MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	UNIVERSAL RUBBER MANUFACTURING NV

Registered Office :	Steenweg Op Buda 26 1830 Machelen

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	01.01.1968

Com. Reg. No.:	402665113

Legal Form :	Public Limited Liability Company

Line of Business :	Manufacture of other rubber products

No. of Employees :	09

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
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

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	402665113
Company name	UNIVERSAL RUBBER MANUFACTURING NV
Address	STEENWEG OP BUDA 26
	1830 MACHELEN
Safe number	BE00020974
Number of staff	9
Date of establishment	01/01/1968
Telephone number	022515242
Fax number	022514908

DIRECTORS/MANAGEMENT

Current director details

Name	LÉON JOSEPH VICTOR ALLIANCE
Position	Director
Start Date	07/10/2011
Street	30 NIJVERHEIDSSTRAAT ZAVENTEM
Post code	1930
Country	Belgium

Name	THILY-EST NV
Position	Director
Start Date	07/10/2011
Date of birth	28/06/1995
Street	30 NIJVERHEIDSSTRAAT ZAVENTEM
Post code	1930
Country	Belgium

Name	MICHEL ALLIANCE
Position	Managing Director
Start Date	07/10/2011

Name	MICHEL ALLIANCE
Position	Director
Start Date	21/06/2010

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	14/04/2006

Business number	402665113	Company name	UNIVERSAL RUBBER MANUFACTURING NV
Fax number	022514908	Date founded	01/01/1968
Company status	Active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	22190	liable for VAT	yes
Activity description	Manufacture of other rubber products	VAT Number	BE.0402.665.113
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	402665113
Name of defendant	UNIVERSAL RUBBER MANUFACTURING
Legal form of defendant	Limited company
Date of summons	14/04/2006
Labour court	BRUXELLES
View more

Bankruptcy details

There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	14/04/2006	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Brussel
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party

Legal event type	Social Security Summons
Legal event sub type
Event date	10/03/2006	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Brussel
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

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	60.59	Industry average day sales outstanding	82.67
Day sales outstanding	-

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

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	22190
Activity description	Manufacture of other rubber products
Industry average payment expectation days	60.59
Industry average day sales outstanding	82.67

Industry quartile analysis

Payment expectations
Company result	-
Lower	81.37
Median	58.93
Upper	37.80

Day sales outstanding
Company result	-
Lower	63.29
Median	36.46
Upper	14.65

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		141,974	-58,409	108,453
31/12/2011		120,018	-167,907	-287,807
31/12/2010		-19,094	-294,690	-315,952

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	2,678,206	9	375,000	179,256
31/12/2011	2,343,723	10	375,000	180,807
31/12/2010	2,288,226	10	375,000	70,063

Trends

Profitability
Liquidity
Net worth

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	9
Part-time Employees	0
Total Fte Employees	9

Number of hours worked
Full-time Employees	15,576
Part-time Employees	136
Total	15,712

Personnel Charges
Full-time Employees	-
Part-time Employees	-
Total	-
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	10
Actual working hours	17,817
Personnel Charges	546,912
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	9	-	9
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	5	-	5
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	4	-	4
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	7	-	7
Blue collar worker	2	-	2
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	-	-	-
Leavers	-	2	1

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	93	84
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	-	-

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	-	-	-	-	-	14,958,015	-
Total operating expenses	-	-	-	-	-	14,466,975	-
Operating result	286,803	14.93	249,547	114	116,093	281,348	1.94
Total financial income	1,040	4.00	1,000	-35.21	1,543	211,641	-99
Total financial expenses	145,869	11.75	130,530	-4.53	136,730	59,762	144
Results on ordinary operations before taxation	141,974	18.29	120,018	628	-19,094	424,023	-66.52
Taxation	15,170	-	-	-	-3	104,300	-85.46
Results on ordinary operations after taxation	126,804	5.65	120,018	628	-19,090	342,073	-62.93
Extraordinary items	-13,001	-16.31	-11,178	-236	8,160	10,764	-220
Other appropriations	1	-	0	-	0.00	-	-
Net result	113,804	4.56	108,840	995	-10,930	354,793	-67.92

Other information
Dividends	-	-	-	-	-	480,454	-
Director remuneration	-	-	-	-	-	279,875	-
Employee costs	522,062	-4.54	546,912	4.23	524,713	1,260,794		-58.59
Wages and salary	378,792	-3.48	392,449	5.24	372,926	905,712		-58.18
Employee pension costs	-	-	-	-	-	89,244		-
Social security contributions	119,220	-3.47	123,509	5.43	117,153	328,831		-63.74
Other employee costs	24,049	-22.31	30,955	-10.62	34,635	50,220		-52.11
Amortization and depreciation	65,452	-9.05	71,967	-11.14	80,993	189,242		-65.41

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	46,544	-	60,238	-	78,182	23,139	101
Tangible fixed assets	557,389	-3.17	575,658	-6.43	615,235	739,957	-24.67
Land & building	371,840	0	371,840	0.00	371,840	439,827	-15.46
Plant & machinery	125,379	-14.50	146,636	-4.18	153,035	453,011	-72.32
Furniture & Vehicles	6,272	131	2,715	-84.46	17,466	107,194 17,643	-94.15
Leasing & Other Similar Rights	53,898	-1.04	54,466	-25.28	72,893	77,064 46,574	-30.06
Other tangible assets	0	-100	1	-	0	16,035	-100
Financial fixed assets	12,560	0	12,560	0.00	12,560	497,324	-97.47
Total fixed assets	616,492	-4.93	648,455	-8.15	705,976	1,074,288	-42.61
Inventories	800,599	24.44	643,356	-14.98	756,729	1,064,901	-24.82
Raw materials & consumables	-	-	-	-	-	1,115,992	-
Work in progress	0	-	0	-	0	44,537	-100
Finished goods	0	-	0	-	0	440,255	-100
Other stocks	800,599	24.44	643,356	-14.98	756,729	111,863	615
Trade debtors	1,147,614	32.58	865,631	14.00	759,300	1,141,392	0.55
Cash	-	-	69,435	2767	2,422	635,445	-
other amounts receivable	96,694	8.03	89,503	58.28	56,548	2,642,799	-96.34
Miscellaneous current assets	16,807	-38.53	27,343	277	7,251	250,525	-93.29
Total current assets	2,061,714	21.62	1,695,268	7.14	1,582,250	5,514,538	-62.61
Total Assets	2,678,206	14.27	2,343,723	2.43	2,288,226	6,531,275 997,730	-58.99
Current liabilities
Trade creditors	590,291	33.02	443,775	-23.59	580,748	740,431	-20.28
Short term group loans	-	-	-	-	-	-	-
Financial debts	758,920	-13.79	880,275	15.65	761,171	827,643 127,400	-8.30
Current portion of long term debt	116,407	49.79	77,716	-38.97	127,349	70,993 31,631	63.97
Amounts Payable for Taxes, Remuneration & Social Security	333,216	-15.44	394,057	13.49	347,220	66,075 -	20.59
Miscellaneous current liabilities	154,427	-17.53	187,252	129	81,713	-41.10	- -
Total current liabilities	1,953,261	-1.50	1,983,075	4.47	1,898,202	1,514,434	28.98
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	736,810	57.33	468,317	-22.79	606,533	62.84	- -
Deffered taxes	-	-	-	-	-	80,796 10,589	-
Provisions for Liabilities & Charges	0	-	0	-	0	181,675 0	-100
Other long term liabilities	0	-	0	-	0	103,489	-100
Total long term debts	736,810	57.33	468,317	-22.79	606,533	509,666	44.57
Shareholders equity
Issued share capital	375,000	0	375,000	0	375,000	1,499,061	-74.98
Share premium account	-	-	-	-	-	50,070	-
Reserves	-386,865	80.15	-482,669	81.60	-591,508	2,998,543	-112
Revaluation reserve	-	-	-	-	-	128,597	-
Total shareholders equity	-11,865	11.02	-107,669	49.73	-216,508	4,507,175	-100
Working capital	108,453	37.68	-287,807	91.09	-315,952	4,000,104	-97.29
Cashflow	179,256	-0.86	180,807	158	70,063	533,898	-66.43
Net worth	-58,409	34.79	-167,907	56.98	-294,690	4,484,036	-101

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	-1,00	-
Return on capital employed	19.58	-41.17	33.28	679	-4.90	5,00	291
Return on total assets employed	5.30	3.52	5.12	616	-0.83	3,00	76.67
Return on net assets employed	-1196.58	-973	-111.47	-1363	8.82	-10,00	-11865
Sales / net working capital	-	-	-	-	-	3,00	-
Stock turnover ratio	-	-	-	-	-	25,00	-
Debtor days	-	-	-	-	-	87,00	-
Creditor days	-	-	-	-	-	54,00	-
Short term stability
Current ratio	1.06	24.71	0.85	2.41	0.83	5,00	53.00
Liquidity ratio / acid ratio	0.65	22.64	0.53	23.26	0.43	4,00	-83.75
Current debt ratio	-164.62	-793	-18.42	-110	-8.77	-2,00	-8131
Liquidity ratio reprocessed	-	-	-	-	-	-	-
Long term stability
Gearing	-13587.33	-925	-1324.72	-91.84	-690.53	-286,00	-4650
Equity in percentage	-0.45	9.53	-4.72	48.16	-9.80	47,00	-100
Total debt ratio	-226.72	-895	-22.77	-96.80	-11.57	-2,00	-11236

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	FROM 5 TO 9 EMPLOYEES

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

Significant Events

Event Date	06/02/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 08-05-2013: Herbenoemd als bestuurder en gedelegeerd bestuurder voor een periode van zes jaar: Alliance Michel.

Industry comparison

Activity code	22190
Activity description	Manufacture of other rubber products
Industry average credit rating	72.49
Industry average credit limit	280715.91

NOTES & COMMENTS

Commentary

The business was established over 67 years ago.
The business has 5 employees.
The business has been at the address for over 18 years.
The credit rating for this business has increased from 69 to 79.
The credit limit for this business has increased from €0 to €68000.
Net Worth is a negative amount during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIS

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.