MIRA INFORM REPORT

Report No. :	319183
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	FILANTEX NV

Registered Office :	Brugsesteenweg 38, 8740 Pittem

Country :	Belgium

Financials (as on) :	31.03.2014

Date of Incorporation :	08.10.1988

Com. Reg. No.:	435472887

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of household textiles and bedding

No. of Employees :	12 (2014)

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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Belgium

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the government maintained the budget deficit below the euro-zone threshold of 3% of GDP for a second year in a row. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company summary

Business number	435472887
Branche Unit Number	2040577221
Company name	FILANTEX NV
Address	BRUGSESTEENWEG 38
	8740 PITTEM
Number of staff	12
Date of establishment	08/10/1988
Telephone number	051466585
Fax number	051467276

Ultimate holding company

Company name	Company Number
Groep Vercambre BVBA	849277659

Commentary

The business was established over 26 years ago.

The business has 12 employees.

The business is part of a group.

The business has been at the address for over 19 years.

Pre-tax profits increased by 87% compared to the previous trading period.

The business saw an increase in their Cash Balance of 37% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2014	6,504,065	579,077	9,925,461	8,770,875
31/03/2013	6,338,195	309,194	9,417,284	8,127,734
31/03/2012	8,791,350	943,879	9,113,924	7,651,307

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2014	14,721,329	12	1,015,000	693,800
31/03/2013	14,168,758	14	1,015,000	519,346
31/03/2012	13,770,892	14	1,015,000	1,020,197

Payment Expectations

Past payments		Payment expectation days	7.13
Industry average payment	86.50	Industry average day sales	94.50
expectation days		outstanding
Day sales outstanding	577.09

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons 12/09/2001

Company accounts

Annual accounts	31-03-2014	%	31-03-2013	%	31-03-2012	%	31-03-2011	%	31-03-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	1,185,541	-10.07	1,318,240	-13.58	1,525,325	-11.03	1,714,365	-9.85	1,901,640
Intangible fixed assets	9,279	288	2,388	-28.30	3,331	465	589	-39.72	977
Tangible fixed assets	1,082,220	-11.42	1,221,809	-10.39	1,363,427	-12.70	1,561,705	-11.14	1,757,471
Land & building	980,752	-12.21	1,117,171	-11.14	1,257,198	-11.47	1,420,033	-8.93	1,559,287
Plant & machinery	2,607	-56.02	5,928	-53.03	12,620	-9.60	13,960	-20.39	17,536
Furniture & Vehicles	82,099	-2.28	84,015	2.55	81,922	-28.16	114,039	-30.88	164,989
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	16,762	14.06	14,695	25.74	11,687	-14.52	13,672	-12.68	15,658
Financial fixed assets	94,042	0	94,042	-40.69	158,567	4.27	152,071	6.20	143,192
Total current assets	13,535,788	5.33	12,850,518	4.94	12,245,567	6.11	11,540,047	10.91	10,405,041
Inventories	1,567,746	0.02	1,567,429	-25.95	2,116,857	-16.30	2,529,025	30.50	1,937,980
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	1,380,854	-2.62	1,418,004	-23.46	1,852,686	-11.13	2,084,728	17.72	1,770,908
Other stocks	186,892	25.07	149,425	-43.44	264,171	-40.54	444,297	165	167,072
Trade debtors	10,283,283	10.90	9,272,685	-0.84	9,351,207	11.14	8,413,786	2.99	8,169,753
Other amounts receivable	1,326,982	-14.15	1,545,682	3275	45,796	2817	1,570	-63.99	4,359
Cash	168,935	37.99	122,430	10.38	110,918	-30.86	160,427	17.50	136,530
Miscellaneous current assets	148,841	-50.76	302,293	-30.79	436,789	31.87	331,239	111	156,419
Total Assets	14,721,329	3.90	14,168,758	2.89	13,770,892	3.90	13,254,412	7.70	12,306,682
Liabilities
Total shareholders equity	9,934,739	5.47	9,419,672	3.32	9,117,255	9.33	8,339,170	8.28	7,701,281
Issued share capital	1,015,000	0	1,015,000	0	1,015,000	0	1,015,000	0	1,015,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	8,919,739	6.13	8,404,672	3.73	8,102,255	10.62	7,324,170	9.54	6,686,281
Provisions for Liabilities & Charges	21,677	-17.58	26,302	-55.70	59,377	150	23,698	-11.94	26,912

Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	4,764,913	0.89	4,722,784	2.80	4,594,260	-6.08	4,891,543	6.84	4,578,489
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	21,677	-17.58	26,302	-55.70	59,377	150	23,698	-11.94	26,912
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	966	-36.28	1,515	-0.31	1,520	-33.66	2,291	35.13	1,695
Trade creditors	116,374	42.96	81,403	64.84	49,382	1.32	48,739	4.79	46,512
Amounts Payable for Taxes,	156,141	24.13	125,789	9.21	115,182	-24.96	153,495	55.02	99,014
Remuneration & Social Security
Miscellaneous current liabilities	4,491,433	-0.50	4,514,077	1.94	4,428,176	-5.52	4,687,018	5.77	4,431,267
Total current liabilities	4,764,913	0.89	4,722,784	2.80	4,594,260	-6.08	4,891,543	6.84	4,578,489
Total Liabilities	14,721,329	3.90	14,168,758	2.89	13,770,892	3.90	13,254,412	7.70	12,306,682

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	8.90	82.38	4.88	-54.56	10.74	35.44	7.93	31.29	6.04
Return on capital employed	5.82	77.98	3.27	-68.22	10.29	25.95	8.17	26.47	6.46
Return on total assets employed	3.93	80.28	2.18	-68.18	6.85	33.01	5.15	26.85	4.06
Return on net assets employed	5.83	77.74	3.28	-68.31	10.35	26.37	8.19	26.39	6.48
Sales / net working capital	0.74	-5.13	0.78	-32.17	1.15	-10.85	1.29	-9.15	1.42
Stock turnover ratio	24.10	-2.55	24.73	2.70	24.08	-18.04	29.38	25.39	23.43
Creditor days	7.13	38.99	5.13	116	2.37	3.49	2.29	0.88	2.27
Debtor days	577.09	8.07	533.99	37.54	388.24	8.81	356.81	-1.04	360.57
SHORT TERM STABILITY
Current ratio	2.84	4.41	2.72	1.87	2.67	13.14	2.36	3.96	2.27
Liquidity ratio / acid ratio	2.51	5.02	2.39	8.64	2.20	19.57	1.84	-0.54	1.85
Current debt ratio	0.48	-4.00	0.50	0	0.50	-15.25	0.59	0	0.59
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	693,800	33.59	519,346	-49.09	1,020,197	13.34	900,147	21.38	741,565
Net worth	9,925,461	5.40	9,417,284	3.33	9,113,924	9.30	8,338,581	8.29	7,700,304

LONG TERM STABILITY
Gearing	0.01	-50.0	0.02	0	0.02	-33.33	0.03	50.0	0.02
Equity in percentage	67.53	1.56	66.49	0.41	66.22	5.24	62.92	0.54	62.58
Total debt ratio	0.48	-4.00	0.50	-1.96	0.51	-13.56	0.59	-1.67	0.60
Working capital	8,770,875	7.91	8,127,734	6.23	7,651,307	15.08	6,648,504	14.11	5,826,553
Profit & loss
Operating Income	6,836,808	2.15	6,692,862	-28.13	9,312,664	3.26	9,019,006	4.28	8,648,636
Turnover	6,504,065	2.62	6,338,195	-27.90	8,791,350	2.14	8,606,817	4.07	8,270,176
Total operating expenses	5,956,081	2.86	5,790,621	-23.70	7,589,659	-2.45	7,780,344	4.12	7,472,648
Gross Operating Margin	-	-		-	-		-	-	-
Operating Charges	6,288,824	2.34	6,145,288	-24.23	8,110,973	-1.00	8,192,532	4.35	7,851,108
Employee costs	543,878	-0.26	545,284	14.95	474,348	19.61	396,578	-5.18	418,245
Wages and salary	389,162	2.39	380,068	16.86	325,233	15.76	280,943	-1.72	285,856
Employee pension costs	3,632	-36.24	5,696	8.06	5,271	3.19	5,108	1.23	5,046
Social security contributions	128,201	2.83	124,676	17.81	105,825	17.90	89,760	-2.07	91,659
Other employee costs	22,884	-34.32	34,844	-8.35	38,019	83.07	20,767	-41.80	35,684
Director remuneration	-	-	47,765	-45.33	87,365	-0.09	87,444	3.22	84,713
Amortization and depreciation	178,732	-17.61	216,930	-10.69	242,891	-7.11	261,478	0.92	259,103
Operating result	547,984	0.08	547,574	-54.43	1,201,691	45.40	826,473	3.63	797,528
Total financial income	443,685	144	181,336	-10.19	201,910	-6.19	215,224	699	26,913
Total financial expenses	412,592	-1.70	419,715	-8.70	459,722	28.12	358,808	10.31	325,268
Results on ordinary operations before	579,077	87.29	309,194	-67.24	943,879	38.22	682,889	36.80	499,174
taxation
Extraordinary Income	1,864	-	-	-	3,063	-	-	-	400
Extraordinary Charges	19,662	1361	1,345	-95.50	29,897	110	14,230	77.05	8,037
Extraordinary items	-17,798	-1222	-1,345	5.01	-26,834	-88.58	-14,230	-86.32	-7,637
Results for the Year Before Taxation	561,279	82.32	307,849	-66.43	917,046	37.15	668,659	36.03	491,537
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	46,212	750	5,432	-96.11	139,740	365	29,991	230	9,075
Results on ordinary operations after taxation	532,866	75.42	303,762	-62.23	804,139	23.16	652,898	33.22	490,098
Net result	515,067	70.32	302,417	-61.09	777,306	21.71	638,668	32.38	482,461
Profit (Loss) for the Year to be appropiated	515,067	237	152,417	-62.52	406,640	27.34	319,334	-33.81	482,461
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-03-2014
Full-time Employees		12
Part-time Employees		2
Total Fte Employees		13
Number of hours worked
Full-time Employees		16,915
Part-time Employees		2,112
Total		19,027
Personnel Charges
Full-time Employees		479,617
Part-time Employees		60,630
Total		540,246
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		15
Actual working hours		16,691
Personnel Charges		539,588
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	11	3	13
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	5	-	5
Higher education (non university)	-	-	-
Higher education (university)	-	-	-

Women	Full-Time	Part-Time	Total Fte
Primary education	1	-	1
Higher education (non university)	1	2	2
Higher education (university)	3	1	4

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	5	1	6
Blue collar worker	6	2	7
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		68
Cost of temporary staff		1,138
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	1	-	1
Leavers	2	-	2

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	-	5
Number of training hours	-	350
Net costs for enterprise	-	10,514
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison
Activity code	46412
Activity description	Wholesale of household textiles and bedding
industry average credit rating	61.57
Industry average credit limit	23939.40

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	7.13
Day sales outstanding	577.09
Industry comparison
Activity code	46412
Activity description	Wholesale of household textiles and bedding
Industry average payment expectation days	86.50
Industry average day sales outstanding	94.50

Industry quartile analysis

Payment expectations
Company result	7.13
Lower	87.70
Median	49.55
Upper	19.19

Day sales outstanding
Company result	577.09
Lower	100.11
Median	42.54
Upper	16.73

Shareholder Details

Summary
Group - Number of Companies	4
Linkages - Number of Companies	1
Number of Countries	1

Group Structure

Company name	Number	Latest
		financials
- GROEP VERCAMBRE BVBA	849277659	30-09-2013
- - FILANTEX NV	435472887	31-03-2014
- - - VINCENT LAROUSSE
- - IMMO CAMVER BVBA	849920730	31-03-2014

Minority Shareholders

Business	Company name	%	Limit	Date of
number				accounts
450395744	MLV NV	50	-	31/03/2000

Minority Interests

No minority interests found

Linked Companies

Summary
Group - Number of Companies	4
Linkages - Number of Companies	1
Number of Countries	1

Linked Companies

NAME	NUMBER	LATEST KEY	LIMIT	TURNOVER
		FINANCIALS
MLV NV	450395744	31.03.2000	-	-

Summons

Legal event type	Social Security Summons
Event date	12/09/2001
Court type		Court name
Creditor's name		3rd party type

Protested Bills

there is no data for this company

Bankruptcy and other legal events

there is no data for this company

Director details

Current director details

Name	GROEP VERCAMBRE BVBA
Position	Managing Director
Start Date	01/04/2013
Date of birth	04/10/2012
Street	38 BRUGSESTEENWEG PITTEM
Post code	8740
Country	Belgium

Position	Director
Start Date	01/04/2013
Date of birth	04/10/2012
Street	38 BRUGSESTEENWEG PITTEM
Post code	8740
Country	Belgium

Position	Legal Representative
Start Date	01/04/2013
Date of birth	04/10/2012
Street	38 BRUGSESTEENWEG PITTEM
Post code	8740
Country	Belgium

Name	STEFAN VERCAMBRE (AV 2017)
Position	Managing Director
Start Date	07/11/2014
Street	34 SINT-JANSTRAAT TIELT
Post code	8700
Country	Belgium

Name	WERNER VERCAMBRE (AV 2017)
Position	Managing Director
Start Date	07/11/2014
Street	18 BLAUWHUISSTRAAT OOSTKAMP
Post code	8020
Country	Belgium

Name	WERNER VERCAMBRE
Position	Chairman of the Board
Start Date	22/09/2005
Street	18 BLAUWHUISSTRAAT OOSTKAMP
Post code	8020
Country	Belgium

Position	Director
Start Date	22/09/2005
Street	18 BLAUWHUISSTRAAT OOSTKAMP
Post code	8020
Country	Belgium

Former director details

Name	WERNER VERCAMBRE
Position	Managing Director
Start Date	04/11/2009
End Date	31/03/2014
Street	18 BLAUWHUISSTRAAT OOSTKAMP
Post code	8020
Country	Belgium
Name	MLV NV

Position	Director
Start Date	10/10/1997
End Date	Unknown date
Date of birth	29/06/1993
Street	8 BURCHTHOF AVELGEM
Post code	8580
Country	Belgium

Name	MICHEL VANDE VELDE
Position	Director
Start Date	03/09/1993
End Date	21/12/1995
Street	10 KLEIN ZOTTEGEM SINT-LIEVENS-HOUTEM
Post code	9520
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.61
UK Pound	1	Rs.96.56
Euro	1	Rs.69.18

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	VNT

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

Personnel (NSSO classification)
Code	-
Description	-

Joint Industrial Committee (JIC)
JIC Code	100
Description category	Additional joint committee for labourers

JIC Code	218
Description category	Additional national joint committee for the employees

Significant Events
Event Date	03/09/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 03-09-2011: Herbenoemd als bestuurders tot de algemene vergadering te houden in 2017 : Filip Vercambre, Stefan Vercambre en Werner Vercambre (tevens gedelegeerd bestuurder en voorzitter van de raad van bestuur).