MIRA INFORM REPORT

Report No. :	303471
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	BETAFENCE NV

Registered Office :	Blokkestraat 34-B 8550 Zwevegem

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	02.09.2002

Com. Reg. No.:	478276316

Legal Form :	Public Limited Liability Company (BE)

Line of Business :	Manufacture of Wire Products, Chain and Springs.

No. of Employee :	382

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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 summary

Business number 478276316

Branche Unit Number 2114448560

Company name BETAFENCE NV

Address BLOKKESTRAAT 34-B

8550 ZWEVEGEM

Number of staff 332

Date of establishment 02/09/2002

Telephone number 05673 46 46

Fax number 056734545

Ultimate holding company

Safe number Company name Company Number

BE01141164 Betafence Holding NV 870556885

Commentary

The business was established over 12 years ago.
The business has 382 employees.
The business is part of a group.
The business has been at the address for over 12 months.
The credit rating for this business has decreased from 82 to 60.
The credit limit for this business has decreased from €1050000 to €905000.
Operating Result in the latest trading period increased 89% on the previous 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 185,122,921	-3,048,364 125,509,930	-9,841,126
31/12/2012 170,662,396	-18,520,514 128,981,321	-4,232,025
31/12/2011 183,090,373	-16,759,710 18,663,606	4,485,820
ACCOUNTS
DATE OF LATEST ACCOUNTS BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
31/12/2013 353,872,928	332 148,841,490	-193,762
31/12/2012 356,917,649	370 148,841,490	-6,912,514
31/12/2011 350,484,256	424 28,837,437	-14,492,948
Trends
Profitability
Liquidity Net worth
Payment expectations
Past payments	Payment expectation days	74.74
Industry average payment 52.22 expectation days	Industry average day sales outstanding	79.56
Day sales outstanding 48.51

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Contractor details

Registered contractor 052801

number

Contractor description Autres activites

Date struck off register 23/10/2008 00:00:00

Personnel (NSSO classification)

Code –

Description –

Joint Industrial Committee (JIC)

JIC Code 111

Description JC for the metal, machinery and electrical construction

Company accounts

ASSETS
Annual accounts	31-12-2013	%	31-12-2012		%		31-12-2011	%			31-12-2010			%			31-12-2009
Weeks	52		52				52				52						52
Currency	EUR		EUR				EUR				EUR						EUR

Total fixed assets	295,068,224	1.88	289,633,104		0.75		287,462,809	-0.30			288,326,793			0.38			287,226,144

Intangible fixed assets	1,241,807	5.41	1,178,038		-4.01		1,227,191	-14.71			1,438,896			-9.02			1,581,551

Tangible fixed assets	9,240,477	-21.73	11,806,309		-1.05		11,931,730	-8.38			13,022,969			4.45			12,468,611
Land & building	3,454,397	-8.23	3,764,285		-2.59		3,864,219	-5.22			4,076,873			-9.93			4,526,148
Plant & machinery	3,391,423	-35.50	5,258,245		-27.61		7,263,981	-2.91			7,481,404			12.66			6,640,663
Furniture & Vehicles	96,821	-47.36	183,937		-42.05		317,395	11.71			284,118			-28.39			396,742
Leasing & Other Similar Rights	1,818,152	-10.62	2,034,170		-		-	-			-			-			-
Other tangible assets	479,685	-15.20	565,673		16.36		486,134	-58.82			1,180,574			30.44			905,058
Financial fixed assets	284,585,940	2.87	276,648,757		0.85		274,303,888	0.16			273,864,928			0.25			273,175,982
Total current assets	58,804,704	-12.60	67,284,545		6.76		63,021,448	4.74			60,166,734			18.98			50,568,170
Inventories	28,034,491	-12.79	32,144,360		-12.24		36,625,591	12.73			32,490,352			11.29			29,193,484
Raw materials & consumables	2,774,147	6.61	2,602,150		-11.74		2,948,212	-4.57			3,089,394			39.16			2,219,965
Work in progress	7,430,300	-10.10	8,265,295		-21.52		10,531,458	1.35			10,391,508			12.13			9,267,345
Finished goods	17,720,202	-16.18	21,140,580		-7.19		22,777,435	21.98			18,672,922			7.39			17,388,071
Other stocks	109,843	-19.43	136,336		-63.00		368,486	9.50			336,528			5.79			318,103

Trade debtors	24,601,989	-7.74	26,664,536		23.69		21,556,838	-4.89			22,664,607			27.28			17,806,952
Other amounts receivable	1,801,390	-51.45	3,710,422		-10.38		4,140,044	-10.64			4,632,902			54.17			3,004,976
Cash	4,309,742	-4.13 4,495,374		875		460,930				634		62,781			-44.04			112,186

Miscellaneous current assets	57,092	-58.67 138,121		9.15		126,539				-46.09		234,721			-13.57			271,577
Total Assets	353,872,928	-0.85 356,917,649		1.84		350,484,256				0.57		348,493,527			3.17			337,794,314
Liabilities
Total shareholders equity	126,751,737	-2.62 130,159,359		554		19,890,797				-47.86		38,149,118			40.01			27,247,354

Issued share capital	148,841,490	0 148,841,490		416		28,837,437				-2.61		29,609,000			0			29,609,000

Share premium account	-	--		-		-				-		-			-			-

Revaluation reserve	-	- -		-		-				-		-			-			-

Reserves	-22,089,753	-18.24 -18,682,131		-108		-8,946,640				-204		8,540,118			361			-2,361,646
Provisions for Liabilities & Charges	6,314,706	5.63 5,978,294		8.76		5,496,901				30.96		4,197,387			-1.92			4,279,617
Deffered taxes	-	- -		-		-				-		-			-
Creditors	220,806,485	0.01 220,779,996		-32.09		325,096,559				6.19		306,147,022			-0.04			306,267,343

Other long term loans	152,160,655	1.94 149,263,426		-44.00		266,560,931				0.19		266,042,936			2.49			259,587,310
Long term group loans	-	- -		-		-				-		-			-			-
Other long term liabilities	0	- 0		-		0				-		0			-			0
Total long term debts	158,475,361	2.08 155,241,720		-42.94		272,057,831				0.67		270,240,323			2.42			263,866,927

Current portion of long term debt	4,805,767	73.36 2,772,134		-		-				-		-			-			-
Financial debts	13,190,233	-53.35 28,276,791		28.74		21,964,038				2879		737,291			-93.73			11,766,944
Trade creditors	36,496,232	13.61 32,124,638		10.00		29,205,412				-3.37		30,224,324			12.91			26,767,379
Amounts Payable for Taxes, Remuneration & Social Security	6,319,297	2.67 6,155,087		11.65		5,512,795				-24.98		7,348,551			18.47			6,203,046

Miscellaneous current liabilities	7,834,301	258 2,187,921		18.05		1,853,383				3.31		1,793,920			-7.66			1,942,664
Total current liabilities	68,645,830	-4.01 71,516,570		22.18		58,535,628				45.96		40,104,086			-14.09			46,680,033

Total Liabilities	353,872,928	-0.85 356,917,649		1.84		350,484,256				0.57		348,493,527			3.17			337,794,314
RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	-1.65	15.21 -10.85		-18.58 -9.15						-256		5.85			77.48			-7.55
Return on capital employed	-1.07	16.49 -6.49		-13.07 -5.74						-262		3.53			85.89			-4.11
Return on total assets employed	-0.86	16.57 -5.19		-8.58		-4.78				-252		3.13			88.42			-3.54

Return on net assets employed	-2.40	16.87 -14.23		16.89 -84.26						-395		28.56			64.98			-43.95

Sales / net working capital	-18.81	46.64 -40.33		-198		40.82				339		9.28			-77.24			40.78

Stock turnover ratio	15.14	-19.64 18.84		-5.80		20.00				14.68		17.44			-5.27			18.41
Creditor days	74.74	6.47	70.20		18.62		59.18		-3.33				61.22			-4.27			63.95
Debtor days	48.51	-14.94	57.03		32.72		42.97		-3.26				44.42			8.37			40.99
Current ratio	0.86	-8.51	0.94		-12.96		1.08		-28.00				1.50			38.89			1.08
Liquidity ratio / acid ratio	0.45	-8.16	0.49		8.89		0.45		-34.78				0.69			50.0			0.46
Current debt ratio	0.54	-1.82	0.55		-81.29		2.94		180				1.05			-38.60			1.71
Liquidity ratio reprocessed	-	-	-		-		-		-				-			-			--------------
Cashflow	-193,762	2.80	-6,912,514		47.70		-14,492,948		-202				14,078,144			158			-8,873,345
Net worth	125,509,930	-2.69	128,981,321		591		18,663,606		-49.16				36,710,222			43.03			25,665,803
Gearing	134.24	-3.10	138.53		-90.45		1,450.55		107				699.31			-29.78			995.89
Equity in percentage	35.94	-1.78	36.59		541		5.70		-48.13				10.99			35.68			8.10
Total debt ratio	1.79	2.87	1.74		-89.53		16.62		104				8.14			-28.60			11.40
Working capital	-9,841,126	-132	-4,232,025		-194		4,485,820		-77.64				20,062,648			415			3,888,137

PROFITS LOSS
Operating Income	188,531,186	7.42	175,506,549	-10.97	197,127,695	-0.96	199,032,545	23.95	160,573,373
Turnover	185,122,921	8.47	170,662,396	-6.79	183,090,373	-1.70	186,250,555	17.46	158,567,210
Total operating expenses	178,239,315	6.71	167,031,315	-7.27	180,118,781	-0.04	180,198,224	17.94	152,784,164
Gross Operating Margin - - - - - - - - -

Operating Charges	181,647,580	5.69	171,875,468	-11.48	194,156,103	0.61	192,980,214	24.67	154,790,327
Employee costs	24,839,743	-11.57	28,089,174	-3.17	29,007,479	-2.93	29,882,105	11.57	26,782,541
Wages and salary	16,163,901	-12.68	18,510,453	-4.56	19,394,457	0.69	19,260,802	14.93	16,759,244
Employee pension costs	1,252,971	-10.90	1,406,268	-3.13	1,451,727	-30.61	2,092,202	-7.41	2,259,599
Social security contributions	6,063,223	-11.27	6,833,091	-3.79	7,102,098	0.41	7,073,108	14.76	6,163,160
Other employee costs	1,359,647	1.51	1,339,362	26.45	1,059,197	-27.25	1,455,993	-9.03	1,600,538
Director remuneration - - - - - - - - -
Amortization and depreciation	3,213,860	13.85	2,822,977	-7.57	3,054,080	-3.85	3,176,380	3.68	3,063,761
Operating result	6,883,606	89.57	3,631,081	22.19	2,971,592	-50.90	6,052,331	4.66	5,783,046
Total financial income	5,257,377	159	2,026,439	126	895,809	-96.63	26,608,024	1268	1,944,100
Total financial expenses	15,189,347	-37.18	24,178,035	17.21	20,627,112	-5.23	21,764,668	10.47	19,701,560
Results on ordinary operations before taxation	-3,048,364	16.46	-18,520,514	-10.51	-16,759,710	-253	10,895,687	90.99	-11,974,414

Extraordinary Income	132,822	-98.51	8,908,402	233637	3,811	-37.52	6,100	-83.56	37,100
Extraordinary Charges	58,999	428	11,163	-92.83	155,674	676742	23	-95.03	463

Extraordinary items	73,823	-99	8,897,238	5858	-151,863	-2598	6,077	-83.41	36,637

Results for the Year	-2,974,541	30.91	-9,623,276	56.90	-16,911,573	-255	10,901,764	91.32	-11,937,777
Before Taxation
Other appropriations	--	--	--	--	--	--	--	--	--
Taxation	433,081	285	112,215	-82.34	635,455	--	--	--	-671
Results on ordinary operations after taxation	-3,481,445	18.68	-18,632,729	-7.11	-17,395,165	-259	10,895,687	91.00	-11,973,743
Net result	-3,407,622	35.00	9,735,491	55.48	-17,547,027	-260	10,901,764	91.33	-11,937,106
Profit (Loss) for the Year to be appropiated	-3,407,622	35.00	-9,736,612	55.49	-17,547,027	-260	10,901,764	91.33	-11,937,106
Dividends	--	-	--	--	--	--	--	--	--

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year

ended 31-12-2013

Full-time Employees 311

Part-time Employees 49

Total Fte Employees 348

Number of hours worked

Full-time Employees 452,300

Part-time Employees 61,242

Total 513,542

Personnel Charges

Full-time Employees 21,045,093

Part-time Employees 2,541,678

Total 23,586,771

Benefits In Addition To Wages -

During the previous reporting year

Average number employees in Fte 398

Actual working hours 600,457

Personnel Charges 26,682,906

Benefits In Addition To Wages -

Type of Contract Full-Time Part-Time Total Fte

Unlimited Duration

Contracts

289 48 326

Limited Duration Contracts 6 1 7

Contracts For Specific Work - - -

Contracts Regarding

Substitution - - -

Gender and Education

Level

Men	Full-Time	Part-Time	Total Fte
Primary education	50	5	54
Secondairy education	176	17	189
Higher education (non university)	33	5	37
Higher education (university)	11	1	12
Women	Full-Time	Part-Time	Total Fte
Primary education - - -
Secondairy education	4	6	8
Higher education (non university)	12	14	22
Higher education (university)	9	1	10


Working Category	Full-Time	Part-Time	Total Fte
Management	28	2	30
White collar worker	61	30	83
Blue collar worker	206	17	220
Other - - -


Temporary personnel		Total
Average number of temporary staff		2
Actual working hours		3,239
Cost of temporary staff		113,147


New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	7	-	7
Leavers	43	2	45

Total of formal continuing vocational training initiatives

for workers paid by the employer Male Female

Number of employees 88 17

Number of training hours 1,782 568

Net costs for enterprise 93,341 20,956

Total of less formal and informal continuing vocational

training initiatives for workers paid by the employer Male Female

Number of employees 68 -

Number of training hours 5,572 -

Net costs for enterprise 258,931 -

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 25930

Activity description Manufacture of wire products, chain and springs

industry average credit 77.83
rating

Industry average credit limit 143488.37

Payment Information

Payment Information Summary

Total number of Invoices available 129

Total number of Invoices paid within or up to 30 days after the due date 55

Total number of Invoices paid more than 30 days after the due date 56

Total number of Invoices currently outstanding where the due date has not yet been reached 17

Total number of Invoices currently outstanding beyond the due date 0

Suspension of payments / moratorium history

Amount -

Details -

Payment expectations

Payment expectation days 74.74

Day sales outstanding 48.51

Industry comparison

Activity code 25930

Activity description Manufacture of wire products, chain and springs

Industry average payment

expectation days 52.22

Industry average day sales

Outstanding 79.56

Industry quartile analysis

Payment expectations

Company result 74.74

Lower 108.87

Median 66.05

Upper 49.32

Shareholder Details

Summary

Group - Number of Companies 14

Linkages - Number of Companies 12

Number of Countries 7

Group Structure

Company name Number Safe number Latest financials Rating

- BETAFENCE HOLDING NV 870556885 BE01141164 31-12-2013 61

- - BETAFENCE NV 478276316 BE00497846 31-12-2013 60

- - - BETAFENCE CORPORATE SERVICES NV 822620871 BE01006542 31-12-2013 87

- - - - BETAFENCE PROJECTS LTD SOC.ETR. E.P.B.

- - - - BETAFENCE PROJECTS SOUTH AFRICA LTD SOC....

- - - BETAFENCE INTERNATIONAL TRADING CO LTD S...

- - - BETAFENCE LTD SOC.ETR. E.P.B.

- - - BETAFENCE PORTUGAL UNIPESSOAL LDA SOC.ET...

- - - BETAFENCE WIRE & MESH PRODUCTS CO. LTD S...

- - - BETAFENCE CORPORATION (US) SOC.ETR. E.P....

- - - BETAFENCE CROATIA D.O.O. SOC.ETR. E.P.B.

- - - BETAFENCE ESPANA S.L.U. SOC.ETR. E.P.B.

- - - BETAFENCE HUNGARY ZRT SOC.ETR. E.P.B.

- - - WERLER DRAHTWERKE VERWALTUNGS GMBH HRB 1123 DE00376946 N/R

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

No Companies Match this address

Linked Companies

Summary

Group - Number of Companies 14

Linkages - Number of Companies 12

Number of Countries 7

Linked Companies

NAME		SAFE NUMBER	NUMBER	LATEST KEY FINANCIALS	RATING	LIMIT	TURNOVER
BETAFENCE GMBH	»l	DE01897183	HRB 4377	31.12.2010	51	€1.300.000	€409.805.000
BETAFENCE LIMITED	Cjll3	UK00057117	00277121	31.12.2013	29	£0	£49.048.000
BETAFENCE HOLDING SAS	l a	FR04251881	408499697	31.12.2013	55	€140.000	-
BETAFENCE FRANCE SAS	l 1	FR00092941	075650614	31.12.2013	1	€0	€93.945.213
LECTA S.A.		LU00159510	B72198	31.12.2013	44	€1.250.000	-
BETAFENCE DEUTSCHLAND GMBH	m	DE01204446	HRB 10177	31.12.2011	42	€65.000	€37.123.361
CVC CAPITAL PARTNERS LIMITED	Lyra	UK04372970	04726084	31.12.2013	92	£1.550.000	£45.111.124
DRAHT-BREMER UND PARTNER GMBH	nil	DE01444117	HRB 4370	31.12.2012	57	€10.000	-
PINDURG	H	ES01197525	B09107061	31.12.2012	50	€41.400	€3.063.510
ALIXPARTNERS, LLP		US09838977	-	-	37	$129.500	$25.900.000
CERVED GROUP SPA	C 1	-	-	-	N/R	-	-
MF HONYVEM SPA	C 1	-	-	-	N/R	-	-

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

Legal event type Fragmentation

Event date 01/12/2011

Creditor's name Warehouses De Pauw 3rd party type Absorbing Company

Creditor's address Blakebergen, 15

Wolvertem

1861

Creditor's company number 417199869

Creditor's name Betafence 3rd party type Fragmented Company

Creditor's address Deerlijkstraat, 58

Zwevegem

8550

Creditor's name Betafence 3rd party type Fragmented Company

Creditor's address Deerlijkstraat, 58

Zwevegem

8550

Creditor's name Warehouses De Pauw 3rd party type Absorbing Company

Creditor's address Blakebergen, 15

Wolvertem

1861

Creditor's company number 417199869

Director details

Current director details

Name MICHELE VOLPI

Position Managing Director

Start Date 01/02/2013

Street 14 GROENE JAGERSLAAN BRUSSEL

Post code 1180

Country Belgium

Name	PETER RAMAUT BVBA
Position	Managing Director
Start Date	01/02/2013
Date of birth	08/12/2004
Street	39 SNEPDREEF EVERGEM
Post code	9940
Country	Belgium
Position	Legal Representative
Start Date	25/03/2005
Date of birth	08/12/2004
Street	39 SNEPDREEF EVERGEM
Post code	9940
Country	Belgium
Name	OBERON MANAGEMENT BVBA
Position	Director
Start Date	01/02/2013
End Date	16/05/2017
Date of birth	01/07/2001
Street	17 POTEGEMSTRAAT WAREGEM
Post code	8790
Country	Belgium
Position	Legal Representative
Start Date	01/02/2013
Date of birth	01/07/2001
Street	17 POTEGEMSTRAAT WAREGEM
Post code	8790
Country	Belgium
Name	CREAFIM BVBA
Position	Director
Start Date	01/02/2013
End Date	16/05/2017
Date of birth	05/05/2008
Street
Post code
Country
Position	Legal Representative
Start Date	01/02/2013
Date of birth	05/05/2008
Street
Post code
Country
Former director details
Name	MICHELE VOLPI
Position	Director
Start Date	27/10/2011
End Date	31/12/2012
Street	14 GROENE JAGERSLAAN BRUSSEL
Post code	1180
Country	Belgium

Name	PETER RAMAUT BVBA
Position	Director
Start Date	27/06/2005
End Date	31/12/2012
Date of birth	08/12/2004
Street	39 SNEPDREEF EVERGEM
Post code	9940
Country	Belgium
Name	PATRICK LECLUYSE BVBA
Position	Chairman of the Board
Start Date	20/02/2007
End Date	26/10/2011
Date of birth	06/12/2004
Street	19 OUDE MOLENSTRAAT ZWEVEGEM
Post code	8550
Country	Belgium
Position	Managing Director
Start Date	17/05/2011
End Date	31/12/2012
Date of birth	06/12/2004
Street	19 OUDE MOLENSTRAAT ZWEVEGEM
Post code	8550
Country	Belgium
Position	Director
Start Date	18/02/2005
End Date	Unknown date
Date of birth	06/12/2004
Street	19 OUDE MOLENSTRAAT ZWEVEGEM
Post code	8550
Country	Belgium
Position	Legal Representative
Start Date	18/02/2005
End Date	Unknown date
Date of birth	06/12/2004
Street	19 OUDE MOLENSTRAAT ZWEVEGEM
Post code	8550
Country	Belgium
Name	HENRI-JEAN VELGE
Position	Chairman of the Board
Start Date	09/09/2002
End Date	01/03/2005
Street	71 LOUIS JASMINLAAN BRUSSEL
Post code	1150
Country	Belgium
Position	Managing Director
Start Date	09/09/2002
End Date	01/03/2005
Street	71 LOUIS JASMINLAAN BRUSSEL
Post code	1150
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

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.

Business number	478276316	Company name	BETAFENCE NV
Fax number	056734545	Date founded	02/09/2002
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2013
Activity code	25930	Liable for VAT	yes
Activity description	Manufacture of wire products, chain and springs	VAT Number	BE.0478.276.316 Check VAT number
Belgian Bullettin of Acts Publications	moniteur belge

MIRA INFORM REPORT

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