MIRA INFORM REPORT

Report Date :

23.07.2013

IDENTIFICATION DETAILS

Name :	MICHEL VANDE WIELE NV
Registered Office :	Michel Vandewielestraat 7, 8510 Kortrijk
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	25.06.1985
Com. Reg. No.:	405450595
Legal Form :	Public Limited Liability Company
Line of Business :	Manufacturer of machinery for textile, apparel and leather production
No. of Employees :	597

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 :	Satisfactory
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 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

Company name & address

Business number	405450595
Company name	MICHEL VANDE WIELE NV
Address	MICHEL VANDEWIELESTRAAT 7
	8510 KORTRIJK
Number of staff	597
Date of establishment	25/06/1985
Telephone number	056243211
Fax number	056243540

Ultimate holding company

Company name	Company Number
Titan Baratto NV	401868624

Commentary

The business was established over 28 years ago.
The business has 597 employees.
The business is part of a group.
The business has been at the address for over 9 years.
A 28% growth in Total Assets occurred during the latest trading period.
The business saw an increase in their Cash Balance of 103% during the latest trading period.
Working Capital is a negative amount during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	246,069,177	34,183,558	233,598,914	-54,499,767
31/12/2011	229,328,055	42,361,765	206,209,837	-31,260,754
31/12/2010	206,104,023	25,763,094	170,026,585	43,146,267

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	545,706,855	597	2,479,000	38,909,643
31/12/2011	423,853,584	599	2,479,000	47,303,514
31/12/2010	438,031,048	589	2,479,000	41,124,139

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	64.15
Industry average payment expectation days	49.36	Industry average day sales outstanding	21099.35
Day sales outstanding	71.60

Payment Information Summary

Total number of Invoices available	2
Total number of Invoices paid within or up to 30 days after the due date	0
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	2

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	405450595		Company name	MICHEL VANDE WIELE NV
Fax number	056243540		Date founded	25/06/1985
Company status	active		Company type	Public Limited Liability Company (BE)
Currency	Euro (€)		Date of latest accounts	31/12/2012
Activity code	28940		liable for VAT	yes
Activity description	Manufacture of machinery for textile, apparel and leather production		VAT Number	BE.0405.450.595
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel

(NSSO classification)

Code	-
Description	597 EMPLOYEES

Joint Industrial Committee

(JIC)

JIC Code	111
Description	JC for the metal, machinery and electrical construction
category

JIC Code	209
Description	Joint committee for the employees off the metal industry
category

Significant Events

Event Date	08/05/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 08-05-2012: Herbenoemd als bestuurder voor een periode van zes jaar : Arnoys Germain.

comparison mode

average

median

Export accounts to CSV file

Profit & loss

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	246,069,177	7.30	229,328,055	11.27	206,104,023	90,261,640	172
Total operating expenses	208,386,992	13.38	183,799,145	6.17	173,109,794	78,051,543	166
Operating result	37,682,184	-17.23	45,528,911	37.99	32,994,229	6,576,743	472
Total financial income	1,812,632	-22.63	2,342,761	-7.79	2,540,725	1,060,423	70.93
Total financial expenses	5,311,258	-3.61	5,509,906	-43.61	9,771,860	686,570	673
Results on ordinary operations before taxation	34,183,558	-19.31	42,361,765	64.43	25,763,094	6,869,025	397
Taxation	6,849,083	10.77	6,183,140	84.79	3,345,973	3,067,364	123
Results on ordinary operations after taxation	27,334,474	-24.45	36,178,625	61.39	22,417,121	5,217,367	423
Extraordinary items	101,792	148	-68,376	-100	10,935,033	25,802	294
Other appropriations	-130594.01	-1155	-10401.33	-192	11269.17	-	-
Net result	27,305,673	-24.36	36,099,848	8.20	33,363,423	5,233,903	421
other information
Dividends	-	-	-	-	-	131,850	-
Director remuneration	-	-	-	-	-	221,304	-
Employee costs	36,470,797	3.30	35,305,288	11.89	31,552,500	10,141,166	259
Wages and salary	26,076,681	4.20	25,025,023	11.31	22,482,803	6,874,770	279
Employee pension costs	352,475	-	247,197	-	151,436	374,178	-5.80
Social security contributions	8,294,980	3.65	8,002,954	11.12	7,202,216	2,319,270	257
Other employee costs	1,746,661	-13.96	2,030,113	18.30	1,716,046	511,788	241
Amortization and depreciation	11,603,970	3.57	11,203,666	44.36	7,760,716	1,380,419	740

balance sheet

Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	402,852	-	486,255	-	569,659	93,384	331
Tangible fixed assets	25,101,419	-4.53	26,292,467	18.31	22,223,321	3,168,601	692
Land & building	9,261,867	7.97	8,578,063	16.80	7,344,417	2,014,079	359
Plant & machinery	13,397,528	18.20	11,334,468	-14.42	13,243,949	1,744,999	667
Other tangible assets	2,442,025	-61.72	6,379,937	290	1,634,956	477,353	411
Financial fixed assets	413,592,241	46.40	282,513,506	55.82	181,312,895	47,864,127	764
Total fixed assets	439,096,512	41.97	309,292,228	51.54	204,105,875	43,156,539	917
Inventories	47,994,215	1.48	47,292,707	48.33	31,882,467	5,998,694	700
Raw materials & consumables	34,580,257	18.82	29,101,856	37.13	21,222,165	8,543,748	304
Work in progress	7,477,211	-10.53	8,357,128	106	4,038,912	1,063,538	603
Finished goods	5,936,747	-39.63	9,833,724	48.51	6,621,391	969,772	512
Other stocks	0	-	0	-	0	22,116	-100
Trade debtors	48,273,369	-15.21	56,933,520	-25.68	76,601,356	8,514,130	466
Cash	2,887,323	103	1,419,929	-60.86	3,627,702	1,081,390	167
other amounts receivable	6,607,434	-7.57	7,148,732	101	3,543,319	1,250,364	428
Miscellaneous current assets	848,003	-51.99	1,766,468	-98.51	118,270,329	8,579,591	-90.12
Total current assets	106,610,343	-6.94	114,561,356	-51.03	233,925,173	25,424,169	319
current liabilities
Trade creditors	36,622,267	0.07	36,595,895	-25.45	49,088,747	6,808,151	437
Short term group loans	-	-	-	-	-	-	-
Other short term loans	92,966,713	23.62	75,202,625	-20.32	94,386,652	8,031,687	1057
Miscellaneous current liabilities	31,521,130	-7.36	34,023,589	-28.07	47,303,507	574	- -
Total current liabilities	161,110,110	10.48	145,822,109	-23.56	190,778,906	19,510,274	725
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	139,332,546	125	61,707,546	-7.50	66,707,546	479	- -
Other long term liabilities	11,262,434	16.98	9,627,836	-3.22	9,948,352	2,136,004	427
Total long term debts	150,594,980	111	71,335,382	-6.94	76,655,898	13,241,271	1037
shareholders equity
Issued share capital	2,479,000	0	2,479,000	0	2,479,000	2,272,151	9.10
Share premium account	-	-	-	-	-	759,214	-
Reserves	231,522,765	13.37	204,217,092	21.47	168,117,245	30,120,476	668
Revaluation reserve	-	-	-	-	-	0	-
Total shareholders equity	234,001,765	13.21	206,696,092	21.16	170,596,245	32,509,429	619
Working capital	-54,499,767	-74.34	-31,260,754	-172	43,146,267	5,913,895	-1021
Cashflow	38,909,643	-17.74	47,303,514	15.03	41,124,139	6,401,950	507
Net worth	233,598,914	13.28	206,209,837	21.28	170,026,585	32,416,045	620

ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	13.89	-24.80	18.47	47.76	12.50	6,00	131
Return on capital employed	8.89	-41.67	15.24	46.26	10.42	19,00	-53.21
Return on total assets employed	6.26	-37.34	9.99	69.90	5.88	-5,00	125
Return on net assets employed	14.61	-28.70	20.49	35.70	15.10	33,00	-55.73
Sales / net working capital	-4.52	61.58	-7.34	-253	4.78	1,00	-100
Stock turnover ratio	19.50	-5.43	20.62	33.29	15.47	18,00	8.33
Debtor days	71.60	-20.99	90.62	-33.20	135.66	69,00	3.77
Creditor days	64.15	-11.72	72.67	-29.79	103.50	44,00	45.80
short term stability
Current ratio	0.66	-16.46	0.79	-35.77	1.23	8,00	-34.00
Liquidity ratio / acid ratio	0.36	-21.74	0.46	-56.60	1.06	5,00	-92.80
Current debt ratio	0.69	-2.82	0.71	-36.61	1.12	1,00	-31.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	99.27	49.86	66.24	-29.85	94.43	104,00	-4.55
Equity in percentage	42.91	-12.11	48.82	25.18	39	42,00	2.17
Total debt ratio	1.33	26.67	1.05	-33.12	1.57	2,00	-33.50

Industry comparison

Activity code	28940
Activity description	Manufacture of machinery for textile, apparel and leather production

Suspension of payments

/ moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	64.15
Day sales outstanding	71.60

Industry comparison

Activity code	28940
Activity description	Manufacture of machinery for textile, apparel and leather production
Industry average payment expectation days	49.36
Industry average day sales outstanding	21099.35

Industry quartile analysis

Payment expectations
Company result	64.15
Lower	95.33
Median	79.45
Upper	56.11
Day sales outstanding
Company result	71.60
Lower	68.19
Median	57.20
Upper	25.94

Summary

Group - Number of Companies	17
Linkages - Number of Companies	2
Number of Countries	2

Group Structure

Company name	Number	Latest financials
- TITAN BARATTO NV	401868624	31-12-2012
- - INDIMMO NV	451580431	31-12-2012
- - MICHEL VANDE WIELE NV	405450595	31-12-2012
- - - RIVERMILLS BVBA	406879762	31-12-2012
- - - STEENBAKKERIJ MARKE NV	421654842	31-12-2012
- - - VAN DE WIELE COÖRDINATIECENTRUM NV	472760479	31-12-2012
- - - INDUSTRIE NAHMASCHINEN HOLDING SA
- - - JTS SRL
- - - MICHAEL VAN DE WIELE GMBH	HRB 1945
- - - NUOVA ROJ ELECTROTEX S.R.L. SOC.ETR. E.P...
- - - SOCIÉTÉ D'INVESTISSEMENTS DE LA MOSELLE ...
- - - VAN DE WIELE ASIA LTD SOC.ETR. E.P.B.
- - - VAN DE WIELE ISTANBUL LTD
- - - WITTENDAL S.A.S.U.
- - VIGAN TECHNOLOGY SA	440622696	31-12-2012
- - AS-C PROJECTS LIMITED	04902108	31-12-2012
- - MEMMINGER-IRO ASIA CO.LTD SOC.ETR. E.P.B...

Minority Shareholders

Business number	Company name	%	Date of accounts
429350209	A. De Koninck NV	0.2	31/12/2012

Minority Interests

No minority interests found

Linked Companies

Name	number	Latest Key financials	Turnover
BONAS MACHINE COMPANY LIMITED	03651547	31.12.2005	£2.404.444
A. DE KONINCK NV	429350209	31.12.2012	€2.349.850

Protested bills

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

NSSO details

Business number	405450595
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

Former director details

Name	LUCIEN CHARLES ANTOINE BEAUDUIN
Position	Director
Start Date	10/05/2005
End Date	10/05/2011
Date of birth	28/12/1931
Street	20 EIKENLAAN BRUSSEL
Post code	1180
Country	Belgium

Name	CHARLES BEAUDUIN

Position	Director
Start Date	10/05/2005
End Date	10/05/2011
Date of birth	19/09/1959
Street	452 STEENWEG OP LENNIK HALLE
Post code	1500
Country	Germany

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.41
UK Pound	1	Rs.90.74
Euro	1	Rs.78.11

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%)