3decades

MIRA INFORM REPORT

Report No. :	491418
Report Date :	09.02.2018

IDENTIFICATION DETAILS

Name :	FERREUM NV

Registered Office :	Kronenburgstraat 27-Bus 302, 2000 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	20.04.2011

Com. Reg. No.:	835668658

Legal Form :	Public limited company

Line of Business :	Subject is engaged in Agents specialised in the sales of other particular product

No. of Employees :	7

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

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 summary

Business number	835668658
Branche Unit Number	2198671185
Company name	FERREUM NV
Address	KRONENBURGSTRAAT 27-BUS 302
	2000 ANTWERPEN
Date of establishment	20/04/2011
Telephone number	-
Mobile number	-
Fax number	034017403
Liable for VAT	yes
VAT Number	BE.0835.668.658 Check VAT number

Commentary

The business was established over 6 years ago.

The business has 7 employees.

The business has been at the address for over 9 months.

The business has changed address 1 times in the last year.

Operating Result in the latest trading period decreased 29% on the previous trading period.

Pre-tax profits decreased by 41% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 85% during the latest trading perid.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	26,136,366	449,235	648,623	640,238
31/12/2015	28,914,919	768,808	548,623	534,020
31/12/2014	26,513,110	806,268	448,623	439,150
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	4,995,387	7	93,000	300,040
31/12/2015	4,344,432	7	93,000	511,824
31/12/2014	5,120,368	5	93,000	535,145

Payment expectations

Past payments		Payment expectation days	20.56
Industry average payment	92.36	Industry average day sales	130.67
expectation days		outstanding
Day sales outstanding	61.25

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Financials

Company accounts

Assets
Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	16,074	-52.79	34,050	22.19	27,866	110	13,251	-1.71	13,482
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	16,074	-52.79	34,050	22.19	27,866	110	13,251	15.31	11,492
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	1,158	-50.0	2,316	-33.33	3,474	-25.00	4,632	-	0
Furniture & Vehicles	14,916	-53.00	31,734	30.10	24,392	182	8,619	-25.00	11,492
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0	-100	1,990
Total current assets	4,979,313	15.52	4,310,382	-15.36	5,092,502	53.13	3,325,703	-17.69	4,040,633
Inventories	188,731	-33.81	285,141	101	141,684	224	43,668	-77.15	191,082
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	188,731	-33.81	285,141	101	141,684	224	43,668	-77.15	191,082
Trade debtors	4,385,987	47.87	2,966,209	-30.81	4,286,951	46.40	2,928,154	-5.91	3,112,173
Other amounts receivable	260,310	70.88	152,338	43.44	106,201	33.51	79,544	-33.81	120,178
Cash	124,405	-85.95	885,372	60.51	551,615	103	270,516	-56.17	617,199
Miscellaneous current assets	19,880	-6.76	21,322	252	6,051	58.36	3,821	-	0
Total Assets	4,995,387	14.98	4,344,432	-15.15	5,120,368	53.35	3,338,954	-17.64	4,054,115
Liabilities
Total shareholders equity	648,623	18.23	548,623	22.29	448,623	50.97	297,170	80.98	164,200
Issued share capital	93,000	0	93,000	0	93,000	0	93,000	0	93,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	555,623	21.95	455,623	28.12	355,623	74.18	204,170	186	71,200
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	4,346,764	14.51	3,795,810	-18.75	4,671,746	53.59	3,041,784	-21.80	3,889,915
Other long term loans	7,689	-60.46	19,448	5.73	18,393	106	8,899	-24.50	11,786
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	7,689	-60.46	19,448	5.73	18,393	106	8,899	-24.50	11,786
Current portion of long term debt	11,759	-1.85	11,980	46.94	8,153	182	2,888	4.45	2,765
Financial debts	2,493,974	28.43	1,941,858	-11.73	2,200,026	11.50	1,973,134	-12.08	2,244,121
Trade creditors	1,436,248	29.91	1,105,577	-33.48	1,662,070	88.26	882,866	-38.51	1,435,746
Amounts Payable for Taxes,	203,092	-35.34	314,087	-23.02	408,012	270	110,187	15.50	95,398
Remuneration & Social Security
Miscellaneous current liabilities	194,003	-51.84	402,860	7.40	375,091	487	63,810	-36.25	100,099
Total current liabilities	4,339,075	14.90	3,776,362	-18.85	4,653,352	53.43	3,032,886	-21.80	3,878,128
Total Liabilities	4,995,387	14.98	4,344,432	-15.15	5,120,368	53.35	3,338,954	-17.64	4,054,115
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	1.72	-35.34	2.66	-12.50	3.04	69.83	1.79	13.29	1.58
Return on capital employed	68.45	-49.42	135.34	-21.61	172.64	90.53	90.61	-36.26	142.16
Return on total assets employed	8.99	-49.21	17.70	12.38	15.75	89.53	8.31	34.68	6.17
Return on net assets employed	69.26	-50.57	140.13	-22.03	179.72	92.58	93.32	-38.75	152.36
Sales / net working capital	40.82	-24.62	54.15	-10.30	60.37	14.36	52.79	-45.72	97.25
Stock turnover ratio	0.72	-27.27	0.99	86.79	0.53	89.29	0.28	-76.86	1.21
Creditor days	20.56	42.68	14.41	-39.25	23.72	9.97	21.57	-36.56	34.00
Debtor days	61.25	63.60	37.44	-36.56	59.02	-14.64	69.14	-3.81	71.88
SHORT TERM STABILITY
Current ratio	1.15	0.88	1.14	4.59	1.09	-0.91	1.10	5.77	1.04
Liquidity ratio / acid ratio	1.10	2.80	1.07	0.94	1.06	-1.85	1.08	9.09	0.99
Current debt ratio	6.69	-2.76	6.88	-33.65	10.37	1.57	10.21	-56.77	23.62
Cashflow	300,040	-41.38	511,824	-4.36	535,145	186	187,001	11.39	167,882
Net worth	648,623	18.23	548,623	22.29	448,623	50.97	297,170	80.98	164,200
LONG TERM STABILITY
Gearing	387.50	7.73	359.68	-27.53	496.31	-25.70	667.94	-51.44	1,375.56
Equity in percentage	12.98	2.77	12.63	44.18	8.76	-1.57	8.90	119	4.05
Total debt ratio	6.70	-3.18	6.92	-33.53	10.41	1.66	10.24	-56.78	23.69
Working capital	640,238	19.89	534,020	21.60	439,150	49.97	292,817	80.19	162,504

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	26,136,366	-9.61	28,914,919	9.06	26,513,110	71.51	15,458,358	-2.19	15,803,989
Total operating expenses	25,497,437	-8.95	28,003,671	9.51	25,572,340	71.17	14,939,329	-3.08	15,414,739
Gross Operating Margin	1,142,302	-16.80	1,372,897	10.09	1,247,060	90.36	655,089	38.12	474,291
Operating Charges	-2,414	-	-	-	-	-	-	-	-
Employee costs	487,266	14.24	426,515	44.52	295,134	127	129,855	60.13	81,092
Wages and salary	-	-	293,407	46.68	200,036	110	94,869	75.50	54,057
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	72,414	56.27	46,339	107	22,316	73.93	12,830
Other employee costs	487,266	702	60,694	24.48	48,759	284	12,670	-10.80	14,204
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	9,263	-25.95	12,509	43.91	8,692	115	4,031	40.31	2,873
Operating result	638,928	-29.88	911,248	-3.14	940,770	81.26	519,029	33.34	389,250
Total financial income	127,365	-20.23	159,670	28.99	123,782	168	46,095	-26.61	62,808
Total financial expenses	319,472	5.75	302,110	16.97	258,284	-10.25	287,796	42.56	201,880
Results on ordinary operations	449,235	-41.57	768,808	-4.65	806,268	190	277,329	10.85	250,178
before taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	2,414	-	-	-	-	-	-	-	-
Extraordinary items	-2,414	-	-	-	-	-	0	-	0
Results for the Year Before	446,821	-41.88	768,808	-4.65	806,268	190	277,329	10.85	250,178
Taxation
Taxation	156,045	-42.10	269,494	-3.69	279,815	196	94,359	10.79	85,169
Results on ordinary operations	293,190	-41.28	499,315	-5.15	526,453	187	182,970	10.89	165,009
after taxation
Net result	290,776	-41.76	499,315	-5.15	526,453	187	182,970	10.89	165,009
Profit (Loss) for the Year to be appropiated	290,776	-41.76	499,315	-5.15	526,453	187	182,970	10.89	165,009
Dividends	190,776	-52.22	399,315	6.48	375,000	650	50,000	-50.00	100,009

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	6
Part-time Employees	1
Total Fte Employees	7
Number of hours worked
Full-time Employees	10,040
Part-time Employees	1,150
Total	11,190
Personnel Charges
Full-time Employees	437,189
Part-time Employees	50,076
Total	487,266
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	7
Actual working hours	9,652
Personnel Charges	426,515
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	7	-	7
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	-	-	-
Higher education (non	1	-	1
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	6	-	6
university)
Higher education	-	-	-
(university)

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	3	1	4
Leavers	3	1	4

Payment Information

Payment Information Summary
Total number of Invoices available	119
Total number of Invoices paid within or up to 30 days after the due date	108
Total number of Invoices paid more than 30 days after the due date	4
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	4

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	20.56
Day sales outstanding	61.25
Industry comparison
Activity code	46180
Activity description	Agents specialised in the sale of other particular products
Industry average payment expectation days	92.36
Industry average day sales outstanding	130.67

Industry quartile analysis Payment expectations

Company result	20.56
Lower	84.34
Median	38.63
Upper	14.57

Day sales outstanding
Company result	61.25
Lower	125.41
Median	61.21
Upper	21.40

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

Business	Company name	%	Date of
number			accounts
820421050	CAPITRA BVBA	33.33	31/12/2016
842456975	BADFRIDE TRADE SERVICES	33.33	31/12/2016
	BVBA
834708061	TORNADO TRADE BVBA	33.33	31/12/2016

Minority Interests

No minority interests found

Companies that match this address


Business number	Company name	Date of accounts
666876087	BTK16 V.O.F.

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	19/12/2012
Street
Post code
Country
Name	BADFRIDE TRADE SERVICES BVBA
Position	Director
Start Date	19/12/2012
Street
Post code
Country
Name	CAPITRA BVBA
Position	Managing Director
Start Date	20/04/2011
Street
Post code
Country
Position	Director
Start Date	20/04/2011
Street
Post code
Country
Name	TORNADO TRADE BVBA
Position	Director
Start Date	20/04/2011
Street
Post code
Country
Name	Bart Van Loock
Position	Permanent representative legal entity
Start Date	19/12/2012
Street	92 Kapelstraat
Post code
Country	Belgium
Name	Koenraad Looyens
Position	Permanent representative legal entity
Start Date	20/04/2011
Street	12 Mireausstraat Antwerpen
Post code	2018
Country	Belgium
Name	Tim Peeters
Position	Permanent representative legal entity
Start Date	20/04/2011
Street	60 Londenstraat Antwerpen
Post code	2000
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.16
UK Pound	1	INR 89.19
Euro	1	INR 78.75
Euro	1	INR 78.89

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

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	KET

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.

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

Event Date	01/02/2012
Event Description
Event Details	Badfride Trade Services tekent in op de 50 nieuwe aandelen.

MIRA INFORM REPORT

Company summary

Company information

Financials

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit