MIRA INFORM REPORT

 

 

Report No. :

343340

Report Date :

02.09.2015

 

IDENTIFICATION DETAILS

 

Name :

VLASVEZELBEDRIJF LÉON VANDECASTEELE - ENTREPRISE LINIÈRE LÉON VANDECASTEELE NV

 

 

Registered Office :

Izegemsestraat 71 8860 Lendelede

 

 

Country :

Belgium

 

 

Financials (as on) :

31.10.2014

 

 

Date of Incorporation :

01.10.1972

 

 

Com. Reg. No.:

412691052

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Manufacture of other textiles.

 

 

No. of Employee :

14

 

 

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 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 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                     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 14 employees.

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

Operating Result in the latest trading period increased 104% on the previous trading period.

Pre-tax profits increased by 262% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 42% during the latest trading period.

 

Accounts

 

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/10/2014

 

363,695

2,369,497

1,847,566

31/10/2013

 

100,335

2,127,592

1,701,014

31/10/2012

 

110,352

2,055,217

1,556,582

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/10/2014

3,628,116

14

220,000

321,325

31/10/2013

3,646,951

14

220,000

181,463

31/10/2012

3,588,767

15

220,000

235,151

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

-

Industry  average  payment

76.04

Industry  average  day  sales

69.81

expectation  days

 

outstanding

 

Day  sales  outstanding

-

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                –

 

NSSO DETAILS

Date of summons                     –

 

 

Company information

 

Business  number

412691052

Company  name

VLASVEZELBEDRIJF  LÉON VANDECASTEELEENTREPRISE  LINIÈRE LÉON  VANDECASTEELE NV

Fax  number

051302251

Date  founded

01/10/1972

Company  status

active

Company  type

Public  Limited  Liability

 

 

 

Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/10/2014

Activity  code

13990

Liable  for  VAT

yes

Activity  description

Manufacture  of  other  textiles

VAT  Number

BE.0412.691.052  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

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

31-10-2014

%

31-10-2013

%

31-10-2012

%

31-10-2011

%

31-10-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

521,932

22.35

426,578

-14.45

498,635

-10.63

557,926

2.84

542,517

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

521,684

22.37

426,330

-14.46

498,387

-10.63

557,678

2.84

542,269

Land  &  building

347,547

-1.93

354,378

-1.92

361,327

 

361,855

-1.69

368,077

Plant  &  machinery

70,448

693

8,873

-83.50

53,772

-0.15

130,900

-0.66

131,774

Furniture  &  Vehicles

103,689

64.38

63,079

-24.21

83,227

28.56

64,740

53.73

42,112

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-100

61

-66.67

183

-40.0

306

Financial  fixed  assets

248

0

248

0

248

0

248

0

248

Total  current  assets

3,106,184

-3.55

3,220,374

4.21

3,090,132

12.91

2,736,689

-11.61

3,096,149

Inventories

1,168,744

-31.41

1,704,031

38.07

1,234,174

1.20

1,219,487

0.86

1,209,063

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

0

-

0

-

0

-

0

-

0

Other  stocks

1,168,744

-31.41

1,704,031

38.07

1,234,174

1.20

1,219,487

0.86

1,209,063

Trade  debtors

1,259,906

195

426,371

-60.50

1,079,551

-15.76

1,281,486

32.59

966,484

Other  amounts  receivable

105,558

9.70

96,226

38.04

69,709

541

10,864

-78.17

49,757

Cash

570,901

-42.49

992,703

40.47

706,698

214

224,852

-74.18

870,846

Miscellaneous  current  assets

1,074

2.99

1,043

-

0

-

0

-

0

Total  Assets

3,628,116

-0.52

3,646,951

1.62

3,588,767

8.93

3,294,615

-9.46

3,638,666

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

2,369,497

11.37

2,127,592

3.52

2,055,217

4.23

1,971,813

6.56

1,850,362

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

1,961,966

14.06

1,720,060

4.39

1,647,685

5.33

1,564,281

8.42

1,442,830

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

1,258,619

-17.16

1,519,360

-0.93

1,533,550

15.93

1,322,802

-26.03

1,788,304

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

-

-

-

-

-

-

-

-

-

Financial  debts

-

-

-

-

-

-

-

-

-

Trade  creditors

996,153

-6.22

1,062,231

-0.59

1,068,534

6.03

1,007,731

-25.11

1,345,682

Amounts  Payable  for  Taxes,

108,338

28.95

84,016

-22.13

107,889

33.69

80,704

-17.52

97,841

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

154,127

-58.69

373,112

4.48

357,127

52.38

234,367

-32.02

344,781

Total  current  liabilities

1,258,619

-17.16

1,519,360

-0.93

1,533,550

15.93

1,322,802

-26.03

1,788,304

Total  Liabilities

3,628,116

-0.52

3,646,951

1.62

3,588,767

8.93

3,294,615

-9.46

3,638,666

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

-

-

-

-

-

-

-

-

 

-

Return  on  capital  employed

15.35

225

4.72

-12.10

5.37

-36.60

8.47

30.31

 

6.50

Return  on  total  assets  employed

10.02

264

2.75

-10.42

3.07

-39.45

5.07

53.64

 

3.30

Return  on  net  assets  employed

15.35

225

4.72

-12.10

5.37

-36.60

8.47

30.31

 

6.50

Sales  /  net  working  capital

-

-

-

-

-

-

-

-

 

-

Stock  turnover  ratio

-

-

-

-

-

-

-

-

 

-

Creditor  days

-

-

-

-

-

-

-

-

 

-

Debtor  days

-

-

-

-

-

-

-

-

 

-

 

SHORT  TERM  STABILITY

 

Current  ratio

2.47

16.51

2.12

4.95

2.02

-2.42

2.07

19.65

 

1.73

Liquidity  ratio  /  acid  ratio

1.54

54.00

1.00

-17.36

1.21

5.22

1.15

8.49

 

1.06

Current  debt  ratio

0.53

-25.35

0.71

-5.33

0.75

11.94

0.67

 

-30.93

0.97

Liquidity  ratio  reprocessed

-

-

-

-

-

-

 

-

 

-

Cashflow

321,325

77.07

181,463

-22.83

235,151

-9.64

260,232

-4.81

 

273,387

Net  worth

2,369,497

11.37

2,127,592

3.52

2,055,217

4.23

1,971,813

6.56

 

1,850,362

 

LONG  TERM  STABILITY

 

Gearing

-

-

-

-

-

-

-

-

 

-

Equity  in  percentage

65.31

11.95

58.34

1.87

57.27

-4.31

59.85

17.70

 

50.85

Total  debt  ratio

0.53

-25.35

0.71

-5.33

0.75

11.94

0.67

 

-30.93

0.97

Working  capital

1,847,566

8.62

1,701,014

9.28

1,556,582

10.09

1,413,887

8.11

 

1,307,845

 

 

PROFIT & LOSS

 

Operating  Income

-

-

-

-

-

-

-

-

-

Turnover

-

-

-

-

-

-

-

-

-

Total  operating  expenses

-

-

-

-

-

-

-

-

-

Gross  Operating  Margin

1,208,494

27.61

947,019

4.65

904,944

-12.34

1,032,336

9.26

944,838

Operating  Charges

-

-

-

-

-

-

-

-

-

Employee  costs

646,606

8.66

595,080

-0.77

599,714

-7.06

645,279

7.60

599,727

Wages  and  salary

453,649

4.11

435,732

-0.26

436,854

5.69

413,326

11.02

372,286

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

192,958

21.09

159,348

-2.16

162,860

-1.47

165,287

-2.73

169,932

Other  employee  costs

0

-

0

-

0

-100

66,665

15.92

57,509

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

79,420

-27.20

109,088

-28.11

151,747

9.34

138,781

-12.01

157,727

Operating  result

438,404

104

214,239

61.31

132,814

-41.32

226,319

37.21

164,949

Total  financial  income

72,195

132

31,034

-58.74

75,210

296

18,980

-83.15

112,666

Total  financial  expenses

146,904

1.36

144,938

48.39

97,673

24.67

78,347

-50.23

157,416

Results  on  ordinary  operations  before  taxation

363,695

262

100,335

-9.08

110,352

-33.90

166,953

38.90

120,200

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

3,661

-

-

-

-

-

-

-

-

Extraordinary  items

-3,661

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

360,034

258

100,335

-9.08

110,352

-33.90

166,953

38.90

120,200

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

118,129

322

27,960

3.76

26,947

-40.78

45,501

902

4,539

Results  on  ordinary  operations  after  taxation

245,567

239

72,375

-13.22

83,404

-31.33

121,451

5.01

115,660

Net  result

241,905

234

72,375

-13.22

83,404

-31.33

121,451

5.01

115,660

Profit  (Loss)  for  the  Year  to  be  appropiated

241,905

234

72,375

-13.22

83,404

-31.33

121,451

5.01

115,660

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

 

Total

During  the  reporting  year

 

ended  31-10-2014

 

Full-time  Employees

14

Part-time  Employees

1

Total  Fte  Employees

15

Number  of  hours  worked

 

Full-time  Employees

21,356

Part-time  Employees

354

Total

21,710

Personnel  Charges

 

Full-time  Employees

636,063

Part-time  Employees

10,544

Total

646,606

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

15

Actual  working  hours

21,242

Personnel  Charges

595,080

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

 

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

13

1

14

Contracts

 

 

 

Limited  Duration  Contracts

1

-

1

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

Substitution

 

 

 

 

 

Gender  and  Education

 

 

 

Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

14

1

15

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

1

-

1

Blue  collar  worker

13

1

14

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

5

-

5

Leavers

5

-

5

 

 

Total  of  formal  continuing  vocational  training  initiatives

 

 

for  workers  paid  by  the  employer

Male

Female

Number  of  employees

2

-

Number  of  training  hours

4

-

Net  costs  for  enterprise

1,457

-

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

-

-

 

 

Industry comparison

 

Activity code                            13990

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

industry average credit

rating                                       69.38

Industry average credit limit     1066.67

 

 

Payment Information

 

SUSPENSION  OF  PAYMENTS  /  MORATORIUM  HISTORY

 

Amount

-

Details

-

 

PAYMENT INFORMATION SUMMARY

 

Total  number  of  Invoices  available

211

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

208

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

0

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

3

 

 

PAYMENT EXPECTATIONS

 

Payment  expectation  days

-

Day  sales  outstanding

-

 

 

INDUSTRY COMPARISON

 

Activity  code

13990

Activity  description

Manufacture  of  other  textiles  n.e.c.

Industry  average  payment

76.04

expectation  days

 

Industry  average  day  sales

69.81

outstanding

 

 

 

Industry quartile analysis

 

PAYMENT  EXPECTATIONS

 

Company  result

-

Lower

79.07

Median

49.48

Upper

23.24

 

 

DAY SALES OUTSTANDING

 

Company  result

-

Lower

74.77

Median

42.42

Upper

16.19

 

 

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

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

31/01/2015

 

 

Linked Companies

 

SUMMARY

 

Group - Number of Companies                         0

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

Chairman  of  the  Board

Start  Date

22/04/2005

Date  of  birth

01/01/1991

Street

5 KROONAARDSTRAAT  HEUVELLAND

Post  code

8953

Country

Belgium

 

 

Name

LEON  VANDECASTEELE  MANAGEMENT  &  CO  -  VDC  HOLDING  CVA

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

 

 

FORMER DIRECTOR DETAILS

 

----

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.55

UK Pound

1

Rs.99.17

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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.