Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	FIBERTEX NONWOVENS A S
Formerly Known As :	FIBERTEX A/S
Registered Office :	Svendborgvej 16, Aalborg Øst 9220
Country :	Denmark
Financials (as on) :	2013
Date of Incorporation :	07.04.1994
Com. Reg. No.:	40098216
Legal Form :	Limited company
Line of Business :	Manufacture of textiles
No. of Employees	105

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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, have since continued to decline. Household indebtedness is still relatively high at more than 275% of gross disposable income in the first half of 2013. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. Denmark made a modest recovery in 2010, 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 2010-13, 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, where it remains. 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 46% of GDP in 2013. 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 name and address

Business Name	FIBERTEX NONWOVENS A/S
Country	DENMARK
Company Registration Number/CVR	40098216
Main Code	139900
Main Activity	Manufacture of other textiles, n.e.c.
Company Status	Active
Latest Shareholder Equity	301.275
Provider Rating Description	Businesses at this level are regarded as having excellent creditworthiness. Small businesses only have a limited possibility of achieving this level. Businesses at this level are in a class by themselves and will have results or financial foundations which are among the best in the country. The credit risk is regarded as minimal.

Basic Information
Business Name	FIBERTEX NONWOVENS A/S
Registered Company Name	FIBERTEX NONWOVENS A/S
Company Registration Number	40098216
Country	DENMARK
Date of Company Registration	1994-04-07
Legal Form	Limited company
Company Status	Active
Currency of this Report	DKK
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

DIRECTORS/MANAGEMENT

Directors/Managers

Current Directors
Name	Position	Start Date
Jørgen Bech Madsen	General manager
Jørn Ankær Thomsen	Chairman
Jens Bjerg Sørensen	Deputy Chairman
Jørgen Iversen	Member of the board
Klaus Skov Eskildsen	Member of the board
Ole Rosenkilde Hedegaard	Elected by employees
Nicolaj Krogh Klit	Elected by employees
Henrik Eigenbrod	Finance
Marianne Brink	Marketing
Henrik Kjeldsen	Sales
Henrik Eigenbrod	IT
Lars Bertelsen	Production
Marianne Brink	Personnel
Lars Bertelsen	Purchasing

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Share Capital Structure

Currency	DKK
Nominal Share Capital	150.000.000

PAYMENT INFORMATION

Global Trading Information
Export	Worldwide
Import

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Ultimate Holding Parent
Name	Country
Aktieselskabet Schouw & Co.

Subsidaries
Name	Country
Fibertex France SARL	FRANCE
Fibertex Elephant Espana S.L.	SPAIN
Fibertex AS	CZECH REPUBLIC
Fibertex South Africa (Pty) Ltd.	SOUTH AFRICA
Elephant Nonwovens - Nao Tecidos U.P.Lda	PORTUGAL
Fibertex Nonwoven S.A.S.	FRANCE

FINANCIAL INFORMATION

Accounts

Profit and Loss
Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Revenue	523.544.000	517.486.000	486.735.000
Operating Profit	-10.294.000	-1.746.000	-27.380.000
Retained Profit	20.116.000	-33.438.000	-27.377.000

Balance Sheet
Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Total Assets	921.976.000	921.488.000	906.800.000
Other Reserves	301.275.000	276.909.000	313.448.000

Additional Accounts Information
Date Format	MM-DD
Accounts Start Date	01-01
Accounts End Date	12-31

Additional Accounts Notes
Notes Date	Notes Detail
2013-01-01T00:00:00	In the financial statement of 2013 attention is drawn to leasing commitments.

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Activities
Activity Code	Activity Description
139900	Manufacture of other textiles, n.e.c.
139600	Manufacture of other technical and industrial text

Previous Names
Previous Name	Date Changed from Previous Name
FIBERTEX A/S

Contact Information

Main Address
Address	Country	Telephone
Svendborgvej 16, Aalborg Øst 9220	DENMARK	96353535

Email Addresses

fibertex@fibertex.com

Web Pages

www.fibertex.com

Other Information

Employee Information
Year Reported	Number of Employees
2013	105
2012	110
2011	101

Real Estate
Real Estate	No

Other Trading Names
Type	Name
Business name	Fibertex A/S

Other Information
Type	Text
No. of employees	According to information from the business the number of employees is 110.
Historical data	The company was originally formed in 1980 under the name of Fibertex ApS, but in 1994 it changed its name and legal status in the present ones.
Historical data	The company's assets and liabilities have been transferred to CVR-no. 33077769, Fibertex Personal Care A/S.
Capital conditions	fully paid up

Other Trading Names
Type	Name
Business name	Fibertex A/S

Other Information
Type	Text
No. of employees	According to information from the business the number of employees is 110.
Historical data	The company was originally formed in 1980 under the name of Fibertex ApS, but in 1994 it changed its name and legal status in the present ones.
Historical data	The company's assets and liabilities have been transferred to CVR-no. 33077769, Fibertex Personal Care A/S.
Capital conditions	fully paid up

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Analysis Done by :	RAS
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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