3decades

MIRA INFORM REPORT

Report No. :	493295
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	ECOPHOS INDUSTRIAL SERVICES NV

Registered Office :	Bosstraat 52, 3560 Lummen

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	20.09.1994

Com. Reg. No.:	453459162

Legal Form :	Public limited company

Line of Business :	Engineers and related technical advisors, excl. surveyors

No. of Employees :	44

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

(30.09.2017)

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 summary

Business number	453459162
Branche Unit Number	2068849355
Company name	ECOPHOS INDUSTRIAL SERVICES NV
Address	BOSSTRAAT 52
	3560 LUMMEN
Date of establishment	20/09/1994
Telephone number	3213355444
Mobile number	-
Fax number	013531905
Liable for VAT	yes
VAT Number	BE.0453.459.162 Check VAT number

Commentary

The business was established over 23 years ago. The business has 44 employees.

The business is part of a group.

The business has been at the address for over 16 months.

Operating Result in the latest trading period increased 296% on the previous trading period.

A 36% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 307% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 61% during the latest trading perid.

Working Capital is a negative amount during the latest trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	22,129,002	3,929,227	1,672,117	-9,501,454
31/12/2015	24,911,219	964,409	1,688,000	1,664,152
31/12/2014	2,679,411	519,560	1,039,746	972,487
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	32,929,064	44	62,000	2,556,786
31/12/2015	24,142,284	38	62,000	682,636
31/12/2014	4,482,060	35	62,000	423,926

Payment expectations

Past payments		Payment expectation days	215.43
Industry average payment	93.95	Industry average day sales	145.98
expectation days		outstanding
Day sales outstanding	282.04

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	11,199,288	33150	33,682	-64.87	95,878	-33.76	144,754	20.09	120,540
Intangible fixed assets	25,717	161	9,834	-65.64	28,619	-23.75	37,534	-	0
Tangible fixed assets	173,001	625	23,848	-64.54	67,259	-37.27	107,220	-11.05	120,540
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	59,360	1459	3,806	-86.64	28,483	3523	786	-	0
Furniture & Vehicles	35,853	185	12,558	-57.70	29,687	-68.99	95,739	-16.72	114,962
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	77,788	939	7,484	-17.66	9,089	-15.02	10,695	91.74	5,578
Financial fixed assets	11,000,570	-	0	-	0	-	0	-	0
Total current assets	21,729,776	-9.87	24,108,602	449	4,386,182	55.20	2,826,178	15.19	2,453,547
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	17,099,342	167	6,386,241	87.54	3,405,340	39.62	2,439,077	53.31	1,590,952
Other amounts receivable	2,083,350	-81.24	11,102,916	5052	215,488	116	99,496	-35.66	154,643
Cash	2,508,531	-61.90	6,583,726	762	763,142	166	286,243	-59.57	707,952
Miscellaneous current assets	38,553	7.93	35,719	1514	2,212	62.41	1,362	-	0
Total Assets	32,929,064	36.40	24,142,284	438	4,482,060	50.86	2,970,932	15.42	2,574,087
Liabilities
Total shareholders equity	1,697,834	0	1,697,834	58.92	1,068,365	43.61	743,938	0	743,938
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	1,635,834	0	1,635,834	62.55	1,006,365	47.57	681,938	0	681,938
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	31,231,230	39.15	22,444,450	557	3,413,695	53.29	2,226,994	21.68	1,830,149
Other long term loans	0	-	0	-	0	-	0	-	0
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	0	-100	535,162	-10.48	597,842	-	0	-	0
Financial debts	92,547	-81.49	500,000	0	500,000	6.49	469,530	-	0
Trade creditors	10,649,575	121	4,818,397	400	962,892	35.42	711,052	-3.82	739,308
Amounts Payable for Taxes,	1,989,508	136	842,820	-23.13	1,096,456	116	505,645	49.32	338,622
Remuneration & Social Security
Miscellaneous current liabilities	18,499,600	17.47	15,748,071	6039	256,505	-52.57	540,767	-28.11	752,219
Total current liabilities	31,231,230	39.15	22,444,450	557	3,413,695	53.29	2,226,994	21.68	1,830,149
Total Liabilities	32,929,064	36.40	24,142,284	438	4,482,060	50.86	2,970,932	15.42	2,574,087

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	17.76	358	3.87	-80.04	19.39	75.16	11.07	-33.19	16.57
Return on capital employed	231.43	307	56.80	16.80	48.63	-52.80	103.04	-27.59	142.30
Return on total assets employed	11.93	198	3.99	-65.57	11.59	-55.08	25.80	-37.27	41.13
Return on net assets employed	231.43	307	56.80	16.80	48.63	-52.80	103.04	-27.59	142.30
Sales / net working capital	-2.33	-115	14.97	442	2.76	-76.12	11.56	12.78	10.25
Stock turnover ratio	-	-	-	-	-	-	-	-	-
Creditor days	215.43	192	73.64	-55.14	164.14	289	42.14	-16.67	50.57
Debtor days	282.04	201	93.57	-79.83	463.89	261	128.50	41.36	90.90
SHORT TERM STABILITY
Current ratio	0.70	-34.58	1.07	-16.41	1.28	0.79	1.27	-5.22	1.34
Liquidity ratio / acid ratio	0.70	-34.58	1.07	-16.41	1.28	0.79	1.27	-5.22	1.34
Current debt ratio	18.39	39.11	13.22	313	3.20	7.02	2.99	21.54	2.46
Cashflow	2,556,786	274	682,636	61.03	423,926	-25.80	571,301	-20.77	721,101
Net worth	1,672,117	-0.94	1,688,000	62.35	1,039,746	47.19	706,404	-5.05	743,938
LONG TERM STABILITY
Gearing	5.45	-91.06	60.97	-40.67	102.76	62.83	63.11	-	-
Equity in percentage	5.16	-26.70	7.04	-70.65	23.99	-5.40	25.36	-12.25	28.90
Total debt ratio	18.39	39.11	13.22	313	3.20	7.02	2.99	21.54	2.46
Working capital	-9,501,454	-670	1,664,152	71.12	972,487	62.30	599,184	-3.88	623,398

Profit & loss
Operating Income	21,936,504	92.41	11,401,198	102	5,618,555	-	-	-	-
Turnover	22,129,002	-11.17	24,911,219	829	2,679,411	-61.32	6,927,859	8.45	6,388,236
Total operating expenses	18,043,011	-24.45	23,881,246	1015	2,141,182	-65.23	6,158,989	15.43	5,335,831
Gross Operating Margin	-	-	-	-	-	-	2,977,755	4.27	2,855,718
Operating Charges	17,850,513	72.12	10,371,225	104	5,080,326	-	-	-	-
Employee costs	3,376,274	32.78	2,542,826	26.15	2,015,788	-2.61	2,069,870	18.60	1,745,233
Wages and salary	-	-	1,739,727	11.43	1,561,260	3.39	1,510,124	13.71	1,328,028
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	480,249	15.34	416,359	3.44	402,496	10.02	365,848
Other employee costs	3,376,274	945	322,850	745	38,169	-75.73	157,250	206	51,357
Director remuneration	-	-	-	-	311,980	-	-	-	-
Amortization and depreciation	21,064	-60.38	53,167	-46.57	99,499	3.54	96,093	72.77	55,618
Operating result	4,085,991	296	1,029,973	91.36	538,229	-30.00	768,870	-26.94	1,052,405
Total financial income	216	-74.85	859	-69.33	2,801	-14.53	3,277	-68.94	10,549
Total financial expenses	156,980	136	66,423	209	21,470	284	5,578	28.85	4,329
Results on ordinary operations	3,929,227	307	964,409	85.62	519,560	-32.22	766,569	-27.59	1,058,625
before taxation
Extraordinary Income	12,313	-28.76	17,284	-	-	-	-	-	-
Extraordinary Charges	33,981	130596	26	-	-	-	478	-	-
Extraordinary items	-21,668	-225	17,258	-	-	-	-478	-	0
Results for the Year Before Taxation	3,907,559	298	981,667	88.94	519,560	-32.18	766,091	-27.63	1,058,625
Taxation	1,371,837	289	352,198	80.49	195,133	-32.92	290,883	-26.01	393,142
Results on ordinary operations after taxation	2,557,390	317	612,211	88.71	324,427	-31.80	475,686	-28.52	665,483
Net result	2,535,722	302	629,469	94.02	324,427	-31.73	475,208	-28.59	665,483
Profit (Loss) for the Year to be appropiated	2,535,722	302	629,469	94.02	324,427	-31.73	475,208	-28.59	665,483
Dividends	2,535,722	-	-	-	-	-	475,208	-28.59	665,483

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	39
Part-time Employees	6
Total Fte Employees	44
Number of hours worked
Full-time Employees	62,696
Part-time Employees	8,284
Total	70,980
Personnel Charges
Full-time Employees	2,982,232
Part-time Employees	394,041
Total	3,376,274
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	44
Actual working hours	70,980
Personnel Charges	3,376,274
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	39	6	44
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	-	-	-
university)
Higher education (university)	35	2	37
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education (university)	4	4	7
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	39	6	44
Blue collar worker	-	-	-
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		1
Actual working hours		1,660
Cost of temporary staff		67,376
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	11	-	11
Leavers	8	-	8

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	71121
Activity description	Engineers and related technical advisors, excl. surveyors

Payment Information

Payment Information Summary
Total number of Invoices available	5
Total number of Invoices paid within or up to 30 days after the due date	5
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	215.43
Day sales outstanding	282.04

Industry comparison
Activity code	71121
Activity description	Engineers and related technical advisors, excl. surveyors
Industry average payment	93.95
expectation days
Industry average day sales	145.98
outstanding

Industry quartile analysis
Payment expectations
Company result	215.43
Lower	78.30
Median	36.50
Upper	12.57

Day sales outstanding

Company result	282.04
Lower	137.02
Median	82.89
Upper	40.51

Shareholder Details

Summary
Group - Number of Companies	9
Linkages - Number of Companies	59
Number of Countries	10

Group Structure
Company name	Number	Latest
		financials
- TECHNOCHEM SA	475754118	31-12-2016
- - ECOPHOS NV	458119122	31-12-2015
- - - ALIPHOS BELGIUM SA	541516653	31-12-2016
- - - - ALIPHOS BULGARIA JSCO
- - - - ALIPHOS FRANCE	800993008	31-12-2016
- - - - ALIPHOS ITALY
- - - - ALIPHOS ROTTERDAM B.V.	24257424	31-12-2015
- - - ECOPHOS INDUSTRIAL SERVICES NV	453459162	31-12-2015
- - - TECHNOPHOS JSCO

Minority Shareholders
Business	Company name	%	Date of
number			accounts
475754118	TECHNOCHEM SA	-	31/12/2016

Minority Interests

No minority interests found

Linked Companies

Summary

Group - Number of Companies	9
Linkages - Number of Companies	59
Number of Countries	10

Linked Companies
NAME	NUMBER	LATEST KEY	TURNOVER
		FINANCIALS
TESSENDERLO ITALIA S.R.L.	09921480159	31.12.2011	€34.014.620
TESSENDERLO PARTECIPAZIONI	12118590152	31.12.2016	€48.200
S.P.A.
TESSENDERLO GROUP NV	412101728	31.12.2016	€342.135.411
VYNOVA BELGIUM NV	415505042	31.12.2016	€522.913.746
TESSENDERLO FINANCE NV	878995984	31.12.2016	-
TEFIPAR	348531674	31.12.2016	€46.656
DYKA SAS	383115110	31.12.2014	€62.468.206
CORDEN PHARMA BERGAMO S.P.A.	01903340162	31.12.2015	€44.213.141
PRODUITS CHIMIQUES DE LOOS -	327744108	31.12.2016	€64.410.963
USINE FREDERIC KUHLMANN
ATEMAX FRANCE	501604755	31.12.2011	€36.984.442
PROFIALIS NV	437458023	31.12.2015	€16.998.800
P B GELATINS U.K. LIMITED	01477674	31.12.2016	£27.097.075
VYNOVA MAZINGARBE SAS	351563978	31.12.2016	€24.916.824
SOLEVAL FRANCE	501619878	31.12.2011	€75.536.143
AKIOLIS GROUP	536550056	31.12.2012	€33.740.177
TESSENDERLO CHEMIE	407247372	31.12.2016	-
INTERNATIONAL SA
MCPP FRANCE	063200604	31.03.2017	€87.618.532
TESSENDERLO NEDERLAND B.V.	24269462	31.12.2014	-
ETABLISSEMNTS RAYMOND DE	423392132	31.12.2016	-
GROODT NV
MCPP CLERVAL	538637455	31.03.2017	€27.596.631
1 2 3

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	17/10/2016
Street
Post code
Country
Name	Kris Van Damme
Position	Director
Start Date	17/10/2016
Street
Post code
Country
Name	Mohamed Takhim
Position	Managing Director
Start Date	12/04/2013
Street	16 Rue du 14 juillet Corroy-Le-Grand
Post code
Country	Belgium
Position	Director
Start Date	12/04/2013
Street	16 Rue du 14 juillet Corroy-Le-Grand
Post code
Country	Belgium
Name	Ivan Vos
Position	Director
Start Date	14/07/2015
Street	2 Tuierstraat Lommel
Post code	3920
Country	Belgium
Name	Sebastiaan Van Dooren
Position	Director
Start Date	12/04/2013
Street	52 TOVERBERG LEUVEN
Post code	3001
Country	Belgium
Name	Mathieu Kusters
Position	Director
Start Date	20/09/1995
Street	5 Frankenhof Rekem
Post code	3621
Country	Belgium
Former director details
Name	Umberto Zangari
Position	Managing Director
Start Date	20/09/1995
End Date	01/04/2015
Date of birth	04/11/1952
Street	22 BROEDER JUULSTRAAT GENK
Post code	3600
Country	Belgium
Position	Director
Start Date	20/09/1994
End Date	01/04/2015
Date of birth	04/11/1952
Street	22 BROEDER JUULSTRAAT GENK
Post code	3600
Country	Belgium
Name	Jean Deblaton
Position	Director
Start Date	20/09/1995
End Date	14/07/2015
Street	90 Overstraat Diest
Post code	3290
Country	Belgium
Name	André Muermans
Position	Director
Start Date	20/09/1995
End Date	14/07/2015
Date of birth	29/06/1963
Street	16 KEWITHSTRAAT LANAKEN
Post code	3620
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.82
Euro	1	INR 79.78

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

INFORMATION DETAILS

Analysis Done by :	DIV

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	218
Description	Additional national joint committee for the employees
category
Significant Events
Event Date	12/04/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 12-04-2013: Herbenoemd als bestuurder voor een termijn van zes jaar: Deblaton Jean-
	Marie, Kusters Mathieu, Muermans Andre en Zangari Umberto (tevens gedelegeerd bestuurder).

MIRA INFORM REPORT

Company summary

Company information

Financials

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit