MIRA INFORM REPORT

 

 

Report No. :

505235

Report Date :

24.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FABRIMODE NV

 

 

Registered Office :

Theo Nuyttenslaan 5, 8540 Deerlijk

 

 

Country :

Belgium

 

 

Financials (as on) :

31.01.2017

 

 

Date of Incorporation :

22.10.1990

 

 

Com. Reg. No.:

441904977

 

 

Legal Form :

Public  Limited  Company

 

 

Line of Business :

Retails sale of women’s, men’s, baby and children’s underwear and outwear in specialized stores (general assortment)

 

 

No. of Employees :

370

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

 

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

Belgium

A2

A2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 


 

BELGIUM - ECONOMIC OVERVIEW

 

Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.

 

Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation 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 labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.

 

Source : CIA

 

 


Company summary

 

Business number                     441904977

Branche Unit Number               2130733078

Company name                        FABRIMODE NV

Address                                   THEO NUYTTENSLAAN 5, 8540 DEERLIJK

Date of establishment               22/10/1990

Telephone number                   3256255696

Mobile number                        -

Fax number                              -

Liable for VAT                          Yes

VAT Number                            BE.0441.904.977 Check VAT number

 

 

Commentary

 

The business was established over 27 years ago.

The business has 370 employees.

The business is part of a group.

The business has been at the address for over 27 years.

Operating Result in the latest trading period decreased 48% on the previous trading period.

A 23% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 43% compared to the previous trading period.

 

 

ANNUAL ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/01/2017

72,656,123

1,683,788

11,637,042

9,867,460

31/01/2016

70,975,289

2,967,561

11,725,646

9,824,145

31/01/2015

68,341,774

1,873,592

10,511,252

6,793,172

 

 

 

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/01/2017

32,780,226

370

2,850,300

3,555,619

31/01/2016

26,490,577

348

2,850,300

4,180,428

31/01/2015

26,072,146

310

2,800,000

3,538,594

 

 

Payment expectations

 

Past payments

 

Payment expectation days

17.61

Industry average payment expectation days

84.91

Industry average day sales outstanding

51.09

Day sales outstanding

15.43

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

 

Court action type

No

 

 

 

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

01.10.2002

 

 

 

 

 

Company information

 

Business  Number

441904977

Company  Name

FABRIMODE  NV

Fax  Number

-

Date  Founded

22/10/1990

Company  Status

active

Company  Type

Public  Limited  Company

Currency

Euro  (€)

Date  of  Latest  Accounts

31/01/2017

Activity  Code

47716

Number  of  Staff

370

Activity  Description

Retails sale of women’s, men’s, baby and children’s underwear and outwear in specialized stores (general assortment)

 

 

Belgian  Bullettin  Of  Acts Publications

Moniteur  Belge

 

 

 

 

Joint Industrial Committee (JIC)

 

JIC Code                      311

Description                  Joint committee for the big retail sales

category

Significant Events

 

Event Date                    03/07/2015

Event Description

Event Details                Inkoop van 45 volledig volgestorte aandelen.

 

 

Company accounts

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Annual  accounts

31-01-2017

%

31-01-2016

%

31-01-2015

%

31-01-2014

%

31-01-2013

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

8,265,022

21.95

6,777,144

4.42

6,490,575

-4.09

6,767,597

6.81

6,335,922

Intangible  fixed  assets

1,101,681

683

140,579

1.78

138,117

22.39

112,854

7.71

104,773

Tangible  fixed  assets

7,159,696

7.94

6,632,943

4.47

6,349,087

-4.54

6,651,371

6.80

6,227,777

Land  &  building

2,998,950

7.51

2,789,578

-9.37

3,078,050

-9.66

3,407,277

0.73

3,382,566

Plant  &  machinery

170,213

-11.57

192,476

-3.52

199,497

73.19

115,186

22.93

93,699

Furniture  &  Vehicles

730,844

33.96

545,561

11.08

491,130

10.98

442,556

58.40

279,394

Leasing  &  Other  Similar  Rights

0

-

0

-

0

-

0

-

0

Other  tangible  assets

3,259,690

4.97

3,105,328

20.34

2,580,410

-3.94

2,686,350

8.67

2,472,117

Financial  fixed  assets

3,645

0.64

3,622

7.41

3,372

0

3,372

0

3,372

Total  current  assets

24,515,204

24.36

19,713,433

0.67

19,581,570

18.86

16,474,596

17.41

14,031,916

Inventories

19,327,813

27.72

15,133,473

-9.68

16,754,590

16.77

14,347,772

15.89

12,380,060

Raw  materials  &  consumables

469,728

33.66

351,446

3.30

340,222

5.06

323,828

80.16

179,742

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

18,858,085

27.57

14,782,027

-9.94

16,414,368

17.05

14,023,944

14.95

12,200,318

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

3,071,308

25.93

2,438,879

31.58

1,853,542

30.65

1,418,659

29.55

1,095,105

Other  amounts  receivable

207,722

-27.50

286,500

43.25

200,000

3344

5,807

-41.93

10,000

Cash

566,040

-5.14

596,733

303

147,773

-42.08

255,121

22.26

208,678

Miscellaneous  current  assets

1,342,321

6.72

1,257,848

101

625,665

39.90

447,238

32.29

338,074

Total  Assets

32,780,226

23.74

26,490,577

1.60

26,072,146

12.18

23,242,193

14.11

20,367,838

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

12,738,722

7.35

11,866,225

11.43

10,649,369

4.96

10,145,751

5.47

9,619,647

Issued  share  capital

2,850,300

0

2,850,300

1.80

2,800,000

0

2,800,000

0

2,800,000

Share  premium  account

377,051

0

377,051

27871

1,348

0

1,348

0

1,348

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

9,511,372

10.10

8,638,874

10.08

7,848,021

6.86

7,344,403

7.72

6,818,299

Provisions  for  Liabilities  & Charges

20,677

-90.42

215,774

69.38

127,390

-23.23

165,948

0

165,948

Deffered  taxes

12,070

-19.66

15,024

-16.42

17,977

-40.00

29,961

-40.57

50,417

Creditors

20,008,756

39.01

14,393,554

-5.79

15,277,410

18.42

12,900,533

22.49

10,531,826

Other  long  term  loans

5,361,012

19.02

4,504,266

80.97

2,489,012

-17.50

3,016,853

-7.46

3,260,205

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

5,393,760

13.91

4,735,064

79.74

2,634,378

-18.00

3,212,763

-7.59

3,476,570

Current  portion  of  long  term  debt

2,199,396

3.50

2,124,977

77.30

1,198,534

16.06

1,032,706

15.88

891,176

Financial  debts

4,793,000

-

0

-100

1,547,690

415

300,000

-

0

Trade  creditors

3,443,625

13.65

3,030,088

-25.61

4,073,308

27.78

3,187,828

-4.89

3,351,834

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

3,303,383

5.38

3,134,856

9.65

2,859,081

7.01

2,671,890

22.44

2,182,229

Miscellaneous  current  liabilities

908,339

-43.21

1,599,367

-48.57

3,109,785

15.55

2,691,255

217

846,382

Total  current  liabilities

14,647,743

48.12

9,889,288

-22.67

12,788,398

29.39

9,883,679

35.92

7,271,621

Total  Liabilities

32,780,226

23.74

26,490,577

1.60

26,072,146

12.18

23,242,193

14.11

20,367,838

 

 

RATIO  ANALYSIS

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

2.32

-44.50

4.18

52.55

2.74

-4.20

2.86

-28.14

3.98

Return  on  capital  employed

9.29

-48.04

17.88

26.81

14.10

4.91

13.44

-26.92

18.39

Return  on  total  assets  employed

5.14

-54.11

11.20

55.77

7.19

-6.87

7.72

-34.74

11.83

Return  on  net  assets  employed

13.22

-47.14

25.01

42.18

17.59

-0.57

17.69

-29.35

25.04

Sales  /  net  working  capital

7.36

1.94

7.22

-28.23

10.06

5.67

9.52

6.37

8.95

Stock  turnover  ratio

26.60

24.77

21.32

-13.05

24.52

7.26

22.86

11.73

20.46

Creditor  days

17.61

8.97

16.16

-27.79

22.38

16.99

19.13

-9.47

21.13

Debtor  days

15.43

23.05

12.54

26.67

9.90

20.0

8.25

24.81

6.61

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.67

-16.08

1.99

30.07

1.53

-8.38

1.67

-13.47

1.93

Liquidity  ratio  /  acid  ratio

0.35

-23.91

0.46

109

0.22

0

0.22

-4.35

0.23

Current  debt  ratio

1.15

38.55

0.83

-30.83

1.20

23.71

0.97

27.63

0.76

Cashflow

3,555,619

-14.95

4,180,428

18.14

3,538,594

4.03

3,401,419

-4.53

3,562,847

Net  worth

11,637,042

-0.76

11,725,646

11.55

10,511,252

4.77

10,032,897

5.44

9,514,874

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

96.98

73.58

55.87

13.65

49.16

14.67

42.87

-0.67

43.16

Equity  in  percentage

40.21

-10.70

45.03

9.67

41.06

-6.41

43.87

-7.58

47.47

Total  debt  ratio

1.57

27.64

1.23

-15.17

1.45

12.40

1.29

15.18

1.12

Working  capital

9,867,460

0.44

9,824,145

44.62

6,793,172

3.07

6,590,917

-2.51

6,760,296

 

 

PROFIT  &  LOSS

 

Operating  Income

73,235,757

2.18

71,674,821

4.08

68,865,941

8.99

63,186,155

3.80

60,875,050

Turnover

72,656,123

2.37

70,975,289

3.85

68,341,774

8.88

62,770,283

3.75

60,502,512

Total  operating  expenses

71,361,351

4.24

68,457,152

3.04

66,435,342

9.25

60,809,024

5.04

57,892,063

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

73,002,505

5.56

69,156,684

3.28

66,959,509

9.37

61,224,896

5.08

58,264,602

Employee  costs

13,706,387

6.30

12,894,417

10.04

11,717,809

11.35

10,523,741

11.77

9,415,704

Wages  and  salary

10,637,740

9.85

9,684,146

10.98

8,725,992

9.32

7,982,255

11.77

7,141,957

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

2,168,520

-9.07

2,384,843

9.36

2,180,744

14.00

1,912,893

14.15

1,675,724

Other  employee  costs

900,127

9.05

825,428

1.77

811,072

29.03

628,593

5.11

598,022

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

2,628,680

12.68

2,332,888

-2.43

2,391,109

9.32

2,187,347

12.71

1,940,753

Operating  result

1,294,772

-48.58

2,518,138

32.09

1,906,432

-2.80

1,961,259

-24.87

2,610,448

Total  financial  income

486,274

-36.30

763,379

186

266,668

143

109,416

227

33,426

Total  financial  expenses

330,509

5.27

313,956

4.82

299,508

8.63

275,710

17.30

235,054

Results  on  ordinary  operations before  taxation

1,683,788

-43.26

2,967,561

58.39

1,873,592

4.38

1,794,966

-25.48

2,408,821

Extraordinary  Income

28,923

43.08

20,215

-87.44

160,957

1793

8,500

-

-

Extraordinary  Charges

262,174

19.30

219,768

-35.83

342,454

3950

8,455

41.61

5,970

Extraordinary  items

-233,251

-16.89

-199,553

-9.95

-181,497

-399081

45

0.76

-5,970

Results  for  the  Year  Before Taxation

1,450,537

-47.60

2,768,008

63.58

1,692,095

-5.73

1,795,011

-25.30

2,402,851

Taxation

526,552

-42.98

923,420

65.91

556,594

-7.45

601,395

-24.96

801,435

Results  on  ordinary  operations after  taxation

1,157,236

-43.39

2,044,142

55.21

1,316,998

10.34

1,193,571

-25.74

1,607,386

Net  result

926,939

-49.83

1,847,541

61.01

1,147,486

-5.48

1,214,072

-25.15

1,622,094

Profit  (Loss)  for  the  Year  to  be appropriated

927,933

-49.80

1,848,535

58.53

1,166,041

-6.65

1,249,079

-24.64

1,657,471

Dividends

-

-

992,250

55.17

639,450

-6.45

683,550

24.00

551,250

 

 

Social BALANCE SHEET DETAILS

 

Social  Balance  Sheet

 

Total

During  the  reporting  year

 

ended  31-01-2017

 

Full-time  Employees

143

Part-time  Employees

333

Total  Fte  Employees

370

Number  of  hours  worked

 

Full-time  Employees

210,357

Part-time  Employees

338,669

Total

549,026

Personnel  Charges

 

Full-time  Employees

6,681,470

Part-time  Employees

7,024,918

Total

13,706,387

Benefits  In  Addition  To  Wages

308,542

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

348

Actual  working  hours

502,765

Personnel  Charges

12,894,417

Benefits  In  Addition  To  Wages

190,912

 

 

Type  of  Contract

 

Full-Time

Part-Time

Total  Fte

Unlimited  Duration Contracts

144

282

341

Limited  Duration  Contracts

-

37

25

Contracts  Regarding Substitution

-

17

10

 

Gender and Education Level

 

Men

 

Full-Time

Part-Time

Total  Fte

Primary  education

5

1

5

Secondairy  education

1

-

1

Higher  education  (non university)

1

-

1

Higher  education (university)

2

-

2

 

 

 

 

Women

 

Full-Time

Part-Time

Total  Fte

Primary  education

57

108

133

Secondairy  education

62

209

206

Higher  education  (non university)

12

18

23

Higher  education (university)

4

-

4

 

Working  Category

 

Full-Time

Part-Time

Total  Fte

White  collar  worker

144

335

375

Blue  collar  worker

-

1

0

 

 

Temporary  Personnel

 

Total

Average  number  of  temporary  staff

28

Actual  working  hours

50,707

Cost  of  temporary  staff

693,635

 

 

New Staff  and Leavers

 

Full-Time

Part-Time

Total  Fte

New  Starters

16

98

78

Leavers

10

74

56

 

 

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

-

499

Number  of  training  hours

-

11,410

Net  costs  for  enterprise

-

270,456

 

 

Industry comparison

 

Activity code

47716

Activity description

Retails sale of women’s, men’s, baby and children’s underwear and outwear in specialized stores (general assortment)

 

 

Payment expectations

 

Payment expectation days

17.61

Day sales outstanding

15.43

 

 

Industry comparison  

 

Activity code

47716

Activity description

Retails sale of women’s, men’s, baby and children’s underwear and outwear in specialized stores (general assortment)

Industry average payment expectation days

84.91

Industry average day sales outstanding

51.09

 

Industry quartile analysis

 

Payment expectations

 

Company result

17.61

Lower

99.46

Median

41.13

Upper

15.87

 

 

Day sales outstanding

 

Company result

15.43

Lower

46.25

Median

12.41

Upper

2.58

 

Shareholder details

 

Group Structure

Company  Name

Number

Latest Financials

- N.V.  DELBACO  NV

415427937

31-01-2017

- - DELBOR  BVBA

451880537

31-01-2017

- - DELCOR  NV

424868611

31-12-2016

- - DELMAKOR  NV

451925374

31-01-2017

- - FABRIMODE  NV

441904977

31-01-2017

 

 

Minority Shareholders

No minority shareholder found

 

 

Minority Interests

No minority interest found

 

 

Companies that match this address

Business  Number

Company  Name

Date  Of  Accounts

421413629

FABRIMODE  NV

-

451880537

DELBOR  BVBA

31/01/2017

474230228

RETAIL  SOFT  BVBA

31/12/2016

837236296

GROEP  DELFOSSE  BTWE

-

 

 

Linked Companies

 

Summary

 

Group  -  Number  of  Companies

0

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

Summons

 

Legal  event  type

Social  Security  Summons

Event  date

01/10/2002

Court  type

Court  name

Creditor's  name

3rd  party  type

 

 

Legal  event  type

Social  Security  Summons

Event  date

08/05/2001

Court  type

Court  name

Creditor's  name

3rd  party  type

 

 

Legal  event  type

Social  Security  Summons

Event  date

07/03/2000

Court  type

Court  name

Creditor's  name

3rd  party  type

 

 

Legal  event  type

Social  Security  Summons

Event  date

02/03/1999

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

 

Position

Director

Start  Date

22/06/2007

Date  of  birth

08/12/1959

Street

17 BEIAARDSTRAAT  KORTRIJK

Post  code

8501

Country

Belgium

 

 

Name

Lode  Benoit

Name

Anna  Van  Cauwenbergh

Position

Director

Start  Date

22/06/2007

 

 

Name

N.V.  DELBACO  NV

Position

Director

Start  Date

22/06/2007

 

 

Name

Michel  Delfosse

Position

Permanent  representative  legal  entity

Start  Date

22/06/2007

Street

82 Hoog  Mosscher  Kortrijk

Post  code

8500

Country

Belgium

 

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

INR 66.22

UK Pound

1

INR 92.84

Euro

1

INR 81.27

Euro

1

INR 81.02

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 


 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.