MIRA INFORM REPORT

Report Date :

03.11.2014

IDENTIFICATION DETAILS

Name :	A.P. CHEMICALS NV
Registered Office :	Constant Neutjensstraat 43, 2900 Schoten
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	16.07.1990
Com. Reg. No.:	441839057
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Agents involved in the sale of fuels, ores, metals and industrial chemicals
No of Employees :	2

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	441839057
Company name	A.P. CHEMICALS NV
Address	CONSTANT NEUTJENSSTRAAT43 2900 SCHOTEN
Number of staff	2
Date of establishment	16/07/1990
Telephone number	032016220
Fax number	032016230

Commentary

The business was established over 24 years ago.

The business has 1 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 18 years.

Pre-tax profits increased by 52% compared to the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		268,066	2,902,346	3,361,476
31/12/2012		175,678	2,706,390	3,859,443
31/12/2011		-17,110	2,534,146	3,200,864

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	8.699.329	2	81,805	223,176
31/12/2012	9,588,756	3	81,805	203,414
31/12/2011	11,763,082	3	81,805	37,289

Payment expectations
Past payments		Payment expectation days	-
Industry average payment expectation days	85.05	Industry average day sales outstanding	85.91
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Company information

Business number	441839057	Company name	A.P. CHEMICALS NV
Fax number	032016230	Date founded	16/07/1990
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	46120	Liable for VAT	yes
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals	VAT Number	BE.0441.839.057 Check VAT number
Belgian Bullettin of Acts Publications	moniteur beige

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	1
Part-time Employees	4
Total Fte Employees	3
Number of hours worked
Part-time Employees	3.312
Total	4,981
Personnel Charges
Full-time Employees	60,633
Part-time Employees	120,321
Total	180,953
Benefits In Addition To Wages
During the previous reporting year
Average number employees in Fte	4
Actual working hours	5,737
Personnel Charges	215,350
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	1	3	3

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Secondairy education	-	1	0
Women	Full-Time	Part-Time	Total Fte
Primary education	1	2	3
Working Category	Full-Time	Part-Time	Total Fte
White collar worker	1	3	3

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters Leavers	-	1	0

Joint Industrial Committee (JIC)
JIC Code	116
Description	Joint committee for the chemical industry
category
JIC Code	207
Description category	Joint committee for the employees off he chemical industry
Significant Events
Event Date	30/06/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 30-06-2012: Herbenoemd als bestuurders tot de algemene vergadering van 2018 : JMS Enterprises BV (tevens gedelegeerd bestuurder), Setiawan Fanny en Witarsa Melani.

Profit & loss

Annual accounts	31-122013	%	31-122012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	34,911,200	-
Total operating expenses	-	-	-	-	-	33,335,478	-
Operating result	386,359	396	-97,444	-114	652,228	353,204	9.39
Total financial income	482,292	230	145,801	123	65,265	3,582,340	-86.54
Total financial expenses	600,585	471	-127,321	-117	734,603	3,332,097	-81.98
Results on ordinary operations before taxation	268,066	52.59	175,678	1026	-17,110	112,372	138
Taxation	70,487	128	30,799	2609	-1,180	20,794	238
Results on ordinary operations after taxation	197,579	36.38	144,879	909	-15,930	96,698	104
Extraordinary items	-1,622	-105	27,365	121	12,336	-95,831	1.69
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	195,957	13.77	172,244	4793	-3,594	38	515575
OTHER INFORMATION
Gross Operating Margin	599,167	93.00	310,444	-67.32	949,989	120,622	396
Dividends	-	-	-	-	-	146,609	-
Director remuneration	-	-	-	-	-	362,087	-
Employee costs	180,953	-15.97	215,350	27.51	168,884	1,983,703	-90.88
Wages and salary	141,277	-11.18	159,059	44.96	109,726	1,506,974	-90.63
Employee pension costs	-	-	-	-	-	249,496	-
Social security contributions	34,133	-13.88	39,634	-14.38	46,293	405,458	-91.58
Other employee costs	5,544	-66.72	16,657	29.47	12,866	71,448	-92.24
Amortization and depreciation	27,219	-12.67	31,170	-23.76	40,883	119,784	-77.28

balance sheet

Annual accounts	31-122013		%	31-122012		%		31-12-2011		Industry average 2013	%
Weeks	52			52				52
Currency	EUR			EUR				EUR
Intangible fixed assets	0		-	0		-		0		100,084	-100
Tangible fixed assets	65,305		-29.32	92,399		83.13		50,456		836,792	-92.20
Land & building	-		-	-		-		-		678,897	-
Plant & machinery	409		-82.22	2,298		-48.27		4,442		876,039	-99
Furniture & Vehicles	49,463		-28.86	69,529		249		19,894		37,737 5,848	31.07
Leasing & Other Similar Rights	-		-	-		-		-		71,352 15,887	-
Other tangible assets	15,433		-24.98	20,573		-21.24		26,120		57,541	-73.18
Financial fixed assets	38		0	38		0		38		8,583,478	-99
Total fixed assets	65,343		-29.31	92,437		83.07		50,493		5,773,320	-98.87
Inventories	-		-	-		-		-		1,729,619	-
Raw materials & consumables	-		-	-		-		-		5,687,457	-
Work in progress	0		-	0		-		0		36,847	-100
Finished goods	0		-	0		-		0		383,831	-100
Other stocks	0		-	0		-		0		36,139	-100
Trade debtors	4,640,803		-2.64	4,766,438		-33.10		7,124,396		1,978,633	134
Cash	2,516,881		-18.38	3,083,655		19.55		2,579,311		939,788	167
other amounts receivable	557,220		-3.66	578,366		-30.08		827,238		75,068,731	-99
Miscellaneous current assets	919,083		-13.93	1,067,860		-9.63		1,181,643		161,610	468
Total current assets	8,633,986		-9.08	9,496,319		-18.92		11,712,589		78,687,086	-89.03
Total Assets	8,699,329		-9.28	9,588,756		-18.48		11,763,082		83,648,080 218,022	-89.60
CURRENT LIABILITIES
Trade creditors		5,137,575	-1.87		5,235,420		-25.06		6,986,234	1,836,037	179
Short term group loans		-	-		-		-		-	-	-
Financial debts		-	-		-		-		-	7,355,032 31,350	-
Current portion of long term debt		-	-		-		-		-	95,998 15,696	-
Amounts Payable for Taxes, Remuneration & Social Security		119,038	49.97		79,372		-82.21		446,261	9,846 -	-28.12
Miscellaneous current liabilities		15,897	-95.06		322,083		-70.16		1,079,230	-98.59
Total current liabilities		5,272,510	-6.46		5,636,876		-33.78		8,511,725	5,548,201	-4.97
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-	-		-		-		-	-
Other long term loans		524,472	-57.89		1,245,490		73.66		717,212	-94.68	--
Deffered taxes		-	-		-		-		-	54,010 13,243	-
Provisions for Liabilities & Charges		0	-		0		-		0	176,649 0	-100
Other long term liabilities		0	-		0		-		0	4,511	-100
Total long term debts		524,472	-57.89		1,245,490		73.66		717,212	3,897,958	-86.54
SHAREHOLDERS EQUITY
Issued share capital		81,805	0		81,805		0		81,805	61,233,662	-99
Share premium account		-	-		-		-		-	59,225,284	-
Reserves		2,820,541	7.47		2,624,585		7.02		2,452,341	10,596,511	-73.38
Revaluation reserve		-	-		-		-		-	45,966	-
Total shareholders equity		2,902,346	7.24		2,706,390		6.80		2,534,146	74,201,921	-96.09
Working capital		3,361,476	-12.90		3,859,443		20.58		3,200,864	73,138,886	-95.40
Cashflow		223,176	9.72		203,414		445		37,289	101,162	120
Net worth		2,902,346	7.24		2,706,390		6.80		2,534,146	74,101,837	-96.08

ratio analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-81,00	-
Return on capital employed	7.82	75.73	4.45	839	-0.53	21,00	-62.76
Return on total assets employed	3.08	68.31	1.83	1220	-0.15	-37,00	8.32
Return on net assets employed	9.24	42.37	6.49	954	-0.68	31,00	-70.19
Sales / net working capital	-	-	-	-	-	-24,00	-
Stock turnover ratio	-	-	-	-	-	47,00	-
Debtor days	-	-	-	-	-	85,91	-
Creditor days	-	-	-	-	-	85,05	-
SHORT TERM STABILITY
Current ratio	1.64	-2.38	1.68	21.74	1.38	4,00	-18.00
Liquidity ratio / acid ratio	1.64	-2.38	1.68	21.74	1.38	4,00	-59.00
Current debt ratio	1.82	-12.50	2.08	-38.10	3.36	2,00	-9.00
Liquidity ratio reprocessed
LONG TERM STABILITY
Gearing	18.07	-60.73	46.02	62.61	28.30	95,00	-80.98
Equity in percentage	33.36	18.21	28.22	31.01	21.54	-2.531,00	1.32
Total debt ratio	2	-21.26	2.54	-30.22	3.64	1,00	100

Industry comparison

Activity code	46120
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals
industry average credit rating	66.67
Industry average credit limit	49733.77

Payment Information

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days -

Day sales outstanding -

Industry comparison
Activity code	46120
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals
Industry average payment	85.05
expectation days
Industry average day sales outstanding	85.91

Industry quartile analysis

Payment expectations

Company result -

Lower 98.65

Median 55.37

Upper 22.81

Day sales outstanding

Company result -

Lower 63.28

Median 32.27

Upper 11.19

Shareholder Details

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Company name	Number	Latest financials
-A.P. CHEMICALS NV	441839057	31-12-2013
- - JMS ENTERPRISES B.V.	34087420	31-12-2012

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies

Summary

Group - Number of Companies	2
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	JMS ENTERPRISE BVSOC. ETRANGERE
Position	Chairman of the Board
Start Date	30/06/2012
Street	0 ONBEKEND BELGISCH ADRES ONBEKEND
Post code	0000
Country	Belgium
Position	Managing Director
Start Date	06/12/2012
Street	0 ONBEKEND BELGISCH ADRES ONBEKEND
Post code	0000
Country	Belgium

Position	Director
Start Date	13/12/2001
Street	0 ONBEKEND BELGISCH ADRES ONBEKEND
Post code	0000
Country	Belgium
Position	Legal Representative
Start Date	13/12/2001
Street	0 ONBEKEND BELGISCH ADRES ONBEKEND
Post code	0000
Country	Belgium
Name	FANNY SETIAWAN
Position	Director
Start Date	30/06/2012
End Date	30/06/2018
Date of birth	24/09/1945
Street
Post code
Country	Indonesia
Name	MELANIWITARSA
Position	Director
Start Date	30/12/2011
End Date	30/06/2018
Date of birth	26/06/1945
Street
Post code
Country	Indonesia
Name	JMS ENTERPRISES
Position	Managing Director
Start Date	02/10/2012
Street	49 VALREEPAMSTELVEEN
Post code	1186 ZH
Country	The Netherlands
Name	JMS ENTREPRISES
Position	Director
Start Date	08/09/2003
End Date	Unknown date
Street
Post code
Country

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 :	KAR
Report Prepared by :	SMN

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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