MIRA INFORM REPORT

Report No. :	322274
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	SAP INTERNATIONAL CORPORATION BVBA

Registered Office :	Krekelenberg 69 2980 Zoersel

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	26.02.1987

Com. Reg. No.:	430564489

Legal Form :	Private Limited Company

Line of Business :	Non-specialised wholesale trade

No. of Employees :	2 (2013)

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 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 government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. 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	430564489
Branche Unit Number	2033160481
Company name	SAP INTERNATIONAL CORPORATION BVBA
Address	KREKELENBERG 69 2980 ZOERSEL
	KREKELENBERG 69 2980 ZOERSEL
Number of staff	2
Date of establishment	26/02/1987
Telephone number	033090651
Fax number	033091931

Commentary

The business was established over 28 years ago.

The business has 1 employees.

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

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013		194,237	1,473,052	1,450,009
31/12/2012		204,845	1,460,521	1,435,325
31/12/2011		-95,216	1,510,717	1,497,204

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	2,078,006	2	95,000	155,049
31/12/2012	2,297,349	2	95,000	161,170
31/12/2011	1,800,993	2	95,000	52,964

Payment EXPECTATIONS

Past payments		Payment expectation days	-
Industry average payment	89.62	Industry average day sales	118.09
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type no

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	23,044	-8.54	25,196	86.47	13,512	-24.56	17,912	-25.87	24,161
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	23,044	-8.54	25,196	86.47	13,512	-24.56	17,912	-25.87	24,161
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	-	-	-	-	-	-	-	-	-
Furniture & Vehicles	23,044	-8.54	25,196	86.47	13,512	-24.56	17,912	-25.87	24,161
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	-	-	-	-	-	-	-	-	-
Total current assets	2,054,963	-9.56	2,272,153	27.11	1,787,481	-37.87	2,877,172	50.43	1,912,572
Inventories	-	-	-	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	315,728	76.09	179,302	-51.84	372,311	-60.56	944,029	665	123,399
Other amounts receivable	52,465	-4.28	54,808	88.57	29,065	136	12,292	-45.73	22,650
Cash	1,686,770	-17.24	2,038,043	47.03	1,386,104	-27.84	1,920,851	9.62	1,752,233
Miscellaneous current assets	0	-	0	-	0	-	0	-100	14,290
Total Assets	2,078,006	-9.55	2,297,349	27.56	1,800,993	-37.79	2,895,084	49.48	1,936,733
Liabilities
Total shareholders equity	1,473,052	0.86	1,460,521	-3.32	1,510,717	3.15	1,464,591	10.78	1,322,077
Issued share capital	95,000	0	95,000	0	95,000	0	95,000	-24.00	125,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,378,052	0.92	1,365,521	-3.55	1,415,717	3.37	1,369,591	14.41	1,197,077
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	604,954	-27.71	836,829	188	290,277	-79.71	1,430,493	132	614,657
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	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	446,144	-27.42	614,724	151	244,171	-82.50	1,395,472	139	583,393
Amounts Payable for Taxes,	26,466	19.73	22,105	-51.81	45,874	57.52	29,123	5.77	27,534
Remuneration & Social Security
Miscellaneous current liabilities	132,344	-33.83	200,000	86326	231	-96.08	5,898	58.12	3,730
Total current liabilities	604,954	-27.71	836,829	188	290,277	-79.71	1,430,493	132	614,657
Total Liabilities	2,078,006	-9.55	2,297,349	27.56	1,800,993	-37.79	2,895,084	49.48	1,936,733
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	13.19	-5.99	14.03	222	-6.30	-139	16.05	-31.20	23.33
Return on total assets employed	9.35	4.82	8.92	168	-5.29	-165	8.12	-49.03	15.93
Return on net assets employed	13.19	-5.99	14.03	222	-6.30	-139	16.05	-31.20	23.33
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	3.40	25.00	2.72	-55.84	6.16	206	2.01	-35.37	3.11
Liquidity ratio / acid ratio	3.40	25.00	2.72	-55.84	6.16	206	2.01	-35.37	3.11
Current debt ratio	0.41	-28.07	0.57	200	0.19	-80.61	0.98	113	0.46
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	155,049	-3.80	161,170	204	52,964	-70.37	178,765	-21.67	228,212
Net worth	1,473,052	0.86	1,460,521	-3.32	1,510,717	3.15	1,464,591	10.78	1,322,077

LONG TERM STABILITY	-	-	-	-	-	-	-	-	-
Gearing
Equity in percentage	70.89	11.51	63.57	-24.21	83.88	65.80	50.59	-25.89	68.26
Total debt ratio	0.41	-28.07	0.57	200	0.19	-80.61	0.98	113	0.46
Working capital	1,450,009	1.02	1,435,325	-4.13	1,497,204	3.49	1,446,679	11.46	1,297,915
Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	336,489	0.65	334,309	180	119,392	-63.87	330,435	-28.68	463,318
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	133,939	7.27	124,863	5.08	118,827	-8.71	130,163	-7.12	140,145
Wages and salary	99,514	5.68	94,166	6.51	88,412	-13.43	102,125	-3.73	106,082
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	25,204	6.74	23,611	3.59	22,794	-7.04	24,521	-2.39	25,120
Other employee costs	9,221	30.14	7,086	-7.03	7,621	116	3,517	-60.67	8,943
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	12,517	10.13	11,366	66.20	6,839	9.42	6,250	-7.52	6,759
Operating result	186,963	-4.33	195,430	181	-107,609	-155	192,245	-38.57	312,957
Total financial income	51,865	-50.18	104,115	73.59	59,977	-5.15	63,232	-11.67	71,586
Total financial expenses	44,591	-52.91	94,700	99	47,584	133	20,366	-73.23	76,073
Results on ordinary operations before taxation	194,237	-5.18	204,845	215	-95,216	-140	235,111	-23.78	308,470
Extraordinary Income	5,107	1034	450	-99	188,900	-	-	-	3,409
Extraordinary Charges	847	-	-	-	-	-	-	-	-
Extraordinary items	4,260	846	450	-99	188,900	-	0	-100	3,409
Results for the Year Before Taxation	198,497	-3.31	205,295	119	93,684	-60.15	235,111	-24.61	311,879
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	55,965	0.85	55,492	16.68	47,559	-24.02	62,596	-30.78	90,426
Results on ordinary operations after taxation	138,272	-7.42	149,354	104	-142,774	-182	172,515	-20.88	218,044
Net result	142,532	-4.85	149,804	224	46,125	-73.26	172,515	-22.10	221,453
Profit (Loss) for the Year to be appropiated	142,532	-4.85	149,804	224	46,125	-73.26	172,515	-22.10	221,453
Dividends	130,000	-35.00	200,000	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2013
Full-time Employees	1
Part-time Employees	3
Total Fte Employees	3
Number of hours worked
Full-time Employees	1,740
Part-time Employees	2,847
Total	4,587
Personnel Charges
Full-time Employees	50,807
Part-time Employees	83,131
Total	133,939
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte		3
Actual working hours		4,759
Personnel Charges		124,863
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	1	3	3
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	-	3	2
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Higher education	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	3	3
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	-	-	-
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	46900
Activity description	Non-specialised wholesale trade
industry average credit rating	60.59
Industry average credit limit	26717.87

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	-
Day sales outstanding	-
Industry comparison
Activity code	46900
Activity description	Non-specialised wholesale trade
Industry average payment expectation days	89.62
Industry average day sales outstanding	118.09

Industry quartile analysis Payment expectations

Company result	-
Lower	95.26
Median	53.40
Upper	18.10

Day sales outstanding
Company result	-
Lower	85.38
Median	40.56
Upper	16.30

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

Individual Shareholders

SHAREHOLDER NAME
Forename	Dennis	Middle name	Luc
Surname	Sap
SHAREHOLDER DETAILS
Start date	03/05/2010(estimated)	End date	-
Percentage owned	15.20%
SHAREHOLDER ADDRESS
Street name	Krekelenberg	House number	69
Minor town	-	Postal town	Zoersel
Post code	2980	Country	Belgium
SHAREHOLDER NAME
Forename	Nick	Middle name	André
Surname	Sap
SHAREHOLDER DETAILS
Start date	03/05/2010(estimated)	End date	-
Percentage owned	15.20%
SHAREHOLDER ADDRESS
Street name	Krekelenberg	House number	69
Minor town	-	Postal town	Zoersel
Post code	2980	Country	Belgium
SHAREHOLDER NAME
Forename	Tim	Middle name	Olivier
Surname	Sap
SHAREHOLDER DETAILS
Start date	03/05/2010(estimated)	End date	-
Percentage owned	20%
SHAREHOLDER ADDRESS
Street name	Gelmelstraat	House number	44
Minor town	-	Postal town	Hoogstraten
Post code	2320	Country	Belgium
SHAREHOLDER NAME
Forename	Anne-Marie	Middle name	Berthe
Surname	Potier
SHAREHOLDER DETAILS
Start date	03/05/2010(estimated)	End date	-
Percentage owned	22.40%
SHAREHOLDER ADDRESS
Street name	Zegeplein	House number	3
Minor town	-	Postal town	Turnhout
Post code	2300	Country	Belgium
SHAREHOLDER NAME
Forename	Noël	Middle name	-
Surname	Sap
SHAREHOLDER DETAILS
Start date	03/05/2010(estimated)	End date	-
Percentage owned	27.20%
SHAREHOLDER ADDRESS
Street name	Krekelenberg	House number	69
Minor town	-	Postal town	Zoersel
Post code	2980	Country	Belgium

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	TIM ANDRÉ OLIVIER SAP
Position	Principal Manager
Start Date	30/03/2010
Date of birth	13/11/1971
Street	44 GELMELSTRAAT HOOGSTRATEN
Post code	2320
Country	Belgium

Former director details
Name	NICK LIONEL ANDRÉ SAP
Position	Managing Director
Start Date	05/02/2008
End Date	Unknown date
Date of birth	09/01/1974
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

Position	Chairperson
Start Date	18/08/2008
End Date	Unknown date
Date of birth	09/01/1974
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

Name	TIM ANDRÉ OLIVIER SAP
Position	Director
Start Date	23/05/2005
End Date	31/12/2011
Date of birth	13/11/1971
Street	44 GELMELSTRAAT HOOGSTRATEN
Post code	2320
Country	Belgium

Name	ANNE-MARIE LOUISE BERTHE POTIER
Position	Director
Start Date	23/05/2005
End Date	31/12/2011
Date of birth	20/09/1947
Street	3 ZEGEPLEIN TURNHOUT
Post code	2300
Country	Belgium

Name	INTERNATIONAL MANAGEMENT AND RESOURCES CORPORATION BVBA
Position	Managing Director
Start Date	23/05/2005
End Date	31/12/2011
Date of birth	01/01/1993
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

Position	Director
Start Date	06/09/1999
End Date	30/03/2010
Date of birth	01/01/1993
Street	69 KREKELENBERG ZOERSEL
Post code	2980
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Analysis Done by :	DIV

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)
JIC Code	226
Description	JC employees international trade, transport & related activities
category

Significant Events
Event Date	16/06/2008
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 16-06-2008: Op de Algemene Vergadering van 16 juni 2008 blijkt dat de heer Sap Noël zijn ontslag als bestuurder heeft aangeboden.

MIRA INFORM REPORT

Company SUMMARY

Commentary

Payment EXPECTATIONS

Company information

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Summons

Protested Bills

Bankruptcy and other legal events

Director details

Unit