MIRA INFORM REPORT

Report Date :

06.03.2013

IDENTIFICATION DETAILS

Name :	COHOUT NV

Registered Office :	Ambachtstraat 1126, 3850 Nieuwerkerken

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	01.12.1999

Com. Reg. No.:	467809026

Legal Form :	Public Limited Liability Company

Line of Business :	Forestry (Forest Exploitation and Log, Hardwood Lumber)

No. of Employees :	3

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

41-55

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

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

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	30-06-2009	Industry average 2011	%
Weeks	52		78		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	2,708,216	-
Total operating expenses	-	-	-	-	-	2,575,877	-
Operating result	78,291	11.23	70,385	1105	5,837	56,325	39.00
Total financial income	1,972	-62.19	5,216	1846	268	17,380	-88.65
Total financial expenses	67,179	64.02	40,958	4543	882	26,634	152
Results on ordinary operations before taxation	13,084	-62.23	34,642	563	5,223	45,307	-71.12
Taxation	9,289	-18.46	11,393	-	-	25,170	-63.09
Results on ordinary operations after taxation	3,795	-83.68	23,249	345	5,223	29,937	-87.32
Extraordinary items	-1,339	-	0	0	-3,098	19,355	-106
Other appropriations	0	-	0.00	-	0.00	-	-
Net result	2,456	-89.44	23,249	994	2,125	49,769	-95.07
other information
Dividends	-	-	-	-	-	187,127	-
Director remuneration	-	-	-	-	-	2,930	-
Employee costs	142,733	116	65,800	-	-	178,193	-19.90
Wages and salary	97,153	125	43,042	-	-	131,611	-26.18
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	29,092	186	10,151	-	-	46,204	-37.04
Other employee costs	16,488	30.79	12,607	-	0	6,145	168
Amortization and depreciation	51,396	-5.55	54,418	1007	4,912	53,263	-3.51

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	30-06-2009	Industry average 2011	%
Weeks	52		78		52
Currency	EUR		EUR		EUR
Intangible fixed assets	43,587	-	0	-	0	2,359	1747
Tangible fixed assets	96,310	-20.97	121,870	587	17,732	860,920	-88.81
Land & building	-	-	-	-	-	1,131,714	-
Plant & machinery	7,124	49.77	4,757	-	-	48,368	-85.27
Other tangible assets	89,186	-23.85	117,113	560	17,732	63,211	41.09
Financial fixed assets	4,267	16.47	3,664	-	-	287,579	-98.52
Total fixed assets	144,164	14.84	125,533	607	17,732	992,662	-85.48
Inventories	690,761	8.64	635,842	-	-	440,853	56.69
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	1,361	-100
Finished goods	0	-	0	-	0	152,166	-100
Other stocks	690,761	8.64	635,842	-	0	111,765	518
Trade debtors	599,453	-32.23	884,564	13712	6,404	230,320	160
Cash	79,550	242	23,217	-50.48	46,880	84,848	-6.24
other amounts receivable	52,083	-55.11	116,028	20.85	96,007	69,484	-25.04
Miscellaneous current assets	1,801	-61.18	4,640	1257	342	134,568	-98.66
Total current assets	1,423,648	-14.46	1,664,291	1012	149,633	782,259	81.99

current liabilities
Trade creditors	676,213	-51.35	1,389,892	14744	9,363	165,375	308
Short term group loans	-	-	-	-	-	-	-
Other short term loans	135,029	-14.71	158,327	2932	5,221	197,122	-31.50
Miscellaneous current liabilities	565,551	2108	25,603	116	11,802	216	- -
Total current liabilities	1,376,793	-12.52	1,573,821	5864	26,386	530,672	159
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	24,335	-53.00	51,775	-	-	-87.72	- -
Other long term liabilities	0	-	0	-	0	71,724	-100
Total long term debts	24,335	-53.00	51,775	-	0	166,451	-85.38
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	765,868	-91.90
Share premium account	-	-	-	-	-	21,250	-
Reserves	104,684	2.40	102,228	29.44	78,979	282,553	-62.95
Revaluation reserve	-	-	-	-	-	132,606	-
Total shareholders equity	166,684	1.50	164,228	16.49	140,979	1,042,659	-84.01
Working capital	46,855	-48.21	90,470	-26.59	123,246	251,587	-81.38
Net worth	123,097	-25.05	164,228	16.49	140,979	1,040,300	-88.17

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	30-06-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-7,00	-
Return on capital employed	6.85	-57.29	16.04	333	3.70	16,00	-57.19
Return on total assets employed	0.83	-57.22	1.94	-37.82	3.12	4,00	-79.25
Return on net assets employed	7.85	-62.78	21.09	470	3.70	14,00	-43.93
Sales / net working capital	-	-	-	-	-	-18,00	-
Stock turnover ratio	-	-	-	-	-	24,00	-
Debtor days	-	-	-	-	-	81,00	-
Creditor days	-	-	-	-	-	-59,00	-
short term stability
Current ratio	1.03	-2.83	1.06	-81.31	5.67	12,00	-48.50
Liquidity ratio / acid ratio	0.53	-18.46	0.65	-88.54	5.67	10,00	-94.70
Current debt ratio	8.26	-13.78	9.58	4942	0.19	2,00	313
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	95.61	-25.26	127.93	3357	3.70	242,00	-60.49
Equity in percentage	10.94	19.17	9.18	-89.10	84.23	35,00	-68.74
Total debt ratio	8.41	-15.05	9.90	5110	0.19	4,00	110

Industry comparison

Activity code	02100
Activity description	Forestry
industry average credit rating	82.40
Industry average credit limit	147291.35

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	02100
Activity description	Forestry
Industry average payment expectation days	52.25
Industry average day sales outstanding	110.99

Industry quartile analysis

Payment expectations
Company result	-
Lower	123.78
Median	56.69
Upper	23.71


Day sales outstanding
Company result	-
Lower	51.10
Median	28.30
Upper	12.21

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

Individual Shareholders

Shareholder Name
Forename	Karina	Middle name	-
Surname	Lodewijckx
Shareholder Details
Start date	29/11/1999	End date	-
Percentage owned	10%
Shareholder Address
Street name	Tegelrijstraat	House number	1049
Minor town	-	Postal town	Nieuwerkerken
Post code	3850	Country	Belgium

Shareholder Name
Forename	Ludo	Middle name	-
Surname	Colemont
Shareholder Details
Start date	29/11/1999	End date	-
Percentage owned	90%
Shareholder Address
Street name	Tegelrijstraat	House number	1049
Minor town	-	Postal town	Nieuwerkerken
Post code	3850	Country	Belgium

Companies that match this address

no Companies Match this address

Protested bills

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

NSSO details

Business number	467809026
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	INDICT BVBA
Position	Legal Representative
Start Date	01/04/2009
Date of birth	01/07/2008
Street	187 TEGELRIJSTRAAT NIEUWERKERKEN
Post code	3850
Country	Belgium

Name	LUDO COLEMONT
Position	Director
Start Date	26/09/2007
Date of birth	26/11/1960
Street	1049 TEGELRIJSTRAAT NIEUWERKERKEN
Post code	3850
Country	Belgium

Former director details

Name	CARL COLEMONT
Position	Director
Start Date	28/11/2005
End Date	31/12/2010
Street	47 IRISLAAN HEUSDEN-ZOLDER
Post code	3550
Country	Belgium

Name	KARINA LODEWIJCKX
Position	Director
Start Date	28/11/2005
End Date	27/11/2011
Date of birth	14/01/1960
Street	1049 TEGELRIJSTRAAT NIEUWERKERKEN
Post code	3850
Country	Belgium

Name	INDICT BVBA
Position	Director
Start Date	01/04/2009
End Date	27/11/2011
Date of birth	01/07/2008
Street	187 TEGELRIJSTRAAT NIEUWERKERKEN
Post code	3850
Country	Belgium

Name	LUDO COLEMONT
Position	Managing Director
Start Date	28/11/2005
End Date	27/11/2011
Date of birth	26/11/1960
Street	1049 TEGELRIJSTRAAT NIEUWERKERKEN
Post code	3850
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.65
UK Pound	1	Rs.82.65
Euro	1	Rs.71.20

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.

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

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	1,567,812	4,267	62,000	79,550	3
31/12/2010	1,789,825	3,664	62,000	23,217	2
30/06/2009	167,365		62,000	46,880	0

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

Business number	467809026	Company name	COHOUT NV
Fax number	011581830	Date founded	01/12/1999
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	02100	liable for VAT	yes
Activity description	Forestry	VAT Number	BE.0467.809.026
Belgian Bullettin of Acts Publications	moniteur belge

JIC Code	125.02
Description	Joint subcommittee for the sawmills and related industries
category

MIRA INFORM REPORT

Company information

Ultimate holding company

Accounts & ratios

Accounts & ratios

Trends

Payment expectations

Contractor details Check Article 30 Bis

Personnel limit NSSO

Joint Industrial Committee (JIC)

Significant Events

Profit & loss

balance sheet

ratio analysis

Industry comparison

Suspension of payments / moratorium history

Payment expectations

Industry comparison

Industry quartile analysis

Group Structure

Minority Shareholders

Minority Interests

Individual Shareholders

Companies that match this address

Protested bills

NSSO details

Bankruptcy details

court data

Current director details

Former director details

Unit

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011		13,084	123,097
31/12/2010		34,642	164,228
30/06/2009		5,223	140,979

Past payments		Payment expectation days	-
Industry average payment expectation days	52.25	Industry average day sales outstanding	110.99
Day sales outstanding	-

Registered contractor number	-
Contractor description	-
Date struck off register

Event Date	21/06/2010
Event Description	re-appointment of director(s)
Event Details	Commentaar 21-06-2010: Worden herbenoemd als bestuurders voor zes jaar : Ludo Colemont (eveneens gedelegeerd bestuurder), Karina Lodewijckx en de BVBA Indict.

Code	-
Description	-