MIRA INFORM REPORT

Report No. :	303447
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	VLASVEZELBEDRIJF LEON VANDECASTEELE-ENTREPRISE LINIERE LEON VANDECASTEELE NV

Registered Office :	Izegemsestraat 71 8860 Lendelede

Country :	Belgium

Financials (as on) :	31.10.2013

Date of Incorporation :	01.10.1972

Com. Reg. No.:	412691052

Legal Form :	Public Limited Liability Company

Line of Business :	Manufacture of Other Textiles.

No. of Employee :	14

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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 412691052

Branche Unit Number 2007654332

Company name VLASVEZELBEDRIJF LÉON VANDECASTEELEENTREPRISE LINIÈRE LÉON VANDECASTEELE NV

Address IZEGEMSESTRAAT 71 8860 LENDELEDE

Number of staff 14

Date of establishment 01/10/1972

Telephone number 051300656

Fax number 051302251

Commentary

The business was established over 42 years ago.

The business has 15 employees.

The business has been at the address for over 24 years.

Operating Result in the latest trading period increased 61% on the previous trading period.

The business saw an increase in their Cash Balance of 40% during the latest trading period.

ACCOUNTS

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/10/2013		100,335	2,127,592	1,701,014
31/10/2012		110,352	2,055,217	1,556,582
31/10/2011		166,953	1,971,813	1,413,887

ACCOUNTS
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/10/2013	3,646,951	14	220,000	181,463
31/10/2012	3,588,767	15	220,000	235,151
31/10/2011	3,294,615	15	220,000	260,232

Payment Expectations

Past payments		Payment expectation days	--
Industry average payment expectation days	76.53	Industry average day sales outstanding	62.28
Day sales outstanding	--

Court data summary

BANKRUPTCY DETAILS
Court action type PROTESTED BILLS	No
Bill amount	-
NSSO DETAILS
Date of summons	-

Joint Industrial Committee (JIC)

JIC Code 120

Description Joint committee for the textile industry and knitting

category

JIC Code 214

Description JC for the employees in the textile industry and the knitting

category

Significant Events

Event Date 01/04/2011

Event Description re-appointment of director(s)

Event Details Commentaar 01-04-2011: Herbenoemd als bestuurder tot 01.04.2017: CVA Leon Vandecasteele management & Co-VDC Holding (tevens als voorzitter van de raad van bestuur en gedelegeerd bestuurder), De Wittte Beatrice, Vandecasteele Wim en Vandeca

Event Date 01/04/2011

Event Description re-appointment of director(s)

Event Details steele Katrien.

Company accounts

ASSETS
Annual accounts	31-10-2013	%	31-10-2012	%	31-10-2011	%	31-10-2010	%	31-10-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	426,578	-14.45	498,635	-10.63	557,926	2.84	542,517	9.08	497,361
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	426,330	-14.46	498,387	-10.63	557,678	2.84	542,269	9.14	496,865
Land & building	354,378	-1.92	361,327	-0.15	361,855	-1.69	368,077	-5.17	388,159
Plant & machinery	8,873	-83.50	53,772	-58.92	130,900	-0.66	131,774	402	26,210
Furniture & Vehicles	63,079	-24.21	83,227	28.56	64,740	53.73	42,112	-48.95	82,496
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-100	61	-66.67	183	-40.0	306	-	0
Financial fixed assets	248	0	248	0	248	0	248	-50.00	496
Total current assets	3,220,374	4.21	3,090,132	12.91	2,736,689	-11.61	3,096,149	17.92	2,625,560
Inventories	1,704,031	38.07	1,234,174	1.20	1,219,487	0.86	1,209,063	13.20	1,068,075
Raw materials & consumables	-	-	-	-	-	-	-	-	530,592
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-100	537,483
Other stocks	1,704,031	38.07	1,234,174	1.20	1,219,487	0.86	1,209,063	-	0
Trade debtors	426,371	-60.50	1,079,551	-15.76	1,281,486	32.59	966,484	29.16	748,284
Other amounts receivable	96,226	38.04	69,709	541	10,864	-78.17	49,757	62.48	30,623
Cash	992,703	40.47	706,698	214	224,852	-74.18	870,846	11.85	778,578
Miscellaneous current assets	1,043	-	0	-	0	-	0	-	0
Total Assets	3,646,951	1.62	3,588,767	8.93	3,294,615	-9.46	3,638,666	16.51	3,122,921

LIABILITIES
Total shareholders equity	2,127,592	3.52	2,055,217	4.23	1,971,813	6.56	1,850,362	5.45	1,754,701
Issued share capital	220,000	0	220,000	0	220,000	0	220,000	0	220,000
Share premium account	187,531	0	187,531	0	187,531	0	187,531	0	187,531
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	1,720,060	4.39	1,647,685	5.33	1,564,281	8.42	1,442,830	7.10	1,347,170
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	1,519,360	-0.93	1,533,550	15.93	1,322,802	-26.03	1,788,304	30.70	1,368,220
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	7,778
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	1,062,231	-0.59	1,068,534	6.03	1,007,731	-25.11	1,345,682	49.39	900,806
Amounts Payable for Taxes, Remuneration & Social Security	84,016	-22.13	107,889	33.69	80,704	-17.52	97,841	28.82	75,954
Miscellaneous current liabilities	373,112	4.48	357,127	52.38	234,367	-32.02	344,781	-10.14	383,682
Total current liabilities	1,519,360	-0.93	1,533,550	15.93	1,322,802	-26.03	1,788,304	30.70	1,368,220
Total Liabilities	3,646,951	1.62	3,588,767	8.93	3,294,615	-9.46	3,638,666	16.51	3,122,921

RATIO ANALYSIS
Trading Performance
Profit Before Tax	-	-	-	-	-	-	-	-	0.26
Return on capital employed	4.72	-12.10	5.37	-36.60	8.47	30.31	6.50	983	0.60
Return on total assets employed	2.75	-10.42	3.07	-39.45	5.07	53.64	3.30	870	0.34
Return on net assets employed	4.72	-12.10	5.37	-36.60	8.47	30.31	6.50	983	0.60
Sales / net working capital	-	-	-	-	-	-	-	-	3.17
Stock turnover ratio	-	-	-	-	-	-	-	-	26.76
Creditor days	-	-	-	-	-	-	-	-	86.31
Debtor days	-	-	-	-	-	-	-	-	68.42
Short Term Stability
Current ratio	2.12	4.95	2.02	-2.42	2.07	19.65	1.73	-9.90	1.92
Liquidity ratio / acid ratio	1.00	-17.36	1.21	5.22	1.15	8.49	1.06	-7.02	1.14
Current debt ratio	0.71	-5.33	0.75	11.94	0.67	-30.93	0.97	24.36	0.78
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	181,463	-22.83	235,151	-9.64	260,232	-4.81	273,387	133	117,281
Net worth	2,127,592	3.52	2,055,217	4.23	1,971,813	6.56	1,850,362	5.45	1,754,701
Long Term Stability
Gearing	-	-	-	-	-	-	-	-	0.44
Equity in percentage	58.34	1.87	57.27	-4.31	59.85	17.70	50.85	-9.50	56.19
Total debt ratio	0.71	-5.33	0.75	11.94	0.67	-30.93	0.97	24.36	0.78
Working capital	1,701,014	9.28	1,556,582	10.09	1,413,887	8.11	1,307,845	4.02	1,257,340

PROFIT & LOSS
Operating Income	-	-	-		-		-	-		-	-	4,179,694
Turnover	-	-	-		-		-	-		-	-	3,991,685
Total operating expenses	-	-	-		-		-	-		-	-	3,809,266
Gross Operating Margin	947,019	4.65	904,944		-12.34		1,032,336	9.26		944,838	-	-
Operating Charges	-	-	-		-		-	-		-	-	3,997,274
Employee costs	595,080	-0.77	599,714		-7.06		645,279	7.60		599,727	21.93	491,849
Wages and salary	435,732	-0.26	436,854		5.69		413,326	11.02		372,286	5.26	353,670
Employee pension costs	-	-	-		-		-	-		-	-	-
Social security contributions	159,348	-2.16	162,860		-1.47		165,287	-2.73		169,932	62.21	104,762
Other employee costs	0	-	0		-100		66,665	15.92		57,509	72.10	33,416
Director remuneration	-	-	-		-		-	-		-	-	-
Amortization and depreciation	109,088	-28.11	151,747		9.34		138,781	-12.01		157,727	42.24	110,891
Operating result	214,239	61.31	132,814		-41.32		226,319	37.21		164,949	-9.58	182,420
Total financial income	31,034	-58.74	75,210		296		18,980	-83.15		112,666	851	11,840
Total financial expenses	144,938	48.39	97,673		24.67		78,347	-50.23		157,416	-14.34	183,761
Results on ordinary operations before taxation	100,335	-9.08	110,352		-33.90		166,953	38.90		120,200	1044	10,498
Extraordinary Income	-	-	-		-		-	-		-	-	-
Extraordinary Charges	-	-	-		-		-	-		-	-	-
Extraordinary items	0	-	0		-		0	-		0	-	0
Results for the Year Before Taxation	100,335	-9.08	110,352		-33.90		166,953	38.90		120,200	1044	10,498
Other appropriations	-	-	-		-		-	-		-	-	-
Taxation	27,960	3.76	26,947	-40.78		45,501		902	4,539		10.51	4,108
Results on ordinary operations after taxation	72,375	-13.22	83,404	-31.33		121,451		5.01	115,660		1709	6,390
Net result	72,375	-13.22	83,404	-31.33		121,451		5.01	115,660		1709	6,390
Profit (Loss) for the Year to be appropriated	72,375	-13.22	83,404	-31.33		121,451		5.01	115,660		1709	6,390
Dividends	-	-	-	-		-		-	-		-	-

Social balance sheet details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-10-2013
Full-time Employees	14
Part-time Employees	1
Total Fte Employees	15
Number of hours worked
Full-time Employees	21,210
Part-time Employees	32
Total	21,242
Personnel Charges
Full-time Employees	594,212
Part-time Employees	868
Total	595,080
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	16
Actual working hours	21,454
Personnel Charges	599,714
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	13	1	14
Limited Duration Contracts	1	-	1

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary Education	14	1	15

Working Category	Full-Time	Part-Time	Total Fte
White collar worker	1	-	1
Blue collar worker	13	1	14

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	2	-	2
Leavers	2	-	2

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	14	-
Number of training hours	28	-
Net costs for enterprise	1,403	-

INDUSTRY COMPARISON

Activity code	13990
Activity description	Manufacture of other textiles n.e.c.

Payment Information

Payment Information Summary

Total number of Invoices available

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

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

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

Total number of Invoices currently outstanding beyond the due date

Industry COMPARISON

Activity code

13990

Activity description

Manufacture of other textiles n.e.c.

Industry quartile analysis
Payment expectations
Company result	-
Lower	75.11
Median	48.06
Upper	17.59

Day Sales Outstanding
Company result	-
Lower	77.47
Median	39.61
Upper	15.95

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

Business	Company name	%	Date of
number			accounts
-	VDC FRANCE	0.4	-
-	VDC FRANCE	0.4	-

Companies that match this address

Business number	Company name	Date of accounts
413237816	VANDECASTEELE INTERNATIONAL IN VEREFFENING	-
445561778	LÉON VANDECASTEELE MANAGEMENT IN VEREFFENING BVBA	30/09/2000
472359910	LEON VANDECASTEELE MANAGEMENT & CO BVBA	31/01/2014

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

Name	LEON VANDECASTEELE MANAGEMENT & CO - VDC HOLDING CVA
Position	Chairman of the Board
Start Date	22/04/2005
Date of birth	01/01/1991
Street	5 KROONAARDSTRAAT HEUVELLAND
Post code	8953
Country	Belgium

Position	Managing Director
Start Date	14/04/2011
Date of birth	01/01/1991
Street	5 KROONAARDSTRAAT HEUVELLAND
Post code	8953
Country	Belgium

Position	Director
Start Date	22/04/2005
Date of birth	01/01/1991
Street	5 KROONAARDSTRAAT HEUVELLAND
Post code	8953
Country	Belgium

Name	WIM VANDECASTEELE
Position	Managing Director
Start Date	01/04/2011
End Date	01/04/2017
Date of birth	15/02/1967
Street	6 ROLLEGEMBOSSTRAAT LEDEGEM
Post code	8880
Country	Belgium

Position	Director
Start Date	14/04/2011
Date of birth	15/02/1967
Street	6 ROLLEGEMBOSSTRAAT LEDEGEM
Post code	8880
Country	Belgium

Name	KATRIEN VANDECASTEELE
Position	Director
Start Date	14/04/2011
Date of birth	17/11/1968
Street	8 WALLEMOTESTRAAT IZEGEM
Post code	8870
Country	Belgium

Name	BEATRICE DE WITTE
Position	Director
Start Date	22/04/2005
Street	5 KROONAARDSTRAAT HEUVELLAND
Post code	8953
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.00

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	TPT

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.

MIRA INFORM REPORT

Company summary

Commentary

Payment Expectations

Court data summary

Company Information

Joint Industrial Committee (JIC)

Company accounts

Social balance sheet details

INDUSTRY COMPARISON

Payment Information

Industry COMPARISON

Industry quartile analysis

Director Details

Unit