3decades

MIRA INFORM REPORT

Report No. :	486956
Report Date :	20.01.2018

IDENTIFICATION DETAILS

Name :	FILANTEX NV

Registered Office :	Brugsesteenweg 38 8740 Pittem

Country :	Belgium

Financials (as on) :	31.03.2017

Date of Incorporation :	08.10.1988

Com. Reg. No.:	435472887

Legal Form :	Public limited company

Line of Business :	Wholesale of household textiles and bedding

No. of Employees :	11

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 :	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. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. Belgium is 100% 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.

Belgium’s GDP grew by 1.6% in 2017, unemployment stood at 7.5%, and the budget deficit was 2.1% of GDP. The economy largely recovered from the March 2016 terrorist attacks, which 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 tax policy, 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.

Source : CIA

Company summary

Business number	435472887
Branche Unit Number	2040577221
Company name	FILANTEX NV
Address	BRUGSESTEENWEG 38
	8740 PITTEM
Date of establishment	08/10/1988
Telephone number	3251466585
Mobile number	-
Fax number	051467276
Liable for VAT	yes
VAT Number	BE.0435.472.887 Check VAT number

Ultimate holding company

Company name	Company Number
GROEP VERCAMBRE BVBA	849277659

Commentary

The business was established over 29 years ago.

The business has 11 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 39% on the previous trading period.

Pre-tax profits decreased by 76% compared to the previous trading period.

The business saw an increase in their Cash Balance of 100% during the latest trading period.

Annual accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/03/2017		40,288	8,926,470	7,843,275
31/03/2016		172,704	9,873,383	8,871,165
31/03/2015		538,738	10,354,408	9,232,735
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/03/2017	13,422,558	11	1,015,000	273,176
31/03/2016	14,277,472	12	1,015,000	358,086
31/03/2015	15,129,344	12	1,015,000	662,626

Payment expectations

Past payments		Payment expectation days	-
Industry average payment	102.52	Industry average day sales	106.59
expectation days		outstanding
Day sales outstanding	-

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

12/09/2001

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	100
Description	Additional joint committee for labourers
category
JIC Code	200
Description	Additional joint committee for the employees
category
JIC Code	218
Description	Additional national joint committee for the employees
category
Significant Events
Event Date	03/09/2011
Event Description	re-appointment of director(s)
Event Details	Commentaar 03-09-2011: Herbenoemd als bestuurders tot de algemene vergadering te houden in 2017 : Filip Vercambre, Stefan Vercambre en Werner Vercambre (tevens gedelegeerd bestuurder en voorzitter van de raad van bestuur).

Company accounts

Assets

Annual accounts	31-03-2017	%	31-03-2016	%	31-03-2015	%	31-03-2014	%	31-03-2013
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	1,112,133	5.44	1,054,708	-9.72	1,168,211	-1.46	1,185,541	-10.07	1,318,240
Intangible fixed assets	19,068	-23.53	24,936	-15.43	29,486	217	9,279	288	2,388
Tangible fixed assets	999,028	6.76	935,730	-10.43	1,044,683	-3.47	1,082,220	-11.42	1,221,809
Land & building	701,696	-14.45	820,170	-12.44	936,730	-4.49	980,752	-12.21	1,117,171
Plant & machinery	1,779	-50.69	3,608	-22.02	4,626	77.45	2,607	-56.02	5,928
Furniture & Vehicles	248,026	186	86,500	21.09	71,432	-12.99	82,099	-2.28	84,015
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	47,527	86.72	25,453	-20.20	31,895	90.28	16,762	14.06	14,695
Financial fixed assets	94,037	-0.01	94,042	0	94,042	0	94,042	0	94,042
Total current assets	12,310,425	-6.90	13,222,763	-5.29	13,961,133	3.14	13,535,788	5.33	12,850,518
Inventories	1,359,063	6.63	1,274,512	-6.11	1,357,388	-13.42	1,567,746	0.02	1,567,429
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-100	1,380,854	-2.62	1,418,004
Other stocks	1,359,063	6.63	1,274,512	-6.11	1,357,388	626	186,892	25.07	149,425
Trade debtors	10,493,305	-5.86	11,146,883	0.62	11,078,088	7.73	10,283,283	10.90	9,272,685
Other amounts receivable	189,505	-71.13	656,326	-50.47	1,325,169	-0.14	1,326,982	-14.15	1,545,682
Cash	202,296	100	100,966	3.87	97,203	-42.46	168,935	37.99	122,430
Miscellaneous current assets	66,255	50.32	44,075	-57.33	103,285	-30.61	148,841	-50.76	302,293
Total Assets	13,422,558	-5.99	14,277,472	-5.63	15,129,344	2.77	14,721,329	3.90	14,168,758
Liabilities
Total shareholders equity	8,945,538	-9.63	9,898,319	-4.68	10,383,894	4.52	9,934,739	5.47	9,419,672
Issued share capital	1,015,000	0	1,015,000	0	1,015,000	0	1,015,000	0	1,015,000
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	7,930,538	-10.73	8,883,319	-5.18	9,368,894	5.04	8,919,739	6.13	8,404,672
Provisions for Liabilities &	9,870	-64.18	27,554	61.59	17,052	-21.34	21,677	-17.58	26,302
Charges
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	4,467,150	2.66	4,351,599	-7.97	4,728,398	-0.77	4,764,913	0.89	4,722,784
Other long term loans	0	-	0	-	0	-	0	-	0
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	9,870	-64.18	27,554	61.59	17,052	-21.34	21,677	-17.58	26,302
Current portion of long term debt	0	-	0	-	0	-	0	-	0
Financial debts	1,345	-4.38	1,407	15.32	1,220	26.32	966	-36.28	1,515
Trade creditors	94,960	59.03	59,713	-18.28	73,071	-37.21	116,374	42.96	81,403
Amounts Payable for Taxes,	105,529	-8.44	115,262	-31.69	168,740	8.07	156,141	24.13	125,789
Remuneration & Social Security
Miscellaneous current liabilities	4,265,316	2.16	4,175,217	-6.91	4,485,367	-0.14	4,491,433	-0.50	4,514,077
Total current liabilities	4,467,150	2.66	4,351,599	-7.97	4,728,398	-0.77	4,764,913	0.89	4,722,784
Total Liabilities	13,422,558	-5.99	14,277,472	-5.63	15,129,344	2.77	14,721,329	3.90	14,168,758

Ratio analysis

TRADING PERFORMANCE
Profit Before Tax	-	-	-	-	-	-	8.90	82.38	4.88
Return on capital employed	0.45	-74.14	1.74	-66.41	5.18	-11.00	5.82	77.98	3.27
Return on total assets employed	0.30	-75.21	1.21	-66.01	3.56	-9.41	3.93	80.28	2.18
Return on net assets employed	0.45	-74.14	1.74	-66.47	5.19	-10.98	5.83	77.74	3.28
Sales / net working capital	-	-	-	-	-	-	0.74	-5.13	0.78
Stock turnover ratio	-	-	-	-	-	-	24.10	-2.55	24.73
Creditor days	-	-	-	-	-	-	7.13	38.99	5.13
Debtor days	-	-	-	-	-	-	577.09	8.07	533.99
SHORT TERM STABILITY
Current ratio	2.76	-9.21	3.04	3.05	2.95	3.87	2.84	4.41	2.72
Liquidity ratio / acid ratio	2.45	-10.91	2.75	3.00	2.67	6.37	2.51	5.02	2.39
Current debt ratio	0.50	13.64	0.44	-4.35	0.46	-4.17	0.48	-4.00	0.50
Cashflow	273,176	-23.71	358,086	-45.96	662,626	-4.49	693,800	33.59	519,346
Net worth	8,926,470	-9.59	9,873,383	-4.65	10,354,408	4.32	9,925,461	5.40	9,417,284
LONG TERM STABILITY
Gearing	0.02	100	0.01	0	0.01	0	0.01	-50.0	0.02
Equity in percentage	66.74	-3.90	69.45	0.99	68.77	1.84	67.53	1.56	66.49
Total debt ratio	0.50	13.64	0.44	-4.35	0.46	-4.17	0.48	-4.00	0.50
Working capital	7,843,275	-11.59	8,871,165	-3.92	9,232,735	5.27	8,770,875	7.91	8,127,734

Profit & loss

Operating Income	-	-	-	-	-	-	6,836,808	2.15	6,692,862
Turnover	-	-	-	-	-	-	6,504,065	2.62	6,338,195
Total operating expenses	-	-	-	-	-	-	5,956,081	2.86	5,790,621
Gross Operating Margin	1,072,051	5.29	1,018,186	-31.37	1,483,660	-	-	-	-
Operating Charges	-12,972	-	-	-	-	-	6,288,824	2.34	6,145,288
Employee costs	601,322	26.28	476,179	-7.24	513,368	-5.61	543,878	-0.26	545,284
Wages and salary	-	-	341,267	-5.39	360,702	-7.31	389,162	2.39	380,068
Employee pension costs	-	-	2,591	-20.48	3,258	-10.29	3,632	-36.24	5,696
Social security contributions	-	-	109,222	-7.22	117,715	-8.18	128,201	2.83	124,676
Other employee costs	601,322	2503	23,100	-27.11	31,693	38.50	22,884	-34.32	34,844
Director remuneration	-	-	-	-	-	-	-	-	47,765
Amortization and depreciation	225,957	16.68	193,661	-9.28	213,471	19.44	178,732	-17.61	216,930
Operating result	221,881	-39.81	368,647	-44.94	669,525	22.18	547,984	0.08	547,574
Total financial income	137,983	-13.72	159,930	-13.50	184,883	-58.33	443,685	144	181,336
Total financial expenses	310,651	-12.71	355,873	12.74	315,669	-23.49	412,592	-1.70	419,715
Results on ordinary operations before	40,288	-76.67	172,704	-67.94	538,738	-6.97	579,077	87.29	309,194
taxation
Extraordinary Income	21,896	2089	1,000	-	-	-	1,864	-	-
Extraordinary Charges	12,972	1621	754	-99	75,535	284	19,662	1361	1,345
Extraordinary items	8,925	3523	246	0.33	-75,535	-324	-17,798	-1222	-1,345
Results for the Year Before Taxation	49,213	-71.55	172,950	-62.66	463,203	-17.47	561,279	82.32	307,849
Taxation	1,994	-76.61	8,525	-39.31	14,048	-69.60	46,212	750	5,432
Results on ordinary operations after taxation	38,295	-76.68	164,179	-68.71	524,690	-1.53	532,866	75.42	303,762
Net result	47,219	-71.28	164,425	-63.39	449,155	-12.80	515,067	70.32	302,417
Profit (Loss) for the Year to be appropiated	187,187	13.84	164,425	-35.23	253,855	-50.71	515,067	237	152,417
Dividends	1,000,000	53.85	650,000	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet	Total
During the reporting year
ended 31-03-2017
Full-time Employees	9
Part-time Employees	3
Total Fte Employees	11
Number of hours worked
Full-time Employees	13,026
Part-time Employees	3,062
Total	16,088
Personnel Charges
Full-time Employees	472,602
Part-time Employees	126,422
Total	599,025
Benefits In Addition To Wages	-
During the previous reporting year
Average number employees in Fte	12
Actual working hours	15,855
Personnel Charges	473,589
Benefits In Addition To Wages	-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	9	2	11
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level

Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	4	-	4
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	3	-	3
Higher education (non	1	2	3
university)
Higher education	1	-	1
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	3	2	5
Blue collar worker	6	-	6
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	-	-	-
Leavers	1	1	1

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	2	5
Number of training hours	18	296
Net costs for enterprise	333	9,021
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	46412
Activity description	Wholesale of household textiles and bedding

Payment Information

Payment Information Summary
Total number of Invoices available	131
Total number of Invoices paid within or up to 30 days after the due date	129
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	0

Suspension of payments / moratorium history

Amount	-
Details	-
Payment expectations
Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46412
Activity description	Wholesale of household textiles and bedding
Industry average payment	102.52
expectation days
Industry average day sales	106.59
outstanding

Industry quartile analysis
Payment expectations
Company result	-
Lower	120.35
Median	55.44
Upper	22.12

Day sales outstanding

Company result	-
Lower	110.69
Median	48.98
Upper	17.23

Shareholder Details

Summary
Group - Number of Companies	4
Linkages - Number of Companies	1
Number of Countries	1

Group Structure

Company name	Number	Latest
		financials
- GROEP VERCAMBRE BVBA	849277659	30-09-2015
- - FILANTEX NV	435472887	31-03-2017
- - - VINCENT LAROUSSE
- - IMMO CAMVER BVBA	849920730	31-03-2017

Minority Shareholders

Business	Company name	%	Date of
number			accounts
450395744	MLV NV	50	31/03/2000

Minority Interests

No minority interests found

Linked Companies

Summary
Group - Number of Companies	4
Linkages - Number of Companies	1
Number of Countries	1

Linked Companies

NAME	NUMBER	LATEST KEY	TURNOVER
		FINANCIALS

MLV NV	450395744	31.03.2000	-

Summons

Legal event type	Social Security Summons
Event date	12/09/2001
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	Managing Director
Start Date	01/04/2013
Street
Post code
Country
Name	GROEP VERCAMBRE BVBA
Position	Director
Start Date	01/04/2013
Street
Post code
Country
Name	Stefan Vercambre
Position	Managing Director
Start Date	01/04/2013
Date of birth	21/12/1965
Street	34 SINT-JANSTRAAT TIELT
Post code	8700
Country	Belgium
Position	Director
Start Date	27/10/2000
Date of birth	21/12/1965
Street	34 SINT-JANSTRAAT TIELT
Post code	8700
Country	Belgium
Name	Annie De Coster
Position	Director
Start Date	14/10/2016
Street
Post code
Country
Name	Filip Vercambre
Position	Permanent representative legal entity
Start Date	01/04/2013
Street	18 BLAUWHUISSTRAAT OOSTKAMP
Post code	8020
Country	Belgium
Former director details
Name	Werner Vercambre
Position	Managing Director
Start Date	17/10/1988
End Date	09/05/2016
Street	18 BLAUWHUISSTRAAT OOSTKAMP
Post code	8020
Country	Belgium
Position	Director
Start Date	17/10/1988
End Date	09/05/2016
Street	18 BLAUWHUISSTRAAT OOSTKAMP
Post code	8020
Country	Belgium
Name	Filip Vercambre
Position	Director
Start Date	27/10/2000
End Date	01/04/2013
Street	18 BLAUWHUISSTRAAT OOSTKAMP
Post code	8020
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.72
UK Pound	1	INR 88.64
Euro	1	INR 78.14
Euro	1	INR 63.83

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

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	TRU

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.