MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Correct Name :	KONFEKTIEBEDRIJF R. ROBBENS NV

Registered Office :	Lindestraat 54 Oudenaarde, Post Code 9700

Country :	Belgium

Financials (as on) :	31.12.2010

Date of Incorporation :	01.09.1947

Com. Reg. No.:	401084607

Legal Form :	Public Limited Liability Company

Line of Business :	Manufacture of other outerwear

No. of Employees :	08

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 – 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	401084607	Company name	KONFEKTIEBEDRIJF R. ROBBENS NV
		Telephone number	055313634
Address	LINDESTRAAT 54 OUDENAARDE	Fax number	055319556
Post code	9700	Number of staff	8
Date of establishment	01/09/1947
Business number	401084607	Company name	KONFEKTIEBEDRIJF R. ROBBENS NV
Fax number	055319556	Date founded	01/09/1947
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	14130	liable for VAT	yes
Activity description	Manufacture of other outerwear	VAT Number	BE.0401.084.607
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	FILIP DEGROOTE
Position	Director
Street	87 BAARLEDORPSTRAAT GENT
Post code	9031
Country	Belgium

Name	GERMAIN DEGROOTE
Position	Director
Street	22 VOORDELAAN SINT-MARTENS-LATEM
Post code	9831
Country	Belgium

Name	JACQUELINE DEGROOTE-ROBBENS
Position	Managing Director
Street	22 VOORDELAAN SINT-MARTENS-LATEM
Post code	9831
Country	Belgium

Name	JACQUELINE DEGROOTE-ROBBENS
Position	Chairman of the Board
Street	22 VOORDELAAN SINT-MARTENS-LATEM
Post code	9831
Country	Belgium

Name	JACQUELINE DEGROOTE-ROBBENS
Position	Director
Street	22 VOORDELAAN SINT-MARTENS-LATEM
Post code	9831
Country	Belgium

Name	JACQUELINE MEVR. DEGROOTE-ROBBENS
Position	Chairman of the Board
Street	22 VOORDELAAN SINT-MARTENS-LATEM
Post code	9831
Country	Belgium

Former director details

Name	PAUL BEGHIN
Position	Commissioner
Street	37 VERRUESTRAAT KORTRIJK
Post code	8510
Country	Belgium

Name	HONEY BEE BELGIUM IN VEREFFENING BVBA
Position	Director
Date of birth	15/12/1978
Street	2 AREND DE KEYSERESTRAAT OUDENAARDE
Post code	9700
Country	Belgium

Name	JACQUELINE DEGROOTE-ROBBENS
Position	Principal Manager
Street	22 VOORDELAAN SINT-MARTENS-LATEM
Post code	9831
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 5 TO 9 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	109
Description	JC for the industry of the clothing and garments firms
category

JIC Code	215
Description	JC for the employees in the cloting and garments firms
category

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	19.93
Industry average payment expectation days	53.89	Industry average day sales outstanding	129.62
Day sales outstanding	945.19

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	19.93
Day sales outstanding	945.19

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Company name	Number	Latest financials
- KONFEKTIEBEDRIJF R. ROBBENS NV	401084607	31-12-2010
- - TAKATEX

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010	833,473	-138,115	4,953,878
31/12/2009	1,191,670	-33,260	4,923,166
31/12/2008	1,540,006	-228,033	4,712,102

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	5,053,997	1,513,431	86,763	276,368	8
31/12/2009	5,073,018	1,513,431	86,763	391,483	9
31/12/2008	4,977,143	1,516,523	86,763	11,069	13

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	833,473	-30.06	1,191,670	-22.62	1,540,006	15,976,428	-94.78
Total operating expenses	964,551	-20.64	1,215,397	-32.04	1,788,435	15,571,538	-93.81
Operating result	-131,078	-452	-23,727	9.55	-248,429	113,118	-215
Total financial income	7,083	9.22	6,485	-82.66	37,403	64,682	-89.05
Total financial expenses	14,120	-11.85	16,018	-5.82	17,007	92,471	-84.73
Results on ordinary operations before taxation	-138,115	-315	-33,260	14.59	-228,033	75,702	-282
Taxation	20,977	6218	332	-	-	12,804	63.83
Results on ordinary operations after taxation	-159,092	-373	-33,592	14.73	-228,033	68,478	-332
Extraordinary items	152,065	-37.85	244,656	73370	333	5,802	2520
Other appropriations	0	-	0	-	0	-	-
Net result	-7,027	-103	211,064	92.69	-227,700	74,649	-109
other information
Dividends	-	-	-	-	-	5,672,748	-
Director remuneration	-	-	-	-	-	302,764	-
Employee costs	215,593	-32.77	320,682	-1.85	326,736	957,565	-77.49
Wages and salary	168,481	-29.31	238,349	-6.41	254,685	754,660	-77.67
Employee pension costs	-	-	-	-	-	300,067	-
Social security contributions	47,112	-42.78	82,333	14.27	72,051	205,434	-77.07
Other employee costs	0	-	0	-	0	33,307	-100
Amortization and depreciation	3,203	-70.79	10,967	-77.79	49,378	90,596	-96.46

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	0	-	0	-	0	116,353	-100
Tangible fixed assets	29,291	-73.63	111,091	-78.95	527,629	354,143	-91.73
Land & building	27,000	-74.92	107,635	-79.03	513,206	397,794	-93.21
Plant & machinery	2,291	-33.71	3,456	-66.73	10,388	50,059	-95.42
Other tangible assets	0	-	0	-100	4,035	116,067	-100
Financial fixed assets	1,513,431	0	1,513,431	-0.20	1,516,523	508,507	197
Total fixed assets	1,542,722	-5.04	1,624,522	-20.53	2,044,152	775,400	98.96
Inventories	1,005,891	-6.54	1,076,298	-16.95	1,295,934	1,056,500	-4.79
Raw materials & consumables	-	-	-	-	-	1,314,484	-
Work in progress	0	-	0	-	0	13,994	-100
Finished goods	0	-	0	-	0	473,967	-100
Other stocks	1,005,891	-6.54	1,076,298	-16.95	1,295,934	122,405	721
Trade debtors	2,158,332	13.31	1,904,860	35.93	1,401,392	692,972	211
Cash	276,368	-29.40	391,483	3436	11,069	130,986	110
other amounts receivable	55,567	6.07	52,387	-11.11	58,937	152,998	-63.68
Miscellaneous current assets	15,117	-35.58	23,468	-85.83	165,659	341,758	-95.58
Total current assets	3,511,275	1.82	3,448,496	17.58	2,932,991	1,972,057	78.05
current liabilities
Trade creditors	52,657	-50.80	107,029	-51.63	221,258	622,831	-91.55
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	195,543	-100
Miscellaneous current liabilities	47,462	10.83	42,823	-2.19	43,783	-87.53	- -
Total current liabilities	100,119	-33.19	149,852	-43.46	265,041	1,151,962	-91.31
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	71,177	-100
Total long term debts	0	-	0	-	0	205,405	-100
shareholders equity
Issued share capital	86,763	0	86,763	0	86,763	220,292	-60.61
Share premium account	-	-	-	-	-	13,113,718	-
Reserves	4,867,115	0.64	4,836,403	4.56	4,625,339	738,457	559
Revaluation reserve	-	-	-	-	-	125,774	-
Total shareholders equity	4,953,878	0.62	4,923,166	4.48	4,712,102	1,333,169	271
Working capital	3,411,156	3.41	3,298,644	23.64	2,667,950	820,095	315
Net worth	4,953,878	0.62	4,923,166	4.48	4,712,102	1,213,092	308

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-16.57	-493	-2.79	18.84	-14.81	0,00	-
Return on capital employed	-2.79	-310	-0.68	14.05	-4.84	-1,00	-179
Return on total assets employed	-2.73	-313	-0.66	14.41	-4.58	-450,00	0.61
Return on net assets employed	-2.79	-310	-0.68	14.05	-4.84	-12,00	23.25
Sales / net working capital	0.24	-33.33	0.36	-37.93	0.58	0,00	-99
Stock turnover ratio	120.69	33.62	90.32	7.33	84.15	38,00	217
Debtor days	945.19	62.00	583.44	75.66	332.15	157,00	502
Creditor days	19.93	-37.99	32.14	-28.83	45.16	86,00	-76.83
short term stability
Current ratio	35.07	52.41	23.01	107	11.07	15,00	601
Liquidity ratio / acid ratio	25.02	58.05	15.83	156	6.18	14,00	78.71
Current debt ratio	0.02	-33.33	0.03	-50.0	0.06	5,00	-99
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	350,00	-
Equity in percentage	98.02	1.00	97.05	2.51	94.67	-7.462,00	1.31
Total debt ratio	0.02	-33.33	0.03	-50.0	0.06	6,00	-99

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Significant Events

Event Date	16/11/2007
Event Description	re-appointment of director(s)
Event Details	Commentaar 16-11-2007: Herbenoeming bestuurders voor een periode van 6 jaar: Robbens Jacqueline (tevens gedelegeerd bestuurder), Germain Degroote en Filip Degroote.

Limit History

no limit history data found

Industry comparison

Activity code	14130
Activity description	Manufacture of other outerwear

Industry comparison

Activity code	14130
Activity description	Manufacture of other outerwear
Industry average payment expectation days	53.89
Industry average day sales outstanding	129.62

Industry quartile analysis

Payment expectations
Company result	19.93
Lower	99.97
Median	50.51
Upper	16.95

Day sales outstanding
Company result	945.19
Lower	64.60
Median	32.39
Upper	14.63

Summary

Group - Number of Companies	2
Linkages - Number of Companies	0
Number of Countries	0

Companies that match this address

Business number	Company name	Date of accounts
400009885	ROLATEX IN VEREFFENING BVBA	31/12/2000

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	401084607
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

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

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
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.