MIRA INFORM REPORT

Report Date :

20.02.2014

IDENTIFICATION DETAILS

Name :	TANSENS & CASAERT NV
Registered Office :	Geeststraat 10 8540 Deerlijk
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	20.12.1991
Com. Reg. No.:	446051530
Legal Form :	Public Limited Liability Company
Line of Business :	Manufacture of carpets and rugs
No. of Employees :	32

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

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Business number	446051530
Company name	TANSENS & CASAERT NV
Address	GEESTSTRAAT 10
	8540 DEERLIJK
Number of staff	32
Date of establishment	20/12/1991
Telephone number	056778501
Fax number	056778505

Commentary

The business was established over 22 years ago.

The business has 20 employees.

The business has been at the address for over 18 years.

Operating Result in the latest trading period decreased 158% on the previous trading period.

Pre-tax profits decreased by 652% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 42% during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		-90,262	1,167,310	966,042
31/12/2011		16,343	1,258,130	954,899
31/12/2010		66,640	1,241,754	880,702

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	2,560,752	32	450,000	66,556
31/12/2011	2,782,931	33	450,000	170,868
31/12/2010	3,087,185	36	450,000	228,503

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	88	Industry average day sales outstanding	67.31
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	446051530	Company name	TANSENS & CASAERT NV
Fax number	056778505	Date founded	20/12/1991
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	13930	liable for VAT	yes
Activity description	Manufacture of carpets and rugs	VAT Number	BE.0446.051.530
Belgian Bullettin of Acts Publications	moniteur belge

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year ended 31-12-2012
Full-time Employees		30
Part-time Employees		7
Total Fte Employees		34
Number of hours worked
Full-time Employees		33,441
Part-time Employees		4,842
Total		38,283
Personnel Charges
Full-time Employees		737,792
Part-time Employees		129,146
Total		866,938
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		36
Actual working hours		38,758
Personnel Charges		850,598
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	28	7	33
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	5	1	6
Secondairy education	-	-	-
Higher education (non university)	-	1	1
Higher education (university)	-	-	-
Women	Full-Time	Part-Time	Total Fte
Primary education	5	1	6
Secondairy education	17	4	20
Higher education (non university)	1	-	1
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	1	3	3
Blue collar worker	27	4	30
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	2	1	3
Leavers	4	-	4

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	1	3
Number of training hours	14	20
Net costs for enterprise	382	770
Total of initial training initiatives at the expense of the employer	Male	Female
Number of employees	1	3
Number of training hours	14	20
Net costs for enterprise	382	770

Personnel (NSSO classification)

Code	-
Description	FROM 20 TO 49 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	13/06/2009
Event Description	re-appointment of director(s)
Event Details	Commentaar 13-06-2009: Herbenoeming bestuurders voor een periode van 6 jaar: Tansens Geert (tevens gedelegeerd bestuurder), Casaert Johan (tevens gedelegeerd bestuurder), Casaert Walter (tevens gedelegeerd bestuurder) en Messiaen Godelieve

Event Date	13/06/2009
Event Description	re-appointment of director(s)
Event Details	.

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	-	-	-	-	-	37,164,050	-
	Total operating expenses	-	-	-	-	-	36,318,510	-
	Operating result	-36,707	-158	63,169	-52.44	132,826	301,542	-112
	Total financial income	24,260	-32.84	36,124	2.90	35,106	198,632	-87.79
	Total financial expenses	77,814	-6.19	82,950	-18.11	101,292	628,618	-87.62
	Results on ordinary operations before taxation	-90,262	-652	16,343	-75.48	66,640	-118,326	76.28
	Taxation	558	1691	-33	-	-	8,506	-93.44
	Results on ordinary operations after taxation	-90,820	-654	16,376	-75.43	66,640	-123,930	73.28
	Extraordinary items	0	-	0	-	0	49,269	-100
	Other appropriations	0.00	-	0	-	0.00	-	-
	Net result	-90,820	-654	16,376	-75.43	66,640	-77,282	-17.52
	other information
	Dividends	-	-	-	-	-	38,889	-
	Director remuneration	-	-	-	-	-	148,471	-
	Employee costs	866,938	1.92	850,598	-22.56	1,098,388	3,766,779	-76.98
	Wages and salary	541,447	1.28	534,594	-21.59	681,812	2,811,344	-80.74
	Employee pension costs	-	-	-	-	-	41,475	-
	Social security contributions	160,767	5.05	153,041	-24.61	203,004	961,832	-83.29
	Other employee costs	164,724	1.08	162,963	-23.70	213,572	144,409	14.07
	Amortization and depreciation	157,375	1.87	154,492	-4.55	161,862	378,472	-58.42

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	39,357	-100
	Tangible fixed assets	532,834	-12.23	607,064	-13.11	698,653	1,552,205	-65.67
	Land & building	-	-	-	-	-	1,160,729	-
	Plant & machinery	415,458	-19.84	518,257	-13.77	601,017	659,552	-37.01
	Furniture & Vehicles	43,665	49.94	29,122	-1.12	29,452	102,034 22,049	-57.21
	Leasing & Other Similar Rights	-	-	15,899	-25.00	21,199	368,250 77,183	-
	Other tangible assets	73,712	68.35	43,786	-6.81	46,985	64,203	14.81
	Financial fixed assets	24	0	24	0	24	8,612,376	-99
	Total fixed assets	532,858	-12.23	607,088	-13.11	698,677	7,315,927	-92.72
	Inventories	1,569,534	-1.46	1,592,734	5.87	1,504,428	3,877,636	-59.52
	Raw materials & consumables	-	-	-	-	-	3,356,002	-
	Work in progress	0	-	0	-	0	555,715	-100
	Finished goods	0	-	0	-	0	965,848	-100
	Other stocks	1,569,534	-1.46	1,592,734	5.87	1,504,428	137,294	1043
	Trade debtors	341,518	-18.86	420,908	-40.39	706,070	2,227,865	-84.67
	Cash	59,697	-42.10	103,108	-23.27	134,386	354,498	-83.16
	other amounts receivable	15,656	-31.33	22,798	150	9,105	429,767	-96.36
	Miscellaneous current assets	41,489	14.31	36,295	5.15	34,518	675,965	-93.86
	Total current assets	2,027,894	-6.80	2,175,843	-8.90	2,388,508	6,329,841	-67.96
	Total Assets	2,560,752	-7.98	2,782,931	-9.86	3,087,185	13,301,489 1,921,965	-80.75
	current liabilities
	Trade creditors	178,269	33.25	133,787	204	43,940	2,046,299	-91.29
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	686,717	-16.48	822,214	-15.68	975,131	3,036,534 385,750	-77.38
	Current portion of long term debt	26,963	-48.88	52,745	-44.52	95,076	450,363 34,795	-94.01
	Amounts Payable for Taxes, Remuneration & Social Security	136,318	-2.40	139,672	-25.37	187,158	31,779 -	-79.77
	Miscellaneous current liabilities	33,584	-53.69	72,526	-64.88	206,502	-94.28	- -
	Total current liabilities	1,061,851	-13.03	1,220,944	-19.03	1,507,806	4,548,510	-76.65
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	31,591	719	3,857	-75.79	15,934	-99	- -
	Deffered taxes	-	-	-	-	-	240,896 51,768	-
	Provisions for Liabilities & Charges	0	-	0	-	0	61,439 0	-100
	Other long term liabilities	300,000	0	300,000	-6.74	321,691	81,262	269
	Total long term debts	331,591	9.13	303,857	-10.00	337,625	4,219,976	-92.14
	shareholders equity
	Issued share capital	450,000	0	450,000	0	450,000	2,160,025	-79.17
	Share premium account	-	-	-	-	-	70,249	-
	Reserves	717,310	-11.24	808,130	2.07	791,754	2,274,949	-68.47
	Revaluation reserve	-	-	-	-	-	894,601	-
	Total shareholders equity	1,167,310	-7.22	1,258,130	1.32	1,241,754	4,533,003	-74.25
	Working capital	966,042	1.17	954,899	8.42	880,702	1,781,331	-45.77
	Cashflow	66,556	-61.05	170,868	-25.22	228,503	278,927	-76.14
	Net worth	1,167,310	-7.22	1,258,130	1.32	1,241,754	4,493,646	-74.02

ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	-	-	-	-	-	-3,00	-
	Return on capital employed	-6.02	-673	1.05	-75.12	4.22	-1.051,00	0.57
	Return on total assets employed	-3.52	-696	0.59	-72.69	2.16	-5,00	70.40
	Return on net assets employed	-7.73	-694	1.30	-75.79	5.37	-5,00	-54.60
	Sales / net working capital	-	-	-	-	-	-642,00	-
	Stock turnover ratio	-	-	-	-	-	21,00	-
	Debtor days	-	-	-	-	-	64,00	-
	Creditor days	-	-	-	-	-	55,00	-
	short term stability
	Current ratio	1.91	7.30	1.78	12.66	1.58	15,00	-4.50
	Liquidity ratio / acid ratio	0.43	-10.42	0.48	-18.64	0.59	14,00	-96.93
	Current debt ratio	0.91	-6.19	0.97	-19.83	1.21	2,00	-54.50
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	63.85	-8.59	69.85	-20.14	87.47	66,00	-3.26
	Equity in percentage	45.58	0.82	45.21	12.41	40.22	32,00	42.44
	Total debt ratio	1.19	-1.65	1.21	-18.79	1.49	2,00	-40.50

Industry comparison

Activity code	13930
Activity description	Manufacture of carpets and rugs
industry average credit rating	75.62
Industry average credit limit	189728.95

Industry comparison

Activity code	13930
Activity description	Manufacture of carpets and rugs
Industry average payment expectation days	88
Industry average day sales outstanding	67.31

Industry quartile analysis

Payment expectations
Company result	-
Lower	82
Median	67.58
Upper	50.28
Day sales outstanding
Company result	-
Lower	77.43
Median	52.93
Upper	41.40

Summary

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

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

NSSO details

Business number	446051530
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

Current director details

Name	GODELIEVE MESSIAEN
Position	Director
Start Date	13/06/2009
End Date	13/06/2015
Street	9 DAM KORTRIJK
Post code	8500
Country	Belgium

Name	WALTER CASAERT
Position	Managing Director
Start Date	16/07/2012
End Date	13/06/2015
Street	146 STATIONSSTRAAT DEERLIJK
Post code	8540
Country	Belgium

Name	WALTER CASAERT
Position	Director
Start Date	13/06/2009
Street	146 STATIONSSTRAAT DEERLIJK
Post code	8540
Country	Belgium

Name	GEERT TANSENS
Position	Managing Director
Start Date	13/07/2013
End Date	13/06/2015
Street	193 KRUISHOUTEMSEWEG WAREGEM
Post code	8790
Country	Belgium

Name	GEERT TANSENS
Position	Director
Start Date	20/08/2009
Street	193 KRUISHOUTEMSEWEG WAREGEM
Post code	8790
Country	Belgium

Name	JOHAN CASAERT
Position	Director
Start Date	20/08/2009
Street	133 KORTRIJKSE HEERWEG DEERLIJK
Post code	8540
Country	Belgium

Name	JOHAN CASAERT
Position	Managing Director
Start Date	13/06/2009
End Date	13/06/2015
Street	133 KORTRIJKSE HEERWEG DEERLIJK
Post code	8540
Country	Belgium

Former director details

Name	WALTER CASAERT
Position	Principal Manager
Start Date	31/08/1997
End Date	-
Street	146 STATIONSSTRAAT DEERLIJK
Post code	8540
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

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.