MIRA INFORM REPORT

Report No. :	317200
Report Date :	15.04.2015

IDENTIFICATION DETAILS

Name :	INTERRELI EUROPE BVBA
Registered Office :	Oude Bleken 50 2400 MOL
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	21.05.2010
Legal Form :	Private Limited Company
Line of Business :	Sale of fuels, ores, metals and industrial chemicals.
No. of Employees :	0

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Belgium	A2	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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number 826157710

Branche Unit Number 2223357487

Company name INTERRELI EUROPE BVBA

Address OUDE BLEKEN 50

2400 MOL

Number of staff 0

Date of establishment 21/05/2010

Telephone number 014736976

Fax number

Commentary

The business was established over 4 years ago.

No employees are recorded for this business.

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

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

A 103% growth in Total Assets occurred during the latest trading period.

Turnover in the latest trading period increased 86% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING

CAPITAL

31/12/2013 127,779 7,335 21,159 19,309

31/12/2012 68,580 6,901 28,580 8,142

31/12/2011 97,597 5,289 14,839 12,889

Accounts

DATE OF LATEST ACCOUNTS TURNOVER PROFIT BEFORE TAX NET WORTH WORKING

CAPITAL

31/12/2013 89,464 0 18,600 -6,548

31/12/2012 43,920 0 18,600 11,469

31/12/2011 50,791 0 9,550 11,713

Payment expectations

Past payments Payment expectation days 183.92

Industry average payment expectation days 78.50 Industry average day sales outstanding 83.50

Day sales outstanding 215.26

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company information

Business number	826157710	Company name	INTERRELI EUROPE BVBA
Fax number		Date founded	21/05/2010
Company status	Active	Company type	Private Limited Company (BL/LX)
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.0826.157.710 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number -

Contractor description -

Date struck off register

Personnel (NSSO classification) Code -

Description –

Joint Industrial Committee (JIC)

Significant Events

Event Date 09/11/2013

Event Description proposal of change of name filed

Event Details

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011
Weeks	52		52		83
Currency	EUR		EUR		EUR
Total fixed assets	1,850	-90.95	20,438	-21.23	25,946
Intangible fixed assets	0	-	0	-	0
Tangible fixed assets	1,600	-92.07	20,188	-21.44	25,696
Land & building	-	-	-	-	-
Plant & machinery	-	-	-	-	-
Furniture & Vehicles	1,600	-92.07	20,188	-21.44	25,696
Leasing & Other Similar Rights	-	-	-	-	-
Other tangible assets	0	-	0	-	0
Financial fixed assets	250	0	250	0	250
Total current assets	87,614	273	23,482	-5.49	24,845
Inventories	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-
Work in progress	0	0	0	0	0
Finished goods	0	0	0	0	0
Other stocks	0	0	0	0	0
Trade debtors	75,358	299	18,847	-21.50	24,008
Other amounts receivable	8,474	-	-	-	-
Cash	3,782	-18.40	4635	453	837
Miscellaneous current assets	0	-	0	-	0
Total Assets	89464	103	43920	-13.53	50791

LIABILITIES
Total shareholders’ equity	21159	-25.97	28580	92.61	14839
Issued share capital	18,600	0	18,600	94.76	9550
Share premium account	-	-	-	-	-
Revaluation reserve	-	-	-	-	-
Reserves
Provisions for Liabilities and Charges	2599	-74.39	9980	88.71	5289
Deffered taxes	-	-	-	-
Creditors	68305	345	15340	-57.33	35953
Other long term loan	-	-	-	-	23996
Long term group loans	-	-	-	-	-
Other long term liabilities	0	-	0	-	0
Total long term debts	0	-	0	-100	23996
Current portion of long term debt	-	-	-	-	-
Financial debts	8375	-24.17	11044	42.28	7762
Trade creditors	59660	12175	486	66.36	292
Amounts Payable for Taxes, Remuneration & Social Security	270	-85.02	1802	-13.85	2092
Miscellaneous current liabilities	0	-100	2008	10.92	1810
Total current liabilities	68305	345	15340	28.30	11956
Total Liabilities	89464	103	43920	-13.53	50791

Ratio Analysis

TRADING PERFORMANCE
Profit Before Tax	5.74	-42.94	10.06	85.61	5.42
Return on capital employed	34.67	43.56	24.15	77.31	13.62
Return on total assets employed	8.20	-47.80	15.71	50.91	10.41
Return on net assets employed	34.67	43.56	24.15	-32.24	35.84
Sales / net working capital	6.62	-21.38	8.42	11.23	7.57
Stock turnover ratio	-	-	-	-	-
Creditor days	183.92	6010	3.01	155.	1.18
Debtor days	215.26	114	100.31	11.72	89.79
SHORT TERM STABILITY
Current ratio	1.28	-16.34	1.53	-26.44	2.08
Liquidity ratio / acid ratio	1.28	-16.34	1.53	-26.44	2.08
Current debt ratio	3.23	498	0.54	-33.33	0.81
Liquidity ratio reprocessed	-	-	-	-	-
Cashflow	-6548	-157	11469	-2.08	11713X
Net worth	21,159	-25.97	28,580	92.61	14,839
LONG TERM STABILITY
Gearing	39.58	2.43	38.64	-81.95	214.03
Equity in percentage	23.65	-63.65	65.07	122	29.21
Total debt ratio	3.23	498	0.54	-77.69	2.42
Working capital	19,309	137	8,142	-36.83	12,889
Profit & loss
Operating Income Turnover	-	-	-	-	-
Total operating expenses	127,779	86.32	68,580	-29.73	97,597
Gross Operating Margin	10707	-35.05	16484	-2.86	16.970
Operating Charges	-	-	-	-	-
Employee costs	-	-	-	-	-
Wages and salary	-	-	-	-	-
Social security contributions	-	-	-	-	-
Other employee costs	0	-	0	-	0
Director remuneration
Amortization and depreciation	873	-87.12	6,778	5.51	6,424
Operating result	9379	-2.80	9649	33.02	7254
Total financial income	-	-	-	-	-
Total financial expenses	2044	-25.62	2748	35.77	2024
Results on ordinary operations before taxation	7335	6.29	6901	30.49	5289
Extraordinary Income	-	-	-	-	-
Extraordinary Charges	10716	-	-	-	-
Extraordinary items	-10716	-	0	-	0
Results for the Year Before Taxation	-3381	-148	6901	30.49	5289
Other appropriations	-	-	-	-	-
Taxation
	4040	82.81	2210	-	-
Results on ordinary operations after taxation	3295	-29.76	4691	-11.30	5289
Net result	-7421	-258	4691	-11.30	5289
Profit (Loss) for the Year to be appropiated	-7421	-258	4691	-11.30	5289
Dividends	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year ended 31-12-2013

Full-time Employees -

Part-time Employees -

Total Fte Employees

-

Number of hours worked

Full-time employees -

Part-time Employees Total -

Personnel Charges

Full-time Employees -

Part-time Employees -

Total -

Benefits In Addition To Wages -

During the previous reporting year

Average number employees in Fte -

Actual working hours -

Personnel Charges -

Benefits In Addition To Wages -

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	-	-
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Regarding Substitution	-	-	-

Gender and Education Level

Type of Contract	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel Total

Average number of temporary staff –

Actual working hours –

Cost of temporary staff

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

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 - -

Industry comparison

Activity code 46120

Activity description Agents involved in the sale of fuels, ores, metals and industrial chemicals

industry average credit 66.67
rating

Industry average credit limit 49733.77

Payment Information

Suspension of payments / moratorium history

Amount -

Details -

Payment expectation days	183.92
Day sales outstanding	215.26
Industry comparison
Activity code	46120
Activity description	Agents involved in the sale of fuels, ores, metals and industrial chemicals
Industry average payment expectation days	78.50
Industry average day sales outstanding	83.50

Industry quartile analysis

Payment expectations

Company result 183.92

Lower 96.08

Median 53.09

Upper 24.36

Day sales

Day sales outstanding

Company result 215.26

Lower 62.60

Median 30.27

Upper

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.

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name	Date of accounts
553561776	AGSK ENTERPRISE EUROPE BVBA	-
824806440	MULTIQUAY EUROPE BVBA	31/12/2013

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 SEETHALAKSHMI NOCHUR KRISHNAN

Position Principal Manager

Start Date 08/10/2014

Date of birth 13/07/1980

Street 50 OUDE BLEKEN MOL

Post code 2400

Country Belgium

Position Non Statutory Partner

Start Date 10/10/2013

Date of birth 13/07/1980

Street 50 OUDE BLEKEN MOL

Post code 2400

Country Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	VNT

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.