MIRA INFORM REPORT

Report No. :	313341
Report Date :	23.03.2015

IDENTIFICATION DETAILS

Name :	LIMARU NV

Registered Office :	Ziepstraat 5, 3680 Maaseik

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	02.04.1993

Com. Reg. No.:	449633305

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of Chemical Products for Industrial Use.

No. of Employees :	4

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 – 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	449633305
Branche Unit Number	2061598903
Company name	LIMARU NV
Address	ZIEPSTRAAT 5, 3680 MAASEIK
Number of staff	4
Date of establishment	02/04/1993
Telephone number	089869990
Fax number	089863663

Commentary

The business was established over 21 years ago.

The business has 5 employees.

The business has been at the address for over 12 years.

A 21% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 26% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	10,572,626	1,548,636	532,973	481,451
31/12/2012	10,690,648	1,303,788	511,676	458,596
31/12/2011	10,015,250	1,568,120	511,147	443,068
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	3,806,598	4	62,000	1,038,828
31/12/2012	3,124,979	4	62,000	880,733
31/12/2011	2,674,717	3	62,000	1,108,298

Payment expectations

Past payments

Payment expectation days

82.84

Industry average payment

expectation days

63.57

Industry average day sales outstanding

196.06

Day sales outstanding

72.83

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	54,123	-4.29	56,548	-16.94	68,079	-39.78	113,057	-37.66	181,352
Intangible fixed assets	2,601	-25.00	3,468	-	0	-100	41,667	-50.00	83,333
Tangible fixed assets	51,522	-2.94	53,080	-22.03	68,079	-4.64	71,391	-27.17	98,018
Land & building	30,687	-25.00	40,916	-20.00	51,145	-16.67	61,373	-14.29	71,602
Plant & machinery	-	-	-	-	-	-	6,616	-50.00	13,231
Furniture & Vehicles	20,835	71.27	12,165	-28.17	16,934	397	3,402	-74.20	13,185
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	3,752,475	22.29	3,068,430	17.72	2,606,638	10.37	2,361,627	-35.83	3,680,143
Inventories	782,350	-5.26	825,760	133	353,100	-34.56	539,600	41.96	380,100
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	782,350	-5.26	825,760	133	353,100	-34.56	539,600	41.96	380,100
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	2,109,737	24.85	1,689,786	-10.07	1,879,047	73.60	1,082,417	-38.77	1,767,862
Other amounts receivable	482,245	1018	43,112	36.53	31,577	20.66	26,169	-8.12	28,483
Cash	372,820	-26.71	508,672	48.34	342,914	-51.78	711,191	-52.70	1,503,698
Miscellaneous current assets	5,323	383	1,100	-	0	-100	2,250	-	0
Total Assets	3,806,598	21.81	3,124,979	16.83	2,674,717	8.08	2,474,684	-35.91	3,861,495

LIABILITIES
Total shareholders equity	535,574	3.97	515,144	0.78	511,147	-9.77	566,469	0.02	566,343
Issued share capital	62,000	0	62,000	0	62,000	0	62,000	0	62,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	473,574	4.51	453,144	0.89	449,147	-10.97	504,469	0.02	504,343
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	140
Creditors	3,271,024	25.33	2,609,834	20.63	2,163,570	13.38	1,908,215	-42.09	3,295,011
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-100	140
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	2,046,111	22.83	1,665,820	75.50	949,165	-18.20	1,160,341	-36.43	1,825,271
Amounts Payable for Taxes, Remuneration & Social Security	212,413	189	73,394	-29.44	104,010	-70.41	351,530	-4.93	369,740
Miscellaneous current liabilities	1,012,500	16.30	870,620	-21.59	1,110,395	180	396,345	-63.97	1,100,000
Total current liabilities	3,271,024	25.33	2,609,834	20.63	2,163,570	13.38	1,908,215	-42.09	3,295,011
Total Liabilities	3,806,598	21.81	3,124,979	16.83	2,674,717	8.08	2,474,684	-35.91	3,861,495

RATIO ANALYSIS

TRADING PERFORMANCE
Profit Before Tax	14.65	20.08	12.20	-22.09	15.66	10.67	14.15	-15.27	16.70
Return on capital employed	289.15	14.25	253.09	-17.50	306.78	17.11	261.96	-13.19	301.75
Return on total assets employed	40.68	-2.49	41.72	-28.84	58.63	-2.22	59.96	35.44	44.27
Return on net assets employed	289.15	14.25	253.09	-17.50	306.78	17.11	261.96	-13.21	301.83
Sales / net working capital	21.96	-5.79	23.31	3.14	22.60	-2.29	23.13	-12.95	26.57
Stock turnover ratio	7.40	-4.15	7.72	118	3.53	-31.46	5.15	38.81	3.71
Creditor days	82.84	27.64	64.90	58.18	41.03	-12.79	47.05	-39.75	78.09
Debtor days	72.83	26.24	57.69	-15.76	68.48	81.79	37.67	-40.25	63.05
SHORT TERM STABILITY
Current ratio	1.15	-2.54	1.18	-1.67	1.20	-3.23	1.24	10.71	1.12
Liquidity ratio / acid ratio	0.91	5.81	0.86	-17.31	1.04	9.47	0.95	-5.00	1.00
Current debt ratio	6.11	20.51	5.07	19.86	4.23	25.52	3.37	-42.10	5.82
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cash flow	1,038,828	17.95	880,733	-20.53	1,108,298	4.67	1,058,853	-10.23	1,179,542
Net worth	532,973	4.16	511,676	0.10	511,147	-2.60	524,802	8.65	483,010
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	-	-	-
Equity in percentage	14.08	-14.67	16.50	-13.66	19.11	-17.91	23.28	55.30	14.99
Total debt ratio	6.11	20.51	5.07	19.86	4.23	25.52	3.37	-42.10	5.82
Working capital	481,451	4.98	458,596	3.50	443,068	-2.28	453,412	17.73	385,132

PROFIT AND LOSS

Operating Income	10,607,086	-1.04	10,718,407	6.89	10,027,387	-4.55	10,505,481	2.45	10,254,259
Turnover	10,572,626	-1.10	10,690,648	6.74	10,015,250	-4.51	10,487,820	2.48	10,233,994
Total operating expenses	9,015,179	-3.77	9,368,090	10.95	8,443,477	-6.20	9,002,028	5.52	8,531,182
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	9,049,639	-3.68	9,395,849	11.12	8,455,613	-6.25	9,019,689	5.48	8,551,446
Employee costs	230,480	0.39	229,578	5.70	217,204	5.91	205,091	49.64	137,060
Wages and salary	154,267	0.84	152,983	-0.11	153,151	2.97	148,732	37.50	108,166
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	49,008	-4.68	51,415	34.62	38,194	12.70	33,890	8.85	31,134
Other employee costs	27,205	8.04	25,181	-2.62	25,859	15.09	22,469	1002	-2,241
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	18,398	9.93	16,735	-73.69	63,620	-7.43	68,727	-8.70	75,278
Operating result	1,557,447	17.76	1,322,558	-15.86	1,571,773	5.79	1,485,792	-12.74	1,702,812
Total financial income	1,176	-82.40	6,683	-38.95	10,947	567	1,641	-95.81	39,139
Total financial expenses	9,986	-60.77	25,453	74.33	14,600	318	3,490	-89.29	32,581
Results on ordinary operations before taxation	1,548,636	18.78	1,303,788	-16.86	1,568,120	5.67	1,483,944	-13.19	1,709,370
Extraordinary Income	-	-	3,306	-44.55	5,962	-20.77	7,525	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	0	-100	3,306	-44.55	5,962	-20.77	7,525	-	0
Results for the Year Before Taxation	1,548,636	18.48	1,307,094	-16.96	1,574,082	5.54	1,491,468	-12.75	1,709,370
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	528,207	19.21	443,097	-16.30	529,404	5.57	501,483	-17.14	605,247
Results on ordinary operations after taxation	1,020,429	18.56	860,691	-17.14	1,038,716	5.73	982,461	-11.02	1,104,123
Net result	1,020,430	18.11	863,997	-17.30	1,044,678	5.51	990,126	-10.34	1,104,264
Profit (Loss) for the Year to be appropriated	1,020,430	18.11	863,997	-17.30	1,044,678	5.48	990,399	-10.33	1,104,537
Dividends	1,000,000	16.28	860,000	-21.82	1,100,000	11.11	990,000	-10.0	1,100,000

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year ended 31-12-2013
Full-time Employees		3
Part-time Employees		2
Total Fte Employees		4

Number of hours worked
Full-time Employees		5,049
Part-time Employees		1,737
Total		6,786

Personnel Charges
Full-time Employees		171,485
Part-time Employees		58,996
Total		230,480
Benefits In Addition To Wages		-

During the previous reporting year
Average number employees in Fte		4
Actual working hours		6,699
Personnel Charges		229,578
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	3	2	4
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	2	-	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

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

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	3	2	4
Blue collar worker	-	-	-
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	1	-	1
Leavers	-	1	1

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
industry average credit rating	69
Industry average credit limit	167313.70

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-

Payment expectations
Payment expectation days	82.84
Day sales outstanding	72.83

Industry comparison
Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	63.57
Industry average day sales outstanding	196.06

Industry quartile analysis

Payment expectations
Company result	82.84
Lower	89.80
Median	58.64
Upper	40.44

Day sales outstanding

Company result	72.83
Lower	70.03
Median	43.36
Upper	24.06

Shareholders 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	MARLIBO BVBA
Position	Managing Director
Start Date	15/07/2013
Date of birth	12/06/2002
Street	87 MOLSEWEG GEEL
Post code	2440
Country	Belgium

Position	Legal Representative
Start Date	18/04/2005
Date of birth	12/06/2002
Street	87 MOLSEWEG GEEL
Post code	2440
Country	Belgium

Name	RKL BVBA
Position	Director
Start Date	15/07/2013
End Date	15/04/2019
Date of birth	15/12/2011
Street	4 HEILEKAMP MAASEIK
Post code	3680
Country	Belgium

Position	Legal Representative
Start Date	15/07/2013
Date of birth	15/12/2011
Street	4 HEILEKAMP MAASEIK
Post code	3680
Country	Belgium

Former director details
Name	MARLIBO BVBA
Position	Director
Start Date	18/04/2005
End Date	31/12/2013
Date of birth	12/06/2002
Street	87 MOLSEWEG GEEL
Post code	2440
Country	Belgium

Name	TOM DAMMANN
Position	Managing Director
Start Date	23/08/1997
End Date	15/07/2013
Street	5 HEILEKAMP MAASEIK
Post code	3680
Country	Belgium

Position	Director
Start Date	12/05/2011
End Date	15/07/2013
Street	5 HEILEKAMP MAASEIK
Post code	3680
Country	Belgium

Name	RUDI (RUUD) KOOL
Position	Director
Start Date	02/01/2003
End Date	15/07/2013
Date of birth	01/11/1966
Street	4 HEILEKAMP MAASEIK
Post code	3680
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.49
UK Pound	1	Rs.92.26
Euro	1	Rs.66.80

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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	207
Description category	Joint committee for the employees off he chemical industry

Significant Events
Event Date	15/07/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 15-07-2013: Herbenoeming bestuurder voor een periode van 6 jaar: BVBA Marlibo.

Event Date	18/04/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 18-04-2011: Herbenoeming bestuurders voor een termijn van zes jaar: Dammann Tom (tevens gedelegeerd bestuurder), Sjerps Geertruida, Dammann Linda, Kool Ruud, Dammann Marjolein en BVBA Marlibo.

MIRA INFORM REPORT

Company Summary

Commentary

Accounts

Payment expectations

Company Information

Company Accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholders details

Linked companies

Director details

Unit