MIRA INFORM REPORT

Report Date :

16.01.2014

IDENTIFICATION DETAILS

Name :	IMCOMA NV
Registered Office :	Zwaarveld 32, 9220 Hamme
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	01.08.1979
Com. Reg. No.:	419762649
Legal Form :	Public Limited Liability Company
Line of Business :	Agents involved in the sale of timber and building materials
No. of Employees :	07 (31.12.2012)

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

REGISTERED NAME & COMPANY SUMMARY

Business number	419762649
Company name	IMCOMA NV
Address	ZWAARVELD 32
	9220 HAMME
Telephone number	052499899
Fax number	052470776

DIRECTORS/MANAGEMENT

Current director details

Name	INVEST ZEDELGEM NV
Position	Director
Start Date	25/08/2010
End Date	17/08/2015
Date of birth	02/12/1971
Street	184 HILLE WINGENE
Post code	8750
Country	Belgium

Name	INVEST ZEDELGEM NV
Position	Legal Representative
Start Date	17/08/2009
Date of birth	02/12/1971
Street	184 HILLE WINGENE
Post code	8750
Country	Belgium

Name	B.S.I. BELGIUM NV
Position	Legal Representative
Start Date	17/08/2009
Date of birth	28/06/1996
Street	184 HILLE WINGENE
Post code	8750
Country	Belgium

Name	B.S.I. BELGIUM NV
Position	Director
Start Date	17/08/2009
Date of birth	28/06/1996
Street	184 HILLE WINGENE
Post code	8750
Country	Belgium

Name	B.S.I. BELGIUM NV
Position	Managing Director
Start Date	17/08/2009
End Date	17/08/2015
Date of birth	28/06/1996
Street	184 HILLE WINGENE
Post code	8750
Country	Belgium

Former director details

Name	DG MANAGEMENT IN VEREFFENING NV
Position	Director
Start Date	10/03/1994
End Date	-
Date of birth	26/03/1996
Street	104 GROOTZAND DENDERMONDE
Post code	9200
Country	Belgium

Name	KG MANAGEMENT & CONSULTING NV
Position	Director
Start Date	10/03/1994
End Date	-
Date of birth	26/03/1996
Street	104 GROOTZAND DENDERMONDE
Post code	9200
Country	Belgium

Name	ANNEKEN LOUIS MARIA GEERINCKX
Position	Principal Manager
Start Date	19/05/1997
End Date	-
Street	47 KROMREDE DESTELBERGEN
Post code	9070
Country	Belgium

Name	REMI GEERINCKX
Position	Principal Manager
Start Date	03/09/1997
End Date	-
Street	MERCHTEM
Post code	1785
Country	Belgium

Name	DIABASIS NV
Position	Director
Start Date	30/09/2005
End Date	16/03/2009
Date of birth	18/12/1991
Street	23 STEENVELDSTRAAT TORHOUT
Post code	8820
Country	Belgium

Name	C.D.S. NV
Position	Managing Director
Start Date	04/02/2008
End Date	31/12/2010
Date of birth	26/09/2005
Street	32 ZWAARVELD HAMME
Post code	9220
Country	Belgium

Name	C.D.S. NV
Position	Director
Start Date	23/11/2005
End Date	31/12/2010
Date of birth	26/09/2005
Street	32 ZWAARVELD HAMME
Post code	9220
Country	Belgium

Name	ENTRACON BVBA
Position	Director
Start Date	17/08/2009
End Date	31/12/2012
Date of birth	21/09/2005
Street	73 BOVENSTRAAT BORNEM
Post code	2880
Country	Belgium

Name	ENTRACON BVBA
Position	Legal Representative
Start Date	17/08/2009
End Date	-
Date of birth	21/09/2005
Street	73 BOVENSTRAAT BORNEM
Post code	2880
Country	Belgium

Name	KAREL CLEMENTINE GERARD GEERINCKX
Position	Director
Start Date	10/03/1994
End Date	30/09/2005
Date of birth	06/04/1949
Street	1 HORIZONSQUARE HAMME
Post code	9220
Country	Belgium

Name	KAREL CLEMENTINE GERARD GEERINCKX
Position	Managing Director
Start Date	02/07/2004
End Date	-
Date of birth	06/04/1949
Street	1 HORIZONSQUARE HAMME
Post code	9220
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	419762649	Company name	IMCOMA NV
Fax number	052470776	Date founded	01/08/1979
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46130	liable for VAT	yes
Activity description	Agents involved in the sale of timber and building materials	VAT Number	BE.0419.762.649
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number

419762649

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

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	37.58
Industry average payment expectation days	62.14	Industry average day sales outstanding	75.05
Day sales outstanding	77.34

Industry comparison

Activity code	46130
Activity description	Agents involved in the sale of timber and building materials

Payment expectations

Payment expectation days	37.58
Day sales outstanding	77.34

Industry comparison

Activity code	46130
Activity description	Agents involved in the sale of timber and building materials
Industry average payment expectation days	62.14
Industry average day sales outstanding	75.05

Industry quartile analysis

Payment expectations
Company result	37.58
Lower	82.52
Median	47.45
Upper	22.03
Day sales outstanding
Company result	77.34
Lower	66.03
Median	30.02
Upper	11.65

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	6,665,839	-19,978	1,750,563	1,578,989
31/12/2011	8,039,045	179,171	1,772,891	1,624,200
31/12/2010	7,450,321	296,344	1,643,109	1,629,624

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	5,361,539	7	250,000	84,216
31/12/2011	5,428,911	7	250,000	232,815
31/12/2010	5,449,072	7	250,000	244,138

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	6,665,839	-17.08	8,039,045	7.90	7,450,321	2,090,022	218
Total operating expenses	6,630,221	-14.74	7,776,229	10.35	7,046,732	2,015,676	228
Operating result	35,617	-86.45	262,816	-34.88	403,589	56,969	-37.48
Total financial income	32,243	18.63	27,179	63.88	16,585	25,529	26.30
Total financial expenses	87,838	-20.74	110,825	-10.50	123,830	17,539	400
Results on ordinary operations before taxation	-19,978	-111	179,171	-39.54	296,344	63,021	-131
Taxation	34,154	-20.38	42,898	-8.52	46,892	23,316	46.48
Results on ordinary operations after taxation	-54,133	-139	136,273	-45.37	249,452	44,061	-222
Extraordinary items	31,804	489	-6,491	5.60	-116,000	576	5421
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	-22,329	-117	129,782	-2.75	133,452	44,592	-150
other information
Dividends	0	-	0	-	0	177,424	-100
Director remuneration	0	-	0	-	0	105,972	-100
Employee costs	479,952	6.96	448,728	-0.86	452,601	269,948	77.79
Wages and salary	330,907	8.57	304,791	2.18	298,290	209,509	57.94
Employee pension costs	0	-	0	-	0	10,978	-100
Social security contributions	120,457	4.46	115,310	-2.78	118,602	79,397	51.71
Other employee costs	28,588	-0.14	28,627	-19.83	35,709	6,599	333
Amortization and depreciation	106,545	3.41	103,033	-6.91	110,686	29,702	258

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	2,911	-100
Tangible fixed assets	871,574	-8.13	948,692	-10.19	1,056,349	211,547	311
Land & building	821,566	-9.18	904,614	-8.41	987,679	359,916	128
Plant & machinery	25,201	-38.03	40,663	-8.51	44,447	36,285	-30.55
Furniture & Vehicles	24,807	626	3,414	-85.91	24,223	23,130 10,317	7.25
Leasing & Other Similar Rights	0	-	0	-	0	157,088 28,594	-100
Other tangible assets	0	-	0	-	0	7,619	-100
Financial fixed assets	0	-	0	-	0	202,258	-100
Total fixed assets	871,574	-8.13	948,692	-10.19	1,056,349	296,052	194
Inventories	1,444,215	5.69	1,366,428	-12.14	1,555,215	279,928	415
Raw materials & consumables	0	-	0	-	0	1,146,842	-100
Work in progress	0	-	0	-	0	10,376	-100
Finished goods	1,444,215	5.69	1,366,428	-10.81	1,531,958	32,960	4281
Other stocks	0	-	0	-100	23,257	66,693	-100
Trade debtors	1,412,472	5.75	1,335,670	-13.21	1,538,906	138,663	918
Cash	153,697	-74.96	613,891	27.87	480,079	91,945	67.16
other amounts receivable	1,447,289	27.46	1,135,479	40.98	805,399	84,627	1610
Miscellaneous current assets	32,291	12.31	28,751	119	13,124	35,456	-8.93
Total current assets	4,489,965	0.22	4,480,219	1.99	4,392,723	463,733	868
Total Assets	5,361,539	-1.24	5,428,911	-0.37	5,449,072	738,364 207,507	626
current liabilities
Trade creditors	682,579	43.14	476,863	32.22	360,652	111,735	510
Short term group loans	-	-	-	-	-	-	-
Financial debts	2,000,000	0	2,000,000	-1.96	2,040,000	220,837 20,112	805
Current portion of long term debt	100,000	-58.82	242,864	0.00	242,856	60,437 13,769	65.46
Amounts Payable for Taxes, Remuneration & Social Security	118,939	1.25	117,466	10.10	106,691	10,245 -	242
Miscellaneous current liabilities	9,458	-49.76	18,826	45.94	12,900	-87.79	- -
Total current liabilities	2,910,976	1.92	2,856,020	3.36	2,763,099	309,169	841
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	700,000	-12.50	800,000	-23.29	1,042,864	202	- -
Deffered taxes	0	-	0	-	0	26,990 8,670	-100
Provisions for Liabilities & Charges	0	-	0	-	0	8,810 0	-100
Other long term liabilities	0	-	0	-	0	4,254	-100
Total long term debts	700,000	-12.50	800,000	-23.29	1,042,864	130,905	434
shareholders equity
Issued share capital	250,000	0	250,000	0	250,000	101,289	146
Share premium account	0	-	0	-	0	5,473	-100
Reserves	1,500,563	-1.47	1,522,891	9.32	1,393,109	194,380	671
Revaluation reserve	0	-	0	-	0	47,348	-100
Total shareholders equity	1,750,563	-1.26	1,772,891	7.90	1,643,109	296,937	489
Working capital	1,578,989	-2.78	1,624,200	-0.33	1,629,624	154,564	921
Cashflow	84,216	-63.83	232,815	-4.64	244,138	71,683	17.48
Net worth	1,750,563	-1.26	1,772,891	7.90	1,643,109	294,026	495

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	-0.30	-113	2.23	-43.97	3.98	-19,00	1.58
Return on capital employed	-0.82	-111	6.96	-36.90	11.03	-27,00	3.04
Return on total assets employed	-0.37	-111	3.30	-39.34	5.44	5,00	-107
Return on net assets employed	-1.14	-111	10.11	-43.96	18.04	-206,00	0.55
Sales / net working capital	4.22	-14.75	4.95	8.32	4.57	4,00	-99
Stock turnover ratio	21.67	27.47	17	-18.54	20.87	34,00	-36.26
Debtor days	77.34	27.54	60.64	-19.56	75.39	100,00	-22.66
Creditor days	37.58	67.92	22.38	19.81	18.68	60,00	-37.37
short term stability
Current ratio	1.54	-1.91	1.57	-1.26	1.59	5,00	22.00
Liquidity ratio / acid ratio	1.05	-3.67	1.09	5.83	1.03	4,00	-73.75
Current debt ratio	1.66	3.11	1.61	-4.17	1.68	-7,00	23.71
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	159.95	-6.81	171.63	-15.20	202.40	124,00	28.99
Equity in percentage	32.65	-0.03	32.66	8.33	30.15	-60,00	54.42
Total debt ratio	2.06	0	2.06	-11.21	2.32	-6,00	34.33

ADDITIONAL INFORMATION

Number of staff	7
Date of establishment	01/08/1979

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	7
Part-time Employees	1
Total Fte Employees	8
Number of hours worked
Full-time Employees	10,374
Part-time Employees	1,155
Total	11,529
Personnel Charges
Full-time Employees	431,869
Part-time Employees	48,083
Total	479,952
Benefits In Addition To Wages	3,962
During the previous reporting year
Average number employees in Fte	8
Actual working hours	11,570
Personnel Charges	448,728
Benefits In Addition To Wages	3,987

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	7	0	7
Limited Duration Contracts	0	0	0
Contracts For Specific Work	0	0	0
Contracts Regarding Substitution	0	0	0

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	2	0	2
Secondairy education	3	0	3
Higher education (non university)	1	0	1
Higher education (university)	0	0	0
Women	Full-Time	Part-Time	Total Fte
Primary education	0	0	0
Secondairy education	1	0	1
Higher education (non university)	0	0	0
Higher education (university)	0	0	0

Working Category	Full-Time	Part-Time	Total Fte
Management	0	0	0
White collar worker	3	0	3
Blue collar worker	4	0	4
Other	0	0	0

Temporary personnel	Total
Average number of temporary staff	0
Actual working hours	0
Cost of temporary staff	0

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	0	0	0
Leavers	0	1	1

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	0	0
Number of training hours	0	0
Net costs for enterprise	0	0
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	0	0
Number of training hours	0	0
Net costs for enterprise	0	0
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	0	0
Number of training hours	0	0
Net costs for enterprise	0	0

Personnel (NSSO classification)

Code	-
Description	07

Joint Industrial Committee (JIC)

JIC Code	100
Description	Additional joint committee for labourers
category

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

NOTES & COMMENTS

Commentary

The business was established over 34 years ago.
The business has 7 employees.
The business has been at the address for over 17 years.
Operating Result in the latest trading period decreased 86% on the previous trading period.
Pre-tax profits decreased by 111% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 74% during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.59
UK Pound	1	Rs.101.09
Euro	1	Rs.83.99

INFORMATION DETAILS

Report Prepared by :

MNL

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.