MIRA INFORM REPORT

Report Date :

09.09.2014

IDENTIFICATION DETAILS

Name :	NUTRI-AD INTERNATIONAL NV
Registered Office :	Hoogveld 93 9200 Dendermonde
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	13.12.1994
Com. Reg. No.:	454140538
Legal Form :	Public Limited Liability Company
Line of Business :	Manufacture of prepared feeds for farm animals
No. of Employees	30

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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	A1

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	454140538
Company name	NUTRI-AD INTERNATIONAL NV
Address	HOOGVELD 93
	9200 DENDERMONDE
Number of staff	30
Date of establishment	13/12/1994
Telephone number	014551990
Fax number	014551915

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2011	39,791,253	-2,570,749	-654,476	-5,236,232
31/12/2010	47,958,709	2,609,169	1,932,257	6,720,394
31/12/2009	40,596,699	931,665	-372,456	4,398,532

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2011	26,844,673	30	75,000	-2,472,151
31/12/2010	24,140,634	21	75,000	2,395,071
31/12/2009	19,885,559	21	75,000	1,064,736

Payment expectations

Past payments		Payment expectation days	107.80
Industry average payment expectation days	66.75	Industry average day sales outstanding	89.64

Company information

Business number	454140538	Company name	NUTRI-AD INTERNATIONAL NV
Fax number	014551915	Date founded	13/12/1994
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	10910	Liable for VAT	yes
Activity description	Manufacture of prepared feeds for farm animals	VAT Number	BE.0454.140.538 Check VAT number

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting Year

ended 31-12-2011

Full-time Employees 24

Part-time Employees 5

Total Fte Employees 28

Full-time Employees	41,163
Part-time Employees	5,616
Total	46,779
Personnel Charges
Full-time Employees	1,813,847
Part-time Employees	247,468
Total	2,061,315

Average number employees in Fte	22
Actual working hours	38,402
Personnel Charges	2,083,760
Benefits In Addition To Wages -
Type of Contract Full-Time	Part-Time	Total Fte
Unlimited Duration 26	5	30

Level
Men	Full-Time	Part-Time	Total Fte
Primary education - - -
Secondairy education	3	1	4
Higher education (non university)	7	-	7
Higher education	4	-	4
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education - - -
Secondairy education	1	1	2
Higher education (non university)	9	2	11
Higher education	2	1	3
(university)

Working Category Full-Time Part-Time Total Fte

Management - - -

White collar worker 24 5 28

Blue collar worker 2 - 2

Temporary personnel	Total
Average number of temporary staff	2
Actual working hours	3,825
Cost of temporary staff	127,363

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	11	2	13
Leavers	3	1	4

Total of formal continuing vocational training initiatives

for workers paid by the employer Male Female

Number of employees 8 6

Number of training hours 308 158

Net costs for enterprise 13,136 4,759

Joint Industrial Committee (JIC)

JIC Code 218

Description Additional national joint committee for the employees

Significant Events

Event Date 10/05/2013

Event Description authority appointed

Event Details Commentaar 10-05-2013: Intrekking volmacht van Filip De Groote.

Profit & loss

Annual accounts	31-12-2011		31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	39,791,253	-17.03	47,958,709	18.13	40,596,699	48,372,479	-17.74
Total operating expenses	41,596,794	-7.83	45,128,738	15.42	39,098,770	47,449,499	-12.33
Operating result	-1,805,541	-163	2,829,971	88.93	1,497,929	475,328	-479
Total financial income	1,898,615	91.31	992,449	3.28	960,971	322,016	489
Total financial expenses	2,663,824	119	1,213,251	-20.56	1,527,235	347,886	665
Results on ordinary operations before taxation	-2,570,749	-198	2,609,169	180	931,665	447,430	-674
Taxation	54	-99	261,083	721922	36	154,315	-99
Results on ordinary operations after taxation	-2,570,803	-209	2,348,086	152	931,628	342,791	-849
Extraordinary items	-6,024	12.43	-48,478	-231	36,804	-46,022	13.09
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	-2,576,828	-212	2,299,608	137	968,432	293,728	-977
Gross Operating Margin	-	-	-	-	-	234,556	-
Dividends	-	-	-	-	-	934,614	-
Director remuneration	-	-	-	-	-	399,196	-
Employee costs	2,061,315	-1.08	2,083,760	25.94	1,654,521	1,439,848	43.16
Wages and salary	1,327,564	-14.71	1,556,508	29.79	1,199,282	1,010,250	31.41
Employee pension costs	-	-	-	-	-	45,224	-
Social security contributions	437,722	7.44	407,393	33.98	304,068	341,483	28.18
Other employee costs	296,028	146	119,858	-20.71	151,171	84,533	250
Amortization and depreciation	104,677	9.65	95,463	-0.87	96,303	479,438	-78.17

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	22,552	-	12,647	-	17,752	98,704	-77.15
Tangible fixed assets	5,289,288	553	808,851	-6.77	867,585	4,077,644	29.71
Land & building	-	-	-	-	1,814	1,794,634	-
Plant & machinery	4,484,894	15948	27,946	-9.02	30,718	2,656,470	68.83
Furniture & Vehicles	43,852	92.26	22,809	39.06	16,402	177,724 47,707	-75.33
Leasing & Other Similar Rights	760,542	0.32	758,096	-7.40	818,651	146,680 35,700 418
Other tangible assets	0	-	0	-	0	112,485	-100
Financial fixed assets	73,527	96.89	37,345	-30.86	54,013	4,792,898	-98.47
Total fixed assets	5,385,367	527	858,843	-8.57	939,350	7,073,301	-23.86
Inventories	4,371,112	44.09	3,033,703	29.49	2,342,872	2,175,619	100
Raw materials & consumables	2,192,136	7.40	2,041,164	88.84	1,080,911	2,416,849	-9.30
Work in progress	0	-	0	-	0	122,267	-100
Finished goods	2,178,976	119	992,539	-21.35	1,261,961	744,171	192
Other stocks	0	-	0	-	0	89,097	-100
Trade debtors	10,855,205	1.56	10,688,406	-9.41	11,798,874	3,610,365	200
Cash	283,677	-95.10	5,785,297	103	2,838,231	375,758	-24.51
other amounts receivable	5,730,844	57.96	3,628,081	87.26	1,937,484	1,367,648	319
Miscellaneous current assets	218,469	49.33	146,302	408	28,748	198,415	10.11
Total current assets	21,459,306	-7.83	23,281,790	22.88	18,946,209	7,377,351	190
Total Assets	26,844,673	11.20	24,140,634	21.40	19,885,559	14,256,862 2,394,131	88.29

CURRENT LIABILITIES

	Trade creditors	12,285,159	29.66	9,474,901	0.18	9,457,620	2,188,903	461
Short term group loans - - - - - - -
	Financial debts	11,445,917	135	4,853,996	133	2,077,236	3,981,392 628,900	187
	Current portion of long term debt	98,239	27.35	77,140	4.23	74,010	238,898 88,396 -58.88
	Amounts Payable for Taxes, Remuneration & Social Security	841,349	-12.30	959,300	95.87	489,766	49,790 -	160
	Miscellaneous current liabilities	2,024,874	69.30	1,196,058	-51.16	2,449,045	101	--
	Total current liabilities	26,695,538	61.19	16,561,396	13.84	14,547,677	5,695,349	368
LONG TERM DEBTS AND LIABILITIES
	Long term group loans	-	-	-	-	-	-	--
	Other long term loans	581,255	-6.25	620,016	-8.59	678,269	-74.16	--
	Deffered taxes	-	-	-	-	-	95,024 14,676	-
	Provisions for Liabilities & Charges	199,804	-	0	-	0	211,912 0	-5.71
	Other long term liabilities	0	-100	5,014,317	0	5,014,317	17,688	-100
	Total long term debts	781,059	-86.14	5,634,333	-1.02	5,692,586	1,625,498	-51.95
	SHAREHOLDERS EQUITY
	Issued share capital	75,000	0	75,000	0	75,000	2,520,592	-97.02
	Share premium account	-	-	-	-	-	8,606,418	-
	Reserves	-706,924	-137	1,869,904	435	-429,704	3,676,051	-119
	Revaluation reserve	-	-	-	-	-	519,025	-
	Total shareholders equity	-631,924	-132	1,944,904	548	-354,704	6,936,015	-109
	Working capital	-5,236,232	-177	6,720,394	52.79	4,398,532	1,682,001	-411
	Cashflow	-2,472,151	-203	2,395,071	124	1,064,736	746,895	-430
	Net worth	-654,476	-133	1,932,257	518	-372,456	6,837,311	-109

ratio analysis

	Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
TRADING PERFORMANCE
	Profit Before Tax	-6.46	-218	5.44	137	2.29	7,00	-192
	Return on capital employed	-1723.77	-5106	34.43	97.31	17.45	-1,00	-172277
	Return on total assets employed	-9.58	-188	10.81	130	4.69	-30,00	31.93
	Return on net assets employed	406.81	203	134.15	51.07	-262.66	12,00	3290
	Sales / net working capital	-7.60	-206	7.14	-22.64	9.23	32,00	-100
	Stock turnover ratio	10.99	73.62	6.33	9.71	5.77	7,00	57.00
	Debtor days	99.57	22.40	81.35	-23.31	106.08	89,64	11.08
	Creditor days	107.80	40.68	76.63	-13.21	88.29	66,75	61.50
	SHORT TERM STABILITY
	Current ratio	0.80	-43.26	1.41	8.46	1.30	12,00	-60.00
	Liquidity ratio / acid ratio	0.64	-47.54	1.22	7.02	1.14	12,00	-94.67
	Current debt ratio	-42.24	-595	8.52	20.78	-41.01	2,00	-2212
Liquidity ratio - - - - - - - reprocessed
	LONG TERM STABILITY
	Gearing	-1918.81	-772	285.42	35.78	-797.71	89,00	-2255
	Equity in percentage	-2.36	-129	8.06	450	-1.79	-11,00	21.45
	Total debt ratio	-43.48	-481	11.41	20.00	-57.06	2,00	-2274

Industry comparison
Activity code	10910
Activity description	Manufacture of prepared feeds for farm animals

Payment expectations

Payment expectation days	107.80
Day sales outstanding	99.57
Industry comparison
Activity code	10910
Activity description	Manufacture of prepared feeds for farm animals
Industry average payment expectation days	66.75
Industry average day sales outstanding	89.64

Company result	99.57
Lower	52
Median	36.99
Upper	18.53

Summary
Group - Number of Companies	13
Linkages - Number of Companies	3
Number of Countries	4
Group Structure
Company name	Number	Latest
		financials
- INVE EUROPE NV	436710430	31-12-2011
- - INVE AQUACULTURE NV	424468634	31-12-2011
- - NUTRI-AD INTERNATIONAL NV	454140538	31-12-2011
- - NUTRITEC IN VEREFFENING NV	444970672	31-12-2012
- - - NUTRIS TECHN.E SIS. DE NUTR. CARI.
- - BFI INNOVATIONS LTD SOC.ETR. E.P.B.
- - INVE ESPANIA INVESTMENT SOC.ETR.	E.P.B.
- - INVE EURASIA SOC.ETR. E.P.B.
- - INVE HELLAS SOC.ETR. E.P.B.
- - INVE POLAND SP SOC.ETR. E.P.B.
- - KURIOS	390117612	FR12211789	31-12-2012	19
- - NUTRIAD ITALIA SRL
- - UAB INVE NUTRI-AD BALTIJA SOC.ETR. E.P.B...

Bankruptcy and other legal events

there is no data for this company

Director details

Current director details Position	Managing Director
Start Date	09/06/2011
Date of birth	24/06/1969
Street Post code	61 ORANJELAAN 2281 GB
Country	The Netherlands

Name	ERIK ROBERT VISSER
Position	Director
Start Date	07/04/2011
Date of birth	24/06/1969
Street	61 ORANJELAAN
Post code	2281 GB
Country	The Netherlands

Position	Chairperson
Start Date	01/10/2013
Date of birth	24/06/1969
Street	61 ORANJELAAN
Post code Country	2281 GB The Netherlands

Name	HUBERTUS JANSSEN
Position	Director
Start Date	01/01/2014

Former director details
Name	FRANCOIS AUGUST GEBOES
Position	Director
Start Date	30/06/2006
End Date	18/05/2010
Date of birth	01/11/1951
Street	11 LARIKSLAAN KASTERLEE
Post code	2460
Country	Belgium
Name	BERNARDUS WILHELMUS FRANCISCUS HUSKEN
Position	Director
Start Date	16/03/2010
End Date	31/12/2011
Date of birth	06/04/1948
Street	93 HOOGVELD DENDERMONDE
Post code	9200
Country	Belgium
Name	JOHAN DE SCHEPPER
Position	Managing Director
Start Date	01/12/2008
End Date	31/12/2011
Date of birth	06/11/1960
Street	30 EIKEM ROTSELAAR
Post code	3111
Country	Belgium
Position	Director
Start Date	26/05/2010
End Date	16/03/2010
Date of birth	06/11/1960
Street	30 EIKEM ROTSELAAR
Post code	3111
Country	Belgium
Name	KAREL DANIEL WAAGENAAR
Position	Director
Start Date	16/03/2010
End Date	31/12/2011
Date of birth	06/08/1939
Street	93 HOOGVELD DENDERMONDE
Post code	9200
Country	Belgium
Name	JAMAL AL-SAIFI
Position	Director
Start Date	30/06/2006
End Date	31/12/2011
Date of birth	19/08/1962
Street	SPETSON & AIOULO
Post code	16673
Country	Greece
Name	MARTEN NIEMANTSVERDRIET
Position	Director
Start Date	25/03/2010
End Date	31/12/2013
Date of birth	21/12/1949
Street	90 HOGE DAM DONGEN
Post code	5104 JK
Country	The Netherlands
Name	JAN PIET HUIJG
Position	Managing Director
Start Date	18/05/2010
End Date	09/06/2011
Date of birth	28/05/1936
Position	Director
Start Date	25/03/2010
End Date	Unknown date
Date of birth	28/05/1936
Name	JANPIET HUIS,
Position	Managing Director
Start Date	11/05/2010
End Date	31/12/2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.26
UK Pound	1	Rs.97.51
Euro	1	Rs.77.94

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.