MIRA INFORM REPORT

 

 

Report Date :           

19.11.2011

 

IDENTIFICATION DETAILS

 

Name :

VEGOTEX INTERNATIONAL

 

 

Registered Office :

Hoge Heerweg 32, Sint-Niklaas, 9100

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2010

 

 

Year of Establishment :

1982

 

 

Com. Reg. No.:

422804489                                           

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Wholesale of textiles

 

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

 

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 30th, 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

 

Company name & address 

 

Vegotex International                                                                                                                                                                                                                                                                                                                                                  

 

Hoge Heerweg 32

Sint-Niklaas, 9100

Belgium

Tel:      03 780 97 00

Fax:     03 777 93 13

 

 

Synthesis

 

Employees:

49

Company Type:

Private Subsidiary

Corporate Family:

3 Companies

Ultimate Parent:

Gestico

 

 

Incorporation Date:

1982

                   

Fiscal Year End:

30-Jun-2010

Reporting Currency:

Euro

Annual Sales:

66.5  1

Total Assets:

52.3Q

Financial

(USD) Millions

 

 

Business Description     

 

 

Wholesale of textiles

 

 

Industry 

 

Industry

Apparel and Accessories

ANZSIC 2006:

3711 - Textile Product Wholesaling

NACE 2002:

5141 - Wholesale of textiles

NAICS 2002:

424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

UK SIC 2003:

5141 - Wholesale of textiles

US SIC 1987:

5131 - Piece Goods, Notions, and Other Dry Good

 

Key Executives

 

Name

Title

Marleen Hoste

Representative/Auditor

Charles Gotlib

Shareholders' Representative

William Gotlib

Shareholders' Representative

 

Registered No.(VAT): 422804489           

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7214831

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.8163932

 

 

Corporate Overview

 

Location

Hoge Heerweg 32

Sint-Niklaas, 9100

Belgium

Tel:       03 780 97 00

Fax:      03 777 93 13

           

Sales EUR(mil):             47.9

Assets EUR(mil):           42.7

Employees:                   49

Fiscal Year End:            30-Jun-2010

Industry:                        Apparel and Accessories

Incorporation Date:         1982

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(VAT):     422804489

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

 

Industry Codes

 

ANZSIC 2006 Codes:

371       -          Textile, Clothing and Footwear Wholesaling

3711     -          Textile Product Wholesaling

3739     -          Other Goods Wholesaling Not Elsewhere Classified

 

NACE 2002 Codes:

5115     -          Agents involved in the sale of furniture, household goods, hardware and ironmongery

5116     -          Agents involved in the sale of textiles, clothing, footwear and leather goods

5141     -          Wholesale of textiles

 

NAICS 2002 Codes:

424310  -          Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

4243     -          Apparel, Piece Goods, and Notions Merchant Wholesalers

425120  -          Wholesale Trade Agents and Brokers

 

US SIC 1987:

5199     -          Nondurable Goods, Not Elsewhere Classified

513       -          Apparel, Piece Goods, and Notions

5131     -          Piece Goods, Notions, and Other Dry Good

 

UK SIC 2003:

51421   -          Wholesale of adults' fur and leather clothing

5116     -          Agents involved in the sale of textiles, clothing, footwear and leather goods

5141     -          Wholesale of textiles

 

Business Description

Wholesale of textiles

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

47.9

Assets:

42.7

Current Assets:

40.5

 

Fixed Assets:

2.2

 

Total Liabilities:

42.7

 

Issued Capital:

2.8

 

Net Worth:

2.8

 

 

 

Date of Financial Data:

30-Jun-2010

 

 

1 Year Growth

0.6%

NA

 

 

 

Corporate Family

Corporate Structure News:

 

Vegotex International

Total Corporate Family Members: 3 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Gestico

Parent

 

 

 

 

 

 

Vegotex International

Subsidiary

Sint-Niklaas

Belgium

Apparel and Accessories

66.5

49

 

Uto - Vew

Subsidiary

Sint-Niklaas

Belgium

Personal and Household Products

3.5

2

 

 

Executive report

 

Executives

 

Name

Title

Function

 

Marleen Hoste

 

Representative/Auditor

Accounting Executive

 

Charles Gotlib

 

Shareholders' Representative

Shareholder Relations Executive

 

William Gotlib

 

Shareholders' Representative

Shareholder Relations Executive

 

 

 

Annual Profit & Loss

 

 

 

 

30-Jun-2010

30-Jun-2009

30-Jun-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.721483

0.731067

0.681859

Consolidated

No

No

No

 

 

 

 

    Turnover

66.5

56.1

59.8

    Other Operating Income

1.4

0.4

0.4

Operating Income

67.8

56.5

60.2

        Purchases

41.8

37.7

46.9

        Increase or Decrease in Stocks

4.3

1.7

-2.2

    Raw Materials, Consumables, and Goods for Release

46.1

39.4

44.7

    Services and Sundry Goods

10.9

8.6

8.1

    Remuneration, Social Security Charges, and Pensions

3.7

3.1

3.2

    Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets

0.4

0.3

0.3

    Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors

0.4

0.0

0.1

    Other Operating Charges

0.5

0.4

0.4

Operating Charges

62.0

51.7

56.8

    Income From Financial Fixed Assets

0.0

-

-

    Income From Current Assets

0.0

0.0

0.1

    Other Financial Income

2.1

2.5

0.6

Financial Income

2.1

2.5

0.7

    Interest and Other Debt Charges

0.1

0.2

0.0

    Other Financial Charges

3.9

3.7

2.6

Financial Charges

4.0

4.0

2.6

    Gain on Disposal of Fixed Assets

0.0

-

0.0

    Other Extraordinary Income

0.1

-

0.0

Extraordinary Income

0.1

-

0.1

    Amounts Written Off on Financial Fixed Assets

0.3

-

-

Extraordinary Charges

0.3

-

-

    Income Taxes

0.0

0.9

0.2

    Adjustment of Income Taxes and Write-Back of Tax Provisions

-

0.0

-

Income Taxes

0.0

0.9

0.2

        From Reserves

-

1.1

-

    Transfers From Capital and Reserves

-

1.1

-

        Return on Capital

-

11.5

1.4

    Profit to be Distributed

-

11.5

1.4

    Employees

49

46

48

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Jun-2010

30-Jun-2009

30-Jun-2008

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.816393

0.712936

0.634699

Consolidated

No

No

No

 

 

 

 

    Intangible Assets

0.5

0.1

0.1

        Land & Buildings

0.2

0.3

0.4

        Plant, Machinery, and Equipment

0.1

0.2

0.3

        Furniture and Vehicles

0.2

0.1

0.2

        Other Tangible Assets

0.4

0.5

0.6

    Tangible Assets

1.0

1.1

1.5

        Shares

1.0

0.1

0.1

        Amounts Receivable and Cash Guarantees

0.2

0.2

0.2

        Other Capital Assets

1.2

0.3

0.3

    Capital Assets

1.2

0.3

0.3

Fixed Assets

2.7

1.4

1.8

        Goods Purchased for Resale

8.6

12.2

15.6

        Advance Payments

3.2

3.1

1.2

        Stocks

11.9

15.3

16.8

    Inventory and Orders in Progress

11.9

15.3

16.8

        Trade Debtors

22.2

15.6

11.6

        Other Amounts Receivable

4.4

3.4

4.1

    Amounts Receivable Within One Year

26.5

19.0

15.7

        Other Investments and Deposits

8.3

-

-

    Investments

8.3

-

-

    Liquid Assets

2.9

1.5

0.4

    Adjustment Accounts

0.0

0.1

0.0

Current Assets

49.6

36.0

32.9

Total Assets

52.3

37.4

34.8

        Issued Capital

3.4

1.0

1.1

    Capital

3.4

1.0

1.1

    Paid-In Capital

0.0

-

-

        Legal Reserve

0.3

0.1

0.1

        Other

0.2

-

-

        Reserves Not Available for Distribution

0.2

-

-

        Untaxed Reserves

1.6

0.0

0.0

        Reserves Available for Distribution

0.3

0.0

1.2

    Reserves

2.4

0.1

1.3

Capital and Reserves

18.9

2.1

12.8

        Credit Institutions

0.1

0.0

0.1

        Financial Debts

0.1

0.0

0.1

    Amounts Due After More Than One Year

0.1

0.0

0.1

        Current Portion of Amounts Payable After More Than One Year

0.1

0.1

0.1

        Credit Institutions

8.2

11.5

12.6

        Financial Debts

8.2

11.5

12.6

        Suppliers

5.5

3.8

4.4

        Trade Debts

5.5

3.8

4.4

        Advances Received on Orders in Progress

0.0

-

-

        Taxes

3.1

2.4

2.9

        Remuneration and Social Security

0.3

0.4

0.5

        Taxes, Wages, and Social Security

3.5

2.7

3.4

        Other Amounts Payable

16.0

16.9

0.1

    Amounts Payable Within One Year

33.3

35.0

20.5

    Adjustment Accounts

0.0

0.2

1.4

Creditors

33.4

35.3

21.9

Total Liabilities + Shareholders' Equity

52.3

37.4

34.8

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.35

UK Pound

1

Rs.80.97

Euro

1

Rs.68.26

 

 

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.