MIRA INFORM REPORT

Report Date :

19.11.2014

IDENTIFICATION DETAILS

Name :	TILMAN SA

Registered Office :	Zoning Industriel, 15, 5377 Somme-Leuze

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	05.07.1996

Com. Reg. No.:	458493759

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Chemists

No of Employees :	101

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

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 name & address

Business number	458493759
Company name	TILMAN SA
Address	ZONING INDUSTRIEL, 15 5377 SOMME-LEUZE
Number of staff	101
Date of establishment	05/07/1996
Telephone number	3284320360
Fax number	3284320375

Commentary

The business was established over 18 years ago.

The business has 50 employees.

The business has been at the address for over 5 months.

The business has been at the address for less than 6 months.

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

Operating Result in the latest trading period decreased 50% on the previous trading period.

Net Worth increased by 37% during the latest trading period.

Pre-tax profits decreased by 38% compared to the previous trading period.

The business saw an increase in their Cash Balance of 31 % during the latest trading period.

Accounts
DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	19.216.514	1,038,487	4,869,224	3,384,254
31/12/2012	17.526.667	1,696,608	3,550,277	2,421,925
31/12/2011	14,977,445	796,407	2,588,931	2,018,139

Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	13.746.813	101	800,000	1,956,251
31/12/2012	11.965.164	82	800,000	1,950,402
31/12/2011	9,022,853	80	800,000	1,404,967

Payment expectations

Past payments		Payment expectation days	52.89
Industry average payment expectation days	78.20	Industry average day sales outstanding	49.08
Day sales outstanding	68.72

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	73
Part-time Employees	28
Total Fte Employees	94

Number of hours worked
Full-time Employees	120.225
Part-time Employees	33.088
Total	153,313

Personnel Charges
Full-time Employees	4,393,771
Part-time Employees	1.209.242
Total	5,603,013
Benefits In Addition To Wanes

During the previous reporting year
Average number employees in Fte	81
Actual working hours	127.817
Personnel Charges	4.776.272
Benefits In Addition To Wages

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	79	27	100
Limited Duration Contracts	2	-	2

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Secondairv education	22	1	23
Higher education (non university)	15	-	15
Higher education (university)	8	-	8

Women	Full-Time	Part-Time	Total Fte
Primary education
Secondairv education	11	22	28
Higher education (non university)	17	3	19
Higher education (university)	8	1	9

Working Category	Full-Time	Part-Time	Total Fte
Management
White collar worker	62	12	71
Blue collar worker	19	15	30

Temporary personnel		Total
Average number of temporary staff		8
Actual working hours		15,648
Cost of temporary staff		552,138

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	26	-	26
Leavers	6	2	7

Personnel (NSSO classification)

Code -

Description -

Joint Industrial Committee (JIC)

Significant Events

Event Date 13/09/2012

Event Description resignation-appointment of director(s)

Event Details Commentaire 13-09-2012: Confirmation de la nomination de Jean-Noël Tilman en tant

qu'administrateur délégué.

Profit & loss

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	19,216,514	9.64	17,526,667	17.02	14,977,445	2,396,670	701
Total operating expenses	18,301,133	16.75	15,675,198	10.67	14,164,256	2,330,301	685
Operating result	915,381	-50.56	1,851,469	127	813,189	55,190	1558
Total financial income	507,912	266	138,502	72.22	80,423	10,081	4938
Total financial expenses	384,806	31.17	293,363	201	97,205	18,392	1992
Results on ordinary operations before taxation	1,038,487	-38.79	1,696,608	113	796,407	46,580	2129
Taxation	331,932	-57.50	781,009	91.97	406,844	15,243	2077
Results on ordinary operations after taxation	706,555	-22.83	915,599	135	389,563	32,996	2041
Extraordinary items	8,783	22.04	-39,845	-134	114,515	1,653	431
Other appropriations	14768	12.37	13142	^15.57	24145	-	-
Net result	730,106	-17.86	888,896	68.28	528,223	34,372	2024
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	172,443	-
Dividends	-	-	-	-	-	182,037	-
Director remuneration	-	-	-	-	-	78,626	-
Employee costs	5,603,013	17.31	4,776,272	8.97	4,383,118	142,440	3833
Wages and salary	3,996,399	16.87	3,419,434	9.15	3,132,703	109,843	3538
Employee pension costs	-	-	-	-	-	1,937	-
Social security contributions	1,181,696	15.13	1,026,416	-3.37	1,062,166	29,817	3863
Other employee costs	424,918	28.60	330,422	75.52	188,249	6,288	6657
Amortization and depreciation	1,226,145	15.51	1,061,506	21.07	876,744	44,863	2633

balance sheet

Annual accounts	31-12-2013			%	31-122012		%	31-122011	Industry average 2013	%
Weeks	52				52			52

Currency	EUR				EUR			EUR
Intangible fixed assets	506,237			-	566,547		-	664,151	59,462	751
Tangible fixed assets	4,378,021			38.06	3,171,209		35.94	2,332,850	260,095	1583
Land & building	2,825,111			47.00	1,921,807		141	797,001	280,826	906
Plant & machinery	274,480			-43.18	483,070		-42.96	846,878	39,905	587
Furniture & Vehicles	149,527			53.96	97,118		9.78	88,466	23,393 9,000	539
Leasing & Other Similar Rights	1,128,903			92.53	586,366		-2.35	600,505	82,553 0	1267
Other tangible assets	0			-100	82,848		-	0	14,264	-100
Financial fixed assets	280,299			92.05	145,949		80.30	80,949	217,419	28.92
Total fixed assets	5,164,557			32.98	3,883,705		26.18	3,077,950	432,625	1093
Inventories	2,804,284			11.08	2,524,453		43.71	1,756,616	143,754	1850
Raw materials & consumables	1,719,161			18.11	1,455,500		34.13	1,085,116	562,780	205
Work in progress	0			-	0		-	0	5	-100
Finished goods	1,085,123			1.51	1,068,953		59.19	671,500	18,477	5772
Other stocks	0			-	0		-	0	105,079	-100
Trade debtors	3,617,780			-6.16	3,855,346		23.80	3,114,150	76,308	4641
Cash	867,880			31.61	659,419		5.40	625,641	119,139	628
other amounts receivable	431,390			67.22	257,980		33.29	193,545	71,470	503
Miscellaneous current assets	860,922			9.77	784,261		207	254,951	35,539	2322
Total current assets	8,582,256			6.20	8,081,459		35.94	5,944,903	425,058	1919
Total Assets	13,746,813			14.89	11,965,164		32.61	9,022,853 851,525 580,186		1514
CURRENT LIABILITIES
Trade creditors		2,652,033	-22.95			3,441,829	33.17	2,584,469	113,959	2227
Short term group loans		-	-			-	-	-	-	-
Financial debts		860,099	108			413,414	447	75,511	65,776 9,102	1207
Current portion of long term debt		~ 628,785	33.49			471,027	-19.23	~ 583,190	50,989 32,862	1133
Amounts Payable for Taxes, Remuneration & Social Security		813,585	-32.19			1,199,764	75.51	683,594	15,033-	2741
Miscellaneous current liabilities		243,500	82.40			133,500	-	0	90.35
Total current liabilities		5,198,002	-8.15			5,659,534	44.13	3,926,764	322,758	1510
LONG TERM DEBTS AND LIABILITIES
Long term group loans		-	-			-	-	-	-
Other long term loans		3,157,922	46.29			2,158,610	50.25	1,436,669	939	--
Deffered taxes		15,428	-48.91			30,196	-30.32	43,338	37,193 0	-58.52
Provisions for Liabilities & Charges		0	-			0	-100	363,000	3,927 0	-100
Other long term liabilities		0	-			0	-	0	21,190	-100
Total long term debts		3,173,350	44.98			2,188,806	18.76	1,843,007	250,946	1164
SHAREHOLDERS EQUITY
Issued share capital		800,000	0			800,000	0	800,000	129,629	517
Share premium account		-	-			-	-	-	15,589	-
Reserves		4,575,461	37.95			3,316,824	35.21	2,453,082	145,753	3039
Revaluation reserve		-	-			-	-	-	30,216	-
Total shareholders equity		5,375,461	30.57			4,116,824	26.55	3,253,082	277,821	1834
Working capital		3,384,254	39.73			2,421,925	20.01	2,018,139	102,300	3208
Cashflow		1,956,251	0.30			1,950,402	38.82	1,404,967	77,891	2411
Net worth		4,869,224	37.15			3,550,277	37.13	2,588,931	218,359	2129

ratio analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	5.40	-44.21	9.68	81.95	5.32	-1,00	540
Return on capital employed	12.15	-54.85	26.91	72.17	15.63	36,00	-66.25
Return on total assets employed	7.55	-46.76	14.18	60.59	8.83	5,00	51.00
Return on net assets employed	19.32	-53.12	41.21	68.34	24.48	36,00	-46.33
Sales / net working capital	5.68	-21.55	7.24	-2.43	7.42	17,00	-99
Stock turnover ratio	14.59	1.32	14.40	22.76	11.73	13,00	12.23
Debtor days	68.72	-14.41	80.29	5.80	75.89	49,08	40.02
Creditor days	52.89	-34.00	80.14	20.33	66.60	78,20	-32.37
SHORT TERM STABILITY
Current ratio	1.65	15.38	1.43	-5.30	1.51	8,00	-17.50
Liquidity ratio / acid ratio	1.11	13.27	0.98	-8.41	1.07	7,00	-84.14
Current debt ratio	0.97	-29.20	1.37	13.22	1.21	2,00	-51.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	86.44	16.94	73.92	14.76	64.41	210,00	-58.84
Equity in percentage	40.60	12.40	36.12	-7.19	38.92	-51,00	79.61
Total debt ratio	1.56	-18.32	1.91	7.91	1.77	3,00	^18.00

Industry comparison

Activity code 47730

Activity description Chemists

industry average credit 69.77

rating

Industry average credit limit 9728.66

Payment expectations
Payment expectation days	52.89
Day sales outstanding	68.72

Industry comparison
Activity code	47730
Activity description	Chemists
Industry average payment expectation days	78.20
Industry average day sales outstanding	49.08

Industry quartile analysis Payment expectations
Company result		52.89
Lower		44.46
Median		22.43
Upper		15.73

Day sales outstanding

Company result	68.72
Lower	68.44
Median	32.12
Upper	17.76

Shareholder 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

Individual Shareholders

SHAREHOLDER NAME
Forename	Anne	Middle name	Marguerite
Surname	Mortier
SHAREHOLDER DETAILS
Start date	26/03/2008(estimated)	End date	-
Percentage owned
SHAREHOLDER ADDRESS
Street name	Pre du Fa	House number	14
Minor town	-	Postal town	Ferrieres
Post code	4190	Country	Belgium
SHAREHOLDER NAME
Forename	Jean-Pol	Middle name	Henri
Surname	Debatty
SHAREHOLDER DETAILS
Start date	26/03/2008(estimated)	End date	-
Percentage owned
SHAREHOLDER ADDRESS
Street name	Rue du Vieux Tilleul	House number	15
Minor town	Mv	Postal town	Ferrieres
Post code	4190	Country	Belgium

Companies that match this address

No Companies Match this address

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-NOEL TILMAN
Position	Managing Director
Start Date	25/05/2012
Date of birth	01/01/1959
Street	14 PRE DU FA FERRIERES
Post code	4190
Country	Belgium

Position	Director
Start Date	05/07/1996
Date of birth	01/01/1959
Street	14 PRE DU FA FERRIERES
Post code	4190
Country	Belgium

Name	WAN DIERCKXSENS
Position	Director
Start Date	03/06/2013
End Date	25/05/2018
Date of birth	12/01/1953
Street	11 EEUWFEESTPLEIN OVERUSE
Post code	3090
Country	Belgium

Name	CHRISTIAN DAWIR
Position	Director
Start Date	03/06/2013
End Date	25/08/2018
Date of birth	24/09/1957
Street	58 AVENUE EMILE VANDERVELDE WAREMME
Post code	4300
Country	Belgium

Name	NAMUR INVEST SA
Position	Director
Start Date	03/06/2013
End Date	25/05/2018
Date of birth	19/10/1995
Street	160AVENUE DES CHAMPS ELYSEES NAMUR
Post code	5000
Country	Belgium

Name	ANNE NATHALIE MARGUERITE MORTIER
Position	Director
Start Date	28/02/2008
Date of birth	14/01/1969
Street	14 PRE DU FA FERRIERES
Post code	4190
Country	Belqium

Name	JEAN-POL NESTOR HENRI DEBATTY
Position	Director
Start Date	19/09/2012
Street	15 RUE DU VIEUXTILLEUL FERRIERES
Post code	4190
Country	Belqium

Name	ISABELLE DELFOSSE
Position	Director
Start Date	05/07/1996
Street	4AVENUE DE TABORA NAMUR
Post code	5000
Country	Belqium

Name	VINCENT DECUYPER
Position	Director
Start Date	05/07/1996
Street	76AVENUE DE BIOLLEY BRUXELLES
Post code	1000
Country	Belgium

Name	EUREFI SOC. ETRANGERE
Position	Director
Start Date	28/02/2008
Street	1 MAISON DE LA FORMATION - CENTRE JEAN MONNET
Post code	54400
Country	France

Position	Legal Representative
Start Date	25/05/2007
Street	1 MAISON DE LA FORMATION - CENTRE JEAN MONNET
Post code	54400
Country	France

Name	JEAN TILMAN
Position	Manaqinq Director
Start Date	25/05/2006
Street
Post code
Country

Position	Director
Start Date	25/05/2006
Street
Post code
Country

Former director details
Name	PIERRE VOSSEN
Position	Director
Start Date	25/05/2007
End Date	25/05/2011
Street	130AVENUE DE CORTENBERGH BRUXELLES
Post code	1000
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.81
UK Pound	1	Rs.96.77
Euro	1	Rs.77.09

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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.

MIRA INFORM REPORT

Company name & address

Commentary

Accounts

Accounts

Payment expectations

Court data summary

Company information

Social Balance Sheet Details

Personnel (NSSO classification)

Joint Industrial Committee (JIC)

Profit & loss

balance sheet

ratio analysis

Industry comparison

Shareholder details

Linked Companies

Director details

Unit