3decades

MIRA INFORM REPORT

Report No. :	486293
Report Date :	15.01.2018

IDENTIFICATION DETAILS

Name :	INDEPENDENT IODINE EUROPE NV

Registered Office :	Hoogeind 43, 2940 Stabroek

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	21.09.2000

Com. Reg. No.:	472861142

Legal Form :	Public limited company

Line of Business :	Wholesale of chemical products for industrial use

No. of Employees :	4

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. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. Belgium is 100% 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.

Belgium’s GDP grew by 1.4% in 2016, unemployment at yearend was 8.4%, and the budget deficit was 2.7% of GDP. The economy largely recovered from the March 2016 terrorist attacks, which 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 107% 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 tax policy, 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.

Source : CIA

COMPANY NAME

INDEPENDENT IODINE EUROPE NV

Company summary

Business number	472861142
Branche Unit Number	2115986704
Company name	INDEPENDENT IODINE EUROPE NV
Address	HOOGEIND 43
	2940 STABROEK
Date of establishment	21/09/2000
Telephone number	3232542239
Mobile number	-
Fax number	036201893
Liable for VAT	yes
VAT Number	BE.0472.861.142 Check VAT number

Ultimate holding company

Company name	Company Number
INDEPENDENT IODINE HOLDING BVBA	894579233

Commentary

The business was established over 17 years ago. The business has 4 employees.

The business is part of a group.

The business has been at the address for over 4 years.

The business saw a decrease in their Cash Balance of 38% during the latest trading period.

Turnover in the latest trading period decreased 21% on the previous trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	43,056,821	672,275	2,263,778	1,997,979
31/12/2015	55,075,156	658,318	2,044,786	1,705,118
31/12/2014	43,216,075	185,654	1,815,492	1,412,577
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	15,036,116	4	124,000	686,089
31/12/2015	15,829,016	4	124,000	651,264
31/12/2014	9,724,944	6	124,000	182,605

Payment expectations

Past payments		Payment expectation days	57.80
Industry average payment	76.03	Industry average day sales	101.50
expectation days		outstanding
Day sales outstanding	94.01

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	116
Description	Joint committee for the chemical industry
category
JIC Code	207
Description	Joint committee for the employees off he chemical industry
category
Significant Events
Event Date	03/06/2013
Event Description	re-appointment of director(s)
Event Details	Commentaar 03-06-2013: Herbenoemd als bestuurder en gedelegeerd bestuurder tot na de jaarvergadering van 2019 : Independent Iodine Holding BVBA.
Event Date	21/09/2000
Event Description	Legal creation
Event Details

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	459,229	-18.64	564,445	-18.36	691,395	-7.23	745,302	125	330,585
Intangible fixed assets	1,544	-50.50	3,119	43.04	2,180	-34.17	3,312	-	0
Tangible fixed assets	457,685	-17.23	552,992	-18.39	677,564	-7.23	730,364	123	326,385
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	17,408	325	4,091	-23.70	5,361	96.78	2,724	855	285
Furniture & Vehicles	366,455	-22.04	470,032	-20.41	590,576	-17.50	715,814	392	145,227
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	73,822	-6.40	78,869	-3.38	81,627	590	11,826	-93.46	180,873
Financial fixed assets	0	-100	8,334	-28.47	11,651	0.22	11,625	176	4,200
Total current assets	14,576,887	-4.51	15,264,571	68.98	9,033,549	-45.90	16,696,496	-26.96	22,859,609
Inventories	0	-	0	-100	21,349	19.97	17,796	-72.63	65,022
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-100	21,349	19.97	17,796	-72.63	65,022
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	11,089,286	-5.81	11,772,718	87.11	6,291,806	-51.98	13,102,980	-27.86	18,164,010
Other amounts receivable	2,031,107	74.19	1,166,013	77.13	658,275	-54.78	1,455,720	370	309,224
Cash	1,359,848	-38.08	2,196,068	14.69	1,914,748	147	772,446	-81.74	4,229,988
Miscellaneous current assets	96,645	-25.53	129,773	-11.94	147,371	-33.70	222,270	143	91,365
Total Assets	15,036,116	-5.01	15,829,016	62.77	9,724,944	-44.24	17,441,798	-24.79	23,190,194
Liabilities
Total shareholders equity	2,265,321	10.62	2,047,905	12.67	1,817,672	-2.69	1,867,883	24.17	1,504,280
Issued share capital	124,000	0	124,000	0	124,000	0	124,000	0	124,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	2,141,321	11.30	1,923,905	13.59	1,693,672	-2.88	1,743,883	26.34	1,380,280
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	12,770,794	-7.33	13,781,112	74.28	7,907,272	-49.23	15,573,915	-28.18	21,685,914
Other long term loans	191,886	-13.43	221,659	-22.58	286,300	-11.63	323,976	533	51,167
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	191,886	-13.43	221,659	-22.58	286,300	-11.63	323,976	533	51,167
Current portion of long term debt	103,466	-4.71	108,585	6.35	102,101	-7.62	110,524	152	43,857
Financial debts	5,262,178	406	1,038,379	-36.20	1,627,592	114	758,103	-87.32	5,980,644
Trade creditors	6,717,083	-44.24	12,045,822	109	5,759,912	-56.24	13,163,463	-8.87	14,444,072
Amounts Payable for Taxes,	83,881	3.34	81,171	110	38,540	-0.21	38,622	-20.40	48,523
Remuneration & Social Security
Miscellaneous current liabilities	412,300	44.42	285,496	207	92,827	-92.13	1,179,227	5.51	1,117,651
Total current liabilities	12,578,908	-7.23	13,559,453	77.92	7,620,971	-50.03	15,249,939	-29.51	21,634,747
Total Liabilities	15,036,116	-5.01	15,829,016	62.77	9,724,944	-44.24	17,441,798	-24.79	23,190,194
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	1.56	30.0	1.20	179	0.43	-62.28	1.14	-39.68	1.89
Return on capital employed	27.36	-5.69	29.01	228	8.82	-74.74	34.91	-63.82	96.49
Return on total assets employed	4.47	7.45	4.16	117	1.91	-56.49	4.39	-32.15	6.47
Return on net assets employed	29.68	-7.68	32.15	214	10.21	-75.08	40.97	-58.94	99.77
Sales / net working capital	21.55	-33.28	32.30	5.59	30.59	-33.89	46.27	-28.46	64.68
Stock turnover ratio	-	-	-	-	0.05	66.67	0.03	-62.50	0.08
Creditor days	57.80	-28.44	80.77	65.17	48.90	-32.62	72.57	6.91	67.88
Debtor days	94.01	20.49	78.02	46.82	53.14	-25.63	71.45	-14.62	83.68
SHORT TERM STABILITY
Current ratio	1.16	2.65	1.13	-5.04	1.19	9.17	1.09	2.83	1.06
Liquidity ratio / acid ratio	1.16	2.65	1.13	-4.24	1.18	8.26	1.09	3.81	1.05
Current debt ratio	5.55	-16.16	6.62	58.00	4.19	-48.65	8.16	-43.25	14.38
Cashflow	686,089	5.35	651,264	256	182,605	-78.07	832,494	-36.94	1,320,180
Net worth	2,263,778	10.71	2,044,786	12.63	1,815,492	-2.63	1,864,571	23.95	1,504,280
LONG TERM STABILITY
Gearing	245.33	267	66.83	-39.74	110.91	73.70	63.85	-84.19	403.89
Equity in percentage	15.07	16.46	12.94	-30.80	18.70	74.60	10.71	65.02	6.49
Total debt ratio	5.64	-16.20	6.73	54.71	4.35	-47.84	8.34	-42.16	14.42
Working capital	1,997,979	17.18	1,705,118	20.71	1,412,577	-2.35	1,446,557	18.10	1,224,862
Profit & loss
Operating Income	43,168,547	-21.79	55,196,524	27.40	43,324,770	-35.41	67,079,697	-15.43	79,316,366
Turnover	43,056,821	-21.82	55,075,156	27.44	43,216,075	-35.43	66,932,176	-15.52	79,228,850
Total operating expenses	42,418,748	-22.08	54,438,382	26.62	42,993,400	-35.06	66,206,091	-14.76	77,673,074
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	43,166,083	-20.88	54,559,751	26.58	43,102,094	-35.04	66,353,611	-14.67	77,760,589
Employee costs	151,175	-5.39	159,794	-36.23	250,559	9.75	228,299	18.74	192,275
Wages and salary	106,452	-2.17	108,814	-39.26	179,141	1.68	176,174	19.44	147,494
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	36,138	-20.53	45,476	-25.02	60,653	25.20	48,446	42.57	33,981
Other employee costs	8,585	55.99	5,503	-48.87	10,764	192	3,679	-65.94	10,799
Director remuneration	-	-	-	-	717,406	-7.24	773,375	-	-
Amortization and depreciation	131,390	-3.64	136,350	-2.60	139,988	62.26	86,273	35.48	63,679
Operating result	638,073	0.20	636,773	185	222,676	-69.33	726,085	-53.33	1,555,777
Total financial income	78,472	80.57	43,458	-56.92	100,871	3.26	97,689	926	9,520
Total financial expenses	46,735	113	21,914	-84.11	137,892	135	58,537	-9.25	64,501
Results on ordinary operations	672,275	2.12	658,318	254	185,654	-75.74	765,237	-49.01	1,500,796
before taxation
Extraordinary Income	4,753	188	1,650	415	320	-99	79,392	296	20,028
Extraordinary Charges	2,465	-97.28	90,603	-26.94	124,004	868	12,804	48.82	8,604
Extraordinary items	2,289	2.57	-88,953	71.92	-123,684	-285	66,588	482	11,424
Results for the Year Before	674,563	18.48	569,364	818	61,970	-92.55	831,825	-44.99	1,512,220
Taxation
Taxation	119,865	120	54,450	181	19,354	-77.39	85,603	-66.52	255,720
Results on ordinary operations after taxation	552,410	-8.52	603,868	263	166,301	-75.53	679,633	-45.41	1,245,076
Net result	554,699	7.73	514,914	1108	42,617	-94.29	746,221	-40.61	1,256,500
Profit (Loss) for the Year to be appropiated	554,699	7.73	514,914	1108	42,617	-94.29	746,221	-21.98	956,500
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2016
Full-time Employees		2
Part-time Employees		2
Total Fte Employees		4
Number of hours worked
Full-time Employees		3,526
Part-time Employees		2,798
Total		6,324
Personnel Charges
Full-time Employees		84,289
Part-time Employees		66,886
Total		151,175
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		4
Actual working hours		6,503
Personnel Charges		159,794
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	2	2	4
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	1	-	1
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	1	2	3
university)
Higher education	-	-	-
(university)
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	2	2
Blue collar worker	2	-	2
Other	-	-	-
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	-	-	-
Leavers	-	-	-
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	46751
Activity description	Wholesale of chemical products for industrial use

Payment Information

Payment Information Summary
Total number of Invoices available	8
Total number of Invoices paid within or up to 30 days after the due date	8
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	57.80
Day sales outstanding	94.01
Industry comparison
Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment	76.03
expectation days
Industry average day sales	101.50
outstanding

Industry quartile analysis
Payment expectations
Company result	57.80
Lower	81.19
Median	44
Upper	29.36

Day sales outstanding

Company result	94.01
Lower	96.26
Median	69.35
Upper	46.70

Shareholder Details

Summary
Group - Number of Companies	4
Linkages - Number of Companies	0
Number of Countries	0

Group Structure
Company name	Number	Latest
		financials
- INDEPENDENT IODINE HOLDING BVBA	894579233	31-12-2016
- - INDEPENDENT IODINE EUROPE NV	472861142	31-12-2016
- - INDEPENDENT IODINE CHINA
- - INDEPENDENT IODINE USA

Minority Shareholders
Business	Company name	%	Date of
number			accounts
451876478	HDT NV	18.85	31/12/2016

Minority Interests

No minority interests found

Linked Companies

Summary

Group - Number of Companies	4
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	01/01/2008
Date of birth	02/04/1960
Street	43 HOOGEIND STABROEK
Post code	2940
Country	Belgium
Name	Dirk Schouteden
Position	Director
Start Date	01/01/2002
Date of birth	02/04/1960
Street	43 HOOGEIND STABROEK
Post code	2940
Country	Belgium
Position	Permanent representative legal entity
Start Date	01/01/2008
Date of birth	02/04/1960
Street	43 HOOGEIND STABROEK
Post code	2940
Country	Belgium
Name	INDEPENDENT IODINE HOLDING BVBA
Position	Director
Start Date	01/01/2008
Name	CARLOS DE URRUTICOECHEA SARTORIUS
Position	Director
Start Date	01/01/2005
Street	702 AVENIDA EL GOLF 99 OFFICINA
Post code	0
Country	Chile
Current mandates in other companies
Name	IODINE REACH CONSORTIUM
Business number	828073360
Position	Founder of an unincorporated entity
Start Date	01/07/2010
Former director details
Name	ANGEL MBUYI KASONGO
Position	Director
Start Date	01/09/2004
End Date	31/03/2008
Street	40 HORTENSIADREEF KALMTHOUT
Post code	2920
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53
Euro	1	INR 77.50

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

INFORMATION DETAILS

Analysis Done by :	PRA

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

Linked Companies

Director details

Unit