MIRA INFORM REPORT

Report Date :

03.04.2014

IDENTIFICATION DETAILS

Name :	EXELCO

Registered Office :	Pelikaanstraat 62 B.160 Antwerpen, 2018

Country :	Belgium

Financials (as on) :	31.12.2012

Year of Establishments:	1995

Com. Reg. No.:	454661071

Legal Form :	Private Independent Company

Line of Business :	· Wholesaler of waste and scrap and other products · Wholesaler of Furniture, Floor Covering and Other Goods

No. of Employees :	11

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 – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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

EXELCO

Pelikaanstraat 62 B.160


Antwerpen, 2018
Belgium


Tel:	03 707 20 31
Fax:	03 233 88 41

Employees:	11
Company Type:	Private Independent Company

Incorporation Date:	1995


Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	140.1 ¹
Total Assets:	50.5

Business Description

· Wholesaler of waste and scrap and other products

· Wholesaler of Furniture, Floor Covering and Other Goods

Industry

Industry	Miscellaneous Wholesale
ANZSIC 2006:	373 - Furniture, Floor Covering and Other Goods Wholesaling
ISIC Rev 4:	4669 - Wholesale of waste and scrap and other products n.e.c.
NACE Rev 2:	4676 - Wholesale of other intermediate products
NAICS 2012:	4239 - Miscellaneous Durable Goods Merchant Wholesalers
UK SIC 2007:	4676 - Wholesale of other intermediate products
US SIC 1987:	509 - Miscellaneous Durable Goods

Key Executives

Name	Title
Lior Kunstler	Managing Director
Emmanuel Landau	Administrator
Stefaan Paul Maria Beirens	Representative/Auditor
Hendrik Barnhoorn	Shareholders' Representative
Fazal Chaudhri	Shareholders' Representative

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location
Pelikaanstraat 62 B.160
Antwerpen, 2018
Belgium

Tel:	03 707 20 31
Fax:	03 233 88 41

$Description: \\vivek\Foreign Report Raw\Exelco_files\spacer.gif$

Sales EUR(mil):	109.0
Assets EUR(mil):	38.2
Employees:	11
Fiscal Year End:	31-Dec-2012

$Description: \\vivek\Foreign Report Raw\Exelco_files\spacer.gif$

Industry:

Retail

(Department and Discount)

$Description: \\vivek\Foreign Report Raw\Exelco_files\spacer.gif$

Incorporation Date:	1995
Company Type:	Private Independent Company
Quoted Status:	Not Quoted
Registered No.(VAT):	454661071

$Description: \\vivek\Foreign Report Raw\Exelco_files\spacer.gif$
Managing Director:	Lior Kunstler

Industry Codes

ANZSIC 2006 Codes:
373	-	Furniture, Floor Covering and Other Goods Wholesaling

ISIC Rev 4 Codes:
4669	-	Wholesale of waste and scrap and other products n.e.c.

NACE Rev 2 Codes:
4676	-	Wholesale of other intermediate products

NAICS 2012 Codes:
4239	-	Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:
509	-	Miscellaneous Durable Goods

UK SIC 2007:
4676	-	Wholesale of other intermediate products

Business Description

· Wholesaler of waste and scrap and other products

· Wholesaler of Furniture, Floor Covering and Other Goods

Financial Data

Financials in:	EUR(mil)
$Description: \\vivek\Foreign Report Raw\Exelco_files\spacer.gif$
Revenue:	109.0
Assets:	38.2
Current Assets:	37.2
Fixed Assets:	1.1
Total Liabilities:	38.2
Issued Capital:	3.3
Net Worth:	3.3
$Description: \\vivek\Foreign Report Raw\Exelco_files\spacer.gif$
Date of Financial Data:	31-Dec-2012

$Description: \\vivek\Foreign Report Raw\Exelco_files\spacer.gif$

1 Year Growth

Executives Report

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Board of Directors

Name

Title

Function

Lior Kunstler

Managing Director

Director/Board Member

Age: 46

Executives

Name

Title

Function

Lior Kunstler

Managing Director

Age: 46

Emmanuel Landau

Administrator

Administration Executive

Stefaan Paul Maria Beirens

Representative/Auditor

Accounting Executive

Age: 38

Philippe Anna Richard Francois

Representative/Auditor

Accounting Executive

Age: 52

Hendrik Barnhoorn

Shareholders' Representative

Shareholder Relations Executive

Fazal Chaudhri

Shareholders' Representative

Shareholder Relations Executive

Gary Gutfreund

Shareholders' Representative

Shareholder Relations Executive

Sona Pillay

Shareholders' Representative

Shareholder Relations Executive

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No

Turnover	140.1	131.4	96.3
Other Operating Income	0.8	0.7	0.0
Operating Income	141.0	132.2	96.4
Purchases	133.3	128.1	95.8
Increase or Decrease in Stocks	3.2	-2.5	-3.8
Raw Materials, Consumables, and Goods for Release	136.5	125.5	92.0
Services and Sundry Goods	3.1	5.3	3.2
Remuneration, Social Security Charges, and Pensions	0.4	0.4	0.3
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	0.0	0.1	0.1
Other Operating Charges	0.0	0.1	0.0
Operating Charges	140.2	131.4	95.6
Income From Current Assets	0.0	0.0	0.0
Other Financial Income	0.2	0.1	0.2
Financial Income	0.2	0.2	0.2
Interest and Other Debt Charges	0.7	0.7	0.5
Amounts Written Off on Current Assets	0.1	-	-
Other Financial Charges	0.3	0.3	0.4
Financial Charges	1.0	0.9	0.9
Adjustments to Depreciation of and to Other Amounts Written Off Intangible and Tangible Fixed Assets	0.0	-	-
Other Extraordinary Income	0.1	0.0	0.0
Extraordinary Income	0.1	0.0	0.0
Loss on Disposal of Fixed Assets	-	0.0	0.0
Extraordinary Charges	-	0.0	0.0
Income Taxes	0.1	0.0	0.1
Adjustment of Income Taxes and Write-Back of Tax Provisions	0.0	0.0	-
Income Taxes	0.1	0.0	0.1
To the Legal Reserve	0.0	0.0	0.0
To Other Reserves	0.0	0.0	0.0
Transfers to Capital and Reserves	0.0	0.0	0.0
Employees	11	10	8

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No

Intangible Assets	0.0	0.0	0.0
Plant, Machinery, and Equipment	0.1	0.1	0.1
Furniture and Vehicles	0.0	0.1	0.1
Tangible Assets	0.1	0.1	0.2
Participating Interests	1.3	0.0	0.0
Affiliated Enterprises	1.3	0.0	0.0
Amounts Receivable and Cash Guarantees	0.0	0.0	0.0
Other Capital Assets	0.0	0.0	0.0
Capital Assets	1.3	0.0	0.0
Fixed Assets	1.4	0.2	0.2
Other Amounts Receivable	-	1.3	0.8
Amounts Receivable After More Than One Year	-	1.3	0.8
Goods Purchased for Resale	22.2	25.5	23.1
Stocks	22.2	25.5	23.1
Inventory and Orders in Progress	22.2	25.5	23.1
Trade Debtors	23.9	37.2	36.4
Other Amounts Receivable	1.2	1.1	1.2
Amounts Receivable Within One Year	25.1	38.3	37.5
Other Investments and Deposits	0.0	0.0	0.0
Investments	0.0	0.0	0.0
Liquid Assets	1.6	0.1	0.1
Adjustment Accounts	0.2	0.0	0.0
Current Assets	49.1	65.2	61.6
Total Assets	50.5	65.4	61.8
Issued Capital	4.4	4.4	4.4
Capital	4.4	4.4	4.4
Legal Reserve	0.0	0.0	0.0
Reserves Available for Distribution	0.5	0.5	0.5
Reserves	0.6	0.5	0.5
Capital and Reserves	5.0	5.0	5.0
Subordinated Loans	10.3	10.3	10.0
Other Loans	-	0.2	0.2
Financial Debts	10.3	10.5	10.2
Other Amounts Payable	0.2	-	-
Amounts Due After More Than One Year	10.5	10.5	10.2
Credit Institutions	18.3	15.9	14.6
Financial Debts	18.3	15.9	14.6
Suppliers	16.4	33.7	31.9
Trade Debts	16.4	33.7	31.9
Taxes	0.0	0.0	0.0
Remuneration and Social Security	0.1	0.1	0.0
Taxes, Wages, and Social Security	0.1	0.1	0.1
Other Amounts Payable	0.1	0.1	-
Amounts Payable Within One Year	34.9	49.8	46.5
Adjustment Accounts	0.2	0.1	0.1
Creditors	45.6	60.4	56.8
Total Liabilities + Shareholders' Equity	50.5	65.4	61.8

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.64
UK Pound	1	Rs.99.21
Euro	1	Rs.82.39

INFORMATION DETAILS

Report Prepared by :

MNL

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.

MIRA INFORM REPORT

Company name and address

Business Description

Industry

Key Executives

Corporate Overview

Industry Codes

Business Description

Financial Data

Executives Report

Annual Profit & Loss

Unit