MIRA INFORM REPORT

Report Date :

25.11.2013

IDENTIFICATION DETAILS

Name :	VEGOTEX INTERNATIONAL
Registered Office :	Hoge Heerweg 32 Sint-Niklaas, 9100
Country :	Belgium
Financials (as on) :	30.06.2012
Date of Incorporation :	1982
Com. Reg. No.:	422804489
Legal Form :	Private Subsidiary
Line of Business :	Wholesale of textiles
No. of Employees :	48

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 and address

VEGOTEX INTERNATIONAL

Hoge Heerweg 32

Sint-Niklaas, 9100

Belgium

Tel:	03 780 97 00
Fax:	03 777 35 33

Employees:	48
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Gestico
Incorporation Date:	1982

Financials in:	USD (In Millions)
Fiscal Year End:	30-Jun-2012
Reporting Currency:	Euro
Annual Sales:	76.0 ^1
Total Assets:	57.2

Business Description

Wholesale of textiles

Industry

Industry	Clothing and Apparel Wholesale
ANZSIC 2006:	3711 - Textile Product Wholesaling
ISIC Rev 4:	4641 - Wholesale of textiles, clothing and footwear
NACE Rev 2:	4641 - Wholesale of textiles
NAICS 2012:	424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers
UK SIC 2007:	4641 - Wholesale of textiles
US SIC 1987:	5131 - Piece Goods, Notions, and Other Dry Good

Key Executives

Name	Title
Marleen Hoste	Representative/Auditor
Charles Gotlib	Shareholders' Representative
William Gotlib	Shareholders' Representative

Registered No.(VAT): 422804489

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7476949
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.8046644

Corporate Overview

Location
Hoge Heerweg 32
Sint-Niklaas, 9100
Belgium

Tel:	03 780 97 00
Fax:	03 777 35 33

Sales EUR(mil):	56.8
Assets EUR(mil):	46.0
Employees:	48
Fiscal Year End:	30-Jun-2012

Industry:

Apparel and Accessories

Incorporation Date:	1982
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(VAT):	422804489

Representative/Auditor:	Marleen Hoste

Industry Codes

ANZSIC 2006 Codes:
3711	-	Textile Product Wholesaling
3739	-	Other Goods Wholesaling Not Elsewhere Classified
371	-	Textile, Clothing and Footwear Wholesaling

ISIC Rev 4 Codes:
4641	-	Wholesale of textiles, clothing and footwear
4610	-	Wholesale on a fee or contract basis

NACE Rev 2 Codes:
4641	-	Wholesale of textiles
4642	-	Wholesale of clothing and footwear
4616	-	Agents involved in the sale of textiles, clothing, fur, footwear and leather goods

NAICS 2012 Codes:
424310	-	Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers
425120	-	Wholesale Trade Agents and Brokers
4243	-	Apparel, Piece Goods, and Notions Merchant Wholesalers

US SIC 1987:
5131	-	Piece Goods, Notions, and Other Dry Good
5199	-	Nondurable Goods, Not Elsewhere Classified
513	-	Apparel, Piece Goods, and Notions

UK SIC 2007:
4641	-	Wholesale of textiles
4616	-	Agents involved in the sale of textiles, clothing, fur, footwear and leather goods
4642	-	Wholesale of clothing and footwear

Business Description

Wholesale of textiles

Financial Data

Financials in:	EUR(mil)
Revenue:	56.8
Assets:	46.0
Current Assets:	43.0
Fixed Assets:	3.0
Total Liabilities:	46.0
Issued Capital:	2.8
Net Worth:	2.8
Date of Financial Data:	30-Jun-2012

1 Year Growth

0.6%

NA

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Gestico	Parent
Vegotex International	Subsidiary	Sint-Niklaas	Belgium	Clothing and Apparel Wholesale	76.0	48

Executives Report

Executives

Name	Title	Function
Marleen Hoste	Representative/Auditor	Accounting Executive
Age: 57
Charles Gotlib	Shareholders' Representative	Shareholder Relations Executive
Age: 54
William Gotlib	Shareholders' Representative	Shareholder Relations Executive
Age: 55

Annual Profit & Loss

	30-Jun-2012	30-Jun-2011	30-Jun-2010
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.747695	0.7347	0.721483
Consolidated	No	No	No
Turnover	76.0	78.0	66.5
Other Operating Income	1.5	1.4	1.4
Operating Income	77.5	79.4	67.8
Purchases	64.3	65.1	41.8
Increase or Decrease in Stocks	-1.3	-1.1	4.3
Raw Materials, Consumables, and Goods for Release	63.0	64.0	46.1
Services and Sundry Goods	6.9	7.4	10.9
Remuneration, Social Security Charges, and Pensions	3.3	3.4	3.7
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	0.6	0.6	0.4
Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors	0.1	0.3	0.4
Other Operating Charges	0.3	0.2	0.5
Operating Charges	74.2	75.8	62.0
Income From Financial Fixed Assets	-	-	0.0
Income From Current Assets	0.3	0.2	0.0
Other Financial Income	3.3	3.2	2.1
Financial Income	3.6	3.4	2.1
Interest and Other Debt Charges	0.0	0.0	0.1
Other Financial Charges	4.6	5.2	3.9
Financial Charges	4.6	5.2	4.0
Gain on Disposal of Fixed Assets	0.0	-	0.0
Other Extraordinary Income	-	-	0.1
Extraordinary Income	0.0	-	0.1
Amounts Written Off on Financial Fixed Assets	-	-	0.3
Other Extraordinary Charges	0.1	-	-
Extraordinary Charges	0.1	-	0.3
Income Taxes	-	-	0.0
Adjustment of Income Taxes and Write-Back of Tax Provisions	-	0.0	-
Income Taxes	-	0.0	0.0
Transfer to Untaxed Reserves	0.3	-	-
Employees	48	47	49

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.804664	0.689727	0.816393
Consolidated	No	No	No
Intangible Assets	0.4	0.7	0.5
Land & Buildings	0.2	0.2	0.2
Plant, Machinery, and Equipment	0.0	0.1	0.1
Furniture and Vehicles	0.2	0.2	0.2
Other Tangible Assets	0.5	0.4	0.4
Tangible Assets	0.9	0.9	1.0
Participating Interests	1.2	0.1	-
Affiliated Enterprises	1.2	0.1	-
Shares	1.0	1.2	1.0
Amounts Receivable and Cash Guarantees	0.3	0.2	0.2
Other Capital Assets	1.3	1.4	1.2
Capital Assets	2.5	1.5	1.2
Fixed Assets	3.8	3.1	2.7
Goods Purchased for Resale	11.0	11.4	8.6
Advance Payments	3.2	2.2	3.2
Stocks	14.2	13.6	11.9
Inventory and Orders in Progress	14.2	13.6	11.9
Trade Debtors	18.2	13.9	22.2
Other Amounts Receivable	5.9	6.4	4.4
Amounts Receivable Within One Year	24.2	20.4	26.5
Other Investments and Deposits	11.2	12.7	8.3
Investments	11.2	12.7	8.3
Liquid Assets	3.8	2.6	2.9
Adjustment Accounts	0.0	0.0	0.0
Current Assets	53.4	49.3	49.6
Total Assets	57.2	52.4	52.3
Issued Capital	3.5	4.1	3.4
Capital	3.5	4.1	3.4
Paid-In Capital	0.0	0.0	0.0
Legal Reserve	0.3	0.4	0.3
Other	0.2	0.3	0.2
Reserves Not Available for Distribution	0.2	0.3	0.2
Untaxed Reserves	1.9	1.9	1.6
Reserves Available for Distribution	0.3	0.3	0.3
Reserves	2.7	2.9	2.4
Capital and Reserves	22.9	24.4	18.9
Credit Institutions	0.0	0.1	0.1
Financial Debts	0.0	0.1	0.1
Amounts Due After More Than One Year	0.0	0.1	0.1
Current Portion of Amounts Payable After More Than One Year	0.0	0.1	0.1
Credit Institutions	10.1	1.3	8.2
Financial Debts	10.1	1.3	8.2
Suppliers	4.2	5.0	5.5
Trade Debts	4.2	5.0	5.5
Advances Received on Orders in Progress	0.0	0.8	0.0
Taxes	3.1	3.6	3.1
Remuneration and Social Security	0.4	0.5	0.3
Taxes, Wages, and Social Security	3.5	4.1	3.5
Other Amounts Payable	16.4	16.5	16.0
Amounts Payable Within One Year	34.3	27.8	33.3
Adjustment Accounts	0.0	0.2	0.0
Creditors	34.3	28.0	33.4
Total Liabilities + Shareholders' Equity	57.2	52.4	52.3

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.02
UK Pound	1	Rs.102.04
Euro	1	Rs.84.92

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