MIRA INFORM REPORT

Report Date :

06.01.2014

IDENTIFICATION DETAILS

Name :	SES AIRCRAFT ENGINE LEASING BELGIUM NV
Registered Office :	Machelen-Cargo (Brucargo) 1931 Zaventem
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	14.03.1989
Com. Reg. No.:	436935015
Legal Form :	Not Available
Line of Business :	Service activities incidental to air transportation
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

REGISTERED NAME & COMPANY SUMMARY

Business number	436935015
Company name	SES AIRCRAFT ENGINE LEASING BELGIUM NV
Address	MACHELEN-CARGO (BRUCARGO)
	1931 ZAVENTEM
Number of staff	0
Date of establishment	14/03/1989
Telephone number
Fax number

DIRECTORS/MANAGEMENT

Current director details

Name	TMF MANAGEMENT NV
Position	Principal Manager
Start Date	25/09/2013
Date of birth	27/10/1993
Street	86 HAVENLAAN BRUSSEL
Post code	1000
Country	Belgium

Name	TMF MANAGEMENT NV
Position	Non Statutory Partner
Start Date	25/09/2013
Date of birth	27/10/1993
Street	86 HAVENLAAN BRUSSEL
Post code	1000
Country	Belgium

Name	GEERT MARGRIET ROGER VAN DAMME
Position	Principal Manager
Start Date	25/09/2013
Street	14 MOERZEKESTRAAT HAMME
Post code	9220
Country	Belgium

Name	GEERT MARGRIET ROGER VAN DAMME
Position	Non Statutory Partner
Start Date	25/09/2013
Street	14 MOERZEKESTRAAT HAMME
Post code	9220
Country	Belgium

Name	DAVID BEARY
Position	Principal Manager
Start Date	25/09/2013
Street	2 SOUTH CIRCULAR ROAD, RIVERVIEW
Post code	-
Country	Ireland

Name	DAVID BEARY
Position	Non Statutory Partner
Start Date	25/09/2013
Street	2 SOUTH CIRCULAR ROAD, RIVERVIEW
Post code	-
Country	Ireland

Name	IVAN FRANCIS GRAYDON
Position	Principal Manager
Start Date	25/09/2013
Street
Post code
Country	Ireland

Name	IVAN FRANCIS GRAYDON
Position	Non Statutory Partner
Start Date	25/09/2013
Street
Post code
Country	Ireland

Former director details

Name	FRIEDA DECLERCQ
Position	Director
Start Date	27/11/1996
End Date	-
Street	5 CONSTANT HANSOULSTRAAT MACHELEN
Post code	1830
Country	Belgium

Name	JOHAN DUMONT
Position	Director
Start Date	06/08/1999
End Date	-
Street	30 PETER BENOITSTRAAT VILVOORDE
Post code	1800
Country	Belgium

Name	TMF ACCOUNTING SERVICES BVBA
Position	Director
Start Date	20/09/2008
End Date	31/12/2010
Date of birth	21/08/1998
Street	86 HAVENLAAN BRUSSEL
Post code	1000
Country	Belgium

Name	TRUST MANAGEMENT AND FINANCE (TMF) SERVICES NV
Position	Managing Director
Start Date	06/07/2010
End Date	27/01/2012
Date of birth	27/10/1993
Street	86 HAVENLAAN BRUSSEL
Post code	1000
Country	Belgium

Name	TRUST MANAGEMENT AND FINANCE (TMF) SERVICES NV
Position	Director
Start Date	01/03/2002
End Date	27/01/2012
Date of birth	27/10/1993
Street	86 HAVENLAAN BRUSSEL
Post code	1000
Country	Belgium

Name	TMF MANAGEMENT NV
Position	Managing Director
Start Date	16/10/2009
End Date	06/02/2013
Date of birth	27/10/1993
Street	86 HAVENLAAN BRUSSEL
Post code	1000
Country	Belgium

Name	TMF MANAGEMENT NV
Position	Director
Start Date	03/07/2013
End Date	25/09/2013
Date of birth	27/10/1993
Street	86 HAVENLAAN BRUSSEL
Post code	1000
Country	Belgium

Name	GEERT MARGRIET ROGER VAN DAMME
Position	Director
Start Date	27/01/2012
End Date	25/09/2013
Street	14 MOERZEKESTRAAT HAMME
Post code	9220
Country	Belgium

Name	GEERT MARGRIET ROGER VAN DAMME
Position	Managing Director
Start Date	27/01/2012
End Date	25/09/2013
Street	14 MOERZEKESTRAAT HAMME
Post code	9220
Country	Belgium

Name	BRIAN MCLOGHLIN
Position	Director
Start Date	27/11/1996
End Date	-
Street	THE ISLANDS CLOON ISLAND CASTLE CONNEL
Post code
Country	Ireland

Name	ROGER WELARATNE
Position	Director
Start Date	20/09/2002
End Date	31/12/2009
Street
Post code
Country	Ireland

Name	PAT BERGIN
Position	Director
Start Date	21/08/2009
End Date	31/12/2011
Street	0 BRAMBLING, MANUSMORE
Post code	-
Country	Ireland

Name	MARION COLEMAN
Position	Director
Start Date	15/06/2010
End Date	27/01/2012
Street	32 BLOOMFIELD, ANACOTTY
Post code	-
Country	Ireland

Name	DAVID BEARY
Position	Director
Start Date	15/10/2013
End Date	25/09/2013
Street	2 SOUTH CIRCULAR ROAD, RIVERVIEW
Post code	-
Country	Ireland

Name	IVAN FRANCIS GRAYDON
Position	Director
Start Date	15/10/2013
End Date	25/09/2013
Street
Post code
Country	Ireland

Name	IVAN FRANCIS GRAYDON
Position	Chairman of the Board
Start Date	27/01/2012
End Date	25/09/2013
Street
Post code
Country	Ireland

Name	PATRICK VAN LAMMEREN
Position	Director
Start Date	02/12/1996
End Date	-
Street
Post code
Country

NEGATIVE INFORMATION

Court data summary

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

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register	-

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	436935015
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

Business number	Company name	%	Date of accounts
-	SHANNON ENGINE SUPPPORT SINGAPORE PTE. LTD	0.02	-

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	25.14
Industry average payment expectation days	58.51	Industry average day sales outstanding	78.20
Day sales outstanding	39.65

Industry comparison

Activity code	52230
Activity description	Service activities incidental to air transportation

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	25.14
Day sales outstanding	39.65

Industry comparison

Activity code	52230
Activity description	Service activities incidental to air transportation
Industry average payment expectation days	58.51
Industry average day sales outstanding	78.20

Industry quartile analysis

Payment expectations
Company result	25.14
Lower	93.92
Median	56.69
Upper	34.55

Day sales outstanding
Company result	39.65
Lower	63.67
Median	36.38
Upper	15.97

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name	Company Number
SHANNON ENGINE SUPPORT LTD	-

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
- SHANNON ENGINE SUPPORT LTD
- - SES AIRCRAFT ENGINE LEASING BELGIUM NV	436935015	31-12-2012

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	10,386,168	218,018	349,668	348,228
31/12/2011	10,363,764	232,359	207,139	205,699
31/12/2010	3,128,084	148,935	-825	-825

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	1,637,283	0	63,331	142,530
31/12/2011	3,127,343	0	90,415	207,964
31/12/2010	-	0	90,415	148,933

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	10,386,168	0.22	10,363,764	231	3,128,084	26,624,646	-60.99
Total operating expenses	10,146,890	-1.92	10,345,717	228	3,147,931	20,748,265	-51.10
Operating result	239,278	1225	18,047	90.93	-19,846	1,654,508	-85.54
Total financial income	15,079	-98.55	1,039,094	25.70	826,614	1,730,409	-99
Total financial expenses	36,340	-95.59	824,782	25.38	657,833	1,499,380	-97.58
Results on ordinary operations before taxation	218,018	-6.17	232,359	56.01	148,935	1,746,187	-87.51
Taxation	75,489	209	24,395	1042423	2	752,450	-89.97
Results on ordinary operations after taxation	142,530	-31.46	207,964	39.64	148,933	1,202,337	-88.15
Extraordinary items	0	-	0	-	0	-26,020	0
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	142,530	-31.46	207,964	39.64	148,933	1,178,304	-87.90
other information
Dividends	-	-	-	-	-	5,390,986	-
Director remuneration	-	-	-	-	-	369,490	-
Employee costs	-	-	-	-	-	6,339,905	-
Wages and salary	-	-	-	-	-	5,252,388	-
Employee pension costs	-	-	-	-	-	2,928,301	-
Social security contributions	-	-	-	-	-	1,051,080	-
Other employee costs	0	-	0	-	0	141,397	-100
Amortization and depreciation	-	-	-	-	-	1,559,346	-

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	176,082	-100
Tangible fixed assets	-	-	-	-	-	24,359,946	-
Land & building	-	-	-	-	-	57,395,780	-
Plant & machinery	-	-	-	-	-	3,328,634	-
Furniture & Vehicles	-	-	-	-	-	705,877 8,128	-
Leasing & Other Similar Rights	-	-	-	-	-	1,036,462 9,315	-
Other tangible assets	0	-	0	-	0	638,757	-100
Financial fixed assets	1,440	0	1,440	-	-	57,555,675	-99
Total fixed assets	1,440	0	1,440	-	-	53,833,316	-99
Inventories	-	-	-	-	-	183,247	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	1,718	-100
Finished goods	0	-	0	-	0	5,281	-100
Other stocks	0	-	0	-	0	40,174	-100
Trade debtors	1,128,172	17.14	963,075	195	325,577	1,009,393	11.77
Cash	12,471	-98.95	1,183,267	-28.78	1,661,419	1,157,580	-98.92
other amounts receivable	368,414	-0.52	370,350	5.25	351,878	713,623	-48.37
Miscellaneous current assets	126,785	-79.19	609,211	174	221,998	1,013,450	-87.49
Total current assets	1,635,843	-47.67	3,125,903	22.06	2,560,873	3,895,373	-58.01
Total Assets	1,637,283	-47.65	3,127,343	22.12	2,560,873	49,733,642 172,697	-96.71
current liabilities
Trade creditors	698,771	-66.99	2,117,149	-3.59	2,196,033	1,148,892	-39.18
Short term group loans	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	83,724 6,275	-
Current portion of long term debt	-	-	-	-	-	703,841 14,650	-
Amounts Payable for Taxes, Remuneration & Social Security	33,885	38.87	24,401	-	-	7,793 -	-96.44
Miscellaneous current liabilities	554,959	-28.73	778,654	112	365,664	-55.91	- -
Total current liabilities	1,287,615	-55.91	2,920,204	13.99	2,561,697	3,339,228	-61.44
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	211,995 23,923	-
Provisions for Liabilities & Charges	0	-	0	-	0	169,570 0	-100
Other long term liabilities	0	-	0	-	0	7,867,781	-100
Total long term debts	0	-	0	-	0	27,338,033	-100
shareholders equity
Issued share capital	63,331	-29.96	90,415	0	90,415	12,518,496	-99
Share premium account	27,084	-	-	-	-	6,771	300
Reserves	259,253	122	116,724	127	-91,240	1,407,474	-81.58
Revaluation reserve	-	-	-	-	-	86,357,423	-
Total shareholders equity	349,668	68.81	207,139	25118	-825	19,056,382	-98.17
Working capital	348,228	69.29	205,699	24943	-825	556,145	-37.39
Cashflow	142,530	-31.46	207,964	39.64	148,933	2,506,064	-94.31
Net worth	349,668	68.81	207,139	25118	-825	18,880,300	-98.15

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	2.10	-6.25	2.24	-52.94	4.76	10,00	-79.00
Return on capital employed	62.35	-44.42	112.18	0.62	-18060.38	24,00	159
Return on total assets employed	13.32	79.27	7.43	27.66	5.82	-5,00	266
Return on net assets employed	62.35	-44.42	112.18	0.62	-18060.38	25,00	149
Sales / net working capital	29.83	-40.79	50.38	1.33	-3793.23	2,00	-99
Stock turnover ratio	-	-	-	-	-	22,00	-
Debtor days	39.65	16.89	33.92	-10.71	37.99	69,00	-42.54
Creditor days	25.14	-66.34	74.69	-70.67	254.63	49,00	-48.69
short term stability
Current ratio	1.27	18.69	1.07	7.00	1	4,00	-36.50
Liquidity ratio / acid ratio	1.27	18.69	1.07	7.00	1	4,00	-68.25
Current debt ratio	3.68	-73.90	14.10	0.45	-3106.41	2,00	84.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	141,00	-
Equity in percentage	21.36	222	6.62	22066	-0.03	-227,00	9.41
Total debt ratio	3.68	-73.90	14.10	0.45	-3106.41	2,00	84.00

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Joint Industrial Committee (JIC)

Significant Events

Event Date	27/01/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 27-01-2012: Herbenoemd als bestuurder en gedelegeerd bestuurder tot na de jaarvergadering te houden in het jaar 2017: NV TMF Management.

Companies that match this address

no Companies Match this address

NOTES & COMMENTS

Commentary

The business was established over 24 years ago.

No employees are recorded for this business.

The business is part of a group.

The business has been at the address for over 22 months.

Operating Result in the latest trading period increased 1225% on the previous trading period.

Net Worth increased by 68% during the latest trading period.

A 47% decline in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 98% during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.41
UK Pound	1	Rs.102.54
Euro	1	Rs.85.20

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.