3decades

MIRA INFORM REPORT

Report No. :	511299
Report Date :	26.05.2018

IDENTIFICATION DETAILS

Name :	MEBROM TECHNOLOGY NV

Registered Office :	Antwerpsesteenweg 45, 2830 Willebroek

Country :	Belgium

Financials (as on) :	31.10.2016

Date of Incorporation :	31.07.2007

Com. Reg. No.:	891282223

Legal Form :	Public Limited Company

Line of Business :	Manufacture of Plastics in Primary Forms

No. of Employees :	01

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Medium Risk

Business dealings permissible on a regular monitoring basis

Status :	Moderate

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 history

Business number 891282223

Branche Unit Number 2164278450

Company name MEBROM TECHNOLOGY NV

Address Antwerpsesteenweg 45

2830 Willebroek

Date of establishment 31/07/2007

Telephone number 3293419777

Mobile number -

Fax number 093419770

Liable for VAT Yes

VAT Number BE.0891.282.223 Check VAT number

Commentary

The business was established over 10 years ago.

The business has 1 employees.

Number of employees in the latest trading period decreased 67% on the previous trading period.

The business has changed its registered name recently.

The business has been at the address for over 2 years.

A 27% decline in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 58% during the latest trading period.

ANNUAL ACCOUNTS

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/10/2016		-10,564	125,740	230,481
31/10/2015	1,698,797	-74,446	135,047	320,552
31/10/2014	2,548,584	6,719	256,922	661,109

ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/10/2016	508,762	1	90,104	5,682
31/10/2015	703,120	3	90,104	-107,097
31/10/2014	1,371,152	11	90,104	15,808

Payment expectations
Past payments		Payment expectation days	-
Industry average payment expectation days	70.30	Industry average day sales outstanding	67.18
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS
Court action type	No
PROTESTED BILLS
Bill amount
NSSO DETAILS
Date of summons	--

Company accounts

Assets
Annual accounts	31-10-2016	%	31-10-2015	%	31-10-2014	%	31-10-2013	%	31-12-2011
Weeks	52		52		52		96		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	93,896	-7.08	101,050	207	32,872	-41.89	56,569	107	27,303
Intangible fixed assets	0	-100	1,249	-69.65	4,115	-	0	-	0
Tangible fixed assets	90,696	-6.11	96,601	235	28,757	-49.16	56,569	107	27,295
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	89,578	-5.68	94,976	646	12,718	-38.12	20,552	5.44	19,492
Furniture & Vehicles	1,118	-31.19	1,625	-89.87	16,039	-55.47	36,017	361	7,803
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	3,200	0	3,200	-	0	-	0	-100	8
Total current assets	414,866	-31.09	602,070	-55.01	1,338,280	1.05	1,324,419	-67.27	4,046,250
Inventories	23,330	-36.72	36,866	-74.85	146,572	-31.55	214,137	1.04	211,935
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-100	36,866	-74.85	146,572	-31.55	214,137	1.04	211,935
Other stocks	23,330	-	0	-	0	-	0	-	0
Trade debtors	196,422	-53.32	420,806	-59.51	1,039,280	39.92	742,783	-68.32	2,344,392
Other amounts receivable	191,335	37.27	139,390	1.85	136,860	-59.14	334,950	-62.05	882,614
Cash	740	-58.87	1,799	3659	48	-88.41	413	-99	573,733
Miscellaneous current assets	3,039	-5.31	3,209	-79.32	15,521	-51.70	32,136	-4.29	33,576
Total Assets	508,762	-27.64	703,120	-48.72	1,371,152	-0.71	1,380,988	-66.10	4,073,553
Liabilities
Total shareholders equity	125,740	-7.74	136,296	-47.79	261,037	-3.17	269,585	-2.88	277,569
Issued share capital	90,104	0	90,104	0	90,104	0.00	90,104	0	90,104
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	35,636	-22.85	46,192	-72.98	170,933	-4.76	179,481	-4.26	187,465
Provisions for Liabilities & Charges	0	-100	86,670	-62.36	230,250	-44.48	414,750	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	383,022	-20.23	480,154	-45.43	879,865	26.30	696,653	-81.65	3,795,984
Other long term loans	198,637	0	198,637	-2.00	202,694	1395	13,554	-	0
Other long term liabilities	0	-	0	-	0	-100	198,637	0	198,637
Total long term debts	198,637	-30.38	285,307	-34.10	432,944	-30.94	626,941	215	198,637
Current portion of long term debt	0	-100	4,057	-57.28	9,497	3.61	9,166	-	0
Financial debts	0	-	0	-	0	-	0	-	0
Trade creditors	81,094	-50.26	163,038	-64.84	463,660	76.53	262,646	-92.13	3,338,396
Amounts Payable for Taxes, Remuneration & Social Security	809	-96.98	26,791	-82.12	149,844	-5.38	158,364	44.18	109,838
Miscellaneous current liabilities	102,482	16.95	87,632	61.77	54,170	-0.21	54,286	-63.59	149,113
Total current liabilities	184,385	-34.50	281,518	-58.43	677,171	39.78	484,462	-86.53	3,597,347
Total Liabilities	508,762	-27.64	703,120	-48.72	1,371,152	-0.71	1,380,988	-66.10	4,073,553

RATIO ANALYSIS
TRADING PERFORMANCE
Profit Before Tax	-	-	-4.38	-1784	0.26	55.32	-0.47	-361	0.18
Return on capital employed	-3.26	18.46	-17.66	-1920	0.97	15.72	-6.17	-218	5.21
Return on total assets employed	-2.08	19.64	-10.59	-2261	0.49	12.25	-4.00	-755	0.61
Return on net assets employed	-8.40	15.38	-54.62	-2225	2.57	12.53	-20.51	-329	8.94
Sales / net working capital	-	-	5.30	37.31	3.86	-72.72	14.15	-52.90	30.04
Stock turnover ratio	-	-	2.17	-62.26	5.75	219	1.80	14.65	1.57
Creditor days	-	-	34.06	-49.35	67.24	739	8.01	-91.20	90.98
Debtor days	-	-	90.41	-39.26	148.84	552	22.81	-64.05	63.45
SHORT TERM STABILITY
Current ratio	2.25	5.14	2.14	8.08	1.98	-27.47	2.73	143	1.12
Liquidity ratio / acid ratio	2.12	5.47	2.01	14.20	1.76	-23.14	2.29	114	1.07
Current debt ratio	1.47	-28.99	2.07	-20.08	2.59	43.89	1.80	-86.11	12.96
Cashflow	5,682	5.31	-107,097	-777	15,808	-51.26	32,436	22.45	26,489
Net worth	125,740	-6.89	135,047	-47.44	256,922	-4.70	269,585	-2.88	277,569
LONG TERM STABILITY
Gearing	157.97	6.22	148.72	82.95	81.29	864	8.43	-	-
Equity in percentage	24.71	27.24	19.42	1.68	19.10	-2.15	19.52	186	6.81
Total debt ratio	3.05	-26.68	4.16	-2.12	4.25	3.16	4.12	-69.88	13.68
Working capital	230,481	-28.10	320,552	-51.51	661,109	-21.29	839,957	87.11	448,903

PROFIT & LOSS
Operating Income	-	-	1,782,122	-34.42	2,717,448	-77.48	12,066,546	-11.16	13,582,164
Turnover	-	-	1,698,797	-33.34	2,548,584	-78.56	11,885,807	-11.86	13,485,492
Total operating expenses	-	-	1,747,123	-30.58	2,516,822	-78.96	11,961,320	-10.69	13,392,846
Gross Operating Margin	111,361	-	-	-	-	-	-	-	-
Operating Charges	0	-100	1,830,448	-31.84	2,685,686	-77.88	12,142,059	-9.99	13,489,518
Employee costs	152,198	-58.71	368,570	-57.66	870,453	-50.19	1,747,551	71.57	1,018,584
Wages and salary	-	-	187,308	-67.81	581,805	-49.29	1,147,363	61.03	712,501
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	148,312	-31.19	215,544	-59.90	537,519	84.21	291,800
Other employee costs	152,198	361	32,949	-54.93	73,103	16.65	62,669	338	14,283
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	16,237	-7.98	17,645	-27.55	24,356	-39.74	40,420	63.85	24,669
Operating result	-4,455	9.22	-48,326	-252	31,762	42.06	-75,513	-181	92,646
Total financial income	330	-90.22	3,377	27.70	2,644	-97.28	97,106	-8.84	106,519
Total financial expenses	6,439	-78.17	29,497	6.54	27,687	-63.99	76,889	-55.90	174,342
Results on ordinary operations before taxation	-10,564	14.19	-74,446	-1208	6,719	12.15	-55,296	-322	24,823
Extraordinary Income	-	-	19,107	-	-	-	491,287	13936	3,500
Extraordinary Charges	-	-	69,052	-	-	-	414,750	56099	738
Extraordinary items	-	-	-49,945	-	-	-	76,537	2671	2,762
Results for the Year Before Taxation	-10,564	8.49	-124,392	-1951	6,719	-68.37	21,241	-23.00	27,585
Taxation	-9	-102	350	-97.71	15,267	-47.76	29,225	13.43	25,765
Results on ordinary operations after taxation	-10,555	14.11	-74,796	-775	-8,548	10.11	-84,521	-8872	-942
Net result	-10,555	8.46	-124,742	-1359	-8,548	-7.06	-7,984	-538	1,820
Profit (Loss) for the Year to be appropriated	-10,555	8.46	-124,742	-1359	-8,548	-7.06	-7,984	-538	1,820
Dividends	-	-	-	-	-	-	-	-	-

Social BALANCE SHEET DETAILS

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-10-2016
Full-time Employees	1
Part-time Employees	1
Total Fte Employees	1

Number of hours worked
Full-time Employees	1,090
Part-time Employees	726
Total	1,816

Personnel Charges
Full-time Employees	91,352
Part-time Employees	60,846
Total	152,198
Benefits In Addition To Wages	-

During the previous reporting year
Average number employees in Fte	3
Actual working hours	4,125
Personnel Charges	368,570
Benefits In Addition To Wages	-

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

Leavers

Industry comparison

Activity code

20160

Activity description

Manufacturer of plastics in primary forms

Payment Information

Payment Information Summary
Total number of Invoices available	13
Total number of Invoices paid within or up to 30 days after the due date	13
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

Payment expectations
Payment expectation days	--
Day sales outstanding	--

Industry comparison
Activity code	20160
Activity description	Manufacturer of plastics in primary forms
Industry average payment expectation days	70.30
Industry average day sales outstanding	67.18
Industry quartile analysis
Payment expectations
Company result	--
Lower	63.77
Median	49.98
Upper	35.73

Day sales outstanding
Company result	--
Lower	83.57
Median	54.78
Upper	37.26

Shareholder details

Group Structure

No group structure for this company.

Minority Shareholders

Business Number	Company Name	%	Date of Accounts
882823328	JEKRI BVBA	0.02	31/12/2017

Minority Interests

No minority interest found

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	Director
Start Date	19/10/2009
Street	260 SOI 62 LARDPRAO ROAD - WANGTHONGLANG
Post code	BANGKOK
Country	Thailand

Name	Dongmei Zheng
Name	JEKRI BVBA
Position	Director
Start Date	03/04/2009

Name	Jozef Geerts
Position	Permanent representative legal entity
Start Date	03/04/2009
Street	114 Donkstraat Puurs
Post code	2870
Country	Belgium

FORMER DIRECTOR DETAILS

Name	GASCO GROUP NV
Position	Managing Director
Start Date	31/07/2007
End Date	03/04/2009

Position	Director
Start Date	31/07/2007
End Date	03/04/2009
Street
Post code
Country
Name	Christiaan Trogh
Position	Director
Start Date	28/07/2008
End Date	01/06/2011
Country	Thailand

Name	JEKRI BVBA
Position	Director
Start Date	31/07/2007
End Date	28/07/2008

Name	Patrick Goossens
Position	Permanent representative legal entity
Start Date	31/07/2007
End Date	03/04/2009

Name	Jozef Geerts
Position	Permanent representative legal entity
Start Date	31/07/2007
End Date	28/07/2008
Street	114 Donkstraat Puurs
Post code	2870
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88
Euro	1	INR 78.95

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	TPT

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.

Business Number	891282223	Company Name	MEBROM TECHNOLOGY NV
Fax Number	093419770	Date Founded	31/07/2007
Company Status	active	Company Type	Public Limited Company
Currency	Euro (€)	Date of Latest Accounts	31/10/2016
Activity Code	20160	Number of Staff	1
Activity Description	Manufacture of plastics in primary forms
Belgian Bullettin Of Acts Publications	Moniteur Belge

Joint Industrial Committee (JIC)
JIC Code	116
Description Category	Joint committee for the chemical industry

JIC Code	207
Description Category	Joint committee for the employees off he chemical industry

Significant Events
Event Date	22/06/2015
Event Description	Registered as a basic management company

Event Details
Event Date	31/07/2007
Event Description	Legal creation