MIRA
INFORM REPORT
|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASSOCIATED WEAVERS INTERNATIONAL N.V. |
|
|
|
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Registered Office : |
Parc ind. Klein Frankrijk 1 Renaix, 9600 |
|
|
|
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Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1984 |
|
|
|
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Com. Reg. No.: |
426487026 |
|
|
|
|
Legal Form : |
Private Subsidiary |
|
|
|
|
line of business
: |
Manufacturer and distribution of woven and tufted carpets for residential and contract markets. |
|
|
|
|
No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Belgium |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BELGIUM - ECONOMIC
OVERVIEW
This modern, open, and private-enterprise-based economy has
capitalized on its central geographic location, highly developed transport
network, and diversified industrial and commercial base. Industry is
concentrated mainly in the more heavily-populated region of Flanders in the
north. With few natural resources, Belgium imports substantial quantities of
raw materials and exports a large volume of manufactures, making its economy
vulnerable to volatility in world markets. Roughly three-quarters of Belgium's
trade is with other EU countries, and Belgium has benefited most from its
proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate
decreased slightly to 7.7% from 8.3% the previous year, and the government
reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011.
Despite the relative improvement in Belgium's budget deficit, public debt
hovers near 100% of GDP, a factor that has contributed to investor perceptions
that the country is increasingly vulnerable to spillover from the euro-zone
crisis. Belgian banks were severely affected by the international financial
crisis in 2008 with three major banks receiving capital injections from the
government, and the nationalization of the Belgian arm of a Franco-Belgian
bank. An ageing population and rising social expenditures are mid- to long-term
challenges to public finances.
|
Source
: CIA |
Company name & address
ASSOCIATED
WEAVERS INTERNATIONAL N.V.
Parc ind. Klein Frankrijk 1
Renaix, 9600
Belgium
Tel: 055 23 02 11
Fax: 055 21 55 51
Website: www.associatedweavers.net
Employees: 10
Company Type: Private
Subsidiary
Corporate Family: 26
Companies
Ultimate Parent: Aegean Marine
Petroleum Network Inc.
Incorporation Date: 1984
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 5.3
1
Total Assets: 49.7
Business Description
Manufacturer and distribution of woven and tufted carpets for residential and contract markets. The activities are structured into two divisions: the Tufting Division designs, manufactures and sells tufted carpeting (printed and non-printed). The Rugs Division designs, produces and distribution of woven rugs and the extrusion of polypropylene yarns
Industry
|
Industry |
Textiles - Non Apparel |
|
ANZSIC 2006: |
1331 - Textile Floor Covering Manufacturing |
|
NACE 2002: |
1751 - Manufacture of carpets and rugs |
|
NAICS 2002: |
314110 - Carpet and Rug Mills |
|
UK SIC 2003: |
1751 - Manufacture of carpets and rugs |
|
US SIC 1987: |
2273 - Carpets and Rugs |
Key Executives
|
Name |
Title |
|
Dries Antoon Georges Bossuyt |
Managing Director |
|
Geert Derycke |
Accounting Manager |
|
Jean-Marie Linskens |
Commercial Manager |
|
Dulcie Brownhill |
Administrator |
|
Vincent Dieryck |
Purchasing Manager |
Registered No.(VAT): 426487026
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.770327
Location
Parc ind. Klein Frankrijk 1
Renaix, 9600
Belgium
Tel: 055 23 02 11
Fax: 055 21 55 51
Website: www.associatedweavers.net
Sales EUR(mil): 3.8
Assets EUR(mil): 38.3
Employees: 10
Fiscal Year End: 31-Dec-2011
Industry: Textiles
- Non Apparel
Incorporation
Date: 1984
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered No.(VAT): 426487026
Chairman of the Board of Directors: Stephan Colle
Industry
Codes
|
ANZSIC 2006 Codes: |
||
|
3731 |
- |
Furniture and Floor Covering Wholesaling |
|
1331 |
- |
Textile Floor Covering Manufacturing |
|
NACE 2002 Codes: |
||
|
5147 |
- |
Wholesale of other household goods |
|
1751 |
- |
Manufacture of carpets and rugs |
|
NAICS 2002 Codes: |
||
|
423220 |
- |
Home Furnishing Merchant Wholesalers |
|
314110 |
- |
Carpet and Rug Mills |
|
US SIC 1987: |
||
|
5023 |
- |
Home furnishings |
|
2273 |
- |
Carpets and Rugs |
|
UK SIC 2003: |
||
|
1751 |
- |
Manufacture of carpets and rugs |
|
5147 |
- |
Wholesale of other household goods |
Agents involved in the sale of a variety of goods
More Business Descriptions
Manufacturer and distribution of woven and tufted carpets for residential and contract markets. The activities are structured into two divisions: the Tufting Division designs, manufactures and sells tufted carpeting (printed and non-printed). The Rugs Division designs, produces and distribution of woven rugs and the extrusion of polypropylene yarns
Carpet and Rug Mills
Brand/Trade
Names
|
|
Financial
Data
|
Financials in: |
EUR(mil) |
1 Year Growth |
|
Revenue: |
3.8 |
-11.1% |
|
Assets: |
38.3 |
NA |
|
Current Assets: |
0.9 |
|
|
Fixed Assets: |
37.4 |
|
|
Total Liabilities: |
38.3 |
|
|
Issued Capital: |
10.9 |
|
|
Net Worth: |
11.1 |
|
|
Date of Financial Data: |
31-Dec-2011 |
|
|
Company |
Percentage Owned |
Country |
|
Associated Weavers SRO |
100% |
CZECH REPUBLIC |
|
Associated Weavers Bulgaria |
100% |
BANGLADESH |
|
Associated Weavers Europe SA/NV |
100% |
BELGIUM |
|
Associated Weavers France SARL |
99% |
FRANCE |
|
AW (Europe) Ltd |
100% |
UK |
|
Associated Weavers Scandinavia APS |
100% |
DENMARK |
|
Associated Weavers Deutschland GmbH |
100% |
DENMARK |
Corporate
Structure News
Aegean Marine
Petroleum Network Inc.
Associated Weavers International N.V.
Total Corporate Family Members: 26
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Athina |
Greece |
Oil and Gas Operations |
6,965.5 |
1,237 |
|
|
Subsidiary |
Sint-Job-In-'t-Goor |
Belgium |
Miscellaneous Transportation |
3,201.7 |
43 |
|
|
Subsidiary |
Antwerpen |
Belgium |
Water Transportation |
7.8 |
24 |
|
|
Subsidiary |
Kruishoutem |
Belgium |
Investment Services |
2.9 |
5 |
|
|
Subsidiary |
Zaventem |
Belgium |
Appliance and Tool |
1,902.2 |
359 |
|
|
Subsidiary |
Kruishoutem |
Belgium |
Chemicals - Plastics and Rubber |
125.5 |
149 |
|
|
Subsidiary |
Renaix |
Belgium |
Textiles - Non Apparel |
5.3 |
10 |
|
|
Subsidiary |
Renaix |
Belgium |
Textiles - Non Apparel |
136.9 |
370 |
|
|
Subsidiary |
Kuurne |
Belgium |
Textiles - Non Apparel |
7.7 |
15 |
|
|
Subsidiary |
Renaix |
Belgium |
Commercial Banks |
4.6 |
37 |
|
|
Subsidiary |
Halifax |
United Kingdom |
Textiles - Non Apparel |
62.8 |
32 |
|
|
Subsidiary |
Appels |
Belgium |
Public Sector and Government |
6.4 |
17 |
|
|
Subsidiary |
De Haan |
Belgium |
Recreational Activities |
0.0 |
9 |
|
|
Subsidiary |
Kuurne |
Belgium |
Textiles - Non Apparel |
0.0 |
6 |
|
|
Subsidiary |
Nieuwpoort |
Belgium |
Construction Services |
0.0 |
4 |
|
|
Subsidiary |
Eeklo |
Belgium |
Miscellaneous Capital Goods |
27.9 |
26 |
|
|
Subsidiary |
Froyennes |
Belgium |
Food Processing |
37.6 |
18 |
|
|
Subsidiary |
New York, NY |
United States |
Oil and Gas Operations |
|
25 |
|
|
Subsidiary |
Singapore |
Singapore |
Oil and Gas Operations |
|
20 |
|
|
Subsidiary |
Portland |
United Kingdom |
Oil and Gas Operations |
2.2 |
15 |
|
|
UK Branch/Trading address |
Portland |
United Kingdom |
Oil and Gas Operations |
2.2 |
10 |
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Oil and Gas Operations |
|
10 |
|
|
Subsidiary |
Antwerp |
Belgium |
Oil and Gas Operations |
|
8 |
|
|
Subsidiary |
Tema |
Ghana |
Oil and Gas Operations |
|
6 |
|
|
Subsidiary |
Miami, FL |
United States |
Oil and Gas Operations |
|
|
|
|
Subsidiary |
Kingston |
Jamaica |
Oil and Gas Operations |
|
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Board of Directors
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Chairman of the Board of Directors |
Chairman |
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Chairman of the Board of Directors |
Chairman |
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Executives
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Managing Director |
Managing Director |
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Responsable-Environnement |
Environment/Safety Executive |
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Administrator |
Administration Executive |
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|
Administrator |
Administration Executive |
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|
Administrator |
Administration Executive |
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|||||
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Administrator |
Administration Executive |
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|||||
|
Administrator |
Administration Executive |
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|||||
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Administrator |
Administration Executive |
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|||||
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Administrator |
Administration Executive |
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Responsable de la Sécurité |
Security |
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Security Manager |
Security |
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Accounting Manager |
Finance Executive |
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Chef Comptable |
Accounting Executive |
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||
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Representative/Auditor |
Accounting Executive |
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|
Human Resources Manager |
Human Resources Executive |
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Directeur-Marketing |
Marketing Executive |
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Commercial Manager |
Marketing Executive |
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Marketing Manager |
Marketing Executive |
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Assistante-Marketing |
Marketing Executive |
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Shareholders' Representative |
Shareholder Relations Executive |
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|
|||||
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Shareholders' Representative |
Shareholder Relations Executive |
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Shareholders' Representative |
Shareholder Relations Executive |
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|
|||||
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IT Manager |
Engineering/Technical Executive |
|
||
|
Research and Development Manager |
Research & Development Executive |
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Production Manager |
Manufacturing Executive |
|
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|
Purchasing Manager |
Purchasing Executive |
|
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Annual
Profit & Loss
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Turnover |
5.3 |
5.1 |
5.9 |
|
Other Operating Income |
0.8 |
0.5 |
0.5 |
|
Operating Income |
6.0 |
5.6 |
6.4 |
|
Services and Sundry Goods |
4.7 |
4.7 |
4.4 |
|
Remuneration, Social Security Charges, and
Pensions |
1.4 |
1.2 |
1.5 |
|
Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
0.0 |
0.2 |
0.2 |
|
Other Operating Charges |
0.0 |
0.0 |
0.0 |
|
Operating Charges |
6.1 |
6.1 |
6.1 |
|
Income From Financial Fixed Assets |
- |
5.5 |
- |
|
Income From Current Assets |
0.0 |
0.1 |
- |
|
Other Financial Income |
0.0 |
0.0 |
0.0 |
|
Financial Income |
0.1 |
5.6 |
0.0 |
|
Interest and Other Debt Charges |
0.0 |
0.1 |
0.3 |
|
Other Financial Charges |
0.0 |
0.0 |
0.0 |
|
Financial Charges |
0.0 |
0.1 |
0.3 |
|
Adjustments to Amounts Written Off on
Financial Fixed Assets |
0.1 |
- |
0.4 |
|
Gain on Disposal of Fixed Assets |
- |
23.4 |
- |
|
Extraordinary Income |
0.1 |
23.4 |
0.4 |
|
Amounts Written Off on Financial Fixed Assets |
1.4 |
3.0 |
7.6 |
|
Extraordinary Charges |
1.4 |
3.0 |
7.6 |
|
Income Taxes |
- |
0.0 |
0.0 |
|
Income Taxes |
- |
0.0 |
0.0 |
|
Employees |
10 |
10 |
11 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Intangible Assets |
- |
0.0 |
0.2 |
|
Participating
Interests |
47.5 |
50.3 |
31.0 |
|
Amounts Receivable |
1.0 |
0.4 |
- |
|
Affiliated Enterprises |
48.5 |
50.7 |
31.0 |
|
Shares |
0.0 |
- |
- |
|
Amounts Receivable and
Cash Guarantees |
- |
- |
0.0 |
|
Other Capital Assets |
0.0 |
- |
0.0 |
|
Capital Assets |
48.5 |
50.7 |
31.0 |
|
Fixed Assets |
48.5 |
50.7 |
31.3 |
|
Trade Debtors |
1.0 |
1.8 |
1.9 |
|
Other Amounts
Receivable |
0.2 |
0.2 |
0.2 |
|
Amounts Receivable Within One Year |
1.2 |
1.9 |
2.1 |
|
Liquid Assets |
0.0 |
0.0 |
0.0 |
|
Adjustment Accounts |
0.0 |
0.0 |
0.0 |
|
Current Assets |
1.2 |
2.0 |
2.1 |
|
Total Assets |
49.7 |
52.7 |
33.4 |
|
Issued Capital |
14.1 |
14.6 |
15.6 |
|
Capital |
14.1 |
14.6 |
15.6 |
|
Paid-In Capital |
0.3 |
0.3 |
0.4 |
|
Legal Reserve |
1.4 |
1.5 |
1.6 |
|
Untaxed Reserves |
0.0 |
0.0 |
0.0 |
|
Reserves |
1.4 |
1.5 |
1.6 |
|
Capital and Reserves |
48.3 |
51.3 |
27.3 |
|
Other Loans |
- |
- |
4.6 |
|
Financial Debts |
- |
- |
4.6 |
|
Amounts Due After More Than One Year |
- |
- |
4.6 |
|
Suppliers |
1.1 |
1.1 |
1.0 |
|
Trade Debts |
1.1 |
1.1 |
1.0 |
|
Taxes |
0.0 |
0.1 |
- |
|
Remuneration and
Social Security |
0.2 |
0.3 |
0.5 |
|
Taxes, Wages, and
Social Security |
0.3 |
0.4 |
0.5 |
|
Other Amounts Payable |
0.0 |
0.0 |
0.0 |
|
Amounts Payable Within One Year |
1.4 |
1.4 |
1.4 |
|
Creditors |
1.4 |
1.4 |
6.0 |
|
Total Liabilities + Shareholders' Equity |
49.7 |
52.7 |
33.4 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.65 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.