MIRA INFORM REPORT

Report Date :

15.11.2013

IDENTIFICATION DETAILS

Name :	HANDSAEME-MACHINERY BVBA
Registered Office :	Abelestraat 102 8870 Izegem
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	12.12.1994
Com. Reg. No.:	453992860
Legal Form :	Private Limited Company
Line of Business :	Manufacture of machinery for textile, apparel and leather production
No. of Employees :	27

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

REGISTERED NAME & COMPANY SUMMARY

Company name	HANDSAEME-MACHINERY BVBA
Address	ABELESTRAAT 102
	8870 IZEGEM
Safe number	BE00321957
Number of staff	27
Date of establishment	12/12/1994
Telephone number	051301595
Fax number	051313745

DIRECTORS/MANAGEMENT

Current director details

Name	OLIVIER HANDSAEME
Position	Non Statutory Partner
Start Date	01/04/2011
Date of birth	20/02/1970
Street	82 IZEGEMSTRAAT INGELMUNSTER
Post code	8770
Country	Belgium

Name	OLIVIER HANDSAEME
Position	Principal Manager
Start Date	01/04/2011
Date of birth	20/02/1970
Street	82 IZEGEMSTRAAT INGELMUNSTER
Post code	8770
Country	Belgium

Former director details

Name	HAMACH BVBA
Position	Non Statutory Partner
Start Date	05/04/2011
End Date	31/03/2011
Date of birth	01/04/1936
Street	102 ABELESTRAAT IZEGEM
Post code	8870
Country	Belgium

Name	HAMACH BVBA
Position	Principal Manager
Start Date	18/08/2010
End Date	31/12/2012
Date of birth	01/04/1936
Street	102 ABELESTRAAT IZEGEM
Post code	8870
Country	Belgium

Name	HAMACH BVBA
Position	Legal Representative
Start Date	19/03/2008
End Date	31/03/2011
Date of birth	01/04/1936
Street	102 ABELESTRAAT IZEGEM
Post code	8870
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	453992860	Company name	HANDSAEME-MACHINERY BVBA
Fax number	051313745	Date founded	12/12/1994
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	28940	liable for VAT	yes
Activity description	Manufacture of machinery for textile, apparel and leather production	VAT Number	BE.0453.992.860
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	453992860
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.

Individual Shareholders

Shareholder Name
Forename	Olivier	Middle name	-
Surname	HANDSAEME
Shareholder Details
Start date	12/12/1994	End date	-
Percentage owned	-
Shareholder Address
Street name	Gentseheerweg	House number	82
Minor town	-	Postal town	Izegem
Post code	8870	Country	Belgium

Shareholder Name
Forename	Ronald	Middle name	-
Surname	Handsaeme
Shareholder Details
Start date	12/12/1994	End date	-
Percentage owned	-
Shareholder Address
Street name	-	House number	-
Minor town	-	Postal town	Waregem
Post code	-	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	48.86	Industry average day sales outstanding	21098.55
Day sales outstanding	-

Payment Information Summary

Total number of Invoices available	7
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	5
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	1

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	28940
Activity description	Manufacture of machinery for textile, apparel and leather production
Industry average payment expectation days	48.86
Industry average day sales outstanding	21098.55

Industry quartile analysis

Payment expectations
Company result	-
Lower	95.33
Median	79.45
Upper	56.11

Day sales outstanding
Company result	-
Lower	68.19
Median	53.12
Upper	23.51

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		243,137	2,197,401	2,071,223
31/12/2011		198,115	2,059,566	1,930,004
31/12/2010		238,287	1,914,003	1,760,814

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	3,436,947	27	112,605	219,720
31/12/2011	3,464,705	24	112,605	220,741
31/12/2010	2,560,632	23	112,605	255,005

Trends

Profitability
Liquidity
Net worth

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	25
Part-time Employees	5
Total Fte Employees	29
Number of hours worked
Full-time Employees	43,489
Part-time Employees	5,001
Total	48,490
Personnel Charges
Full-time Employees	1,300,429
Part-time Employees	149,540
Total	1,449,968
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	24
Actual working hours	40,477
Personnel Charges	1,123,625
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	24	4	27
Limited Duration Contracts	-	1	0
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	22	5	25
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	2	-	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	9	3	11
Blue collar worker	15	2	17
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	12	1	12
Leavers	9	1	9

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	6	2
Number of training hours	117	4,750
Net costs for enterprise	3,057	1,309
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	-	-	-	-	-	78,978,935	-
Total operating expenses	-	-	-	-	-	68,291,921	-
Operating result	254,435	39.85	181,932	0.50	181,025	3,565,769	-92.86
Total financial income	23,238	-39.57	38,451	-48.23	74,266	579,633	-95.99
Total financial expenses	34,536	55.09	22,268	30.96	17,004	394,454	-91.24
Results on ordinary operations before taxation	243,137	22.73	198,115	-16.86	238,287	3,719,080	-93.46
Taxation	50,962	-2.23	52,125	6.29	49,042	1,265,267	-95.97
Results on ordinary operations after taxation	192,175	31.64	145,990	-22.86	189,245	2,822,849	-93.19
Extraordinary items	-54,340	-12655	-426	78.89	-540	16,199	-435
Other appropriations	0.00	-	0	-	0	-	-
Net result	137,835	-5.31	145,564	-22.86	188,705	2,834,030	-95.14
other information
Dividends	-	-	-	-	50,000	98,888	-
Director remuneration	-	-	-	-	-	221,304	-
Employee costs	1,449,968	29.04	1,123,625	1.51	1,106,896	5,128,774	-71.73
Wages and salary	821,573	28.75	638,102	1.15	630,851	3,478,288	-76.38
Employee pension costs	-	-	-	-	-	311,815	-
Social security contributions	444,907	27.07	350,119	0.00	350,106	1,241,992	-64.18
Other employee costs	183,489	35.51	135,404	7.52	125,939	280,167	-34.51
Amortization and depreciation	81,885	8.92	75,177	13.39	66,300	740,773	-88.95

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	64,908	-100
Tangible fixed assets	255,219	-11.90	289,687	64.52	176,084	1,790,127	-85.74
Land & building	26,655	-27.58	36,806	-18.78	45,319	1,221,944	-97.82
Plant & machinery	219,321	-9.22	241,595	136	102,222	1,063,345	-79.37
Furniture & Vehicles	9,243	-18.10	11,286	-16.67	13,543	93,717 7,239	-90.14
Leasing & Other Similar Rights	-	-	-	-	-	434,808 151,100	-
Other tangible assets	0	-	0	-100	15,000	116,898	-100
Financial fixed assets	1,750	0.01	1,750	-55.56	3,938	29,920,549	-99
Total fixed assets	256,970	-11.83	291,437	61.89	180,022	23,621,335	-98.91
Inventories	372,913	26.70	294,333	30.54	225,475	3,841,098	-90.29
Raw materials & consumables	-	-	-	-	-	8,543,748	-
Work in progress	0	-	0	-	0	585,519	-100
Finished goods	0	-	0	-	0	525,293	-100
Other stocks	372,913	26.70	294,333	30.54	225,475	114,212	226
Trade debtors	1,216,960	-32.59	1,805,437	68.03	1,074,487	4,654,079	-73.85
Cash	887,475	103	435,440	6.69	408,146	637,043	39.31
other amounts receivable	672,277	10.48	608,525	-4.88	639,764	684,503	-1.79
Miscellaneous current assets	30,353	2.78	29,533	-9.79	32,738	4,652,724	-99
Total current assets	3,179,977	0.21	3,173,268	33.30	2,380,610	13,962,766	-77.23
Total Assets	3,436,947	-0.80	3,464,705	35.31	2,560,632	37,164,164 759,033	-90.75
current liabilities
Trade creditors	666,246	25.64	530,279	104	259,160	3,752,224	-82.24
Short term group loans	-	-	-	-	-	-	-
Financial debts	59,083	83.20	32,250	130	14,000	7,365,732 36,043	-99
Current portion of long term debt	125,000	-	-	-	6,714	920,456 122,500	-86.42
Amounts Payable for Taxes, Remuneration & Social Security	185,607	19.71	155,047	-14.38	181,079	35,180 -	-77.89
Miscellaneous current liabilities	72,817	-86.15	525,688	230	158,843	-96.04	- -
Total current liabilities	1,108,754	-10.82	1,243,264	100	619,796	10,697,441	-89.64
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	130,792	-19.20	161,875	503	26,833	-99	- -
Deffered taxes	-	-	-	-	-	50,364 7,604	-
Provisions for Liabilities & Charges	0	-	0	-	0	1,155,210 0	-100
Other long term liabilities	0	-	0	-	0	10,625	-100
Total long term debts	130,792	-19.20	161,875	503	26,833	7,234,714	-98.19
shareholders equity
Issued share capital	112,605	0.00	112,605	0	112,605	1,268,313	-91.12
Share premium account	-	-	-	-	-	304,965	-
Reserves	2,084,796	7.08	1,946,961	8.08	1,801,398	16,351,655	-87.25
Revaluation reserve	-	-	-	-	-	0	-
Total shareholders equity	2,197,401	6.69	2,059,566	7.61	1,914,003	17,683,502	-87.57
Working capital	2,071,223	7.32	1,930,004	9.61	1,760,814	3,265,326	-36.57
Cashflow	219,720	-0.46	220,741	-13.44	255,005	3,482,206	-93.69
Net worth	2,197,401	6.69	2,059,566	7.61	1,914,003	17,618,594	-87.53

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	6,00	-
Return on capital employed	10.44	17.04	8.92	-27.36	12.28	8,00	30.50
Return on total assets employed	7.07	23.60	5.72	-38.56	9.31	-6,00	117
Return on net assets employed	11.06	14.97	9.62	-22.73	12.45	24,00	-53.92
Sales / net working capital	-	-	-	-	-	1,00	-
Stock turnover ratio	-	-	-	-	-	18,00	-
Debtor days	-	-	-	-	-	69,00	-
Creditor days	-	-	-	-	-	44,00	-
short term stability
Current ratio	2.87	12.55	2.55	-33.59	3.84	6,00	187
Liquidity ratio / acid ratio	2.53	9.05	2.32	-33.33	3.48	4,00	-36.75
Current debt ratio	0.50	-16.67	0.60	87.50	0.32	1,00	-50.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	14.33	51.96	9.43	280	2.48	88,00	-83.72
Equity in percentage	63.93	7.55	59.44	-20.48	74.75	32,00	99
Total debt ratio	0.56	-17.65	0.68	100	0.34	2,00	-72.00

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 20 TO 49 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	111
Description	JC for the metal, machinery and electrical construction
category

JIC Code	209
Description	Joint committee for the employees off the metal industry
category

Rating History

Date	Rating	Description
23/08/2013	93	very good credit worthiness
28/08/2012	93	very good credit worthiness
03/07/2012	62	credit worthy

Limit History

Date	Credit limit
23/08/2013	260,000
28/08/2012	215,000
28/08/2012	260,000
03/07/2012	130,000

Companies that match this address

Business number	Company name	Rating	Limit	Date of accounts
407112562	HAMACH BVBA	83	13500	31/12/2012
452309911	CECOPA BVBA	76	49500	31/12/2012
895299409	F.E. HAMACH	71	1500	-

NOTES & COMMENTS

Commentary

The business was established over 18 years ago.
The business has 20 employees.
The business has been at the address for over 18 years.
The credit rating for this business has decreased from 93 to 91.
The credit limit for this business has increased from €260000 to €285000.
Operating Result in the latest trading period increased 39% on the previous trading period.
Pre-tax profits increased by 22% compared to the previous trading period.
The business saw an increase in their Cash Balance of 103% during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.06
UK Pound	1	Rs.101.15
Euro	1	Rs.84.95

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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