MIRA INFORM REPORT

Report Date :

10.12.2011

IDENTIFICATION DETAILS

Name :	TISSAGE DE KALKEN NV
Registered Office :	Veldmeersstraat 35 Laarne 9270
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	01.04.1993
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Not Available
No. of Employees :	50

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 :	210.000€
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Belgium	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

Business number	449662405	Company name	TISSAGE DE KALKEN NV
Address	VELDMEERSSTRAAT 35 LAARNE	Telephone number	093657878
Post code	9270	Fax number	093698962
Date of establishment	01/04/1993	Number of staff	50

Business number	449662405	Company name	TISSAGE DE KALKEN NV
Fax number	093698962	Date founded	01/04/1993
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	17000	liable for VAT	yes
Activity description	-	VAT Number	BE.0449.662.405
Belgian Bullettin of Acts Publications	moniteur belge

CREDIT RECOMENDATION

Current Credit Limit: 210.000€

DIRECTORS/MANAGEMENT

Current director details

Name	JOËLLE BÉATRICE PIERRETTE STARQUIT
Position	Director
Date of birth	02/07/1973
Street	45 HEYDENBERGLAAN BRUSSEL
Post code	1200
Country	Belgium
Name	ANNETTE VAN DRIESSCHE
Position	Director
Street	2 EIKSTRAAT GAVERE
Post code	9890
Country	Belgium

Name	SOCOFI NV
Position	Director
Date of birth	18/06/1987
Street	3 LAGEN HEIRWEG LAARNE
Post code	9270
Country	Belgium
Name	INTERNATIONAL CONSULTING SERVICE NV
Position	Managing Director
Date of birth	19/06/1989
Street	34 DELLA FAILLEDREEF DEINZE
Post code	9800
Country	Belgium

Name	ERIC ANDRÉ CHARLES VAN DROOGENBROECK
Position	Chairman of the Board
Date of birth	05/05/1969
Street	1 MAGNOLIASDREEF KRAAINEM
Post code	1950
Country	Belgium
Name	INTERNATIONAL CONSULTING SERVICES
Position	Managing Director
Street
Post code
Country

Name	INTERNATIONAL CONSULTING SERVICES
Position	Director
Street
Post code
Country

Former director details

Name	DIDIER JEAN PHILIPPE STEENHAUT
Position	Director
Date of birth	18/07/1957
Street	5 HOENDERSTRAAT DESTELBERGEN
Post code	9070
Country	Belgium
Name	DIDIER JEAN PHILIPPE STEENHAUT
Position	Managing Director
Date of birth	18/07/1957
Street	5 HOENDERSTRAAT DESTELBERGEN
Post code	9070
Country	Belgium

Name	LIEVEN GERARD MARIA CUVELIER
Position	Chairman of the Board
Date of birth	27/12/1954
Street	19 KAPELLENHOFLAAN ZOERSEL
Post code	2980
Country	Belgium
Name	LIEVEN GERARD MARIA CUVELIER
Position	Director
Date of birth	27/12/1954
Street	19 KAPELLENHOFLAAN ZOERSEL
Post code	2980
Country	Belgium

Name	MARTIN BOWN
Position	Director
Street	34 DELLA FAILLEDREEF DEINZE
Post code	9800
Country	Belgium
Name	MARTIN BOWN
Position	Managing Director
Street	34 DELLA FAILLEDREEF DEINZE
Post code	9800
Country	Belgium

Name	RENE SMITS
Position	Chairman of the Board
Street	6 CHRISTINESTRAAT VIANEN
Post code	4132 XT
Country	The Netherlands
Name	RENE SMITS
Position	Director
Street	6 CHRISTINESTRAAT VIANEN
Post code	4132 XT
Country	The Netherlands

Name	FORBES SINGER
Position	Chairman of the Board
Street
Post code
Country	United Kingdom
Name	GHISLAIN THIJS
Position	Director
Street
Post code
Country

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Protested bills

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

NSSO details

Business number	449662405
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

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	43.94
Industry average payment expectation days	18.02	Industry average day sales outstanding	40.10
Day sales outstanding	78.04

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	43.94
Day sales outstanding	78.04

Industry comparison

Activity code	17000
Activity description	-
Industry average payment expectation days	18.02
Industry average day sales outstanding	40.10

Industry quartile analysis

Payment expectations	View graph
Company result	43.94
Lower	63.57
Median	30.02
Upper	14.48
Day sales outstanding	View graph
Company result	78.04
Lower	35.34
Median	12.22
Upper	5.83

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

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

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	8,610,866	-315,328	2,945,187
31/12/2009	8,618,084	-443,919	2,887,574
31/12/2008	10,386,852	-56,636	3,108,068

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	9,798,649	3,314	3,573,780	142,389	47
31/12/2009	10,814,060	4,064	3,573,780	88,431	52
31/12/2008	11,006,233	3,252	3,573,780	219,279	52

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	8,610,866	-0.08	8,618,084	-17.03	10,386,852	4,386,921	96.28
Total operating expenses	8,751,236	-1.05	8,843,707	-13.96	10,278,675	4,465,567	95.97
Operating result	-140,370	62.21	-225,623	-308	108,177	-78,645	-78.49
Total financial income	40,805	55.21	26,290	-32.22	38,785	31,438	29.80
Total financial expenses	215,763	-11.78	244,586	20.13	203,598	82,620	161
Results on ordinary operations before taxation	-315,328	71.03	-443,919	-683	-56,636	-129,827	-142
Taxation	33,701	38.09	24,405	-80.65	126,101	53,928	-37.51
Results on ordinary operations after taxation	-349,029	74.53	-468,324	-156	-182,737	-176,051	-98.25
Extraordinary items	0	0	-160,000	-	0	260,852	-100
Other appropriations	10502	-10.16	11690	1519	722	-	-
Net result	-338,527	54.90	-616,634	-238	-182,015	86,319	-492
other information
Dividends	-	-	-	-	200,000	153,481	-
Director remuneration	-	-	-	-	-	0	-
Employee costs	2,383,910	3.37	2,306,159	-7.31	2,487,916	1,012,503	135
Wages and salary	1,726,157	4.51	1,651,644	-9.11	1,817,197	811,688	112
Employee pension costs	-	-	-	-	-	0	-
Social security contributions	495,121	1.36	488,455	-1.05	493,618	253,144	95.59
Other employee costs	162,632	-2.06	166,060	-6.23	177,101	99,790	62.97
Amortization and depreciation	878,214	1.35	866,520	-2.45	888,288	232,068	278

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	2,394,491	-	2,793,572	-	3,192,654	342,070	600
Tangible fixed assets	3,728,244	-5.30	3,936,787	-1.60	4,000,708	916,426	306
Land & building	3,252,259	-7.02	3,497,800	-2.64	3,592,516	716,579	353
Plant & machinery	163,761	-4.93	172,255	368	36,730	120,998	35.34
Other tangible assets	312,224	17.06	266,732	-28.19	371,462	84,870	267
Financial fixed assets	3,314	-18.45	4,064	24.97	3,252	1,055	214
Total fixed assets	6,126,049	-9.03	6,734,423	-6.42	7,196,614	1,316,564	365
Inventories	1,529,631	4.14	1,468,847	-12.18	1,672,588	594,239	157
Raw materials & consumables	393,146	1.01	389,222	-10.54	435,069	222,873	76.40
Work in progress	129,951	-15.76	154,267	6.26	145,179	38,046	241
Finished goods	1,006,534	8.77	925,358	-15.29	1,092,340	328,162	206
Other stocks	0	-	0	-	0	15,783	-100
Trade debtors	1,841,146	-20.98	2,329,919	44.60	1,611,304	619,038	197
Cash	142,389	61.02	88,431	-59.67	219,279	123,391	15.40
other amounts receivable	93,636	-11.75	106,103	-52.95	225,490	122,681	-23.68
Miscellaneous current assets	65,798	-23.79	86,337	6.64	80,958	143,932	-54.29
Total current assets	3,672,600	-9.98	4,079,637	7.09	3,809,619	1,518,389	141
current liabilities
Trade creditors	1,053,511	-21.38	1,340,034	16.89	1,146,387	300,791	250
Short term group loans	-	-	-	-	-	-	-
Other short term loans	1,942,827	-3.26	2,008,372	29.68	1,548,729	551,978	251
Miscellaneous current liabilities	477,859	-3.90	497,254	-36.01	777,079	42.16	- -
Total current liabilities	3,474,197	-9.66	3,845,660	10.76	3,472,195	1,188,908	192
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	967,774	-12.00	1,099,751	-7.90	1,194,123	143	- -
Other long term liabilities	17,000	-90.93	187,503	378	39,193	327,487	-94.81
Total long term debts	984,774	-23.50	1,287,254	4.37	1,233,316	611,571	61.02
shareholders equity
Issued share capital	3,573,780	0	3,573,780	0	3,573,780	803,973	344
Share premium account	-	-	-	-	-	0	-
Reserves	1,765,898	-16.20	2,107,366	-22.72	2,726,942	42,421	4062
Revaluation reserve	-	-	-	-	-	0	-
Total shareholders equity	5,339,678	-6.01	5,681,146	-9.83	6,300,722	846,393	530
Working capital	198,403	-15.20	233,977	-30.66	337,424	329,481	-39.78
Net worth	2,945,187	2.00	2,887,574	-7.09	3,108,068	504,323	483

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-3.66	71.07	-5.15	-836	-0.55	-4,00	91.50
Return on capital employed	-4.99	78.34	-6.37	-749	-0.75	-40,00	12.48
Return on total assets employed	-3.22	78.35	-4.11	-705	-0.51	-12,00	26.83
Return on net assets employed	-5.91	75.67	-7.81	-767	-0.90	-1,00	-491
Sales / net working capital	43.40	17.84	36.83	19.66	30.78	12,00	-99
Stock turnover ratio	17.76	4.23	17.04	5.84	16.10	11,00	61.45
Debtor days	78.04	-20.92	98.68	74.28	56.62	40,00	95.10
Creditor days	43.94	-20.56	55.31	35.86	40.71	-59,00	74.47
short term stability
Current ratio	1.06	0	1.06	-3.64	1.10	6,00	6.00
Liquidity ratio / acid ratio	0.62	-8.82	0.68	9.68	0.62	6,00	-89.67
Current debt ratio	0.65	-4.41	0.68	23.64	0.55	1,00	-35.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	54.51	-0.37	54.71	25.68	43.53	-25,00	218
Equity in percentage	72.12	1.82	70.83	-12.17	80.64	0,00	-
Total debt ratio	0.84	-6.67	0.90	20.0	0.75	1,00	-16.00

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 50 TO 99 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	23/04/2009
Event Description	re-appointment of director(s)
Event Details	Commentaar 23-04-2009: De leden aandeelhouders verklaren om het mandaat van de huidige leden van de raad van bestuur te verlengen tot het einde van de jaarvergadering van 2014.

Event Date	13/06/2007
Event Description	proposal of merger filed
Event Details	Commentaar 13-06-2007: Neerlegging fusievoorstel door NV Menswear Spirit International en NV Tissage de Kalken

Rating History

no rating history data found

Limit History

no limit history data found

Industry comparison

Activity code	17000
Activity description
industry average credit rating
Industry average credit limit

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name	Safe Number	%	Limit	Date of accounts
811333140	Septem Energies BVBA	BE00950709	1	€0	31/12/2010

Companies that match this address

Business number	Company name	Limit	Date of accounts
400178646	TISSAGE DE KALKEN NV	-	31/12/2006

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.28
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

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%)

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