MIRA INFORM REPORT

 

 

Report Date :

02.06.2014

 

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 :

Manufacturer of cordage, rope, twine and netting

 

 

No of Employees :

0

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 details

 

Business number

893201932

Company name

GLOBALTEX BVBA

Address

STIJN STREUVELSSTRAAT 99

 

8790 WAREGEM

Number of staff

0

Date of establishment

26/1 0/2007

Telephone number

056282727

Fax number

056282726

 

 

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.

Net Worth increased by 37% during the latest trading period.

Pre-tax profits increased by 116% compared to the previous trading period

 

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

 

 

Trends

Profitability

Liquidity

Net worth

 

 

Payment expectations

Past payments

 

Payment expectation days

9.64

Industry average payment

31.34

Industry average day sales

64.25

expectation days

 

outstanding

 

Day sales outstanding

85.81

 

 

Court data summary

BANKRUPTCY DETAILS

Court action type

No

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

 

Company information

 

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 Check VAT number

Belgian Bullettin of Acts Publications

moniteur beige

 

 

 

Contractor details

Registered contractor number

-

Contractor description

-

Date struck off register

 

 

 

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

-

-

 

 

Personnel (NSSO classification)

Code

-

Description

-

Joint Industrial Committee (JIC)

 

 

Company accounts

 

Profit and 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

1,136,21 8

79,708

1019

Total financial income

2,365,489

50.89

1,567,731

-21.58

1,999,251

1 88,366

11 55

Total financial expenses

2,387,498

17.36

2,034,347

5.85

1,921,971

209,876

1037

Results on ordinary operations before taxation

870,552

116

402,169

-66.86

1,213,498

58,198

1395

Taxation

283,917

126

125,202

-69.46

409,910

47,637

496

Results on ordinary operations after taxation

586,635

111

276,967

-65.53

803,588

32,547

1702

Extraordinary items

0

-

0

-

0

-3,902

0

Other appropriations

0.00

-

0.00

-

0

-

-

Net result

OTHER INFORMATION

586,635

111

276,967

-65.53

803,588

29,411

1894

Gross Operating Margin

-

-

-

-

-

1 54,560

-

Dividends

-

-

-

-

-

8,320

-

Director remuneration

-

-

-

-

-

-

-

Employee costs

-

-

-

-

-

504,777

-

Wages and salary

-

-

-

-

-

322,879

-

Employee pension costs

-

-

-

-

-

1,583

-

Social security contributions

-

-

-

-

-

1 06,574

-

Other employee costs

0

-

0

-

0

34,643

-100

Amortization and depreciation

5,807

2.51

5,665

89.78

2,985

65,767

-91.17

 

 

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

14,739

-100

Tangible fixed assets

8,400

-28.47

11,744

96.19

5,986

427,947

-98.04

Land & building

-

-

-

-

-

742,178

-

Plant & machinery

-

-

-

-

-

141,172

-

Furniture & Vehicles

8,400

-28.47

11,744

96.19

5,986

9,606 4,395

-12.55

Leasing & Other Similar Rights

-

-

-

-

-

344,575 344,575

-

Other tangible assets

0

-

0

-

0

1,378

-100

Financial fixed assets

129,512

-61.12

333,138

30.86

254,575

18,044

617

Total fixed assets

137,912

-60.01

344,882

32.36

260,561

387,952

-64.45

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

19,226

-100

Finished goods

1,770,186

106

859,178

-40.06

1,433,400

250,037

607

Other stocks

0

-

0

-

0

1 08,466

-100

Trade debtors

8,340,498

11.85

7,456,925

-3.45

7,723,150

810,280

929

Cash

885,114

3.81

852,610

9.95

775,429

174,368

407

other amounts receivable

132,032

10.38

11 9,61 5

84.41

64,863

54,671

141

Miscellaneous current assets

10,124

36.61

7,411

25.29

5,915

7,854

28.90

Total current assets

11,137,954

19.82

9,295,739

-7.07

1 0,002,757

1,485,895

649

Total Assets

11,275,866

16.96

9,640,621

-6.07

1 0,263,319

1,873,847 224,868

501

CURRENT LIABILITIES

 

 

 

 

 

 

 

Trade creditors

912,972

-32.35

1,349,559

40.14

962,990

263,668

246

Short term group loans

-

-

-

-

-

-

-

Financial debts

8,178,926

32.09

6,192,080

-17.97

7,548,101

1,469,626 137,682

456

Current portion of long term debt

-

-

-

-

-

80,953 42,223

-

Amounts Payable for Taxes, Remuneration & Social Security

-

-

-

-

-

31,836 -

-

Miscellaneous current liabilities

38,416

-92.89

540,065

14.84

470,279

-46.17

- -

Total current liabilities

9,130,314

12.98

8,081,704

-10.02

8,981,369

1,374,121

564

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

-

-

- -

Deffered taxes

-

-

-

-

-

41,320 41,320

-

Provisions for Liabilities & Charges

0

-

0

-

0

31,959 0

-100

Other long term liabilities

0

-

0

-

0

0

-

Total long term debts

0

-

0

-

0

200,709

-100

SHAREHOLDERS EQUITY

 

 

 

 

 

 

 

Issued share capital

50,000

0

50,000

0

50,000

537,003

-90.69

Share premium account

-

-

-

-

-

-

-

Reserves

2,095,552

38.88

1,508,916

22.48

1,231,950

-237,986

880

Revaluation reserve

-

-

-

-

-

-

-

Total shareholders equity

2,145,552

37.63

1,558,916

21.61

1,281,950

299,017

617

Working capital

2,007,640

65.37

1,214,035

18.86

1,021,388

111,774

1696

Cashflow

592,442

109

282,632

-64.96

806,573

85,060

596

Net worth

2,145,552

37.63

1,558,916

21.61

1,281,950

284,278

654

 

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

-25,00

162

Return on total assets employed

7.72

85.13

4.17

-64.72

11.82

-11,00

70.18

Return on net assets employed

40.57

57.25

25.80

-72.74

94.66

106,00

-61.73

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

SHORT TERM STABILITY

9.64

-42.17

16.67

42.84

11.67

38,00

-74.63

Current ratio

1.22

6.09

1.15

3.60

1.11

2,00

15.25

Liquidity ratio / acid ratio

1.03

-0.96

1.04

9.47

0.95

2,00

-48.50

Current debt ratio

4.26

-17.76

5.18

-26.11

7.01

-8,00

53.25

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

381.20

-4.03

397.20

-32.54

588.80

-237,00

160

Equity in percentage

19.03

17.69

16.17

29.46

12.49

-82,00

23.21

Total debt ratio

4.26

-17.76

5.18

-26.11

7.01

-8,00

53.25

 

 

Industry comparison

 

Activity code

13940

Activity description

Manufacture of cordage, rope, twine and netting

industry average credit

72.11

rating

 

Industry average credit

82096.15

limit

 

 

 

Payment Information

 

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

31.34

expectation days

 

Industry average day sales

64.25

outstanding

 

Industry quartile analysis

Payment expectations

 

Company result

9.64

Lower

70.97

Median

61.79

Upper

60.30

 

Day sales outstanding

 

Company result

85.81

Lower

34.92

Median

30.78

Upper

17.85

 

 

Shareholder Details

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

 

Business number

Company name

%

Date of accounts

438363289

MDM NV

40

30/06/2013

438363289

MDM NV

40

30/06/2013

438363289

MDM NV

40

30/06/2013

438363289

MDM NV

40

30/06/2013

438363289

MDM NV

40

30/06/2013

438363289

MDM NV

40

30/06/2013

438363289

MDM NV

40

30/06/2013

816919350

Geleen BVBA

20

30/09/2013

894762543

Damelo BVBA

0.4

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

 

 

Linked Companies

 

Summary

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

Court data

Protested bills

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

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

Bankruptcy Data

court data

there is no data for this company

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 59.03

UK Pound

1

Rs. 98.91

Euro

1

Rs. 80.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

SMT

 

 

Report Prepared by :

DPT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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