MIRA INFORM REPORT

 

 

Report No. :

354160

Report Date :

17.12.2015

 

IDENTIFICATION DETAILS

 

Name :

TEX ALLIANCE SA

 

 

Registered Office :

Rue Dieudonné Lefèvre 2, 1020 Bruxelles

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

09.08.2001

 

 

Com. Reg. No.:

475485090

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Wholesale of Household Textiles and Bedding.

 

 

No. of Employees :

2

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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 budget deficit was 3.2% of GDP. 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 a 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 Name and address

 

Business  number

475485090

Branche  Unit  Number

2098430494

Company  name

TEX ALLIANCE SA

Address

RUE DIEUDONNÉ LEFÈVRE 2

 

1020 BRUXELLES

Number  of  staff

2

Date  of  establishment

09/08/2001

Telephone  number

024289735

Fax  number

024251319

 

 

Ultimate holding company

 

Company  name

Company  Number

TEX  ALLIANCE  SA

475485090

 

 

Commentary

 

The  business  was  established  over  14  years  ago.

The  business  has  2  employees.

The  business  is  part  of  a  group.

The  business  has  been  at  the  address  for  over  14  years.

Operating  Result  in  the  latest  trading  period  increased  1238%  on  the  previous  trading  period.

A  121%  growth  in  Total  Assets  occurred  during  the  latest  trading  period.

Pre-tax  profits  increased  by  274%  compared  to  the  previous  trading  period.

The business  saw  a  decrease  in  their  Cash  Balance  of  99%  during  the  latest  trading period.

Turnover  in  the  latest  trading  period  increased  35%  on  the  previous  trading  period.

 

 

Accounts

 

DATE  OF  LATEST 

ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

42,976,491

762,489

4,560,833

4,397,533

31/12/2013

31,695,257

203,672

4,560,173

4,351,873

31/12/2012

33,923,149

127,078

4,559,184

4,423,444

Accounts

 

 

 

 

DATE  OF  LATEST 

ACCOUNTS

BALANCE  TOTAL

NUMBER  OF 

EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

14,891,676

2

150,000

537,420

31/12/2013

6,723,829

2

150,000

176,501

31/12/2012

7,831,294

2

150,000

138,099

 

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

27.22

Industry  average  payment

expectation  days

105.02

Industry  average  day  sales

outstanding

99.61

Day  sales  outstanding

107.34

 

 

 

 

Court data summary

 

BANKRUPTCY  DETAILS

Court  action  type

no

 

PROTESTED  BILLS

Bill  amount

-

 

NSSO  DETAILS

Date  of  summons

-

 

 

Company information

 

Business  number

475485090

Company  name

TEX  ALLIANCE  SA

Fax  number

024251319

Date  founded

09/08/2001

Company  status

active

Company  type

Public  limited  company

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

46412

Liable  for  VAT

yes

Activity  description

Wholesale  of  household

textiles and bedding

VAT  Number

BE.0475.485.090  Check 

VAT number

Belgian  Bullettin  of  Acts

Publications

 

moniteur  belge

 

 

 

 

Contractor details

 

Registered  contractor number

-

Contractor  description

-

Date  struck  off  register

 

 

 

Personnel  (NSSO  classification)

Code

-

Description

-

 

 

Joint  Industrial  Committee  (JIC)

JIC  Code

226

Description

JC  employees  international  trade,  transport  &  related  activities

category

 

Significant  Events

Event  Date

27/06/2014

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaire  27-06-2014:  Renouvellement  du  mandat  d'adminstrateur  de 

 Stilmant  Serge  et  de Gicquel  Laurent(  ainsi  comme 

d'administrateur délégué)  jusqu'à  l'assemblée  annuelle  de  2020.

 

 

 

Event  Date

09/08/2001

Event  Description

Legal  creation

Event  Details

 

 

 

Company accounts

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2014

%

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

208,300

0

208,300

53.46

135,740

-10.62

151,872

52.02

99,904

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

0

-

0

-100

8,840

-56.18

20,172

-35.97

31,504

Land  &  building

0

-

0

-

0

-

0

-

0

Plant  &  machinery

0

-

0

-

0

-

0

-

0

Furniture  &  Vehicles

0

-

0

-100

8,840

-56.18

20,172

-35.97

31,504

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

 

 

Financial  fixed  assets

208,300

0

208,300

64.15

126,900

-3.64

131,700

92.54

68,400

Total  current  assets

14,683,377

125

6,515,529

-15.33

7,695,554

-28.87

10,818,321

0.20

10,796,503

Inventories

1,004,395

25.41

800,902

-50.73

1,625,490

-19.30

2,014,246

69.46

1,188,592

Raw  materials  &  consumables

0

-

0

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

1,004,395

25.41

800,902

-50.73

1,625,490

-19.30

2,014,246

69.46

1,188,592

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

12,638,260

159

4,863,226

-10.47

5,431,754

-35.74

8,452,349

-9.51

9,341,070

Other  amounts  receivable

981,739

26.17

778,132

233

233,369

93.69

120,486

-49.14

236,892

Cash

38

-99

14,332

-95.75

337,467

132

145,440

2773

5,061

Miscellaneous  current  assets

58,946

0.02

58,937

-12.65

67,473

-21.36

85,800

244

24,889

Total  Assets

14,891,676

121

6,723,829

-14.14

7,831,294

-28.61

10,970,193

0.68

10,896,407

 

 

LIABILITIES

                                                                                                                                                              

Total  shareholders  equity

4,560,833

0.01

4,560,173

0.02

4,559,184

2.86

4,432,417

2.00

4,345,463

Issued  share  capital

150,000

0

150,000

0

150,000

0

150,000

0

150,000

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

4,410,833

0.01

4,410,173

0.02

4,409,184

2.96

4,282,417

2.07

4,195,463

Provisions  for  Liabilities  &  Charges

45,000

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

10,285,843

375

2,163,656

-33.88

3,272,110

-49.95

6,537,776

-0.20

6,550,945

Other  long  term  loans

0

-

0

-

0

-

0

-

0

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

45,000

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

0

-

0

-

0

-

0

-

0

Financial  debts

6,335,912

987

582,512

-65.31

1,679,030

-71.62

5,916,426

-5.42

6,255,253

Trade  creditors

3,157,005

111

1,495,472

-2.52

1,534,155

205

502,482

391

102,186

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

244,192

232

73,534

49.41

49,218

63.22

30,154

-78.32

139,081

Miscellaneous  current  liabilities

548,735

4420

12,138

25.04

9,707

-89.06

88,714

63.00

54,425

Total  current  liabilities

10,285,843

375

2,163,656

-33.88

3,272,110

-49.95

6,537,776

-0.20

6,550,945

Total  Liabilities

14,891,676

121

6,723,829

-14.14

7,831,294

-28.61

10,970,193

0.68

10,896,407

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

1.77

176

0.64

72.97

0.37

94.74

0.19

-42.42

0.33

Return  on  capital  employed

16.55

270

4.47

60.22

2.79

39.50

2.00

-39.39

3.30

Return  on  total  assets  employed

5.12

68.98

3.03

87.04

1.62

100

0.81

-38.64

1.32

Return  on  net  assets  employed

16.72

274

4.47

60.22

2.79

39.50

2.00

-39.39

3.30

Sales  /  net  working  capital

9.77

34.20

7.28

-5.08

7.67

-28.25

10.69

3.79

10.30

Stock  turnover  ratio

2.34

-7.51

2.53

-47.18

4.79

8.86

4.40

61.76

2.72

Creditor  days

27.22

57.80

17.25

4.99

16.43

302

4.08

363

0.88

Debtor  days

107.34

91.68

56.00

-4.18

58.44

-13.36

67.45

-13.50

77.98

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.43

-52.49

3.01

28.09

2.35

42.42

1.65

0

1.65

Liquidity  ratio  /  acid  ratio

1.33

-49.62

2.64

41.94

1.86

37.78

1.35

-8.16

1.47

Current  debt  ratio

2.26

380

0.47

-34.72

0.72

-51.02

1.47

-2.65

1.51

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

537,420

204

176,501

27.81

138,099

40.51

98,287

-36.47

154,715

Net  worth

4,560,833

0.01

4,560,173

0.02

4,559,184

2.86

4,432,417

2.00

4,345,463

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

138.92

987

12.77

-65.33

36.83

-72.41

133.48

-7.27

143.95

Equity  in  percentage

30.63

-54.84

67.82

16.49

58.22

44.11

40.40

1.30

39.88

Total  debt  ratio

2.27

382

0.47

-34.72

0.72

-51.02

1.47

-2.65

1.51

Working  capital

4,397,533

1.05

4,351,873

-1.62

4,423,444

3.34

4,280,545

0.82

4,245,559

 

 


PROFIT & LOSS

 

Operating  Income

42,996,111

35.65

31,697,039

-6.57

33,924,567

-25.84

45,742,708

4.61

43,726,215

Turnover

42,976,491

35.59

31,695,257

-6.57

33,923,149

-25.84

45,741,369

4.61

43,724,917

Total  operating  expenses

42,328,524

33.75

31,646,855

-7.17

34,091,862

-24.11

44,924,006

5.58

42,550,027

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

42,348,144

33.81

31,648,638

-7.17

34,093,281

-24.11

44,925,345

5.58

42,551,324

Employee  costs

110,716

-52.95

235,316

30.56

180,235

4.62

172,269

3.05

167,171

Wages  and  salary

83,083

-54.95

184,427

29.51

142,402

5.48

135,009

1.79

132,636

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

22,596

-48.07

43,514

17.63

36,993

2.94

35,935

7.90

33,305

Other  employee  costs

5,036

-31.73

7,376

777

840

-36.56

1,324

7.70

1,230

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

-

-

-

-

11,332

0

11,332

0

11,332

Operating  result

647,967

1238

48,402

28.69

-168,714

-120

817,363

-30.43

1,174,890

Total  financial  income

715,631

5.83

676,184

-35.65

1,050,762

31.03

801,943

-37.32

1,279,378

Total  financial  expenses

601,109

15.40

520,914

-31.00

754,970

-50.68

1,530,841

-33.76

2,310,885

Results  on  ordinary  operations before  taxation

762,489

274

203,672

60.27

127,078

43.65

88,465

-38.30

143,383

 Extraordinary Income

-

-

-

-

-

-

-

-

-

 Extraordinary Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

-

-

0

-

0

-

0

-

0

Results  for  the  Year  Before

Taxation

762,489

274

203,672

60.27

127,078

43.65

88,465

-38.30

143,383

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

225,068

728

27,171

8629

311

-79.40

1,511

-

-

Results  on  ordinary  operations after  taxation

537,420

204

176,501

39.23

126,767

45.79

86,954

-39.36

143,383

Net  result

537,420

204

176,501

39.23

126,767

45.79

86,954

-39.36

143,383

Profit  (Loss)  for  the  Year  to  be appropiated

 

537,420

204

176,501

39.23

126,767

45.79

86,954

-39.36

143,383

Dividends

536,760

205

175,512

-

-

-

-

-

-

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet

Total

During  the  reporting  year ended  31-12-2014

 

Full-time  Employees

2

Part-time  Employees

-

Total  Fte  Employees

2

 

 

Number  of  hours  worked

 

Full-time  Employees

3,640

Part-time  Employees

-

Total

3,640

 

 

Personnel  Charges

 

Full-time  Employees

110,716

Part-time  Employees

-

Total

110,716

Benefits  In  Addition  To  Wages

-

 

 

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

3

Actual  working  hours

4,535

Personnel  Charges

235,316

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration Contracts

2

-

2

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

1

-

1

Higher  education  (non university)

-

-

-

Higher  education (university)

1

-

1

 

 

 

 

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

2

-

2

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

1

-

1

Leavers

1

-

1

 

 

 

 

 

Industry comparison

 

Activity  code

46412

 

Activity  description

Wholesale  of  household  textiles  and  bedding

 

industry  average  credit rating

61.44

 

Industry  average  credit  limit

21874.66

 

 

 

Payment Information

 

Payment Information Summary

 

Total  number  of  Invoices  available

6

Total  number  of  Invoices  paid  within  or  up  to  30  days  after  the  due  date

4

Total  number  of  Invoices  paid  more  than  30  days  after  the  due  date

2

Total  number  of  Invoices  currently  outstanding  where  the  due  date  has  not  yet  been  reached

0

Total  number  of  Invoices  currently  outstanding  beyond  the  due  date

0

 

 

Suspension  of  payments  /  moratorium  history

Amount

-

Details

-

 

 

Payment  expectations

Payment  expectation  days

27.22

Day  sales  outstanding

107.34

 

 

Industry  comparison

Activity  code

46412

Activity  description

Wholesale  of  household  textiles  and  bedding

Industry  average  payment

expectation  days

105.02

Industry  average  day  sales

outstanding

99.61

 

 

INDUSTRY  QUARTILE  ANALYSIS

 

Payment  expectations

 

Company  result

27.22

Lower

118.53

Median

51.23

Upper

22.32

 

 

DAY SALES OUTSTANDING

Company  result

107.34

Lower

94.69

Median

49.01

Upper

16.97

 

 

Shareholder Details

 

Summary

 

Group  -  Number  of  Companies

2

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

 

Group Structure

 

Company  name

Number

 

Latest

 

 

 

 

financials

 

- TEX  ALLIANCE  SA

475485090

 

31-12-2014

 

- - NORTHWAY  SA

822120530

 

31-12-2014

 

 

 

Minority Shareholders

 

No  minority  shareholders  found

 

 

Minority Interests

 

Business

number

Company  name

%

 

Date  of

accounts

-

SED  SA

49

-

-

 

 

INDIVIDUAL SHAREHOLDERS

 

SHAREHOLDER  NAME

 

 

 

Forename

Jianxin

Middle  name

-

Surname

Wang

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

09/08/2001(estimated)

End  date

-

Percentage  owned

-

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

-

House  number

-

Minor  town

-

Postal  town

-

Post  code

-

Country

-

SHAREHOLDER  NAME

 

 

 

Forename

Zhimin

Middle  name

-

Surname

Lin

 

 

 

 

SHAREHOLDER DETAILS

 

Start  date

09/08/2001(estimated)

End  date

-

Percentage  owned

-

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

-

House  number

-

Minor  town

-

Postal  town

-

Post  code

-

Country

-

SHAREHOLDER  NAME

 

 

 

Forename

Jacqueline

Middle  name

-

Surname

Kant

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

09/08/2001(estimated)

End  date

-

Percentage  owned

-

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Rue  Saint-Nicolas

House  number

14

Minor  town

-

Postal  town

Brussels

Post  code

1120

Country

Belgium

 

 

Linked Companies

 

Summary

 

Group  -  Number  of  Companies

2

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

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

Position

Managing  Director

Start  Date

24/06/2011

Street

 

Post  code

 

Country

France

 

 

Name

LAURENT  GICQUEL

Position

Director

Start  Date

24/06/2011

Street

 

Post  code

 

Country

France

 

 

Name

Serge  Stilmant

Position

Director

Start  Date

24/06/2011

Street

4 CHEMIN  DES  SNÉVIOT  BOUILLON

Post  code

6830

Country

Belgium

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.66.85

UK Pound

1

Rs.100.58

Euro

1

Rs.73.16

EUR

1

Rs.72.26

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               


 

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.