MIRA INFORM REPORT

Report No. :	349581
Report Date :	18.11.2015

IDENTIFICATION DETAILS

Name :	UNITASK NV
Registered Office :	Hoveniersstraat 2-Bus 146 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2014
Date of Incorporation :	19.06.1992
Com. Reg. No.:	447684197
Legal Form :	Public limited company
Line of Business :	Non-specialised wholesale trade [Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employee :	18

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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	A2	A2

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 447684197

Branche Unit Number 2058224093

Company name UNITASK NV

Address HOVENIERSSTRAAT 2-BUS 146

2018 ANTWERPEN

Number of staff 18

Date of establishment 19/06/1992

Telephone number 032327676

Fax number 034702469

Email uidsi@telenet.be

Website www.unitask.be

Commentary

The business was established over 23 years ago.

The business has 18 employees.

The business has been at the address for over 23 years.

Operating Result in the latest trading period decreased 570% on the previous trading period.

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

Net Worth is a negative amount during the latest trading period.

Accounts

DATE  OF  LATEST  ACCOUNTS	TURNOVER	PROFIT  BEFORE  TAX	NET  WORTH	WORKING  CAPITAL
31/12/2014	7,458,828	-857,572	-1,281,067	7,946,053
31/12/2013	8,584,285	-86,331	-554,957	5,187,643
31/12/2012	8,754,407	35,807	-367,618	5,367,478
ACCOUNTS
DATE  OF  LATEST  ACCOUNTS	BALANCE  TOTAL	NUMBER  OF  EMPLOYEES	CAPITAL	CASHFLOW
31/12/2014	16,011,802	18	61,500	-547,120
31/12/2013	15,753,863	17	61,500	181,576
31/12/2012	16,655,084	17	61,500	267,508

Trends

Profitability

Liquidity

Net worth

Payment expectations

Past  payments		Payment  expectation  days	207.47
Industry  average  payment	98.17	Industry  average  day  sales	103.29
expectation  days		outstanding
Day  sales  outstanding	243.05

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount --

NSSO DETAILS

Date of summons --

Company information

Business  number	447684197	Company  name	UNITASK  NV
Fax  number	034702469	Date  founded	19/06/1992
Company  status	active	Company  type	Public  limited  company
Currency	Euro  (€)	Date  of  latest  accounts	31/12/2014
Activity  code	46900	Liable  for  VAT	yes
Activity  description	Non-specialised  wholesale	VAT  Number	BE.0447.684.197  Check  VAT
	trade		number
Belgian  Bullettin  of  Acts Publications	moniteur  belge

Contractor details

Registered  contractor	-
number
Contractor  description	-
Date  struck  off  register
PERSONNEL  (NSSO  CLASSIFICATION)
Code	-
Description	-
JOINT  INDUSTRIAL  COMMITTEE  (JIC)
Significant  Events
Event  Date	22/07/2015
Event  Description	re-appointment  of  director(s)
Event  Details	Commentaar 22-07-2015: Herbenoemd als gedelegeerd bestuurder voor een periode van 6 jaar: Wechsler Joseph en Wechsler Samuel. Herbenoemd als bestuurder voor een periode van 6 jaar: Wechsler Maurice en Weinroth Zvi.

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	2,244,652	-5.67	2,379,578	1.64	2,341,188	38.61	1,689,077	160	649,236
Intangible  fixed  assets	505,712	-20.44	635,607	14.85	553,400	669	71,874	65.19	43,511
Tangible  fixed  assets	1,737,621	-0.30	1,742,851	-0.39	1,749,740	11.24	1,572,936	166	589,503
Land  &  building	1,664,747	1.29	1,643,586	0.81	1,630,454	11.77	1,458,803	177	525,186
Plant  &  machinery	59,483	-22.62	76,871	-12.54	87,888	4.95	83,742	134	35,652
Furniture  &  Vehicles	12,451	-39.31	20,514	-28.22	28,578	7.31	26,630	-7.10	28,665
Leasing  &  Other  Similar  Rights	940	-50.00	1,880	-33.33	2,820	-25.00	3,760	-	0
Other  tangible  assets	0	-	0	-	0	-	0	-	0
Financial  fixed  assets	1,320	17.86	1,120	-97.06	38,048	-14.05	44,267	172	16,223
Total  current  assets	13,767,150	2.94	13,374,285	-6.56	14,313,896	12.86	12,682,981	24.89	10,155,503
Inventories	8,401,940	8.76	7,725,465	-6.14	8,231,177	5.78	7,781,382	19.59	6,506,630
Raw  materials  &  consumables	0	-	0	-	0	-	0	-	0
Work  in  progress	0	-	0	-	0	-	0	-	0
Finished  goods	8,401,940	8.76	7,725,465	-6.14	8,231,177	5.78	7,781,382	-	0
Other  stocks	0	-	0	-	0	-	0	-100	6,506,630
Trade  debtors	4,966,758	6.20	4,676,954	-18.15	5,713,854	19.18	4,794,130	36.11	3,522,270
Other  amounts  receivable	20,730	28.64	16,115	-21.07	20,415	-73.99	78,477	50.10	52,282
Cash	124,969	-76.76	537,723	1937	26,396	191	9,043	-85.07	60,576
Miscellaneous  current  assets	252,753	-39.54	418,029	29.80	322,054	1514	19,948	45.12	13,746
Total  Assets	16,011,802	1.64	15,753,863	-5.41	16,655,084	15.89	14,372,058	33.02	10,804,740

LIABILITIES

Total  shareholders  equity	-775,355	-1061	80,650	-56.59	185,783	13.14	164,200	91.84	85,594
Issued  share  capital	61,500	0	61,500	0	61,500	0	61,500	0	61,500
Share  premium  account	0	-	0	-	0	-	0	-	0
Revaluation  reserve	0	-	0	-	0	-	0	-	0
Reserves	-836,855	-4469	19,150	-84.59	124,283	21.01	102,700	326	24,094
Provisions  for  Liabilities  &	0	-	0	-	0	-	0	-	0
Charges
Deffered  taxes	0	-	0	-	0	-	0	-	0
Creditors	16,787,157	7.11	15,673,213	-4.83	16,469,301	15.92	14,207,858	32.55	10,719,145
Other  long  term  loans	10,966,060	46.48	7,486,571	-0.26	7,506,135	1330	524,778	49297	1,062
Long  term  group  loans	-	-	-	-	-	-	-	-	-
Other  long  term  liabilities	0	-	0	-100	16,748	-40.35	28,077	-	0
Total  long  term  debts	10,966,060	46.48	7,486,571	-0.48	7,522,883	1260	552,855	51940	1,062
Current  portion  of  long  term  debt	20,511	-2.59	21,057	12.95	18,643	56.51	11,911	92.40	6,191
Financial  debts	690,204	-69.92	2,294,432	-47.89	4,402,767	25.08	3,520,006	263	968,595
Trade  creditors	4,487,000	43.58	3,124,998	7.39	2,909,870	-44.96	5,287,056	-8.00	5,747,007
Amounts  Payable  for  Taxes,	97,943	-3.81	101,823	-43.13	179,039	41.97	126,108	67.31	75,373
Remuneration  &  Social  Security
Miscellaneous  current  liabilities	525,439	-80.13	2,644,332	84.13	1,436,100	-69.51	4,709,922	20.12	3,920,918
Total  current  liabilities	5,821,097	-28.90	8,186,642	-8.49	8,946,418	-34.48	13,655,003	27.40	10,718,083
Total  Liabilities	16,011,802	1.64	15,753,863	-5.41	16,655,084	15.89	14,372,058	33.02	10,804,740

RATIO ANALYSIS

TRADING  PERFORMANCE
Profit  Before  Tax	-11.50	-1038	-1.01	-346	0.41	-72.11	1.47	-	-
Return  on  capital  employed	-8.42	-638	-1.14	-347	0.46	-97.35	17.37	-86.08	124.79
Return  on  total  assets  employed	-5.36	-874	-0.55	-361	0.21	-75.86	0.87	-13.00	1.00
Return  on  net  assets  employed	110.60	103	-107.04	-655	19.27	-74.60	75.86	-39.96	126.34
Sales  /  net  working  capital	0.94	-43.03	1.65	1.23	1.63	18.74	-8.70	-	-
Stock  turnover  ratio	112.64	25.16	90.00	-4.28	94.02	2.20	92.00	-	-
Creditor  days	207.47	54.46	134.32	8.18	124.16	-49.32	245.00	-	-
Debtor  days	243.05	22.22	198.86	-16.53	238.23	15.15	206.89	-	-
SHORT  TERM  STABILITY
Current  ratio	2.37	45.40	1.63	1.88	1.60	72.04	0.93	-2.11	0.95
Liquidity  ratio  /  acid  ratio	0.92	33.33	0.69	1.47	0.68	88.89	0.36	5.88	0.34
Current  debt  ratio	-7.51	-107	101.51	110	48.16	-42.09	83.16	-33.59	125.22
Liquidity  ratio  reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	-547,120	-401	181,576	-32.12	267,508	103	131,146	16.59	112,482
Net  worth	-1,281,067	-130	-554,957	-50.96	-367,618	-498	92,326	119	42,084
LONG  TERM  STABILITY
Gearing	-1,505.99	-112	12,153.77	89.31	6,420.16	159	2,470.58	116	1,140.08
Equity  in  percentage	-5.00	-1043	0.53	-53.91	1.15	0	1.15	43.75	0.80
Total  debt  ratio	-21.65	-111	194.34	119	88.65	2.45	86.53	-30.90	125.23
Working  capital	7,946,053	53.17	5,187,643	-3.35	5,367,478	552	-972,022	-72.78	-562,579

PROFIT & LOSS

Operating  Income	7,615,400	-13.72	8,826,749	-1.96	9,003,589	4.27	8,635,100	-	-
Turnover	7,458,828	-13.11	8,584,285	-1.94	8,754,407	3.50	8,458,088	-	-
Total  operating  expenses	7,894,071	-7.04	8,491,732	-0.73	8,554,207	8.60	7,876,602	-	-
Gross  Operating  Margin	-	-	-	-	-	-	-	-	494,122
Operating  Charges	8,050,643	-7.83	8,734,196	-0.79	8,803,389	9.31	8,053,614	-	-
Employee  costs	731,072	2.28	714,770	4.38	684,782	67.97	407,673	59.85	255,028
Wages  and  salary	546,191	2.26	534,122	2.50	521,086	60.04	325,599	58.28	205,707
Employee  pension  costs	-	-	-	-	-	-	-	-	-
Social  security  contributions	167,292	2.35	163,458	11.59	146,480	105	71,283	58.37	45,011
Other  employee  costs	17,589	2.32	17,190	-0.15	17,216	59.55	10,790	150	4,310
Director  remuneration	142,917	9.31	130,748	20.09	108,878	1.37	107,409	-	-
Amortization  and  depreciation	308,885	7.73	286,708	16.58	245,926	368	52,540	74.17	30,166
Operating  result	-435,243	-570	92,553	-53.77	200,200	-65.57	581,485	182	206,144
Total  financial  income	151,723	-35.49	235,179	17.65	199,889	3375	5,752	-11.14	6,473
Total  financial  expenses	574,052	38.64	414,063	13.67	364,283	-21.27	462,682	342	104,481
Results  on  ordinary  operations  before	-857,572	-893	-86,331	-341	35,807	-71.25	124,556	15.18	108,136
taxation
Extraordinary  Income	1,736	-58.62	4,194	-	-	-	-	-	-
Extraordinary  Charges	-	-	23,519	-	-	-	-	-	-
Extraordinary  items	1,736	8.98	-19,326	-	0	-	0	-	0
Results  for  the  Year  Before  Taxation	-855,837	-710	-105,656	-395	35,807	-71.25	124,556	15.18	108,136
Other  appropriations	-	-	-	-	-	-	-	-	-
Taxation	169	32.18	-524	-103	14,224	-69.04	45,950	77.96	25,820
Results  on  ordinary  operations  after	-857,741	-899	-85,807	-497	21,582	-72.54	78,606	-4.51	82,316
taxation
Net  result	-856,005	-714	-105,132	-587	21,582	-72.54	78,606	-4.51	82,316
Profit  (Loss)  for  the  Year  to  be  appropiated	-856,005	-714	-105,132	-587	21,582	-72.54	78,606	-4.51	82,316
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social  Balance  Sheet	Total
During  the  reporting  year
ended  31-12-2014
Full-time  Employees	15
Part-time  Employees	4
Total  Fte  Employees	18
Number  of  hours  worked
Full-time  Employees	25,638
Part-time  Employees	4,880
Total	30,518
Personnel  Charges
Full-time  Employees	614,163
Part-time  Employees	116,909
Total	731,072
Benefits  In  Addition  To  Wages	-
During  the  previous  reporting  year
Average  number  employees  in  Fte	17
Actual  working  hours	29,040
Personnel  Charges	714,770
Benefits  In  Addition  To  Wages	-

Type  of  Contract	Full-Time	Part-Time	Total  Fte
Unlimited  Duration	14	4	17
Contracts
Limited  Duration  Contracts	-	-	-
Contracts  For  Specific  Work	-	-	-
Contracts  Regarding	-	-	-
Substitution

Gender  and  Education
Level
Men	Full-Time	Part-Time	Total  Fte
Primary  education	4	-	4
Secondairy  education	3	1	4
Higher  education  (non university)	1	-	1
Higher  education (university)	3	-	3
Women	Full-Time	Part-Time	Total  Fte
Primary  education	3	2	5
Secondairy  education	-	1	1
Higher  education  (non university)	-	-	-
Higher  education (university)	-	-	-

Working  Category	Full-Time	Part-Time	Total  Fte
Management	-	-	-
White  collar  worker	9	2	11
Blue  collar  worker	5	2	7
Other	-	-	-

Temporary  personnel	Total
Average  number  of  temporary  staff	-
Actual  working  hours	-
Cost  of  temporary  staff	-

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

Payment Information

PAYMENT  INFORMATION  SUMMARY
Total  number  of  Invoices  available	1
Total  number  of  Invoices  paid  within  or  up  to  30  days  after  the  due  date	1
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	0
Total  number  of  Invoices  currently  outstanding  beyond  the  due  date	0

SUSPENSION  OF  PAYMENTS  /  MORATORIUM  HISTORY
Amount	-
Details	-
PAYMENT  EXPECTATIONS
Payment  expectation  days	207.47
Day  sales  outstanding	243.05
INDUSTRY  COMPARISON
Activity  code	46900
Activity  description	Non-specialised  wholesale  trade
Industry  average  payment	98.17
Industry average day sales outstanding	103.29

Industry quartile analysis

PAYMENT EXPECTATIONS

Company result 207.47

Lower 101.91

Median 48.27

Upper 21.11

DAY SALES OUTSTANDING

Company result 243.05

Lower 106

Median 60.88

Upper 30.58

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	08/06/2009
Street	8 RUBENSLEI  ANTWERPEN
Post  code	2018
Country	Belgium
Name	Samuel  Wechsler
Name	Maurice  Wechsler
Position	Director
Start  Date	01/11/2010
Date  of  birth	28/08/1986
Street	191 MECHELSESTEENWEG  ANTWERPEN
Post  code	2018
Country	Belgium
Name	Zvi  Weinroth
Position	Director
Start  Date	08/06/2009
Date  of  birth	19/12/1949
Street	5 VAN  EYCKLEI  ANTWERPEN
Post  code	2018
Country	Belgium

FORMER DIRECTOR DETAILS

--------

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 :	KIN
Report Prepared by :	ANK

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.