MIRA INFORM REPORT

Report Date :

15.02.2014

IDENTIFICATION DETAILS

Name :	FINECCO NV

Registered Office :	Moortelputstraat 12, 9031 Gent

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	03.11.1988

Com. Reg. No.:	435738351

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Subject is engaged in the wholesale of metals and metal ores

No. of Employees :	1

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 :	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

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

REGISTERED NAME & COMPANY SUMMARY

Business number	435738351
Company name	FINECCO NV
Address	MOORTELPUTSTRAAT 12
	9031 GENT
Number of staff	1
Date of establishment	03/11/1988
Telephone number	092811350
Fax number	092829389

Business number	435738351	Company name	FINECCO NV
Fax number	092829389	Date founded	03/11/1988
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46720	liable for VAT	yes
Activity description	Wholesale of metals and metal ores	VAT Number	BE.0435.738.351
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	BART JOHAN CAPIAU
Position	Director
Start Date	29/01/1999
Street	89 PONTSTRAAT SINT-MARTENS-LATEM
Post code	9831
Country	Belgium

Former director details

Name	GEERT CAPIAU
Position	Director
Start Date	28/06/2004
End Date	31/12/2010
Street	5 GAVERLANDSTRAAT GENT
Post code	9031
Country	Belgium

Name	BART JOHAN CAPIAU
Position	Managing Director
Start Date	28/06/2004
End Date	31/12/2010
Street	89 PONTSTRAAT SINT-MARTENS-LATEM
Post code	9831
Country	Belgium

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

Significant Events

Event Date	07/06/2010
Event Description	re-appointment of director(s)
Event Details	Commentaar 07-06-2010: Worden herbenoemd als bestuurders voor zes jaar : Bart Capiau en Geert Capiau.

NSSO details

Business number	435738351
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	%	Date of accounts
449479291	PH Scheir BVBA	0.5	30/09/2012

Individual Shareholders

Shareholder Name
Forename	Geert	Middle name	Marie
Surname	CAPIAU
Shareholder Details
Start date	08/04/1997(estimated)	End date	-
Percentage owned	2%
Shareholder Address
Street name	Gaverlandstraat	House number	5
Minor town	Drongen	Postal town	Gent
Post code	9031	Country	Belgium

Shareholder Name
Forename	Bart	Middle name	-
Surname	Capiau
Shareholder Details
Start date	08/04/1997(estimated)	End date	-
Percentage owned	98%
Shareholder Address
Street name	Pontstraat	House number	89
Minor town	Deurle	Postal town	Sint-Martens-Latem
Post code	9831	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	48.72	Industry average day sales outstanding	4486.58
Day sales outstanding	-

Industry comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
Industry average payment expectation days	48.72
Industry average day sales outstanding	4486.58

Industry quartile analysis

Payment expectations
Company result	-
Lower	80.61
Median	60.30
Upper	34.43

Day sales outstanding
Company result	-
Lower	58.90
Median	34.09
Upper	17.78

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		23,998	438,560	415,360
31/12/2011		62,817	429,205	398,719
31/12/2010		2,191	367,240	322,602

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	2,611,584	0	62,000	23,739
31/12/2011	1,806,797	0	62,000	76,776
31/12/2010	1,537,997	0	62,000	21,727

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	-	-	-	-	-	42,554,651	-
Total operating expenses	-	-	-	-	-	42,130,054	-
Operating result	80,962	-28.10	112,600	155	-72,277	180,192	-55.07
Total financial income	15,729	22232	70	-99	216,057	119,844	-86.88
Total financial expenses	72,692	45.81	49,853	-64.79	141,588	155,643	-53.30
Results on ordinary operations before taxation	23,998	-61.80	62,817	2766	2,191	139,242	-82.77
Taxation	14,643	1618	852	-27.10	1,169	72,447	-79.79
Results on ordinary operations after taxation	9,355	-84.90	61,965	5960	1,022	83,724	-88.83
Extraordinary items	0	-	0	-100	1,500	-14,663	0
Other appropriations	0	-	0.00	-	0.00	-	-
Net result	9,355	-84.90	61,965	2356	2,522	69,356	-86.51
other information
Dividends	-	-	-	-	-	364,903	-
Director remuneration	-	-	-	-	-	171,146	-
Employee costs	-	-	-	-	-	964,061	-
Wages and salary	-	-	-	-	-	681,379	-
Employee pension costs	-	-	-	-	-	36,863	-
Social security contributions	-	-	-	-	-	229,269	-
Other employee costs	0	-	0	-	0	39,210	-100
Amortization and depreciation	14,384	-2.88	14,811	-22.88	19,204	120,179	-88.03

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	10,403	-100
Tangible fixed assets	21,710	-25.13	28,998	-32.80	43,149	649,640	-96.66
Land & building	-	-	-	-	-	627,150	-
Plant & machinery	1,715	-56.71	3,961	-49.61	7,862	308,824	-99
Furniture & Vehicles	19,996	-20.13	25,036	-29.05	35,287	45,961 16,460	-56.49
Leasing & Other Similar Rights	-	-	-	-	-	314,255 47,362	-
Other tangible assets	-1	-	0	-	0	22,176	-100
Financial fixed assets	1,489	-0.01	1,489	0	1,489	512,239	-99
Total fixed assets	23,200	-23.90	30,487	-31.70	44,638	943,047	-97.54
Inventories	-	-	102,619	47.70	69,479	2,020,087	-
Raw materials & consumables	-	-	-	-	-	2,738,640	-
Work in progress	0	-	0	-	0	115,478	-100
Finished goods	0	-	0	-	0	857,240	-100
Other stocks	0	-100	102,619	47.70	69,479	170,829	-100
Trade debtors	1,718,891	99	859,524	85.57	463,184	1,356,589	26.71
Cash	396,003	2.57	386,064	-42.38	669,964	409,791	-3.36
other amounts receivable	473,490	10.60	428,103	47.25	290,732	482,686	-1.91
Miscellaneous current assets	0	-	0	-	0	133,062	-100
Total current assets	2,588,384	45.72	1,776,310	18.95	1,493,358	3,623,118	-28.56
Total Assets	2,611,584	44.54	1,806,797	17.48	1,537,997	4,510,370 880,830	-42.10
current liabilities
Trade creditors	1,252,339	-8.86	1,374,081	17.43	1,170,132	937,554	33.58
Short term group loans	-	-	-	-	-	-	-
Financial debts	717,960	-	-	-	2	1,880,440 190,082	-61.82
Current portion of long term debt	-	-	-	-	-	79,055 28,799	-
Amounts Payable for Taxes, Remuneration & Social Security	9,121	159	3,510	463	623	29,487 -	-94.25
Miscellaneous current liabilities	193,604	-	0	-	0	-49.42	- -
Total current liabilities	2,173,024	57.74	1,377,592	17.67	1,170,757	2,213,866	-1.84
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	80,382 15,490	-
Provisions for Liabilities & Charges	0	-	0	-	0	73,896 0	-100
Other long term liabilities	0	-	0	-	0	19,486	-100
Total long term debts	0	-	0	-	0	452,188	-100
shareholders equity
Issued share capital	62,000	0	62,000	0	62,000	578,208	-89.28
Share premium account	-	-	-	-	-	282,209	-
Reserves	376,560	2.55	367,205	20.30	305,240	1,222,338	-69.19
Revaluation reserve	-	-	-	-	-	485,395	-
Total shareholders equity	438,560	2.18	429,205	16.87	367,240	1,828,816	-76.02
Working capital	415,360	4.17	398,719	23.59	322,602	1,409,252	-70.53
Cashflow	23,739	-69.08	76,776	253	21,727	172,190	-86.21
Net worth	438,560	2.18	429,205	16.87	367,240	1,818,413	-75.88

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-	-	-	-	-	1,00	-
Return on capital employed	5.47	-62.64	14.64	2340	0.60	-13,00	42.08
Return on total assets employed	0.92	-73.56	3.48	2385	0.14	-7,00	13.14
Return on net assets employed	5.47	-62.64	14.64	2340	0.60	-14,00	39.07
Sales / net working capital	-	-	-	-	-	16,00	-
Stock turnover ratio	-	-	-	-	-	18,00	-
Debtor days	-	-	-	-	-	108,00	-
Creditor days	-	-	-	-	-	55,00	-
short term stability
Current ratio	1.19	-7.75	1.29	0.78	1.28	15,00	-60.33
Liquidity ratio / acid ratio	1.19	-1.65	1.21	-0.82	1.22	14,00	-91.50
Current debt ratio	4.95	54.21	3.21	0.63	3.19	3,00	65.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	163.71	-	-	-	0	320,00	-48.84
Equity in percentage	16.79	-29.34	23.76	-0.50	23.88	-2,00	839
Total debt ratio	4.95	54.21	3.21	0.63	3.19	4,00	23.75

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Commentary

The business was established over 25 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 decreased 28% on the previous trading period.

A 44% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 61% compared to the previous trading period.

Trends

Profitability
Liquidity
Net worth

Companies that match this address

Business number	Company name	Date of accounts
448461385	S.T.H. BVBA	31/12/2012

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.85.18

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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