MIRA INFORM REPORT

Report No. :	354866
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	JBF GLOBAL EUROPE BVBA

Registered Office :	Nijverheidsweg 4 2430 Laakdal

Country :	Belgium

Financials (as on) :	31.03.2015

Date of Incorporation :	25.09.2011

Com. Reg. No.:	840552213

Legal Form :	Private limited liability company

Line of Business :	Manufacture of plastic plates, sheets, tubes and profiles.

No. of Employee :	97

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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 budget deficit was 3.2% of GDP. 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 a 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	840552213
Branche Unit Number	2203832476
Company name	JBF GLOBAL EUROPE BVBA
Address	NIJVERHEIDSWEG 4
	2430 LAAKDAL
Number of staff	97
Date of establishment	25/09/2011
Telephone number	014846693
Fax number	-

Commentary

The business was established over 4 years ago.

The business has 97 employees.

The business is part of a group.

This business has a foreign parent business.

The business has been at the address for over 18 months.

A 31% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 73544% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 78% 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
31/03/2015	22,086,142	-14,426,408	44,859,435	-13,223,959
31/03/2014		19,643	49,978,972	7,577,178
31/03/2013		0	17,383,606	7,802,928
ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2015	203,398,492	97	55,000,000	-10,115,036
31/03/2014	154,232,616	74	45,000,000	135,216
31/03/2013	28,322,232	11	17,400,000	74,477

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	181.46
Industry average payment	53.49	Industry average day sales	73.15
expectation days		outstanding
Day sales outstanding	83.26

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount --

NSSO DETAILS

Date of summons –

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
PERSONNEL (NSSO CLASSIFICATION)
Code	-
Description	-
JOINT INDUSTRIAL COMMITTEE (JIC)
JIC Code	207
Description	Joint committee for the employees off he chemical industry
category
SIGNIFICANT EVENTS
Event Date	21/11/2012
Event Description	authority appointed
Event Details	sten, douanediensten en spoorwegdiensten, aangetekende post aanvaarden, geld, goederen, koopwaar of verzendingen.

Event Date	25/09/2011
Event Description	Legal creation
Event Details

Company accounts

ASSETS

Annual accounts	31-03-2015	%	31-03-2014	%	31-03-2013
Weeks	52		52		75
Currency	EUR		EUR		EUR
Total fixed assets	187,849,408	42.26	132,047,096	797	14,708,528
Intangible fixed assets	360,865	134	154,007	839	16,394
Tangible fixed assets	185,202,929	40.43	131,886,609	797	14,692,134
Land & building	49,944,579	-	0	-	0
Plant & machinery	134,400,022	-	0	-100	32,276
Furniture & Vehicles	858,329	198	287,093	3.56	277,212
Leasing & Other Similar Rights	0	-	0	-	0
Other tangible assets	0	-100	131,599,516	814	14,382,646
Financial fixed assets	2,285,615	35171	6,480	-	0
Total current assets	15,549,084	-29.91	22,185,519	62.96	13,613,704
Inventories	205,907	-	0	-	0
Raw materials & consumables	205,907	-	0	-	0
Work in progress	0	-	0	-	0
Finished goods	0	-	0	-	0
Other stocks	0	-	0	-	0
Trade debtors	5,038,056	-57.88	11,962,373	13.44	10,545,255
Other amounts receivable	8,914,470	44.41	6,172,893	126	2,727,394
Cash	874,044	-78.06	3,983,773	1068	341,055
Miscellaneous current assets	516,607	677	66,480	-	0
Total Assets	203,398,492	31.88	154,232,616	444	28,322,232

LIABILITIES

Total shareholders equity	45,220,300	-9.80	50,132,980	188	17,400,000
Issued share capital	55,000,000	22.22	45,000,000	158	17,400,000
Share premium account	0	-	0	-	0
Revaluation reserve	0	-	0	-	0
Reserves	-9,779,700	-290	5,132,980	-	0
Provisions for Liabilities & Charges	0	-	0	-	0
Deffered taxes	218,232	-62.22	577,599	-	0
Creditors	157,959,960	52.59	103,522,037	847	10,922,232
Other long term loans	129,186,918	45.29	88,913,695	1639	5,111,456
Long term group loans	-	-	-	-	-
Other long term liabilities	0	-	0	-	0
Total long term debts	129,405,150	44.60	89,491,294	1650	5,111,456
Current portion of long term debt	12,907,538	906	1,282,051	-	0
Financial debts	4,479,683	48.25	3,021,753	-28.61	4,232,500
Trade creditors	8,794,899	-10.85	9,865,076	568	1,476,644
Amounts Payable for Taxes, Remuneration & Social Security	1,138,833	283	296,859	192	101,410
Miscellaneous current liabilities	1,452,089	918	142,603	64054	222
Total current liabilities	28,773,042	96.96	14,608,342	151	5,810,776
Total Liabilities	203,398,492	31.88	154,232,616	444	28,322,232

RATIO ANALYSIS

TRADING PERFORMANCE

Profit Before Tax	-65.32	-	-	-	-
Return on capital employed	-8.26	-82700	0.01	-	-
Return on total assets employed	-7.09	-71000	0.01	-	-
Return on net assets employed	-31.90	-79850	0.04	-	-
Sales / net working capital	-1.67	-	-	-	-
Stock turnover ratio	0.93	-	-	-	-
Creditor days	181.46	-	-	-	-
Debtor days	83.26	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.54	-64.47	1.52	-35.04	2.34
Liquidity ratio / acid ratio	0.53	-65.13	1.52	-35.04	2.34
Current debt ratio	0.64	120	0.29	-12.12	0.33
Liquidity ratio reprocessed	-	-	-	-	-
Cashflow	-10,115,036	-7580	135,216	81.55	74,477
Net worth	44,859,435	-10.24	49,978,972	187	17,383,606
LONG TERM STABILITY
Gearing	324.13	74.32	185.94	246	53.70
Equity in percentage	22.27	-31.56	32.54	-47.06	61.47
Total debt ratio	3.50	68.27	2.08	230	0.63
Working capital	-13,223,959	-274	7,577,178	-2.89	7,802,928

PROFIT & LOSS

Operating Income	23,109,777	3700	608,088	-4.62	637,558
Turnover	22,086,142	-	-	-	-
Total operating expenses	17,690,901	-	-	-	-
Gross Operating Margin	-	-	-	-	-
Operating Charges	18,714,536	2664	676,851	5.27	642,974
Employee costs	5,085,144	1232	381,494	225	117,160
Wages and salary	3,698,602	987	340,238	386	69,941
Employee pension costs	-	-	-	-	-
Social security contributions	1,018,779	4983	20,042	4.42	19,192
Other employee costs	367,764	1633	21,215	-24.31	28,027
Director remuneration	-	-	-	-	-
Amortization and depreciation	3,953,360	3623	106,173	42.56	74,477
Operating result	4,395,241	6391	-68,763	-1169	-5,416
Total financial income	614	-99	96,245	1362	6,580
Total financial expenses	18,822,263	240015	7,839	573	1,164
Results on ordinary operations before taxation	-14,426,408	-73544	19,643	-	0
Extraordinary Income	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-
Extraordinary items	-	-	0	-	0
Results for the Year Before Taxation	-14,426,408	-73544	19,643	-	-
Other appropriations	-	-	-	-	-
Taxation	1,354	636	184	-	-
Results on ordinary operations after taxation	-14,427,762	-74244	19,459	-	0
Net result	-14,068,395	-48539	29,043	-	0
Profit (Loss) for the Year to be appropiated	-14,068,395	-48539	29,043	-	-
Dividends	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-03-2015
Full-time Employees	96
Part-time Employees	2
Total Fte Employees	97
Number of hours worked
Full-time Employees	177,451
Part-time Employees	2,181
Total	179,632
Personnel Charges
Full-time Employees	5,023,403
Part-time Employees	61,741
Total	5,085,144
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	56
Actual working hours	79,144
Personnel Charges	381,494
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	95	2	97
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	4	-	4
Secondairy education	39	-	39
Higher education (non university)	31	-	31
Higher education (university)	14	-	14
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	1	1	2
Higher education (university)	6	1	7

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	95	2	97
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	1
Actual working hours	1,071
Cost of temporary staff	22,069

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

Leavers

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	98	8
Number of training hours	2,462	209
Net costs for enterprise	90,461	5,345

Industry comparison

Activity code 22210

Activity description Manufacture of plastic plates, sheets, tubes and profiles

industry average credit

rating 75.37

Industry average credit limit 323385.07

Payment Information

PAYMENT INFORMATION SUMMARY

Total number of Invoices available	120
Total number of Invoices paid within or up to 30 days after the due date	90
Total number of Invoices paid more than 30 days after the due date	30
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	181.46
Day sales outstanding	83.26
INDUSTRY COMPARISON
Activity code	22210
Activity description	Manufacture of plastic plates, sheets, tubes and profiles
Industry average payment	53.49
expectation days
Industry average day sales	73.15
outstanding

Industry quartile analysis

Payment expectations
Company result	181.46
Lower	62.15
Median	43.36
Upper	29.15

DAY SALES OUTSTANDING

Company result	83.26
Lower	86.94
Median	62.46
Upper	43.29

SHAREHOLDER DETAILS

SUMMARY
Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

GROUP STRUCTURE
Company name	Number	Latest financials
- JBF RAK SOC. ETRANGERE	840552213	31-03-2015

MINORITY SHAREHOLDERS

No minority shareholders found

MINORITY INTERESTS

No minority interests found

INDIVIDUAL SHAREHOLDERS

SHAREHOLDER NAME

Forename	Bhagirath	Middle name	-
Surname	Arya
SHAREHOLDER DETAILS
Start date	21/10/2011(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Minor town	-	Postal town	-
Post code	-	Country	United Arab Emirates

Linked Companies

SUMMARY

Group - Number of Companies 2

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

Position	Manager
Start Date	03/06/2014
Date of birth	20/11/1954
Street	106 AVENUE DE MÉRODE RIXENSART
Post code	1330
Country	Belgium
Name	Gérard Mommaerts
Name	Zhuo Liu
Position	Manager
Start Date	17/01/2014
Street
Post code
Country

FORMER DIRECTOR DETAILS

Name	CHEERAG ARYA
Position	Manager
Start Date	25/09/2011
End Date	01/07/2014
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.99
UK Pound	1	Rs.101.78
Euro	1	Rs.73.47
EUR	1	Rs.73.74

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAR

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.

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Industry quartile analysis

SHAREHOLDER DETAILS

Linked Companies

Director details

Unit