MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	AGRAL SA

Registered Office :	Rue Du Brabant Wallon 1, 6180 Courcelles

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	29.07.1986

Com. Reg. No.:	429223515

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of Dairy Products and Eggs.

No. of Employees :	57

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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 – 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 429223515

Branche Unit Number 2036015548

Company name AGRAL SA

Address RUE DU BRABANT WALLON 1

6180 COURCELLES

Number of staff 57

Date of establishment 29/07/1986

Telephone number 071458952

Fax number 071460142

Commentary

The business was established over 28 years ago.

The business has 50 employees.

The business has been at the address for over 15 years.

Pre-tax profits decreased by 21% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 72% during the latest trading period.

Turnover in the latest trading period increased 21% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	67,526,388	375,306	6,350,488	3,540,392
31/12/2012	55,419,247	478,234	6,040,753	1,725,332
31/12/2011	58,282,862	304,817	5,923,365	2,719,296

DATE OF LATEST BALANCE TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW

ACCOUNTS

31/12/2013 33,637,731 57 2,000,000 1,884,462

31/12/2012 30,776,830 48 2,000,000 2,010,948

31/12/2011 34,397,624 51 2,000,000 627,811

Payment expectations

Past payments Payment expectation days 45.92

Industry average payment

expectation days 90.45

Industry average day sales

Outstanding 72.54

Day sales outstanding 21.83

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons 10/06/2010

Company Accounts

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	12,331,495	-7.18	13,285,583	-5.46	14,052,491	14.20	12,305,277	32.06	9,317,825

Intangible fixed assets	1,733	-	0	-	0	-	0	-100	485

Tangible fixed assets	12,329,763	-7.19	13,285,583	-5.46	14,052,491	14.20	12,305,277	33.17	9,240,034
Land & building	4,821,296	-5.16	5,083,723	-4.37	5,316,204	10.69	4,802,714	-7.05	5,167,043
Plant & machinery	7,360,259	-8.67	8,059,292	-6.09	8,581,571	16.45	7,369,184	87.00	3,940,739
Furniture & Vehicles	124,737	30.80	95,365	13.83	83,781	116	38,648	181	13,724
Leasing & Other Similar Rights	23,472	-50.28	47,203	-33.46	70,935	-25.12	94,731	-20.08	118,528
Other tangible assets	0	-	0	-	0	-	0	-	0

Financial fixed assets	-	-	-	-	-	-	-	-	77,306
Total current assets	21,306,235	21.81	17,491,247	-14.03	20,345,133	5.68	19,250,958	58.03	12,182,052
Inventories	10,997,764	116	5,086,404	-49.10	9,993,144	54.89	6,451,690	164	2,440,088
Raw materials & consumables	10,997,764	116	5,086,404	-49.10	9,993,144	54.89	6,451,690	164	2,440,088
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	0	_-	0	_-	0	_-	0	_-	0
Trade debtors	4,037,897	-56.33	9,247,373	294	2,341,949	-76.19	9,836,305	42.99	6,879,007
Other amounts receivable	5,476,176	649	730,690	11.12	657,562	15.53	569,184	38.13	412,075
Cash	668,367	-72.44	2,424,938	-67.01	7,349,952	224	2,264,352	-7.61	2,450,882
Miscellaneous current assets	126,031	6742	1,842	-27.12	2,527	-98.05	129,426	_-	0
Total Assets	33,637,731	9.30	30,776,830	-10.53	34,397,624	9.00	31,556,235	46.77	21,499,877

Liabilities

Total shareholders equity	6,352,221	5.16	6,040,753	1.98	5,923,365	28.83	4,597,956	18.78	3,870,971

Issued share capital	2,000,000	0	2,000,000	0	2,000,000	0	2,000,000	0	2,000,000
Share premium account	-	-	-	-	-	-	-	-	------------
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	4,352,221	7.71	4,040,753	2.99	3,923,365	51.02	2,597,956	38.86	1,870,971
Provisions for Liabilities &	0	_-	0	_-	0	_-	0	_-	0
Charges

Deffered taxes	152,991	-27.35	210,582	-5.98	223,972	-14.68	262,500	-31.12	381,125

Creditors	27,132,519	10.63	24,525,496	-13.18	28,250,286	5.82	26,695,778	54.78	17,247,781

Other long term loans	9,366,676	6.93	8,759,581	-17.55	10,624,449	48.49	7,154,932	33.72	5,350,599
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	0	-1	-	0	-	0	-	0
Total long term debts	9,519,667	6.13	8,970,162	-17.31	10,848,421	46.26	7,417,432	29.41	5,731,724

Current portion of long term debt	1,205,521	-30.62	1,737,448	32.50	1,311,304	-9.44	1,448,074	56.88	923,062
Financial debts	7,788,445	19.33	6,526,987	-8.19	7,109,105	-6.47	7,600,838	44.09	5,275,000
Trade creditors	8,411,891	21.77	6,908,069	-18.86	8,513,679	-11.41	9,609,820	92.41	4,994,492
Amounts Payable for Taxes,	359,732	16.34	309,210	32.80	232,835	-65.05	666,150	1.58	655,785
Remuneration & Social Security
Miscellaneous current liabilities	254	-99	284,201	-38.07	458,915	112	215,964	342	48,843
Total current liabilities	17,765,843	12.69	15,765,915	-10.55	17,625,837	-9.80	19,540,847	64.25	11,897,182

Total Liabilities	33,637,731	9.30	30,776,830	-10.53	34,397,624	9.00	31,556,235	46.77	21,499,877
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.56	-34.88	0.86	65.38	0.52	100	0.26	-91.10	2.92

Return on capital employed	2.36	-26.02	3.19	75.27	1.82	59.65	1.14	-90.49	11.99

Return on total assets employed	1.12	-27.74	1.55	74.16	0.89	106	0.43	-91.98	5.36

Return on net assets employed	5.91	-25.38	7.92	53.79	5.15	73.40	2.97	-90.02	29.75

Sales / net working capital	19.07	-40.63	32.12	49.88	21.43	11.98	-178.86	-229	138.40
Stock turnover ratio	16.29	77.45	9.18	-46.47	17.15	37.86	12.44	100	6.19
Creditor days	45.92	-0.43	46.12	-14.39	53.87	-20.94	68.14	41.57	48.13
Debtor days	21.83	-64.15	60.90	315	14.67	-78.81	69.24	8.71	63.69
SHORT TERM STABILITY
Current ratio	1.20	8.11	1.11	-3.48	1.15	16.16	0.99	-2.94	1.02

Liquidity ratio / acid ratio	0.58	-26.58	0.79	33.90	0.59	-10.61	0.66	-19.51	0.82

Current debt ratio	2.80	7.28	2.61	-12.42	2.98	-29.88	4.25	38.44	3.07

Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	1,884,462	-6.29	2,010,948	220	627,811	-55.98	1,426,316	-24.87	1,898,402
Net worth	6,350,488	5.13	6,040,753	1.98	5,923,365	28.83	4,597,956	18.80	3,870,486

Gearing	289.04	2.56	281.82	-12.35	321.52	-8.77	352.41	18.12	298.34

Equity in percentage	18.89	-3.77	19.63	14.00	17.22	18.19	14.57	-19.10	18.01
Total debt ratio	4.30	5.13	4.09	-14.97	4.81	-17.92	5.86	28.79	4.55
Working capital	3,540,392	105	1,725,332	-36.55	2,719,296	938	-289,889	-201	284,870
Profits loss
Operating Income	68,363,632	21.39	56,315,279	-4.29	58,837,388	10.92	53,042,998	30.37	40,686,243
Turnover	67,526,388	21.85	55,419,247	-4.91	58,282,862	12.41	51,849,976	31.51	39,425,234
Total operating expenses	66,864,034	22.31	54,665,823	-5.23	57,683,785	12.05	51,479,127	35.91	37,877,717
Gross Operating Margin	-	-	-	-	-	-	-	-	--------------
Operating Charges	67,701,278	21.85	55,561,854	-4.60	58,238,311	10.57	52,672,148	34.58	39,138,726
Employee costs	2,199,338	16.28	1,891,338	7.50	1,759,323	1.32	1,736,364	16.64	1,488,607
Wages and salary	1,430,285	13.33	1,262,041	1.05	1,248,891	-8.99	1,372,320	31.10	1,046,778
Employee pension costs - - - - - - - - -
Social security contributions	674,674	14.98	586,777	28.94	455,085	55.78	292,133	-23.19	380,343
Other employee costs	94,378	121	42,520	-23.17	55,346	-23.04	71,912	16.96	61,486
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	1,524,112	-3.51	1,579,636	196	533,453	-55.40	1,196,170	9.67	1,090,656
Operating result	662,354	-12.09	753,424	25.76	599,077	61.54	370,849	-76.04	1,547,517
Total financial income	265,031	-18.12	323,667	18.70	272,684	17.33	232,399	1870	11,792
Total financial expenses	552,079	-7.81	598,858	5.63	566,943	21.53	466,492	14.44	407,643
Results on ordinary operations before taxation	375,306	-21.52	478,234	56.89	304,817	122	136,756	-88.13	1,151,666
Extraordinary Income	16,216	-92.52	216,703	-	-	-	-	-	---------
Extraordinary Charges	33,182	-86.73	250,087	-	-	-	619	852	65
Extraordinary items	-16,966	50.82	-33,384		0	0	-619	-852	-65
Results for the Year Before Taxation	358,340	-19.45	444,850	45.94	304,817	123	136,137	-88.18	1,151,601
Other appropriations	-	-		-	-	-	-	-	--------------
Taxation	6,335	-76.47	26,927	1780	1,432	-94.18	24,615	-94.22	425,809
Results on ordinary operations after taxation	368,971	-18.24	451,307	48.76	303,386	170	112,141	-84.55	725,857
Net result	360,350	-16.45	431,312	357	94,358	-59.00	230,146	-71.51	807,746
Profit (Loss) for the Year to be Appointed	360,350	-16.45	431,312	357	94,358	-59.00	230,146	-71.51	807,746
Dividend	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	49
Part-time Employees	9
Total Fte Employees	55

Number of hours worked
Full-time Employees	76,698
Part-time Employees	9,656
Total	86,354

Personnel Charges
Full-time Employees	1,783,139
Part-time Employees	241,957
Total	2,025,096
Benefits In Addition To Wages -

During the previous reporting year
Average number employees in Fte	49
Actual working hours	78,388
Personnel Charges	1,769,299
Benefits In Addition To Wages -


Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	28	5	31
Limited Duration Contracts	15	1	16
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-


Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	6	-	6
Secondairy education	5	-	5
Higher education (non university)	4	-	4
Higher education (university)	1	-	1

Women	Full-Time	Part-Time	Total Fte
Primary education	1	1	2
Secondairy education	8	-	8
Higher education (non university)	3	-	3
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	10	2	12
Blue collar worker	38	7	43
Other	3	-	3

Temporary personnel Total

Average number of temporary staff 12

Actual working hours 31,885

Cost of temporary staff 735,287

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	19	-	19
Leavers	10	-	10

Industry comparison

Activity code 46331

Activity description Wholesale of dairy products and eggs

industry average credit

rating 69.64

Industry average credit limit 56429.73

Payment Information

Payment Information Summary

Total number of Invoices available 42

Total number of Invoices paid within or up to 30 days after the due date 33

Total number of Invoices paid more than 30 days after the due date 2

Total number of Invoices currently outstanding where the due date has not yet been reached 7

Total number of Invoices currently outstanding beyond the due date 0

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days 45.92

Day sales outstanding 21.83

Industry comparison

Activity code 46331

Activity description Wholesale of dairy products and eggs

Industry average payment

expectation days 90.45

Industry average day sales

Outstanding 72.54

Industry quartile analysis

Payment expectations

Company result 45.92

Lower 64.77

Median 48.63

Upper 33.87

Day sales outstanding

Company result 21.83

Lower 62.21

Median 42.41

Upper 26.22

Shareholder Details

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME
Forename	Olivier	Middle name	-
Surname	Cabay
SHAREHOLDER DETAILS
Start date	23/06/1997	End date	-
Percentage owned	0%
SHAREHOLDER ADDRESS
Street name	Rue Bonsecours	House number	77
Minor town	-	Postal town	Fleurus
Post code	6220	Country	Belgium

SHAREHOLDER NAME
Forename	Alain	Middle name	-
Surname	Cabay
SHAREHOLDER DETAILS
Start date	23/06/1997	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	rue de Levis	House number	49
Minor town	-	Postal town	-
Post code	75017	Country	France

Companies that match this address
Business number	Company name		Date of accounts
401384416	GODEFROID-SERON SA		31/12/2013
424523864	J.M. CABAY SA		31/12/2013
472676446	TRADIMILK SPRL		-

Linked companies

Summary

Group - Number of Companies 0

Linkages - Number of Companies 0

Number of Countries 0

Summons

Legal event type Social Security Summons

Event date 10/06/2010

Court type - Court name Charleroi

Creditor's name Office National de Sécurité Sociale 3rd party type Summoning Party

Legal event type Social Security Summons

Event date 11/10/2007

Court type - Court name Charleroi

Creditor's name - 3rd party type -

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 OLIVIER CABAY

Position Director

Start Date 23/06/1997

Date of birth 15/11/1974

Street 90 RUE DE LA MADELEINE CHARLEROI

Post code 6041

Country Belgium

Name JEAN-MARIE CABAY

Position Managing Director

Start Date 28/05/2009

End Date 28/05/2015

Street 11 RUE CENTRALE PONT-À-CELLES

Post code 6230

Country Belgium

Name JEAN-MARIE LÉON JOSEPH CABAY

Position Director

Start Date 25/11/2011

Date of birth 07/09/1949

Street 11 RUE CENTRALE PONT-À-CELLES

Post code 6230

Country Belgium

Name CHRISTELLE CABAY

Position Director

Start Date 30/06/2010

End Date 30/06/2016

Date of birth 16/01/1983

Street 26 RUE STIJN STREUVELS BRUXELLES

Post code 1030

Country Belgium

Name SÉVERINE CABAY

Position Director

Start Date 30/06/2010

End Date 30/06/2016

Date of birth 16/01/1983

Street 21 JARDIN DES FLEURS LINKEBEEK

Post code 1630

Country Belgium

Name ALAIN CABAY

Position Director

Start Date 25/11/2011

Date of birth 08/01/1973

Street 49 RUE DE LEVIS

Post code 75017

Country France

Former director details

Name JEAN CABAY

Position Managing Director

Start Date 06/07/2004

End Date Unknown date

Street --

Post code --

Country --

Name JEAN-MARIE LÉON JOSEPH CABAY

Position Managing Director

Start Date 18/04/2002

End Date 31/12/2009

Date of birth 07/09/1949

Street 11 RUE CENTRALE PONT-À-CELLES

Post code 6230

Country Belgium

Name REWISE SOC.CIV. SPRL

Position Auditor

Start Date 30/06/2010

End Date 30/06/2013

Date of birth 16/12/1985

Street 151 RUE DES VENNES LIÈGE

Post code 4020

Country Belgium

Name FABIANO GERVAST

Position Director

Start Date 16/08/1997

End Date Unknown date

Street 1 AVENUE DES CERISIERS CHAPELLE-LEZ-HERLAIMONT

Post code 7160

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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

Company information

Company Accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked companies

Director details

Unit