MIRA INFORM REPORT

Report Date :

06.11.2013

IDENTIFICATION DETAILS

Name :	BIJENHOF BVBA
Registered Office :	Moravie 30 8501 Kortrijk
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	16.10.1972
Com. Reg. No.:	427871255
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Import and Export of dozens of kinds of delicious honey, royal jelly and beeswax.
No. of Employees :	20

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

BIJENHOF BVBA - 427871255

Business number	427871255
Company name	BIJENHOF BVBA
Address	MORAVIE 30
	8501 KORTRIJK
Number of staff	21
Date of establishment	16/10/1972
Telephone number	056353367
Fax number	056371777

Commentary

The business was established over 28 years ago.
The business has 10 employees.
The business has been at the address for over 18 years.
There has been no significant change in the business's credit rating.
The credit limit for this business has increased from €41000 to €42500.
Operating Result in the latest trading period increased 86% on the previous trading period.
Net Worth increased by 26% during the latest trading period.
Pre-tax profits increased by 92% compared to the previous trading period.
Working Capital is a negative amount during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		204,662	1,580,137	-263,427
31/12/2011		106,506	1,247,301	-600,812
31/12/2010		18,683	1,211,212	-133,145

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	5,479,479	21	898,736	765,905
31/12/2011	5,291,663	15	898,736	468,810
31/12/2010	4,746,430	15	898,736	397,320

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	60.29	Industry average day sales outstanding	70.60
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	427871255		Company name	BIJENHOF BVBA
Fax number	056371777		Date founded	16/10/1972
Company status	active		Company type	Private Limited Company (BL/LX)
Currency	Euro (€)		Date of latest accounts	31/12/2012
Activity code	46389		liable for VAT	yes
Activity description	Wholesale of other foods, n.e.c.		VAT Number	BE.0427.871.255
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		18
Part-time Employees		3
Total Fte Employees		20
Number of hours worked
Full-time Employees		26,959
Part-time Employees		3,133
Total		30,092
Personnel Charges
Full-time Employees		545,440
Part-time Employees		61,098
Total		606,538
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		15
Actual working hours		22,993
Personnel Charges		457,851
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	20	2	22
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	14	-	14
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	5	2	7
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	1	1
Blue collar worker	20	1	21
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	13	1	14
Leavers	6	2	7

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 10 TO 19 EMPLOYEES

Joint Industrial Committee (JIC)

comparison mode

average

median

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	-	-	-	-	-	12,191,255	-
Total operating expenses	-	-	-	-	-	11,902,581	-
Operating result	283,172	86.40	151,913	117	69,751	90,455	213
Total financial income	7,353	-76.49	31,270	245	9,053	23,195	-68.30
Total financial expenses	85,864	11.98	76,677	27.54	60,122	28,519	201
Results on ordinary operations before taxation	204,662	92.16	106,506	470	18,683	82,367	148
Taxation	146,340	547	22,597	1872	1,146	45,797	219
Results on ordinary operations after taxation	58,321	-30.49	83,909	378	17,537	50,733	14.96
Extraordinary items	274,514	574	-47,820	-994	5,347	-2,462	11150
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	332,836	822	36,089	57.70	22,884	48,867	581
other information
Dividends	-	-	-	-	-	413,323	-
Director remuneration	-	-	-	-	-	410,005	-
Employee costs	606,538	32.48	457,851	-21.54	583,568	464,719	30.52
Wages and salary	604,641	32.74	455,506	-14.23	531,054	342,787	76.39
Employee pension costs	-	-	-	-	-	29,333	-
Social security contributions	-	-	-	-	-	118,435	-
Other employee costs	1,897	-19.11	2,345	-95.53	52,515	16,885	-88.77
Amortization and depreciation	433,069	0.08	432,722	15.57	374,436	81,607	430

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	18,320	-100
Tangible fixed assets	2,482,861	1.52	2,445,660	15.30	2,121,162	476,121	421
Land & building	2,155,778	5.44	2,044,630	18.99	1,718,323	507,889	324
Plant & machinery	273,640	-7.82	296,858	36.22	217,932	177,358	54.29
Furniture & Vehicles	53,444	-48.70	104,171	-43.66	184,906	34,322 11,340	55.71
Leasing & Other Similar Rights	-	-	-	-	-	125,984 16,778	-
Other tangible assets	0	-	0	-	0	16,569	-100
Financial fixed assets	-	-	-	-	-	509,176	-
Total fixed assets	2,482,861	1.52	2,445,660	15.30	2,121,162	759,383	226
Inventories	1,928,482	6.71	1,807,215	2.90	1,756,215	355,205	442
Raw materials & consumables	-	-	-	-	-	855,118	-
Work in progress	0	-	0	-	0	1,985	-100
Finished goods	0	-	0	-	0	132,406	-100
Other stocks	1,928,482	6.71	1,807,215	2.90	1,756,215	79,600	2322
Trade debtors	835,736	6.24	786,659	0.13	785,613	490,596	70.35
Cash	180,024	-11.78	204,071	231	61,517	142,727	26.13
other amounts receivable	52,376	8.98	48,058	119	21,924	154,265	-66.05
Miscellaneous current assets	0	-	0	-	0	63,544	-100
Total current assets	2,996,618	5.29	2,846,003	8.41	2,625,269	1,080,202	177
Total Assets	5,479,479	3.55	5,291,663	11.49	4,746,430	1,769,506 259,183	209
current liabilities
Trade creditors	310,901	-32.92	463,444	54.93	299,135	540,220	-42.45
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	44,993	377,421 22,342	-
Current portion of long term debt	1,130,692	11.15	1,017,287	43.63	708,262	73,062 21,805	1447
Amounts Payable for Taxes, Remuneration & Social Security	159,333	-13.37	183,927	24.95	147,200	11,412 -	119
Miscellaneous current liabilities	1,659,117	-6.90	1,782,157	14.33	1,558,824	1157	- -
Total current liabilities	3,260,044	-5.42	3,446,815	24.96	2,758,413	853,711	281
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	639,298	6.99	597,547	-23.08	776,805	75.70	- -
Deffered taxes	-	-	-	-	-	59,367 4,237	-
Provisions for Liabilities & Charges	0	-	0	-	0	13,251 0	-100
Other long term liabilities	0	-	0	-	0	27,083	-100
Total long term debts	639,298	6.99	597,547	-23.08	776,805	243,831	162
shareholders equity
Issued share capital	898,736	0	898,736	0	898,736	277,529	223
Share premium account	-	-	-	-	-	485,783	-
Reserves	681,401	95.49	348,565	11.55	312,476	348,517	95.51
Revaluation reserve	-	-	-	-	-	486,529	-
Total shareholders equity	1,580,137	26.68	1,247,301	2.98	1,211,212	657,850	140
Working capital	-263,427	43.85	-600,812	-351	-133,145	226,492	-216
Cashflow	765,905	63.37	468,810	17.99	397,320	119,574	540
Net worth	1,580,137	26.68	1,247,301	2.98	1,211,212	638,739	147
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ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	0,00	-
Return on capital employed	9.22	59.79	5.77	513	0.94	12,00	-23.17
Return on total assets employed	3.74	86.07	2.01	415	0.39	-15,00	24.93
Return on net assets employed	12.95	51.64	8.54	454	1.54	-2,00	647
Sales / net working capital	-	-	-	-	-	6,00	-
Stock turnover ratio	-	-	-	-	-	15,00	-
Debtor days	-	-	-	-	-	81,00	-
Creditor days	-	-	-	-	-	58,00	-
short term stability
Current ratio	0.92	10.84	0.83	-12.63	0.95	12,00	-69.33
Liquidity ratio / acid ratio	0.33	10.0	0.30	-6.25	0.32	11,00	-97.00
Current debt ratio	2.06	-25.36	2.76	21.05	2.28	3,00	-31.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	112.01	-13.49	129.47	2.49	126.32	327,00	-65.75
Equity in percentage	28.84	22.36	23.57	-7.64	25.52	-3.320,00	0.87
Total debt ratio	2.47	-23.77	3.24	10.96	2.92	4,00	-38.25

Industry comparison

Activity code	46389
Activity description	Wholesale of other foods, n.e.c.
industry average credit rating	62.13
Industry average credit limit	35493.45

Payment Information Summary

Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	0
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	1
Total number of Invoices currently outstanding beyond the due date	0

Industry comparison

Activity code	46389
Activity description	Wholesale of other foods, n.e.c.
Industry average payment expectation days	60.29
Industry average day sales outstanding	70.60

Industry quartile analysis

Payment expectations
Company result	-
Lower	69.13
Median	39.75
Upper	14.02
Day sales outstanding
Company result	-
Lower	67.03
Median	34.84
Upper	15.35

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	Pascal	Middle name	-
Surname	Deboeverie
Shareholder Details
Start date	18/12/1998	End date	-
Percentage owned	44%
Shareholder Address
Street name	Moravie	House number	30
Minor town	Bissegem	Postal town	Kortrijk
Post code	8501	Country	Belgium

---

Shareholder Name
Forename	-	Middle name	-
Surname	-
Shareholder Details
Start date	08/04/1997(estimated)	End date	-
Percentage owned	12%
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

Shareholder Name
Forename	-	Middle name	-
Surname	-
Shareholder Details
Start date	08/04/1997(estimated)	End date	-
Percentage owned	44%
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	-

Companies that match this address

Business number	Company name	Date of accounts
421176077	L V TRANS	-

Protested bills

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

NSSO details

Business number	427871255
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	PASCAL DEBOEVERIE
Position	Principal Manager
Start Date	06/09/2011
Date of birth	30/06/1965
Street	30 MORAVIE KORTRIJK
Post code	8501
Country	Belgium

Name	JEROEN DEBOEVERIE
Position	Principal Manager
Start Date	30/06/2010
Street	225 NORMANDIËSTRAAT WEVELGEM
Post code	8560
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.79
UK Pound	1	Rs.98.66
Euro	1	Rs.83.42

INFORMATION DETAILS

Report Prepared by :

SDA

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%)