MIRA INFORM REPORT

Report No. :	349972
Report Date :	18.11.2015

IDENTIFICATION DETAILS

Name :	MARECO NV

Registered Office :	Waalsekaai 27-BUS B 2000 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2014

Date of Incorporation :	13.12.2002

Com. Reg. No.:	479107447

Legal Form :	Public limited company

Line of Business :	Subject is engaged in supporting transport activities

No. of Employees :	20

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 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 a 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	479107447
Branche Unit Number	2114743223
Company name	MARECO NV
Address	WAALSEKAAI 27-BUS B
	2000 ANTWERPEN
Number of staff	20
Date of establishment	13/12/2002
Telephone number	032160216
Fax number	032160216

Commentary

The business was established over 12 years ago.

The business has 20 employees.

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

The credit rating for this business has increased from 92 to 95.

The credit limit for this business has increased from €1500000 to €1550000.

Net Worth increased by 28% during the latest trading period.

The business saw an increase in their Cash Balance of 76% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2014		2,205,584	6,616,459	6,441,138
31/12/2013		2,210,822	5,132,672	5,058,782
31/12/2012		2,669,945	4,949,575	4,978,015
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	18,501,104	20	62,000	1,724,570
31/12/2013	16,220,386	18	62,000	1,634,175
31/12/2012	15,913,777	20	62,000	1,906,971

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	207.60	Industry average day sales	146.93
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	31-12-2014	%	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	1,296,818	41.20	918,445	4.48	879,087	-7.26	947,862	55.71	608,720
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	1,296,818	41.20	918,445	4.48	879,087	-7.26	947,862	55.71	608,720
Land & building	1,125,297	49.85	750,938	4.08	721,474	-6.56	772,167	53.73	502,296
Plant & machinery	0	-	0	-	0	-	0	-	0
Furniture & Vehicles	171,521	2.40	167,507	6.28	157,613	-10.29	175,696	91.57	91,714
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-100	14,710
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0	-	0
Total current assets	17,204,286	12.43	15,301,941	1.78	15,034,690	2.03	14,735,251	14.73	12,842,893
Inventories	0	-	0	-	0	-	0	-	0
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	11,899,474	-1.03	12,023,596	-3.23	12,425,494	4.62	11,876,306	46.49	8,107,422
Other amounts receivable	609,521	0.15	608,629	45.63	417,920	-68.20	1,314,073	11.36	1,180,003
Cash	4,688,093	76.33	2,658,762	21.98	2,179,627	42.22	1,532,624	-56.80	3,547,587
Miscellaneous current assets	7,198	-34.29	10,954	-5.97	11,649	-4.89	12,248	55.40	7,882
Total Assets	18,501,104	14.06	16,220,386	1.93	15,913,777	1.47	15,683,113	16.59	13,451,614
Liabilities
Total shareholders equity	6,616,459	28.91	5,132,672	3.70	4,949,575	56.25	3,167,646	-19.71	3,945,178
Issued share capital	62,000	0	62,000	0	62,000	0	62,000	0	62,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	6,554,459	29.26	5,070,672	3.75	4,887,575	57.38	3,105,646	-20.02	3,883,178
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	11,884,646	7.19	11,087,715	1.13	10,964,202	-12.39	12,515,467	31.65	9,506,436
Other long term loans	1,120,147	32.84	843,206	-6.95	906,178	-12.62	1,037,058	13.64	912,546
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	1,350	0	1,350	0	1,350	0	1,350	0	1,350
Total long term debts	1,121,497	32.79	844,556	-6.94	907,528	-12.60	1,038,408	13.62	913,896
Current portion of long term debt	190,681	40.88	135,350	3.41	130,881	5.16	124,462	6.78	116,561
Financial debts	244,580	-14.89	287,368	-8.35	313,535	-7.47	338,857	33.25	254,309
Trade creditors	10,092,548	15.51	8,737,133	-6.47	9,341,343	7.65	8,677,916	8.14	8,024,483
Amounts Payable for Taxes,	161,846	-4.78	169,978	-14.55	198,916	74.76	113,825	-9.08	125,186
Remuneration & Social Security
Miscellaneous current liabilities	73,493	-91.95	913,331	1168	72,000	-96.76	2,222,000	2986	72,000
Total current liabilities	10,763,148	5.08	10,243,159	1.85	10,056,675	-12.38	11,477,059	33.57	8,592,540
Total Liabilities	18,501,104	14.06	16,220,386	1.93	15,913,777	1.47	15,683,113	16.59	13,451,614
Ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	-	-	-
Return on capital employed	28.50	-22.95	36.99	-18.85	45.58	-33.54	68.58	20.29	57.01
Return on total assets employed	11.92	-12.55	13.63	-18.77	16.78	-8.75	18.39	-10.68	20.59
Return on net assets employed	33.33	-22.61	43.07	-20.15	53.94	-40.77	91.07	29.69	70.22
Sales / net working capital	-	-	-	-	-	-	-	-	-
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	-	-	-	-	-	-	-	-	-
Debtor days	-	-	-	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.60	7.38	1.49	0	1.49	16.41	1.28	-14.09	1.49
Liquidity ratio / acid ratio	1.60	7.38	1.49	0	1.49	16.41	1.28	-14.09	1.49
Current debt ratio	1.63	-18.50	2.00	-1.48	2.03	-43.92	3.62	66.06	2.18
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	1,724,570	5.53	1,634,175	-14.31	1,906,971	-7.31	2,057,398	6.79	1,926,663
Net worth	6,616,459	28.91	5,132,672	3.70	4,949,575	56.25	3,167,646	-19.71	3,945,178
LONG TERM STABILITY
Gearing	23.51	-4.66	24.66	-9.64	27.29	-42.39	47.37	45.62	32.53
Equity in percentage	35.76	13.02	31.64	1.74	31.10	53.96	20.20	-31.13	29.33
Total debt ratio	1.80	-16.67	2.16	-2.70	2.22	-43.80	3.95	63.90	2.41
Working capital	6,441,138	27.33	5,058,782	1.62	4,978,015	52.78	3,258,192	-23.34	4,250,353

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	-	-	-	-	-	-	-	-	-
Total operating expenses	-	-	-	-	-	-	-	-	-
Gross Operating Margin	4,388,565	9.76	3,998,241	-9.50	4,418,091	-1.20	4,471,955	5.84	4,225,365
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	1,519,682	1.21	1,501,584	3.06	1,456,945	15.58	1,260,537	4.03	1,211,729
Wages and salary	1,153,191	-2.51	1,182,885	12.84	1,048,269	7.81	972,315	3.29	941,333
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	349,243	4.56	334,011	4.64	319,196	13.25	281,850	3.95	271,144
Other employee costs	17,248	112	-15,312	-117	89,480	1304	6,371	852	-748
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	240,784	59.38	151,078	20.82	125,043	-29.00	176,106	91.60	91,912
Operating result	2,347,510	1.48	2,313,341	-18.29	2,831,085	-6.61	3,031,593	3.89	2,918,020
Total financial income	1,081	-96.67	32,444	482	5,565	2493	215	-94.36	3,802
Total financial expenses	143,006	5.96	134,963	-19.04	166,705	13.29	147,150	-2.97	151,656
Results on ordinary operations before	2,205,584	-0.24	2,210,822	-17.20	2,669,945	-7.44	2,884,658	4.13	2,770,166
taxation
Extraordinary Income	4,959	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	21,230	-	-	-	-	-	8,020
Extraordinary items	4,959	23.36	-21,230	-	0	-	0	0	-8,020
Results for the Year Before Taxation	2,210,543	0.96	2,189,593	-17.99	2,669,945	-7.44	2,884,658	4.44	2,762,146
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	726,756	2.87	706,495	-20.44	888,017	-11.50	1,003,367	8.19	927,394
Results on ordinary operations after taxation	1,478,828	-1.70	1,504,327	-15.58	1,781,928	-5.28	1,881,292	2.09	1,842,772
Net result	1,483,787	0.05	1,483,097	-16.77	1,781,928	-5.28	1,881,292	2.54	1,834,752
Profit (Loss) for the Year to be appropiated	1,483,787	0.05	1,483,097	-16.77	1,781,928	-5.28	1,881,292	2.54	1,834,752
Dividends	-	-	1,300,000	-	-	-	2,658,824	82.26	1,458,824

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2014
Full-time Employees	20
Part-time Employees	-
Total Fte Employees	20
Number of hours worked
Full-time Employees	33,577
Part-time Employees	-
Total	33,577
Personnel Charges
Full-time Employees	1,519,682
Part-time Employees	-
Total	1,519,682
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	19
Actual working hours	32,403
Personnel Charges	1,501,584
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	19	-	19
Contracts
Limited Duration Contracts	1	-	1
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	4	-	4
Higher education (non	5	-	5
university)
Higher education	1	-	1
(university)

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	6	-	6
Higher education (non	3	-	3
university)
Higher education	1	-	1
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	19	-	19
Blue collar worker	-	-	-
Other	1	-	1

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	3	-	3
Leavers	2	-	2

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	52290
Activity description		Other supporting transport activities

Payment Information

Payment Information Summary

Total number of Invoices available	17
Total number of Invoices paid within or up to 30 days after the due date	14
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	3
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	52290
Activity description	Other supporting transport activities
Industry average payment	207.60
expectation days
Industry average day sales	146.93
outstanding

Industry quartile analysis
Payment expectations
Company result	-
Lower	99.55
Median	52.03
Upper	29.90

Day sales outstanding

Company result	-
Lower	120.10
Median	70.63
Upper	42.51

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

Companies that match this address

no Companies Match this address

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

Position	Managing Director
Start Date	13/12/2002
Street
Post code
Country

Name	Koen Janssen
Position	Director
Start Date	13/12/2002
Street
Post code
Country

Name	Gaston Van Bogaert
Position	Director
Start Date	15/12/2008
Street
Post code
Country

Name	Linda van den Ouden
Position	Director
Start Date	13/12/2002
Street	36 HEIZIJDE TURNHOUT
Post code	2300
Country	Belgium

Former director details
Name	Marcel Janssen
Position	Director
Start Date	13/12/2002
End Date	06/09/2005
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.98
UK Pound	1	Rs.100.11
Euro	1	Rs.70.35

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TRU

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	17/10/2014
Event Description	re-appointment of director(s)
Event Details	Commentaar 17-10-2014: Herbenoemd als bestuurders voor een periode van 6 jaar : NV Waaswest,
	Koen Janssen (tevens gedelegeerd bestuurder) en Linda Van Den Ouden.

Event Date	13/12/2002
Event Description	Legal creation
Event Details

MIRA INFORM REPORT

Company summary

Commentary

Accounts

Trends

Payment expectations

Court data summary

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