MIRA INFORM REPORT

Report Date :

07.06.2014

IDENTIFICATION DETAILS

Name :	LUC MAEBE NV

Registered Office :	Zuiderlaan 69-31 8790 Waregem

Country :	Belgium

Financials (as on) :	31.12.2012

Date of Incorporation :	08.10.1977

Com. Reg. No.:	420864489

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of machinery for the textile industry, and of sewing and knitting machines

No. of Employees	01

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

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	420864489
Company name	LUC MAEBE NV
Address	ZUIDERLAAN 69-31
	8790 WAREGEM
Number of staff	1
Date of establishment	08/10/1977
Telephone number	056716136
Fax number	056704272

Commentary

The business was established over 33 years ago.

The business has 1 employees.

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

The business has changed address 1 times in the last year.

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

Pre-tax profits decreased by 77% compared to the previous trading period.

The business saw an increase in their Cash Balance of 103% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2012		48,054	2,029,147	1,994,903
31/12/2011		213,188	1,981,795	1,929,348
31/12/2010		-21,203	1,834,687	1,765,302
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2012	2,804,934	1	62,000	66,126
31/12/2011	2,713,188	1	62,000	165,864
31/12/2010	2,107,118	1	62,000	341,440
Trends

Payment expectations

Industry average payment

expectation days 52.27

Industry average day sales

Outstanding 111.37

Joint Industrial Committee (JIC)

Significant Events
Event Date	28/05/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 28-05-2011: Herbenoemd als bestuurders voor een periode van zes jaar : Dedeyne Guido en NV Titan. Herbenoemd als gedelegeerd bestuurder voor een periode van zes jaar : Maebe Luc.

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	-	-	-	-	-	3,148,341	-
Total operating expenses	-	-	-	-	-	3,071,379	-
Operating result	37,921	-83.00	223,033	2002	-11,138	34,775	9.05
Total financial income	20,769	15.81	17,933	7.06	16,751	16,060	29.32
Total financial expenses	10,635	-61.72	27,779	3.59	26,816	19,596	-45.73
Results on ordinary operations before taxation	48,054	-77.46	213,188	1005	-21,203	29,605	62.32
Taxation	613	-99	66,079	0.45	65,780	12,413	-95.07
Results on ordinary operations after taxation	47,442	-67.75	147,109	169	-86,983	20,626	130
Extraordinary items	-90	-	0	-100	401,340	9,806	-100
Other appropriations	0.00	0.00	-1	-	0	-	-
Net result	47,352	-67.81	147,108	-53.20	314,357	30,632	54.58
Gross Operating Margin	140,344	-56.51	322,732	182	114,081	159,082	-11.78
Dividends	-	-	-	-	-	88,000	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	81,530	3.45	78,811	-1.29	79,844	170,275	-52.12
Wages and salary	64,827	10.72	58,549	-7.72	63,446	118,493	-45.29
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	15,939	-18.34	19,519	24.69	15,654	36,914	-56.82
Other employee costs	764	2.77	743	-0.13	744	7,276	-89.51
Amortization and depreciation	18,774	0.10	18,756	-30.75	27,083	29,714	-36.82

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	40,535	-100
Tangible fixed assets	34,244	-34.71	52,447	-24.41	69,385	159,958	-78.59
Land & building	-	-	-	-	-	180,792	-
Plant & machinery	-	-	211	-64.48	594	46,372	-
Furniture & Vehicles	34,244	-34.44	52,236	-24.07	68,791	22,885 15,790	49.64
Leasing & Other Similar Rights	-	-	-	-	-	75,942 19,378	-
Other tangible assets	0	-	0	-	0	3,224	-100
Financial fixed assets	-	-	-	-	-	108,449	-
Total fixed assets	34,244	-34.71	52,447	-24.41	69,385	256,156	-86.63
Inventories	460,950	-44.58	831,750	178	299,000	249,819	84.51
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	33,361	-100
Finished goods	0	-	0	-	0	8,075	-100
Other stocks	460,950	-44.58	831,750	178	299,000	118,023	290
Trade debtors	844,587	-9.28	930,932	84.00	505,933	364,027	132
Cash	831,653	103	409,105	-62.81	1,100,072	84,154	888
other amounts receivable	633,500	29.83	487,934	282	127,718	139,519	354
Miscellaneous current assets	0	-100	1,020	-79.64	5,010	41,170	-100
Total current assets	2,770,690	4.13	2,660,741	30.57	2,037,733	784,747	253
Total Assets	2,804,934	3.38	2,713,188	28.76	2,107,118	1,041,257 365,859	169

Current liabilities

Trade creditors	758,251	15.18	658,330	161	252,141	237,965	218
Financial debts	-	-	21	-	-	275,263 74,086	-
Current portion of long term debt	-	-	-	-	-	38,376 13,922	-
Amounts Payable for Taxes, Remuneration & Social Security	17,536	-75.99	73,043	259	20,290	18,010 -	-53.51
Miscellaneous current liabilities	0	0	-1	-	0	-100	--
Total current liabilities	775,788	6.07	731,393	168	272,431	475,509	63.15
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	--
Other long term loans	-	-	-	-	-	-	--
Deffered taxes	-	-	-	-	-	27,819 3,514	-
Provisions for Liabilities & Charges	0	-	0	-	0	4,653 0	-100
Other long term liabilities	0	-	0	-	0	17,661	-100
Total long term debts	0	-	0	-	0	101,418	-100
SHAREHOLDERS EQUITY
Issued share capital	62,000	0	62,000	0	62,000	193,082	-67.89
Share premium account	-	-	-	-	-	1,036	-
Reserves	1,967,147	2.47	1,919,795	8.30	1,772,687	240,285	718
Revaluation reserve	-	-	-	-	-	82,388	-
Total shareholders equity	2,029,147	2.39	1,981,795	8.02	1,834,687	442,176	358
Working capital	1,994,903	3.40	1,929,348	9.29	1,765,302	309,239	545
Cashflow	66,126	-60.13	165,864	-51.42	341,440	56,552	16.93
Net worth	2,029,147	2.39	1,981,795	8.02	1,834,687	401,640	405

ratio

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
TRADING PERFORMANCE

	Profit Before Tax	-	-	-	-	-	12,00	-
	Return on capital employed	2.37	-77.97	10.76	927	-1.16	3,00	-21.00
	Return on total assets employed	1.71	-78.24	7.86	778	-1.01	-1,00	171
	Return on net assets employed	2.37	-77.97	10.76	927	-1.16	8,00	-70.38
	Sales / net working capital	-	-	-	-	-	9,00	-
	Stock turnover ratio	-	-	-	-	-	20,00	-
	Debtor days	-	-	-	-	-	77,00	-
	Credit or days	-	-	-	-	-	51,00	-
SHORT TERM STABILITY
	Current ratio	3.57	-1.92	3.64	-51.34	7.48	4,00	78.50
	Liquidity ratio / acid ratio	2.98	19.20	2.50	-60.82	6.38	3,00	-0.67
	Current debt ratio	0.38	2.70	0.37	146	0.15	2,00	-81.00
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
	Gearing	-	-	0	-	-	277,00	-
	Equity in percentage	72.34	-0.96	73.04	-16.11	87.07	13,00	456
	Total debt ratio	0.38	2.70	0.37	146	0.15	4,00	-90.50

Industry comparision

Activity code	46640
Activity description	Wholesale of machinery for the textile industry, and of sewing and knitting machines
industry average credit rating	68.36
Industry average credit limit	89123.60

Payment expectations

Payment expectation days -Day sales outstanding -
Industry comparison
Activity code	46640
Activity description	Wholesale of machinery for the textile industry, and of sewing and knitting machines
Industry average payment expectation days	52.27
Industry average day sales outstanding	111.37

Payment expectation

Company result	-
Lower	142.12
Median	69.89
Upper	32.86

Day sales outstanding
Company result	-
Lower	63.30
Median	50.50
Upper	36.95

Shareholder Details

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

Business number Company name Rating Limit Date of accounts

838664374 LM BVBA 47 0 31/12/2012

Court data

NSSO details

Business number 420864489

Name of defendant -

Legal form of defendant -

Date of summons -

Labour court -

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy data

court data

there is no data for this company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Analysis Done by :	DIV

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.

Social Balance Sheet	Total
During the reporting year
ended 31-12-2012
Full-time Employees	1
Part-time Employees -
Total Fte Employees	1

Number of hours worked
Full-time Employees	1,904
Part-time Employees	-
Total	1,904

Personnel Charges
Full-time Employees	81,530
Part-time Employees -
Total	81,530
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	1
Actual working hours	1,898
Personnel Charges	78,811
Benefits In Addition To Wages -

MIRA INFORM REPORT

Company name and address

Commentary

Accounts

Payment expectations

Company information

Joint Industrial Committee (JIC)

Profit & loss

Balance sheet

Current liabilities

ratio

Industry comparision

Payment expectations

Shareholder Details

Companies that match this address

Court data

Bankruptcy data

Unit