MIRA INFORM REPORT

Report Date :

02.07.2014

IDENTIFICATION DETAILS

Name :	HEBOSS INTERNATIONAL NV
Registered Office :	Bisschoppenhoflaan 82 2100 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	18.05.1992
Com. Reg. No.:	447428138
Legal Form :	Public Limited Liability Company
Line of Business :	Wholesale of metals and metal ores
No. of Employees	01

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 :	No complaints
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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 447428138

Company name HEBOSS INTERNATIONAL NV

Address BISSCHOPPENHOFLAAN

82 2100 ANTWERPEN

Number of staff 3

Date of establishment 18/05/1992

Fax number 032320125

Commentary

The business was established over 22 years ago.

The business has 1 employees.

The business is part of a group.

The business has been at the address for over 8 years.

Operating Result in the latest trading period decreased 82% on the previous trading period.

Pre-tax profits decreased by 140% compared to the previous trading period.

The business saw an increase in their Cash Balance of 178% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012	20,480,020	-95,288	524,434	748,967
31/12/2011	20,949,939	235,389	524,434	773,734
31/12/2010	1 8,996,987	260,598	524,434	519,482

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	3,951,585	3	62,000	2,934
31/12/2011	3,905,688	3	62,000	164,155
31/12/2010	4,626,852	3	62,000	190,336

Payment expectations

Past payments		Payment expectation days	35.99
Industry average payment expectation days	47.91	Industry average day sales outstanding	4341.95

Court data summary

				^1
Business number	447428138	Company name	HEBOSS INTERNATIONAL NV
Fax number	032320125	Date founded	18/05/1992
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.0447.428.138 Check VAT number
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	3
Part-time Employees	-
Total Fte Employees	3
Number of hours worked
Full-time Employees	4,954
Part-time Employees	-
Total	4,954
Personnel Charges
Full-time Employees	195,865
Part-time Employees	-
Total	195,865
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	3
Actual working hours	4,980

				-------------- K
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	3	-	3
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level				\.
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	2	-	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	1
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte	\.
Management	-	-	-
White collar worker	3	-	3
Blue collar worker	-	-	-
Other	-	-	-
Temporary personnel		Total		\.
Average number of temporary staff		0
Actual working hours		122
Cost of temporary staff		4,176
				J
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Personnel (NSSO classification)

Code -

Description FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	226
Description	JC employees international trade, transport & related activities

Significant Events

Event Date 23/12/2011

Event Description

Event Details De aandelen aan toonder worden omgezet in aandelen op naam. De aandelen een toonder worden vernietigd.

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	20,480,020	-2.24	20,949,939	1 0.28	18,996,987	42,416,747	-51.72
Total operating expenses	20,416,917	-0.88	20,597,244	11.55	18,465,091	42,002,938	-51.39
Operating result	63,104	-82.11	352,695	-33.69	531,896	175,103	-63.96
Total financial income	203,606	-23.62	266,581	32.26	201,552	113,410	79.53
Total financial expenses	361,997	-5.70	383,888	-18.81	472,849	151,740	138
Results on ordinary operations before taxation	-95,288	-140	235,389	-9.67	260,598	131,958	-172
Taxation	2,580	-96.89	82,935	-14.32	96,794	69,956	-96.31
Results on ordinary operations after taxation	-97,868	-164	152,454	-6.93	163,804	78,647	-224
Extraordinary items	100,569	2874	3,382	-67.33	10,352	-14,716	683
Other appropriations	0.00	-	0.00	-100	1	-	-
Net result OTHER INFORMATION	2,701	-98.27	155,836	-10.52	174,157	64,227	-95.79
Gross Operating Margin	-	-	-	-	-	228,734	-
Dividends	2,701	-98.27	155,836	-10.52	174,157	362,833	-99
Director remuneration	-	-	-	-	-	171,146	-
Employee costs	195,865	12.26	174,470	14.38	152,534	951,608	-79.42
Wages and salary	138,988	13.27	122,702	7.42	114,226	673,280	-79.36
Employee pension costs	-	-	-	-	-	38,911	-
Social security contributions	40,146	12.28	35,755	1 3.71	31,444	225,532	-82.20
Other employee costs	16,730	4.48	16,013	133	6,864	38,477	-56.52
Amortization and depreciation	233	-97.20	8,319	-48.58	16,179	118,947	-99

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	10,424	-100
Tangible fixed assets	466	-33.33	700	-92.24	9,019	646,581	-99
Land & building	-	-	-	-	-	631,844	-
Plant & machinery	466	-33.33	700	-25.01	933	304,451	-99
Furniture & Vehicles	-	-	-	-	8,086	45,974 16,302	-
Leasing & Other Similar Rights	-	-	-	-	-	325,091 50,990	-
Other tangible assets	0	-	0	-	0	22,259	-100
Financial fixed assets	-	-	-	-	-	507,273	-
Total fixed assets	466	-33.33	700	-92.24	9,019	934,319	-99
Inventories	2,216,068	-4.36	2,317,033	-20.13	2,901,091	1,974,135	12.26
Raw materials & consumables	-	-	-	-	-	2,738,640	-
Work in progress	0	-	0	-	0	11 5,876	-100
Finished goods	2,216,068	-4.36	2,317,033	-20.13	2,901,091	825,078	168
Other stocks	0	-	0	-	0	171,048	-100
Trade debtors	1,478,368	2.28	1,445,342	90.20	759,897	1,331,441	11.04
Cash	99,178	178	35,585	-95.78	844,057	406,466	-75.60
other amounts receivable	132,911	99	66,599	-27.72	92,138	482,804	-72.47
Miscellaneous current assets	24,594	-39.17	40,428	95.78	20,650	1 32,776	-81.48
Total current assets	3,951,118	1.18	3,904,988	-15.44	4,617,833	3,563,395	10.88
Total Assets	3,951,585	1.18	3,905,688	-15.59	4,626,852	4,442,153 870,514	-11.04

current liabilities

Trade creditors	2,013,112	13.51	1,773,522	-12.07	2,017,034	928,149	116
Short term group loans	-	-	-	-	-	-	-
Financial debts	1,104,391	1.55	1,087,568	-25.88	1,467,262	1,867,223 173,077	-40.85
Current portion of long term debt	-	-	4,630	-60.62	11,757	79,501 29,290	-
Amounts Payable for Taxes, Remuneration & Social Security	43,142	14.81	37,577	-43.93	67,018	29,412 -	-71.74
Miscellaneous current liabilities	41,505	-81.79	227,957	-57.41	535,280	-89.11	- -
Total current liabilities	3,202,151	2.26	3,131,254	-23.60	4,098,351	2,195,289	45.86
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	225,000	-10.0	250,000	6047	4,067	-70.25	- -
Deffered taxes	-	-	-	-	-	82,555 15,645	-
Provisions for Liabilities & Charges	0	-	0	-	0	74,108 0	-100
Other long term liabilities	0	-	0	-	0	20,162	-100
Total long term debts	225,000	-10.0	250,000	6047	4,067	454,278	-50.47
SHAREHOLDERS EQUITY
Issued share capital	62,000	0	62,000	0	62,000	575,484	-89.23
Share premium account	-	-	-	-	-	303,917	-
Reserves	462,434	0	462,434	0.00	462,434	1,173,406	-60.59
Revaluation reserve	-	-	-	-	-	539,327	-
Total shareholders equity	524,434	0	524,434	0.00	524,434	1,777,268	-70.49
Working capital	748,967	-3.20	773,734	48.94	519,482	1,368,106	-45.26
Cashflow	2,934	-98.21	164,155	-13.76	190,336	165,947	-98.23
Net worth	524,434	0	524,434	0.00	524,434	1,766,843	-70.32

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE
Profit Before Tax	-0.47	-141	1.12	-18.25	1.37	1,00	-147
Return on capital employed	-12.71	-141	30.39	-38.37	49.31	-13,00	97.77
Return on total assets employed	-2.41	-139	6.03	7.10	5.63	-2,00	-20.50
Return on net assets employed	-18.17	-140	44.88	-9.68	49.69	-14,00	-29.79
Sales / net working capital	27.34	0.96	27.08	-25.95	36.57	16,00	-99
Stock turnover ratio	10.82	-2.17	11.06	-27.57	15.27	18,00	-39.89
Debtor days	26.35	4.65	25.18	72.47	14.60	108,00	-75.60
Creditor days SHORT TERM STABILITY	35.99	14.51	31.43	-21.17	39.87	49,00	-26.55
Current ratio	1.23	-1.60	1.25	10.62	1.13	15,00	-59.00
Liquidity ratio / acid ratio	0.54	5.88	0.51	21.43	0.42	14,00	-96.14
Current debt ratio	6.11	2.35	5.97	-23.56	7.81	3,00	103
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	253.49	-0.95	255.93	-9.50	282.80	320,00	-20.78
Equity in percentage	13.27	-1.19	13.43	18.53	11.33	-21,00	63.19
Total debt ratio	6.53	1.24	6.45	-17.52	7.82	4,00	63.25

Industry comparison

Activity code 46720

Activity description Wholesale of metals and metal ores

Payment expectations

Payment expectation days	35.99
Day sales outstanding	26.35

Industry comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
Industry average payment	47.91
expectation days
Industry average day sales	4341.95
outstanding

Payment expectations

Company result	35.99
Lower	82.30
Median	60.30
Upper	35.21

Day sales outstanding

Company result 26.35

Lower 56.07

Median 34.09

Upper 17.83

Group Structure

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Summary

Group - Number of Companies 5

Linkages - Number of Companies 0

Number of Countries 0

NSSO details

Business number 447428138

Bankruptcy details

There is no bankruptcy data against this company

COURT DATA

there is no data for this company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.13
UK Pound	1	Rs.102.83
Euro	1	Rs.82.28

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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