MIRA INFORM REPORT

Report Date :

17.02.2014

IDENTIFICATION DETAILS

Name :	BEDUCO NV
Registered Office :	Wasserijstraat 25 2900 Schoten
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	10.05.1985
Com. Reg. No.:	426099818
Legal Form :	Public Limited Liability Company
LINE OF BUSINESS :	MANUFACTURE OF PREPARED FEEDS FOR FARM ANIMALS
No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 name and address

Business number	426099818
Company name	BEDUCO NV
Address	WASSERIJSTRAAT 25
	2900 SCHOTEN
Number of staff	47
Date of establishment	10/05/1985
Telephone number	033260710
Fax number	033261055

Commentary

The business was established over 30 years ago.

The business has 50 employees.

The business is part of a group.

The business has been at the address for over 18 years.

The business saw a decrease in their Cash Balance of 28% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	33,268,891	410,974	5,417,768	4,477,428
31/12/2011	32,610,907	382,628	5,145,600	4,524,711
31/12/2010	29,812,471	1,517,853	4,862,113	4,184,316

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	10,211,574	47	700,000	871,022
31/12/2011	9,523,457	52	700,000	846,833
31/12/2010	10,233,576	49	700,000	1,633,710

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	7.77
Industry average payment expectation days	79.49	Industry average day sales outstanding	95.40
Day sales outstanding	44.14

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	426099818	Company name	BEDUCO NV
Fax number	033261055	Date founded	10/05/1985
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	10910	liable for VAT	yes
Activity description	Manufacture of prepared feeds for farm animals	VAT Number	BE.0426.099.818
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		47
Part-time Employees		3
Total Fte Employees		49
Number of hours worked
Full-time Employees		77,413
Part-time Employees		3,393
Total		80,806
Personnel Charges
Full-time Employees		3,287,132
Part-time Employees		151,624
Total		3,438,756
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		51
Actual working hours		84,661
Personnel Charges		3,383,847
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	44	3	46
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	28	1	29
Higher education (non university)	10	-	10
Higher education (university)	2	-	2
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	3	-	3
Higher education (non university)	1	2	3
Higher education (university)	1	-	1
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	22	2	24
Blue collar worker	23	1	24
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		4
Actual working hours		8,336
Cost of temporary staff		244,831
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	3	-	3
Leavers	7	1	8

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 50 TO 99 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	118
Description	Joint committee for the food industry
category

JIC Code	220
Description	Joint committee for the employees in the food industry
category

Significant Events

Event Date	27/05/2009
Event Description	re-appointment of director(s)
Event Details	Commentaar 27-05-2009: Herbenoeming bestuurders voor de duur van 6 jaar: Edward Depré, Hans Depré en NV Parfund.

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	33,268,891	2.02	32,610,907	9.39	29,812,471	53,318,612	-37.60
	Total operating expenses	32,595,976	2.04	31,944,491	13.86	28,056,332	52,748,653	-38.21
	Operating result	672,915	0.98	666,416	-62.05	1,756,139	298,970	125
	Total financial income	8,699	-58.51	20,968	-35.71	32,614	49,474	-82.42
	Total financial expenses	270,641	-11.19	304,756	12.50	270,900	104,822	158
	Results on ordinary operations before taxation	410,974	7.41	382,628	-74.79	1,517,853	243,232	68.96
	Taxation	138,738	2.64	135,173	-71.51	474,514	92,550	49.91
	Results on ordinary operations after taxation	272,236	10.01	247,456	-76.28	1,043,339	170,719	59.46
	Extraordinary items	-22,642	-	0	0	-3,658	97,271	-123
	Other appropriations	3488.89	0	3488.89	0	3488.89	-	-
	Net result	253,083	0.85	250,945	-75.94	1,043,170	266,927	-5.19
	other information
	Dividends	-	-	-	-	500,003	938,852	-
	Director remuneration	-	-	-	-	-	160,887	-
	Employee costs	3,439,150	1.63	3,383,847	13.19	2,989,652	864,886	297
	Wages and salary	2,415,563	3.03	2,344,495	11.24	2,107,569	608,501	296
	Employee pension costs	394	-	-	-	-	17,712	-97.78
	Social security contributions	747,571	4.18	717,605	10.07	651,933	206,800	261
	Other employee costs	275,621	-14.34	321,748	39.80	230,150	56,113	391
	Amortization and depreciation	617,939	3.70	595,888	0.91	590,541	207,475	197
	back to top

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	23,977	-	44,551	-	78,583	43,706	-45.14
	Tangible fixed assets	1,999,477	6.88	1,870,759	-15.71	2,219,479	1,199,736	66.66
	Land & building	813,513	-8.54	889,452	-7.87	965,391	689,414	18.00
	Plant & machinery	918,055	26.23	727,307	-18.14	888,507	485,252	89.19
	Furniture & Vehicles	267,909	5.48	254,000	-30.52	365,580	106,896 59,172	150
	Leasing & Other Similar Rights	-	-	-	-	-	151,681 21,680	-
	Other tangible assets	0	-	0	-	0	90,575	-100
	Financial fixed assets	-	-	-	-	400	413,908	-
	Total fixed assets	2,023,454	5.65	1,915,310	-16.67	2,298,462	1,491,009	35.71
	Inventories	3,833,660	10.90	3,456,970	-7.68	3,744,460	1,387,790	176
	Raw materials & consumables	2,346,284	9.82	2,136,392	-9.70	2,365,887	1,675,202	40.06
	Work in progress	0	-	0	-	0	120,548	-100
	Finished goods	1,487,376	12.63	1,320,578	-4.21	1,378,573	268,730	453
	Other stocks	0	-	0	-	0	174,033	-100
	Trade debtors	4,023,169	9.26	3,682,192	-6.83	3,952,238	3,359,748	19.75
	Cash	170,459	-28.51	238,421	717	29,154	249,409	-31.65
	other amounts receivable	136,172	10.88	122,813	-38.33	199,143	629,482	-78.37
	Miscellaneous current assets	24,660	-77.11	107,751	964	10,121	202,556	-87.83
	Total current assets	8,188,120	7.62	7,608,147	-4.12	7,935,115	5,546,865	47.62
	Total Assets	10,211,574	7.23	9,523,457	-6.94	10,233,576	6,976,389 2,103,855	46.37
	current liabilities
	Trade creditors	694,117	4.60	663,574	-45.43	1,216,010	1,890,596	-63.29
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	2,250,000	50.0	1,500,000	20.00	1,250,004	1,945,941 427,500	15.63
	Current portion of long term debt	197,936	-31.26	287,961	3.26	278,868	222,459 98,499	-11.02
	Amounts Payable for Taxes, Remuneration & Social Security	423,681	-14.78	497,138	-42.26	861,017	45,655 -	156
	Miscellaneous current liabilities	144,958	7.56	134,763	-7.00	144,901	-74.30	- -
	Total current liabilities	3,710,692	20.34	3,083,435	-17.79	3,750,799	3,620,403	2.49
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	1,025,933	-16.17	1,223,869	-19.05	1,511,829	27.86	- -
	Deffered taxes	20,933	-14.29	24,422	-12.50	27,911	28,848 10,187	-27.44
	Provisions for Liabilities & Charges	12,271	677	1,579	-32.54	2,341	107,893 0	-88.63
	Other long term liabilities	0	-	0	-	0	23,762	-100
	Total long term debts	1,059,137	-15.26	1,249,870	-18.95	1,542,082	650,174	62.90
	shareholders equity
	Issued share capital	700,000	0	700,000	0	700,000	1,126,949	-37.89
	Share premium account	-	-	-	-	-	59,513	-
	Reserves	4,741,745	5.60	4,490,151	5.88	4,240,696	1,561,370	203
	Revaluation reserve	-	-	-	-	-	631,572	-
	Total shareholders equity	5,441,745	4.85	5,190,151	5.05	4,940,696	2,705,813	101
	Working capital	4,477,428	-1.05	4,524,711	8.14	4,184,316	1,926,462	132
	Cashflow	871,022	2.86	846,833	-48.17	1,633,710	463,708	87.84
	Net worth	5,417,768	5.29	5,145,600	5.83	4,862,113	2,662,107	103
	back to top

ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	1.24	5.98	1.17	-77.01	5.09	9,00	-86.22
	Return on capital employed	6.32	6.40	5.94	-74.63	23.41	17,00	-62.82
	Return on total assets employed	4.02	0	4.02	-72.89	14.83	0,00	-
	Return on net assets employed	7.55	2.44	7.37	-76.01	30.72	14,00	-46.07
	Sales / net working capital	7.43	3.05	7.21	1.26	7.12	18,00	-99
	Stock turnover ratio	11.52	8.68	10.60	-15.61	12.56	9,00	28.00
	Debtor days	44.14	7.11	41.21	-14.84	48.39	90,00	-50.96
	Creditor days	7.77	2.51	7.58	-52.09	15.82	82,00	-90.52
	short term stability
	Current ratio	2.21	-10.53	2.47	16.51	2.12	9,00	-26.33
	Liquidity ratio / acid ratio	1.17	-13.33	1.35	20.54	1.12	8,00	-85.38
	Current debt ratio	0.68	15.25	0.59	-22.37	0.76	3,00	-77.33
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	63.84	10.01	58.03	-5.70	61.54	182,00	-64.92
	Equity in percentage	53.42	-2.43	54.75	12.54	48.65	-208,00	25.68
	Total debt ratio	0.88	6.02	0.83	-22.43	1.07	3,00	-70.67

Industry comparison

Activity code	10910
Activity description	Manufacture of prepared feeds for farm animals
industry average credit rating	80.44
Industry average credit limit	309743.32

Payment Information Summary

Total number of Invoices available	4
Total number of Invoices paid within or up to 30 days after the due date	2
Total number of Invoices paid more than 30 days after the due date	1
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	7.77
Day sales outstanding	44.14

Industry comparison

Activity code	10910
Activity description	Manufacture of prepared feeds for farm animals
Industry average payment expectation days	79.49
Industry average day sales outstanding	95.40

Industry quartile analysis

Payment expectations
Company result	7.77
Lower	77.78
Median	55.77
Upper	35.69
Day sales outstanding
Company result	44.14
Lower	61.39
Median	33.50
Upper	19.50

Summary

Group - Number of Companies	8
Linkages - Number of Companies	5
Number of Countries	2

Group Structure

Company name	Number	Latest financials
- PARFUND SA	437832363	31-12-2012
- - BEDUCO NV	426099818	31-12-2012
- - FIDES PETFOOD BVBA	861285071	31-12-2012
- - HENS' VOEDERS NV	403722017	31-12-2010
- - - HEKOPA
- - - HENS'VOEDERS VERKOOPKANTOOR
- - VOEDERS DEPRÉ NV	405180282	31-12-2012
- - HOLLAND DIERVOEDERS B.V.	23040795		N/R

Minority Shareholders

No minority shareholders found

Minority Interests

Company name	%	Rating	Limit	Date of accounts
World Pigeon Center NV	21	82	€39.000	31/03/2013

Companies that match this address

Company name	Limit	Date of accounts
BEYERS-GRANEN NV IN VEREFFENING	-	-
BEYERS-IMMO NV	-	31/12/2000

NSSO details

Business number	426099818
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	EDWARD DEPRÉ
Position	Director
Start Date	27/05/2009
Date of birth	23/02/1978
Street	1 MAANDAGSE BEERNEM
Post code	8730
Country	Belgium

Name	OLIVIER DEPRÉ
Position	Director
Start Date	27/05/2009
Street	8 NOENDREEF BEERNEM
Post code	8730
Country	Belgium

Name	OLIVIER GASYON PAUL DEPRÉ
Position	Director
Start Date	28/07/2010
Date of birth	18/02/1971
Street	3 REIGERLOSTRAAT BEERNEM
Post code	8730
Country	Belgium

Name	PARFUND NV
Position	Director
Start Date	28/07/2010
Date of birth	21/06/1989
Street	36 BISCHOFFSHEIMLAAN BRUSSEL
Post code	1000
Country	Belgium

Name	EDOUARD DEPRÚ
Position	Director
Start Date	28/07/2010
Street	1 MAANDAGSE BEERNEM
Post code	8730
Country	Belgium

Name	HANS DEPRÚ
Position	Director
Start Date	05/06/2012
Street	2 HULSTLO BEERNEM
Post code	8730
Country	Belgium

Name	EDWARD (EDDY) OMER GASTON DEPRE
Position	Director
Start Date	03/11/2009
Date of birth	31/03/1941
Street	38 BLOEMENDALESTRAAT BEERNEM
Post code	8730
Country	Belgium

Name	FRÉDÉRIC DEPRÉ
Position	Managing Director
Start Date	11/06/2009
Street	8 NOENDREEF BEERNEM
Post code	8730
Country	Belgium

Name	FRÉDÉRIC DEPRÉ
Position	Director
Start Date	27/05/2009
Street	8 NOENDREEF BEERNEM
Post code	8730
Country	Belgium

Name	FRÉDÉRIC GEOFFREY GERMAIN DEPRE
Position	Managing Director
Start Date	28/07/2010
Date of birth	13/04/1973
Street	8 NOENDREEF BEERNEM
Post code	8730
Country	Belgium

Name	CAROLINE DEPRÉ
Position	Managing Director
Start Date	11/06/2009
Date of birth	01/06/1973
Street	38 BLOEMENDALESTRAAT BEERNEM
Post code	8730
Country	Belgium

Name	CAROLINE DEPRÉ
Position	Chairman of the Board
Start Date	11/06/2009
Date of birth	01/06/1973
Street	38 BLOEMENDALESTRAAT BEERNEM
Post code	8730
Country	Belgium

Name	CAROLINE DEPRÉ
Position	Chairperson
Start Date	11/06/2009
Date of birth	01/06/1973
Street	38 BLOEMENDALESTRAAT BEERNEM
Post code	8730
Country	Belgium

Name	CAROLINE DEPRÉ
Position	Director
Start Date	27/05/2009
Date of birth	01/06/1973
Street	38 BLOEMENDALESTRAAT BEERNEM
Post code	8730
Country	Belgium

Name	CAROLINE DEPRE
Position	Chairman of the Board
Start Date	18/07/2011
Street	38 BLOEMENDALESTRAAT BEERNEM
Post code	8730
Country	Belgium

Former director details

Name	YVES CHRISTIAENS
Position	Commissioner
Start Date	27/05/2008
End Date	31/12/2009
Street	17 ZOMBEEKSTRAAT GENT
Post code	9031
Country	Belgium

Name	HANS GERARD JACQUES DEPRÉ
Position	Chairman of the Board
Start Date	20/10/2003
End Date	11/06/2009
Date of birth	02/10/1943
Street	2 HULSTLO BEERNEM
Post code	8730
Country	Belgium

Name	HANS GERARD JACQUES DEPRÉ
Position	Managing Director
Start Date	16/04/2002
End Date	11/06/2009
Date of birth	02/10/1943
Street	2 HULSTLO BEERNEM
Post code	8730
Country	Belgium

Name	HANS GERARD JACQUES DEPRÉ
Position	Director
Start Date	18/07/2011
End Date	31/12/2011
Date of birth	02/10/1943
Street	2 HULSTLO BEERNEM
Post code	8730
Country	Belgium

Name	EDWARD (EDDY) DEPRÉ
Position	Director
Start Date	28/07/2010
End Date	-
Street	38 BLOEMENDALESTRAAT BEERNEM
Post code	8730
Country	Belgium

Name	EDWARD (EDDY) OMER GASTON DEPRE
Position	Managing Director
Start Date	13/05/2003
End Date	11/06/2009
Date of birth	31/03/1941
Street	38 BLOEMENDALESTRAAT BEERNEM
Post code	8730
Country	Belgium

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 :

NIS

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.