MIRA INFORM REPORT

 

 

Report Date :

31.12.2012

 

IDENTIFICATION DETAILS

 

Name :

FIBERTEX, A.S.

 

 

Registered Office :

Průmyslová 2179/20 568 23 Svitavy

 

 

Country :

Czech Republic

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.12.1993

 

 

Com. Reg. No.:

B 976

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacture of non-wovens and articles made from non-wovens, except apparel

 

 

No. of Employees :

265 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit:

CZK 7.500.000,-

Status :

Moderate

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Czech Republic

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

CZECH REPUBLIC - ECONOMIC OVERVIEW

 

The Czech Republic is a stable and prosperous market economy, which harmonized its laws and regulations with those of the EU prior to its EU accession in 2004. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains sensitive to changes in the economic performance of its main export markets, especially Germany. When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell 4.7% in 2009, with most of the decline occurring during the first quarter. Real GDP, however, has slowly recovered with positive quarter-on-quarter growth starting in the second half of 2009 and continuing throughout 2011. The auto industry remains the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported. Foreign and domestic businesses alike voice concerns about corruption especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

Source : CIA

Company name


Fibertex, a.s.

Průmyslová 2179/20
568 23 Svitavy Czech Republic

telephone: 00420/ 461 573 211
telefax: 00420/ 461 533 902
e-mail: info@fibertex.com
Web: www.fibertex.cz

 

 

Summary

 

 

 

 

Business connection

Business connections appear permissible

 

Credit limit

CZK 7.500.000,-
EUR 290.700,-

 

 

Legal form

Public limited company

 

 

Foundation

01/12/1993 - Public limited company

Comp. Register

01/12/1993, Krajský soud Hradec Králové, RegNr.: B 976
Statistical number: 48173118
Tax number: CZ48173118

 

Share Capital

01/12/1993

CZK

285.969.000,-

 

 

 21/12/2000

CZK

200.178.300,-

 

 

 

 20/04/2005

CZK

179.386.900,-

 

 

 10/11/2005

CZK

581.000.000,-

 

 

 

31/08/2007

CZK

881.000.000,-

 

 

01 pc of nominative shares at nominal value of CZK 581.000.000,-
01 pc of nominative shares in documentary form
at nominal value of CZK 300.000.000,-

 

Main Shareholder

FIBERTEX NONWOVENS A/S
Svendborgvej 16, 9220 Aalborg Ost, Denmark

 

 

 

Board of Directors

Henrik Eigenbrod (28.12.1966)
Geding Byvej 20, 8381 Tilst, Denmark

 

 

Ing. Oldřich Báča (26.05.1962)
Dělnická 14, 568 17 Svitavy

 

Joergen Bech Madsen (02.12.1965)
Bladet 19, 9260 Gistrup, Denmark
chairman

 

Supervisory Board

Bc. Tomáš Bryška (10.08.1978)
Felberova 14, 568 02 Svitavy

 

Ing. Petra Nedúchalová (22.01.1974)
Evropská 675/154, 160 00 Praha 6

 

 

JUDr. Iva Tomečková (27.09.1958)
Půlpecen 3, 569 04 Chrastavec

Management

Bjarne Knudsen (17.01.1959)
Kopečná 980/43, 602 00 Brno
confidential clerk

 

 

Ing. Oldřich Báča (26.05.1962)
Dělnická 14, 568 17 Svitavy
confidential clerk

 

Ing. Roman Kalvoda (09.12.1967)
Majakovského 2238/1A, 568 02 Svitavy, Předměstí
confidential clerk

 

General Data

Manufacture of textile materials for heat and noise insulation
used in automotive industry, of non-woven textiles for industrial
filtration, of needled upholstery materials, of geo textiles for
building industry, of needled non-woven separation textiles for
gardeners.

 

Main activity:
Manufacture of non-wovens and articles made from non-wovens, except apparel


(13.95)

 

 

Former name(s)
Vigona, a.s.
Beginning of validity: 01.12.1993
End of validity: 07.06.2005

 

Trade name(s)
Fibertex, a.s.
Beginning of validity: 07.06.2005

 

 

Export:
European Union
India
South Africa

82%

 

Import:
European Union

 

 

 

General contacts:
telephone:
00420/ 461 573 211
telefax:
00420/ 461 533 902
e-mail:
info@fibertex.com
Web:
www.fibertex.cz

 

Address:
Průmyslová 2179/20, 568 23 Svitavy
Beginning of validity: 20.07.2005

 

 

Pražská č.p. 1061, 568 23 Svitavy
Beginning of validity: 01.04.2003
End of validity: 20.07.2005

 

Pražská 42, 568 23 Svitavy
Beginning of validity: 14.09.2000
End of validity: 01.04.2003

 

 

Dimitrovova 6, 568 23 Svitavy
Beginning of validity: 01.12.1993
End of validity: 14.09.2000

 

Factory of the business:
Pražská 1061, 568 23 Svitavy
telephone:
00420/ 461 573 111

 

Staff

2006

244 employees

 

2007

250 employees

 

 

2008

237 employees

 

2009

230 employees

 

 

2010

246 employees

 

2011

256 employees

 

 

2012

265 employees

Annual Sales

2004

actual sales

CZK

254.894.000,-

 

 

 

2005

actual sales

CZK

303.736.000,-

 

 

2006

actual sales

CZK

479.475.000,-

 

 

 

2007

actual sales

CZK

702.114.000,-

 

 

2008

actual sales

CZK

597.934.000,-

 

 

 

2009

actual sales

CZK

562.036.000,-

 

 

2010

actual sales

CZK

634.493.000,-

 

 

 

2011

actual sales

CZK

795.890.000,-

 

Property

Property of the company: Business premises
(verified in the real estate registry)
CZ-568 23 Svitavy - Předměstí, Pražská 1061

Property of the company: Business premises
(verified in the real estate registry)
CZ-568 23 Svitavy - Předměstí, Průmyslová 2179/20

 

Balance sheets

The enclosed balance of 2011 from business register, it is authenticated by the auditor. (31.12.2011 - 1 CZK)
The enclosed balance of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK)
The enclosed balance of 2009 from business register, it is authenticated by the auditor. (31.12.2009 - 1 CZK)
The enclosed balance of 2008. (31.12.2008 - 1 CZK)

 

The enclosed profit/loss account of 2011 from business register, it is authenticated by the auditor. (31.12.2011 - 1 CZK)
The enclosed profit/loss account of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK)
The enclosed profit/loss account of 2009 from business register, it is authenticated by the auditor. (31.12.2009 - 1 CZK)
The enclosed profit/loss account of 2008. (31.12.2008 - 1 CZK)

 

Remarks

The company is a holder of ISO 9001 certificate.


The company is a holder of TS 16949 - quality management system certificate.

 

Business management:
Bjarne Knudsen - general director - 00420/ 461 573 272
Ing. Oldřich Báča - financial director - 00420/ 461 573 291
Roman Kalvoda - production director - 00420/ 461 573 243
Jan Janota - director for trade - 00420/ 461 573 275

 

Bankers

Československá obchodní banka, a. s.

(0300)

 

 

balance

31.12.2008 (CZK)

31.12.2009 (CZK)

31.12.2010 (CZK)

31.12.2011 (CZK)

r1

TOTAL ASSETS

1.018.797.000

1.020.664.000

1.082.081.000

1.096.829.000

r2

Receivables for subscriptions

0

0

0

 

r3

Fixed assets

799.496.000

776.001.000

777.242.000

733.844.000

r4

Intangible fixed assets

66.000

0

341.000

243.000

r7

Software

66.000

 

341.000

243.000

r13

Tangible fixed assets

799.430.000

776.001.000

776.901.000

733.601.000

r14

Lands

16.863.000

32.991.000

32.991.000

32.991.000

r15

Constructions

390.303.000

378.764.000

374.606.000

383.278.000

r16

Equipment

368.185.000

358.568.000

298.896.000

289.746.000

r19

Other tangible fixed assets

52.000

43.000

35.000

26.000

r20

Tangible fixed assets under construction

22.122.000

5.635.000

70.373.000

27.560.000

r21

Advance payments for tangible fixed assets

1.905.000

 

 

 

r23

Long-term financial assets

0

0

0

0

r31

Current assets

217.496.000

244.135.000

304.491.000

362.576.000

r32

Inventory

154.519.000

152.606.000

190.690.000

206.132.000

r33

Materials

83.707.000

89.475.000

96.822.000

109.306.000

r35

Finished products

70.812.000

63.131.000

93.868.000

96.826.000

r39

Long-term receivables

0

0

12.792.000

11.581.000

r47

Deferred tax receivable

 

 

12.792.000

11.581.000

r48

Short-term receivables

62.524.000

90.842.000

100.651.000

143.028.000

r49

Trade receivables

58.680.000

88.663.000

97.500.000

135.342.000

r54

Due from state - tax receivable

1.398.000

1.155.000

1.980.000

3.364.000

r55

Short-term deposits given

2.277.000

812.000

1.029.000

3.397.000

r56

Estimated receivable

169.000

181.000

128.000

892.000

r57

Other receivables

 

31.000

14.000

33.000

r58

Short-term financial assets

453.000

687.000

358.000

1.835.000

r59

Cash

88.000

50.000

158.000

92.000

r60

Bank accounts

365.000

637.000

200.000

1.743.000

r63

Accruals

1.805.000

528.000

348.000

409.000

r64

Deferred expenses

1.804.000

528.000

347.000

409.000

r66

Deferred income

1.000

 

1.000

 

r67

TOTAL LIABILITIES

1.018.797.000

1.020.664.000

1.082.081.000

1.096.829.000

r68

Equity

678.568.000

946.940.000

971.970.000

1.009.380.000

r69

Registered capital

881.000.000

881.000.000

881.000.000

881.000.000

r70

Registered capital

881.000.000

881.000.000

881.000.000

881.000.000

r73

Capital funds

18.816.000

318.816.000

318.816.000

318.816.000

r75

Other capital funds

18.816.000

318.816.000

318.816.000

318.816.000

r78

Reserve funds, statutory reserve account for cooperatives, and other retained earnings

15.429.000

15.429.000

15.429.000

15.429.000

r79

Legal reserve fund / indivisible fund

15.429.000

15.429.000

15.429.000

15.429.000

r81

Profit / loss - previous years

-221.913.000

-236.677.000

-268.305.000

-243.275.000

r83

Accumulated losses from previous years

-221.913.000

-236.677.000

-268.305.000

-243.275.000

r84

Profit / loss - current year (+/-)

-14.764.000

-31.628.000

25.030.000

37.410.000

r85

Liabilities

340.153.000

73.714.000

110.077.000

87.241.000

r86

Reserves

1.076.000

1.693.000

1.900.000

1.711.000

r90

Other reserves

1.076.000

1.693.000

1.900.000

1.711.000

r91

Long-term payables

0

0

0

0

r102

Short-term payables

260.225.000

63.768.000

70.511.000

64.134.000

r103

Trade payables

54.380.000

52.457.000

58.123.000

48.812.000

r104

Payables to controlled and managed organizations

195.000.000

 

 

 

r107

Payroll

3.960.000

3.988.000

4.081.000

4.194.000

r108

Payables to social securities and health insurance

1.768.000

1.755.000

2.237.000

2.472.000

r109

Due from state - tax liabilities and subsidies

411.000

819.000

1.665.000

982.000

r112

Estimated payables

4.469.000

4.749.000

4.405.000

7.674.000

r113

Other payables

237.000

 

 

 

r114

Bank loans and financial accommodations

78.852.000

8.253.000

37.666.000

21.396.000

r115

Long-term bank loans

0

0

0

 

r116

Short-term bank loans

78.852.000

8.253.000

37.666.000

21.396.000

r117

Short-term accommodations

0

0

0

 

r118

Accruals

76.000

10.000

34.000

208.000

r119

Accrued expenses

76.000

10.000

34.000

5.000

r120

Deferred revenues

 

 

 

203.000

 

profit/loss account

31.12.2008 (CZK)

31.12.2009 (CZK)

31.12.2010 (CZK)

31.12.2011 (CZK)

a1

Turnover

597.934.000

562.036.000

634.493.000

795.890.000

a2

Revenues from sold goods

4.000

2.000

0

112.000

a3

Expenses on sold goods

4.000

2.000

0

124.000

a4

Sale margin

0

0

0

-12.000

a5

Production

615.451.000

557.420.000

663.928.000

802.574.000

a6

Revenues from own products and services

597.930.000

562.034.000

634.493.000

795.778.000

a7

Change in inventory of own products

5.707.000

-9.336.000

27.955.000

3.400.000

a8

Capitalization

11.814.000

4.722.000

1.480.000

3.396.000

a9

Production consumption

477.900.000

427.945.000

496.785.000

591.762.000

a10

Consumption of material and energy

427.626.000

386.296.000

456.904.000

551.699.000

a11

Services

50.274.000

41.649.000

39.881.000

40.063.000

a12

Added value

137.551.000

129.475.000

167.143.000

210.800.000

a13

Personnel expenses

74.974.000

75.267.000

78.752.000

88.619.000

a14

Wages and salaries

54.901.000

56.867.000

58.057.000

64.605.000

a15

Renumeration of board members

725.000

780.000

780.000

780.000

a16

Social security expenses and health insurance

18.338.000

16.695.000

18.941.000

21.714.000

a17

Other social expenses

1.010.000

925.000

974.000

1.520.000

a18

Taxes and fees

626.000

1.012.000

740.000

838.000

a19

Depreciations of intangible and tangible assets

65.024.000

81.025.000

76.722.000

79.359.000

a20

Revenues from disposals of fixed assets and materials

7.140.000

14.361.000

2.337.000

3.634.000

a21

Revenues from disposals of fixed assets

4.995.000

13.124.000

176.000

99.000

a22

Revenues from disposals of materials

2.145.000

1.237.000

2.161.000

3.535.000

a23

Net book value of disposed fixed assets and materials

4.744.000

23.537.000

1.013.000

1.419.000

a24

Net book value of sold fixed assets

3.218.000

23.098.000

130.000

110.000

a25

Net book value of sold material

1.526.000

439.000

883.000

1.309.000

a26

Change in operating reserves and adjustments and complex deferred costs ( + / - )

-1.564.000

-16.058.000

-1.590.000

936.000

a27

Other operating revenues

5.064.000

2.170.000

3.647.000

2.526.000

a28

Other operating expenses

9.311.000

7.767.000

4.717.000

4.347.000

a31

Operating profit / loss

-3.360.000

-26.544.000

12.773.000

41.442.000

a34

Revenues from long-term financial assets

 

 

 

0

a43

Interest revenues

102.000

1.000

2.000

 

a44

Interest expenses

11.667.000

6.134.000

531.000

962.000

a45

Other financial revenues

6.823.000

5.152.000

2.184.000

2.699.000

a46

Other financial expenses

6.662.000

4.103.000

2.190.000

4.558.000

a49

Profit / loss from financial operations ( transactions )

-11.404.000

-5.084.000

-535.000

-2.821.000

a50

Income tax on ordinary income

0

0

-12.792.000

1.211.000

a52

Tax deferred

 

 

-12.792.000

1.211.000

a53

Operating profit / loss ordinary activity

-14.764.000

-31.628.000

25.030.000

37.410.000

a56

Income tax on extraordinary income

 

 

 

0

a59

Operating profit / loss extraordinary activity

0

0

0

0

a61

Profit / loss of current accounting period (+/-)

-14.764.000

-31.628.000

25.030.000

37.410.000

a62

Profit / loss before tax (+/-)

-14.764.000

-31.628.000

12.238.000

38.621.000

 

Receivables after due date total

2.365.000

1.496.000

1.458.000

1.001.000

 

Liabilities after due date total

1.738.000

1.108.000

8.000

0

 

Balance indices

 

31.12.2008

31.12.2009

31.12.2010

31.12.2011

Return on total assets ROA (in %)

a62/r1 * 100

-1,45

-3,10

1,13

3,52

Return on equity ROE (in %)

a62/r68 * 100

-2,18

-3,34

1,26

3,83

Return on sales ROS (in %)

a62/a1 * 100

-2,47

-5,63

1,93

4,85

Turnover of receivables (in days)

r49/a1 * 365

35,82

57,58

56,09

62,07

Turnover of liabilities (in days)

r103/a1 * 365

33,20

34,07

33,44

22,39

Turnover of inventories (days)

r32/a1 * 365

94,32

99,11

109,70

94,53

Net working capital (in ths. CZK)

r31 - r102 - r116 - r117

-121.581,00

172.114,00

196.314,00

277.046,00

Ratio of accounts payable to accounts receivable (in %)

(r39+r48) / (r91+r102) * 100

24,03

142,46

160,89

241,07

Ratio of profit/loss to tangible assets (in%)

r3 / a1 * 100

133,71

138,07

122,50

92,20

Current ratio

r31 / (r102+r116+r117)

0,64

3,39

2,81

4,24

Quick ratio

(r58+r48) / (r102+r116+r117)

0,19

1,27

0,93

1,69

Cash ratio

r58 / (r102+r116+r117)

0,00

0,01

0,00

0,02

Debt ratio I (in %)

(1-r68/r67) * 100

33,40

7,22

10,18

7,97

Debt ratio II (in %)

r85/r67 * 100

33,39

7,22

10,17

7,95

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.85

UK Pound

1

Rs.88.39

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.