MIRA INFORM REPORT

Report Date :

01.06.2013

IDENTIFICATION DETAILS

Name :	RICO TOOLS BELGIUM BVBA
Registered Office :	Grensstraat 11, 2270 Herenthout
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	20.04.2009
Com. Reg. No.:	811260686
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Manufacturer of Metal Forming Machinery.
No. of Employees :	5

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 – 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

REGISTERED NAME & COMPANY SUMMARY

Company name	RICO TOOLS BELGIUM BVBA
Address	GRENSSTRAAT 11

DIRECTORS/MANAGEMENT

Current director details

Name	PATRICK MEIR
Position	Principal Manager
Start Date	20/04/2009
End Date
Street	5 ELZENBOS GROBBENDONK
Post code	2280
Country	Belgium

Name	PATRICK JEANNE FRANCISCUS MEIR
Position	Legal Representative
Start Date	20/04/2009
End Date
Date of birth	25/04/1962
Street	5 ELZENBOS GROBBENDONK
Post code	2280
Country	Belgium

Name	PATRICK JEANNE FRANCISCUS MEIR
Position	Principal Manager
Start Date	20/04/2009
End Date
Date of birth	25/04/1962
Street	5 ELZENBOS GROBBENDONK
Post code	2280
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	811260686	Company name	RICO TOOLS BELGIUM BVBA
Fax number	014212684	Date founded	20/04/2009
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	28410	liable for VAT
Activity description	Manufacture of metal forming machinery	VAT Number	BE.0811.260.686
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	811260686
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	Ann	Middle name	-
Surname	Van Thielen
Shareholder Details
Start date	20/04/2009	End date	-
Percentage owned	7.69%
Shareholder Address
Street name	Elzenbos	House number	5
Minor town	-	Postal town	Grobbendonk
Post code	2280	Country	Belgium

Shareholder Name
Forename	Patrick	Middle name	Franciscus
Surname	Meir
Shareholder Details
Start date	20/04/2009	End date	-
Percentage owned	92.30%
Shareholder Address
Street name	Sint-Waldetrudisstraat	House number	82
Minor town	-	Postal town	Herentals
Post code	2200	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	79.66	Industry average day sales outstanding	404.99
Day sales outstanding	-

Industry comparison

Activity code	28410
Activity description	Manufacture of metal forming machinery
industry average credit rating	73.66
Industry average credit limit	93997.88

Industry comparison

Activity code	28410
Activity description	Manufacture of metal forming machinery
Industry average payment expectation days	79.66
Industry average day sales outstanding	404.99

Industry quartile analysis

Payment expectations
Company result	-
Lower	118.50
Median	82.15
Upper	57.95

Day sales outstanding
Company result	-
Lower	83.99
Median	57.77
Upper	40.87

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011		351,898	501,513	402,853
31/12/2010		360,594	244,385	139,709

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	1,280,547	5	83,600	357,727
31/12/2010	904,345	4	83,600	380,600

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%		Industry average	%
Weeks	52		89		-
Currency	EUR		EUR		-
Turnover	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-
Operating result	359,525	-4.01	374,554	-	-	-	-
Total financial income	19,780	49.42	13,238	-	-	-	-
Total financial expenses	27,408	0.77	27,198	-	-	-	-
Results on ordinary operations before taxation	351,898	-2.41	360,594	-	-	-	-
Taxation	126,095	21.38	103,882	-	-	-	-
Results on ordinary operations after taxation	225,803	-12.04	256,712	-	-	-	-
Extraordinary items	30,000	207	9,761	-	-	-	-
Other appropriations	0.00	-	0	-	-	-	-
Net result	255,803	-4.00	266,473	-	-	-	-
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	256,334	-9.45	283,080	-	-	-	-
Wages and salary	172,817	-6.42	184,681	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	70,215	22.65	57,248	-	-	-	-
Other employee costs	13,302	-67.67	41,151	-	-	-	-
Amortization and depreciation	101,924	-10.69	114,127	-	-	-	-

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%		Industry average	%
Weeks	52		89		-
Currency	EUR		EUR		-
Intangible fixed assets	7,333	-	8,658	-	-	-	-
Tangible fixed assets	209,755	46.78	142,906	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	146,742	193	50,069	-	-	-	-
Other tangible assets	63,013	-32.13	92,837	-	-	-	-
Financial fixed assets	966	85.68	520	-	-	-	-
Total fixed assets	218,054	43.38	152,084	-	-	-	-
Inventories	21,493	-40.97	36,412	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	-	-	-
Finished goods	0	-	0	-	-	-	-
Other stocks	21,493	-40.97	36,412	-	-	-	-
Trade debtors	30,437	-67.57	93,848	-	-	-	-
Cash	827,601	83.82	450,217	-	-	-	-
other amounts receivable	182,024	5.96	171,784	-	-	-	-
Miscellaneous current assets	938	-	0	-	-	-	-
Total current assets	1,062,493	41.24	752,261	-	-	-	-
current liabilities
Trade creditors	137,903	-19.62	171,571	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	106,916	326	25,060	-	-	-	-
Miscellaneous current liabilities	414,821	-0.26	415,921	-	-	-	- -
Total current liabilities	659,640	7.69	612,552	-	-	-	-
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	112,060	189	38,750	-	-	-	- -
Other long term liabilities	0	-	0	-	-	-	-
Total long term debts	112,060	189	38,750	-	-	-	-
shareholders equity
Issued share capital	83,600	0	83,600	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	425,246	150	169,443	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	508,846	101	253,043	-	-	-	-
Working capital	402,853	188	139,709	-	-	-	-
Cashflow	357,727	-6.01	380,600	-	-	-	-
Net worth	501,513	105	244,385	-	-	-	-

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)		Industry average	%
Trading performance
Profit Before Tax	-	-	-	-	-	-	-
Return on capital employed	56.67	-54.14	123.58	-	-	-	-
Return on total assets employed	27.48	-31.08	39.87	-	-	-	-
Return on net assets employed	69.16	-51.47	142.50	-	-	-	-
Sales / net working capital	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-
short term stability
Current ratio	1.61	30.89	1.23	-	-	-	-
Liquidity ratio / acid ratio	1.58	35.04	1.17	-	-	-	-
Current debt ratio	1.30	-46.28	2.42	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	43.03	70.62	25.22	-	-	-	-
Equity in percentage	39.97	41.49	28.25	-	-	-	-
Total debt ratio	1.52	-40.86	2.57	-	-	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Number of staff	5
Date of establishment	20/04/2009
Telephone number	014211868
Fax number	014212684

Personnel (NSSO classification)

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	28/01/2012
Event Description
Event Details	Rechtzetting akte dd. 01-4-2010 : er werd vergeten het doel van de overnemende vennootschap Rico Tools Belgium uit te breiden met volgende activiteiten het verhuren van voertuigen (auto's, motorhomes, campers, bestelwagens, en andere).

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.49
UK Pound	1	Rs.86.01
Euro	1	Rs.73.68

INFORMATION DETAILS

Report Prepared by :

SMN

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.