MIRA INFORM REPORT

Report Date :

05.06.2013

IDENTIFICATION DETAILS

Name :	ANDRES NV
Registered Office :	Nijverheidsstraat 20, 9070 Destelbergen
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	01.09.1960
Com. Reg. No.:	401063128
Legal Form :	Public Limited Liability Company
Line of Business :	Manufacturer of other outerwear
No. of Employees :	148

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 :	Slow but Correct
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	401063128
Company name	ANDRES NV
Address	NIJVERHEIDSSTRAAT 20
	9070 DESTELBERGEN
Number of staff	148
Date of establishment	01/09/1960
Telephone number	092181811
Fax number	092181812

Commentary

The business was established over 52 years ago.
The business has 148 employees.
The business is part of a group.
This business has a foreign parent business.
The business has been at the address for over 17 years.
The credit rating for this business has decreased from 100 to 90.
The credit limit for this business has decreased from €375000 to €335000.
Operating Result in the latest trading period decreased 130% on the previous trading period.
Net Worth decreased by 47% during the latest trading period.
Pre-tax profits decreased by 167% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 59% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011	26,639,214	-678,139	5,755,929	6,147,629
31/12/2010	26,166,402	1,002,359	10,902,757	8,286,573
31/12/2009	25,991,712	-361,649	10,464,012	7,961,152

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	13,419,362	148	2,184,000	-7,909
31/12/2010	14,020,844	139	6,000,000	1,363,227
31/12/2009	13,817,142	136	6,000,000	332,058

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	24.36
Industry average payment expectation days	63.45	Industry average day sales outstanding	114.20
Day sales outstanding	16.93

Court data summary

Bankruptcy details
Court action type		no
Protested bills
Bill amount		-
NSSO details
Date of summons		-
Business number	401063128		Company name	ANDRES NV
Fax number	092181812		Date founded	01/09/1960
Company status	active		Company type	Public Limited Liability Company (BE)
Currency	Euro (€)		Date of latest accounts	31/12/2011
Activity code	14130		liable for VAT	yes
Activity description	Manufacture of other outerwear		VAT Number	BE.0401.063.128
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

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

JIC Code	201
Description	Joint committee for the independent retail sales
category

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

Significant Events

Event Date	22/05/2012
Event Description	re-appointment of director(s)
Event Details	Commentaar 22-05-2012: Herbenoemd als gedelegeerd bestuurder en voorzitter van de raad van bestuur voor een periode van 6 jaar :Santens Isabelle.

comparison mode

averagemedian

Export accounts to CSV file

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	26,639,214	1.81	26,166,402	0.67	25,991,712	10,286,980	158
Total operating expenses	26,996,014	8.02	24,990,967	-3.80	25,977,971	10,326,396	161
Operating result	-356,800	-130	1,175,435	8453	13,741	4,050	-8909
Total financial income	227,267	-2.16	232,275	112	109,070	36,837	516
Total financial expenses	548,606	35.34	405,350	-16.33	484,461	63,838	759
Results on ordinary operations before taxation	-678,139	-167	1,002,359	277	-361,649	-27,663	-2351
Taxation	6,317	178	2,266	-	-	19,719	-67.96
Results on ordinary operations after taxation	-684,456	-168	1,000,093	276	-361,649	-38,395	-1682
Extraordinary items	-136,146	37.35	-364,470	-22.47	-297,600	-198,604	68.55
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	-820,602	-229	635,623	96.42	-659,249	-237,166	-246
other information
Dividends	333,900	-8.77	366,000	-	-	62,772	431
Director remuneration	141,458	-	-	-	-	217,226	-34.88
Employee costs	6,848,560	9.41	6,259,330	-5.22	6,603,869	726,043	843
Wages and salary	4,884,428	6.67	4,579,212	-5.87	4,864,737	571,370	754
Employee pension costs	-	-	-	-	-	176,309	-
Social security contributions	1,490,442	2.71	1,451,123	-8.98	1,594,349	149,858	894
Other employee costs	473,690	106	228,995	58.16	144,783	19,893	2281
Amortization and depreciation	812,693	11.69	727,603	-26.60	991,308	62,742	1195

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	784,212	-	607,886	-	777,008	77,633	910
Tangible fixed assets	2,771,697	43.96	1,925,276	19.50	1,611,131	292,456	847
Land & building	457,228	-7.51	494,379	-9.65	547,202	378,869	20.68
Plant & machinery	204,403	2.85	198,748	-12.09	226,070	50,526	304
Other tangible assets	2,110,067	71.25	1,232,149	47.06	837,859	69,484	2936
Financial fixed assets	1,103	-99	690,907	-22.52	891,729	310,024	-99
Total fixed assets	3,557,013	10.33	3,224,070	-1.70	3,279,868	554,258	541
Inventories	6,730,713	26.72	5,311,578	11.11	4,780,424	685,043	882
Raw materials & consumables	445,552	-5.33	470,638	-22.12	604,290	1,299,894	-65.72
Work in progress	1,038,920	-2.64	1,067,126	-8.92	1,171,622	9,100	11316
Finished goods	5,246,241	39.02	3,773,814	25.60	3,004,512	291,897	1697
Other stocks	0	-	0	-	0	106,107	-100
Trade debtors	1,235,564	4.25	1,185,179	-37.25	1,888,595	631,521	95.65
Cash	1,017,858	-59.97	2,543,031	23.70	2,055,726	185,166	449
other amounts receivable	731,192	1376	49,529	57.48	31,451	127,395	473
Miscellaneous current assets	147,023	-91.39	1,707,457	-4.13	1,781,076	63,519	131
Total current assets	9,862,350	-8.65	10,796,774	2.46	10,537,273	1,434,948	587
current liabilities
Trade creditors	1,801,902	180	642,208	-38.06	1,036,846	556,215	223
Short term group loans	-	-	-	-	-	-	-
Other short term loans	650,000	-	0	-	0	166,412	290
Miscellaneous current liabilities	1,262,819	-32.40	1,867,993	21.36	1,539,276	356	- -
Total current liabilities	3,714,721	47.99	2,510,200	-2.56	2,576,122	957,503	287
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	3,164,500	-	-	-	-	1304	- -
Other long term liabilities	0	-	0	-	0	36,759	-100
Total long term debts	3,164,500	-	0	-	0	137,160	2207
shareholders equity
Issued share capital	2,184,000	-63.60	6,000,000	0	6,000,000	186,046	1073
Share premium account	-	-	-	-	-	10,848,730	-
Reserves	4,356,141	-20.95	5,510,644	5.14	5,241,020	212,631	1948
Revaluation reserve	-	-	-	-	-	67,121	-
Total shareholders equity	6,540,141	-43.18	11,510,644	2.40	11,241,020	843,641	675
Working capital	6,147,629	-25.81	8,286,573	4.09	7,961,152	477,444	1187
Cashflow	-7,909	-100	1,363,227	310	332,058	-182,747	4.33
Net worth	5,755,929	-47.21	10,902,757	4.19	10,464,012	766,009	651

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-2.55	-166	3.83	275	-1.39	-10,00	25.50
Return on capital employed	-6.99	-180	8.71	270	-3.22	7,00	-199
Return on total assets employed	-5.05	-170	7.15	272	-2.62	-26,00	19.42
Return on net assets employed	-10.37	-219	8.71	270	-3.22	42,00	-124
Sales / net working capital	4.33	37.03	3.16	-3.07	3.26	-2,00	-99
Stock turnover ratio	25.27	24.48	20.30	10.39	18.39	34,00	-25.68
Debtor days	16.93	2.42	16.53	-37.67	26.52	156,00	-89.15
Creditor days	24.36	159	9.38	-35.62	14.57	-29,00	84.00
short term stability
Current ratio	2.65	-38.37	4.30	5.13	4.09	8,00	-33.75
Liquidity ratio / acid ratio	0.84	-61.64	2.19	-1.79	2.23	7,00	-88.00
Current debt ratio	0.57	159	0.22	-4.35	0.23	4,00	-85.75
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	58.32	-	-	-	-	33,00	76.73
Equity in percentage	51.76	-39.69	85.82	-0.44	86.20	-294,00	17.61
Total debt ratio	1.05	377	0.22	-4.35	0.23	5,00	-79.00

Industry comparison

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	24.36
Day sales outstanding	16.93

Industry comparison

Activity code	14130
Activity description	Manufacture of other outerwear
Industry average payment expectation days	63.45
Industry average day sales outstanding	114.20

Industry quartile analysis

Payment expectations
Company result	24.36
Lower	90.25
Median	47.61
Upper	16.93
Day sales outstanding
Company result	16.93
Lower	76.42
Median	34.11
Upper	14.19

Summary

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

Minority Shareholders

Business number	Company name	%	Date of accounts
437327171	Casovef NV	10.9	30/09/2012

Minority Interests

Business number	Company name	%	Date of accounts
401063128	Andres NV	-	31/12/2011
401063128	Andres NV	-	31/12/2011
450992887	Nibema in vereffening NV	-	31/12/1999
401063128	Andres NV	-	31/12/2011
401063128	Andres NV	-	31/12/2011

Protested bills

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

NSSO details

Business number	401063128
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	WOUTER TORFS BVBA
Position	Legal Representative
Start Date	27/05/2008
Date of birth	24/01/2003
Street	35 ALPENROOSSTRAAT BERLAAR
Post code	2590
Country	Belgium

Name	RAVIAN BVBA
Position	Legal Representative
Start Date	27/05/2008
Date of birth	04/02/1991
Street	93 FOSSELSTRAAT AFFLIGEM
Post code	1790
Country	Belgium

Name	ISABELLE HILDA ALEXANDRA SANTENS
Position	Chairman of the Board
Start Date	03/09/2012
Street	36 WANNEGEM-LEDESTRAAT KRUISHOUTEM
Post code	9772
Country	Belgium

Name	ISABELLE HILDA ALEXANDRA SANTENS
Position	Managing Director
Start Date	29/05/2009
Street	36 WANNEGEM-LEDESTRAAT KRUISHOUTEM
Post code	9772
Country	Belgium

Name	ISABELLE HILDA ALEXANDRA SANTENS
Position	Director
Start Date	02/01/1995
Street	36 WANNEGEM-LEDESTRAAT KRUISHOUTEM
Post code	9772
Country	Belgium

Name	HILDE DE VRIEZE
Position	Chairman of the Board
Start Date	17/10/2008

Former director details

Name	MARC SANTENS
Position	Director
Start Date	12/06/2001
End Date	12/06/2001
Street	12 TAMARISKLAAN KNOKKE-HEIST
Post code	8300
Country	Belgium

Name	LIEVEN SANTENS
Position	Chairman of the Board
Start Date	04/08/2003
End Date	04/07/2003
Street	4 MUURSTRAAT WORTEGEM-PETEGEM
Post code	9790
Country	Belgium

Name	LIEVEN SANTENS
Position	Managing Director
Start Date	17/03/1999
End Date	-
Street	4 MUURSTRAAT WORTEGEM-PETEGEM
Post code	9790
Country	Belgium

Name	FIMA CONSULT NV
Position	Director
Start Date	22/05/2007
End Date	18/12/2008
Date of birth	09/05/1985
Street	48 TUINWIJK OUDENAARDE
Post code	9700
Country	Belgium

Name	ANSA NV
Position	Director
Start Date	25/05/2004
End Date	19/12/2008
Date of birth	30/10/1985
Street	20 NIJVERHEIDSSTRAAT DESTELBERGEN
Post code	9070
Country	Belgium

Name	CHRISTOPHER JOHN MORTON
Position	Director
Start Date	25/05/2004
End Date	25/05/2010
Street	36 WANNEGEM-LEDESTRAAT KRUISHOUTEM
Post code	9772
Country	Belgium

Name	WOUTER TORFS BVBA
Position	Director
Start Date	27/05/2008
End Date	27/05/2011
Date of birth	24/01/2003
Street	35 ALPENROOSSTRAAT BERLAAR
Post code	2590
Country	Belgium

Name	RAVIAN BVBA
Position	Director
Start Date	27/05/2008
End Date	27/05/2011
Date of birth	04/02/1991
Street	93 FOSSELSTRAAT AFFLIGEM
Post code	1790
Country	Belgium

Name	BOUDEWYN DENYS
Position	Legal Representative
Start Date	25/05/2004

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.64
UK Pound	1	Rs.86.69
Euro	1	Rs.73.97

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%)