MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	BUDGET EN QUALITY GROUP BVBA
Registered Office :	De Tonne 49 9800 Deinze
Country :	Belgium
Financials (as on) :	30.06.2012
Date of Incorporation :	30.09.1999
Com. Reg. No.:	462923689
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of perfume and cosmetics
No. of Employees :	7

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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 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

REGISTERED NAME & COMPANY SUMMARY

Business number	462923689
Company name	BUDGET EN QUALITY GROUP BVBA
Address	DE TONNE 49
	9800 DEINZE
Number of staff	7
Date of establishment	30/09/1999
Telephone number	092203581
Fax number	092203581

DIRECTORS/MANAGEMENT

Current director details

Name	MIEKE VICTOR PIA VAN DOREN
Position	Principal Manager
Start Date	11/03/1998
Date of birth	24/07/1967
Street	11 OPSTAL DEINZE
Post code	9800
Country	Belgium
Name	MIEKE VAN DOREN
Position	Principal Manager
Start Date	19/08/2002
Street	84 PROEFTUINSTRAAT GENT
Post code	9000
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	462923689	Company name	BUDGET EN QUALITY GROUP BVBA
Fax number	092203581	Date founded	30/09/1999
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	30/06/2012
Activity code	46450	liable for VAT	yes
Activity description	Wholesale of perfume and cosmetics	VAT Number	BE.0462.923.689
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	462923689
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	-
Industry average payment expectation days	231.98	Industry average day sales outstanding	95.68
Day sales outstanding	-

Industry comparison

Activity code	46450
Activity description	Wholesale of perfume and cosmetics
industry average credit rating	61.15
Industry average credit limit	15392.37

Industry comparison

Activity code	46450
Activity description	Wholesale of perfume and cosmetics
Industry average payment expectation days	231.98
Industry average day sales outstanding	95.68

Industry quartile analysis

Payment expectations
Company result	-
Lower	99.86
Median	40.76
Upper	17.75
Day sales outstanding
Company result	-
Lower	88.80
Median	40.39
Upper	18.07

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
30/06/2012		280,324	679,364	740,243
30/06/2011		218,721	507,056	511,407
30/06/2010		316,063	363,672	420,077

Accounts & ratios

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
30/06/2012	1,317,847	7	18,592	238,434
30/06/2011	1,101,399	7	18,592	216,423
30/06/2010	899,012	8	18,592	249,705

Trends

Profitability
Liquidity
Net worth

Profit & loss

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	9,726,426	-
Total operating expenses	-	-	-	-	-	8,961,570	-
Operating result	246,154	3.90	236,903	-28.59	331,750	139,255	76.76
Total financial income	54,250	477	9,393	-15.35	11,097	16,831	222
Total financial expenses	20,079	-27.18	27,574	2.95	26,784	37,486	-46.44
Results on ordinary operations before taxation	280,324	28.17	218,721	-30.80	316,063	117,279	139
Taxation	108,016	43.38	75,338	-27.71	104,217	45,494	137
Results on ordinary operations after taxation	172,309	20.17	143,383	-32.32	211,847	81,597	111
Extraordinary items	0	-	0	0	-2,997	1,302	-100
Other appropriations	0.00	-100	1	-	0.00	-	-
Net result	172,309	20.17	143,384	-31.35	208,849	82,899	107
other information
Dividends	-	-	-	-	-	224,234	-
Director remuneration	-	-	-	-	-	21,054	-
Employee costs	372,786	38.95	268,288	27.64	210,197	719,493	-48.19
Wages and salary	268,034	31.95	203,137	30.38	155,800	527,740	-49.21
Employee pension costs	-	-	-	-	-	2,573	-
Social security contributions	71,803	59.76	44,943	28.30	35,030	160,393	-55.23
Other employee costs	32,949	63.05	20,208	4.34	19,367	36,778	-10.41
Amortization and depreciation	66,125	-9.47	73,039	78.77	40,856	42,060	57.22

Balance sheet

Annual accounts	30-06-2012	%	30-06-2011	%	30-06-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	25,835	-100
Tangible fixed assets	35,819	-64.86	101,944	39.08	73,301	246,083	-85.44
Land & building	-	-	-	-	-	325,708	-
Plant & machinery	-	-	2,855	-53.37	6,123	65,581	-
Other tangible assets	35,819	-63.85	99,089	47.50	67,177	64,567	-44.52
Financial fixed assets	11,368	-30.12	16,268	12.06	14,518	3,034	274
Total fixed assets	47,187	-60.08	118,212	34.61	87,818	270,173	-82.53
Inventories	427,230	59.25	268,274	-14.21	312,693	208,428	104
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	719	-100
Finished goods	0	-	0	-	0	73,281	-100
Other stocks	427,230	59.25	268,274	-14.21	312,693	89,473	377
Trade debtors	478,421	33.63	358,006	27.23	281,395	316,854	50.99
Cash	97,968	-1.10	99,055	-35.11	152,661	271,731	-63.95
other amounts receivable	37,643	31.79	28,563	-53.26	61,113	83,557	-54.95
Miscellaneous current assets	229,399	0.05	229,289	6780	3,332	1,225,762	-81.29
Total current assets	1,270,660	29.24	983,187	21.20	811,193	2,040,064	-37.71
current liabilities
Trade creditors	402,946	4.90	384,133	40.41	273,579	451,809	-10.81
Short term group loans	-	-	-	-	-	-	-
Other short term loans	12,444	-59.47	30,707	-57.34	71,975	69,278	-82.04
Miscellaneous current liabilities	115,027	102	56,940	24.97	45,562	-57.26	- -
Total current liabilities	530,417	12.43	471,780	20.62	391,116	781,372	-32.12
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	3,300	-	- -
Other long term liabilities	108,065	-11.83	122,563	-13.03	140,923	48,278	123
Total long term debts	108,065	-11.83	122,563	-15.02	144,223	141,180	-23.46
shareholders equity
Issued share capital	18,592	0.00	18,592	0.00	18,592	892,849	-97.92
Share premium account	-	-	-	-	-	0	-
Reserves	660,772	35.28	488,464	41.55	345,080	465,962	41.81
Revaluation reserve	-	-	-	-	-	130,623	-
Total shareholders equity	679,364	33.98	507,056	39.43	363,672	1,366,495	-50.28
Working capital	740,243	44.75	511,407	21.74	420,077	1,258,693	-41.19
Cashflow	238,434	10.17	216,423	-13.33	249,705	123,310	93.36
Net worth	679,364	33.98	507,056	39.43	363,672	1,340,660	-49.33

Ratio analysis

Annual accounts	30-06-2012	change(%)	30-06-2011	change(%)	30-06-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	31,00	-
Return on capital employed	35.60	2.48	34.74	-44.17	62.23	31,00	14.84
Return on total assets employed	21.27	7.10	19.86	-43.52	35.16	-18,00	118
Return on net assets employed	41.26	-4.36	43.14	-50.36	86.91	36,00	14.61
Sales / net working capital	-	-	-	-	-	18,00	-
Stock turnover ratio	-	-	-	-	-	21,00	-
Debtor days	-	-	-	-	-	397,00	-
Creditor days	-	-	-	-	-	-1.954,00	-
short term stability
Current ratio	2.40	15.38	2.08	0.48	2.07	2,00	20.00
Liquidity ratio / acid ratio	1.59	4.61	1.52	19.69	1.27	1,00	59.00
Current debt ratio	0.78	-16.13	0.93	-13.89	1.08	2,00	-61.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	1.83	-69.80	6.06	-70.72	20.70	87,00	-97.90
Equity in percentage	51.55	11.97	46.04	13.82	40.45	-291,00	17.71
Total debt ratio	0.94	-19.66	1.17	-20.41	1.47	3,00	-68.67

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Number of staff	7
Date of establishment	30/09/1999

Joint Industrial Committee (JIC)

JIC Code	116
Description	Joint committee for the chemical industry
category

JIC Code	207
Description	Joint committee for the employees off he chemical industry
category

Companies that match this address

no Companies Match this address

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

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%)

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