MIRA INFORM REPORT

Report Date :

20.06.2013

IDENTIFICATION DETAILS

Name :	EXPAN CHEMICALS NV
Registered Office :	Rietschoorvelden 20, 2170 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	30.06.2010
Com. Reg. No.:	827561141
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Agents involved in the sale of fuels, ores, metals and industrial chemicals
No. of Employees :	Not Available

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 :	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

REGISTERED NAME & COMPANY SUMMARY

Business number	827561141
Company name	EXPAN CHEMICALS NV
Address	RIETSCHOORVELDEN 20
	2170 ANTWERPEN
Number of staff	0
Date of establishment	30/06/2010
Telephone number	03640 93 80
Fax number	03640 93 30

Business number	827561141	Company name	EXPAN CHEMICALS NV
Fax number	03640 93 30	Date founded	30/06/2010
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46120	liable for VAT
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals	VAT Number	BE.0827.561.141
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	STEFAN VAN LOOCK
Position	Director
Start Date	30/06/2010
End Date	10/03/2016
Date of birth	25/09/1971
Street	5 FAZANTENSTRAAT MECHELEN
Post code	2811
Country	Belgium

Name	PHILIPPE HUYBRECHS
Position	Director
Start Date	30/06/2010
End Date	10/03/2016
Date of birth	30/09/1959
Street	16 EUGENIO PACELLILAAN EDEGEM
Post code	2650
Country	Belgium

Name	PHILIPPE HUYBRECHS
Position	Director
Start Date	30/06/2010
Street
Post code
Country

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 (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	06/08/2010
Event Description
Event Details	Neerlegging verbeterende akte oprichting.

Protested bills

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

NSSO details

Business number	827561141
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

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	16.21
Industry average payment expectation days	81.14	Industry average day sales outstanding	96.57
Day sales outstanding	274.52

Industry comparison

Activity code	46120
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals
industry average credit rating	66.67
Industry average credit limit	49733.77

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	16.21
Day sales outstanding	274.52

Industry comparison

Activity code	46120
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals
Industry average payment expectation days	81.14
Industry average day sales outstanding	96.57

Industry quartile analysis

Payment expectations
Company result	16.21
Lower	95.05
Median	55.69
Upper	28

Day sales outstanding
Company result	274.52
Lower	62.11
Median	35.24
Upper	14.90

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	25,149,575	10,704	106,222	106,222

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	-	0	100,000	6,222

Profit & loss

Annual accounts	31-12-2011	%		%		Industry average	%
Weeks	52		-		-
Currency	EUR		-		-
Turnover	25,149,575	-	-	-	-	-	-
Total operating expenses	24,617,025	-	-	-	-	-	-
Operating result	532,550	-	-	-	-	-	-
Total financial income	57,743	-	-	-	-	-	-
Total financial expenses	579,589	-	-	-	-	-	-
Results on ordinary operations before taxation	10,704	-	-	-	-	-	-
Taxation	4,482	-	-	-	-	-	-
Results on ordinary operations after taxation	6,222	-	-	-	-	-	-
Extraordinary items	0	-	-	-	-	-	-
Other appropriations	0.00	-	-	-	-	-	-
Net result	6,222	-	-	-	-	-	-
other information
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-
Other employee costs	0	-	-	-	-	-	-
Amortization and depreciation	-	-	-	-	-	-	-

balance sheet

Annual accounts	31-12-2011	%		%		Industry average	%
Weeks	52		-		-
Currency	EUR		-		-
Intangible fixed assets	0	-	-	-	-	-	-
Tangible fixed assets	-	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-
Other tangible assets	0	-	-	-	-	-	-
Financial fixed assets	-	-	-	-	-	-	-
Total fixed assets	-	-	-	-	-	-	-
Inventories	-	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	-	-	-	-	-
Finished goods	0	-	-	-	-	-	-
Other stocks	0	-	-	-	-	-	-
Trade debtors	18,915,331	-	-	-	-	-	-
Cash	687,173	-	-	-	-	-	-
other amounts receivable	99,520	-	-	-	-	-	-
Miscellaneous current assets	0	-	-	-	-	-	-
Total current assets	19,702,025	-	-	-	-	-	-
current liabilities
Trade creditors	1,093,496	-	-	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	13,115,178	-	-	-	-	-	-
Miscellaneous current liabilities	5,387,129	-	-	-	-	-	- -
Total current liabilities	19,595,803	-	-	-	-	-	-
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	-	-	-	-	-
Total long term debts	0	-	-	-	-	-	-
shareholders equity
Issued share capital	100,000	-	-	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	6,222	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	106,222	-	-	-	-	-	-
Working capital	106,222	-	-	-	-	-	-
Cashflow	6,222	-	-	-	-	-	-
Net worth	106,222	-	-	-	-	-	-

ratio analysis

Annual accounts	31-12-2011	change(%)		change(%)		Industry average	%
Trading performance
Profit Before Tax	0.04	-	-	-	-	-	-
Return on capital employed	10.08	-	-	-	-	-	-
Return on total assets employed	0.05	-	-	-	-	-	-
Return on net assets employed	10.08	-	-	-	-	-	-
Sales / net working capital	236.76	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-
Debtor days	274.52	-	-	-	-	-	-
Creditor days	16.21	-	-	-	-	-	-
short term stability
Current ratio	1.01	-	-	-	-	-	-
Liquidity ratio / acid ratio	1.01	-	-	-	-	-	-
Current debt ratio	184.48	-	-	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	12346.99	-	-	-	-	-	-
Equity in percentage	0.54	-	-	-	-	-	-
Total debt ratio	184.48	-	-	-	-	-	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

The business was established over 2 years ago.
No employees are recorded for this business.
The business has been at the address for over 2 years.

Trends

Profitability	-
Liquidity	-
Net worth	-

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.74
UK Pound	1	Rs.91.98
Euro	1	Rs.78.69

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%)

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.