MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	SM NEGOCE INTERNATIONAL BVBA

Registered Office :	Lange Kievitstraat 86, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	06.05.2011

Com. Reg. No.:	836185134

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of Wearing Apparel, except work and underwear

No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 but Correct

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 name & address

Business number 836185134

Company name SM NEGOCE INTERNATIONAL BVBA

Address LANGE KIEVITSTRAAT 86

2018 ANTWERPEN

Number of staff 0

Date of establishment 06/05/2011

Telephone number 032270161

Commentary

The business has been at the address for over 2 years.
Net Worth increased by 80% during the latest trading period.
A 225% growth in Total Assets occurred during the latest trading period.
The business saw an increase in their Cash Balance of 104100% 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

31/12/2013 10,767 24,130 -9,515

31/12/2012 -3,887 13,363 219

31/12/2011 52.500 -1,350 16,850 16,850

Accounts

DATE OF LATEST

ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2013 150.927 0 18,600 16,664

31/12/2012 45,367 0 18,600 -201

31/12/2011 32,123 0 18,600 -950

Payment expectations

Industry average payment expectation days 120.91

Industry average day sales outstanding 80.44

Profit & loss accounts

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		34
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	52,500	9,612,562	-
Total operating expenses	-	-	-	-	53,809	9,212,735	-
Operating result	10,901	282	-3,858	-194	-1,309	111,179	-90.20
Total financial income	101	4950	2	-	-	58,365	-99
Total financial expenses	235	657	31	-25.01	41	54,601	-99
Results on ordinary operations before taxation	10,767	277	-3,887	-187	-1,350	107,616	-89.99
Taxation	-	-	-	-	-	39,091	-
Results on ordinary operations after taxation	10,767	277	-3,887	-187	-1,350	79,051	-86.38
Extraordinary items	0	-	0	-	0	3,283	-100
Other appropriations	0.00	-	0	-	0.00	-	-
Net result	10,767	277	-3,887	-187	-1,350	82,338	-86.92
OTHER INFORMATION
Gross Operating Margin	30,107	71583	42	7.83	-536	130,242	-76.88
Dividends	-	-	-	-	-	774,512	-
Director remuneration	-	-	-	-	-	395,193	-
Employee costs	12,310	-	-	-	-	556,363	-97.79
Wages and salary	10,777	-	-	-	-	430,945	-97.50
Employee pension costs	-	-	-	-	-	10,349	-
Social security contributions	371	-	-	-	-	121,276	-99
Other employee costs	1,162	-	0	-	0	18,394	-93.68
Amortization and depreciation	5,897	59.98	3,686	821	400	78,222	-92.46

Balance sheet

Annual accounts	31-12-		%	31-12-	%	31-12-	Industry	%
	2013			2012		2011	average
Weeks	52			52		34
Currency	EUR			EUR		EUR
Intangible fixed assets	0		-	0	-	400	24,581	-100
Tangible fixed assets	33,359		153	13,144	-	-	327,725	-89.82
Land & building	-		-	-	-	-	353,518	-
Plant & machinery	-		-	-	-	-	44,174	-
Furniture & Vehicles	9,858		-25.00	13,144	-	-	30,780 6,997	-67.97
Leasing & Other Similar Rights	-		-	-	-	-	32,184 8,594	-
Other tangible assets	23,501		-	0	-	0	102,111	-76.98
Financial fixed assets	286		-	-	-	-	928,926	-99
Total fixed assets	33,645		155	13,144	3186	400	885,151	-96.20
Inventories	41,288		-	-	-	-	496,941	-91.69
Raw materials & consumables	-		-	-	-	-	945,827	-
Work in progress	0		-	0	-	0	1,947	-100
Finished goods	0		-	0	-	0	215,986	-100
Other stocks	41,288		-	0	-	0	110,181	-62.53
Trade debtors	31,912		-3.75	33,155	5.25	31,500	323,201	-90.13
Cash	30,218		104100	29	-50.56	59	356,767	-91.53
other amounts receivable	13,864		35448	39	-76.22	164	799,847	-98.27
Miscellaneous current assets	0		-	0	-	0	63,457	-100
Total current assets	117,282		253	33,223	4.73	31,723	1,714,022	-93.16
Total Assets	150,927		225	46,367	44.34	32,123	2,532,540 295,851	-94.04
Trade creditors	10,442	-47.41		19,855	1162	1,573	278,498		-96.25
Short term group loans	-	-		-	-	-	-		-
Financial debts	-	-		-	-	-	393,817 27,128		-
Current portion of long term debt	-	-		-	-	-	113,010 16,617		-
Amounts Payable for Taxes, Remuneration & Social Security	12,943	-		-	-		14,472-		-87.35
Miscellaneous current liabilities	103,412	686		13,149	-1.13	13,300	-63.53
Total current liabilities	126,797	284		33,004	121	14,873	837,101		-84.85
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-		-	-	-	-
Other long term loans	-	-		-	-	-	-		--
Deffered taxes	-	-		-	-	-	51,606 21,297		-
Provisions for Liabilities & Charges	0	-		0	-	0	8,213 0		-100
Other long term liabilities	0	-		0	-	0	27,035		-100
Total long term debts	0	-		0	-	0	244,386		-100
SHAREHOLDERS EQUITY
Issued share capital	18,600	0		18,600	0	18,600	646,633		-97.12
Share premium account	-	-		-	-	-	15,625,582		-
Reserves	5,530	105		-5,237	-287	-1,350	448,582		-98.77
Revaluation reserve	-	-		-	-	-	175,541		-
Total shareholders equity	24,130	80.58		13,363	-22.53	17,250	1,442,311		-98.33
Working capital	-9,515	^1449		219	-98.70	16,850	876,921		-101
Cashflow	16,664	8290		-201	21.15	-950	151,108		-88.97
Net worth	24,130	80.58		13,363	-20.69	16,850	1,417,730		-98.30

Ratio Analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-2.57	-4,00	-
Return on capital employed	44.62	153	-29.09	-271	-7.83	-2,00	2231
Return on total assets employed	7.13	85.08	-8.38	-99	-4.20	-1.044,00	0.68
Return on net assets employed	44.62	153	-29.09	-271	-7.83	-2,00	2231
Sales / net working capital	-	-	-	-	3.12	11,00	-
Stock turnover ratio	-	-	-	-	-	30,00	-
Debtor days	-	-	-	-	219	80,44	-
Creditor days	-	-	-	-	10.67	120,91	-
SHORT TERM STABILITY
Current ratio	0.92	-8.91	1.01	-52.58	2.13	12,00	-54.00
Liquidity ratio / acid ratio	0.60	-40.59	1.01	-52.58	2.13	12,00	-95.00
Current debt ratio	5.25	112	2.47	187	0.86	2,00	162
LONG TERM STABILITY
Gearing	-	-	-	-	-	213,00	-
Equity in percentage	15.99	^14.52	28.82	^7.00	54.38	-2.397,00	0.67
Total debt ratio	5.25	112	2.47	187	0.86	3,00	75.00

Industry comparison

Activity code	46423
Activity description	Wholesaler of wearing apparel, except work and underwear
Industry average payment	120.91
expectation days
Industry average day sales	80.44
outstanding

INDUSTRY QUARTILE ANALYSIS

Payments expectations

Company result
Lower	80.95
Median	32.39
Upper	9.42

Day sales outstanding
Company result
Lower	105.95
Median	43.34
Upper	18.89

Individual shareholders

SHAREHOLDER NAME
Forename	Abdelhak	Middle name	-
Surname	Saidi

SHAREHOLDER DETAILS
Start date	06/05/2011	End date	-
Percentage owned	10%

SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	Spain

SHAREHOLDER NAME
Forename	Youssef	Middle name	-
Surname	El Murabet
SHAREHOLDER DETAILS
Start date	06/05/2011	End date	-
Percentage owned	90%
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	Morocco

Summons

Legal event type	Social Security Summons
Event date	22/04/2014
Court type	Court name	Antwerpen

Director details

Current director details

Name	MAMADOU MAKA BARRY
Position	Partner
Start Date	01/07/2013
Street	1 JAN GOOVAERSSTRAAT BORSBEEK
Post code	2150
Country	Belgium

Name	MAMA KANI JALLOH
Position	Principal Manager
Start Date	01/08/2014
Street	113 BLEEKHOFSTRAATANTWERPEN
Post code	2140
Country	Belgium

Name	MOHAMED THIWTO BARRIE
Position	Principal Manager
Start Date	18/09/2012
Street	113 BLEEKHOFSTRAAT ANTWERPEN
Post code	2140
Country	Belgium

Name	ABDULAI SOW
Position	Partner
Start Date	11/09/2014
Street	213 LINDELSEBAAN OVERPELT
Post code	3900
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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	836185134	Company name	SM NEGOCE INTERNATIONAL BVBA
Company status	active	Date founded	06/05/2011
Currency	Euro (€)	Company type	Private Limited Company (BL/LX)
Activity code	46423	Date of latest accounts	31/12/2013
Activity description	Wholesaler of wearing apparel, except work and underwear	Liable for VAT	yes
Belgian Bullettin of Acts Publications	moniteur beige	VAT Number	BE.0836.185.134 Check VAT number