MIRA INFORM REPORT

Report Date :

06.03.2013

IDENTIFICATION DETAILS

Name :	CHEMITEX
Registered Office :	Avenue Louise 221 B.4, Bruxelles, 1050
Country :	Belgium
Financials (as on) :	31.12.2011
Year of Establishments:	1970
Com. Reg. No.:	407685456
Legal Form :	Private Subsidiary
Line of Business :	Wholesale trade in yarns and fabrics
No. of Employees :	29

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	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 & address

Chemitex

Avenue Louise 221 B.4

Bruxelles, 1050

Belgium

Tel: 02 649 21 18

Fax: 02 627 07 41

Web: www.chemitex.com

Synthesis

Employees: 29

Company Type: Private Subsidiary

Corporate Family: 2 Companies

Ultimate Parent: K Finance

Incorporation Date: 1970

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 256.5 1

Total Assets: 265.5

Business Description

Wholesale trade in yarns and fabrics

Industry

Industry Apparel and Accessories

ANZSIC 2006: 3711 - Textile Product Wholesaling

NACE 2002: 5141 - Wholesale of textiles

NAICS 2002: 424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

UK SIC 2003: 5141 - Wholesale of textiles

UK SIC 2007: 4641 - Wholesale of textiles

US SIC 1987: 5131 - Piece Goods, Notions, and Other Dry Good

Key Executives

Name	Title
Adnan Kandiyoti	Managing Director, Shareholders' Representative
Anne Mommaerts	Human Resources and Accounting Manager
J-J Liberman	Export and Purchasing Manager
Ralfi Kandiyoti	Administrator
Michel Weber	Auditor

Registered No.(VAT): 407685456

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location

Avenue Louise 221 B.4

Bruxelles, 1050

Belgium

Tel: 02 649 21 18

Fax: 02 627 07 41

Web: www.chemitex.com

Sales EUR(mil): 184.5

Assets EUR(mil): 204.5

Employees: 29

Fiscal Year End: 31-Dec-2011

Industry: Apparel and Accessories

Incorporation Date: 1970

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(VAT): 407685456

Managing Director, Shareholders' Representative:

Adnan Kandiyoti

Industry Codes

ANZSIC 2006 Codes:

3711 - Textile Product Wholesaling

NACE 2002 Codes:

5141 - Wholesale of textiles

NAICS 2002 Codes:

424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

US SIC 1987:

5131 - Piece Goods, Notions, and Other Dry Good

UK SIC 2003:

5141 - Wholesale of textiles

UK SIC 2007:

4641 - Wholesale of textiles

Business Description

Wholesale of textiles

More Business Descriptions

Wholesale trade in yarns and fabrics

Other Miscellaneous Durable Goods Merchant Wholesalers

Financial Data

Financials in:	EUR(mil)
Revenue:	184.5
Assets:	204.5
Current Assets:	203.4
Fixed Assets:	1.2
Total Liabilities:	204.5
Issued Capital:	1.3
Net Worth:	1.3
Date of Financial Data:	31-Dec-2011

1 Year Growth

-22.4%

NA

Corporate Family	Corporate Structure News:
	Chemitex
Chemitex Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
K Finance	Parent
Chemitex	Subsidiary	Bruxelles	Belgium	Apparel and Accessories	256.5	29

Executive report

Executives

Name	Title	Function
Adnan Kandiyoti	Managing Director, Shareholders' Representative	Managing Director
Age: 73
Erol Kandiyoti	Managing Director	Managing Director
Age: 65
Metin Kandiyoti	Managing Director	Managing Director
Age: 69
Ralfi Kandiyoti	Administrator	Administration Executive
Igal Isak Kandiyoti	Administrator	Administration Executive
Age: 42
Claude Isaac Kandiyoti	Administrator	Administration Executive
Age: 40
Anne Mommaerts	Human Resources and Accounting Manager	Finance Executive
Michel Weber	Auditor	Accounting Executive
Age: 55
J-J Liberman	Export and Purchasing Manager	Sales Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Turnover	256.5	247.3	160.3
Other Operating Income	0.3	0.2	0.3
Operating Income	256.9	247.6	160.6
Purchases	215.3	229.9	142.6
Increase or Decrease in Stocks	8.8	-17.0	-0.6
Raw Materials, Consumables, and Goods for Release	224.1	212.9	141.9
Services and Sundry Goods	7.8	7.0	5.7
Remuneration, Social Security Charges, and Pensions	3.8	3.6	3.6
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	0.3	0.3	0.4
Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors	0.1	0.0	-0.1
Provisions for Liabilities and Charges	-	-0.5	-
Other Operating Charges	0.3	0.2	0.3
Operating Charges	236.3	223.5	151.9
Income From Financial Fixed Assets	0.0	0.0	0.0
Other Financial Income	14.9	5.0	9.7
Financial Income	14.9	5.0	9.7
Interest and Other Debt Charges	0.3	0.3	0.1
Amounts Written Off on Current Assets	0.2	-0.1	-0.9
Other Financial Charges	12.0	6.0	4.2
Financial Charges	12.6	6.2	3.4
Adjustments to Depreciation of and to Other Amounts Written Off Intangible and Tangible Fixed Assets	-	0.0	-
Gain on Disposal of Fixed Assets	0.0	0.0	-
Other Extraordinary Income	-	0.0	-
Extraordinary Income	0.0	0.0	-
Other Extraordinary Charges	0.0	0.0	0.0
Extraordinary Charges	0.0	0.0	0.0
Income Taxes	6.1	5.7	3.4
Income Taxes	6.1	5.7	3.4
Return on Capital	4.2	-	-
Profit to be Distributed	4.2	-	-
Employees	29	35	34

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Land & Buildings	0.6	0.6	0.7
Plant, Machinery, and Equipment	0.2	0.4	0.5
Furniture and Vehicles	0.3	0.3	0.4
Tangible Assets	1.1	1.3	1.6
Amounts Receivable and Cash Guarantees	0.4	0.3	0.3
Other Capital Assets	0.4	0.3	0.3
Capital Assets	0.4	0.3	0.3
Fixed Assets	1.5	1.6	1.8
Other Amounts Receivable	1.4	1.5	-
Amounts Receivable After More Than One Year	1.4	1.5	-
Goods Purchased for Resale	47.0	57.0	42.6
Stocks	47.0	57.0	42.6
Inventory and Orders in Progress	47.0	57.0	42.6
Trade Debtors	52.1	72.9	43.3
Other Amounts Receivable	33.1	6.8	8.9
Amounts Receivable Within One Year	85.3	79.7	52.2
Other Investments and Deposits	127.0	120.9	120.2
Investments	127.0	120.9	120.2
Liquid Assets	3.1	21.9	19.8
Adjustment Accounts	0.3	0.3	0.5
Current Assets	264.0	281.4	235.2
Total Assets	265.5	282.9	237.1
Issued Capital	1.6	1.7	1.8
Capital	1.6	1.7	1.8
Legal Reserve	0.2	0.2	0.2
Reserves Available for Distribution	20.1	20.8	22.3
Reserves	20.3	21.0	22.4
Other Liabilities and Charges	1.6	1.6	2.4
Provisions for Liabilities and Charges	1.6	1.6	2.4
Provisions and Deferred Taxes	1.6	1.6	2.4
Capital and Reserves	165.9	159.3	151.9
Credit Institutions	63.5	86.7	50.8
Financial Debts	63.5	86.7	50.8
Suppliers	28.3	32.4	29.2
Trade Debts	28.3	32.4	29.2
Advances Received on Orders in Progress	0.1	0.2	0.2
Taxes	1.8	2.2	2.1
Remuneration and Social Security	0.2	0.3	0.3
Taxes, Wages, and Social Security	2.0	2.5	2.5
Other Amounts Payable	3.9	-	-
Amounts Payable Within One Year	97.9	121.7	82.8
Adjustment Accounts	0.1	0.3	0.1
Creditors	98.0	122.0	82.9
Total Liabilities + Shareholders' Equity	265.5	282.9	237.1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.65
UK Pound	1	Rs.82.66
Euro	1	Rs.71.21

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.