MIRA INFORM REPORT

Report No. :	331166
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	ALLCHEM SA

Registered Office :	Rue Jean Gruslin 18 4460 Grâce-Hollogne

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	12.10.1979

Com. Reg. No.:	419833816

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of chemical products for industrial use

No. of Employees :	2

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.

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 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 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	419833816
Company name	ALLCHEM SA
Address	RUE JEAN GRUSLIN 18
	4460 GRÂCE-HOLLOGNE
Number of staff	2
Date of establishment	12/10/1979
Telephone number	043676790
Fax number	042391097

Commentary

The business was established over 35 years ago.

The business has 1 employees.

The business has been at the address for over 16 years.

Operating Result in the latest trading period increased 53% on the previous trading period.

Pre-tax profits increased by 46% compared to the previous trading period.

The business saw an increase in their Cash Balance of 585% during the latest trading period

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		51,833	520,892	673,258
31/12/2012		35,406	483,312	636,188
31/12/2011		95,032	462,810	611,209

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	2,051,099	2	225,000	43,968
31/12/2012	2,040,156	2	225,000	29,719
31/12/2011	2,043,952	2	225,000	82,935

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	68.19	Industry average day sales	194.01
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

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	7,759	-38.20	12,555	-42.34	21,773	-26.10	29,463	275	7,837
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	7,573	-38.77	12,369	-42.70	21,587	-26.27	29,277	282	7,651
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	1,749	-23.49	2,286	-34.30	3,480	-25.54	4,673	-20.13	5,851
Furniture & Vehicles	5,824	-42.24	10,083	-44.32	18,107	-26.41	24,604	1266	1,801
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	186	0	186	0	186	-0.04	186	0.04	186
Total current assets	2,043,340	0.78	2,027,602	0.27	2,022,179	12.32	1,800,321	23.88	1,453,251
Inventories	465,400	3.80	448,345	-20.25	562,163	40.89	399,021	6.11	376,027
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	465,400	3.80	448,345	-20.25	562,163	40.89	399,021	6.11	376,027
Trade debtors	1,254,808	-18.04	1,530,948	19.73	1,278,617	-8.32	1,394,586	46.67	950,854
Other amounts receivable	43,362	480	7,475	-38.85	12,225	82.08	6,714	-5.36	7,095
Cash	279,770	585	40,833	-75.86	169,174	-	-	-	119,274
Miscellaneous current assets	0	-	0	-	0	-	0	-	0
Total Assets	2,051,099	0.54	2,040,156	-0.19	2,043,952	11.70	1,829,784	25.23	1,461,088
Liabilities
Total shareholders equity	520,892	7.78	483,312	4.43	462,810	18.90	389,236	13.40	343,249
Issued share capital	225,000	0	225,000	0	225,000	0	225,000	0	225,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	295,892	14.55	258,312	8.62	237,810	44.80	164,236	38.89	118,249
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	1,530,208	-1.71	1,556,845	-1.54	1,581,142	9.76	1,440,547	28.87	1,117,839
Other long term loans	160,126	-3.21	165,431	-2.79	170,172	414	33,061	-17.02	39,843
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-100	19,330	-62.60	51,680
Total long term debts	160,126	-3.21	165,431	-2.79	170,172	224	52,391	-42.76	91,523
Current portion of long term debt	10,200	3.65	9,840	-40.98	16,674	-54.01	36,257	19.64	30,304
Financial debts	300,000	0	300,000	0	300,000	0	300,000	140	125,000
Trade creditors	1,037,991	-2.50	1,064,622	-0.15	1,066,232	3.18	1,033,377	21.11	853,287
Amounts Payable for Taxes,	14,216	-8.07	15,463	-41.81	26,576	56.00	17,036	4.92	16,237
Remuneration & Social Security
Miscellaneous current liabilities	7,675	416	1,487	0	1,487	0.02	1,487	-0.02	1,487
Total current liabilities	1,370,082	-1.53	1,391,414	-1.39	1,410,970	1.64	1,388,157	35.26	1,026,315
Total Liabilities	2,051,099	0.54	2,040,156	-0.19	2,043,952	11.70	1,829,784	25.23	1,461,088
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	1.61
Return on capital employed	7.61	39.38	5.46	-63.62	15.01	-9.25	16.54	194	5.61
Return on total assets employed	2.53	45.40	1.74	-62.58	4.65	16.54	3.99	138	1.67
Return on net assets employed	9.95	35.74	7.33	-64.30	20.53	9.38	18.77	163	7.11
Sales / net working capital	-	-	-	-	-	-	-	-	3.54
Stock turnover ratio	-	-	-	-	-	-	-	-	24.86
Creditor days	-	-	-	-	-	-	-	-	214.47
Debtor days	-	-	-	-	-	-	-	-	229.49
SHORT TERM STABILITY
Current ratio	1.49	2.05	1.46	2.10	1.43	10.0	1.30	-8.45	1.42
Liquidity ratio / acid ratio	1.15	0.88	1.14	10.68	1.03	1.98	1.01	-3.81	1.05
Current debt ratio	2.63	-8.68	2.88	-5.57	3.05	-14.57	3.57	19.40	2.99
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	43,968	47.94	29,719	-64.17	82,935	48.74	55,759	348	12,430
Net worth	520,892	7.78	483,312	4.43	462,810	18.90	389,236	13.40	343,249
LONG TERM STABILITY
Gearing	90.29	-8.19	98.34	-6.51	105.19	10.87	94.88	66.90	56.85
Equity in percentage	25.40	7.22	23.69	4.64	22.64	6.44	21.27	-9.45	23.49
Total debt ratio	2.94	-8.70	3.22	-5.85	3.42	-7.57	3.70	13.50	3.26
Working capital	673,258	5.83	636,188	4.09	611,209	48.29	412,164	-3.46	426,935
Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	1,512,324
Total operating expenses	-	-	-	-	-	-	-	-	1,452,209
Gross Operating Margin	294,398	50.96	195,017	-24.70	258,976	-14.17	301,733	56.98	192,210
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	139,517	94.69	71,661	-42.97	125,654	-18.48	154,136	40.30	109,861
Wages and salary	139,517	94.69	71,661	-42.97	125,654	-18.48	154,136	40.30	109,861
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	0	-	0	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	6,388	-30.71	9,218	-1.52	9,361	-4.21	9,772	195	3,303
Operating result	89,688	53.87	58,289	-29.44	82,605	176	29,920	-50.23	60,115
Total financial income	766	-98.32	45,478	-23.69	59,598	-30.16	85,334	14803	573
Total financial expenses	38,621	-43.50	68,361	44.92	47,171	11.74	42,213	16.34	36,286
Results on ordinary operations before taxation	51,833	46.40	35,406	-62.74	95,032	30.11	73,041	199	24,402
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	51,833	46.40	35,406	-62.74	95,032	30.11	73,041	199	24,402
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	14,253	-4.37	14,905	-30.54	21,458	-20.69	27,054	77.11	15,276
Results on ordinary operations after taxation	37,580	83.30	20,501	-72.14	73,574	59.99	45,987	403	9,127
Net result	37,580	83.30	20,501	-72.14	73,574	59.99	45,987	403	9,127
Profit (Loss) for the Year to be appropiated	37,580	83.30	20,501	-72.14	73,574	59.99	45,987	403	9,127
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		1
Part-time Employees		2
Total Fte Employees		2
Number of hours worked
Full-time Employees		1,762
Part-time Employees		1,757
Total		3,519
Personnel Charges
Full-time Employees		5,446
Part-time Employees		10,453
Total		72,915
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		2
Actual working hours		3,534
Personnel Charges		71,013
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	2	2
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution
Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	1	1
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	1	-	2
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	1	2
Blue collar worker	-	1	1
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
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	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use

Payment Information

Payment Information Summary
Total number of Invoices available	31
Total number of Invoices paid within or up to 30 days after the due date	30
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	1
Total number of Invoices currently outstanding beyond the due date	0

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	-
Day sales outstanding	-
Industry comparison
Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	68.19
Industry average day sales outstanding	194.01

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.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

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	JOAQUIM RUAS MADEIRA
Position	Chairman of the Board
Start Date	05/11/2009
Date of birth	11/09/1954
Street	50 RUE JACQUES MUSCH CHAUDFONTAINE
Post code	4053
Country	Belgium
Position	Director
Start Date	05/01/2004
Date of birth	11/09/1954
Street	50 RUE JACQUES MUSCH CHAUDFONTAINE
Post code	4053
Country	Belgium
Name	SF MANAGEMENT SPRL
Position	Managing Director
Start Date	19/12/2014
Date of birth	17/12/2014
Street	18 RUE JEAN GRUSLIN GRÂCE-HOLLOGNE
Post code	4460
Country	Belgium
Position	Director
Start Date	19/12/2014
Date of birth	17/12/2014
Street	18 RUE JEAN GRUSLIN GRÂCE-HOLLOGNE
Post code	4460
Country	Belgium
Position	Legal Representative
Start Date	19/12/2014
Date of birth	17/12/2014
Street	18 RUE JEAN GRUSLIN GRÂCE-HOLLOGNE
Post code	4460
Country	Belgium
Name	JOAO ABREU FARIA
Position	Director
Start Date	28/08/2014
Street	5 PROCERA JOAO VILARET R/C DTO GRÂCE-HOLLOGNE
Post code	4460
Country	Belgium
Name	JOSÉ DA SILVA RESENDE
Position	Director
Start Date	05/11/2009
Street	23 RUE 18 DE ABRIL SAINT-NICOLAS
Post code	4420
Country	Belgium

Former director details

Name	JOAQUIM RUAS MADEIRA
Position	Managing Director
Start Date	26/02/2014
End Date	19/12/2014
Date of birth	11/09/1954
Street	50 RUE JACQUES MUSCH CHAUDFONTAINE
Post code	4053
Country	Belgium
Name	FRANÇOIS PIERRE CHARLES SIMONS
Position	Director
Start Date	30/10/2009
End Date	19/12/2014
Date of birth	23/08/1976
Street	31 RUE DE LA JUSTICE SAINT-NICOLAS
Post code	4420
Country	Belgium
Name	JOAO ABREU FARIA
Position	Director
Start Date	17/11/2010
End Date	31/12/2011
Street	5 PROCERA JOAO VILARET R/C DTO GRÂCE-HOLLOGNE
Post code	4460
Country	Belgium
Name	JOSÉ DA SILVA RESENDE
Position	Director
Start Date	07/12/1998
End Date	Unknown date
Street	23 RUE 18 DE ABRIL
Post code	4420
Country	Portugal
Name	FILIPO DOLLFUS DE VOLKERSBERG
Position	Director
Start Date	19/02/1999
End Date	Unknown date
Street	CHESA STEINBOCK

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	RAS

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.

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
Significant Events
Event Date	17/03/2015
Event Description	re-appointment of director(s)
Event Details	Commentaire 17-03-2015: Renouvellement du mandat de président du conseil d'administration de
	Ruas-Madeira Joaquim pour une durée de 6 ans.

MIRA INFORM REPORT

Company summary

Commentary

Payment expectations

Company information

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit