MIRA INFORM REPORT

Report No. :	489902
Report Date :	05.02.2018

IDENTIFICATION DETAILS

Name :	JOS VANNESTE NV

Registered Office :	Peter Pauwel Rubensstraat 3 8530 Harelbeke

Country :	Belgium

Financials (as on) :	31.12.2016

Date of Incorporation :	14.03.1986

Com. Reg. No.:	428663784

Legal Form :	Public Limited Company

Line of Business :	Preparation and spinning of textile fibres.

No. of Employees :	32

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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

(30.06.2017)

Current Rating

(30.09.2017)

Belgium

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 name and address

Business number	428663784
Branche Unit Number	2032934215
Company name	JOS VANNESTE NV
Address	PETER PAUWEL RUBENSSTRAAT 3
	8530 HARELBEKE
Date of establishment	14/03/1986
Telephone number	3250628744
Mobile number	-
Fax number	056711285
Liable for VAT	yes
VAT Number	BE.0428.663.784 Check VAT number

Ultimate holding company

Company name	Company Number
FLANDERS FLAX HOLDING BVBA	884058592

Commentary

The business was established over 31 years ago.

The business has 32 employees.

The business is part of a group.

The business has been at the address for over 4 years.

Pre-tax profits decreased by 106% compared to the previous trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	26,178,583	-17,583	2,187,065	1,786,054
31/12/2015	27,306,837	252,991	2,170,536	2,058,923
31/12/2014	31,179,669	210,458	1,971,803	2,078,843

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	10,705,173	32	700,000	457,280
31/12/2015	9,511,365	33	700,000	575,358
31/12/2014	11,193,049	34	700,000	1,742,197

Payment expectations

Past payments		Payment expectation days	71.60
Industry average payment	67.09	Industry average day sales	77.05
expectation days		outstanding
Day sales outstanding	65.03

Court data summary

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

Company accounts

Assets

Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	30-06-2012
Weeks	52		52		52		78		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	1,725,615	64.52	1,048,856	33.04	788,384	-64.49	2,220,260	-3.35	2,297,176
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	1,723,700	64.64	1,046,941	33.12	786,469	-64.55	2,218,346	-2.86	2,283,648
Land & building	0	-	0	-	0	-100	1,467,311	-4.82	1,541,541
Plant & machinery	854,408	38.26	617,969	-6.56	661,355	0.04	661,124	7.21	616,662
Furniture & Vehicles	33,573	145	13,695	1.20	13,532	-50.64	27,413	-21.66	34,991
Leasing & Other Similar Rights	106,164	65.47	64,160	-2.41	65,744	-	0	-	0
Other tangible assets	729,555	107	351,117	666	45,838	-26.66	62,498	-30.91	90,454
Financial fixed assets	1,914	0	1,914	0	1,914	0	1,914	-85.85	13,528
Total current assets	8,979,559	6.11	8,462,509	-18.67	10,404,666	33.04	7,820,641	0.41	7,788,338
Inventories	2,820,572	48.62	1,897,818	-34.95	2,917,262	32.54	2,201,096	-31.75	3,225,069
Raw materials & consumables	653,722	58.23	413,135	-43.41	729,994	31.42	555,468	-1.60	564,476
Work in progress	215,808	72.59	125,043	-6.20	133,312	-18.47	163,506	-35.44	253,280
Finished goods	1,951,043	43.50	1,359,640	-33.11	2,032,662	37.15	1,482,122	-38.18	2,397,429
Other stocks	0	-	0	-100	21,294	-	0	-100	9,885
Trade debtors	4,663,869	-10.21	5,193,980	-17.01	6,258,545	23.32	5,074,841	18.43	4,284,935
Other amounts receivable	990,822	29.22	766,779	3.45	741,241	74.87	423,873	338	96,579
Cash	493,046	-16.85	592,932	24.14	477,618	357	104,398	-33.61	157,260
Miscellaneous current assets	11,250	2.27	11,000	10.0	10,000	-39.15	16,434	-32.91	24,495
Total Assets	10,705,173	12.55	9,511,365	-15.02	11,193,049	11.47	10,040,901	-0.44	10,085,514

Liabilities

Total shareholders equity	2,187,065	0.76	2,170,536	10.08	1,971,803	13.70	1,734,152	-23.01	2,252,437
Issued share capital	700,000	0	700,000	0	700,000	0	700,000	0	700,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-100	1,248,889	-3.97	1,300,579
Reserves	1,487,065	1.12	1,470,536	15.63	1,271,803	592	-214,737	-185	251,858
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-100	257
Deffered taxes	652,903	0	652,903	0	652,903	65084	1,002	-74.56	3,937
Creditors	7,865,205	17.60	6,687,926	-21.95	8,568,343	3.16	8,305,748	6.09	7,828,883
Other long term loans	671,700	136	284,340	17.24	242,520	-40.31	406,301	-19.78	506,509
Other long term liabilities	0	-	0	-	0	-100	200,000	0	200,000
Total long term debts	1,324,603	41.33	937,243	4.67	895,423	47.44	607,303	-14.55	710,703
Current portion of long term debt	209,674	-3.40	217,053	-8.71	237,767	10.88	214,435	9.36	196,080
Financial debts	1,106,743	34.42	823,333	162	313,519	-88.63	2,758,564	222	856,418
Trade creditors	5,072,323	16.10	4,368,904	-40.40	7,329,879	121	3,308,839	-39.79	5,495,488
Amounts Payable for Taxes,	219,771	-18.71	270,348	10.25	245,210	-2.68	251,953	-11.30	284,042
Remuneration & Social Security
Miscellaneous current liabilities	584,994	-19.19	723,948	262	199,449	-82.89	1,165,655	301	290,347
Total current liabilities	7,193,505	12.34	6,403,586	-23.09	8,325,823	8.14	7,699,446	8.10	7,122,374
Total Liabilities	10,705,173	12.55	9,511,365	-15.02	11,193,049	11.47	10,040,901	-0.44	10,085,514

ratio analysis

TRADING PERFORMANCE
Profit Before Tax	-0.07	-107	0.93	38.81	0.67	70.53	-0.95	-600	0.19
Return on capital employed	-0.50	-106	8.14	10.90	7.34	48.42	-15.16	-1160	1.43
Return on total assets employed	-0.16	-106	2.66	41.49	1.88	53.11	-3.54	-942	0.42
Return on net assets employed	-0.80	-106	11.66	9.28	10.67	52.13	-20.47	-1188	1.88
Sales / net working capital	14.66	10.56	13.26	-11.60	15.00	-95.15	309.12	804	34.16
Stock turnover ratio	10.77	54.96	6.95	-25.75	9.36	59.18	5.88	-58.53	14.18
Creditor days	71.60	20.95	59.20	-32.52	87.73	169	32.56	-63.62	89.51
Debtor days	65.03	-6.34	69.43	-5.23	73.26	48.18	49.44	-28.09	68.75

SHORT TERM STABILITY

Current ratio	1.25	-5.30	1.32	5.60	1.25	22.55	1.02	-6.42	1.09
Liquidity ratio / acid ratio	0.86	-16.50	1.03	14.44	0.90	23.29	0.73	14.06	0.64
Current debt ratio	3.29	11.53	2.95	-30.09	4.22	-4.95	4.44	40.51	3.16
Cashflow	457,280	-20.52	575,358	-66.98	1,742,197	1506	-115,633	-147	241,037
Net worth	2,187,065	0.76	2,170,536	10.08	1,971,803	13.70	1,734,152	-23.01	2,252,437
LONG TERM STABILITY
Gearing	90.90	48.94	61.03	51.59	40.26	-79.34	194.87	181	69.21
Equity in percentage	20.43	-10.47	22.82	29.51	17.62	2.03	17.27	-22.66	22.33
Total debt ratio	3.89	15.09	3.38	-27.78	4.68	-2.30	4.79	37.64	3.48
Working capital	1,786,054	-13.25	2,058,923	-0.96	2,078,843	1615	121,195	-81.80	665,963

Profit & loss

Operating Income	27,025,394	-0.77	27,235,010	-9.67	30,149,075	-17.91	36,726,106	58.86	23,118,021
Turnover	26,178,583	-4.13	27,306,837	-12.42	31,179,669	-16.77	37,463,256	64.68	22,748,685
Total operating expenses	25,856,019	-4.01	26,935,259	-11.68	30,496,033	-17.77	37,087,808	65.50	22,408,941
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	27,059,889	0.73	26,863,432	-8.83	29,465,439	-18.94	36,350,659	59.58	22,778,277
Employee costs	1,629,440	-1.50	1,654,180	-7.27	1,783,907	-36.71	2,818,458	45.48	1,937,372
Wages and salary	1,081,437	-2.50	1,109,115	-6.56	1,186,923	-37.44	1,897,214	49.19	1,271,680
Employee pension costs	-	-	-	-	-	-	514	-83.14	3,050
Social security contributions	415,119	-6.70	444,943	-6.88	477,824	-33.51	718,668	36.96	524,729
Other employee costs	132,884	32.72	100,123	-15.98	119,160	-41.03	202,062	46.52	137,912
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	440,750	59.33	276,625	8.20	255,656	-36.51	402,652	67.15	240,891
Operating result	322,564	-13.19	371,578	-45.65	683,636	82.09	375,448	10.51	339,744
Total financial income	120,210	-61.88	315,372	165	118,667	392	24,097	-91.68	289,460
Total financial expenses	425,861	-1.87	433,959	-26.68	591,844	-21.57	754,610	28.57	586,930
Results on ordinary operations	-17,583	-106	252,991	20.21	210,458	59.27	-355,066	-939	42,274
before taxation
Extraordinary Income	34,496	-61.33	89,202	-95.39	1,933,782	-	-	-	-
Extraordinary Charges	-	-	4,412	-20.80	5,570	-96.39	154,515	-	-
Extraordinary items	34,496	-59.32	84,790	-95.60	1,928,211	1247	-154,515	-	0
Results for the Year Before Taxation	16,913	-94.99	337,781	-84.21	2,138,669	419	-509,581	-1305	42,274
Taxation	383	-99	39,049	17080	227	-98.05	11,640	-73.80	44,425
Results on ordinary operations after taxation	-17,966	-108	213,942	1.77	210,231	57.33	-366,706	-16950	-2,151
Net result	16,530	-94.47	298,733	-79.90	1,486,541	286	-518,285	-354143	146
Profit (Loss) for the Year to be appropiated	16,530	-94.47	298,733	35.47	220,520	43.02	-512,586	-11230	4,605
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	32
Part-time Employees	2
Total Fte Employees	32
Number of hours worked
Full-time Employees	48,750
Part-time Employees	1,487
Total	50,237
Personnel Charges
Full-time Employees	1,581,209
Part-time Employees	48,231
Total	1,629,440
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	33
Actual working hours	51,126
Personnel Charges	1,654,180
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	31	3	33
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	23	2	24
Secondairy education	5	-	5
Higher education (non	-	-	-
university)
Higher education	1	-	1
(university)

Women	Full-Time	Part-Time	Total Fte
Primary education	2	1	3
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	6	2	7
Blue collar worker	25	1	26
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	10	-	10
Leavers	9	1	10

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	1	-
Number of training hours	8	-
Net costs for enterprise	721	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	21	6
Number of training hours	1,331	258
Net costs for enterprise	32,776	7,534
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Payment Information

Payment Information Summary
Total number of Invoices available	11
Total number of Invoices paid within or up to 30 days after the due date	11
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	0

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	71.60
Day sales outstanding	65.03

Industry comparison

Activity code	13100
Activity description	Preparation and spinning of textile fibres
Industry average payment expectation days	67.09
Industry average day sales outstanding	77.05

Industry quartile analysis

Payment expectations

Company result	71.60
Lower	83.89
Median	52.56
Upper	24.52

Day sales outstanding
Company result	65.03
Lower	84.21
Median	61.17
Upper	41.47

Shareholder Details
Summary
Group - Number of Companies	4
Linkages - Number of Companies	0
Number of Countries	0

Group Structure
Company name	Number	Latest
		financials
- FLANDERS FLAX HOLDING BVBA	884058592	31-12-2016
- - VANNINVEST NV	444965823	31-12-2016
- - - JOS VANNESTE NV	428663784	31-12-2016
JOS VANNESTE IMPORT-EXPORT

Minority Shareholders
Business	Company name	%	Date of
number			accounts
884058592	FLANDERS FLAX HOLDING BVBA	24.67	31/12/2016

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name	Date of accounts
444965823	VANNINVEST NV	31/12/2016
884058592	FLANDERS FLAX HOLDING BVBA	31/12/2016

Linked Companies
Summary
Group - Number of Companies	4
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	22/12/2006
Street
Post code
Country
Name	FLANDERS FLAX HOLDING BVBA
Position	Director
Start Date	22/12/2006
Street
Post code Country

Name	Sophie Rombouts
Position	Director
Start Date	07/06/2017
Street
Post code
Country
Name	Alex Vanneste
Position	Permanent representative legal entity
Start Date	22/12/2006
Street	3 Peter Pauwel Rubensstraat Harelbeke
Post code	8530
Country	Belgium
Former director details
Name	VANNINVEST NV
Position	Director
Start Date	18/06/2008
End Date	07/06/2017
Street
Post code
Country
Name	VANNESTE CIE NV
Position	Director
Start Date	22/12/2006
End Date	18/06/2008
Street
Post code
Country
Name	Werner Vanneste
Position	Permanent representative legal entity
Start Date	18/06/2008
End Date	07/06/2017
Street	3 Peter Pauwel Rubensstraat Harelbeke
Post code	8530
Country	Belgium
Position	Permanent representative legal entity
Start Date	22/12/2006
End Date	18/06/2008
Street
Post code
Country

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.08
UK Pound	1	INR 91.34
Euro	1	INR 80.03
Euro	1	INR 79.91

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

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	KET

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.

Registered contractor	-
number
Contractor description	-
Date struck off register

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	01/12/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 01-12-2011: Herbenoemd als bestuurders tot de jaarvergadering van 2017 : Vanninvest Nv (tevens voorzitter van de raad van bestuur) en Flanders Flax Holding BVBA (tevens gedelegeerd bestuurder).

MIRA INFORM REPORT

Company name and address

Company information

Company accounts

Director details

Unit