MIRA INFORM REPORT

Report Date :

23.07.2013

IDENTIFICATION DETAILS

Name :	SPARTA LOGISTIX NV
Registered Office :	Sint-Lucaslaan 54 2180 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	15.02.2008
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 – 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 and address

Top of Form

Business number	895863195
Company name	SPARTA LOGISTIX NV
Address	SINT-LUCASLAAN 54
	2180 ANTWERPEN
Number of staff	7
Date of establishment	15/02/2008
Telephone number	035440050
Fax number	03 544 00 70

Ultimate holding company

Company name	Company Number
Spartaxx CVBA	894316244

Commentary

The business was established over 5 years ago.

The business has 5 employees.

The business is part of a group.

The business has been at the address for over 20 months.

The credit rating for this business has decreased from 78 to 76.

The credit limit for this business has increased from €290000 to €300000.

Operating Result in the latest trading period increased 37% on the previous trading period.

Net Worth increased by 61% during the latest trading period.

Pre-tax profits increased by 33% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 32% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	34,657,601	790,312	729,926	1,020,306
31/12/2011	27,909,046	593,289	452,849	727,176
31/12/2010	29,047,905	199,775	378,555	672,706

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	4,220,243	7	61,500	687,758
31/12/2011	4,358,579	7	61,500	393,546
31/12/2010	3,028,749	9	61,500	136,755

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	27.32
Industry average payment expectation days	102.42	Industry average day sales outstanding	117.27
Day sales outstanding	37.41

Payment Information Summary

Total number of Invoices available	34
Total number of Invoices paid within or up to 30 days after the due date	21
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	13
Total number of Invoices currently outstanding beyond the due date	0

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	895863195	Company name	SPARTA LOGISTIX NV
Fax number	03 544 00 70	Date founded	15/02/2008
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
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

Personnel (NSSO classification)

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

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

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	34,657,601	24.18	27,909,046	-3.92	29,047,905	21,995,370	57.57
Total operating expenses	33,848,005	23.90	27,319,391	-5.83	29,011,637	20,812,989	62.63
Operating result	809,596	37.30	589,656	1525	36,268	496,066	63.20
Total financial income	37,446	-33.01	55,894	-73.06	207,461	3,364,135	-98.89
Total financial expenses	56,730	8.55	52,261	18.90	43,954	438,749	-87.07
Results on ordinary operations before taxation	790,312	33.21	593,289	196	199,775	3,132,835	-74.77
Taxation	147,050	-27.48	202,776	171	74,797	33,240	342
Results on ordinary operations after taxation	643,262	64.72	390,513	212	124,978	3,109,092	-79.31
Extraordinary items	11,917	73.48	-16,219	-	0	51,980	-77.07
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	655,179	75.04	374,294	199	124,978	3,161,974	-79.28
other information
Dividends	-	-	300,000	-	-	6,081,696	-
Director remuneration	-	-	-	-	-	473,878	-
Employee costs	516,027	-26.71	704,129	8.99	646,073	1,197,248	-56.90
Wages and salary	325,018	-39.31	535,512	17.39	456,187	945,645	-65.63
Employee pension costs	-	-	-	-	-	17,666	-
Social security contributions	108,297	-11.98	123,036	-1.27	124,620	267,228	-59.47
Other employee costs	82,712	81.46	45,581	-30.16	65,266	42,152	96.22
Amortization and depreciation	32,579	69.23	19,252	63.48	11,776	547,219	-94.05

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	0	-	0	-	0	48,483	-100
Tangible fixed assets	101,489	-18.79	124,966	115	57,878	8,093,244	-98.75
Land & building	-	-	-	-	-	466,718	-
Plant & machinery	29,100	-20.00	36,375	-	-	9,220,914	-99
Other tangible assets	72,388	-18.29	88,591	53.06	57,878	1,061,819	-93.18
Financial fixed assets	-	-	-	-	-	8,130,551	-
Total fixed assets	101,489	-18.79	124,966	115	57,878	12,421,700	-99
Inventories	-	-	-	-	-	360,415	-
Raw materials & consumables	-	-	-	-	-	20,737	-
Work in progress	0	-	0	-	0	11,571	-100
Finished goods	0	-	0	-	0	44,960	-100
Other stocks	0	-	0	-	0	30,169	-100
Trade debtors	3,552,176	6.27	3,342,507	65.65	2,017,787	1,287,459	175
Cash	522,222	-32.71	776,025	27.46	608,829	549,269	-4.92
other amounts receivable	31,000	-72.47	112,602	-66.40	335,162	8,059,863	-99
Miscellaneous current assets	13,356	438	2,479	-72.73	9,092	881,544	-98.48
Total current assets	4,118,754	-2.71	4,233,613	42.50	2,970,871	10,850,308	-62.04
current liabilities
Trade creditors	2,533,688	-1.29	2,566,899	24.78	2,057,108	1,166,582	117
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-100	700,000	1094	58,604	3,494,051	-100
Miscellaneous current liabilities	564,761	135	239,539	31.29	182,452	-75.00	- -
Total current liabilities	3,098,449	-11.64	3,506,438	52.58	2,298,164	6,815,072	-54.54
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	391,869	-1.86	399,293	13.43	352,030	247,971	58.03
Total long term debts	391,869	-1.86	399,293	13.43	352,030	6,240,759	-93.72
shareholders equity
Issued share capital	61,500	0	61,500	0	61,500	2,475,144	-97.52
Share premium account	-	-	-	-	-	742,612	-
Reserves	668,426	70.80	391,349	23.43	317,055	6,230,989	-89.27
Revaluation reserve	-	-	-	-	-	43,332	-
Total shareholders equity	729,926	61.19	452,849	19.63	378,555	8,774,372	-91.68
Working capital	1,020,306	40.31	727,176	8.10	672,706	4,035,236	-74.72
Cashflow	687,758	74.76	393,546	187	136,755	3,631,020	-81.06
Net worth	729,926	61.19	452,849	19.63	378,555	8,725,890	-91.63

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	2.28	7.04	2.13	208	0.69	51,00	-95.53
Return on capital employed	70.45	1.19	69.62	154	27.34	19,00	270
Return on total assets employed	18.73	37.62	13.61	106	6.60	-236,00	7.94
Return on net assets employed	108.27	-17.36	131.01	148	52.77	25,00	333
Sales / net working capital	33.97	-11.49	38.38	-11.12	43.18	17,00	-99
Stock turnover ratio	-	-	-	-	-	11,00	-
Debtor days	37.41	-14.41	43.71	72.43	25.35	81,00	-53.81
Creditor days	27.32	-20.33	34.29	32.50	25.88	63,00	-56.63
short term stability
Current ratio	1.33	9.92	1.21	-6.20	1.29	38,00	133
Liquidity ratio / acid ratio	1.33	9.92	1.21	-6.20	1.29	38,00	-96.50
Current debt ratio	4.24	-45.22	7.74	27.51	6.07	-1,00	424
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	154.58	898	15.48	-18,00	-
Equity in percentage	17.30	66.51	10.39	-16.88	12.50	-929,00	1.86
Total debt ratio	4.78	-44.55	8.62	23.14	7	-1,00	478

Industry comparison

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

Payment expectations

Payment expectation days	27.32
Day sales outstanding	37.41

Industry comparison

Activity code	50200
Activity description	Sea and coastal freight water transport
Industry average payment expectation days	102.42
Industry average day sales outstanding	117.27

Industry quartile analysis

Payment expectations
Company result	27.32
Lower	111.11
Median	58.56
Upper	33.76
Day sales outstanding
Company result	37.41
Lower	102.31
Median	42.97
Upper	18.86

Lower	111.11
Median	58.56
Upper	33.76

Company result	37.41
Lower	102.31
Median	42.97
Upper	18.86

Summary

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

Group Structure

Click the company to view / order a report.

Company name	Number	Latest financials
- SPARTAXX CVBA	894316244	31-12-2012
- - SPARTA LOGISTIX NV	895863195	31-12-2012

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

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

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

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	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	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	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	JURGEN D'HAUWE
Position	Director
Start Date	26/08/2010
End Date	31/12/2012
Street	14 LANGE NIEUWSTRAAT BEVEREN-WAAS
Post code	9130
Country	Belgium

Name	NANCY DECKERS
Position	Director
Start Date	26/08/2010
End Date	31/12/2012
Date of birth	25/07/1973
Street	42 GRIFFIER SCHOBBENSLAAN ANTWERPEN
Post code	2140
Country	Belgium

Name	PASCAL HUIN
Position	Director
Start Date	26/08/2010
End Date	31/12/2012
Street	6 RUE DES VICTIMES ESTAIMPUIS
Post code	7730
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	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

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

Name	MARCEL DUBOURG
Position	Director
Start Date	26/08/2010
End Date	-
Street
Post code
Country

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.41
UK Pound	1	Rs.90.74
Euro	1	Rs.78.11

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.