MIRA INFORM REPORT

 

 

Report No. :

315667

Report Date :

03.04.2015

 

IDENTIFICATION DETAILS

 

Name :

VLERICK KIDS FASHION NV

 

 

Registered Office :

Westerring 37, 9700 Oudenaarde

 

 

Country :

Belgium

 

 

Financials (as on) :

01.07.2013

 

 

Date of Incorporation :

01.05.1957

 

 

Com. Reg. No.:

406725948

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Manufacture of other outerwear.

 

 

No. of Employees :

27

 

 

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 :

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Belgium

A2

A2

 

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 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 Summary

 

Business number

406725948

Company name

VLERICK KIDS FASHION NV

Address

WESTERRING 37

 

9700 OUDENAARDE

Number of staff

27

Date of establishment

01/05/1957

Telephone number

055302878

Fax number

055302678

 

Ultimate holding company

 

Company Name           Company Number

Vleho NV                      465183789

 

 

Commentary

 

The business was established over 45 years ago.

The business has 27 employees.

The business is part of a group.

The business has been at the address for over 7 years.

Operating Result in the latest trading period increased 37% on the previous trading period.

The business saw a decrease in their Cash Balance of 65% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

01/07/2013

18.212.734

27,426

960,812

2,201,159

01/07/2012

16,313,497

-27,251

855,536

2,083,370

01/07/2011

15,334,856

2,732

1,308,752

2,541,840

 

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

01/07/2013

6,572,333

27

65,000

138,500

01/07/2012

5,439,545

26

65,000

-926

01.07.2011

6,904,676

25

65,000

20,927


Payment Expectations

 

Past payments

Payment expectation days                              41.26

Industry average payment

expectation days                                             91.95

Industry average day sales

Outstanding                                                     85.16

Day sales outstanding                          15.20

 

 

Court Data Summary

 

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

 

Bill amount

-

NSSO DETAILS

 

 

 

Company Information

 

Business number                     406725948

Company name                       VLERICK KIDS FASHION NV

Fax number                             055302678

Date founded                           01/05/1957

Company status                       active

Company type                                     Public Limited Liability Company (BE)

Currency                                  Euro (€)

Date of latest accounts            01/07/2013

Activity code                            14130

Liable for VAT                                     yes

Activity description                  Manufacture of other outerwear

VAT Number                            BE.0406.725.948 Check VAT number

Belgian Bullettin of Acts

Publications                             Moniteur Belge

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

 

 

During the reporting year

 

 

 

ended 01-07-2013

 

 

 

Full-time Employees

26

 

 

Part-time Employees

2

 

 

Total Fte Employees

28

 

 

 

Number of hours worked

Full-time Employees

40.842

 

 

Part-time Employees

2.739

 

 

Total

43,581

 

 

 

Personnel Charges

Full-time Employees

1,205,283

 

 

Part-time Employees

80,845

 

 

Total

1,286,128

 

 

Benefits In Addition To Wanes

10,133

 

 

 

During the previous reporting year

Average number employees in Fte

26

 

 

Actual working hours

43,055

 

 

Personnel Charges

1,228,490

 

 

Benefits In Addition To Wages

7,188

 

 

 

 

 

 

 

Type of Contract                     

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts               

26

2

28

Limited Duration Contracts

-

-

-

Contracts For Specific Work

-

-

-

Contracts Regarding Substitution

-

-

-

 

General and Education Level

 

Men

Full-Time

Part-Time

Total Fte

Primary education

Secondairv education

4

-

4

Higher education (non-university)

-

-

-

Higher education (university)

-

-

-

 

Women

Full-Time

Part-Time

Total Fte

Primary education

-

1

1

Secondairv education

18

1

19

Higher education (non-university)

4

 -

   4

Higher education (university)

-             

             -

               -

 

 

Working Category

Full-Time

Part-Time

Total Fte

Management

12

2

14

White collar worker

14

-

14

Blue collar worker

-

-

-

 

 

Temporary personnel

Total

 

 

Average number of temporary staff

3

 

 

Actual working hours

6,143

 

 

Cost of temporary staff

110,407

 

 

 

 

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

2

-

2

Leavers

1

-

1

 

 

Joint Industrial Committee (JIC)

JIC Code

109

Description

JC for the industry of the clothinq and qarments firms

category

 

JIC Code

215

Description

JC for the employees in the clotinq and qarments firms

category

Significant Events

Event Date

31/12/2012

Event Description

Re-appointment of director(s)

Event Details

Commentaar 31-12-2012: Herbenoemd als bestuurders voor een periode van 6 jaar: Vlerick Dirk, Vlerick Els en NV Vleho (tevens als gedelegeerd bestuurder).

 

 

Company Accounts

 

PROFIT & LOSS

 

 

Annual accounts

01-07-2013

%

01-07-2012

%

01-07-2011

Industry average 2013

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Turnover

18,212,734

11.64

16,313,497

6.38

15,334,856

24,298,144

-25.04

 

Total operating expenses

16,536,911

9.56

15,094,254

8.75

13,880,346

23,133,054

-28.51

 

Operating result

1,675,823

37.45

1,219,243

-16.17

1,454,510

230,245

627

 

Total financial income

190,622

-46.80

358,315

568

53,562

27,297

598

 

Total financial expenses

1,839,019

14.59

1,604,810

6.61

1,505,341

108,916

1588

 

Results on ordinary operations before taxation

27,426

100

-27,251

-1097

2,732

146,960

-81.34

 

Taxation

681

500

113

7219

-2

23,844

-97.14

 

Results on ordinary operations after taxation

26,745

97.73

-27,365

-1101

2,733

130,608

-79.52

 

Extraordinary items

-591

-98.06

-298

26.82

-1,113

3,604

-116

 

Other appropriations

0.00

-

0.00

-

0.00

-

-

 

Net result

26,154

94.54

-27,663

-1806

1,621

133,218

-80.37

OTHER INFORMATION

 

Gross Operating Margin

-

-

-

-

-

169,426

-

 

Dividends

-

-

-

-

-

441,849

-

 

Director remuneration

-

-

-

-

-

298,614

-

 

Employee costs

1,286,128

4.69

1,228,490

-1.57

1,248,123

954,543

34.74

 

Wages and salary

923,689

5.26

877,537

-1.34

889,437

727,173

27.02

 

Employee pension costs

-

-

-

-

-

157,050

-

 

Social security contributions

327,610

3.22

317,387

-1.53

322,304

229,158

42.96

 

Other employee costs

34,829

3.77

33,565

-7.74

36,383

36,766

-5.27

 

Amortization and depreciation

112,347

320

26,737

38.49

19,306

103,925

8.10

 

BALANCE SHEET

 

Annual accounts

01-07­2013

%

01-07­2012

%

01-07­2011

Industry average 2013

%

 

Weeks

52

 

52

 

52

 

 

 

 

 

 

 

 

 

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Intangible fixed assets

348,532

-

427,654

-

2,101

111,061

213

 

Tangible fixed assets

65,052

-16.13

77,565

7.26

72,312

425,084

-84.70

 

Land & building

-

-

-

-

-

445,433

-

 

Plant & machinery

6,129

-25.52

8,229

-31.69

12,046

135,473

-95.48

 

Furniture & Vehicles

55,650

-12.84

63,851

21.46

52,570

55,928 7,492

-0.50

 

Leasing & Other Similar Rights

-

-

-

-

-

162,613 15,668

-

 

Other tangible assets

3,273

-40.32

5,484

-28.74

7,696

50,964

-93.58

 

Financial fixed assets

18,000

0

18,000

0

18,000

357,387

-94.96

 

Total fixed assets

431,584

-17.51

523,219

466

92,412

736,029

-41.36

 

Inventories

5,040,383

51.63

3,324,147

-23.99

4,373,279

915,256

450

 

Raw materials & consumables

572,497

61.04

355,506

-16.82

427,386

725,713

-21.11

 

Work in progress

0

-

0

-

0

10,254

-100

 

Finished goods

4,467,886

50.50

2,968,641

-24.77

3,945,894

378,974

1078

 

Other stocks

0

-

0

-

0

153,386

-100

 

Trade debtors

758,461

23.82

612,564

-66.43

1,824,998

850,247

-10.80

 

Cash

336,188

-65.48

973,987

61.97

601,351

476,501

-29.45

 

other amounts receivable

0

-

0

-100

2,455

148,597

-100

 

Miscellaneous current assets

5,717

1.57

5,628

-44.71

10,180

633,680

-99

 

Total current assets

6,140,749

24.91

4,916,326

-27.83

6,812,263

2,648,864

131

 

Total Assets

6,572,333

20.83

5,439,545

-21.22

6,904,676

3,311,537 210,416

98.47

 

CURRENT LIABILITIES

 

Trade creditors

1,869,217

38.72

1,347,469

4.99

1,283,456

659,027

183

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

600,000

-

-

-

800,000

216,328 28,478

177

 

Current portion of long term debt

-

-

-

-

-

438,826 18,458

-

 

Amounts Payable for Taxes, Remuneration & Social Security

248,874

-13.61

288,078

11.75

257,782

16,535-

24.65

 

Miscellaneous current liabilities

1,221,500

2.01

1,197,409

-37.93

1,929,186

354

 

 

Total current liabilities

3,939,590

39.06

2,832,956

-33.66

4,270,424 •

1,302,844

202

LONG TERM DEBTS AND LIABILITIES

 

Long term group loans

-

-

-

-

-

-

 

 

Other long term loans

-

-

-

-

-

-

--

 

Deffered taxes

-

-

-

-

-

47,203 7,641

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

45,241 0

-100

 

Other long term liabilities

1,323,399

0

1,323,399

0

1,323,399

13,953

9384

 

Total long term debts

1,323,399

0

1,323,399

0

1,323,399

388,505

240

SHAREHOLDERS EQUITY

 

Issued share capital

65,000

0

65,000

0

65,000

233,267

-72.13

 

Share premium account

-

-

-

-

-

13,021,621

-

 

Reserves

1,244,344

2.15

1,218,190

-2.22

1,245,853

926,999

34.23

 

Revaluation reserve

-

-

-

-

-

203,029

-

 

Total shareholders equity

1,309,344

2.04

1,283,190

-2.11

1,310,853

1,609,000

-18.62

 

Working capital

2,201,159

5.65

2,083,370

-18.04

2,541,840

1,346,019

63.53

 

Cashflow

138,500

14959

-926

-104

20,927

220,993

-37.33

 

Net worth

960,812

12.31

855,536

-34.63

1,308,752

1,497,939

-35.86

 

RATIO ANALYSIS

 

 

Annual accounts

01-07-2013

Change

(%)

01-07-2012

Change

(%)

01-07-2011

Industry average 2013

%

TRADING PERFORMANCE

 

Profit Before Tax

0.15

88.24

-0.17

-950

0.02

-26,00

0.58

 

Return on capital employed

1.04

99

-1.05

-1150

0.10

-15,00

6.93

 

Return on total assets employed

0.42

84.00

-0.50

-1350

0.04

-55,00

0.76

 

Return on net assets employed

2.09

98.58

-2.12

-1109

0.21

-7,00

29.86

 

Sales / net working capital

8.27

5.62

7.83

29.85

6.03

4,00

-99

 

Stock turnover ratio

27.68

35.82

20.38

-28.54

28.52

23,00

20.35

 

Debtor days

15.20

10.87

13.71

-68.44

43.44

85,16

-82.15

 

Creditor days

41.26

26.64

32.58

-3.47

33.75

91,95

-55.13

SHORT TERM STABILITY

 

Current ratio

1.56

-10.34

1.74

8.75

1.60

17,00

56.00

 

Liquidity ratio / acid ratio

0.28

-50.0

0.56

-1.75

0.57

15,00

-98.13

 

Current debt ratio

3.01

36.20

2.21

-32.21

3.26

1,00

201

Liquidity ratio reprocessed ......

LONG TERM STABILITY

 

Gearing

45.82

-

-

-

61.03

150,00

-69.45

 

Equity in percentage

21.04

-17.81

25.60

34.81

18.99

-417,00

5.05

 

Total debt ratio

4.02

24.07

3.24

-24.12

4.27

2,00

101

 

 

Industry comparison

 

Activity code                            14130

Activity description                  Manufacture of other outerwear

industry average credit            73.55

rating

Industry average credit limit    22452.85

 

 

Suspension of payments / moratorium history

Amount                                    -

Details                                                 -

 

Payment expectations

Payment expectation days      41.26

Day sales outstanding 15.20

 

 

Industry comparison

Activity code                            14130

Activity description                  Manufacture of other outerwear

Industry average payment

expectation days                     91.95

Industry average day sales      85.16

outstanding

 

 

Industry quartile analysis

Payment expectations

Company result                       41.26

Lower                          75.60

Median                        36.12

Upper                           13.90

 

Day sales outstanding

Company result           15.20

Lower                          74.91

Median                        31.59

Upper                           14.40

 

 

Shareholders Details

 

Summary

 

Group - Number of Companies            3

Linkages - Number of Companies        0

Number of Countries                            0

 

 

Group Structure

Company name

 

 

Number

 

Latest

 

 

 

 

 

 

 

financials

 

 

- VLEHO NV

 

 

455183789

 

01-10-2013

 

 

- - CONFECTIE NOEL VLERICK NV

 

 

420248441

 

30-06-2013

 

 

- - VLERICK KIDS FASHION NV

 

 

406725948

 

01-07-2013

 

 

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

 

 

 

 

 

 

 

Companies that match this address

Business number            

 

 

 

Company name

Date of accounts

 

420248441                        

 

CONFECTIE NOEL VLERICK NV

30/06/2013

 

455183789                        

 

 

 

VLEHO NV

01/10/2013

 

890403778                        

 

 

 

GROEP VLERICK

-

 

 

 

Linked Companies

 

Summary

Group - Number of Companies

3

 

Linkages - Number of Companies

0

 

Number of Countries

0

 

 

Summons

There is no data for this company

 

Protested Bills

There is no data for this company

 

Bankruptcy and other legal events

There is no data for this company

 

 

Directors Details

 

Current director details

Name                           ELS VLERICK

Position                       Managing Director

Start Date                    20/06/2007

Street                           4 KALLESTRAAT ZINGEM

Post code                     9750

Country                        Belgium

 

Position                       Director

Start Date                    05/09/2007

Street                           4 KALLESTRAAT ZINGEM

Post code                     9750

Country                        Belgium

 

Name                           DIRK ROBERT MARTIN VLERICK

Position                       Managing Director

Start Date                    20/06/2007

Street                           24 MEERSESTRAAT HOREBEKE

Post code                     9667

Country                        Belgium

 

Name                           VLEHO NV

Position                       Managing Director

Start Date                    20/06/2007

Date of birth                 28/01/1999

Street                           37 WESTERRING OUDENAARDE

Post code                     9700

Country                        Belgium

 

Position                       Director

Start Date                    05/09/2007

Date of birth                 28/01/1999

Street                           37 WESTERRING OUDENAARDE

Post code                     9700

Country                        Belgium

 

Position                       Legal Representative

Start Date                    20/06/2007

Date of birth                 28/01/1999

Street                           37 WESTERRING OUDENAARDE

Post code                     9700

Country                        Belgium

 

Name                           DIRK VLERICK

Position                       Director

Start Date                    20/06/2007

Street                           24 MEERSESTRAAT HOREBEKE

Post code                     9667

Country                        Belgium

 

Former director details

Name                           DIRK ROBERT MARTIN VLERICK

Position                       Director

Start Date                    20/06/2007

End Date                      01/07/2010

Street                           24 MEERSESTRAAT HOREBEKE

Post code                     9667

Country                        Belgium

 

Name                           MARCEL VAN THUYNE

Position                       Managing Director

Start Date                    18/05/1997

End Date                      Unknown date

Street                           220 HAENHOUTSTRAAT DESTELBERGEN

Post code                     9070

Country                        Belgium

 

Name                           ROGER SAVOYE

Position                       Director

Start Date                    18/05/1997

End Date                      Unknown date

Street                           68 JEROOM DUQUESNOYLAAN GENT

Post code                     9051

Country                        Belgium

 

Name                           SIMONNE VAN CAUWENBERGHE

Position                       Director

Start Date                    18/05/1997

End Date                      Unknown date

Street                           220 HAENHOUTSTRAAT DESTELBERGEN

Post code                     9070

Country                        Belgium

 

Name                           JULIANA-DONATA VLERICK

Position                       Managing Director

Start Date                    27/03/1995

End Date                      Unknown date

Street                           95 STATIONSSTRAAT NAZARETH

Post code                     9810

Country                        Belgium

 

Position                       Director

Start Date                    27/03/1995

End Date                      Unknown date

Street                           95 STATIONSSTRAAT NAZARETH

Post code                     9810

Country                        Belgium

 

Name                           NOEL VLERICK

Position                       Director

Start Date                    27/03/1995

End Date                      Unknown date

Date of birth                 01/01/1938

Street                           1 DEURLESTRAAT DE PINTE

Post code                     9840

Country                        Belgium

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.62.59

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

ASH

 

               

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

 

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NB

New Business

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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.