MIRA INFORM REPORT

Report No. :	503886
Report Date :	14.04.2018

IDENTIFICATION DETAILS

Name :	JBF GLOBAL EUROPE BVBA

Registered Office :	Nijverheidsweg 4, 2430 Laakdal

Country :	Belgium

Financials (as on) :	31.03.2017

Date of Incorporation :	25.09.2011

Com. Reg. No.:	840552213

Legal Form :	Private limited liability company

Line of Business :	Manufacture of plastic plates, sheets, tubes and profiles

No. of Employees :	93

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BELGIUM - ECONOMIC OVERVIEW

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation 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 labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

Source : CIA

Company name

JBF GLOBAL EUROPE BVBA - 840552213

Company summary

Business number	840552213
Branche Unit Number	2203832476
Company name	JBF GLOBAL EUROPE BVBA
Address	NIJVERHEIDSWEG 4
	2430 LAAKDAL
Date of establishment	25/09/2011
Telephone number	3214846693
Mobile number	-
Fax number	-
Liable for VAT	yes
VAT Number	BE.0840.552.213 Check VAT number

Ultimate holding company

Company name	Company Number
JBF RAK LLC	-

Commentary

The business was established over 6 years ago. The business has 93 employees.

The business is part of a group.

The business has been at the address for over 3 years.

Operating Result in the latest trading period decreased 69% on the previous trading period. Pre-tax profits decreased by 116% compared to the previous trading period. The business saw a decrease in their Cash Balance of 67% during the latest trading period. Working Capital is a negative amount during the latest trading period. Turnover in the latest trading period decreased 30% on the previous trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2017	35,482,965	-3,741,103	60,345,924	-2,522,604
31/03/2016	51,414,383	22,458,956	64,292,140	501,947
31/03/2015	22,086,142	-14,426,408	44,859,435	-13,223,959
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2017	201,283,825	93	55,000,000	3,200,710
31/03/2016	203,860,223	97	55,000,000	26,510,501
31/03/2015	203,398,492	97	55,000,000	-10,115,036

Payment expectations

Past payments		Payment expectation days	121.45
Industry average payment	77.81	Industry average day sales	80.64
expectation days		outstanding
Day sales outstanding	52.16

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	207
Description	Joint committee for the employees off he chemical industry
category
Significant Events
Event Date	21/11/2012
Event Description	authority appointed
Event Details	sten, douanediensten en spoorwegdiensten, aangetekende post aanvaarden, geld, goederen, koopwaar of verzendingen.
Event Date	21/11/2012
Event Description	authority appointed
Event Details	Commentaar 15-10-2012: De zaakvoerderders verlenen vanaf 15 oktober een bijzondere volmacht aan de heer Zhuo Liu, voor het uitoefenen van de volgende bevoegdheden : de vennootschap vertegenwoordigen in haar activiteiten tegenover postdien
Event Date	25/09/2011
Event Description	Legal creation
Event Details

Company accounts

Assets
Annual accounts	31-03-2017	%	31-03-2016	%	31-03-2015	%	31-03-2014	%	31-03-2013
Weeks	52		52		52		52		75
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	181,307,004	-1.99	184,988,616	-1.52	187,849,408	42.26	132,047,096	797	14,708,528
Intangible fixed assets	267,855	-21.13	339,631	-5.88	360,865	134	154,007	839	16,394
Tangible fixed assets	179,227,944	-1.97	182,830,519	-1.28	185,202,929	40.43	131,886,609	797	14,692,134
Land & building	47,863,139	-2.82	49,252,158	-1.39	49,944,579	-	0	-	0
Plant & machinery	130,642,385	-1.59	132,754,752	-1.22	134,400,022	-	0	-100	32,276
Furniture & Vehicles	722,420	-12.29	823,610	-4.04	858,329	198	287,093	3.56	277,212
Leasing & Other Similar	0	-	0	-	0	-	0	-	0
Rights
Other tangible assets	0	-	0	-	0	-100	131,599,516	814	14,382,646
Financial fixed assets	1,811,205	-0.40	1,818,466	-20.44	2,285,615	35171	6,480	-	0
Total current assets	19,976,821	5.86	18,871,607	21.37	15,549,084	-29.91	22,185,519	62.96	13,613,704
Inventories	789,436	71.14	461,289	124	205,907	-	0	-	0
Raw materials &	789,436	71.14	461,289	124	205,907	-	0	-	0
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	5,070,837	-2.00	5,174,131	2.70	5,038,056	-57.88	11,962,373	13.44	10,545,255
Other amounts receivable	13,388,144	11.82	11,973,379	34.31	8,914,470	44.41	6,172,893	126	2,727,394
Cash	220,889	-67.42	677,978	-22.43	874,044	-78.06	3,983,773	1068	341,055
Miscellaneous current assets	507,516	-13.22	584,830	13.21	516,607	677	66,480	-	0
Total Assets	201,283,825	-1.26	203,860,223	0.23	203,398,492	31.88	154,232,616	444	28,322,232
Liabilities
Total shareholders equity	60,613,779	-6.22	64,631,771	42.93	45,220,300	-9.80	50,132,980	188	17,400,000
Issued share capital	55,000,000	0	55,000,000	0	55,000,000	22.22	45,000,000	158	17,400,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	5,613,779	-41.72	9,631,771	98.49	-9,779,700	-290	5,132,980	-	0
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	0	-100	72,901	-66.59	218,232	-62.22	577,599	-	0
Creditors	140,670,046	1.09	139,155,552	-11.90	157,959,960	52.59	103,522,037	847	10,922,232
Other long term loans	118,170,621	-2.17	120,785,891	-6.50	129,186,918	45.29	88,913,695	1639	5,111,456
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	118,170,621	-2.22	120,858,792	-6.60	129,405,150	44.60	89,491,294	1650	5,111,456
Current portion of long term	10,385,141	40.71	7,380,402	-42.82	12,907,538	906	1,282,051	-	0
debt
Financial debts	235,014	-	0	-100	4,479,683	48.25	3,021,753	-28.61	4,232,500
Trade creditors	9,475,983	50.21	6,308,337	-28.27	8,794,899	-10.85	9,865,076	568	1,476,644
Amounts Payable for Taxes, Remuneration & Social Security	1,718,118	-53.77	3,716,459	226	1,138,833	283	296,859	192	101,410
Miscellaneous current liabilities	685,170	-28.96	964,463	-33.58	1,452,089	918	142,603	64054	222
Total current liabilities	22,499,425	22.48	18,369,661	-36.16	28,773,042	96.96	14,608,342	151	5,810,776
Total Liabilities	201,283,825	-1.26	203,860,223	0.23	203,398,492	31.88	154,232,616	444	28,322,232
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	-10.54	-124	43.68	66.87	-65.32	-	-	-	-
Return on capital employed	-2.09	-117	12.11	146	-8.26	-82700	0.01	-	-
Return on total assets employed	-1.86	-116	11.02	155	-7.09	-71000	0.01	-	-
Return on net assets employed	-6.17	-117	34.75	108	-31.90	-79850	0.04	-	-
Sales / net working capital	-14.07	-113	102.43	6133	-1.67	-	-	-	-
Stock turnover ratio	2.22	146	0.90	-3.23	0.93	-	-	-	-
Creditor days	121.45	51.91	79.95	-55.94	181.46	-	-	-	-
Debtor days	52.16	42.01	36.73	-55.89	83.26	-	-	-	-
SHORT TERM STABILITY
Current ratio	0.89	-13.59	1.03	90.74	0.54	-64.47	1.52	-35.04	2.34
Liquidity ratio / acid ratio	0.85	-15.00	1.00	88.68	0.53	-65.13	1.52	-35.04	2.34
Current debt ratio	0.37	32.14	0.28	-56.25	0.64	120	0.29	-12.12	0.33
Cashflow	3,200,710	-87.93	26,510,501	262	-10,115,036	-7580	135,216	81.55	74,477
Net worth	60,345,924	-6.14	64,292,140	43.32	44,859,435	-10.24	49,978,972	187	17,383,606
LONG TERM STABILITY
Gearing	212.48	7.15	198.30	-38.82	324.13	74.32	185.94	246	53.70
Equity in percentage	30.15	-5.07	31.76	42.61	22.27	-31.56	32.54	-47.06	61.47
Total debt ratio	2.32	7.91	2.15	-38.57	3.50	68.27	2.08	230	0.63
Working capital	-2,522,604	-602	501,947	3.80	-13,223,959	-274	7,577,178	-2.89	7,802,928
Profit & loss
Operating Income	36,254,128	-30.71	52,320,829	126	23,109,777	3700	608,088	-4.62	637,558
Turnover	35,482,965	-30.99	51,414,383	132	22,086,142	-	-	-	-
Total operating expenses	28,478,388	-1.12	28,800,101	62.80	17,690,901	-	-	-	-
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	36,254,128	22.04	29,706,546	58.74	18,714,536	2664	676,851	5.27	642,974
Employee costs	7,734,031	5.79	7,310,490	43.76	5,085,144	1232	381,494	225	117,160
Wages and salary	5,585,364	6.92	5,223,940	41.24	3,698,602	987	340,238	386	69,941
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	1,388,919	-7.64	1,503,862	47.61	1,018,779	4983	20,042	4.42	19,192
Other employee costs	759,748	30.39	582,688	58.44	367,764	1633	21,215	-24.31	28,027
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	6,874,128	4.04	6,607,404	67.13	3,953,360	3623	106,173	42.56	74,477
Operating result	7,004,577	-69.03	22,614,282	414	4,395,241	6391	-68,763	-1169	-5,416
Total financial income	196,903	-96.04	4,966,720	809405	614	-99	96,245	1362	6,580
Total financial expenses	10,942,583	113	5,122,046	-72.79	18,822,263	240015	7,839	573	1,164
Results on ordinary operations before	-3,741,103	-116	22,458,956	155	-14,426,408	-73544	19,643	-	0
taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	-	-	-	-	0	-	0
Results for the Year Before Taxation	-3,741,103	-116	22,458,956	155	-14,426,408	-73544	19,643	-	-
Taxation	5,216	-99	2,701,189	199444	1,354	636	184	-	-
Results on ordinary operations after	-3,746,320	-118	19,757,767	136	-14,427,762	-74244	19,459	-	0
taxation
Net result	-3,673,418	-118	19,903,098	141	-14,068,395	-48539	29,043	-	0
Profit (Loss) for the Year to be appropiated	-3,673,418	-118	19,903,098	141	-14,068,395	-48539	29,043	-	-
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-03-2017
Full-time Employees	92
Part-time Employees	2
Total Fte Employees	93
Number of hours worked
Full-time Employees	152,520
Part-time Employees	2,212
Total	154,732
Personnel Charges
Full-time Employees	7,614,212
Part-time Employees	119,819
Total	7,734,031
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	97
Actual working hours	162,975
Personnel Charges	7,310,490
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	82	3	84
Contracts
Limited Duration Contracts	12	-	12
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	5	-	5
Secondairy education	44	-	44
Higher education (non	28	1	29
university)
Higher education	10	-	10
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	5	1	6
university)
Higher education	2	1	3
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	94	3	96
Blue collar worker	-	-	-
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		0
Actual working hours		815
Cost of temporary staff		32,546

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	16	-	16
Leavers	14	-	14

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	95	9
Number of training hours	4,321	476
Net costs for enterprise	165,410	11,944

Industry comparison

Activity code	22210
Activity description	Manufacture of plastic plates, sheets, tubes and profiles

Payment Information

Payment Information Summary

Total number of Invoices available	267
Total number of Invoices paid within or up to 30 days after the due date	199
Total number of Invoices paid more than 30 days after the due date	52
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	13

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	121.45
Day sales outstanding	52.16
Industry comparison
Activity code	22210
Activity description	Manufacture of plastic plates, sheets, tubes and profiles
Industry average payment	77.81
expectation days
Industry average day sales	80.64
outstanding

Industry quartile analysis
Payment expectations
Company result	121.45
Lower	81.80
Median	54.46
Upper	35.83

Day sales outstanding

Company result	52.16
Lower	88.94
Median	63.54
Upper	42.30

Shareholder Details

Summary
Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Group Structure
Company name	Number	Latest
		financials
- JBF RAK LLC
- - JBF GLOBAL EUROPE BVBA	840552213	31-03-2017

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

SHAREHOLDER NAME

Forename	Bhagirath	Middle name	-
Surname	Arya
SHAREHOLDER DETAILS
Start date	21/10/2011(estimated)	End date	-
Percentage owned	-
SHAREHOLDER ADDRESS
Street name	-	House number	-
Postal town	-
Post code	-	Country	United Arab Emirates

Linked Companies

Summary

Group - Number of Companies	2
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	Manager
Start Date	17/01/2014
Street	26 Pasteelsblokweg Kessel-lo
Post code	3010
Country	Belgium
Name	Zhuo Liu
Current mandates in other companies
Name	COMMITEE OF POLYETHYLENE TEREPHTALATE (PET) MANUFACTURERS IN
	EUROPE AISBL
Business number	829158374
Position	Director
Start Date	03/05/2016
Former director details
Name	Gérard Mommaerts
Position	Manager
Start Date	03/06/2014
End Date	31/03/2016
Date of birth	20/11/1954
Street	106 AVENUE DE MÉRODE RIXENSART
Post code	1330
Country	Belgium
Name	CHEERAG ARYA
Position	Manager
Start Date	25/09/2011
End Date	01/07/2014
Street	97555 Sheikh Zayed Road, PO box
Country	United Arab Emirates

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34
Euro	1	INR 80.51

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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 name

Company summary

Ultimate holding company

Commentary

Annual accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholder Details

Individual Shareholders

Linked Companies

Director details

Unit