MIRA INFORM REPORT

Report Date :

16.04.2012

IDENTIFICATION DETAILS

Name :	MICHEL VANDE WIELE NV

Registered Office :	Michel Vandewielestraat 7 Kortrijk 8510

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	25.06.1985

Com. Reg. No.:	405450595

Legal Form :	Public Limited Liability Company

Line of Business :	Manufacture of machinery for textile, apparel and leather production

No. of Employees :	589

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	€19.050.000
Status :	Good
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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Belgium

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		405450595		Company name	MICHEL VANDE WIELE NV
Telephone number	056243211
Address		MICHEL VANDEWIELESTRAAT 7 KORTRIJK		Fax number	056243540
Post code		8510		Number of staff	589
Date of establishment		25/06/1985
Business number		405450595	Company name		MICHEL VANDE WIELE NV
Fax number		056243540	Date founded		25/06/1985
Company status		active	Company type		Public Limited Liability Company (BE)
Currency		Euro (€)	Date of latest accounts		31/12/2010
Activity code		28940	liable for VAT		yes
Activity description		Manufacture of machinery for textile, apparel and leather production	VAT Number		BE.0405.450.595
Belgian Bullettin of Acts Publications		moniteur belge

CREDIT RECOMENDATION

Current Credit Limit: €19.050.000

DIRECTORS/MANAGEMENT

Current director details

Former director details

Name	LUCIEN CHARLES ANTOINE BEAUDUIN
Position	Director
Date of birth	28/12/1931
Street	20 EIKENLAAN BRUSSEL
Post code	1180
Country	Belgium

Name	CHARLES BEAUDUIN
Position	Director
Date of birth	19/09/1959
Street	452 STEENWEG OP LENNIK HALLE
Post code	1500
Country	Germany

NEGATIVE INFORMATION

Please complete Court data summary

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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

Business number	Company name	%	Date of accounts
429350209	De Koninck A. NV	0.2	31/12/2010
429350209	De Koninck A. NV	0.2	31/12/2010

Minority Interests

Business number	Company name		%	Date of accounts
-	NUOVA ROJ ELECTROTEX S.R.L. SOC.ETR. E.P.B.		48.61	-

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	103.50
Industry average payment expectation days	51.67	Industry average day sales outstanding	76.07
Day sales outstanding	135.66

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	103.50
Day sales outstanding	135.66

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Company name		Company Number
-		-

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	206,104,023	25,763,094	170,026,585
31/12/2009	120,628,599	5,670,823	136,579,759
31/12/2008	185,052,581	22,072,324	131,015,323

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	438,031,048	181,312,895	2,479,000	3,627,702	589
31/12/2009	319,234,372	226,958,293	2,479,000	5,081,151	505
31/12/2008	322,200,993	221,619,492	2,479,000	3,803,403	564

Trends

Profitability
Liquidity
Net worth

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	206,104,023	70.86	120,628,599	-34.81	185,052,581	45,940,340	348
Total operating expenses	173,109,794	53.39	112,855,491	-33.63	170,033,251	41,157,165	320
Operating result	32,994,229	324	7,773,107	-48.25	15,019,330	1,648,993	1900
Total financial income	2,540,725	-3.33	2,628,145	-82.42	14,949,102	255,126	895
Total financial expenses	9,771,860	106	4,730,429	-40.09	7,896,108	412,455	2269
Results on ordinary operations before taxation	25,763,094	354	5,670,823	-74.31	22,072,324	1,484,375	1635
Taxation	3,345,973	1181	261,180	-53.61	562,951	190,658	1654
Results on ordinary operations after taxation	22,417,121	314	5,409,643	-74.85	21,509,373	1,369,980	1536
Extraordinary items	10,935,033	1961	-557,559	-1367	43,985	318,923	3328
Other appropriations	11269.17	-85.84	79562.76	169	29571	-	-
Net result	33,363,423	576	4,931,646	-77.15	21,582,929	1,692,355	1871
other information
Dividends	-	-	-	-	-	98,110	-
Director remuneration	-	-	-	-	-	383,687	-
Employee costs	31,552,500	23.10	25,630,750	-18.33	31,384,976	3,770,290	736
Wages and salary	22,482,803	13.34	19,837,262	-14.94	23,320,812	2,543,893	783
Employee pension costs	151,436	-	172,309	-	-	321,596	-52.91
Social security contributions	7,202,216	42.22	5,064,047	-23.02	6,578,010	904,406	696
Other employee costs	1,716,046	208	557,132	-62.51	1,486,154	184,051	832
Amortization and depreciation	7,760,716	-1.60	7,887,148	17.31	6,723,354	419,418	1750

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	569,659	-	653,063	-	736,467	66,457	757
Tangible fixed assets	22,223,321	61.64	13,748,605	-16.32	16,430,695	1,203,513	1746
Land & building	7,344,417	139	3,062,232	2.53	2,986,556	790,185	829
Plant & machinery	13,243,949	31.52	10,070,217	-16.84	12,109,634	656,885	1916
Other tangible assets	1,634,956	165	616,156	-53.83	1,334,505	151,123	981
Financial fixed assets	181,312,895	-20.11	226,958,293	2.41	221,619,492	11,690,583	1450
Total fixed assets	204,105,875	-15.44	241,359,960	1.08	238,786,653	8,618,337	2268
Inventories	31,882,467	46.99	21,690,017	-25.04	28,933,844	2,388,391	1234
Raw materials & consumables	21,222,165	43.21	14,818,855	-24.90	19,731,212	4,336,500	389
Work in progress	4,038,912	-1.16	4,086,125	-16.72	4,906,226	340,353	1086
Finished goods	6,621,391	137	2,785,037	-35.18	4,296,407	435,433	1420
Other stocks	0	-	0	0	-1	156,307	-100
Trade debtors	76,601,356	104	37,533,245	3.66	36,209,725	4,039,806	1796
Cash	3,627,702	-28.60	5,081,151	33.59	3,803,403	662,598	447
other amounts receivable	3,543,319	864	367,377	-88.61	3,225,589	450,397	686
Miscellaneous current assets	118,270,329	795	13,202,621	17.44	11,241,779	3,445,573	3332
Total current assets	233,925,173	200	77,874,412	-6.64	83,414,340	10,645,565	2097
current liabilities
Trade creditors	49,088,747	94.98	25,176,909	-0.98	25,426,452	3,029,692	1520
Short term group loans	-	-	-	-	-	-	-
Other short term loans	94,386,652	66.55	56,670,546	-38.44	92,061,985	3,133,082	2912
Miscellaneous current liabilities	47,303,507	125	21,022,010	-24.04	27,675,520	1876	- -
Total current liabilities	190,778,906	85.46	102,869,465	-29.14	145,163,957	8,469,124	2152
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	66,707,546	-6.97	71,707,546	93.76	37,007,546	1298	- -
Other long term liabilities	9,948,352	33.99	7,424,539	-10.31	8,277,700	725,503	1271
Total long term debts	76,655,898	-3.13	79,132,085	74.74	45,285,246	2,906,337	2537
shareholders equity
Issued share capital	2,479,000	0	2,479,000	0	2,479,000	980,588	152
Share premium account	-	-	-	-	-	305,247	-
Reserves	168,117,245	24.76	134,753,822	4.24	129,272,790	6,839,818	2357
Revaluation reserve	-	-	-	-	-	285,001	-
Total shareholders equity	170,596,245	24.31	137,232,822	4.16	131,751,790	7,888,441	2062
Working capital	43,146,267	172	-24,995,053	40.48	-61,749,617	2,176,441	1882
Net worth	170,026,585	24.49	136,579,759	4.25	131,015,323	7,821,984	2073

Ratio Analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	12.50	165	4.70	-60.60	11.93	5,00	150
Return on capital employed	10.42	297	2.62	-78.99	12.47	11,00	-5.27
Return on total assets employed	5.88	230	1.78	-74.01	6.85	-1,00	588
Return on net assets employed	15.10	265	4.13	-75.34	16.75	286,00	-94.72
Sales / net working capital	4.78	98.96	-4.83	-61.00	-3	6,00	-99
Stock turnover ratio	15.47	-13.96	17.98	14.96	15.64	20,00	-22.65
Debtor days	135.66	19.45	113.57	59.02	71.42	75,00	80.88
Creditor days	103.50	27.10	81.43	49.19	54.58	192,00	-46.09
short term stability
Current ratio	1.23	61.84	0.76	33.33	0.57	13,00	30.75
Liquidity ratio / acid ratio	1.06	92.73	0.55	44.74	0.38	7,00	-84.86
Current debt ratio	1.12	49.33	0.75	-31.82	1.10	-4,00	28.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	94.43	0.94	93.55	-4.50	97.96	164,00	-42.42
Equity in percentage	39	-9.47	43.08	5.12	40.98	51,00	-23.53
Total debt ratio	1.57	18.05	1.33	-8.28	1.45	-13,00	12.08

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Personnel limit NSSO

Code	-
Description	FROM 500 TO 999 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	111
Description	JC for the metal, machinery and electrical construction
category

JIC Code	209
Description	Joint committee for the employees off the metal industry
category

Significant Events

Event Date	10/05/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 10-05-2011: Herbenoeming bestuurders voor een periode van 6 jaar : Beauduin Charles en Beauduin Lucien.

Event Date	12/05/2009
Event Description	re-appointment of director(s)
Event Details	Commentaar 12-05-2009: Herbenoeming van volgende bestuurder, voor een periode van 3 jaar: Germain Arnoys.

Export accounts to CSV file

comparison mode

average

median

Industry comparison

Activity code	28940
Activity description	Manufacture of machinery for textile, apparel and leather production
industry average credit rating	76.04
Industry average credit limit	370272.73

Industry comparison

Activity code	28940
Activity description	Manufacture of machinery for textile, apparel and leather production
Industry average payment expectation days	51.67
Industry average day sales outstanding	76.07

Industry quartile analysis

Company result	103.50
Lower	90.48
Median	77.57
Upper	47.21

Company result	135.66
Lower	71.53
Median	41.92
Upper	34.43

Summary

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

Group Structure

No group structure for this company.

Companies that match this address

Business number	Company name	Date of accounts
406879762	RIVERMILLS BVBA	31/12/2010
421654842	STEENBAKKERIJ MARKE NV	31/12/2010
432779356	FERROMATRIX NV	31/12/2010
451580431	INDIMMO NV	31/12/2010
472760479	VAN DE WIELE COÖRDINATIECENTRUM NV	31/12/2010
477575045	MICHEL V/D WIELE=BONAS MACHINE NV	-
479941548	BONAS TEXTILE MACHINERY	31/12/2010
890919264	VDW-GROUP	-

NSSO details

Business number

405450595

Bankruptcy details


There is no bankruptcy data against this company

court data

there is no data for this company

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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.