MIRA INFORM REPORT

Report Date :

07.02.2014

IDENTIFICATION DETAILS

Name :	SUNVIEW NV
Registered Office :	1106, Hoveniersstraat 2, Box 579, 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	31.01.2007
Com. Reg. No.:	887137155
Legal Form :	Public Limited Liability Company (BE)
Line of business :	Agents Involved In The Sale of Furniture, Household Goods, Hardware And Ironmongery
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Belgium	A1	A1

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 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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	887137155
Company name	SUNVIEW NV
Address	HOVENIERSSTRAAT 2
	2018 ANTWERPEN
Number of staff	1
Date of establishment	31/01/2007
Telephone number	0472747888
Fax number

Commentary

The business was established over 6 years ago.

The business has 1 employees.

The business has been at the address for over 6 years.

Operating Result in the latest trading period increased 25% on the previous trading period.

Net Worth increased by 29% during the latest trading period.

Pre-tax profits increased by 46% compared to the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	13,931,492	27,101	85,809	81,401
31/12/2011		18,512	66,066	62,560
31/12/2010		14,551	53,475	49,186

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	4,089,378	0	62,000	21,043
31/12/2011	3,399,389	0	62,000	13,643
31/12/2010	2,740,235	1	62,000	9,541

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	83.40
Industry average payment expectation days	58.74	Industry average day sales outstanding	90.73
Day sales outstanding	67.27

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	887137155	Company name	SUNVIEW NV
Fax number		Date founded	31/01/2007
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46150	liable for VAT	yes
Activity description	Agents involved in the sale of furniture, household goods, hardware and ironmongery	VAT Number	BE.0887.137.155
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		0
Part-time Employees		1
Total Fte Employees		1
Number of hours worked
Full-time Employees		350
Part-time Employees		1,645
Total		1,995
Personnel Charges
Full-time Employees		7,333
Part-time Employees		34,467
Total		41,800
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		1
Actual working hours		1,638
Personnel Charges		30,857
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	1	1
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	-	1	1
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	1	1
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	2	-	2
Leavers	2	-	2

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

JIC Code	324
Description	Joint committee for the industry and the trade in diamant
category

Significant Events

Event Date	25/06/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 25-06-2012: Herbenoemd als bestuurders tot de jaarvergadering 2018 : Mehta Manoj (tevens als gedelegeerd bestuurder), Vanjara Chaitanya (tevens als gedelegeerd bestuurder) en Mehta Sangeeta.

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	13,931,492	-	-	-	-	3,625,247	284
Total operating expenses	13,880,642	-	-	-	-	3,515,898	294
Operating result	50,850	25.13	40,638	36.42	29,789	42,283	20.26
Total financial income	1,277	79.35	712	4547	15	12,048	-89.40
Total financial expenses	25,026	9.58	22,838	49.72	15,253	13,813	81.18
Results on ordinary operations before taxation	27,101	46.40	18,512	27.22	14,551	39,212	-30.89
Taxation	7,358	24.29	5,920	-	-	15,320	-51.97
Results on ordinary operations after taxation	19,743	56.79	12,592	-13.46	14,551	27,475	-28.14
Extraordinary items	0	-	0	0	-5,665	2,295	-100
Other appropriations	-1	-	0	-	0.00	-	-
Net result	19,742	56.78	12,592	41.70	8,886	29,493	-33.06
other information
Dividends	-	-	-	-	-	230,364	-
Director remuneration	-	-	-	-	-	59,685	-
Employee costs	41,800	35.46	30,857	-8.48	33,716	172,368	-75.75
Wages and salary	35,219	40.54	25,060	3.22	24,279	130,856	-73.09
Employee pension costs	-	-	-	-	-	4,955	-
Social security contributions	6,492	23.85	5,242	-40.20	8,766	39,187	-83.43
Other employee costs	89	-83.94	554	-17.45	671	4,372	-97.96
Amortization and depreciation	1,301	23.79	1,051	60.52	655	21,426	-93.93

balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	6,527	-100
Tangible fixed assets	4,407	25.66	3,507	-18.22	4,288	145,374	-96.97
Land & building	-	-	-	-	-	260,199	-
Plant & machinery	3,739	6.62	3,507	-18.22	4,288	20,988	-82.19
Furniture & Vehicles	668	-	-	-	-	17,242 7,496	-96.13
Leasing & Other Similar Rights	-	-	-	-	-	31,680 13,826	-
Other tangible assets	0	-	0	-	0	10,814	-100
Financial fixed assets	-	-	-	-	-	149,600	-
Total fixed assets	4,407	25.66	3,507	-18.22	4,288	213,728	-97.94
Inventories	1,437,851	-26.00	1,943,078	88.39	1,031,392	251,937	470
Raw materials & consumables	-	-	-	-	-	10,394	-
Work in progress	0	-	0	-	0	4,110	-100
Finished goods	1,437,851	-	0	-	0	26,075	5414
Other stocks	0	-100	1,943,078	88.39	1,031,392	74,357	-100
Trade debtors	2,567,588	87.24	1,371,274	9.01	1,257,909	136,220	1784
Cash	25,420	8.56	23,415	-94.01	391,090	67,626	-62.41
other amounts receivable	47,720	-7.17	51,406	2.52	50,144	57,864	-17.53
Miscellaneous current assets	6,392	-4.72	6,709	23.98	5,411	40,731	-84.31
Total current assets	4,084,971	20.29	3,395,882	24.12	2,735,946	402,354	915
Total Assets	4,089,378	20.30	3,399,389	24.05	2,740,235	592,843 142,611	589
current liabilities
Trade creditors	3,171,597	46.66	2,162,588	16.50	1,856,228	133,153	2281
Short term group loans	-	-	-	-	-	-	-
Financial debts	16,132	-95.23	338,425	2020	15,958	94,603 10,953	-82.95
Current portion of long term debt	-	-	-	-	-	26,078 12,261	-
Amounts Payable for Taxes, Remuneration & Social Security	33,355	19.27	27,965	-18.54	34,331	7,319 -	33.98
Miscellaneous current liabilities	782,486	-2.72	804,344	3.09	780,244	589	- -
Total current liabilities	4,003,570	20.11	3,333,322	24.06	2,686,760	297,306	1246
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	32,736 6,103	-
Provisions for Liabilities & Charges	0	-	0	-	0	7,176 0	-100
Other long term liabilities	-1	-200	1	-	0	10,575	-100
Total long term debts	-1	-200	1	-	0	91,718	-100
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	94,183	-34.17
Share premium account	-	-	-	-	-	6,345	-
Reserves	23,809	485	4,066	47.69	-8,525	103,359	-76.96
Revaluation reserve	-	-	-	-	-	243,683	-
Total shareholders equity	85,809	29.88	66,066	23.55	53,475	204,494	-58.04
Working capital	81,401	30.12	62,560	27.19	49,186	105,049	-22.51
Cashflow	21,043	54.24	13,643	43.00	9,541	48,131	-56.28
Net worth	85,809	29.88	66,066	23.55	53,475	197,293	-56.51

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	0.19	-	-	-	-	-58,00	0.33
Return on capital employed	31.58	12.71	28.02	2.98	27.21	13,00	142
Return on total assets employed	0.66	22.22	0.54	1.89	0.53	-66,00	1.00
Return on net assets employed	31.58	12.71	28.02	2.98	27.21	-38,00	83.11
Sales / net working capital	171.15	-	-	-	-	-15,00	-99
Stock turnover ratio	10.32	-	-	-	-	73,00	-85.86
Debtor days	67.27	-	-	-	-	102,00	-34.05
Creditor days	83.40	-	-	-	-	56,00	48.93
short term stability
Current ratio	1.02	0	1.02	0	1.02	6,00	-92.15
Liquidity ratio / acid ratio	0.66	50.0	0.44	-30.16	0.63	6,00	-89.00
Current debt ratio	46.66	-7.51	50.45	0.42	50.24	13,00	258
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	18.80	-96.33	512.25	1616	29.84	298,00	-93.69
Equity in percentage	2.10	8.25	1.94	-0.51	1.95	-185,00	1.14
Total debt ratio	46.66	-7.51	50.45	0.42	50.24	14,00	233

Industry comparison

Activity code	46150
Activity description	Agents involved in the sale of furniture, household goods, hardware and ironmongery

Payment expectations

Payment expectation days	83.40
Day sales outstanding	67.27

Industry comparison

Activity code	46150
Activity description	Agents involved in the sale of furniture, household goods, hardware and ironmongery
Industry average payment expectation days	58.74
Industry average day sales outstanding	90.73

Industry quartile analysis

Payment expectations
Company result	83.40
Lower	83.82
Median	43.15
Upper	19.58
Day sales outstanding
Company result	67.27
Lower	69.63
Median	27.89
Upper	11.36

Company result	67.27
Lower	69.63
Median	27.89
Upper	11.36

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details

Business number	887137155
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	SANGEETA MANOJ MEHTA
Position	Director
Start Date	31/08/2011
Street	14 BERKENLAAN ANTWERPEN
Post code	2610
Country	Belgium

Name	CHAITANYA VANJARA
Position	Managing Director
Start Date	31/08/2011
Street	173 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	CHAITANYA VANJARA
Position	Director
Start Date	01/09/2008
Street	173 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	MANOJ KUMAR RASIKLAL MEHTA
Position	Managing Director
Start Date	31/08/2011
Street	70 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

Name	MANOJ KUMAR RASIKLAL MEHTA
Position	Chairperson
Start Date	31/01/2007
Street	70 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

Name	MANOJ KUMAR RASIKLAL MEHTA
Position	Director
Start Date	31/01/2007
Street	70 JACHTLAAN EDEGEM
Post code	2650
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.50
UK Pound	1	Rs.101.92
Euro	1	Rs.84.50

INFORMATION DETAILS

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%)

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