MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	UNILIN BVBA
Registered Office :	Ooigemstraat 3 Wielsbeke 8710
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	01.01.1968
Com. Reg. No.:	405414072
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Manufacture of veneer sheets and wood-based panels
No. of Employees :	1,368

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	15.150.000 €
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 – September 30, 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

REGISTERED NAME & COMPANY SUMMARY

Business number	405414072	Company name	UNILIN BVBA
Safe number	BE00030578	Telephone number	-
Address	OOIGEMSTRAAT 3 WIELSBEKE	Fax number	-
Post code	8710	Number of staff	1000
Date of establishment	01/01/1968
Business number	405414072	Company name	UNILIN BVBA
Fax number	-	Date founded	01/01/1968
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	16210	liable for VAT	yes
Activity description	Manufacture of veneer sheets and wood-based panels	VAT Number	BE.0405.414.072
Belgian Bullettin of Acts Publications	moniteur belge

CREDIT RECOMENDATION

Current Credit Limit: 15.150.000€

Industry comparison

Activity code	16210
Activity description	Manufacture of veneer sheets and wood-based panels
industry average credit rating	74.85
Industry average credit limit	142004.20

DIRECTORS/MANAGEMENT

Current director details

Name	PAUL ALBERT GABRIËL THIERS
Position	Non Statutory Partner
Date of birth	04/08/1957
Street	830 ZEEDIJK-HET ZOUTE KNOKKE-HEIST
Post code	8300
Country	Belgium

Name	LIEVEN MALFAIT
Position	Principal Manager
Street	43 JULES DAEMSSTRAAT DEINZE
Post code	9800
Country	Belgium

Name	PDC MANAGEMENT BVBA
Position	Legal Representative
Date of birth	17/12/2008
Street	81 STOOFSTRAAT BRUSSEL
Post code	1000
Country	Belgium

Name	PDC MANAGEMENT BVBA
Position	Non Statutory Partner
Date of birth	17/12/2008
Street	81 STOOFSTRAAT BRUSSEL
Post code	1000
Country	Belgium

Name	PDC MANAGEMENT BVBA
Position	Principal Manager
Date of birth	17/12/2008
Street	81 STOOFSTRAAT BRUSSEL
Post code	1000
Country	Belgium

Name	DAVE VANDENBERGHE
Position	Non Statutory Partner
Date of birth	03/06/1960
Street	55 HOORNDRIESSTRAAT MERELBEKE
Post code	9820
Country	Belgium

Name	DAVE VANDENBERGHE
Position	Principal Manager
Date of birth	03/06/1960
Street	55 HOORNDRIESSTRAAT MERELBEKE
Post code	9820
Country	Belgium

Name	DE BOE LODE BVBA
Position	Legal Representative
Date of birth	05/07/2011
Street	1 TALPENSDREEF MOORSLEDE
Post code	8890
Country	Belgium

Name	DE BOE LODE BVBA
Position	Principal Manager
Date of birth	05/07/2011
Street	1 TALPENSDREEF MOORSLEDE
Post code	8890
Country	Belgium

Name	BERNARD THIERS
Position	Principal Manager
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium

Name	BARBARA GOETZ
Position	Principal Manager
Street
Post code
Country	United States

Name	PAUL DE COCK
Position	Principal Manager
Street
Post code
Country

Name	JEFF LORBERBAUM
Position	Principal Manager
Street
Post code
Country

Former director details

Name	BERNARD VANDEPUTTE
Position	Director
Street	11 KATTESTRAAT OOSTROZEBEKE
Post code	8780
Country	Belgium

Name	BERNARD VANDEPUTTE
Position	Non Statutory Partner
Street	11 KATTESTRAAT OOSTROZEBEKE
Post code	8780
Country	Belgium

Name	BERNARD VANDEPUTTE
Position	Managing Director
Street	11 KATTESTRAAT OOSTROZEBEKE
Post code	8780
Country	Belgium

Name	PAUL JACQUES DE FRAEYE
Position	Director
Date of birth	30/04/1957
Street	23 BERGLAAN KOKSIJDE
Post code	8670
Country	Belgium

Name	PAUL JACQUES DE FRAEYE
Position	Non Statutory Partner
Date of birth	30/04/1957
Street	23 BERGLAAN KOKSIJDE
Post code	8670
Country	Belgium

Name	TOM DE BUSSCHERE
Position	Principal Manager
Street	1 SINT-MAARTENSVELDSTRAAT ARDOOIE
Post code	8850
Country	Belgium

Name	PAUL FREDERIK DE COCK
Position	Non Statutory Partner
Date of birth	26/03/1973
Street	81 STOOFSTRAAT BRUSSEL
Post code	1000
Country	Belgium

Name	BERNARD THIERS GCV
Position	Non Statutory Partner
Date of birth	13/12/2006
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium

Name	PAUL ALBERT GABRIËL THIERS
Position	Director
Date of birth	04/08/1957
Street	830 ZEEDIJK-HET ZOUTE KNOKKE-HEIST
Post code	8300
Country	Belgium

Name	BERNARD THIERS
Position	Director
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium

Name	BERNARD THIERS
Position	Managing Director
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium

Name	BERNARD THIERS
Position	Non Statutory Partner
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium

Name	LUCAS (LUC) VANHAELEMEESCH
Position	Director
Date of birth	26/06/1951
Street	23 WATERSTRAAT WIELSBEKE
Post code	8710
Country	Belgium

Name	LUCAS (LUC) VANHAELEMEESCH
Position	Non Statutory Partner
Date of birth	26/06/1951
Street	23 WATERSTRAAT WIELSBEKE
Post code	8710
Country	Belgium

Name	LUCAS (LUC) VANHAELEMEESCH
Position	Chairman of the Board
Date of birth	26/06/1951
Street	23 WATERSTRAAT WIELSBEKE
Post code	8710
Country	Belgium

Name	FRANS DE COCK
Position	Director
Street
Post code
Country	Monaco

Name	FRANS DE COCK
Position	Managing Director
Street
Post code
Country	Monaco

Name	FRANS DE COCK
Position	Non Statutory Partner
Street
Post code
Country	Monaco

Name	MICHEL VERMETTE
Position	Principal Manager
Street
Post code
Country	United States

Name	JEFFREY LORBERBAUM
Position	Principal Manager
Street
Post code
Country	United States

Name	FRANK BOYKIN
Position	Principal Manager
Street
Post code
Country	United States

Name	DIRK VANDENBERGHE
Position	Principal Manager
Street
Post code
Country

NEGATIVE INFORMATION

Court data summary

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

NSSO details

Business number	405414072
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	32.93
Industry average payment expectation days	57.27	Industry average day sales outstanding	708.91
Day sales outstanding	37.31

Payment expectations

Payment expectation days	32.93
Day sales outstanding	37.31

Industry comparison

Activity code	16210
Activity description	Manufacture of veneer sheets and wood-based panels
Industry average payment expectation days	57.27
Industry average day sales outstanding	708.91

Industry quartile analysis

Payment expectations	View graph
Company result	32.93
Lower	78.98
Median	52.90
Upper	32.71
Day sales outstanding	View graph
Company result	37.31
Lower	90.66
Median	44.96
Upper	28.06

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	19 companies from 8 countries. Click to view the linked companies.

Summary

Group - Number of Companies	0
Linkages - Number of Companies	19
Number of Countries	8

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	569,329,977	15,420,006	1,390,443,423
31/12/2009	519,694,113	443,703	1,366,956,389
31/12/2008	663,673,598	8,083,514	171,240,630

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	2,848,398,842	2,338,551,701	171,103,018	2,933,471	1,368
31/12/2009	2,930,871,786	2,332,770,998	171,103,018	2,924,414	1,341
31/12/2008	3,049,917,189	2,333,297,842	100,800,000	7,523,154	1,520

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	569,329,977	9.55	519,694,113	-21.69	663,673,598	38,355,071	1384
Total operating expenses	496,987,096	13.65	437,281,218	-17.06	527,247,882	34,823,487	1327
Operating result	72,342,881	-12.22	82,412,895	-39.59	136,425,716	1,171,254	6076
Total financial income	4,324,191	-51.28	8,874,735	-74.23	34,441,449	175,376	2365
Total financial expenses	61,247,066	-32.58	90,843,927	-44.19	162,783,651	856,752	7048
Results on ordinary operations before taxation	15,420,006	3375	443,703	-94.51	8,083,514	483,741	3087
Taxation	-	-	31,943	177	-17,960	140,555	-
Results on ordinary operations after taxation	15,420,006	3644	411,760	-94.92	8,101,474	379,509	3963
Extraordinary items	-90,277,704	-10.72	-81,536,951	84.01	-97,060,330	-962,577	-9278
Other appropriations	160671	0.85	159312.05	-80.62	822119	-	-
Net result	-74,697,027	92.26	-80,965,878	91.86	-88,136,737	-581,004	-12756
other information
Dividends	-	-	-	-	-	1,495,412	-
Director remuneration	1,385,024	49.93	923,807	-35.52	1,432,716	589,941	134
Employee costs	83,417,920	1.82	81,930,282	1.01	81,107,535	2,688,846	3002
Wages and salary	56,324,189	0.45	56,069,577	5.89	52,949,046	1,773,983	3075
Employee pension costs	6,346	-	172,675	-	131,365	20,576	-69.16
Social security contributions	21,301,721	1.08	21,073,341	-8.73	23,089,241	790,598	2594
Other employee costs	5,785,664	25.37	4,614,690	-6.55	4,937,882	104,163	5454
Amortization and depreciation	28,702,691	4.53	27,457,745	30.88	20,979,076	559,441	5030

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	197,869,345	-	296,554,135	-	393,223,615	2,233,170	8760
Tangible fixed assets	98,656,023	-11.65	111,661,559	-7.98	121,343,014	2,253,890	4277
Land & building	50,895,696	-9.89	56,481,751	-1.63	57,414,804	1,705,195	2884
Plant & machinery	34,903,646	-28.53	48,837,234	43.81	33,958,936	838,540	4062
Other tangible assets	12,856,681	102	6,342,574	-78.84	29,969,274	300,024	4185
Financial fixed assets	2,338,551,701	0.25	2,332,770,998	-0.02	2,333,297,842	116,081,597	1914
Total fixed assets	2,635,077,069	-3.86	2,740,986,691	-3.75	2,847,864,472	75,839,963	3374
Inventories	58,585,779	20.78	48,504,458	-18.42	59,459,132	2,388,140	2353
Raw materials & consumables	28,378,209	30.05	21,821,550	-19.64	27,154,597	3,946,267	619
Work in progress	4,087,402	6.96	3,821,441	-11.67	4,326,535	110,056	3613
Finished goods	26,120,168	14.25	22,861,468	-18.29	27,978,000	672,239	3785
Other stocks	0	-	0	-	0	108,920	-100
Trade debtors	58,198,265	6.01	54,897,620	-13.69	63,604,784	1,516,692	3737
Cash	2,933,471	0.31	2,924,414	-61.13	7,523,154	384,198	663
other amounts receivable	92,941,034	12.27	82,782,152	17.25	70,602,018	1,440,762	6350
Miscellaneous current assets	663,224	-14.58	776,450	-10.09	863,629	137,530	382
Total current assets	213,321,773	12.34	189,885,095	-6.02	202,052,717	5,013,915	4154
current liabilities
Trade creditors	44,832,974	28.53	34,880,746	-1.13	35,280,744	1,331,463	3267
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-100	1,169,971,140	-0.82	1,179,642,507	269,939	-100
Miscellaneous current liabilities	49,250,275	-15.28	58,134,116	-95.41	1,267,496,907	4304	- -
Total current liabilities	94,083,249	-92.55	1,262,986,002	-49.12	2,482,420,158	2,644,709	3457
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	1,162,076,979	-	-	-	-	4423	- -
Other long term liabilities	3,925,846	-10.27	4,375,260	44.27	3,032,786	171,141	2193
Total long term debts	1,166,002,825	26549	4,375,260	44.27	3,032,786	14,026,770	8212
shareholders equity
Issued share capital	171,103,018	0.00	171,103,018	69.75	100,800,000	3,710,561	4511
Share premium account	1,110,926,835	0.00	1,110,926,835	119373	929,853	371,605,940	198
Reserves	306,282,915	-19.71	381,480,671	-17.56	462,734,392	42,733,778	616
Revaluation reserve	-	-	-	-	-	1,261,376	-
Total shareholders equity	1,588,312,768	-4.52	1,663,510,523	194	564,464,245	59,069,592	2588
Working capital	119,238,524	11.11	-1,073,100,908	47.06	-2,280,367,441	2,369,205	4932
Net worth	1,390,443,423	1.72	1,366,956,389	698	171,240,630	56,836,422	2346

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	2.71	2911	0.09	-92.62	1.22	-253,00	1.07
Return on capital employed	0.56	1766	0.03	-97.89	1.42	5,00	-88.80
Return on total assets employed	0.54	2600	0.02	-92.59	0.27	0,00	-
Return on net assets employed	0.97	3133	0.03	-97.90	1.43	-3,00	32.33
Sales / net working capital	4.77	993	-0.48	-65.52	-0.29	9,00	-99
Stock turnover ratio	10.29	10.29	9.33	4.13	8.96	16,00	-35.69
Debtor days	37.31	-3.24	38.56	10.23	34.98	978,00	-96.19
Creditor days	32.93	13.08	29.12	19.25	24.42	45,00	-26.82
short term stability
Current ratio	2.27	1413	0.15	87.50	0.08	450,00	13.50
Liquidity ratio / acid ratio	1.64	1390	0.11	83.33	0.06	450,00	-99
Current debt ratio	0.06	-92.11	0.76	-82.73	4.40	2,00	-97.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	73.16	4.02	70.33	-66.35	208.98	195,00	-62.48
Equity in percentage	59.92	-5.11	63.15	197	21.25	-69,00	86.84
Total debt ratio	0.79	3.95	0.76	-82.73	4.40	3,00	-73.67

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Joint Industrial Committee (JIC)

JIC Code	126
Description	Joint committee for the upholstery and the woodworks
category

JIC Code	218
Description	Additional national joint committee for the employees
category

Significant Events

Event Date	09/11/2011
Event Description
Event Details	De 42 nieuwe aandelen worden toegekend aan Mohawk International Holdings.

Export accounts to CSV file

comparison mode

average

median

Minority Shareholders

Business number	Company name	Safe number	%	Date of accounts
-	MOHAWK INTERNATIONAL HOLDINGS SARL	-	-	-

Minority Interests

Business number	Company name	Safe number	%	Date of accounts
-	UNILIN BEHEER SOC.ETR. E.P.B.	-	-	-
-	UNILIN SYSTEMS SUD SAS SOC.ETR. E.P.B.	-	5	-

Companies that match this address

Business number	Company name	Date of accounts
459510180	UNILIN INDUSTRIES BVBA	31/08/2010
885192603	UNILIN SAS	-
887430333	UNILIN BEHEER BV	-
890022015	UNILIN MULTIPRE BV	-

Linked Companies

Name	Safe number	number	Latest Key financials	Turnover
MOHAWK INDUSTRIES	WW01247543	-	31.12.2010	€3.691.492.817
UNILIN HOLDING SAS	FR07997028	479086597	31.12.2010	-
LEES MOHAWK (UK) LIMITED	UK02340280	02679304	31.12.2010	-
UNILIN SYSTEMS SUD SAS	FR05950146	432178473	31.12.2010	€5.104.603
UNILIN GMBH	DE00992465	HRB 8763	31.12.2010	-
UNILIN/MULTIPRE B.V.	NL01645791	29030579	31.12.2006	-
MOHAWK UNILIN INTERNATIONAL B.V.	NL00904068	17229715	31.12.2009	-
FLOORING INDUSTRIES LIMITED	IE00310294	IE316298	31.12.2010	€80.859.218
UNILIN DISTRIBUTION LIMITED	UK07020813	NI025830	31.12.2010	£25.836.823
UNILIN UK LTD	UK03537158	03883640	31.12.2010	-
TIMBER TECHNIQUE FINANCE LIMITED	IE00370421	IE378390	31.12.2010	-
CEVOTRANS B.V.	NL00960587	18017706	-	-
OPSTALAN B.V.	NL00962169	18024618	-	-
UNILIN BEHEER B.V.	NL01643896	29024050	31.12.2009	€46.256.365
UNILIN INDUSTRIES BVBA	BE00362251	459510180	31.08.2010	-
UNILIN IMMO BVBA	BE00374106	461081481	31.12.2005	-
MOHAWK FOREIGN HOLDINGS SARL	-	-	-	-
MOHAWK INTERNATIONAL HOLDINGS SARL	-	-	-	-
UNILIN BVBA	-	-	-	-

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.29
UK Pound	1	Rs.77.60
Euro	1	Rs.64.67

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.