MIRA INFORM REPORT

Report Date :

03.12.2014

IDENTIFICATION DETAILS

Name :	MISHAL NV

Registered Office :	Hoveniersstraat 2-Bus 131, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	14.02.1989

Com. Reg. No.:	436734085

Legal Form :	Public Limited Liability Company

Line of Business :	Other retail sale not in stores, stalls or markets.

No of Employees :	7

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 :	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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 SUMMARY

Business number 436734085

Company name MISHAL NV

Address HOVENIERSSTRAAT 2-BUS 131

2018 ANTWERPEN

Number of staff 7

Date of establishment 14/02/1989

Telephone number 032261217

Fax number 032260127

Commentary

The business was established over 25 years ago.

The business has 5 employees.

The business has been at the address for over 11 years.

Pre-tax profits decreased by 28% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	266,838,917	237,577	10,754,179	27,419,891
31/12/2012	268,115,580	332,978	10,461,160	25,941,836
31/12/2011	212,152,348	278,250	10,109,435	15,605,154
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	86,919,968	7	8,623,500	303,341
31/12/2012	101,499,333	5	8,623,500	370,994
31/12/2011	64,932,078	2	8,623,500	297,097
Payment expectations
Past payments		Payment expectation days		24.07
Industry average payment expectation days	90.61	Industry average day sales outstanding		83.37
Day sales outstanding	93.29

Company accounts

Assets

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	1,778,450	99	891,318	-29.36	1,261,700	-1.10	1,275,739	-4.37	1,333,981
Intangible fixed assets	3,329	-33.33	4,994	-25.00	6,658	-20.00	8,323	0.00	8,323
Tangible fixed assets	1,775,121	100	886,324	-29.38	1,255,042	-0.98	1,267,416	-4.39	1,325,658
Land & building	1,729,281	103	847,951	-31.16	1,231,814	0	1,231,814	-3.17	1,272,204
Plant & machinery	21,925	74.76	12,545	-21.54	15,989	-47.69	30,569	-31.12	44,379
Furniture & Vehicles	23,914	-7.41	25,828	256	7,238	43.80	5,034	-44.54	9,076
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	0	-1
Financial fixed assets	-	-	-	-	-	-	-	-
Total current assets	85,141,518	-15.37	100,608,014	58.01	63,670,378	22.99	51,769,830	2.97	50,278,189
Inventories	16,178,153	-40.77	27,313,618	137	11,504,310	92.54	5,974,951	-69.09	19,330,635
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	16,178,153	-40.77	27,313,618	137	11,504,310	92.54	5,974,951	-69.09	19,330,635
Other stocks	0	-	0	-	0	-	0	-	0

Trade debtors	68,200,027	-6.09	72,623,152	41.36	51,376,188	14.98	44,681,464	48.74	30,040,257
Other amounts receivable	9,924	-4.50	10,392	33.85	7,764	65.86	4,681	-10.84	5,250

Cash	736,156	13.67	647,607	-16.08	771,707	-29.82	1,099,665	22.74	895,964

Miscellaneous current assets	17,258	30.30	13,245	27.25	10,409	14.77	9,070	49.10	6,083
Total Assets	86,919,968	-14.36	101,499,333	56.32	64,932,078	22.41	53,045,569	2.78	51,612,170
Liabilities
Total shareholders equity	10,757,508	2.78	10,466,154	3.46	10,116,093	2.80	9,840,132	175	3,573,277
Issued share capital	8,623,500	0	8,623,500	0	8,623,500	0	8,623,500	234	2,579,828

Share premium account - - - - - - - - -

Revaluation reserve - - - - - - - - -

Reserves	2,134,008	15.81	1,842,654	23.45	1,492,593	22.68	1,216,632	22.47	993,449
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	_-	_-	_-	_-	_-	_-	_-	_-

Creditors	76,162,460	-16.34	91,033,178	66.07	54,815,985	26.87	43,205,437	-10.06	48,038,894

Other long term loans	18,437,833	12.65	16,367,000	142	6,750,760	-0.33	6,772,806	-40.88	11,456,791
Long term group loans - - - - - - - - -
Other long term liabilities	3,000	-	0	-	0	-	0	0	-1
Total long term debts	18,440,833	12.67	16,367,000	142	6,750,760	-0.33	6,772,806	-40.88	11,456,790

Current portion of long term debt	50,000	-	-	-	32,540	-4.25	33,985	-22.36	43,770
Financial debts	39,153,817	-13.32	45,170,633	38.01	32,729,843	16.57	28,076,942	22.28	22,960,887
Trade creditors	17,366,600	-39.45	28,679,790	103	14,064,456	87.48	7,501,816	-41.51	12,826,222
Amounts Payable for Taxes, Remuneration & Social Security	35,106	33.28	26,341	399	5,271	-80.10	26,488	254	7,481

Miscellaneous current liabilities	1,116,104	41.38	789,414	-35.98	1,233,114	55.42	793,401	6.68	743,743
Total current liabilities	57,721,627	-22.69	74,666,178	55.34	48,065,224	31.93	36,432,631	-0.41	36,582,103

Total Liabilities	86,919,968	-14.36	101,499,333	56.32	64,932,078	22.41	53,045,569	2.78	51,612,170
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.09	-25.00	0.12	-7.69	0.13	-7.14	0.14	-30.0	0.20

Return on capital employed	0.81	-34.68	1.24	-24.85	1.65	5.10	1.57	26.61	1.24

Return on total assets employed	0.27	-18.18	0.33	-23.26	0.43	-12.24	0.49	36.11	0.36

Return on net assets employed	2.21	-30.50	3.18	15.64	2.75	3.77	2.65	-49.14	5.21

Sales / net working capital	9.73	-5.90	10.34	-23.97	13.60	12.58	12.08	75.84	6.87

Stock turnover ratio	6.06	-40.53	10.19	88.01	5.42	67.80	3.23	-84.27	20.53

Creditor days	24.07	-39.03	39.48	61.47	24.45	63.33	14.97	-70.50	50.74
Debtor days	93.29	-5.64	98.87	11.86	88.39	0.39	88.05	-24.40	116.47
SHORT TERM STABILITY
Current ratio	1.48	9.63	1.35	2.27	1.32	-7.04	1.42	3.65	1.37

Liquidity ratio / acid ratio	1.19	21.43	0.98	-10.09	1.09	-13.49	1.26	48.24	0.85

Current debt ratio	5.37	-24.68 7.13		50.11	4.75	28.38	3.70	-63.87	10.24
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-

Cashflow	303,341	-18.24 370,994		24.87	297,097	5.07	282,771	21.83	232,111
Net worth	10,754,179		10,461,160	3.48	10,109,435	2.82	9,831,809	175	3,564,954

Gearing	535.83	-8.87	587.97	50.53	390.60	10.18	354.50	-63.24	964.42

Equity in percentage	12.38	20.08	10.31	-33.83	15.58	-16.01	18.55	168	6.92

Total debt ratio	7.08	-18.62 8.70		60.52	5.42	23.46	4.39	-67.34	13.44
Working capital	27,419,891		25,941,836	66.24	15,605,154	1.75	15,337,199	11.98	13,696,086
Profits loss
Operating Income	266,854,354	-0.48	268,134,172	26.36	212,195,383	14.54	185,261,092	96.70	94,184,457
Turnover	266,838,917	-0.48	268,115,580	26.38	212,152,348	14.54	185,217,582	96.74	94,144,148
Total operating expenses	263,394,265	-0.66	265,138,285	26.26	210,001,839	14.80	182,932,509	98.26	92,268,496
Gross Operating Margin	-	-	-	-	-	-	-	-	-

Operating Charges	263,409,702	-0.66	265,156,877	26.24	210,044,874	14.79	182,976,020	98.22	92,308,804
Employee costs	232,506	75.00	132,864	202	43,938	-33.46	66,037	150	26,365
Wages and salary	189,531	73.47	109,260	237	32,373	-39.20	53,246	176	19,277
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	41,355	87.04	22,111	216	6,982	-33.91	10,565	214	3,363
Other employee costs	1,620	8.53	1,493	-67.42	4,583	105	2,226	-40.25	3,725
Director remuneration	87,000	10.69	78,600	-	-	-	-	-	-
Amortization and depreciation	11,987	-42.73	20,933	-0.96	21,136	-64.46	59,472	-0.38	59,699
Operating result	3,444,652	15.70	2,977,296	38.45	2,150,509	-5.89	2,285,072	21.83	1,875,652
Total financial income	119	-58.98	291	16254	2	-98.88	159	48.75	107
Total financial expenses	3,207,195	21.27	2,644,609	41.25	1,872,261	-7.51	2,024,379	19.81	1,689,599
Results on ordinary operations before taxation	237,577	-28.65	332,978	19.67	278,250	6.67	260,853	40.12	186,160

Extraordinary Income	61,830	287	15,937	3756	413	-90.91	4,545	1668	257

Extraordinary Charges	-	-	354	-		-		-	-
Extraordinary items	61,830	296	15,583	3671	413	-90.91	4,545	1668	257
Results for the Year Before Taxation	299,407	-14.10	348,561	25.08	278,663	5.00	265,398	42.37	186,417

Other appropriations - - - - - - - - -

Taxation	8,053	536	-1,500	-155	2,702	-93.58	42,099	200	14,005
Results on ordinary	229,523	-31.38	334,478	21.39	275,548	25.96	218,754	27.07	172,155
Operations after taxation
Net result	291,354	-16.77	350,061	26.85	275,961	25.58	223,300	29.52	172,412
Profit (loss) for the year to be appropriated	291,354	-16.77	350,061	26.85	275,961	25.58	223,300	29.52	172,412
Dividends	-	-	-	-	-	-	-	-	-

Social balance sheet details

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year

ended 31-12-2013

Full-time Employees 7

Part-time Employees -

Total Fte Employees 7

Number of hours worked

Full-time Employees 11,898

Part-time Employees -

Total 11,898

Personnel Charges

Full-time Employees 232,506

Part-time Employees -

Total 232,506

Benefits In Addition To Wages -

During the previous reporting year

Average number employees in Fte 4

Actual working hours 7,638

Personnel Charges 132,864

Benefits In Addition To Wages -

Type of Contract Full-Time Part-Time Total Fte

Unlimited Duration

Contracts 7 – 7

Gender and Education

Level

Men Full-Time Part-Time Total Fte

Secondairy education 2 – 2

Higher education

(university) 1 – 1

Women Full-Time Part-Time Total Fte

Secondairy education 2 - 2

Higher education

(university) 2 – 2

Working Category Full-Time Part-Time Total Fte

White collar worker 7 – 7

New staff and leavers Full-Time Part-Time Total Fte

New Starters 2 – 2

Industry comparison
Activity code	47990
Activity description	Other retail sale not in stores, stalls or markets
industry average credit	79.20
rating
Industry average credit	2559.14
limit
Payment Information
Payment expectations
Payment expectation days	24.07
Day sales outstanding	93.29
Industry comparison
Activity code	47990
Activity description	Other retail sale not in stores, stalls or markets
Industry average payment expectation days	90.61
Industry average day sales outstanding	83.37

Industry quartile analysis
Payment expectations	24.07
Company result	93.30
Lower	65.67
Median	9.28

Day sales outstanding
Company result	93.29
Lower	89.01
Median	39.26
Upper	14.18

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

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

Director details

Current director details

Name RAMESH HARJIBHAI GADHIAALIAS PATEL

Position Chairman of the Board

Start Date 29/09/1997

Date of birth 01/06/1959

Street 9 BERKENLAAN ANTWERPEN

Post code 2610

Country Belgium

Position Managing Director

Start Date 05/08/2010

End Date 09/06/2018

Date of birth 01/06/1959

Street 9 BERKENLAAN ANTWERPEN

Post code 2610

Country Belgium

Position Director

Start Date 29/09/1997

Date of birth 01/06/1959

Street 9 BERKENLAAN ANTWERPEN

Post code 2610

Country Belgium

Name SAROJ RAMESH PATEL

Position Director

Start Date 05/08/2010

End Date 09/06/2018

Street 9 BERKENLAAN ANTWERPEN

Post code 2610

Country Belgium

Former director details

Name LUC DISCRY

Position Commissioner

Start Date 26/12/1997

End Date Unknown date

Date of birth 03/08/1951

Street 4 BOSDUIFDREEF SCHILDE

Post code 2970

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.97.39
Euro	1	Rs.77.21

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TPT

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.

Business number	436734085	Company name	MISHAL NV
Fax number	032260127	Date founded	14/02/1989
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	47990	Liable for VAT	yes
Activity description	Other retail sale not in stores, stalls or markets	VAT Number	BE.0436.734.085 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

COMPANY SUMMARY

Commentary

Accounts

Company information

Company accounts

Social balance sheet details

Director details

Unit