MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	FERREUM NV

Registered Office :	Katwilgweg 22050 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	20.04.2011

Com. Reg. No.:	835668658

Legal Form :	Public Limited Liability

Line of Business :	Wholesale of Metals and Metal Ores.

No of Employees :	2

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 complaint

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 summary

Business number 835668658

Company name FERREUM NV

Address KATWILGWEG 2

2050 ANTWERPEN

Number of staff 2

Date of establishment 20/04/2011

Telephone number 032101872

Fax number 034017403

Commentary

The business has 2 employees.

The business has been at the address for over 20 months.

Operating Result in the latest trading period increased 33% on the previous trading period.

Net Worth increased by 80% during the latest trading period.

The business saw a decrease in their Cash Balance of 56% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING CAPITAL

31/12/2013 15,458,358 277,329 297,170 292,817

31/12/2012 15,803,989 250,178 164,200 162,504

31/12/2011 6,261,260 225,813 68,200 66,210

Accounts

DATE OF LATEST ACCOUNTS BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

31/12/2013 3,338,954 2 93,000 187,001

31/12/2012 4,054,115 2 93,000 167,882

31/12/2011 2,088,900 0 62,000 149,527

Payment expectations

Past payments

Payment expectation days 21.57

Industry average payment expectation days 51.74

Industry average day sales outstanding 3248.66

Day sales outstanding 69.14

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount --

NSSO DETAILS

Date of summons --

Joint Industrial Committee (JIC)

JIC Code 226

Description JC employees international trade, transport & related activities

Category

Significant Events

Event Date 01/02/2012

Event Description

Event Details Badfride Trade Services tekent in op de 50 nieuwe aandelen.

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011
Weeks	52		52		37
Currency	EUR		EUR		EUR

Total fixed assets	13,251	-1.71	13,482	577	1,990

Intangible fixed assets	0	-	0	-	0

Tangible fixed assets	13,251	15.31	11,492	-	-
Land & building - - - - -
Plant & machinery	4,632	-	-	-	-
Furniture & Vehicles	8,619	-25.00	11,492	-	-
Leasing & Other Similar Rights - - - - -
Other tangible assets	0	-	0	-	0
Financial fixed assets	_-	_-	1,990	0	1,990

Total current assets	3,325,703	-17.69	4,040,633	93.62	2,086,910
Inventories	43,668	-77.15	191,082	1492	11,999
Raw materials & consumables	-	-	-	-	-
Work in progress	0	-	0	-	0
Finished goods	0	-	0	-	0
Other stocks	43,668	-77.15	191,082	1492	11,999

Trade debtors	2,928,154	-5.91	3,112,173	57.43	1,976,811
Other amounts receivable	79,544	-33.81	120,178	22.50	98,101

Cash	270,516	-56.17	617,199	-	-

Miscellaneous current assets	3,821	-	0	-	0

Total Assets	3,338,954	-17.64	4,054,115	94.08	2,088,900

Liabilities

Total shareholders equity	297,170	80.98	164,200	140	68,200

Issued share capital	93,000	0	93,000	50.0	62,000

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

Revaluation reserve	--	--	--	--	--

Reserves	204,170	186	71,200	1048	6,200
Provisions for Liabilities & Charges	0	--	0	--	0

Deffered taxes	--	--	--	--	--

Creditors	3,041,784	-21.80	3,889,915	92.50	2,020,700

Other long term	8,899	-24.50	11,786	--	--
Long term group	--	--	--	--	--
Other long term liabilities	0	--	0	--	0
Total long term debts	8,899	-24.50	11,786	--	0

Current portion of long term debt	2,888	4.45	2,765	--	--
Financial debts	1,973,134	-12.08	2,244,121	120	1,018,006
Trade creditors	882,866	-38.51	1,435,746	83.35	783,082
Amounts Payable for Taxes, Remuneration & Social Security	110,187	15.50	95,398	25.05	76.285

Miscellaneous current liabilities	63,810	-36.25	100,099	-30.16	143,327
Total current liabilities	3,032,886	-21.80	3,878,128	91.92	2,020,700

Total Liabilities	3,338,954	-17.64	4,054,115	94.08	2,088,900

Ratio analysis

TRADING PERFORMANCE
Profit Before Tax	1.79	13.29	1.58	-56.23	3.61

Return on capital employed	90.61	-36.26	142.16	-57.06	331.10

Return on total assets employed	8.31	34.68	6.17	-42.92	10.81

Return on net assets employed	93.32	-38.75	152.36	-53.98	331.10

Sales / net working capital	52.79	-45.72	97.25	2.83	94.57

Stock turnover ratio	0.28	-76.86	1.21	536	0.19
Creditor days	21.57	-36.56	34.00	-28.97	47.87
Debtor days	69.14	-3.81	71.88	-37.63	115.24

SHORT TERM STABILITY
Current ratio	1.10	5.77	1.04	0.97	1.03

Liquidity ratio / acid ratio	1.08	9.09	0.99	-3.88	1.03

Current debt ratio	10.21	-56.77	23.62	-20.28	29.63

Liquidity ratio reprocessed	--	--	--	--	--

Cashflow	187,001	11.39	167,882	12.27	149.527

Net worth	297,170	80.98	164.200	140	68,200

LONG TERM STABILITY
Gearing	667.94	-51.44	1,375.56	-7.85	1,492.68

Equity in percentage	8.90	119	4.05	24.23	3.26

Total debt ratio	10.24	-56.78	23.69	-20.05	29.63

Working capital	292,817	80.19	162,504	145	66,210

Profit & loss

Operating Income	-	-	-	-	-
Turnover	15,458,358	-2.19	15,803,989	152	6,261,260
Total operating expenses	14,939,329	-3.08	15,414,739	158	5,970,746
Gross Operating Margin	655,089	38.12	474,291	62.91	291,134
Operating Charges	-	-	-	-	-
Employee costs	129,855	60.13	81,092	-	-
Wages and salary	94,869	75.50	54,057	-	-
Employee pension costs	-	-	-	-	-
Social security contributions	22,316	73.93	12,830	-	-
Other employee costs	12,670	-10.80	14,204	-	0
Director remuneration	--	--	--	--	--
Amortization and depreciation	4,031	40.31	2,873	--	--

Operating result	519,029	33.34	389,250	33.99	290,514
Total financial income	46,095	-26.61	62,808	245	18,176

Total financial expenses	287,796	42.56	201,880	143	82,877

Results on ordinary operations before taxation	277,329	10.85	250,178	10.79	225,813

Extraordinary Income	--	--	--	--	--

Extraordinary Charges	--	--	--	--	--

Extraordinary items	0	--	0	--	0

Results for the Year Before Taxation	277,329	10.85	250,178	10.79	225,813

Other appropriations	--	--	--	--	--

Taxation	94,359	10.79	85,169	11.65	76,285
Results on ordinary operations after taxation	182,970	10.89	165,009	10.35	149,527

Net result	182,970	10.89	165,009	10.35	149,527

Profit (Loss) for the Year to be appropiated	182,970	10.89	165,009	10.35	149,527

Dividends	50,000	-50.00	100,09	-30.22	143.327

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	2
Part-time Employees	--
Total Fte Employees	2

Number of hours worked
Full-time Employees	3,374
Part-time Employees	--
Total	3,374

Personnel Charges
Full-time Employees	129,855
Part-time Employees	--
Total	129,855
Benefits In Addition To Wages	--

During the previous reporting year
Average number employees in Fte	1
Actual working hours	2,105
Personnel Charges	81,092
Benefits In Addition To Wages	--

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	2	--	2
Limited Duration Contracts	--	--	--
Contracts For Specific Work	--	--	--
Contracts Regarding Substitution	--	--	--

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	--	--	--
Secondairy education	--	--	--
Higher education (non university)	--	--	--
Higher education (university)	--	--	--

Women	Full-Time	Part-Time	Total Fte
Primary education	--	--	--
Secondairy education	--	--	--
Higher education (non university)	2	--	2
Higher education (university)	--	--	--


Working Category	Full-Time	Part-Time	Total Fte
Management	--	--	--
White collar worker	2	--	2
Blue collar worker	--	--	--
Other	--	--	--

Industry Comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
industry average credit rating	69.32
Industry average credit limit	193568.18

Payment Information

Payment Information Summary

Total number of Invoices available 4

Total number of Invoices paid within or up to 30 days after the due date 3

Total number of Invoices paid more than 30 days after the due date 0

Total number of Invoices currently outstanding where the

due date has not yet been reached 1

Total number of Invoices currently outstanding beyond the due date 0

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	21.57
Day sales outstanding	69.14

Industry comparison
Activity code	46720
Activity description	Wholesale of metals and metal ores
Industry average payment expectation days	51.74
Industry average day sales outstanding	3248.66

Industry quartile analysis
Payment expectations
Company result	21.57
Lower	82.95
Median	61.44
Upper	35.51

Industry quartile analysis

Payment expectations

Company result 21.57

Lower 82.95

Median 61.44

Upper 35.51

Day sales outstanding

Company result 69.14

Lower 55.42

Median 33.55

Upper 18.16

Share holder details

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Group Structure

No group structure for this company

Minority Shareholders

Business number	Company name	%	Date of accounts
842456975	Badfride Trade Services BVBA	33.33	31/12/2013
820421050	Capitra BVBA	33.33	31/12/2013
834708061	Tornado Trade BVBA	33.33	31/12/2013

Minority Interests

No minority interests found

Linked Companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Current director details

Name	TORNADO TRADE BVBA
Position	Managing Director
Start Date	18/04/2011
Date of birth	18/03/2011
Street	12 MIRAEUSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Name	BADFRIDE TRADE SERVICES BVBA
Position	Managing Director
Start Date	19/12/2012
Date of birth	05/01/2012
Street	92 KAPELSTRAAT PUTTE
Post code	2580
Country	Belgium

Position	Director
Start Date	19/12/2012
Date of birth	05/01/2012
Street	92 KAPELSTRAAT PUTTE
Post code	2580
Country	Belgium

Position	Legal Representative
Start Date	19/12/2012
Date of birth	05/01/2012
Street	92 KAPELSTRAAT PUTTE
Post code	2580
Country	Belgium

Former director details
Name	CAPITRA BVBA
Position	Managing Director
Start Date	20/04/2011
End Date	Unknown date
Date of birth	05/11/2009
Street	60 LONDENSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Position	Director
Start Date	20/04/2011
End Date	Unknown date
Date of birth	05/11/2009
Street	60 LONDENSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Position	Legal Representative
Start Date	20/04/2011
End Date	Unknown date
Date of birth	05/11/2009
Street	60 LONDENSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	TORNADO TRADE BVBA
Position	Director
Start Date	18/04/2011
End Date	Unknown date
Date of birth	18/03/2011
Street	12 MIRAEUSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

Position	Legal Representative
Start Date	18/04/2011
End Date	Unknown date
Date of birth	18/03/2011
Street	12 MIRAEUSSTRAAT ANTWERPEN
Post code	2018
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs. 77.44

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ANK

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.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Joint Industrial Committee (JIC)

Significant Events

Company accounts

Social Balance Sheet Details

Industry Comparison

Payment Information

Share holder details

Group Structure

Minority Shareholders

Minority Interests

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit