MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	FIBERTEX NONWOVENS A/S
Registered Office :	Svendborgvej 16, Aalborg Øst 9220
Country :	Denmark
Financials (as on) :	2012
Date of Incorporation :	07.04.1994
Com. Reg. No.:	40098216
Legal Form :	Limited company
Line of Business :	· Manufacture of other textiles, n.e.c. · Manufacture of other technical and industrial text
No. of Employees :	110

RATING & COMMENTS

MIRA’s Rating :

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)
Denmark	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

denmark - ECONOMIC OVERVIEW

This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy a high standard of living and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, has since continued to decline. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crisis cut Danish real GDP in 2008-09. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-12, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009. In spite of the deficits, the new coalition government delivered a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU with public debt at about 45% of GDP in 2012. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro.

Source : CIA

Company Summary

Company Name FIBERTEX NONWOVENS A/S

Company Registration Number 40098216

Country DK

Activity Code 139900

Activity Description Manufacture of other textiles, n.e.c.

Company Status Active

Latest Turnover 517,486.00 (DKK)

Latest Shareholders Equity 276,909.00 (DKK)

Company Identification

Activities

Activity Code 139900

Activity Description Manufacture of other textiles, n.e.c.

Activity Code 139600

Activity Description Manufacture of other technical and industrial text

Previous Names

Previous Name Fibertex A/S

Basic Information

Company Name Fibertex Nonwovens A/S

Registered Company Name Fibertex Nonwovens A/S

Company Registration Number 40098216

Country DK

VAT Registration Number 40098216

Date of Company Registration 07/04/1994

Commercial Court Legal Form Limited company

Type of Ownership Company Status Active

Principal Activity Code 139900

Principal Activity Description Manufacture of other textiles, n.e.c.

Contact Address Svendborgvej 16, Aalborg Øst 9220

Contact Telephone Number 96353535

Main Address

Address Svendborgvej 16, Aalborg Øst 9220

Country DK

Telephone 96353535

Email Addresses fibertex@fibertex.com

Web Addresses www.fibertex.com

Current Directors Managers

Name Jørgen Bech Madsen

Position General manager

Date Appointed 08/03/2007

Name Jørn Ankær Thomsen

Position Chairman

Date Appointed 14/10/1997

Name Jens Bjerg Sørensen

Position Deputy Chairman

Date Appointed 18/04/2002

Name Jørgen Iversen

Position Member of the board

Date Appointed 18/04/2002

Name Klaus Skov Eskildsen

Position Member of the board

Date Appointed 09/03/2010

Name Ole Rosenkilde Hedegaard

Position Elected by employees

Date Appointed 09/03/2010

Name Nicolaj Krogh Klit

Position Elected by employees

Date Appointed 24/02/2011

Name Henrik Eigenbrod

Position Finance

Date Appointed 06/06/2011

Name Marianne Brink

Position Marketing

Date Appointed 26/04/2006

Name Henrik Kjeldsen

Position Sales

Date Appointed 25/08/2009

Name Henrik Eigenbrod

Position IT

Date Appointed 21/12/2011

Name Lars Bertelsen

Position Production

Date Appointed 18/02/2005

Name Marianne Brink

Position Personnel

Date Appointed 21/12/2011

Name Lars Bertelsen

Position Purchasing

Date Appointed 27/09/2012

Share Capital Structure

Nominal Share Capital 150,000,000.00 (DKK)

Employee Information

Year 2012

Number of Employees 110

Year 2011

Number of Employees 101

Year 2010

Number of Employees 133

Financial Statements

Profit & Loss

Financial Year 2012 2011 2010

Number of Weeks 52 52 52

Currency DKK DKK DKK

Revenue 517,486,000.00 486,735,000.00 1,204,731,000.00

Operating Profit -1,746,000.00 -27,380,000.00 65,525,000.00

Retained Profit -33,438,000.00 -27,377,000.00 22,427,000.00

Balance Sheet

Financial Year 2012 2011 2010

Number of Weeks 52 52 52

Currency DKK DKK DKK

Total Assets 921,488,000.00 906,800,000.00 1,528,137,000.00

Other Reserves 276,909,000.00 313,448,000.00 571,558,000.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.98.99
Euro	1	Rs.84.72

INFORMATION DETAILS

Report Prepared by :

SDA

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.