
Return on total assets employed	3.99	137	1.68	-74.58	6.61	78,00	-94.88
Return on net assets employed	19.50	135	8.29	-63.97	23.01	-6,00	325
Sales / net working capital	4.26	22.77	3.47	-15.37	4.10	4,00	-99
Stock turnover ratio	54.40	-21.02	68.88	78.35	38.62	34,00	60.00
Debtor days	90.66	-15.31	107.05	68.58	63.50	81,00	11.93
Creditor days	90.01	-26.49	122.44	77.84	68.85	90,00	0.01
short term stability
Current ratio	1.26	0	1.26	-13.10	1.45	5,00	-37.00
Liquidity ratio / acid ratio	0.66	4.76	0.63	-14.86	0.74	5,00	-86.80
Current debt ratio	3.75	-1.06	3.79	65.50	2.29	2,00	87.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	207,00	-
Equity in percentage	20.60	1.28	20.34	-29.84	28.99	-515,00	4.00
Total debt ratio	3.89	-1.02	3.93	58.47	2.48	3,00	29.67

Industry comparison

Activity code	28299
Activity description	Manufacture of other general-purpose machinery n.e.c.

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	90.01
Day sales outstanding	90.66

Industry comparison

Activity code	28299
Activity description	Manufacture of other general-purpose machinery n.e.c.
Industry average payment expectation days	89.99
Industry average day sales outstanding	142.88

Industry quartile analysis

Payment expectations
Company result	90.01
Lower	121.68
Median	83.74
Upper	57.31
Day sales outstanding
Company result	90.66
Lower	98.38
Median	58.67
Upper	29.97

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

Protested bills

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

NSSO details

Business number	400888924
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	EMIEL DE NAEGHEL
Position	Vice Chairperson
Start Date	18/12/2002
Street	21 TREVIERENLEI SCHOTEN
Post code	2900
Country	Belgium

Name	JAN VOGELEER
Position	Managing Director
Start Date	18/12/2002
Street	2 BRIEL BORNEM
Post code	2880
Country	Belgium

Name	JAN VOGELEER
Position	Director
Start Date	18/12/2002
Street	2 BRIEL BORNEM
Post code	2880
Country	Belgium

Name	ANTHONY BUTLER
Position	Director
Start Date	18/12/2002
Street
Post code
Country	United Kingdom

Name	RONALD ANTHONY YOUNGS
Position	Director
Start Date	17/06/2005
Street	0 SCARLET OAKS-RIDWAY-PYRFORD
Post code	GU228PN
Country	United Kingdom

Name	RONALD ANTHONY YOUNGS
Position	Chairman of the Board
Start Date	18/12/2002
Street	0 SCARLET OAKS-RIDWAY-PYRFORD
Post code	GU228PN
Country	United Kingdom

Name	MARCEL FRANÇOIS
Position	Director
Start Date	25/05/2010
Street
Post code
Country

Name	JAN VUGTS
Position	Managing Director
Start Date	26/10/2011
Street
Post code
Country

Name	JAN VUGTS
Position	Director
Start Date	30/07/2010
Street
Post code
Country

Former director details

Name	F. VILLEE
Position	Director
Start Date	15/06/1994
End Date	-
Street	37 RUE DUC D'ARENBERG REBECQ
Post code	1430
Country	Belgium

Name	EMIEL DE NAEGHEL
Position	Director
Start Date	17/06/2005
End Date	-
Street	21 TREVIERENLEI SCHOTEN
Post code	2900
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.79
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Report Prepared by :

MNL

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%)