MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	DESCHACHT PLASTICS BELGIUM NV
Registered Office :	Antwerp Sesteenweg 1068, 9041 Oostaxker
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	27.02.2004
Com. Reg. No.:	863771043
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of chemical products for industrial use
No. of Employees :	84

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

REGISTERED NAME & COMPANY SUMMARY

Business number	863771043
Company name	DESCHACHT PLASTICS BELGIUM NV
Address	ANTWERPSESTEENWEG 1068
	9041 GENT
Number of staff	84
Date of establishment	27/02/2004
Telephone number	093557454
Fax number	093557679

DIRECTORS/MANAGEMENT

Current director details

Name	INVEST ZEDELGEM NV
Position	Director
Start Date	07/12/2009
End Date	29/05/2015
Date of birth	02/12/1971
Street	184 HILLE WINGENE
Post code	8750
Country	Belgium

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

Name	JVS HOLDING NV
Position	Managing Director
Start Date	13/07/2009
Date of birth	24/02/2004
Street	1068 ANTWERPSESTEENWEG GENT
Post code	9041
Country	Belgium

Name	JVS HOLDING NV
Position	Director
Start Date	30/05/2009
End Date	29/05/2015
Date of birth	24/02/2004
Street	1068 ANTWERPSESTEENWEG GENT
Post code	9041
Country	Belgium

Name	JVS HOLDING NV
Position	Legal Representative
Start Date	01/12/2004
Date of birth	24/02/2004
Street	1068 ANTWERPSESTEENWEG GENT
Post code	9041
Country	Belgium

Name	J. VERFAELLIE BVBA
Position	Legal Representative
Start Date	30/05/2009
Date of birth	11/03/2003
Street	73 GUYOTDREEF BRASSCHAAT
Post code	2930
Country	Belgium

Name	J. VERFAELLIE BVBA
Position	Director
Start Date	30/05/2009
Date of birth	11/03/2003
Street	73 GUYOTDREEF BRASSCHAAT
Post code	2930
Country	Belgium

Name	J. VERFAELLIE BVBA
Position	Managing Director
Start Date	30/05/2009
End Date	29/05/2015
Date of birth	11/03/2003
Street	73 GUYOTDREEF BRASSCHAAT
Post code	2930
Country	Belgium

Name	BOWI NV
Position	Chairman of the Board
Start Date	30/05/2009
End Date	29/05/2015
Date of birth	01/01/1987
Street	60 ALPHONSE VANDENPEEREBOOMSTRAAT BRUSSEL
Post code	1080
Country	Belgium

Name	BOWI NV
Position	Director
Start Date	01/10/2008
Date of birth	01/01/1987
Street	60 ALPHONSE VANDENPEEREBOOMSTRAAT BRUSSEL
Post code	1080
Country	Belgium

Name	BHC CONSULTANCY
Position	Director
Start Date	30/04/2011
End Date	29/05/2015
Street
Post code
Country	The Netherlands

Name	,
Position	Director
Start Date	29/04/2005
Street
Post code
Country

Name	BHC CONSULTANCY
Position	Legal Representative
Start Date	30/04/2011
Street
Post code
Country

Name	BHC CONSULTANCY
Position	Director
Start Date	30/04/2011
Street
Post code
Country

Former director details

Name	THE MARKETING WAREHOUSE BVBA
Position	Director
Start Date	31/10/2007
End Date	01/10/2008
Date of birth	16/03/2000
Street	56 EDMOND TOLLENAERESTRAAT BRUSSEL
Post code	1020
Country	Belgium

Name	THE MARKETING WAREHOUSE BVBA
Position	Chairman of the Board
Start Date	31/10/2007
End Date	01/10/2008
Date of birth	16/03/2000
Street	56 EDMOND TOLLENAERESTRAAT BRUSSEL
Post code	1020
Country	Belgium

Name	VDSM NV
Position	Director
Start Date	27/02/2004
End Date	31/10/2007
Date of birth	19/12/2002
Street	23 ANTWERPSESTEENWEG SINT-KATELIJNE-WAVER
Post code	2860
Country	Belgium

Name	VDSM NV
Position	Chairman of the Board
Start Date	04/04/2008
End Date	31/12/2009
Date of birth	19/12/2002
Street	23 ANTWERPSESTEENWEG SINT-KATELIJNE-WAVER
Post code	2860
Country	Belgium

Name	JO VERFAELLIE
Position	Managing Director
Start Date	27/02/2004
End Date	31/12/2010
Street	73 GUYOTDREEF BRASSCHAAT
Post code	2930
Country	Belgium

Name	JO VERFAELLIE
Position	Director
Start Date	27/02/2004
End Date	-
Street	73 GUYOTDREEF BRASSCHAAT
Post code	2930
Country	Belgium

Name	JO GERMAIN LUC VERFAELLIE
Position	Director
Start Date	27/02/2004
End Date	30/05/2009
Street	73 GUYOTDREEF BRASSCHAAT
Post code	2930
Country	Belgium

Name	JO GERMAIN LUC VERFAELLIE
Position	Managing Director
Start Date	27/02/2004
End Date	30/05/2009
Street	73 GUYOTDREEF BRASSCHAAT
Post code	2930
Country	Belgium

Name	THOMAS J.M. LENDERS
Position	Director
Start Date	29/04/2005
End Date	30/04/2011
Street	31 KERKSTRAAT
Post code	5527
Country	The Netherlands

NEGATIVE INFORMATION

Court data summary

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

Business number	863771043	Company name	DESCHACHT PLASTICS BELGIUM NV
Fax number	093557679	Date founded	27/02/2004
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46751	liable for VAT	yes
Activity description	Wholesale of chemical products for industrial use	VAT Number	BE.0863.771.043
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	863771043
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

No minority interests found.

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	9.92
Industry average payment expectation days	68.04	Industry average day sales outstanding	114.19
Day sales outstanding	61.59

Payment Information Summary

Total number of Invoices available	2
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	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Payment expectations

Payment expectation days	9.92
Day sales outstanding	61.59

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	68.04
Industry average day sales outstanding	114.19

Industry quartile analysis

Payment expectations
Company result	9.92
Lower	91.36
Median	61.59
Upper	41.09

Day sales outstanding
Company result	61.59
Lower	69.28
Median	41.56
Upper	23.60

GROUP STRUCTURE & AFFILIATED COMPANIES

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	63,225,748	5,483,453	10,848,134	14,070,833
31/12/2011	63,578,041	7,126,672	8,810,167	8,643,668
31/12/2010	50,333,268	3,979,795	12,202,962	12,503,552

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	25,649,719	84	1,900,458	4,927,523
31/12/2011	25,023,213	76	1,900,458	6,240,080
31/12/2010	23,919,646	73	7,000,458	4,539,282

Trends

Profitability
Liquidity
Net worth

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	78
Part-time Employees	7
Total Fte Employees	84
Number of hours worked
Full-time Employees	133,733
Part-time Employees	9,442
Total	143,175
Personnel Charges
Full-time Employees	4,630,485
Part-time Employees	314,898
Total	4,945,383
Benefits In Addition To Wages	60,762

During the previous reporting year
Average number employees in Fte	77
Actual working hours	132,030
Personnel Charges	4,627,517
Benefits In Addition To Wages	56,103

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	78	8	84
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	5	-	5
Secondairy education	52	2	54
Higher education (non university)	7	-	7
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	8	4	11
Higher education (non university)	5	2	6
Higher education (university)	1	-	1

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	48	6	52
Blue collar worker	30	2	32
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	4
Actual working hours	1,896
Cost of temporary staff	49,900

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	14	1	15
Leavers	7	-	7

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	50	-
Number of training hours	763	-
Net costs for enterprise	51,264	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

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	63,225,748	-0.55	63,578,041	26.31	50,333,268	45,939,311	37.63
Total operating expenses	58,473,145	2.33	57,143,386	21.98	46,845,837	44,149,557	32.44
Operating result	4,752,603	-26.14	6,434,655	84.51	3,487,431	699,124	579
Total financial income	1,154,570	-5.50	1,221,810	30.56	935,794	470,701	145
Total financial expenses	423,721	-20.02	529,793	19.48	443,430	267,731	58.26
Results on ordinary operations before taxation	5,483,453	-23.06	7,126,672	79.07	3,979,795	874,082	527
Taxation	1,577,395	-25.60	2,120,041	123	946,881	209,271	653
Results on ordinary operations after taxation	3,906,058	-21.98	5,006,631	65.08	3,032,914	707,156	452
Extraordinary items	-53,878	60.55	-88,980	-2.75	-86,599	-2,008	-2583
Other appropriations	510.23	-79.99	2550.20	-11.76	2890.10	-	-
Net result	3,852,690	-21.70	4,920,201	66.83	2,949,205	705,045	446
other information
Dividends	1,200,000	-52.00	2,500,000	202	825,777	3,352,822	-64.21
Director remuneration	51,981	62.21	32,045	-92.91	452,184	225,866	-76.99
Employee costs	5,341,954	15.44	4,627,517	14.48	4,042,301	1,140,108	368
Wages and salary	3,570,086	18.97	3,000,791	13.76	2,637,865	813,440	338
Employee pension costs	-	-	-	-	-	226,555	-
Social security contributions	1,227,610	13.70	1,079,669	14.49	943,043	243,054	405
Other employee costs	544,258	-0.51	547,058	18.57	461,393	62,054	777
Amortization and depreciation	1,074,834	-18.57	1,319,880	-16.99	1,590,077	287,961	273

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	352,834	-	469,918	-	561,875	41,454	751
Tangible fixed assets	1,470,831	-22.51	1,897,996	-10.91	2,130,424	1,320,142	11.41
Land & building	-	-	-	-	-	766,030	-
Plant & machinery	61,985	-65.15	177,842	-39.98	296,317	1,204,776	-94.86
Furniture & Vehicles	187,727	-45.90	347,004	-30.66	500,470	51,934 17,700	261
Leasing & Other Similar Rights	378,938	-33.42	569,136	25.80	452,426	77,450 30,094	389
Other tangible assets	842,181	4.75	804,014	-8.76	881,211	80,850	941
Financial fixed assets	299,669	-40.22	501,245	159	193,222	4,262,643	-92.97
Total fixed assets	2,123,334	-25.99	2,869,160	-0.57	2,885,521	4,052,252	-47.60
Inventories	9,916,262	-0.34	9,949,651	9.04	9,124,445	2,796,402	254
Raw materials & consumables	-	-	-	-	-	3,064,998	-
Work in progress	0	-	0	-	0	40,695	-100
Finished goods	9,795,661	-0.60	9,855,196	9.19	9,025,731	1,364,648	617
Other stocks	120,601	27.68	94,455	-4.31	98,714	135,765	-11.17
Trade debtors	10,668,470	-0.60	10,733,251	32.46	8,103,074	3,144,821	239
Cash	1,177,562	34.11	878,038	-18.70	1,079,987	521,899	125
other amounts receivable	1,630,622	268	442,424	-81.69	2,416,055	1,895,117	-13.96
Miscellaneous current assets	133,469	-11.43	150,689	-51.48	310,564	3,161,046	-95.78
Total current assets	23,526,385	6.19	22,154,053	5.32	21,034,125	10,530,188	123
Total Assets	25,649,719	2.50	25,023,213	4.61	23,919,646	14,202,170 863,907	80.60
current liabilities
Trade creditors	1,588,410	23.24	1,288,838	-25.75	1,735,844	2,356,872	-32.61
Short term group loans	-	-	-	-	-	-	-
Financial debts	2,716,963	-56.89	6,302,001	122	2,838,435	5,508,507 183,807	-50.68
Current portion of long term debt	1,537,497	65.64	928,191	-33.05	1,386,363	265,266 34,844	479
Amounts Payable for Taxes, Remuneration & Social Security	1,430,572	-7.51	1,546,724	40.94	1,097,403	35,075 -	457
Miscellaneous current liabilities	2,182,110	-36.65	3,444,632	133	1,472,527	7.23	- -
Total current liabilities	9,455,552	-30.01	13,510,385	58.38	8,530,573	6,420,377	47.27
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	4,688,280	139	1,960,982	-23.87	2,575,676	64.26	- -
Deffered taxes	-	-	510	-83.33	3,060	35,253 7,061	-
Provisions for Liabilities & Charges	304,919	12.41	271,250	496	45,500	161,613 0	88.67
Other long term liabilities	0	-	0	-	0	93,232	-100
Total long term debts	4,993,200	123	2,232,742	-14.92	2,624,237	1,354,925	268
shareholders equity
Issued share capital	1,900,458	0	1,900,458	-72.85	7,000,458	4,221,156	-54.98
Share premium account	-	-	-	-	-	478,834	-
Reserves	9,300,510	26.03	7,379,628	28.02	5,764,380	2,173,661	327
Revaluation reserve	-	-	-	-	-	217,864	-
Total shareholders equity	11,200,968	20.70	9,280,085	-27.30	12,764,837	6,426,868	74.28
Working capital	14,070,833	62.79	8,643,668	-30.87	12,503,552	4,109,811	242
Cashflow	4,927,523	-21.03	6,240,080	37.47	4,539,282	957,538	414
Net worth	10,848,134	23.13	8,810,167	-27.80	12,202,962	6,385,414	69.89

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	8.67	-22.66	11.21	41.72	7.91	185,00	-95.31
Return on capital employed	33.86	-45.30	61.90	139	25.86	-57,00	59.40
Return on total assets employed	21.38	-24.93	28.48	71.15	16.64	-4,00	534
Return on net assets employed	48.96	-36.25	76.80	146	31.18	-49,00	99
Sales / net working capital	4.49	-38.99	7.36	82.63	4.03	-3,00	-99
Stock turnover ratio	15.68	0.19	15.65	-13.68	18.13	12,00	30.67
Debtor days	61.59	-0.05	61.62	4.87	58.76	100,00	-38.41
Creditor days	9.92	20.53	8.23	-39.13	13.52	69,00	-85.62
short term stability
Current ratio	2.49	51.83	1.64	-33.60	2.47	14,00	-37.75
Liquidity ratio / acid ratio	1.44	60.0	0.90	-35.71	1.40	13,00	-88.92
Current debt ratio	0.84	-42.47	1.46	117	0.67	4,00	-79.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	79.84	-19.39	99.04	85.89	53.28	81,00	-1.43
Equity in percentage	44.28	17.14	37.80	-30.83	54.65	-70,00	63.26
Total debt ratio	1.29	-24.12	1.70	95.40	0.87	6,00	-78.50

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Personnel (NSSO classification)

Code	-
Description	FROM 50 TO 99 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	116
Description	Joint committee for the chemical industry
category

JIC Code	207
Description	Joint committee for the employees off he chemical industry
category

Significant Events

Event Date	05/11/2012
Event Description	proposal of merger by absorption filed
Event Details	Commentaar 05-11-2012: Neerlegging fusievoorstel betreffende de overname van de bvba VGM (overgenomen vennootschap) door de nv Deschacht Plastics Belgium (overnemende vennootschap).

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use

Companies that match this address

Business number	Company name	Date of accounts
417166415	IMMO GILCO NV	31/12/2012
464006824	FERCOPLAST SA	31/12/2012
829458975	J.J.G.-INVEST	-
832206154	BUILDMAT NV	31/12/2012
863682060	JVS HOLDING NV	30/09/2012

NOTES & COMMENTS

Commentary

The business was established over 9 years ago.
The business has 50 employees.
The business has been at the address for over 9 years.
Operating Result in the latest trading period decreased 26% on the previous trading period.
Net Worth increased by 23% during the latest trading period.
Pre-tax profits decreased by 23% compared to the previous trading period.
The business saw an increase in their Cash Balance of 34% during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.100.73
Euro	1	Rs.83.84

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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