MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	UNILIN BVBA
Registered Office :	Ooigemstraat 3 8710 Wielsbeke
Country :	Belgium
Financials (as on) :	31.12.2011
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 :	1395

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
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 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Belgium	A1	A1

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 and address

Business number	405414072
Company name	UNILIN BVBA
Address	OOIGEMSTRAAT 3
	8710 WIELSBEKE
Number of staff	1395
Date of establishment	01/01/1968
Telephone number	-
Fax number	-

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	631,521,558	13,077,484	615,924,061
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

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	2,844,840,699	2,343,587,199	783,360,070	2,508,163	1,395
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

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	27.48
Industry average payment expectation days	103.76	Industry average day sales outstanding	338.99
Day sales outstanding	36.20

Court data summary

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

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	31/12/2011
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

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

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	631,521,558	10.92	569,329,977	9.55	519,694,113	42,063,822	1401
Total operating expenses	555,553,734	11.78	496,987,096	13.65	437,281,218	37,811,870	1369
Operating result	75,967,824	5.01	72,342,881	-12.22	82,412,895	1,196,646	6248
Total financial income	8,213,247	89.94	4,324,191	-51.28	8,874,735	153,235	5259
Total financial expenses	71,103,587	16.09	61,247,066	-32.58	90,843,927	851,343	8251
Results on ordinary operations before taxation	13,077,484	-15.19	15,420,006	3375	443,703	488,564	2576
Taxation	18,877	-	-	-	31,943	175,267	-89.23
Results on ordinary operations after taxation	13,058,607	-15.31	15,420,006	3644	411,760	366,408	3463
Extraordinary items	-95,113,604	-5.36	-90,277,704	-10.72	-81,536,951	-944,395	-9971
Other appropriations	107608.53	-33.03	160671	0.85	159312.05	-	-
Net result	-81,947,389	-9.71	-74,697,027	92.26	-80,965,878	-577,121	-14099
other information
Dividends	292,320,000	-	-	-	-	29,422,735	893
Director remuneration	1,360,358	-1.78	1,385,024	49.93	923,807	568,991	139
Employee costs	87,540,574	4.94	83,417,920	1.82	81,930,282	2,537,700	3349
Wages and salary	59,988,724	6.51	56,324,189	0.45	56,069,577	1,695,129	3438
Employee pension costs	67,988	-	6,346	-	172,675	26,291	158
Social security contributions	22,401,842	5.16	21,301,721	1.08	21,073,341	732,926	2956
Other employee costs	5,082,020	-12.16	5,785,664	25.37	4,614,690	84,633	5904
Amortization and depreciation	23,477,833	-18.20	28,702,691	4.53	27,457,745	451,160	5103

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	99,214,048	-	197,869,345	-	296,554,135	1,024,554	9583
Tangible fixed assets	97,115,934	-1.56	98,656,023	-11.65	111,661,559	1,952,501	4873
Land & building	50,098,317	-1.57	50,895,696	-9.89	56,481,751	1,634,960	2964
Plant & machinery	28,019,663	-19.72	34,903,646	-28.53	48,837,234	711,131	3840
Other tangible assets	18,997,954	47.77	12,856,681	102	6,342,574	328,722	5679
Financial fixed assets	2,343,587,199	0.22	2,338,551,701	0.25	2,332,770,998	115,656,571	1926
Total fixed assets	2,539,917,181	-3.61	2,635,077,069	-3.86	2,740,986,691	67,084,088	3686
Inventories	63,190,149	7.86	58,585,779	20.78	48,504,458	2,564,705	2363
Raw materials & consumables	30,704,601	8.20	28,378,209	30.05	21,821,550	5,465,546	461
Work in progress	3,417,650	-16.39	4,087,402	6.96	3,821,441	90,517	3675
Finished goods	29,067,898	11.29	26,120,168	14.25	22,861,468	663,453	4281
Other stocks	0	-	0	-	0	112,000	-100
Trade debtors	62,628,641	7.61	58,198,265	6.01	54,897,620	1,381,558	4433
Cash	2,508,163	-14.50	2,933,471	0.31	2,924,414	299,555	737
other amounts receivable	173,287,042	86.45	92,941,034	12.27	82,782,152	2,118,469	8079
Miscellaneous current assets	3,309,523	399	663,224	-14.58	776,450	97,842	3282
Total current assets	304,923,517	42.94	213,321,773	12.34	189,885,095	5,404,705	5541
current liabilities
Trade creditors	41,818,790	-6.72	44,832,974	28.53	34,880,746	1,105,563	3682
Short term group loans	-	-	-	-	-	-	-
Other short term loans	252	-	0	-100	1,169,971,140	223,223	-99
Miscellaneous current liabilities	57,531,546	16.81	49,250,275	-15.28	58,134,116	5124	- -
Total current liabilities	99,350,588	5.60	94,083,249	-92.55	1,262,986,002	2,374,154	4084
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	2,026,316,797	74.37	1,162,076,979	-	-	5263	- -
Other long term liabilities	4,035,204	2.79	3,925,846	-10.27	4,375,260	127,940	3053
Total long term debts	2,030,352,001	74.13	1,166,002,825	26549	4,375,260	21,117,764	9514
shareholders equity
Issued share capital	783,360,070	357	171,103,018	0.00	171,103,018	9,231,670	8385
Share premium account	-	-	1,110,926,835	0.00	1,110,926,835	1,945,494	-
Reserves	-68,221,961	-122	306,282,915	-19.71	381,480,671	34,932,130	-295
Revaluation reserve	-	-	-	-	-	832,435	-
Total shareholders equity	715,138,109	-54.97	1,588,312,768	-4.52	1,663,510,523	44,253,554	1516
Working capital	205,572,930	72.40	119,238,524	11.11	-1,073,100,908	3,030,550	6683
Net worth	615,924,061	-55.70	1,390,443,423	1.72	1,366,956,389	43,229,000	1324

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	2.07	-23.62	2.71	2911	0.09	-508,00	0.41
Return on capital employed	0.48	-14.29	0.56	1766	0.03	-141,00	0.34
Return on total assets employed	0.46	-14.81	0.54	2600	0.02	-11,00	4.18
Return on net assets employed	1.83	88.66	0.97	3133	0.03	-136,00	1.35
Sales / net working capital	3.07	-35.64	4.77	993	-0.48	10,00	-99
Stock turnover ratio	10.01	-2.72	10.29	10.29	9.33	15,00	-33.27
Debtor days	36.20	-2.98	37.31	-3.24	38.56	613,00	-94.09
Creditor days	27.48	-16.55	32.93	13.08	29.12	46,00	-40.26
short term stability
Current ratio	3.07	35.24	2.27	1413	0.15	215,00	-23.25
Liquidity ratio / acid ratio	2.43	48.17	1.64	1390	0.11	215,00	-98.87
Current debt ratio	0.14	133	0.06	-92.11	0.76	4,00	-96.50
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	283.35	287	73.16	4.02	70.33	294,00	-3.62
Equity in percentage	26.05	-56.53	59.92	-5.11	63.15	-23,00	113
Total debt ratio	2.98	277	0.79	3.95	0.76	5,00	-40.40

Industry comparison

Payment expectations

Payment expectation days	27.48
Day sales outstanding	36.20

Industry comparison

Activity code	16210
Activity description	Manufacture of veneer sheets and wood-based panels
Industry average payment expectation days	103.76
Industry average day sales outstanding	338.99

Industry quartile analysis

Payment expectations
Company result	27.48
Lower	68.39
Median	49.09
Upper	33.12
Day sales outstanding
Company result	36.20
Lower	67.03
Median	40.12
Upper	24.59

Summary

Group - Number of Companies	0
Linkages - Number of Companies	87
Number of Countries	16

Group Structure

No group structure for this company.

Minority Shareholders

Business number	Company name	%	Date of accounts
B110608	Mohawk International Holdings S.à r.l.	-	-

Minority Interests

Business number	Company name	%	Date of accounts
-	UNILIN SYSTEMS SUD SAS	5	-
459510180	Unilin Industries BVBA	0.03	31/08/2011

Linked Companies

Name	number	Latest Key financials	Turnover
UNILIN HOLDING SAS	479086597	31.12.2011	-
LEES MOHAWK (UK) LIMITED	02679304	31.12.2011	-
UNILIN SYSTEMS SUD SAS	432178473	31.12.2011	€5.418.623
UNILIN GMBH	HRB 8763	31.12.2010	-
UNILIN/MULTIPRE B.V.	29030579	31.12.2006	-
MOHAWK UNILIN INTERNATIONAL B.V.	17229715	31.12.2010	-
MOHAWK INTERNATIONAL (EUROPE) S.À R.L.	B110609	31.12.2010	-
FLOORING INDUSTRIES LIMITED	IE316298	31.12.2011	€78.836.615
UNILIN DISTRIBUTION LIMITED	NI025830	31.12.2011	£41.276.241
UNILIN UK LTD	03883640	31.12.2010	-
TIMBER TECHNIQUE FINANCE LIMITED	IE378390	31.12.2011	-
CEVOTRANS B.V.	18017706	-	-
UNILIN INSULATION B.V.	18024618	-	-
UNILIN BEHEER B.V.	29024050	31.12.2011	€53.830.778
UNILIN INDUSTRIES BVBA	459510180	31.08.2011	-
UNILIN IMMO BVBA	461081481	31.12.2005	-
MOHAWK INTERNATIONAL HOLDINGS S.À R.L.	B110608	-	-
MOHAWK FOREIGN HOLDINGS S.À R.L.	B147820	-	-
LEES CARPETS	-	-	-
DAL-TILE GROUP, INC	-	-	$952.000.000

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

Current director details

Name	LIEVEN MALFAIT
Position	Principal Manager
Start Date	31/07/2008
Street	43 JULES DAEMSSTRAAT DEINZE
Post code	9800
Country	Belgium
Name	BERNARD THIERS GCV
Position	Principal Manager
Start Date	12/06/2012
Date of birth	13/12/2006
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium

Name	PDC MANAGEMENT BVBA
Position	Legal Representative
Start Date	02/01/2009
Date of birth	17/12/2008
Street	81 STOOFSTRAAT BRUSSEL
Post code	1000
Country	Belgium
Name	PDC MANAGEMENT BVBA
Position	Non Statutory Partner
Start Date	02/01/2009
Date of birth	17/12/2008
Street	81 STOOFSTRAAT BRUSSEL
Post code	1000
Country	Belgium

Name	PDC MANAGEMENT BVBA
Position	Principal Manager
Start Date	02/01/2009
Date of birth	17/12/2008
Street	81 STOOFSTRAAT BRUSSEL
Post code	1000
Country	Belgium
Name	DE BOE LODE BVBA
Position	Principal Manager
Start Date	12/06/2012
Date of birth	05/07/2011
Street	1 TALPENSDREEF MOORSLEDE
Post code	8890
Country	Belgium

Name	DE BOE LODE BVBA
Position	Legal Representative
Start Date	29/08/2011
Date of birth	05/07/2011
Street	1 TALPENSDREEF MOORSLEDE
Post code	8890
Country	Belgium
Name	PAUL ALBERT GABRIËL THIERS
Position	Non Statutory Partner
Start Date	29/09/2005
Date of birth	04/08/1957
Street	84 COUPURE RECHTS GENT
Post code	9000
Country	Belgium

Name	PAUL DE COCK
Position	Principal Manager
Start Date	29/09/2005
Street	81 STOOFSTRAAT BRUSSEL
Post code	1000
Country	Belgium
Name	BRENDAN MC GILL
Position	Principal Manager
Start Date	01/06/2012
Street
Post code
Country	United States

Former director details

Name	BERNARD VANDEPUTTE
Position	Director
Start Date	20/08/2004
End Date	29/09/2005
Street	11 KATTESTRAAT OOSTROZEBEKE
Post code	8780
Country	Belgium
Name	BERNARD VANDEPUTTE
Position	Non Statutory Partner
Start Date	29/09/2005
End Date	-
Street	11 KATTESTRAAT OOSTROZEBEKE
Post code	8780
Country	Belgium

Name	BERNARD VANDEPUTTE
Position	Managing Director
Start Date	06/06/1995
End Date	-
Street	11 KATTESTRAAT OOSTROZEBEKE
Post code	8780
Country	Belgium
Name	PAUL JACQUES DE FRAEYE
Position	Director
Start Date	26/10/2005
End Date	29/09/2005
Date of birth	30/04/1957
Street	23 BERGLAAN KOKSIJDE
Post code	8670
Country	Belgium

Name	PAUL JACQUES DE FRAEYE
Position	Non Statutory Partner
Start Date	29/09/2005
End Date	03/07/2008
Date of birth	30/04/1957
Street	23 BERGLAAN KOKSIJDE
Post code	8670
Country	Belgium
Name	TOM DE BUSSCHERE
Position	Principal Manager
Start Date	31/07/2008
End Date	28/11/2008
Street	1 SINT-MAARTENSVELDSTRAAT ARDOOIE
Post code	8850
Country	Belgium

Name	PAUL FREDERIK DE COCK
Position	Non Statutory Partner
Start Date	29/09/2005
End Date	02/01/2009
Date of birth	26/03/1973
Street	81 STOOFSTRAAT BRUSSEL
Post code	1000
Country	Belgium
Name	BERNARD THIERS
Position	Director
Start Date	20/08/2004
End Date	29/09/2005
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium

Name	BERNARD THIERS
Position	Managing Director
Start Date	06/06/1995
End Date	29/09/2005
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium
Name	BERNARD THIERS
Position	Non Statutory Partner
Start Date	29/09/2005
End Date	-
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium

Name	BERNARD THIERS
Position	Principal Manager
Start Date	28/02/2011
End Date	-
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium
Name	DAVE VANDENBERGHE
Position	Principal Manager
Start Date	01/03/2009
End Date	31/12/2011
Date of birth	03/06/1960
Street	55 HOORNDRIESSTRAAT MERELBEKE
Post code	9820
Country	Belgium

Name	DAVE VANDENBERGHE
Position	Non Statutory Partner
Start Date	01/03/2009
End Date	-
Date of birth	03/06/1960
Street	55 HOORNDRIESSTRAAT MERELBEKE
Post code	9820
Country	Belgium
Name	PAUL ALBERT GABRIËL THIERS
Position	Director
Start Date	20/08/2004
End Date	29/09/2005
Date of birth	04/08/1957
Street	84 COUPURE RECHTS GENT
Post code	9000
Country	Belgium

Name	BERNARD THIERS GCV
Position	Non Statutory Partner
Start Date	01/01/2009
End Date	02/01/2009
Date of birth	13/12/2006
Street	128 NESTOR DE TIÈRESTRAAT OUDENAARDE
Post code	9700
Country	Belgium
Name	LUCAS (LUC) VANHAELEMEESCH
Position	Director
Start Date	20/08/2004
End Date	29/09/2005
Date of birth	26/06/1951
Street	23 WATERSTRAAT WIELSBEKE
Post code	8710
Country	Belgium

Name	LUCAS (LUC) VANHAELEMEESCH
Position	Non Statutory Partner
Start Date	29/09/2005
End Date	-
Date of birth	26/06/1951
Street	23 WATERSTRAAT WIELSBEKE
Post code	8710
Country	Belgium
Name	LUCAS (LUC) VANHAELEMEESCH
Position	Chairman of the Board
Start Date	02/12/1996
End Date	-
Date of birth	26/06/1951
Street	23 WATERSTRAAT WIELSBEKE
Post code	8710
Country	Belgium

Name	FRANS DE COCK
Position	Director
Start Date	20/08/2004
End Date	29/09/2005
Street
Post code
Country	Monaco
Name	FRANS DE COCK
Position	Managing Director
Start Date	06/06/1995
End Date	29/09/2005
Street
Post code
Country	Monaco

Name	FRANS DE COCK
Position	Non Statutory Partner
Start Date	29/09/2005
End Date	01/01/2009
Street
Post code
Country	Monaco
Name	BARBARA GOETZ
Position	Principal Manager
Start Date	09/07/2012
End Date	01/06/2012
Street	1339 PACES FOREST DRIVE
Post code	NW
Country	United States

Name	FRANK BOYKIN
Position	Principal Manager
Start Date	31/10/2005
End Date	27/05/2011
Street
Post code
Country	United States
Name	JEFFREY LORBERBAUM
Position	Principal Manager
Start Date	09/07/2012
End Date	01/06/2012
Street
Post code
Country	United States

Name	JEFF LORBERBAUM
Position	Principal Manager
Start Date	31/10/2005
End Date	-
Street
Post code
Country
Name	DIRK VANDENBERGHE
Position	Principal Manager
Start Date	01/03/2009
End Date	-
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.32
UK Pound	1	Rs.84.60
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.