MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	ANUCHEM BVBA

Registered Office :	Seringenlaan 32 2940 Stabroek

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	07.04.1993

Com. Reg. No.:	449832352

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of chemical products for industrial use

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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	449832352
Company name	ANUCHEM BVBA
Address	SERINGENLAAN 32
	2940 STABROEK
Number of staff	0
Date of establishment	07/04/1993
Telephone number	033256065
Fax number

DIRECTORS/MANAGEMENT

Current director details

Name	RONY VERSCHAEREN
Position	Principal Manager
Start Date	01/06/2011
Street	32 SERINGENLAAN STABROEK
Post code	2940
Country	Belgium

Name	ASIT D. JAVERI
Position	Principal Manager
Start Date	01/06/2011
Street	37 RATNAGAR PALACE BOMBAY
Post code
Country	India

Name	JANI NITIN RAMESHCHANDRA
Position	Principal Manager
Start Date	01/06/2011
Street	62 GOREGAON WEST MUMBAI
Post code
Country	India

Former director details

Name	JAN HERMAN CAMUS
Position	Director
Start Date	28/11/1997
End Date	-
Street	52 BIJLSTRAAT BEVEREN-WAAS
Post code	9120
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	449832352	Company name	ANUCHEM BVBA
Fax number		Date founded	07/04/1993
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46751	liable for VAT	yes
Activity description	Wholesale of chemical products for industrial use	VAT Number	BE.0449.832.352
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	449832352
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

\csukserver01002INT'L CREDIT REPORT2013.11.002013.11.04servicescompany_searchpayment_information.aspx?CompanyNumber=449832352Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	67.38	Industry average day sales outstanding	112.86
Day sales outstanding	-

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average credit rating	69
Industry average credit limit	167313.70

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	67.38
Industry average day sales outstanding	112.86

Industry quartile analysis

Payment expectations
Company result	-
Lower	90.72
Median	60.36
Upper	39.22

Day sales outstanding
Company result	-
Lower	69.24
Median	41.56
Upper	24.13

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

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

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		19,947	77,317	77,317
31/12/2011		1,221	59,244	59,244
31/12/2010		-126	58,024	58,024

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	-	0	18,750	19,947
31/12/2011	-	0	18,750	1,221
31/12/2010	-	0	18,750	-126

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	-	-	-	-	-	45,939,311	-
Total operating expenses	-	-	-	-	-	44,149,557	-
Operating result	41,060	69.33	24,248	98.03	-24,736	718,265	-94.28
Total financial income	51,386	-54.59	113,158	152	44,765	484,346	-89.39
Total financial expenses	72,499	-46.76	136,186	575	20,154	274,606	-73.60
Results on ordinary operations before taxation	19,947	1533	1,221	969	-126	898,391	-97.78
Taxation	-	-	0	-	-	213,107	-
Results on ordinary operations after taxation	19,947	1533	1,221	969	-126	727,007	-97.26
Extraordinary items	0	-	0	-	0	-2,054	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	19,947	1533	1,221	969	-126	724,847	-97.25
other information
Dividends	1,875	-	-	-	-	3,352,822	-99
Director remuneration	-	-	-	-	-	225,866	-
Employee costs	-	-	-	-	-	1,164,313	-
Wages and salary	-	-	-	-	-	831,361	-
Employee pension costs	-	-	-	-	-	226,555	-
Social security contributions	-	-	-	-	-	247,265	-
Other employee costs	0	-	0	-	0	63,522	-100
Amortization and depreciation	-	-	-	-	-	294,281	-

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	42,136	-100
Tangible fixed assets	-	-	-	-	-	1,345,554	-
Land & building	-	-	-	-	-	780,687	-
Plant & machinery	-	-	-	-	-	1,234,473	-
Furniture & Vehicles	-	-	-	-	-	52,608 17,814	-
Leasing & Other Similar Rights	-	-	-	-	-	77,450 30,094	-
Other tangible assets	0	-	0	-	0	83,030	-100
Financial fixed assets	-	-	-	-	-	4,327,457	-
Total fixed assets	-	-	-	-	-	4,143,465	-
Inventories	203,296	383	42,055	-6.83	45,140	2,870,377	-92.92
Raw materials & consumables	-	-	-	-	-	3,064,998	-
Work in progress	0	-	0	-	0	41,798	-100
Finished goods	0	-	0	-	0	1,401,642	-100
Other stocks	203,296	383	42,055	-6.83	45,140	137,259	48.11
Trade debtors	287,300	-65.36	829,300	264	227,349	3,225,166	-91.09
Cash	15,678	-30.40	22,527	-23.05	29,274	533,837	-97.06
other amounts receivable	983	-64.20	2,745	54795	5	1,944,894	-99
Miscellaneous current assets	0	-	0	-	0	3,246,603	-100
Total current assets	507,257	-43.43	896,627	197	301,768	10,804,109	-95.30
Total Assets	507,257	-43.43	896,627	197	301,768	14,573,165 880,290	-96.52
current liabilities
Trade creditors	428,066	-48.88	837,383	245	242,175	2,411,906	-82.25
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	5,607,156 183,807	-
Current portion of long term debt	-	-	-	-	-	268,671 34,844	-
Amounts Payable for Taxes, Remuneration & Social Security	-	-	-	-	163	36,535 -	-
Miscellaneous current liabilities	1,875	-	0	-100	1,406	-99	- -
Total current liabilities	429,941	-48.66	837,383	243	243,744	6,583,447	-93.47
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	35,253 7,061	-
Provisions for Liabilities & Charges	0	-	0	-	0	165,846 0	-100
Other long term liabilities	0	-	0	-	0	95,748	-100
Total long term debts	0	-	0	-	0	1,389,083	-100
shareholders equity
Issued share capital	18,750	0	18,750	0	18,750	4,334,090	-99
Share premium account	-	-	-	-	-	478,834	-
Reserves	58,567	44.63	40,494	3.11	39,274	2,233,625	-97.38
Revaluation reserve	-	-	-	-	-	217,864	-
Total shareholders equity	77,317	30.50	59,244	2.10	58,024	6,600,635	-98.83
Working capital	77,317	30.50	59,244	2.10	58,024	4,220,662	-98.17
Cashflow	19,947	1533	1,221	969	-126	983,672	-97.97
Net worth	77,317	30.50	59,244	2.10	58,024	6,558,499	-98.82

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	185,00	-
Return on capital employed	25.80	1152	2.06	936	-0.22	-32,00	80.62
Return on total assets employed	3.93	2707	0.14	350	-0.04	-4,00	98.25
Return on net assets employed	25.80	1152	2.06	936	-0.22	-25,00	103
Sales / net working capital	-	-	-	-	-	-3,00	-
Stock turnover ratio	-	-	-	-	-	12,00	-
Debtor days	-	-	-	-	-	100,00	-
Creditor days	-	-	-	-	-	69,00	-
short term stability
Current ratio	1.18	10.28	1.07	-13.71	1.24	14,00	-60.67
Liquidity ratio / acid ratio	0.71	-30.39	1.02	-2.86	1.05	14,00	-94.93
Current debt ratio	5.56	-60.65	14.13	236	4.20	3,00	85.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	86,00	-
Equity in percentage	15.24	130	6.61	-65.63	19.23	-73,00	20.88
Total debt ratio	5.56	-60.65	14.13	236	4.20	5,00	11.20

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

Companies that match this address

Business number	Company name	Date of accounts
478786357	DE PAEPE - DELEU IN VEREFFENING BVBA	31/03/2006
812739442	VERRON BVBA	31/12/2012

NOTES & COMMENTS

Commentary

The business was established over 20 years ago.
The business has 2 employees.
The business has been at the address for over 4 years.
There has been no significant change in the business's credit rating.
There has been no significant change in the business's credit limit.
Operating Result in the latest trading period increased 69% on the previous trading period.
Net Worth increased by 30% during the latest trading period.
A 43% decline in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 1533% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 30% during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

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%)

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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.