MIRA INFORM REPORT

Report Date :

01.11.2014

IDENTIFICATION DETAILS

Name :	BUSSCHAERT ENGINEERING NV
Registered Office :	Doorniksesteenweg 403, 8582 Avelgem
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	31.03.1988
Com. Reg. No.:	433934646
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Manufacturer of Machinery for Textile, Apparel and Leather Production.
No. of Employees :	1

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Belgium	A1	A2

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 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 Summary

Business number	433934646
Company name	BUSSCHAERT ENGINEERING NV
Address	DOORNIKSESTEENWEG 403
	8582 AVELGEM
Number of staff	1
Date of establishment	31/03/1988
Telephone number	056773300
Fax number	056773087

Commentary

The business was established over 26 years ago.

The business has 1 employees.

The business has been at the address for over 7 months.

Operating Result in the latest trading period increased 1096% on the previous trading period

Net Worth increased by 36% during the latest trading period.

Pre-tax profits increased by 1768% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		136,182	480,797	205,278
31/12/2012		7,288	351,464	71,426
31/12/2011		14,632	341,759	-79,228

Accounts DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	926,234	1	371,840	159,050
31/12/2012	801,519	1	371,840	36,208
31/12/2011	988,944	1	371,840	74,045

Payment expectations
Past payments		Payment expectation days	-
Industry average payment expectation days	54.37	Industry average day sales outstanding	94.23
Day Sales Outstanding	--

Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS

Company Information

Business number	433934646	Company name	BUSSCHAERT ENGINEERING NV
Fax number	056773087	Date founded	31/03/1988
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	28940	Liable for VAT	yes
Activity description	Manufacture of machinery for textile, apparel and leather production	VAT Number	BE.0433.934.646 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year

ended 31-12-2013

Full-time Employees 1

Part-time Employees -

Total Fte Employees 1

Number of hours worked

Full-time Employees 1,756

Part-time Employees -

Total 1,756

Personnel Charges

Full-time Employees -

Part-time Employees -

Total 147,540

Benefits In Addition To Wages -

During the previous reporting year

Average number employees in Fte 1

Actual working hours 1,642

Personnel Charges 143,919

Benefits In Addition To Wages –

Type of Contract Full-Time Part-Time Total Fte

Unlimited Duration 1 - 1

Contracts

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 1 - 1

Higher education (non

university) - - -

Higher education

(university) - - -

Women Full-Time Part-Time Total Fte

Primary education - - -

Secondairy education - - -

Higher education (non

university) - - -

Higher education

(university) - - -

Working Category Full-Time Part-Time Total Fte

Management - - -

White collar worker 1 - 1

Blue collar worker - - -

Other - - -

Temporary personnel Total

Average number of temporary staff -

Actual working hours -

Cost of temporary staff -

New staff and leavers Full-Time Part-Time Total Fte

New Starters - - -

Leavers - - -

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 1 -

Number of training hours 45 -

Net costs for enterprise 3,600 -

Total of initial training initiatives at the expense of the

employer Male Female

Number of employees - -

Number of training hours - -

Net costs for enterprise - -

Personnel (NSSO classification)

Code -

Description -

Joint Industrial Committee (JIC)

JIC Code 111

Description JC for the metal, machinery and electrical construction

category

JIC Code 209

Description Joint committee for the employees off the metal industry

category

Significant Events

Event Date 06/10/2012

Event Description Re-appointment of director(s)

Event Details Commentaar 03-06-2012: Herbenoemd als bestuurder voor een duur van 6 jaar : Busschaert Jean-Pierre (tevens als gedelegeerd bestuurder).

Company Accounts

Profit and Loss
Annual Accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry Average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	63,121,553	-
Total operating expenses	-	-	-	-	-	54,230,237	-
Operating result	142,650	1096	11,927	-53.80	25,817	3,704,333	-96.15
Total financial income	1,328	-8.24	1,447	213	461	614,826	-99
Total financial expenses	7,796	28.09	6,086	-47.74	11,645	401,967	-98.06
Results on ordinary operations before taxation	136,182	1768	7,288	-50.19	14,632	3,899,108	-96.51
Taxation	7,555	9065	82	-	-	1,011,497	-99
Results on ordinary operations after taxation	128,627	1685	7,205	-50.76	14,632	2,976,861	-95.68
Extraordinary items	707	-71.74	2,500	-	0	165,120	-99
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	129,333	1232	9,705	-33.67	14,632	3,140,977	-95.88
OTHER INFORMATION
Gross Operating Margin	334,510	36.50	245,064	-4.61	256,901	372,356	-10.16
Dividends	-	-	-	-	-	7,393,875	-
Director remuneration	-	-	-	-	-	155,750	-
Employee costs	147,540	2.52	143,919	-3.77	149,559	4,490,661	-96.71
Wages and salary	113,292	0.88	112,308	-5.49	118,835	3,054,635	-96.29
Employee pension costs	-	-	-	-	-	305,106	-
Social security contributions	28,719	4.42	27,503	1.25	27,162	1,084,654	-97.35
Other employee costs	5,529	34.58	4,108	15.32	3,562	236,421	-97.66
Amortization and depreciation	29,717	12.13	26,502	-55.39	59,412	526,447	-94.36

Balance sheet
	Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	47,776	-100
	Tangible fixed assets	303,430	0.65	301,484	-28.37	420,895	1,523,210	-80.08
	Land & building	257,461	-5.52	272,492	-0.70	274,405	949,876	-72.90
	Plant & machinery	6,356	290	1,627	-60.21	4,088	781,364	-99
	Furniture & Vehicles	39,614	44.76	27,365	-80.78	142,402	93,662 20,826	-57.71
	Leasing & Other Similar Rights	-	-	-	-	-	245,741 269,023	-
	Other tangible assets	0	-	0	-	0	119,289	-100
	Financial fixed assets	92	0	92	0	92	33,835,437	-99
	Total fixed assets	303,522	0.65	301,576	-28.36	420,987	26,180,023	-98.84
	Inventories	241,529	-31.48	352,513	-26.85	481,896	3,381,885	-92.86
	Raw materials & consumables	-	-	-	-	-	5,738,210	-
	Work in progress	0	-	0	-	0	419,972	-100
	Finished goods	0	-	0	-	0	676,641	-100
	Other stocks	241,529	-31.48	352,513	-26.85	481,896	130,391	85.23
	Trade debtors	194,043	1129	15,781	-68.40	49,946	3,961,074	-95.10
	Cash	130,680	7.34	121,748	401	24,271	1,303,980	-89.98
	other amounts receivable	54,528	663	7,141	-32.54	10,586	5,971,322	-99
	Miscellaneous current assets	1,932	-29.98	2,759	119	1,258	540,921	-99
	Total current assets	622,711	24.56	499,942	-11.98	567,957	14,784,076	-95.79
	Total Assets	926,234	15.56	801,519	-18.95	988,944	40,194,099 1,970,425	-97.70

CURRENT LIABILITIES
	Trade creditors	143,347	112	67,477	-37.98	108,800	3,408,822	-95.79
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	-	-	-	-	33,456	20,134,182 295,000	-
	Current portion of long term debt	9,489	57.87	6,011	-95.85	145,000	577,269 61,136	-98.36
	Amounts Payable for Taxes, Remuneration & Social Security	36,792	4.58	35,180	-6.53	37,636	95,020 -	94.69
	Miscellaneous current liabilities	227,806	-28.78	319,849	-0.76	322,293	-87.13	--
	Total current liabilities	417,434	-2.59	428,516	-33.79	647,185	14,761,388	-97.17
	LONG TERM DEBTS AND LIABILITIES
	Long term group loans	-	-	-	-	-	-	--
	Other long term loans	28,003	30.01	21,538	-	-	-99	--
	Deffered taxes	-	-	-	-	-	55,119 8,460	-
	Provisions for Liabilities & Charges	0	-	0	-	0	915,908 0	-100
	Other long term liabilities	0	-	0	-	0	896	-100
	Total long term debts	28,003	30.01	21,538	-	0	5,141,867	-99
SHAREHOLDERS EQUITY
	Issued share capital	371,840	0	371,840	0	371,840	3,730,280	-90.03
	Share premium account	-	-	-	-	-	762,408	-
	Reserves	108,957	534	-20,376	67.74	-30,082	16,514,530	-99
	Revaluation reserve	-	-	-	-	-	40,325	-
	Total shareholders equity	480,797	36.80	351,464	2.84	341,759	20,290,844	-97.63
	Working capital	205,278	187	71,426	90.15	-79,228	22,688	804
	Cashflow	159,050	339	36,208	-51.10	74,045	3,640,466	-95.63
	Net worth	480,797	36.80	351,464	2.84	341,759	20,243,068	-97.62

ratio analysis
	Annual accounts	31-12-2013	Change (%)	31-12-2012	Change (%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
	Profit Before Tax	-	-	-	-	-	7,00	-
	Return on capital employed	26.77	1272	1.95	-54.44	4.28	7,00	282
	Return on total assets employed	14.70	1515	0.91	-38.51	1.48	1,00	1370
	Return on net assets employed	28.32	1268	2.07	-51.64	4.28	10,00	183
	Sales / net working capital	-	-	-	-	-	5,00	-
	Stock turnover ratio	-	-	-	-	-	12,00	-
	Debtor days	-	-	-	-	-	94,23	-
	Creditor days	-	-	-	-	-	54,37	-
SHORT TERM STABILITY
	Current ratio	1.49	27.35	1.17	32.95	0.88	21,00	49.00
	Liquidity ratio / acid ratio	0.91	167	0.34	161	0.13	13,00	-93.00
	Current debt ratio	0.87	-28.69	1.22	-35.45	1.89	1,00	-13.00
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
	Gearing	7.80	-0.51	7.84	-84.99	52.22	86,00	-90.93
	Equity in percentage	51.91	18.38	43.85	26.88	34.56	37,00	40.30
	Total debt ratio	0.93	-27.34	1.28	-32.28	1.89	2,00	-53.50

Industry comparison

Activity code	28940
Activity description	Manufacture of machinery for textile, apparel and leather production
industry average credit rating	76.04
Industry average credit limit	370272.73

Payment Expectations

Payment expectations --

Payment expectation --

Activity code	28940
Activity description	Manufacture of machinery for textile, apparel and leather production
Industry average payment expectation days	54.37
Industry average day sales outstanding	94.23
Industry quartile analysis
Payment expectations
Company result
Lower	121.80
Median	71.37
Upper	49.21

Day sales outstanding

Company result -

Lower 70.45

Median 47

Upper 25.07

Shareholders Details

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

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 Date of accounts

416930447 VEYS 31/12/1999

452628328 CAVEMAN IN VEREFFENING BVBA

Linked Companies

Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Current director details

Name JEAN-PIERRE BUSSCHAERT (AV 2018)

Position Managing Director

Start Date 03/10/2014

Street 6 CHEMIN DU RENARD MONT-DE-L'ENCLUS

Post code 7750

Country Belgium

Name JEAN-PIERRE BUSSCHAERT

Position Director

Start Date 23/10/2006

Street 6 CHEMIN DU RENARD MONT-DE-L'ENCLUS

Post code 7750

Country Belgium

Name STEPHANIE BUSSCHAERT (AV 2018)

Position Director

Start Date 03/10/2014

Street 64 VICHTESTEENWEG DEERLIJK

Post code 8540

Country Belgium

Name VIRGINIE BUSSCHAERT (AV 2018)

Position Director

Start Date 03/10/2014

Street 66 NIJVERHEIDSLAAN DEERLIJK

Post code 8540

Country Belgium

Former director details

Name JEAN-PIERRE BUSSCHAERT

Position Managing Director

Start Date 27/05/1997

End Date Unknown date

Street 6 CHEMIN DU RENARD MONT-DE-L'ENCLUS

Post code 7750

Country Belgium

Name GODELIEVE DENISE PAULA DEVOS

Position Director

Start Date 27/05/1997

End Date Unknown date

Date of birth 19/07/1953

Street 1 LOUIS ISEBAERTPLANTSOEN ANZEGEM

Post code 8570

Country Belgium

Name ANDRE BUSSCHAERT

Position Director

Start Date 27/05/1997

End Date Unknown date

Street 64 VICHTESTEENWEG DEERLIJK

Post code 8540

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.77.19

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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.