MIRA INFORM REPORT

Report Date :

22.11.2013

IDENTIFICATION DETAILS

Name :	GLOBALTEX BVBA
Registered Office :	Stijn Streuvelsstraat 99 8790 Waregem
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	26.10.2007
Com. Reg. No.:	893201932
Legal Form :	Private Limited Company
Line of Business :	Manufacture of cordage, rope, twine and netting
No. of Employees :	Not Available

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

REGISTERED NAME & COMPANY SUMMARY

Business number	893201932
Company name	GLOBALTEX BVBA
Address	STIJN STREUVELSSTRAAT 99
	8790 WAREGEM
Safe number	BE01354427
Number of staff	0
Date of establishment	26/10/2007
Telephone number	056282727
Fax number	056282726

DIRECTORS/MANAGEMENT

Current director details

Name	MDM NV
Position	Principal Manager
Start Date	26/07/2011
Date of birth	29/09/1989
Street	190 HENRI LEBBESTRAAT WAREGEM
Post code	8790
Country	Belgium

Name	MDM NV
Position	Legal Representative
Start Date	26/10/2007
Date of birth	29/09/1989
Street	190 HENRI LEBBESTRAAT WAREGEM
Post code	8790
Country	Belgium

Name	MDM NV
Position	Non Statutory Partner
Start Date	26/10/2007
Date of birth	29/09/1989
Street	190 HENRI LEBBESTRAAT WAREGEM
Post code	8790
Country	Belgium

Name	DAMELO BVBA
Position	Legal Representative
Start Date	15/06/2012
Date of birth	07/01/2008
Street	97 INDUSTRIELAAN WAREGEM
Post code	8790
Country	Belgium

Name	DAMELO BVBA
Position	Principal Manager
Start Date	15/06/2012
Date of birth	07/01/2008
Street	97 INDUSTRIELAAN WAREGEM
Post code	8790
Country	Belgium

Name	GELEEN BVBA
Position	Legal Representative
Start Date	15/06/2012
Date of birth	10/05/2009
Street	41 TIENBUNDER WAREGEM
Post code	8792
Country	Belgium

Name	GELEEN BVBA
Position	Principal Manager
Start Date	15/06/2012
Date of birth	10/05/2009
Street	41 TIENBUNDER WAREGEM
Post code	8792
Country	Belgium

Former director details

Name	THOMAS MARCEL ELVIRE DEWAELE
Position	Principal Manager
Start Date	26/07/2011
End Date	31/12/2011
Date of birth	14/06/1986
Street	68 SPARRENDREEF KNOKKE-HEIST
Post code	8300
Country	Belgium

Name	MARC AUGUST JOAN DEWAELE
Position	Director
Start Date	01/04/2008
End Date	31/12/2010
Date of birth	17/09/1955
Street	68 SPARRENDREEF KNOKKE-HEIST
Post code	8300
Country	Belgium

Name	MARC AUGUST JOAN DEWAELE
Position	Principal Manager
Start Date	16/10/2012
End Date	15/06/2012
Date of birth	17/09/1955
Street	68 SPARRENDREEF KNOKKE-HEIST
Post code	8300
Country	Belgium

Name	SOLAR BVBA
Position	Principal Manager
Start Date	26/07/2011
End Date	31/12/2011
Date of birth	01/02/2007
Street	190 HENRI LEBBESTRAAT WAREGEM
Post code	8790
Country	Belgium

Name	SOLAR BVBA
Position	Non Statutory Partner
Start Date	26/10/2007
End Date	15/06/2012
Date of birth	01/02/2007
Street	190 HENRI LEBBESTRAAT WAREGEM
Post code	8790
Country	Belgium

NEGATIVE INFORMATION

Court data summary

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

Business number	893201932	Company name	GLOBALTEX BVBA
Fax number	056282726	Date founded	26/10/2007
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	13940	liable for VAT	yes
Activity description	Manufacture of cordage, rope, twine and netting	VAT Number	BE.0893.201.932
Belgian Bullettin of Acts Publications	moniteur belge

NSSO details

Business number	893201932
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

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

Business number	Company name	Safe number	%	Rating	Limit	Date of accounts
816919350	Geleen BVBA	BE00965060	20	50	€0	30/09/2012
894762543	Damelo BVBA	BE01369600	0.4	51	€0	31/12/2012

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Thomas	Middle name	Elvire
Surname	Dewaele
Shareholder Details
Start date	26/10/2007	End date	-
Percentage owned	20%
Shareholder Address
Street name	Sparrendreef	House number	68
Minor town	Knokke	Postal town	Knokke-Heist
Post code	8300	Country	Belgium

---

Shareholder Name
Forename	Marc	Middle name	Joan
Surname	Dewaele
Shareholder Details
Start date	26/10/2007	End date	-
Percentage owned	20%
Shareholder Address
Street name	Sparrendreef	House number	68
Minor town	Knokke	Postal town	Knokke-Heist
Post code	8300	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	9.64
Industry average payment expectation days	30.18	Industry average day sales outstanding	58.99
Day sales outstanding	85.81

Industry comparison

Activity code	13940
Activity description	Manufacture of cordage, rope, twine and netting
Industry average credit rating	72.11
Industry average credit limit	82096.15

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	9.64
Day sales outstanding	85.81

Industry comparison

Activity code	13940
Activity description	Manufacture of cordage, rope, twine and netting
Industry average payment expectation days	30.18
Industry average day sales outstanding	58.99

Industry quartile analysis

Payment expectations
Company result	9.64
Lower	65.36
Median	61.79
Upper	55.83

Day sales outstanding
Company result	85.81
Lower	38.81
Median	30.78
Upper	9.64

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Summary

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

Group Structure

Click the company to view / order a report.

No group structure for this company.

FINANCIAL INFORMATION

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012	35,475,868	870,552	2,145,552	2,007,640
31/12/2011	30,416,439	402,169	1,558,916	1,214,035
31/12/2010	31,262,264	1,213,498	1,281,950	1,021,388

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	11,275,866	0	50,000	592,442
31/12/2011	9,640,621	0	50,000	282,632
31/12/2010	10,263,319	0	50,000	806,573

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 31-12-2012
Full-time Employees	-
Part-time Employees	-
Total Fte Employees	-
Number of hours worked
Full-time Employees	-
Part-time Employees	-
Total	-
Personnel Charges
Full-time Employees	-
Part-time Employees	-
Total	-
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	-
Actual working hours	-
Personnel Charges	-
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	-	-	-
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel	Total
Average number of temporary staff	-
Actual working hours	-
Cost of temporary staff	-

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

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	35,475,868	16.63	30,416,439	-2.71	31,262,264	20,551,448	72.62
Total operating expenses	34,583,308	17.04	29,547,654	-1.92	30,126,046	20,103,906	72.02
Operating result	892,561	2.74	868,785	-23.54	1,136,218	107,462	730
Total financial income	2,365,489	50.89	1,567,731	-21.58	1,999,251	243,857	870
Total financial expenses	2,387,498	17.36	2,034,347	5.85	1,921,971	270,720	781
Results on ordinary operations before taxation	870,552	116	402,169	-66.86	1,213,498	80,599	980
Taxation	283,917	126	125,202	-69.46	409,910	55,287	413
Results on ordinary operations after taxation	586,635	111	276,967	-65.53	803,588	47,427	1136
Extraordinary items	0	-	0	-	0	611	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	586,635	111	276,967	-65.53	803,588	48,143	1118
other information
Dividends	-	-	-	-	-	8,320	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	-	-	-	-	-	754,839	-
Wages and salary	-	-	-	-	-	482,640	-
Employee pension costs	-	-	-	-	-	1,583	-
Social security contributions	-	-	-	-	-	159,343	-
Other employee costs	0	-	0	-	0	44,984	-100
Amortization and depreciation	5,807	2.51	5,665	89.78	2,985	83,905	-93.08

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	0	-	0	-	0	18,961	-100
Tangible fixed assets	8,400	-28.47	11,744	96.19	5,986	568,915	-98.52
Land & building	-	-	-	-	-	947,627	-
Plant & machinery	-	-	-	-	-	180,581	-
Furniture & Vehicles	8,400	-28.47	11,744	96.19	5,986	11,885 5,275	-29.32
Leasing & Other Similar Rights	-	-	-	-	-	344,575 344,575	-
Other tangible assets	0	-	0	-	0	471	-100
Financial fixed assets	129,512	-61.12	333,138	30.86	254,575	20,614	528
Total fixed assets	137,912	-60.01	344,882	32.36	260,561	488,523	-71.77
Inventories	1,770,186	106	859,178	-40.06	1,433,400	778,310	127
Raw materials & consumables	-	-	-	-	-	1,316,005	-
Work in progress	0	-	0	-	0	24,994	-100
Finished goods	1,770,186	106	859,178	-40.06	1,433,400	325,048	444
Other stocks	0	-	0	-	0	141,006	-100
Trade debtors	8,340,498	11.85	7,456,925	-3.45	7,723,150	1,050,765	693
Cash	885,114	3.81	852,610	9.95	775,429	194,485	355
other amounts receivable	132,032	10.38	119,615	84.41	64,863	50,175	163
Miscellaneous current assets	10,124	36.61	7,411	25.29	5,915	6,404	58.09
Total current assets	11,137,954	19.82	9,295,739	-7.07	10,002,757	1,885,580	490
Total Assets	11,275,866	16.96	9,640,621	-6.07	10,263,319	2,374,103 890,338	374
current liabilities
Trade creditors	912,972	-32.35	1,349,559	40.14	962,990	340,145	168
Short term group loans	-	-	-	-	-	-	-
Financial debts	8,178,926	32.09	6,192,080	-17.97	7,548,101	1,903,789 137,682	329
Current portion of long term debt	-	-	-	-	-	95,228 51,533	-
Amounts Payable for Taxes, Remuneration & Social Security	-	-	-	-	-	65,753 -	-
Miscellaneous current liabilities	38,416	-92.89	540,065	14.84	470,279	-50.29	- -
Total current liabilities	9,130,314	12.98	8,081,704	-10.02	8,981,369	1,733,391	426
Long term debts and liabilities
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Deffered taxes	-	-	-	-	-	3,172 3,172	-
Provisions for Liabilities & Charges	0	-	0	-	0	41,547 0	-100
Other long term liabilities	0	-	0	-	0	0	-
Total long term debts	0	-	0	-	0	243,698	-100
shareholders equity
Issued share capital	50,000	0	50,000	0	50,000	644,807	-92.25
Share premium account	-	-	-	-	-	-	-
Reserves	2,095,552	38.88	1,508,916	22.48	1,231,950	-247,793	845
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	2,145,552	37.63	1,558,916	21.61	1,281,950	397,013	440
Working capital	2,007,640	65.37	1,214,035	18.86	1,021,388	152,189	1219
Cashflow	592,442	109	282,632	-64.96	806,573	115,267	413
Net worth	2,145,552	37.63	1,558,916	21.61	1,281,950	378,052	467

Ratio analysis

Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
Trading performance
Profit Before Tax	2.45	85.61	1.32	-65.98	3.88	0,00	-
Return on capital employed	40.57	57.25	25.80	-72.74	94.66	-33,00	122
Return on total assets employed	7.72	85.13	4.17	-64.72	11.82	-8,00	96.50
Return on net assets employed	40.57	57.25	25.80	-72.74	94.66	137,00	-70.39
Sales / net working capital	17.67	-29.46	25.05	-18.16	30.61	3,00	-99
Stock turnover ratio	4.99	76.95	2.82	-38.56	4.59	30,00	-83.37
Debtor days	85.81	-4.10	89.48	-0.77	90.17	71,00	20.86
Creditor days	9.64	-42.17	16.67	42.84	11.67	38,00	-74.63
short term stability
Current ratio	1.22	6.09	1.15	3.60	1.11	1,00	12.20
Liquidity ratio / acid ratio	1.03	-0.96	1.04	9.47	0.95	1,00	3.00
Current debt ratio	4.26	-17.76	5.18	-26.11	7.01	-10,00	42.60
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	381.20	-4.03	397.20	-32.54	588.80	-343,00	111
Equity in percentage	19.03	17.69	16.17	29.46	12.49	-64,00	29.73
Total debt ratio	4.26	-17.76	5.18	-26.11	7.01	-11,00	38.73

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Personnel (NSSO classification)

Code	-
Description	-

Joint Industrial Committee (JIC)

Companies that match this address

Business number	Company name	Rating	Limit	Date of accounts
535977260	SOLAR ASSET MANAGEMENT BVBA	63	500	-

NOTES & COMMENTS

Commentary

The business was established over 6 years ago.
No employees are recorded for this business.
The business has been at the address for over 6 years.
There has been no significant change in the business's credit rating.
There has been no significant change in the business's credit limit.
Net Worth increased by 37% during the latest trading period.
Pre-tax profits increased by 116% compared to the previous trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.89
UK Pound	1	Rs.101.14
Euro	1	Rs.84.42

INFORMATION DETAILS

Report Prepared by :

NIS

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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