MIRA INFORM REPORT

Report Date :

18.04.2014

IDENTIFICATION DETAILS

Name :	BOBINAS BVBA

Registered Office :	Leemdreef 6, 2990 Wuustwezel

Country :	Belgium

Financials (as on) :	30.09.2013

Date of Incorporation :	03.07.2008

Com. Reg. No.:	899117348

Legal Form :	Private Limited Company (BL/LX)

Line of Business :	Wholesale of metals and metal ores

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 summary

Business number 899117348

Company name BOBINAS BVBA

Address LEEMDREEF 6

2990 WUUSTWEZEL

Number of staff 0

Date of establishment 03/07/2008

Telephone number 033364510

Fax number 034005388

Commentary

The business was established over 5 years ago.

No employees are recorded for this business.

The business has been at the address for over 3 years.

Operating Result in the latest trading period decreased 43% on the previous trading period.

Pre-tax profits decreased by 89% compared to the previous trading period.

The business saw an increase in their Cash Balance of 21% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
30/09/2013		8,611	138,444	-86,090
30/09/2012		83,236	142,263	-67,253
30/09/2011		85,108	111,774	-68,253

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
30/09/2013	1,786,387	0	18,600	23,517
30/09/2012	1,601,813	0	18,600	76,058
30/09/2011	1,940,418	0	18,600	76,275

Payment expectations
Past payments		Payment expectation days	-
Industry average payment	44.62	Industry average day sales	4460.21
expectation days		outstanding
Day sales outstanding	-
Court data summary
BANKRUPTCY DETAILS
Court action type	no

balance sheet

Annual accounts	30-092013	%	30-092012	%	30-092011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	25,564	-100
Tangible fixed assets	916,818	-2.03	935,855	-0.37	939,306	339,884	169
Land & building	896,776	-2.21	917,088	0.20	915,282	293,251	205
Plant & machinery	-	-	-	-	-	103,219	-
Furniture & Vehicles	20,042	6.79	18,767	21.88	24,024	40,658 13,380	50.71
Leasing & Other Similar Rights	-	-	-	-	-	381,930 67,633	-
Other tangible assets	0	-	0	-	0	15,353	-100
Financial fixed assets	3,513	23.08	4,567	55.82	10,338	136,247	97.42
Total fixed assets	920,331	-2.14	940,422	-0.97	949,644	456,150	101
Inventories	87,773	31.53	66,733	94.82	34,253	858,824	89.78
Raw materials & consumables	-	-	-	-	-	0	-
Work in progress	0	-	0	-	0	3,410	-100
Finished goods	0	-	0	-	0	270,764	-100
Other stocks	87,773	31.53	66,733	94.82	34,253	264,410	66.80
Trade debtors	414,372	23.95	334,301	61.04	857,971	846,284	51.04
Cash	289,186	21.42	238,173	169	88,488	174,904	65.34
other amounts receivable	71,786	268	19,477	93.57	10,062	87,647	18.10
Miscellaneous current assets	2,939	8.57	2,707	-	0	82,313	96.43
Total current assets	866,056	30.94	661,391	33.25	990,774	1,720,839	49.67
Total Assets	1,786,387	11.52	1,601,813	17.45	1,940,418	2,138,332 793,332	16.46
CURRENT LIABILITIES
Trade creditors	70,785	60.40	178,754	59.14	437,528	450,593	84.29
Short term group loans	-	-	-	-	-	-	-
Financial debts	828,621	78.26	464,835	0.74	461,422	1,071,826 116,567	22.69
Current portion of long term debt	52,703	-5.21	55,600	6.33	52,290	93,720 20,209	43.77
Amounts Payable for Taxes, Remuneration & Social Security	37	-99	9,455	89.35	88,787	20,847 -	-99
Miscellaneous current liabilities	0	-100	20,000	5.26	19,000	-100	- -
Total current liabilities	952,146	30.67	728,644	31.20	1,059,027	1,064,932	10.59
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	695,797	-4.80	730,906	-5.03	769,617	99	- -
Deffered taxes	-	-	-	-	-	27,597 14,994	-
Provisions for Liabilities & Charges	0	-	0	-	0	40,691 0	-100
Other long term liabilities	0	-	0	-	0	26,569	-100
Total long term debts	695,797	-4.80	730,906	-5.03	769,617	242,177	187
SHAREHOLDERS EQUITY
Issued share capital	18,600	0	18,600	0	18,600	357,888	94.80
Share premium account	-	-	-	-	-	0	-
Reserves	119,844	-3.09	123,663	32.72	93,174	448,721	73.29
Revaluation reserve	-	-	-	-	-	290,446	-
Total shareholders equity	138,444	-2.68	142,263	27.28	111,774	831,223	83.34
Working capital	-86,090	28.01	-67,253	98.53	-68,253	655,907	-113
Cashflow	23,517	69.08	76,058	-0.28	76,275	87,500	73.12
Net worth	138,444	-2.68	142,263	27.28	111,774	805,659	82.82

ratio analysis

Annual accounts	30-09-2013	Change (%)	30-09-2012	Change (%)	30-09-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-3.865,00	-
Return on capital employed	1.03	-89.19	9.53	-1.35	9.66	-3,00	34.33
Return on total assets employed	0.48	-90.77	5.20	18.45	4.39	3,00	-84.00
Return on net assets employed	6.22	-89.37	58.51	-23.15	76.14	1,00	522
Sales / net working capital	-	-	-	-	-	23,00	-
Stock turnover ratio	-	-	-	-	-	15,00	-
Debtor days	-	-	-	-	-	50.472,00	-
Creditor days	-	-	-	-	-	73,00	-
SHORT TERM STABILITY
Current ratio	0.91	0	0.91	-3.19	0.94	8,00	-54.50
Liquidity ratio / acid ratio	0.82	0	0.82	-8.89	0.90	4,00	-79.50
Current debt ratio	6.88	34.38	5.12	-45.93	9.47	2,00	244
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	1139.18	29.51	879.60	-23.39	1148.15	518,00	119
Equity in percentage	7.75	-12.73	8.88	54.17	5.76	-22,00	35.23
Total debt ratio	11.90	15.98	10.26	-37.29	16.36	5,00	138

Industry comparison
Activity code	46720
Activity description	Wholesale of metals and metal ores
Industry average payment expectation days	44.62
Industry average day sales outstanding	4460.21
Industry quartile analysis
Payment expectations
Company result	-
Lower	79.50
Median	59.20
Upper	34.43

Day sales outstanding
Company result	-
Lower	56.54
Median	34.09
Upper	15.95

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details
Business number	899117348
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

Director details

Current director details

Name	ROBERT KAREL VOETEN
Position	Non Statutory Partner
Start Date	03/07/2008
Date of birth	05/07/1961
Street	2 PONYDREEF WUUSTWEZEL
Post code	2990
Country	Belgium

Name	ROBERT KAREL VOETEN
Position	Principal Manager
Start Date	08/07/2008
Date of birth	05/07/1961
Street	2 PONYDREEF WUUSTWEZEL
Post code	2990
Country	Belgium

Name	SABINA ANNIE ANDRE BASTIAENSEN
Position	Non Statutory Partner
Start Date	03/07/2008
Date of birth	19/03/1965
Street	2 PONYDREEF WUUSTWEZEL
Post code	2990
Country	Belgium

Name	SABINA ANNIE ANDRE BASTIAENSEN
Position	Principal Manager
Start Date	08/07/2008
Date of birth	19/03/1965
Street	2 PONYDREEF WUUSTWEZEL
Post code	2990
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NNA

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

Annual accounts	30-092013	%	30-092012	%	30-092011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	11,113,699	-
Total operating expenses	-	-	-	-	-	11,211,166	-
Operating result	100,814	43.22	177,560	2.21	173,720	20,096	401
Total financial income	213,205	23.37	278,232	354	61,213	53,630	297
Total financial expenses	305,408	18.02	372,556	148	149,825	51,177	496
Results on ordinary operations before taxation	8,611	89.65	83,236	2.20	85,108	19,822	56.56
Taxation	3,410	89.59	32,747	4.88	34,426	26,930	87.34
Results on ordinary operations after taxation	5,201	89.70	50,489	0.38	50,682	-2,543	204
Extraordinary items	-9,020	-	0	-	0	-7,684	17.39
Other appropriations	0	-	0	-	0	-	-
Net result	-3,819	-107	50,489	0.38	50,682	-7,945	48.07
OTHER INFORMATION
Dividends	-	-	20,000	5.26	19,000	86,357	-
Director remuneration	-	-	-	-	-	35,000	-
Employee costs	-	-	-	-	-	555,289	-
Wages and salary	-	-	-	-	-	386,605	-
Employee pension costs	-	-	-	-	-	25,914	-
Social security contributions	-	-	-	-	-	132,586	-
Other employee costs	0	-	0	-	0	19,975	-100
Amortization and depreciation	27,336	6.91	25,569	0.09	25,593	106,250	74.27

Business number	899117348	Company name	BOBINAS BVBA
Fax number	034005388	Date founded	03/07/2008
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	30/09/2013
Activity code	46720	liable for VAT	yes
Activity description	Wholesale of metals and metal ores	VAT Number	BE.0899.117.348
Belgian Bullettin of Acts Publications	moniteur belge