MIRA INFORM REPORT

Report Date :

21.11.2013

IDENTIFICATION DETAILS

Name :	EURO OVERSEAS EN TRADING BVBA
Registered Office :	Lange Gang 12-Bus 1 2000 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	19.07.1999
Com. Reg. No.:	466481611
Legal Form :	Private Limited Company
Line of Business :	Wholesale of waste and scrap
No. of Employees :	02

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

Business number	466481611
Company name	EURO OVERSEAS EN TRADING BVBA
Address	LANGE GANG 12-Bus 1
	2000 ANTWERPEN
Safe number	BE00418013
Number of staff	2
Date of establishment	19/07/1999
Telephone number	032030562
Fax number

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Commentary

The business was established over 14 years ago.

The business has 1 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 32% on the previous trading period.

A 35% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 182% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 22% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		29,817	150,490	158,645
31/12/2011		10,544	150,239	164,661
31/12/2010		-7,058	144,431	138,098

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	2,862,273	2	18,592	19,026
31/12/2011	2,113,907	3	18,592	26,048
31/12/2010	2,882,387	2	18,592	20,485

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	96.66	Industry average day sales outstanding	89.30
Day sales outstanding	-

Court data summary

Date of summons	-
Business number	466481611	Company name	EURO OVERSEAS EN TRADING BVBA
Fax number		Date founded	19/07/1999
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46779	liable for VAT	yes
Activity description	Wholesale of waste and scrap, n.e.c.	VAT Number	BE.0466.481.611
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		2
Part-time Employees		1
Total Fte Employees		3
Number of hours worked
Full-time Employees		2,820
Part-time Employees		1,071
Total		3,891
Personnel Charges
Full-time Employees		78,236
Part-time Employees		27,383
Total		105,619
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		2
Actual working hours		3,979
Personnel Charges		96,351
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	2	1	3
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	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	1	1	2
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	2	-	2
Blue collar worker	-	1	1
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	-	1	1
Leavers	1	-	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	-	-
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 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	100
Description	Additional joint committee for labourers
category

JIC Code	218
Description	Additional national joint committee for the employees
category

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	-	-	-	-	-	17,185,484	-
Total operating expenses	-	-	-	-	-	17,012,473	-
Operating result	137,858	32.38	104,136	-51.50	214,700	79,501	73.40
Total financial income	249,254	-73.46	939,173	93.21	486,080	9,275	2587
Total financial expenses	357,295	-65.40	1,032,765	45.90	707,838	56,470	532
Results on ordinary operations before taxation	29,817	182	10,544	149	-7,058	31,423	-5.11
Taxation	13,718	17.67	11,658	3.45	11,269	36,559	-62.48
Results on ordinary operations after taxation	16,099	1445	-1,114	6.08	-18,327	87	18404
Extraordinary items	-15,848	-328	6,921	-63.30	18,856	-2,162	-633
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	251	-95.67	5,807	997	529	-3,069	8.18
other information
Dividends	-	-	-	-	80,000	3,333	-
Director remuneration	-	-	-	-	-	0	-
Employee costs	105,619	9.62	96,351	-9.63	106,614	600,428	-82.41
Wages and salary	84,433	3.91	81,255	-4.38	84,973	404,483	-79.13
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	18,920	12.21	16,860	-16.73	20,247	138,076	-86.30
Other employee costs	2,266	128	-1,764	-226	1,394	30,312	-92.52
Amortization and depreciation	18,775	-7.24	20,241	1.43	19,956	81,240	-76.89
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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	38,008	-100
Tangible fixed assets	117,920	-12.72	135,103	19.49	113,065	822,233	-85.66
Land & building	88,198	-6.38	94,209	-6.00	100,221	800,094	-88.98
Plant & machinery	633	-34.60	968	-50.00	1,936	45,205	-98.60
Furniture & Vehicles	29,089	-19.88	36,308	888	3,673	49,054 18,569	-40.70
Leasing & Other Similar Rights	-	-	3,618	-50.00	7,235	567,970 119,540	-
Other tangible assets	0	-	0	-	0	45,155	-100
Financial fixed assets	86,346	-2.33	88,406	0	88,406	69,822	23.67
Total fixed assets	204,266	-8.61	223,510	10.94	201,472	854,336	-76.09
Inventories	36,089	44.07	25,050	-8.58	27,400	517,960	-93.03
Raw materials & consumables	-	-	-	-	-	575,524	-
Work in progress	0	-	0	-	0	9,952	-100
Finished goods	0	-	0	-	0	110,913	-100
Other stocks	36,089	44.07	25,050	-8.58	27,400	65,488	-44.89
Trade debtors	2,238,387	63.53	1,368,754	-33.49	2,058,046	639,762	249
Cash	374,479	-22.20	481,358	-17.53	583,649	230,260	62.63
other amounts receivable	9,052	-36.50	14,254	369	3,037	36,331	-75.09
Miscellaneous current assets	0	-100	982	-88.82	8,783	44,114	-100
Total current assets	2,658,006	40.61	1,890,397	-29.49	2,680,916	1,235,479	115
Total Assets	2,862,273	35.40	2,113,907	-26.66	2,882,387	2,089,816 243,847	36.96
current liabilities
Trade creditors	2,133,233	44.77	1,473,566	-32.84	2,194,240	305,334	598
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	543,548 193,911	-
Current portion of long term debt	25,511	-8.92	28,009	82.04	15,386	261,730 81,955	-90.25
Amounts Payable for Taxes, Remuneration & Social Security	25,990	13.99	22,801	21.78	18,723	24,946 -	-85.03
Miscellaneous current liabilities	314,627	56.25	201,360	-35.97	314,469	40.90	- -
Total current liabilities	2,499,362	44.83	1,725,736	-32.13	2,542,818	978,047	155
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	172,033	-12.91	197,544	1.23	195,138	-68.17	- -
Deffered taxes	-	-	-	-	-	10,424 10,424	-
Provisions for Liabilities & Charges	40,388	0	40,388	-	0	8,464 0	377
Other long term liabilities	0	-	0	-	0	49,284	-100
Total long term debts	212,421	-10.72	237,932	21.93	195,138	316,124	-32.80
shareholders equity
Issued share capital	18,592	0	18,592	0	18,592	557,666	-96.67
Share premium account	-	-	-	-	-	0	-
Reserves	131,898	0.19	131,647	4.61	125,839	137,922	-4.37
Revaluation reserve	-	-	-	-	-	700,401	-
Total shareholders equity	150,490	0.17	150,239	4.02	144,431	795,645	-81.09
Working capital	158,645	-3.65	164,661	19.24	138,098	257,432	-38.37
Cashflow	19,026	-26.96	26,048	27.16	20,485	78,171	-75.66
Net worth	150,490	0.17	150,239	4.02	144,431	757,636	-80.14
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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	-	-	-	-	-	8,00	-
Return on capital employed	8.22	202	2.72	130	-2.08	9,00	-8.67
Return on total assets employed	1.04	108	0.50	208	-0.24	9,00	-88.44
Return on net assets employed	19.81	182	7.02	143	-4.89	17,00	16.53
Sales / net working capital	-	-	-	-	-	-394,00	-
Stock turnover ratio	-	-	-	-	-	8,00	-
Debtor days	-	-	-	-	-	55,00	-
Creditor days	-	-	-	-	-	42,00	-
short term stability
Current ratio	1.06	-3.64	1.10	4.76	1.05	7,00	-47.00
Liquidity ratio / acid ratio	1.05	-2.78	1.08	3.85	1.04	7,00	-85.00
Current debt ratio	16.61	44.56	11.49	-34.75	17.61	2,00	730
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	131.27	-12.56	150.13	3.00	145.76	94,00	39.65
Equity in percentage	5.26	-26.02	7.11	41.92	5.01	52,00	-89.88
Total debt ratio	18.02	37.87	13.07	-31.07	18.96	2,00	801

Industry comparison

Industry comparison

Activity code	46779
Activity description	Wholesale of waste and scrap, n.e.c.
Industry average payment expectation days	96.66
Industry average day sales outstanding	89.30

Industry quartile analysis

Payment expectations
Company result	-
Lower	66.56
Median	36.87
Upper	12.52
Day sales outstanding
Company result	-
Lower	61.18
Median	33.62
Upper	15.07

Company result	-
Lower	66.56
Median	36.87
Upper	12.52

Company result	-
Lower	61.18
Median	33.62
Upper	15.07

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

Companies that match this address

no Companies Match this address

NSSO details

Business number	466481611
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	POPATLAI PATEL HARIKRISHNA
Position	Principal Manager
Start Date	01/02/2000
Street	213 ITALIËLEI ANTWERPEN
Post code	2000
Country	Belgium

Name	HARIKRISHNA POPATLAL PATEL
Position	Principal Manager
Start Date	21/07/2012
Street	213 ITALIELEI ANTWERPEN
Post code	2000
Country	Belgium

Former director details

Name	HARIKRISHNA POPATLAT PATEL
Position	Principal Manager
Start Date	30/07/2011
End Date	31/12/2011
Street	213 ITALIELEI ANTWERPEN
Post code	2000
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.56
UK Pound	1	Rs.100.77
Euro	1	Rs.84.71

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.