MIRA INFORM REPORT

Report Date :

25.08.2011

IDENTIFICATION DETAILS

Name :	RAGOLLE NV
Registered Office :	Vichtseweg 123 Waregem, Post Code 8790
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	18.10.1960
Com. Reg. No.:	405436442
Legal Form :	Public Limited Liability Company
Line of Business :	Textile Weaving

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	1.950.000 (€)
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Company name & address

Business number	405436442	Company name	RAGOLLE NV
Address	VICHTSEWEG 123 WAREGEM	Telephone number	056777479
Post code	8790	Fax number	056775728
Date of establishment	18/10/1960	Number of staff	20

Credit information

Company status	Active
Credit Limit (€)	1.950.000
Purchase Limit	9.400.000

Holding company

Safe Number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	53,694,567	799,837	18,529,365
31/12/2009	37,506,627	92,446	17,652,995
31/12/2008	41,687,384	36,397	15,853,997

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	76.59
Industry average payment expectation days	68.19	Industry average day sales outstanding	80.43
Day sales outstanding	64.64

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Court data summary

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

Business number	405436442	Company name	RAGOLLE NV
Fax number	056775728	Date founded	18/10/1960
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	13200	liable for VAT	yes
Activity description	Textile weaving	VAT Number	BE.0405.436.442
Belgian Bullettin of Acts Publications	moniteur belge

Latest branch details

Street	-	Entry date	-
House or po box number	-	Trade register number	-
City	-
Post code	-

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 20 TO 49 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	120
Description	Joint committee for the textile industry and knitting
category

JIC Code	214
Description	JC for the employees in the textile industry and the knitting
category

Significant Events

Event Date	26/05/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 26-05-2007: Op de algemene vergadering werd beslist volgende bestuurders te herbenoemen voor een periode van 6 jaar: Alfred Ragolle (tevens gedelegeerd bestuurder), Maria Denolf, Jean-Marie Ragolle.

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	53,694,567	43.16	37,506,627	-10.03	41,687,384	20,520,548	161
Total operating expenses	51,094,755	40.25	36,430,728	-11.00	40,934,673	19,685,012	159
Operating result	2,599,812	141	1,075,899	42.94	752,711	101,285	2466
Total financial income	323,340	274	86,445	-76.45	367,110	48,086	572
Total financial expenses	2,123,315	98.46	1,069,898	-1.25	1,083,425	90,357	2249
Results on ordinary operations before taxation	799,837	765	92,446	153	36,397	60,305	1226
Taxation	33,171	-	-	-	-	56,550	-41.34
Results on ordinary operations after taxation	766,666	729	92,446	153	36,397	27,182	2720
Extraordinary items	109,704	-93.57	1,706,552	10386	-16,430	32,568	236
Other appropriations	0.00	-	0.00	0.00	-1	-	-
Net result	876,370	-51.29	1,798,998	8910	19,966	60,007	1360
OTHER INFORMATION
Dividends	-	-	-	-	-	874,686	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	1,802,976	-5.07	1,899,365	2.29	1,856,899	1,064,739	69.34
Wages and salary	1,224,101	-4.47	1,281,422	-0.24	1,284,514	755,047	62.12
Employee pension costs	-	-	-	-	-	5,969	-
Social security contributions	526,186	-8.13	572,746	7.61	532,246	280,511	87.58
Other employee costs	52,689	16.58	45,197	12.60	40,140	54,036	-2.49
Amortization and depreciation	494,881	-20.85	625,259	-9.33	689,593	108,176	357

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	14,615	-100
Tangible fixed assets	5,720,426	-0.47	5,747,319	-8.96	6,312,755	620,663	821
Land & building	5,071,494	5.13	4,824,154	-6.40	5,154,249	405,202	1151
Plant & machinery	501,134	-26.50	681,819	-19.87	850,928	223,950	123
Other tangible assets	147,798	-38.76	241,347	-21.53	307,578	154,509	-4.34
Financial fixed assets	23,603	-13.54	27,299	-13.72	31,641	355,641	-93.36
Total fixed assets	5,744,029	-0.53	5,774,618	-8.98	6,344,395	775,686	640
Inventories	8,109,135	22.15	6,638,881	-12.73	7,607,551	992,663	716
Raw materials & consumables	6,908,291	32.21	5,225,433	-14.49	6,111,227	1,766,484	291
Work in progress	138,509	-18.96	170,918	57.29	108,666	78,470	76.51
Finished goods	1,062,336	-14.50	1,242,530	-10.46	1,387,659	152,952	594
Other stocks	0	-	0	0	-1	201,709	-100
Trade debtors	9,509,725	12.89	8,424,050	-10.39	9,401,144	570,582	1566
Cash	5,097,435	-12.58	5,830,658	144	2,381,859	277,736	1735
other amounts receivable	1,436,400	18.69	1,210,261	92.08	630,090	132,302	985
Miscellaneous current assets	4,044,775	59.70	2,532,722	4606	53,808	225,482	1693
Total current assets	28,197,469	14.45	24,636,571	22.73	20,074,452	1,796,044	1469
CURRENT LIABILITIES
Trade creditors	10,721,660	48.69	7,210,724	19.53	6,032,430	611,737	1652
Short term group loans	-	-	-	-	-	-	-
Other short term loans	219	-34.74	336	-99	103,915	126,525	-99
Miscellaneous current liabilities	2,211,320	-21.53	2,818,199	97.83	1,424,570	532	- -
Total current liabilities	12,933,199	28.95	10,029,259	32.65	7,560,915	1,061,730	1118
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,478,935	0	2,478,935	-9.99	2,753,935	431	- -
Other long term liabilities	0	-100	250,000	0	250,000	78,509	-100
Total long term debts	2,478,935	-9.16	2,728,935	-9.15	3,003,935	284,998	769
SHAREHOLDERS EQUITY
Issued share capital	1,865,399	0	1,865,399	0.00	1,865,399	332,282	461
Share premium account	-	-	-	-	-	6,332	-
Reserves	16,663,966	5.55	15,787,596	12.86	13,988,598	851,342	1857
Revaluation reserve	-	-	-	-	-	187,639	-
Total shareholders equity	18,529,365	4.96	17,652,995	11.35	15,853,997	1,202,840	1440
Working capital	15,264,270	4.50	14,607,312	16.73	12,513,537	734,314	1978
Net worth	18,529,365	4.96	17,652,995	11.35	15,853,997	1,188,225	1459

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	1.49	496	0.25	177	0.09	1,00	49.00
Return on capital employed	3.81	746	0.45	136	0.19	-3,00	127
Return on total assets employed	2.36	686	0.30	114	0.14	-5,00	47.20
Return on net assets employed	4.32	730	0.52	126	0.23	-13,00	33.23
Sales / net working capital	3.52	36.96	2.57	-22.82	3.33	-7,00	-99
Stock turnover ratio	15.10	-14.69	17.70	-3.01	18.25	81,00	-81.36
Debtor days	64.64	-21.15	81.98	-0.40	82.31	56,00	15.43
Creditor days	76.59	6.02	72.24	34.30	53.79	67,00	14.31
SHORT TERM STABILITY
Current ratio	2.18	-11.38	2.46	-7.52	2.66	14,00	-
Liquidity ratio / acid ratio	1.55	-13.41	1.79	8.48	1.65	13,00	-88.08
Current debt ratio	0.70	22.81	0.57	18.75	0.48	0,00	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	13.38	-4.70	14.04	-22.13	18.03	49,00	-72.69
Equity in percentage	54.59	-5.96	58.05	-3.27	60.01	31,00	76.10
Total debt ratio	0.83	15.28	0.72	7.46	0.67	1,00	-17.00

Limit History

date	Credit limit
07/07/2011	1,200,000

Industry comparison

Activity code	13200
Activity description	Textile weaving
Industry average credit limit	45766.17

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	76.59
Day sales outstanding	64.64

Industry comparison

Activity code	13200
Activity description	Textile weaving
Industry average payment expectation days	68.19
Industry average day sales outstanding	80.43

Industry quartile analysis

Payment expectations
Company result	76.59
Lower	96.02
Median	75.28
Upper	54.36
Day sales outstanding
Company result	64.64
Lower	83.22
Median	62.11
Upper	30.11

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Summary

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

Holding company

No holding companies found

Subsidiaries

No subsidiary companies found

Companies that match this address

Business number	Company name	Limit	Date of accounts
455429549	FLANDERS WEAVERS IN VEREFFENING NV	-	-

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	405436442
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	JEAN-MARIE RAGOLLE
Position	Managing Director
Street	72 BLAUWE-ZWAANSTRAAT WAREGEM
Post code	8790
Country	Belgium
Name	JEAN-MARIE RAGOLLE
Position	Director
Street	72 BLAUWE-ZWAANSTRAAT WAREGEM
Post code	8790
Country	Belgium

Name	ROSELINE RAGOLLE
Position	Director
Date of birth	11/01/1967
Street	186 WAREGEMSESTEENWEG KRUISHOUTEM
Post code	9770
Country	Belgium
Name	MYRIAM RAGOLLE
Position	Chairman of the Board
Street	68 VICHTSEWEG WAREGEM
Post code	8790
Country	Belgium

Name	MYRIAM RAGOLLE
Position	Director
Street	68 VICHTSEWEG WAREGEM
Post code	8790
Country	Belgium

Former director details

Name	ALFRED RAGOLLE
Position	Director
Street	129 VICHTSEWEG WAREGEM
Post code	8790
Country	Belgium
Name	MARIA DENOLF
Position	Director
Date of birth	15/04/1933
Street	129 VICHTSEWEG WAREGEM
Post code	8790
Country	Belgium

Name	MARIA DENOLF
Position	Managing Director
Date of birth	15/04/1933
Street	129 VICHTSEWEG WAREGEM
Post code	8790
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.77
UK Pound	1	Rs.75.58
Euro	1	Rs.65.97

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	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
----	NB	New Business	----

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.