MIRA INFORM REPORT

Report Date :

19.06.2014

IDENTIFICATION DETAILS

Name :	Euro Leather BVBA
Registered Office :	Driehoekstraat 2-A 2222 Heistop- Den-Berg
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	26.11.1986
Com. Reg. No.:	423052335
Legal Form :	Private Limited Company
Line of Business :	Wholesale of footwear
No. of Employees	03

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 – 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

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 423052335

Company name EURO LEATHER BVBA

Address DRIEHOEKSTRAAT

2-A 2222 HEISTOP- DEN-BERG

Number of staff 0

Date of establishment 26/11/1982

Telephone number 015249998

Fax number 015247879

Commentary

The business was established over 31 years ago.

The business has 3 employees.

The business has been at the address for over 11 years.

Operating Result in the latest trading period increased 98% on the previous trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2013		8,653	353,339	299,879
31/12/2012		-1,985	349,143	299,517
31/12/2011		-6,500	345,288	285,421

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2013	468,374	0	322,262	30,267
31/12/2012	443,071	0	322,262	26,657
31/12/2011	454,177	0	322,262	24,758

Payment expectations

Past payments Payment expectation days -

Industry average payment

expectation days 107.85 Industry average day sales

Outstanding 72.42

Day sales outstanding -

Company information

Business number 423052335

Company name EURO LEATHER BVBA

Fax number 015247879

Date founded 26/11/1982

Company status active

Company type Private Limited Company (BL/LX)

Date of latest accounts 31/12/2013

Activity code 46425

Liable for VAT yes

Activity description Wholesale of footwear

VAT Number BE.0423.052.335 Check

Significant Events

Event Date 18/04/2012

Event Description

Event Details The meeting decided the bearer shares into registered shares.

Profit & loss

Annual accounts 31-12-2013 % 31-12-2012 % 31-12-2011Industry

Average 2013 %

Weeks 52 52 52

Currency EUR EUR EUR

Turnover - - - - - 14,467,812 -

Total operating expenses - - - - - 13,929,840 -

Operating result 26,437 98.55 13,315 61.89 8,225 115,486 -77.11

iTotal financial income	1,540	-6.65	1,650	23.23	1,339	29,380	-94.76
iTotal financial expenses	19,325	14.01	16,951	5.52	16,064	46,803	-58.71
Results on ordinary operations before taxation	8,653	435	-1,985	30.54	-6,500	93,167	-90.71
Taxation	3,682	63.04	-5,840	-2181	-256	56,165	-93.45
Results on ordinary operations after taxation	4,971	28.97	3,855	61.73	-6,244	58,532	-91.51
Extraordinary items	-775	-	0	-100	8,200	4,246	-118
Other appropriations	0.00	-	0.00	-	0	-	-
Netresult	4,196	8.87	3,855	97.07	1,956	62,802	-93.32
	other information
Gross Operating Margin	54,732	43.35	38,181	-1.58	38,794	250,784	-78.18
Dividends	-	-	-	-	-	124,667	-
Director remuneration	-	-	-	-	-	176,906	-
Employee costs	-	-	-	-	-	613,081	-
Wages and salary	-	-	-	-	-	472,815	-
Employee pension costs	-	-	-	-	-	10,372	-
Social security contributions	-	-	-	-	-	126,976	-
Other employee costs	0	-0		-0		15,460	-100
Amortization and depreciation	26,071	14.33	22,802	0.00	22,802	108,311	-75.93

balance sheet

Annual accounts	31-12-2013 %		31-12-2012 %		31-12-2011	average	%
						2013
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	60,570	-100
Tangible fixed assets	57,345	-14.50	67,073	-25.37	89,875	436,455	-86.86
Land & building	-	-	667	-49.99	1,333	379,182	-
Plant & machinery	-	-	-	-	-	71,672	-
Furniture & Vehicles	57,345	-13.65	66,406	-25.00	88,542	44,068 18,634	30.13
Leasing & Other Similar Rights	-	-	-	-	-	102,736 21,912	-
Other tangible assets	0	-	0	-	0	157,538	-100
Financial fixed assets	-	-	-	-	-	60,705	-
Total fixed assets	57,345	-14.50	67,073	-25.37	89,875	523,499	-89.05
Inventories	180,951	22.98	147,132	-13.71	170,502	946,503	-80.88
Raw materials & consumables	-	-	-	-	-	168,874	-
Work in progress	0	-	0	-	0	1,011	-100
Finished goods	0	-	0	-	0	386,736	-100
Other stocks	180,951	22.98	147,132	-13.71	170,502	335,091	-46.00
Trade debtors	70,590	-0.92	71,243	-3.47	73,806	288,985	-75.57
Cash	150,192	-0.94	151,624	26.36	119,994	266,313	-43.60
other amounts receivable	9,296	54.93	6,000	-	0	90,174	-89.69
Miscellaneous current assets	0	-	0	-	0	94,679	-100
Total current assets	411,029	9.32	375,998	3.21	364,302	1,461,364	-71.87
Total Assets	468,374	5.71	443,071	-2.45	454,177	1,949,963 489,372	-75.98

current liabilities

Trade creditors	38,990	1241 2,906	-	-	449,083	-91.32
Short term group loans	-	--	-	-	-	-
Financial debts					675,516
					200,000
Current portion of long term debt	13,562	7.97 12,561	3.60	12,124	181,989 42,086	-92.55
Amounts Payable for Taxes, Remuneration & Social Security	1,050	-63.53 2,879	-63.59	7,908	30,748 -	-99
Miscellaneous current liabilities	57,547	-1.01 58,135	-1.21	58,849	-62.31	- -
Total current liabilities	111,150	45.33 76,481	-3.04	78,881	1,030,807	-89.22
	Long term	debts and liabilities
Long term group loans	-	--	-	-	-	- -
Other long term loans	3,885	-77.73 17,447	-41.86	30,008	-98.73	- -
Deffered taxes	-	--	-	-	15,058 15,058	-
Provisions for Liabilities & Charges	0	-0	-	0	24,561 0	-100
Other long term liabilities	0	-0	-	0	40,813	-100
Total long term debts	3,885	-77.73 17,447	-41.86	30,008	238,755	-98.37
	shareholders equity
Issued share capital	322,262	0 322,262	0	322,262	256,737	25.52
Share premium account	-	--	-	-	52,508	-
Reserves	31,077	15.61 26,881	16.74	23,026	392,910	-92.09
Revaluation reserve	-	--	-	-	408,796	-
Total shareholders equity	353,339	1.20 349,143	1.12	345,288	680,401	-48.07
Working capital	299,879	0.12 299,517	4.94	285,421	430,557	-30.35
Cashflow	30,267	13.54 26,657	7.67	24,758	162,087	-81.33
Net worth	353,339	1.20 349,143	1.12	345,288	619,830	-42.99

ratio analysis

Profit Before Tax	-	-	-	-	-	3,00	-
Return on capital employed	2.42	448	-0.54	31.21	-1.73	26,00	-90.69
Return on total assets employed	1.85	411	-0.45	31.47	-1.43	-13,00	14.23
Return on net assets employed	2.45	429	-0.57	30.32	-1.88	-110,00	2.23
Sales / net working capital	-	-	-	-	-	5,00	-
Stock turnover ratio	-	-	-	-	-	22,00	-
Debtor days	-	-	-	-	-	38,00	-
Creditor days	-	-	-	-	-	44,00	-
		short term stability
Current ratio	3.70	-24.80	4.92	6.49	4.62	3,00	-93.93
Liquidity ratio / acid ratio	2.07	-30.77	2.99	21.54	2.46	1,00	107
Current debt ratio	0.31	40.91	0.22	-4.35	0.23	61,00	-99
Liquidity ratio reprocessed	_	long	term stability	-	-	-	-
Gearing	4.94	-42.49	8.59	-29.59	12.20	4.360,00	-99
Equity in percentage	75.44	-4.26	78.80	3.66	76.02	-24,00	314
Total debt ratio	0.33	22.22	0.27	-15.62	0.32	68,00	-99

Industry comparison

Activity code 46425

Activity description Wholesale of footwear

Payment Information Summary

Total number of Invoices available 1

Total number of Invoices paid within or up to 30 days after the due date 0

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 1

Total number of Invoices currently outstanding beyond the due date 0

Industry comparison

Activity code 46425

Activity description Wholesale of footwear

Industry average payment

expectation days 107.85

Industry average day sales

Outstanding 72.42

Industry quartile analysis

Payment expectations

Company result -

Lower 78.16

Median 32.23

Upper 8.23

Day sales outstanding

Company result -

Lower 91.98

Median 44.80

Upper 15.90

Group Structure

Click the company to view / order a report. No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Bankruptcy details

There is no bankruptcy data against this company Bankruptcy Data

court data

there is no data for this

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.12
UK Pound	1	Rs.102.00
Euro	1	Rs.81.43

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%)

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