MIRA INFORM REPORT

Report No. :	310766
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	ANDOCOR NV

Registered Office :	Kwikaard 104 2980 Zoersel

Country :	Belgium

Financials (as on) :	30.06.2014

Date of Incorporation :	03.10.1996

Com. Reg. No.:	458952035

Legal Form :	Public Limited Liability Company

Line of Business :	Manufacture of Medical and Dental Instruments and Supplies

No. of Employees :	10

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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 458952035

Branche Unit Number 2079964763

Company name ANDOCOR NV

Address KWIKAARD 104

2980 ZOERSEL

Number of staff 10

Date of establishment 03/10/1996

Telephone number 033801595

Fax number 033801590

Commentary

The business was established over 18 years ago.

The business has 10 employees.

The business is part of a group.

The business has been at the address for over 14 months.

Operating Result in the latest trading period decreased 54% on the previous trading period.

A 36% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 86% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 66% 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
30/06/2014		2,486	198,286	-21,851
30/06/2013		19,028	200,091	197,035
30/06/2012		24,002	192,898	216,424

ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
30/06/2014	840,580	10	61,973	106,118
30/06/2013	615,136	9	61,973	29,017
30/06/2012	679,591	7	61,973	32,646

Payment expectations

Past payments		Payment expectation days	--
Industry average payment expectation days	73.88	Industry average day sales outstanding	97.41
Day sales outstanding	--

COURT DATA SUMMARY
BANKRUPTCY DETAILS
Court action type	no

Joint Industrial Committee (JIC)

Significant Events

Event Date 06/10/2014

Event Description re-appointment of director(s)

Event Details Commentaar 06-10-2014: Herbenoemd als bestuurders voor een periode van 6 jaar :

Patrick Rosa (tevens gedelegeerd bestuurder), Kristine Nagels, BVBA Sapko en NV Cordateo.

Company accounts

Assets
Annual accounts	30-06-2014	%	30-06-2013	%	30-06-2012	%	30-06-2011	%	30-06-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	263,147	242	76,834	-3.72	79,803	44.74	55,137	164	20,878
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	245,794	219	76,834	-3.72	79,803	111	37,784	971	3,526
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	244,493	637	33,173	-5.30	35,030	-6.17	37,334	1321	2,626
Furniture & Vehicles	1,302	-33.33	1,952	-	-	-	450	-50.0	900
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-100	41,709	-6.84	44,773	-	0	-	0
Financial fixed assets	17,353	-	-	-	-	-	17,353	0	17,353
Total current assets	577,433	7.27	538,302	-10.25	599,788	55.55	385,590	28.11	300,978
Inventories	203,793	2.34	199,129	110	94,720	216	29,969	25.54	23,871
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	203,793	2.34	199,129	110	94,720	216	29,969	25.54	23,871
Trade debtors	321,668	127	141,243	-3.02	145,645	31.04	111,146	-38.30	180,146
Other amounts receivable	15,470	-85.13	104,052	-61.46	269,975	47.53	182,996	100	91,358
Cash	30,553	-66.11	90,161	46.86	61,391	301	15,292	172	5,603
Miscellaneous current assets	5,949	60.03	3,718	-86.75	28,058	-39.25	46,188	-	0
Total Assets	840,580	36.65	615,136	-9.48	679,591	54.20	440,727	36.93	321,856

Liabilities
Total shareholders equity	198,286	-0.90	200,091	3.73	192,898	8.29	178,127	3.54	172,036
Issued share capital	61,973	0	61,973	0	61,973	0	61,973	0	61,973
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	136,313	-1.31	138,117	5.49	130,925	12.72	116,153	5.53	110,063
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	642,294	54.75	415,045	-14.72	486,693	85.34	262,600	75.28	149,820
Other long term loans	43,009	-41.70	73,778	-28.60	103,329	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	43,009	-41.70	73,778	-28.60	103,329	-	0	-	0
Current portion of long term debt	30,769	-7.29	33,190	0	33,190	-	-	-	-
Financial debts	-	-	15,089	-	-	-	-	-	-
Trade creditors	259,367	20.34	215,533	-23.35	281,199	32.67	211,954	113	99,049
Amounts Payable for Taxes, Remuneration & Social Security	28,555	-16.81	34,326	-4.21	35,833	87.28	19,134	-33.32	28,696

Miscellaneous current liabilities	280,593	550	43,130	30.14	33,142	5.17	31,513	42.76	22,075
Total current liabilities	599,285	75.61	341,267	-10.98	383,364	45.99	262,600	75.28	149,820
Total Liabilities	840,580	36.65	615,136	-9.48	679,591	54.20	440,727	36.93	321,856

Ratio Analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-		-		-		-		-	-	-
Return on capital employed	1.03	-85.18	6.95		-14.20		8.10		16.38		6.96	-89.99	69.51
Return on total assets employed	0.30	-90.29	3.09		-12.46		3.53		25.62		2.81	-92.44	37.15
Return on net assets employed	1.25	-86.86	9.51		-23.55		12.44		78.74		6.96	-89.99	69.51
Sales / net working capital	-	-	-		-		-		-		-	-	-
Stock turnover ratio	-	-	-		-		-		-		-	-	-
Creditor days	-	-	-		-		-		-		-	-	-
Debtor days	-	-	-		-		-		-		-	-	-
SHORT TERM STABILITY
Current ratio	0.96	-39.24	1.58		1.28		1.56		6.12		1.47	-26.87	2.01
Liquidity ratio / acid ratio	0.62	-37.37	0.99		-25.00		1.32		-2.22		1.35	-27.03	1.85
Current debt ratio	3.02	76.61	1.71		-14.07		1.99		35.37		1.47	68.97	0.87
Liquidity ratio reprocessed	-	-	-	-		-		-		-		-	-
Cashflow	106,118	265	29,017	-11.12		32,646		86.69		17,487		-77.89	79,074
Net worth	198,286	-0.90	200,091	3.73		192,898		8.29		178,127		3.54	172,036
LONG TERM STABILITY
Gearing	37.21	-39.00	61.00	-13.81		70.77		-		-		-	-
Equity in percentage	23.59	-27.48	32.53	14.62		28.38		-29.79		40.42		-24.38	53.45
Total debt ratio	3.24	56.52	2.07	-17.86		2.52		71.43		1.47		68.97	0.87
Working capital	-21,851	-111	197,035	-8.96		216,424		75.97		122,990		-18.63	151,158

Profit & Loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	484,154	9.12	443,671	49.52	296,724	32.49	223,967	-22.64	289,518
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	375,733	-4.53	393,574	69.71	231,913	17.77	196,917	19.57	164,687
Wages and salary	241,491	-10.19	268,902	74.54	154,063	14.65	134,378	59.14	84,439
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	116,216	10.64	105,041	59.53	65,846	19.43	55,131	-21.23	69,989
Other employee costs	18,026	-8.18	19,632	63.54	12,004	62.05	7,408	-27.80	10,260
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	87,923	302	21,824	22.10	17,875	56.84	11,397	257	3,191
Operating result	7,569	-54.32	16,570	-27.12	22,738	141	9,401	-92.25	121,237
Total financial income	1,943	-81.56	10,535	26.13	8,353	22.86	6,799	6803	98
Total financial expenses	7,025	-13.03	8,078	13.96	7,089	86.76	3,796	116	1,754
Results on ordinary operations before taxation	2,486	-86.94	19,028	-20.72	24,002	93.50	12,404	-89.63	119,582
Extraordinary Income	17,353	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	17,353	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	19,839	4.26	19,028	-20.72	24,002	93.50	12,404	-89.63	119,582
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	1,643	-86.12	11,836	28.22	9,231	46.20	6,314	-85.55	43,699
Results on ordinary operations after taxation	843	-88.28	7,193	-51.31	14,772	142	6,090	-91.97	75,883
Net result	18,196	152	7,193	-51.31	14,772	142	6,090	-91.97	75,883
Profit (Loss) for the Year to be appropiated	18,196	152	7,193	-51.31	14,772	142	6,090	-91.97	75,883
Dividends	20,000	-	-	-	-	-	-	-	-

Social balance sheet details

Social Balance Sheet	Total
During the reporting year
ended 30-06-2014
Full-time Employees	8
Part-time Employees	2
Total Fte Employees	10

Number of hours worked
Full-time Employees	13,414
Part-time Employees	2,860
Total	16,274

Personnel Charges
Full-time Employees	309,702
Part-time Employees	66,032
Total	375,733
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	10
Actual working hours	17,337
Personnel Charges	393,574
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	9	2	11

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Higher education (non-university)	7	-	7

Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Higher education (non-university)	2	2	4

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	-	1
Blue collar worker	8	2	10

Industry comparison

Activity code

32500

Activity description

Manufacture of medical and dental instruments and supplies

Payment expectations
Payment expectation days	--
Day sales outstanding	--

Industry comparison
Activity code	32500
Activity description	Manufacture of medical and dental instruments and supplies
Industry average payment expectation days	73.88
Industry average day sales outstanding	97.41

Industry Quartile analysis

Payment Expectations

Company result	-
Lower	101.36
Median	64.02
Upper	32.13

Day sales outstanding

Company result	-
Lower	77.21
Median	42.12
Upper	20.73

Group Structure

Company Name	Number	Latest Financials
- SAPKO BVBA	832470529	30-06-2013
- - ANDOCOR NV	458952035	30-06-2014
- - BEST MEDICAL TREATMENT BVBA	443498054	31-12-2011
- - CONS - ENVI CV	444246637	31-12-2013
- - ROMED NV	438451777	31-12-2013
- - RONACO BVBA	460623306	30-11-2013

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME

Forename	Kristine	Middle Name	Albertine
Surname	Nagels

SHAREHOLDER DETAILS
Start date	03/10/1996	End date	-
Percentage owned	-

SHAREHOLDER ADDRESS
Street name	Turnhoutsebaan	House number	238
Minor town	Borgerhout	Postal town	Antwerpen
Post code	2140	Country	Belgium

SHAREHOLDER NAME
Forename	Greta	Middle name	-
Surname	Dael

SHAREHOLDER DETAILS
Start date	03/10/1996	End date	-
Percentage owned	-

SHAREHOLDER ADDRESS
Street name	Turnhoutsebaan	House number	238
Minor town	Borgerhout	Postal town	Antwerpen
Post code	2140	Country	Belgium

Companies that match this address
Business number	Company name	Date of accounts
438451777	ROMED NV	31/12/2013
458115756	PRIORIJ IN VEREFFENING BVBA	31/12/2007
466579601	CORDATEC NV	31/12/2013
832470529	SAPKO BVBA	30/06/2014

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	PATRICK MARIE JOSÉ ROSA
Position	Chairman of the Board
Start Date	27/09/2012
Date of birth	01/03/1956
Street	238 TURNHOUTSEBAAN ANTWERPEN
Post code	2140
Country	Belgium

Position	Managing Director
Start Date	27/09/2012
Date of birth	01/03/1956
Street	238 TURNHOUTSEBAAN ANTWERPEN
Post code	2140
Country	Belgium

Position	Director
Start Date	02/06/2003
Date of birth	01/03/1956
Street	238 TURNHOUTSEBAAN ANTWERPEN
Post code	2140
Country	Belgium

Name	KRISTINE JEANNINE ALBERTINE NAGELS
Position	Managing Director
Start Date	12/10/2012
Date of birth	04/03/1961
Street	238 TURNHOUTSEBAAN ANTWERPEN
Post code	2140
Country	Belgium

Position	Director
Start Date	12/10/2012
Date of birth	04/03/1961
Street	238 TURNHOUTSEBAAN ANTWERPEN
Post code	2140
Country	Belgium

Name	SAPKO BVBA
Position	Director
Start Date	27/09/2012
Date of birth	30/12/2010
Street	104 KWIKAARD ZOERSEL
Post code	2980
Country	Belgium

Position	Legal Representative
Start Date	27/09/2012
Date of birth	30/12/2010
Street	104 KWIKAARD ZOERSEL
Post code	2980
Country	Belgium

Name	CORDATEC NV
Position	Director
Start Date	12/10/2012
Date of birth	16/07/1999
Street	104 KWIKAARD ZOERSEL
Post code	2980
Country	Belgium

FORMER DIRECTOR DETAILS
Name	KRISTINE JEANNINE ALBERTINE NAGELS
Position	Chairperson
Start Date	27/05/1998
End Date	30/06/2009
Date of birth	04/03/1961
Street	238 TURNHOUTSEBAAN ANTWERPEN
Post code	2140
Country	Belgium

Name	RONACO BVBA
Position	Director
Start Date	27/09/2012
End Date	29/09/2014
Date of birth	29/04/1997
Street	24 CATHARINADREEF SCHILDE
Post code	2970
Country	Belgium

Position	Legal Representative
Start Date	27/09/2012
End Date	29/09/2014
Date of birth	29/04/1997
Street	24 CATHARINADREEF SCHILDE
Post code	2970
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	TPT

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

Payment expectations

Company information

Joint Industrial Committee (JIC)

Company accounts

Social balance sheet details

Industry comparison

Payment expectations

Industry comparison

Industry Quartile analysis

Day sales outstanding

Director Details

Unit