MIRA INFORM REPORT

Report Date :

31.10.2014

IDENTIFICATION DETAILS

Name :	ASCEND PERFORMANCE MATERIALS SPRL
Registered Office :	Rue Granbonpré 11 1435 Mont-Saint-Guibert
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	26.02.2009
Com. Reg. No.:	810113316
Legal Form :	Private Limited Company
Line of Business :	Wholesale of chemical products for industrial use
No. of Employees :	21

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 :	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	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 name and address

Business number 810113316

Company name ASCEND PERFORMANCE MATERIALS SPRL

Address RUE GRANBONPRÉ 11

1435 MONT-SAINT-GUIBERT

Number of staff 21

Date of establishment 26/02/2009

Telephone number 010608600

Commentary

The business was established over 5 years ago.

The business has 20 employees.

The business has been at the address for over 3 years.

Net Worth increased by 25% during the latest trading period.

A 36% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 107% during the latest trading period.

Turnover in the latest trading period increased 22% on the previous trading period.

Accounts

31/12/2013	306,332,253	8,117,097	25,985,678	34,378,267
31/12/2012	250,140,463	8,662,760	20,758,743	29,587,310
31/12/2011	280,370,545	8,117,049	14,376,954	24,731,423

Accounts

31/12/2013	79,051,879	21	500,000	5,291,988
31/12/2012	58,119,926	19	500,000	6,436,218
31/12/2011	59,537,496	18	500,000	5,499,645

Payment expectations

Past payments Payment expectation days 53.48

Industry average payment

expectation days 63.54 Industry average day sales

outstanding 198.60

Day sales outstanding 48.30

Company information

Business number 810113316

Company name ASCEND PERFORMANCE MATERIALS SPRL

Fax number Date founded 26/02/2009

Company status active

Company type Private Limited Company (BL/LX)

Currency Euro (€)

Date of latest accounts 31/12/2013

Activity code 46751

Liable for VAT yes

Activity description Wholesale of chemical products for industrial use

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2013
Full-time Employees	21
Part-time Employees -
Total Fte Employees	21
Number of hours worked
Full-time Employees	34,829
Part-time Employees -
Total	34,829
Personnel Charges
Full-time Employees	2,079,098
Part-time Employees -
Total	2,079,098
Benefits In Addition To Wages	26,820
During the previous reporting year
Average number employees in Fte	18
Actual working hours	30,626
Personnel Charges	2,023,069
Benefits In Addition To Wages	23,078
Type of Contract Full-Time	Part-Time	Total Fte
Unlimited Duration 21 Contracts	-	21
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 - - -
Higher education (non 5 university)	-	5
Higher education 8 (university)	-	8
Women Full-Time	Part-Time	Total Fte
Primary education - - -
Secondairy education 2	-	2
Higher education (non 4 university)	-	4
Higher education 2 (university)	-	2

Working Category Full-Time	Part-Time	Total Fte
Management - - -
White collar worker 21	-	21
Blue collar worker - - -
Other - - -
			J
Temporary personnel	Total
Average number of temporary staff	1
Actual working hours	1,294
Cost of temporary staff	64,885
New staff and leavers Full-Time	Part-Time	Total Fte
New Starters 5	-	5
Leavers 3	1	4
Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	6	8
Number of training hours	177	171
Net costs for enterprise	12,757	15,355
Total of less formal and informal 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 initial training initiatives at the expense of the employer	Male	Female
Number of employees - -
Number of training hours - -
Net costs for enterprise - -

Significant Events

Event Date 30/05/2014

Event Description authority appointed

Event Details Commentaire 30-05-2014: Retirer tous les pouvoirs qui ont été confétés par la société à Timothy

Strehl.

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	306,332,253	22.46	250,140,463	-10.78	280,370,545	56,872,531	438
| Total operating expenses	297,111,874	22.85	241,849,411	-10.96	271,622,347	55,142,700	438
| Operating result	9,220,379	11.21	8,291,052	-5.23	8,748,198	746,777	1134
Total financial income	5,221,285	-9.79	5,787,883	-32.05	8,517,302	256,622	1934
Total financial expenses	6,324,567	16.77	5,416,175	-40.80	9,148,451	257,555	2355
Results on ordinary operations before taxation	8,117,097	-6.30	8,662,760	6.72	8,117,049	731,760	1009
Taxation	2,929,867	23.43	2,373,693	-11.63	2,686,093	235,412	1144
Results on ordinary operations after taxation	5,187,230	-17.52	6,289,067	15.80	5,430,956	528,670	881
Extraordinary items	39,705	-57.18	92,722	270	25,000	-72,154	55.03
Other appropriations	0	-	0	-	0	-	-
Net result	5,226,935	-18.10	6,381,789	16.97	5,455,956	457,441	1042
OTHER INFORMATION
Gross Operating Margin	-	-	-	-	-	240,477	-
Dividends	-	-	-	-	-	1,535,561	-
Director remuneration	-	-	-	-	-	430,190	-
Employee costs	4,232,815	-5.15	4,462,633	44.75	3,083,061	1,201,701	252
Wages and salary	3,104,513	10.84	2,800,863	22.50	2,286,507	874,700	254
Employee pension costs	-	-	-	-	-	35,981	-
Social security contributions	650,093	5.51	616,166	29.98	474,033	254,588	155
Other employee costs	478,209	-54.26	1,045,604	224	322,521	72,315	561
Amortization and depreciation	65,053	19.52	54,429	24.58	43,689	295,907	-78.02

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	107,335	-100
Tangible fixed assets Land & building	216,543	-15.18	255,308	-10.01	283,718	1,504,897 1,068,377	-85.61
Plant & machinery	-	-	-	-	-	915,119	-
Furniture & Vehicles	78,837	-16.15	94,024	-9.88	104,334	47,903 16,459	64.58
Leasing & Other Similar Rights	-	-	-	-	-	373,418 29,710	-
Other tangible assets	137,706	-14.62	161,284	-10.09	179,384	249,987	-44.91
Financial fixed assets	6,107	-67.72	18,918	-92.88	265,726	4,878,541	-99
Total fixed assets	222,650	-18.81	274,226	-50.09	549,444	4,646,356	-95.21
Inventories	33,635,541	19.68	28,105,037	-6.67	30,113,560	2,629,077	1179
Raw materials & consumables	991,398	-64.69	2,808,088	33.71	2,100,067	3,292,823	-69.89
Work in progress	0	-100	3,490	294	884	53,105	-100
Finished goods	32,644,143	29.06	25,293,459	-9.71	28,012,609	1,296,738	2417
Other stocks	0	-	0	-	0	119,035	-100
Trade debtors	40,539,256	74.14	23,279,359	-1.80	23,707,212	3,153,278	1185
Cash	3,531,700	107	1,705,317	-7.29	1,839,374	814,728	333
other amounts receivable	981,514	-78.70	4,607,128	97.45	2,333,283	1,129,447	-13.10
Miscellaneous current assets	141,218	-5.13	148,859	-85.03	994,623	1,012,056	-86.05
Total current assets	78,829,229	36.28	57,845,700	-1.94	58,988,052	7,825,645	907
Total Assets	79,051,879	36.02	58,119,926	-2.38	59,537,496	12,084,992 1,048,209	554

CURRENT LIABILITIES

	Trade creditors	43,529,114	58.42	27,477,206	-15.03	32,335,776	2,903,699	1399
	Short term group loans	-	-	-	-	-	-	-
	Financial debts Current portion of long term debt	11,706	1.40	11,544	-0.03	11,547	1,855,042 171,335 121,333 27,667	-99
	Amounts Payable for Taxes, Remuneration & Social Security	887,150	36.87	648,157	-64.70	1,836,339	43,265 -	176
	Miscellaneous current liabilities	22,992	-81.07	121,483	66.49	72,967	-96.52	- -
	Total current liabilities	44,450,962	57.30	28,258,390	-17.51	34,256,629	4,415,172	906
LONG TERM DEBTS AND LIABILITIES
Long term group loans - - - - - - - -
	Other long term loans	8,500,000	-5.53	8,997,315	-	-	202	- -
	Deffered taxes	-	-	-	-	-	47,393 9,824	-
	Provisions for Liabilities & Charges	105,239	-0.23	105,478	-76.19	443,019	109,256 0	-3.68
	Other long term liabilities	10,000	-	0	-100	10,460,894	64,965	-84.61
	Total long term debts	8,615,239	-5.36	9,102,793	-16.52	10,903,913	1,227,004	602
	SHAREHOLDERS EQUITY
	Issued share capital	500,000	0	500,000	0	500,000	2,040,316	-75.49
	Share premium account	-	-	-	-	-	2,569,525	-
	Reserves	25,485,678	25.80	20,258,743	45.99	13,876,954	4,149,310	514
	Revaluation reserve	-	-	-	-	-	2,119,958	-
	Total shareholders equity	25,985,678	25.18	20,758,743	44.39	14,376,954	6,415,162	305

ratio analysis

Annual accounts	31-12-2013	change(%)	31-12-2012	change(%)	31-12-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	2.65	-23.41	3.46	19.31	2.90	-1,00	265
Return on capital employed	23.46	-19.13	29.01	-9.65	32.11	48,00	-51.12
Return on total assets employed	10.27	-31.07	14.90	9.32	13.63	1,00	927
Return on net assets employed	31.24	-25.14	41.73	-26.09	56.46	42,00	-25.62
Sales / net working capital	8.91	5.44	8.45	-25.49	11.34	9,00	-99
Stock turnover ratio	10.98	-2.31	11.24	4.66	10.74	11,00	-0.18
Debtor days	48.30	42.18	33.97	10.08	30.86	198,60	-75.68
Creditor days	53.48	28.96	41.47	-4.56	43.45	63,54	-15.83
SHORT TERM STABILITY
Current ratio	1.77	-13.66	2.05	19.19	1.72	10,00	-11.50
Liquidity ratio / acid ratio	1.02	-2.86	1.05	25.00	0.84	10,00	-89.80
Current debt ratio	1.71	25.74	1.36	-42.86	2.38	2,00	-14.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	32.76	-24.52	43.40	54150	0.08	88,00	-62.77
Equity in percentage	32.87	-7.98	35.72	47.91	24.15	-74,00	44.42
Total debt ratio	2.04	13.33	1.80	-42.68	3.14	4,00	-49.00

Industry comparison

Activity code 46751

Activity description Wholesale of chemical products for industrial use

Payment Information

Payment expectations

Payment expectation days 53.48

Day sales outstanding 48.30

Industry comparison

Activity code 46751

Activity description Wholesale of chemical products for industrial use

Industry quartile analysis

Payment expectations

Company result 53.48

Lower 89.80

Median 58.98

Upper 40.44

Day sales outstanding

Company result 48.30

Lower 68.70

Median 43.25

Upper 24.06

Shareholder Details

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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 JAMSHID KEYNEJAD

Position Principal Manager

Start Date 01/07/2009

Date of birth 03/01/1963

Street 7028 VALENCIA DR

Post code FL33433

Country United States

Former director details

Name JAN DERYCKE

Position Principal Manager

Start Date 27/02/2009

End Date Unknown date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.98.21
Euro	1	Rs.77.45

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.