MIRA INFORM REPORT

Report No. :	319478
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	D.E.S.O.T.E.C. INTERNATIONAL NV

Registered Office :	Regenbeekstraat 44 8800 Roeselare

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	18.12.2002

Com. Reg. No.:	478980852

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Wholesale of other machines and tools, n.e.c.

No. of Employee :	8

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.

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 TRADEpartners. 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 478980852

Branche Unit Number 2123246361

Company name D.E.S.O.T.E.C. INTERNATIONAL NV

Address REGENBEEKSTRAAT 44

8800 ROESELARE

Number of staff 8

Date of establishment 18/12/2002

Telephone number 051246057

Fax number 05124 59 16

Commentary

The business was established over 12 years ago.

The business has 8 employees.

The business is part of a group.

The business has been at the address for over 2 years.

Net Worth increased by 283% during the latest trading period.

A 1260% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 81% compared to the previous trading period.

The business saw an increase in their Cash Balance of 437% during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	15,793,833	271,215	9,292,488	-37,945,567
31/12/2012	13,817,302	1,439,169	2,419,967	2,050,095
31/12/2011	14,566,476	2,474,402	1,455,595	1,111,067
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	51,636,653	8	9,018,600	489,581
31/12/2012	3,794,706	6	18,600	1,125,815
31/12/2011	2,303,418	5	18,600	1,467,857

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	29.31
Industry average payment	74.93	Industry average day sales	116.22
expectation days		outstanding
Day sales outstanding	33.89

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount –

NSSO DETAILS

Date of summons –

Company accounts

ASSETS
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	30-06-2010	%	30-06-2009
Weeks	52		52		78		52		91
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	47,576,772	6610	709,032	11.63	635,191	1207	48,595	16.27	41,795
Intangible fixed assets	1,109	-28.57	1,552	-58.00	3,695	-45.65	6,800	-	0
Tangible fixed assets	842,789	20.54	699,154	19.25	586,295	-	-	-	-
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	73,367	-	-	-	-	-	-	-	-
Furniture & Vehicles	769,423	10.05	699,154	19.25	586,295	-	-	-	-
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	46,732,874	561194	8,326	-81.58	45,200	8.15	41,795	0	41,795
Total current assets	4,059,881	31.57	3,085,674	84.97	1,668,227	9.08	1,529,357	-20.36	1,920,403
Inventories	279,892	-	-	-	-	-	-	-	217,046
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	279,892	-	0	-	0	-	0	-	0
Other stocks	0	-	0	-	0	-	0	-100	217,046
Trade debtors	1,466,340	-48.60	2,852,740	212	911,819	-28.46	1,274,521	-5.12	1,343,337
Other amounts receivable	1,226,369	6750	17,901	0.63	17,789	100	8,883	-85.79	62,524
Cash	1,076,838	437	200,332	-72.04	716,595	229	217,690	-24.50	288,343
Miscellaneous current assets	10,441	-28.97	14,701	-33.25	22,024	-22.08	28,263	208	9,153
Total Assets	51,636,653	1260	3,794,706	64.74	2,303,418	45.98	1,577,952	-19.58	1,962,198

LIABILITIES
Total shareholders equity	9,293,596	283	2,421,519	65.94	1,459,291	307	358,068	29.60	276,290
Issued share capital	9,018,600	48387	18,600	0	18,600	0	18,600	0	18,600
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	274,996	-88.56	2,402,919	66.79	1,440,691	324	339,468	31.74	257,690
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	42,343,056	2983	1,373,187	62.68	844,127	-30.80	1,219,884	-27.64	1,685,908
Other long term loans	337,608	0	337,608	17.65	286,967	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	337,608	0	337,608	17.65	286,967	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	-	-	-	900,000
Trade creditors	1,124,419	74.95	642,711	49.73	429,251	136	181,873	0.76	180,497
Amounts Payable for Taxes,	802,609	117	368,878	419	71,033	-70.16	238,011	151	94,736
Remuneration & Social Security
Miscellaneous current liabilities	40,078,421	166963	23,990	-57.82	56,875	-92.89	800,000	56.66	510,675
Total current liabilities	42,005,448	3956	1,035,579	85.87	557,160	-54.33	1,219,884	-27.64	1,685,908
Total Liabilities	51,636,653	1260	3,794,706	64.74	2,303,418	45.98	1,577,952	-19.58	1,962,198

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	1.72	-83.49	10.42	-38.67	16.99	-	-	-	-
Return on capital employed	2.82	-94.59	52.16	-63.19	141.70	-61.82	371.09	-65.17	1,065.47
Return on total assets employed	0.53	-98.60	37.93	-64.69	107.42	27.56	84.21	-43.87	150.02
Return on net assets employed	2.92	-95.09	59.43	-64.95	169.56	-54.31	371.09	-65.17	1,065.47
Sales / net working capital	-0.42	-106	6.74	-48.59	13.11	-	-	-	-
Stock turnover ratio	1.77	-	-	-	-	-	-	-	-
Creditor days	29.31	53.62	19.08	46.43	13.03	-	-	-	-
Debtor days	33.89	-55.03	75.36	229	22.85	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.10	-96.64	2.98	-0.33	2.99	139	1.25	9.65	1.14
Liquidity ratio / acid ratio	0.09	-96.98	2.98	-0.33	2.99	139	1.25	23.76	1.01
Current debt ratio	4.52	951	0.43	13.16	0.38	-88.86	3.41	-44.10	6.10
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	489,581	-56.51	1,125,815	-23.30	1,467,857	65.83	885,178	-54.66	1,952,193
Net worth	9,292,488	283	2,419,967	66.25	1,455,595	314	351,268	27.14	276,290
LONG TERM STABILITY
Gearing	3.63	-73.96	13.94	-29.09	19.66	-	-	-	325.74
Equity in percentage	18.00	-71.80	63.84	0.60	63.46	178	22.79	61.86	14.08
Total debt ratio	4.56	700	0.57	-1.72	0.58	-82.99	3.41	-44.10	6.10
Working capital	-37,945,567	-1950	2,050,095	84.52	1,111,067	259	309,473	31.97	234,495

PROFIT & LOSS
Operating Income	15,827,530	14.35	13,841,361	-5.01	14,570,744	-	-	-	-
Turnover	15,793,833	14.30	13,817,302	-5.14	14,566,476	-	-	-	-
Total operating expenses	14,002,246	13.88	12,295,095	2.23	12,026,814	-	-	-	-
Gross Operating Margin	-	-	-	-	-	-	1,610,743	-52.66	3,402,353
Operating Charges	14,035,942	13.94	12,319,154	2.39	12,031,082	-	-	-	-
Employee costs	519,354	17.29	442,798	2.22	433,176	81.25	238,997	-34.13	362,831
Wages and salary	345,515	25.08	276,237	3.43	267,067	88.32	141,814	-32.96	211,528
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	116,585	3.27	112,893	-11.43	127,460	72.23	74,005	-35.99	115,616
Other employee costs	57,253	6.68	53,668	38.86	38,648	66.75	23,178	-35.05	35,687
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	217,504	32.96	163,587	463	29,026	753	3,400	-	-
Operating result	1,791,587	17.70	1,522,207	-40.06	2,539,662	85.66	1,367,909	-54.97	3,037,680
Total financial income	1,020,359	15173	6,680	-23.94	8,783	-34.11	13,330	-12.53	15,240
Total financial expenses	2,540,732	2731	89,718	21.17	74,043	41.06	52,489	-51.91	109,140
Results on ordinary operations	271,215	-81.15	1,439,169	-41.84	2,474,402	86.22	1,328,750	-54.86	2,943,780
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	987
Extraordinary Charges	-	-	768	-99	300,910	-	-	-	-
Extraordinary items	0	0	-768	0.26	-300,910	-	0	-100	987
Results for the Year Before Taxation	271,215	-81.14	1,438,402	-33.82	2,173,492	63.57	1,328,750	-54.88	2,944,767
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	-863	-100	476,174	-35.18	734,661	64.36	446,972	-54.97	992,574
Results on ordinary operations after taxation	272,078	-71.75	962,996	-44.65	1,739,741	97.30	881,778	-54.81	1,951,206
Net result	272,078	-71.72	962,228	-33.12	1,438,831	63.17	881,778	-54.83	1,952,193
Profit (Loss) for the Year to be appropiated	272,078	-71.72	962,228	-33.12	1,438,831	63.17	881,778	-54.83	1,952,193
Dividends	2,400,000	-	-	-	337,609	-57.80	800,000	-58.12	1,910,000

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
Full-time Employees	7
Part-time Employees	-
Total Fte Employees	7
Number of hours worked
Full-time Employees	11,295
Part-time Employees	-
Total	11,295
Personnel Charges
Full-time Employees	519,354
Part-time Employees	-
Total	519,354
Benefits In Addition To Wages	4,397
During the previous reporting year
Average number employees in Fte	6
Actual working hours	9,470
Personnel Charges	442,798
Benefits In Addition To Wages	3,703

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	8	-	8
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-

GENDER AND EDUCATION LEVEL

Men	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Secondairy education	5	-	5
Higher education (non university)	1	-	1
Higher education (university)	-	-	-

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	1	-	1
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	4	-	4
Blue collar worker	4	-	4
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	0
Actual working hours	660
Cost of temporary staff	24,607

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	4	-	4
Leavers	2	-	2

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	599	56
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 46699

Activity description Wholesale of other machines and tools, n.e.c.

industry average credit

rating 64.08

Industry average credit limit 77746.36

Payment Information

Total number of Invoices available	6
Total number of Invoices paid within or up to 30 days after the due date	4
Total number of Invoices paid more than 30 days after the due date	2
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY
Amount	-
Details	-
PAYMENT EXPECTATIONS
Payment expectation days	29.31
Day sales outstanding	33.89
INDUSTRY COMPARISON
Activity code	46699
Activity description	Wholesale of other machines and tools, n.e.c.
Industry average payment	74.93
expectation days
Industry average day sales	116.22
outstanding

INDUSTRY QUARTILE ANALYSIS
Payment expectations
Company result	29.31
Lower	102.74
Median	73.28
Upper	47.69

DAY SALES OUTSTANDING

Company result	33.89
Lower	78.03
Median	45.91
Upper	23.31

Shareholder Details

SUMMARY

Group - Number of Companies 6

Linkages - Number of Companies 2

Number of Countries 1

GROUP STRUCTURE

Company name	Number	Latest financials

- AAC NEBOF HOLDING COÖPERATIEVE W.A.
- - DELTA TOPCO NV	835011632	31-12-2013
- - - D.E.S.O.T.E.C. INTERNATIONAL NV	478980852	31-12-2013
- - - - DESOTEC NV	441856180	31-12-2013
- - - - - DESOTEC POLSKA SP. Z O.
- - FINCO SIGNATURE	846253833	26-06-2013

MINORITY SHAREHOLDERS

No minority shareholders found

MINORITY INTERESTS

No minority interests found

COMPANIES THAT MATCH THIS ADDRESS

Business number	Company name	Date of accounts
441856180	DESOTEC NV	31/12/2013
501935210	DESOTEC GROUP	-
835011632	DELTA TOPCO NV	31/12/2013

Linked Companies

SUMMARY

Group - Number of Companies 6

Linkages - Number of Companies 2

Number of Countries 1

LINKED COMPANIES
NAME	NUMBER	LATEST KEY	TURNOVER
		FINANCIALS
SOVEK NV	446679357	31.12.2013	€675.200
JD-TEC BVBA	898514562	31.12.2013	-

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	JD-TEC BVBA
Position	Managing Director
Start Date	26/03/2013
Date of birth	10/06/2008
Street	19 OUDE IEPERSESTRAAT IZEGEM
Post code	8870
Country	Belgium
Position	Director
Start Date	26/03/2013
Date of birth	10/06/2008
Street	19 OUDE IEPERSESTRAAT IZEGEM
Post code	8870
Country	Belgium
Position	Legal Representative
Start Date	15/06/2009
Date of birth	10/06/2008
Street	19 OUDE IEPERSESTRAAT IZEGEM
Post code	8870
Country	Belgium
Name	JUVINA GCV
Position	Director
Start Date	23/04/2013
End Date	17/05/2016
Date of birth	10/08/2012
Street	180 RIJKSWEG WIELSBEKE
Post code	8710
Country	Belgium
Position	Legal Representative
Start Date	23/04/2013
Date of birth	10/08/2012
Street	180 RIJKSWEG WIELSBEKE
Post code	8710
Country	Belgium
Name	BART SOBRY
Position	Legal Representative
Start Date	11/05/2004
Street
Post code
Country
Name	PETER SOBRY
Position	Legal Representative
Start Date	11/05/2004
Street
Post code
Country

FORMER DIRECTOR DETAILS

Name	JD-TEC BVBA
Position	Principal Manager
Start Date	15/06/2009
End Date	28/04/2011
Date of birth	10/06/2008
Street	19 OUDE IEPERSESTRAAT IZEGEM
Post code	8870
Country	Belgium
Position	Non Statutory Partner
Start Date	28/04/2011
End Date	26/03/2013
Date of birth	10/06/2008
Street	19 OUDE IEPERSESTRAAT IZEGEM
Post code	8870
Country	Belgium
Name	KOEN FONS VANWALLEGHEM
Position	Principal Manager
Start Date	28/04/2011
End Date	Unknown date
Date of birth	16/09/1974
Street	15 SINT-PIETERSKAAI BRUGGE
Post code	8000
Country	Belgium
Position	Managing Director
Start Date	26/03/2013
End Date	23/04/2013
Date of birth	16/09/1974
Street	15 SINT-PIETERSKAAI BRUGGE
Post code	8000
Country	Belgium
Position	Director
Start Date	26/03/2013
End Date	23/04/2013
Date of birth	16/09/1974
Street	15 SINT-PIETERSKAAI BRUGGE
Post code	8000
Country	Belgium
Position	Non Statutory Partner
Start Date	28/04/2011
End Date	26/03/2013
Date of birth	16/09/1974
Street	15 SINT-PIETERSKAAI BRUGGE
Post code	8000
Country	Belgium
Name	SOVEK BVBA
Position	Principal Manager
Start Date	11/05/2004
End Date	Unknown date
Date of birth	18/02/1992
Street	21 KORTRIJKSESTRAAT ROESELARE
Post code	8800
Country	Belgium
Name	SOPAR BVBA
Position	Principal Manager
Start Date	11/05/2004
End Date	Unknown date
Date of birth	18/02/1992
Street	243 KOESTRAAT ROESELARE
Post code	8800
Country	Belgium
Name	JOOST IGNAAS EMIEL DESMET
Position	Principal Manager
Start Date	17/11/2003
End Date	30/06/2010
Date of birth	01/08/1964
Street	22 KLIJTSTRAAT IZEGEM
Post code	8870
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.33
UK Pound	1	Rs.96.52
Euro	1	Rs.68.93

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ANK

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.

Registered contractor	-
number
Contractor description	-
Date struck off register
PERSONNEL (NSSO CLASSIFICATION)
Code	-
Description	-
JOINT INDUSTRIAL COMMITTEE (JIC)
JIC Code	226
Description	JC employees international trade, transport & related activities

Event Date	18/12/2014
Event Description
Event Details	Neerlegging van de schriftelijke besluiten van de aandeelhouders in overeenstemming met artikel
	556 van het Wetboek van vennootschappen.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

DIRECTOR DETAILS

Unit