MIRA INFORM REPORT

Report No. :	489882
Report Date :	06.02.2018

IDENTIFICATION DETAILS

Name :	PROCOTEX CORPORATION SA

Registered Office :	Rue Theodor Klüber 8, 7711 Mouscron

Country :	Belgium

Financials (as on) :	31.12.216

Date of Incorporation :	04.07.1994

Com. Reg. No.:	453139458

Legal Form :	Public limited company

Line of Business :	Wholesale of machinery for the textile industry, and of sewing and knitting machines

No. of Employees :	29

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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 :	Regular

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 summary

Business number	453139458
Branche Unit Number	2068157289
Company name	PROCOTEX CORPORATION SA
Address	RUE THEODOR KLÜBER 8,
	7711 MOUSCRON
Date of establishment	14/07/1994
Telephone number	3256483888
Mobile number	-
Fax number	056483889
Liable for VAT	yes
VAT Number	BE.0453.139.458 Check VAT number

Commentary

The business was established over 23 years ago. The business has 29 employees.

The business is part of a group.

The business has been at the address for over 22 years. Operating Result in the latest trading period increased 31% on the previous trading period. The business saw a decrease in their Cash Balance of 69% during the latest trading perid.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2016	36,969,646	1,266,363	6,746,750	2,225,678
31/12/2015	38,331,859	1,074,181	7,096,648	5,789,240
31/12/2014	42,858,114	965,055	6,515,131	3,284,059
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2016	25,836,182	29	2,914,567	1,818,657
31/12/2015	24,503,382	28	4,340,000	2,413,968
31/12/2014	25,943,218	29	4,340,000	2,038,277

Payment expectations

Past payments		Payment expectation days	49.65
Industry average payment	65.46	Industry average day sales	201.70
expectation days		outstanding
Day sales outstanding	22.98

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Financials

Company accounts

Assets
Annual accounts	31-12-2016	%	31-12-2015	%	31-12-2014	%	31-12-2013	%	31-12-2012
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	8,780,328	73.99	5,046,375	-14.14	5,877,482	-13.60	6,802,540	-15.69	8,068,904
Intangible fixed assets	43,009	0.45	42,816	89.34	22,613	-71.31	78,828	-43.61	139,785
Tangible fixed assets	4,052,174	29.22	3,135,923	-21.35	3,987,232	-17.89	4,856,176	-15.85	5,770,555
Land & building	1,581,122	33.29	1,186,196	-20.41	1,490,462	-12.89	1,711,019	-10.32	1,907,835
Plant & machinery	1,644,424	20.80	1,361,269	1.56	1,340,379	-22.38	1,726,888	1.25	1,705,499
Furniture & Vehicles	172,921	18.46	145,970	-10.93	163,880	37.44	119,240	-13.08	137,179
Leasing & Other Similar Rights	210,554	-49.57	417,541	-52.17	873,016	-32.79	1,299,029	-24.70	1,725,042
Other tangible assets	443,152	1676	24,947	-79.12	119,496	-	0	-100	295,000
Financial fixed assets	4,685,145	150	1,867,636	0	1,867,636	0.01	1,867,536	-13.48	2,158,564
Total current assets	17,055,854	-12.34	19,457,007	-3.03	20,065,736	26.18	15,902,249	-8.63	17,404,057
Inventories	11,251,419	11.48	10,092,758	-2.97	10,401,749	23.64	8,413,126	-13.00	9,669,735
Raw materials & consumables	4,399,177	-0.34	4,414,319	29.50	3,408,668	-0.39	3,421,893	-13.30	3,946,694
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	6,852,243	20.67	5,678,439	-18.80	6,993,081	40.11	4,991,232	-12.79	5,723,041
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	2,328,069	-9.08	2,560,702	-31.71	3,749,597	48.90	2,518,147	-26.11	3,407,838
Other amounts receivable	1,493,747	-75.14	6,008,394	31.33	4,575,006	4.53	4,376,690	13.96	3,840,392
Cash	196,176	-69.95	652,878	-45.42	1,196,232	136	505,199	31.74	383,471
Miscellaneous current assets	1,786,443	1155	142,274	-0.61	143,152	60.69	89,087	-13.19	102,620
Total Assets	25,836,182	5.44	24,503,382	-5.55	25,943,218	14.26	22,704,789	-10.87	25,472,961
Liabilities
Total shareholders equity	6,789,759	-4.90	7,139,464	9.20	6,537,744	-18.40	8,011,834	-0.38	8,042,237
Issued share capital	2,914,567	-32.84	4,340,000	0	4,340,000	0	4,340,000	0	4,340,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-100	173,000	-32.42	255,995	0	255,995
Reserves	3,875,192	38.43	2,799,464	38.26	2,024,744	-40.72	3,415,840	-0.88	3,446,243
Provisions for Liabilities &	47,414	192	16,197	-	0	-	0	-	0
Charges
Deffered taxes	352,361	-9.98	391,415	80.92	216,345	-15.20	255,113	-41.57	436,590
Creditors	18,646,648	9.97	16,956,306	-11.64	19,189,129	32.91	14,437,842	-15.04	16,994,133
Other long term loans	3,816,471	16.05	3,288,540	36.60	2,407,452	-35.04	3,705,969	-21.02	4,692,433
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	4,216,246	14.07	3,696,151	40.87	2,623,797	-33.76	3,961,082	-22.77	5,129,024
Current portion of long term debt	1,146,604	-23.40	1,496,788	15.27	1,298,518	-2.15	1,326,999	-2.15	1,356,151
Financial debts	7,070,000	19.83	5,900,069	-23.03	7,665,055	69.39	4,525,146	-21.17	5,740,232
Trade creditors	4,806,182	-3.89	5,000,548	-1.82	5,093,386	16.68	4,365,369	-7.74	4,731,479
Amounts Payable for Taxes,	568,508	0.78	564,113	56.14	361,283	-21.78	461,878	22.91	375,790
Remuneration & Social Security
Miscellaneous current liabilities	1,238,883	75.42	706,249	-70.12	2,363,435	4403	52,480	-46.47	98,048
Total current liabilities	14,830,177	8.50	13,667,766	-18.56	16,781,677	56.37	10,731,872	-12.76	12,301,700
Total Liabilities	25,836,182	5.44	24,503,382	-5.55	25,943,218	14.26	22,704,789	-10.87	25,472,961

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	3.43	22.50	2.80	24.44	2.25	3114	0.07	-84.78	0.46
Return on capital employed	11.51	16.15	9.91	-5.89	10.53	5750	0.18	-88.00	1.50
Return on total assets employed	4.90	11.87	4.38	17.74	3.72	3620	0.10	-87.18	0.78
Return on net assets employed	18.65	23.92	15.05	1.96	14.76	5171	0.28	-88.62	2.46
Sales / net working capital	16.61	150	6.62	-49.27	13.05	105	6.36	-25.00	8.48
Stock turnover ratio	30.43	15.57	26.33	8.49	24.27	-5.08	25.57	14.41	22.35
Creditor days	49.65	0.89	49.21	10.46	44.55	-9.58	49.27	19.53	41.22
Debtor days	22.98	-5.74	24.38	-23.65	31.93	14.32	27.93	-2.85	28.75
SHORT TERM STABILITY
Current ratio	1.15	-19.01	1.42	18.33	1.20	-18.92	1.48	4.96	1.41
Liquidity ratio / acid ratio	0.39	-43.48	0.69	18.97	0.58	-17.14	0.70	11.11	0.63
Current debt ratio	2.18	14.14	1.91	-25.68	2.57	91.79	1.34	-12.42	1.53
Cashflow	1,818,657	-24.66	2,413,968	18.43	2,038,277	70.53	1,195,285	-23.39	1,560,143
Net worth	6,746,750	-4.93	7,096,648	8.93	6,515,131	-17.87	7,933,006	0.39	7,902,453
LONG TERM STABILITY
Gearing	177.22	18.41	149.67	-13.95	173.93	45.79	119.30	-18.62	146.59
Equity in percentage	26.32	-9.83	29.19	15.74	25.22	-28.78	35.41	11.53	31.75
Total debt ratio	2.81	15.64	2.43	-18.18	2.97	62.30	1.83	-15.67	2.17
Working capital	2,225,678	-61.55	5,789,240	76.28	3,284,059	-36.48	5,170,376	1.33	5,102,357

Profit & loss
Operating Income	39,115,527	3.84	37,667,777	-16.28	44,991,005	43.62	31,325,578	-31.37	45,641,673
Turnover	36,969,646	-3.55	38,331,859	-10.56	42,858,114	30.25	32,905,542	-23.94	43,260,391
Total operating expenses	35,334,212	-4.73	37,087,822	-11.12	41,726,863	29.03	32,339,936	-22.81	41,897,622
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	39,116,987	7.39	36,423,740	-16.95	43,859,754	42.59	30,759,972	-30.53	44,278,904
Employee costs	1,465,419	1.78	1,439,724	-5.85	1,529,226	-3.41	1,583,134	-13.40	1,828,056
Wages and salary	1,109,652	2.99	1,077,430	-5.36	1,138,416	-1.87	1,160,112	-15.30	1,369,715
Employee pension costs	0	-	-	-	-	-	0	-	0
Social security contributions	301,395	-4.20	314,623	-5.65	333,450	-8.39	363,982	-9.63	402,749
Other employee costs	54,372	14.05	47,672	-16.89	57,360	-2.85	59,041	6.20	55,592
Director remuneration	0	-100	318,000	-2.90	327,500	-	0	-	0
Amortization and depreciation	765,058	-19.61	951,656	-9.08	1,046,640	-8.89	1,148,814	-7.54	1,242,496
Operating result	1,635,433	31.46	1,244,037	9.97	1,131,251	100	565,606	-58.50	1,362,769
Total financial income	995,856	-35.03	1,532,817	20.20	1,275,187	99	637,925	-16.44	763,438
Total financial expenses	1,363,466	-19.92	1,702,674	18.13	1,441,383	22.00	1,181,495	-38.73	1,928,350
Results on ordinary operations	1,266,363	17.89	1,074,181	11.31	965,055	4279	22,035	-88.86	197,858
before taxation
Extraordinary Income	1,461	-99	661,978	224	204,070	-30.01	291,571	-51.99	607,258
Extraordinary Charges	0	-100	14,866	1083	1,256	-99	448,453	33.36	336,280
Extraordinary items	1,461	-99	647,112	219	202,814	129	-156,883	-157	270,978
Results for the Year Before	1,267,824	-26.34	1,721,293	47.39	1,167,869	866	-134,847	-128	468,836
Taxation
Taxation	253,278	201	83,912	-60.97	215,000	135316	159	-96.03	4,000
Results on ordinary operations	1,013,085	2.30	990,269	32.03	750,055	3328	21,876	-88.72	193,858
after taxation
Net result	1,053,598	-27.95	1,462,312	47.46	991,637	2033	46,471	-85.37	317,646
Profit (Loss) for the Yea appropiated to be	1,119,548	3.39	1,082,871	6.94	1,012,567	195	342,721	1405	-24,388
Dividends	0	-	-	-	2,307,939	-	0	-	0

Social Balance Sheet Details

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year
ended 31-12-2016
Full-time Employees	26
Part-time Employees	5
Total Fte Employees	29
Number of hours worked
Full-time Employees	36,908
Part-time Employees	5,845
Total	42,753
Personnel Charges
Full-time Employees	1,257,187
Part-time Employees	208,232
Total	1,465,419
Benefits In Addition To Wages	0
During the previous reporting year
Average number employees in Fte	28
Actual working hours	38,713
Personnel Charges	2,103,674
Benefits In Addition To Wages	0

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	23	5	26
Contracts
Limited Duration Contracts	0	0	0
Contracts For Specific Work	0	0	0
Contracts Regarding	0	0	0
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	0	0	0
Secondairy education	21	0	21
Higher education (non	0	0	0
university)
Higher education	0	0	0
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	0	0	0
Secondairy education	2	5	5
Higher education (non university)	0	0	0
Higher education (university)	0	0	0

Working Category	Full-Time	Part-Time	Total Fte
Management	0	0	0
White collar worker	10	5	13
Blue collar worker	13	0	13
Other	0	0	0

Temporary personnel	Total
Average number of temporary staff	3
Actual working hours	5,369
Cost of temporary staff	140,610

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	6	0	6
Leavers	8	0	8

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	3	2
Number of training hours	24	28
Net costs for enterprise	1,485	2,492
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	0	0
Number of training hours	0	0
Net costs for enterprise	0	0
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	0	0
Number of training hours	0	0
Net costs for enterprise	0	0

Industry comparison
Activity code	46640
Activity description	Wholesale of machinery for the textile industry, and of sewing and knitting machines
industry average credit	72.03

Payment Information

Payment Information Summary
Total number of Invoices available	68
Total number of Invoices paid within or up to 30 days after the due date	64
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	2

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	49.65
Day sales outstanding	22.98
Industry comparison
Activity code	46640
Activity description	Wholesale of machinery for the textile industry, and of sewing and knitting machines
Industry average payment expectation days	65.46
Industry average day sales outstanding	201.70

Industry quartile analysis Payment expectations

Company result	49.65
Lower	92.02
Median	62.94
Upper	33.45

Day sales outstanding
Company result	22.98
Lower	201.35
Median	119.50
Upper	36.24

Shareholder Details

Summary
Group - Number of Companies	8
Linkages - Number of Companies	3
Number of Countries	1
Group Structure

Company name	Number	Latest
		financials
- DOLINTEX NV	447142977	31-12-2015
- - PROCOTEX CORPORATION SA	453139458	31-12-2016
- - - EFFILAAR BVBA	405184143	31-12-2008
- - - APPLY CARBON SA
- - - BELTUREC TEKSTIL SANAYI VE TICARET - - - LINOLITAS BO
- - BELTUREC TEKSTIL SANAYI VE TICARET - - LINOLITAS BO

Minority Shareholders

Business	Company name	%	Date of
number			accounts
878802281	B-LINE BVBA	25.6	31/12/2016
544907990	QWUDI BVBA	25.6	31/12/2016

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

Linked Companies

Summary

Group - Number of Companies	8
Linkages - Number of Companies	3
Number of Countries	1

Linked Companies
NAME	NUMBER	LATEST KEY	TURNOVER
		FINANCIALS
DOBECON BVBA	878859887	31.12.2016	-
QWUDI BVBA	544907990	31.12.2016	-
B-LINE BVBA	878802281	31.12.2016	-

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	25/01/2006
Street
Post code
Country
Name	DOBECON BVBA
Position	Director
Start Date	25/01/2006
Street
Post code
Country
Name	QWUDI BVBA
Position	Director
Start Date	21/03/2014
Street
Post code
Country
Name	RECYCON BVBA
Position	Director
Start Date	02/06/2006
Street
Post code
Country
Name	B-LINE BVBA
Position	Director
Start Date	22/03/2006
Street
Post code
Country
Name	Didier Douchy
Position	Permanent representative legal entity
Start Date	21/03/2014
Date of birth	17/05/1963
Street	13 MOERSTRAAT WEVELGEM
Post code	8560
Country	Belgium
Name	Nicolas Douchy
Position	Permanent representative legal entity
Start Date	02/06/2006
Date of birth	27/06/1969
Street	4 KUIPEBOSSTRAAT LEDEGEM
Post code	8880
Country	Belgium
Name	Bruno Douchy
Position	Permanent representative legal entity
Start Date	22/03/2006
Street
Post code Country
Name	Frédéric Douchy
Position	Permanent representative legal entity
Start Date	14/11/2003
Date of birth	23/02/1962
Street	210 WARANDESTRAAT WEVELGEM
Post code	8560
Country	Belgium
Former director details
Name	Didier Douchy
Position	Director
Start Date	02/06/2006
End Date	21/03/2014
Date of birth	17/05/1963
Street	13 MOERSTRAAT WEVELGEM
Post code	8560
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.03
UK Pound	1	INR 90.40
Euro	1	INR 79.73
Euro	1	INR 79.57

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

Significant Events
Event Date	08/06/2012
Event Description	re-appointment of director(s)
Event Details	Commentaire 08-06-2012: Renouveler les mandats des administrateurs pour un terme renouvelable jusqu'à l'issue de l'AGO de 2017: Didier Doucy, Dolintex SA, SPRM Dobecon (aussi comme administrateur délégué et président du conseil), la SPRM B
Event Date	08/06/2012
Event Description	re-appointment of director(s)
Event Details	-Line et Sprl Recycon.

Personnel (NSSO classification)
Code	-
Description	-

MIRA INFORM REPORT

Company summary

Company information

Financials

Social Balance Sheet Details

Shareholder Details

Linked Companies

Director details

Unit