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Report Date : |
21.12.2012 |
77
IDENTIFICATION DETAILS
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Name : |
FIBERTEX NONWOVENS AS |
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Registered Office : |
Svendborgvej 16,
Dk-9220 Aalborg Øst |
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Country : |
Denmark |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1968 |
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Com. Reg. No.: |
AS216264 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
supplier of nonwovens |
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No. of Employees : |
101 (Group: 449) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
32,00,000 USD |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Denmark |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Denmark - ECONOMIC OVERVIEW
This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy among the highest standards of living in the world and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, continued to decline in 2011 though at a slower pace. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crises cut Danish real GDP by 0.8% in 2008 and 5.8% in 2009. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-11, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009. In spite of the deficits, the new coalition government plans to deliver a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU at 46.5% of GDP in 2011. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro. Denmark held the EU presidency during the first half of 2012; priorities included promoting a responsible, dynamic, green, and safe Europe, while working to steer Europe out of its euro zone economic crisis.
Source CIa
COMPANY’S NAME FIBERTEX NONWOVENS A/S
ADDRESS Svendborgvej
16
DK-9220 AALBORG
ØST
TELEPHONE-NO +45 96 35 35 35
TELEFAX-NO +45 98 15
85 55
E-MAIL-ADDRESS fibertex@fibertex.com
LOCAL CURRENCY D K K
FOUNDATION Originally
founded in 1968.
Present
form since 22.02.1980.
CENTRAL
BUSINESS-REG-NO CVR.-No.:40098216
COMPANY-REG-NO AS216264
EU-VAT-ID-NO DK40 09 82 16
LEGAL FORM Private
Limited Company
SHARE CAPITAL DKK
150.000.000,00
PARENT COMPANY DK63 96 58 12
A/S
SCHOUW & CO., Copenhagen, 100 %
AUDITORS KPMG
BOARD OF DIRECTORS Jørn Ankær Thomsen, Chairman
Jens
Bjerg Sørensen
Jørgen
Iversen
Klaus
Eskildsen
Nikolaj
Klit
Ole
Hedegaard
MANAGING DIRECTOR Jørgen Bech Madsen
AUTHORISED SIGNATORY 2 Directors jointly or 1
Director jointly
with
1 BoD-Member, or the complete BoD.
ACTIVITY Fibertex Nonwovens
is a diversified supplier of nonwovens.
Cutting edge technological competence in all our manufacturing sites results in
high performance products available throughout the Fibertex Group.
Carding, aero dynamic carding, IR and air through bonding, fibre spinning,
polymer extrusion, lamination and various surface treatments are all part
of Fibertex technology portfolio.
TRADENAMES FIBERTEX A/S
EMPLOYEES 101 (Group:
449)
TURNOVER 2007 DKK
1.224.320.000,00
2008
DKK 1.195.534.000,00
2009
DKK 1.008.210.000,00
2010
DKK 1.204.731.000,00
2011
DKK 486.735.000,00
GROUP-TURNOVER 2007 DKK
1.591.305.000,00
2008
DKK 1.589.588.000,00
2009
DKK 415.255.000,00
2010
DKK 413.113.000,00
2011
DKK 726.499.000,00
SUBSIDIARIES Fibertex
Nonwovens S.A., France 100 %
Fibertex
a.s., Czech Republic 100
%
Fibertex
France 100
%
Fibertex
Elephant, Spain 100
%
Gfibertex
South Africa (Pty) Ltd. 100 %
FINANCIAL STANDING Company and Group
recorded losses in 2011.
However,
equity was still strong.
ACCOUNTS See
latest published balance-sheet on page 4.
REAL ESTATE Subject owns
3 properties
-Taxation value DKK
139.768.000,00
PAYMENTS Nothing
detrimental has been noted
BANKERS Danske
Bank A/S
CREDIT OPINION Business- and
credit connection admissible
MAX CREDIT 30 DAYS Solvent for large
engagements
Credit Limit 32,00,000 USD
EXTRACT IN 1000
DKK consolidated figures
PROFIT & LOSS ACCOUNT
GROSS PROFIT 122.233 67.093
OPERATING RESULTS -7.073 -16.340
RESULTS BEFORE
TAXES -26.180 -29.890
FIXED ASSETS 609.307 421.163
-Tangible assets 515.003 393.703
-Financial assets 22.839 25.189
-Intangible assets 71.465 2.271
CURRENT ASSETS 448 1.507.173
-Current receivables 161.470 73.377
-Inventories 227.251 136.026
-Cash, bank etc. 59.881 2.487
-Closed activities 0 1.295.283
EQUITY & LIABILITIES
SHORTTERM
LIABILITIES 701.985 1.140.050
-Suppliers 103.829 50.466
-Bankers 213.748 114.562
-Closed activities 0 766.149
LONGTERM LIABILITIES 347.495 205.917
PROVISIONS/RESERVES 0 0
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
|
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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.