MIRA INFORM REPORT

 

 

Report Date :

20.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

EURO SHOE UNIE NV

 

 

Registered Office :

Lochtemanweg 15 3580   Beringen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

01.09.1948

 

 

Legal Form :

NV Public limited company

 

 

Line of Business :

Retail trade in shoes, leather goods, hand bags, textile articles and related articles

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

EUR 500.000 

 

 

Status :

Good

 

 

Payment Behaviour :

Average 5 days beyond terms

 

 

Litigation :

Clear

 

 

 

 

 

name & address

 

Euro Shoe Unie NV

Lochtemanweg 15

3580   BERINGEN

Tel.:+32 (0)11-854537

Fax.:+32 (0)11-854512

 

 

Legal status  

 

NV Public limited company [nat. law]

 

 

Founded

 

01/09/1948 as P.l.c.

Trade register                       60004357

Capital                                 nominal                               EUR                  20.000.000,--

                                           issued and paid up               EUR                  20.000.000,--

 

Management                        K. Vanaudenhove, Postbaan 99, 3290 Diest

P. Vanaudenhove, Leopoldvest 1, 3290 Diest

H. Leroi, Genkersteenweg 434, 3500 Hasselt

P. Vanaudenhove, Postbaan 81, 3290 Diest

L. Vanaudenhove, Begijnenstraat 66, 3290 Diest

O. Vanaudenhove, Postbaan 35, 3290 Diest 

C. Vanaudenhove, R.Four a Verre, 6142, F.-L Eveque

S. Vanaudenhove, M. Theysstraat 40, 3290 Diest

L. Draelants, Heerbaan 70-A, 3472 Kortenaken

Publi Decor BVBA, Keiberg 5, 3740 Dilsen

Rubicon NV, Markiezenlaan 1, 3210 Linden

Buchmann Optical Holding NV, Hoevensebaan 220-2, Kapellen

 

Accountants:

CV BDO Bedrijfsrevisoren

 

 

Activity                                Retail trade in shoes, leather goods, hand bags,

                                           textile articles and related articles.

                                          

                                          

Branch[es]:

-Grand-Rue 56,

 , 6791   AUBANGE

-Antwerpsestraat 4,

 , 2850   BOOM

-Stationsstraat 31,

 , 2950   KAPELLEN

-Grand`Rue 25,

 , 7860   LESSEN

-Rue Gretry 104,

 , 4020   LUIK

-Tweestationsstraat 6,

 , 1070   BRUSSEL

-Grand`Rue 70,

 , 6700   AARLEN

-Rue D`Arlon,

 , 6780   MESSANCY

-Avenue De La Belle Province,

 , 1420   EIGENBRAKEL

-Pauwengraaf 3537,

 , 3630   MAASMECHELEN

-August Van Landeghemstraat 29,

 , 2830   WILLEBROEK

+ 18 other branchoffice[s].

 

Trade name:

-Shoe Post

-Avance

-Shoe Discount

-Primo Avance

 

Staff                                    273 employees

 

Turnover                               Net turnover:

                                           2006  Euro                           124.483.006

                                           2005  Euro                           124.977.999

                                           2004  Euro                           121.965.994

Real estate                          The business premises at the mentioned address has been rented by the company, as far as we know.

 

 

Finances                             See balance sheet

                                          

Remarks                              Subsidiary[ies]:

-Euro Shoe Nederland BV,

Leeweg 2, 1161 AB  ZWANENBURG

 

 

Net result:

2006 Euro                                674.989

2005 Euro                                  21.474.991

2004 Euro                                638.995

 

The shareholders  equity was as of:

31/12/2006     Euro                     42.521.003

31/12/2005     Euro                     38.175.999

31/12/2004     Euro                     59.711.997

 

The working capital was as of:

31/12/2006     Euro                     21.927.992

31/12/2005     Euro                    (35.215.011)

31/12/2004     Euro                    (26.334.001)

 

Subject matter runs around 330 shops, of which 70 use the style

Avance (previously clled André Lux) and around 200 under the name

Shoe Discount and around 60 uinder the name of Shoes in the Box.

Import: France, Italy and Spain.

Subsidiaries:

PRIMO STADION NV,  (099%) Belgium

BRICO-TRADING NV,  (100%) Belgium

EURO-VANA NV,  (059%) Belgium

Style as suggested by you is a trading one.

 

 

Banks                                 ING Bank

                                           KBC Bank

 

VAT-nr.                                BE400942768

 

Mode of payment                  On average 5 days beyond terms.

 

Credit demand                      No objections against entering into a business relationship.

                                           A maximum credit limit of EUR 500.000  is advised

 

 

To:

Re:

Mira Inform Private Limited

Euro Shoe Unie NV

1-A, Ground Floor, Neelambuj, Kamal Apartments, Shankar Lane, Kandivli (West),

Lochtemanweg 15

IN - 400 067  MUMBAI, INDIA

3580   BERINGEN

 

Tel.:+32 (0)11-854537

 

Fax.:+32 (0)11-854512

The following financial data is retrieved from the

corporate balance sheet of :

 

Euro Shoe Unie NV

Lochtemanweg 15, 3580   BERINGEN

Trade register                                                             60004357

----------------------------------------------------------------------------------------------------------------

Euro Shoe Unie NV       ***   BALANCE SHEET   ***

Corporate in                                              Euro(x 1)                         Euro(x 1)

                                                                 ---31-12-2005---               ------31-12-2006---

 

Intangible assets                                              870.007                              4.725.991

Tangible assets                                                 70.988.996                      59.050.989

Financial assets                                                24.490.988                      12.665.996

Miscellaneous fixed assets                                   0                                    0

 Total fixed assets                                                  96.349.991                      76.443.992

 

Stock                                                                30.982.997                      30.373.997

Receivables                                                         8.639.015                      29.494.000

Shares                                                                0                                    0

Liquid assets                                                   733.988                           723.006

Miscellaneous current assets                               0                                    0

 Total current assets                                               40.356.000                      60.591.003

 

Shareholders  equity                                          38.175.999                      42.521.003

Provisions                                                           1.994.006                        3.509.007

Long-term liabilities                                            20.965.000                      52.341.007

Current liabilities                                                75.571.011                      38.663.011

Minority interests                                                 0                                    0

Miscellaneous liabilities                                        0                                    0

 Total liabilities                                                      134.712.009                    133.524.997

 

To:

Re:

Mira Inform Private Limited

Euro Shoe Unie NV

1-A, Ground Floor, Neelambuj, Kamal Apartments, Shankar Lane, Kandivli (West),

Lochtemanweg 15

IN - 400 067  MUMBAI, INDIA

3580   BERINGEN

 

Tel.:+32 (0)11-854537

 

Fax.:+32 (0)11-854512

 

----------------------------------------------------------------------------------------------------------------

Euro Shoe Unie NV ***   PROFIT & LOSS ACCOUNT   ***

Corporate in                                              Euro(x 1)                         Euro(x 1)

                                                                 ---31-12-2005---               ------31-12-2006---

 

Turnover                                                          124.977.999                    124.483.006

Other income                                                     10.302.009                      11.691.997

Total expenses                                                131.770.009                    133.797.010

Operating profit                                                         3.509.999                        2.377.993

 

Balance financial P/L                                          -2.550.006                       -3.066.988

Net profit/loss 1]                                                   959.992                         -688.995

 

Taxation                                                              0                                 992

Share in P/L of subsidiaries                                  0                                    0

Net profit/loss 2]                                                   959.992                         -689.987

 

Balance extraordinary P/L                                  -22.527.994                        7.620.991

Taxation                                                              0                                    0

Extraordinary P/L 2]                                               -22.527.994                        7.620.991

 

Res. sub. companies 2]                                       0                                    0

Minority interests                                               61.007                              0

Miscellaneous P/L                                               0                                    0

Net result                                                               21.474.991                    674.989

 

----------------------------------------------------------------------------------------------------------------

Legend :                                                             1] = Before tax

                                                                          2] = After tax                    


 

To:

Re:

Mira Inform Private Limited

Euro Shoe Unie NV

1-A, Ground Floor, Neelambuj, Kamal Apartments, Shankar Lane, Kandivli (West),

Lochtemanweg 15

IN - 400 067  MUMBAI, INDIA

3580   BERINGEN

 

Tel.:+32 (0)11-854537

 

Fax.:+32 (0)11-854512

 

----------------------------------------------------------------------------------------------------------------

Euro Shoe Unie NV            ***   FINANCIAL RATIOS   ***

                                                                   -----2005-----                     -----2006-----

 

EQUITY         %

Equity gearing                                                 27,9                                   31

Equity/outside capital                                      38,7                                   45

 

LIQUIDITY

Current ratio                                                     0,5                                  1,6

Acid test                                                          0,1                                  0,8

 

RATES OF RETURN %

Total assets                                                     0,7                                 -0,5

Shareholders  equity                                         2,5                                 -1,6

 

Pre tax margin  %                                             0,8                                 -0,6

Turnover rate                                                   91,4                                90,8

                                                                      (x 1)                                (x 1)

                                                        --------------------                  --------------------

Working capital                                                 -35.215.011                      21.927.992

Shareholders  equity + Equalization acc.             38.175.999                      42.521.003

 

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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